Economy
Nigeria’s Daily Petrol Consumption Slides to 4.5 million Litres
By Adedapo Adesanya
The latest revelation that Nigeria’s daily consumption of Premium Motor Spirit (PMS) or petrol in Nigeria has plunged heavily under President Bola Tinubu has raised fresh worries about the country’s economy.
According to a report first carried out by Channels Television, based on the Nigerian Midstream and Downstream Product Regulatory Authority (NMDPRA) Daily Truck Out Report, the consumption of the product as of August 20, 2024, was 4.5 million litres per day.
The daily petrol consumption as of May 2023 was 60 million litres per day, according to the NMDPRA.
The media outlet’s estimation brings daily consumption down by 92 per cent after May 29, 2023.
It was revealed that 20 out of the 36 states of the federation did not get the allocation from the Nigerian National Petroleum Company (NNPC) Limited in August 2024.
This meant that those states that did not get product allocation suffered scarcity in the month under review, leaving 16 only to get quotas.
The NMDPRA data also gave a breakdown of how the state oil company distributed the products among the 16 states.
It showed that Niger got the highest allocation of 21 trucks, amounting to 940,000 litres daily, Lagos followed with 12 trucks, amounting to 726, 001 litres, and Kaduna got 12 trucks of 454,001 litres.
Other states such as Oyo got 12 trucks of 454,000 litres, and Kano got nine trucks, Ondo and Kwara also received six trucks each.
Edo, the Federal Capital Territory (FCT)and Sokoto State received four trucks each from the NNPC Limited.
Ogun state got three trucks same as Osun with three, while Gombe, Benue, Ekiti, and Kebbi, all received one truck respectively.
This development has raised worries about the purchasing power of Nigerians, which has dwindled further since the beginning of President Bola Tinubu’s entrance into office.
As part of his first duties, the President removed fuel subsidies and promised to save over N1 trillion to be utilised in critical sectors.
According to the President, payment of petrol subsidies was no longer sustainable as it had plunged the country into huge debts.
However, this translated to increased cost in amenities as the price of petrol has since skyrocketed from N195 per litre to over N1,000 per litre.
Headline inflation hit a 28-yeat high of 34.19 per cent in June. It has since moderated to 32.7 per cent in September, but still far from the 21.4 per cent target.
More Nigerians have also been pushed into poverty in the last five years, with the World Bank saying 129 million Nigerians are now poor compared to 115 million in 2018.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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