By Adedapo Adesanya

Oil jumped more than 2 per cent on ‌Thursday to its highest level in nearly a month, after US President Donald Trump warned of retaliation against nations supporting Iran.

Brent crude futures gained $2.16 or ​2.4 per cent to trade at $93.78 a barrel, while the US West Texas Intermediate (WTI) crude futures for September ​rose by $2 or 2.3 per cent to $87.83 a barrel.

President Trump has threatened sweeping economic measures against Iran, warning countries that provide Iran with “any type of lifeline” that they could face severe consequences.

The American President described the planned campaign as “economic warfare and isolation on an unprecedented scale,” as the US seeks to intensify pressure on Tehran nearly six months into the conflict.

US Treasury Secretary Scott Bessent said the Trump-led administration would impose what he called the “toughest sanctions in history” on Iran and urged China and other countries to cooperate with the campaign.

Mr Bessent said he would hold a press conference on Monday to provide details of the measures, which he said would complement the US blockade of Iran.

Concerns about stricter sanctions enforcement against Iran added to anxiety about the risk to supply in the Middle East.

The economic offensive comes as the war, which began on February 28 after the US and Israel launched military strikes on Iran, has killed thousands of people and severely disrupted energy supplies.

Iran’s blockade of the Strait of Hormuz, a key route for global oil and gas shipments, and attacks on energy infrastructure across the Middle East have sharply reduced the flow of energy to international markets.

The latest US threats mark an escalation in the US’s economic pressure on Iran, with Trump also warning countries that continue to trade with or support Iran that they could face punitive measures. Iran has dismissed the campaign as “economic terrorism” and a continuation of failed US policies.

Shipping traffic through the Strait of Hormuz remains far below ​pre-war levels, according to the ​latest shipping data. Prior to ⁠the Iran war, shipments equal to about one-fifth of global consumption moved through the waterway.

This week, the United Arab Emirates suspended all financial and economic transactions with Iran until further notice, highlighting ​the fraught ties between the major Gulf Arab oil producer and Iran. The war has also ​impacted the supply ⁠of refined fuels and drawn down inventories, with less crude available to refiners.

By Adedapo Adesanya

The Nigeria Employers’ Consultative Association (NECA) has called on state and local governments to account for the N10.4 trillion they received from resources generated following the removal of the petrol subsidy.

The Director-General of NECA, Mr Adewale-Smatt Oyerinde, made the call on Channels Television’s Sunrise Daily on Thursday morning, a day after the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, disclosed details of the financial impact of the federal government’s economic reforms.

Mr Oyedele had said the removal of the petrol subsidy and reforms to the foreign exchange market mobilised N15.8 trillion for the Federation between June 2023 and December 2025.

According to the minister, the federal government received N5.4 trillion of the amount, while N10.4 trillion was distributed to state and local governments through the Federation Account.

Reacting to the disclosure, Mr Oyerinde said the states and local governments should now provide details of how the funds they received were utilised.

He particularly called on state commissioners for finance to disclose the amounts their respective governments received and how the funds were spent.

“Absolutely. I think it should trickle down. The commissioners of finance in states, you come out and also say, this is how much we’ve received; this is how much we have spent,” he said on the television programme.

Mr Oyerinde compared the expected disclosure by governments to the financial reporting obligations of private businesses, where companies present audited accounts and performance reports to shareholders.

“We believe strongly that as private businesses, at the end of the year you audit your accounts, you present your scorecard to your shareholders to gauge what we have done. The Minister of Finance has led the way now, and the states also should follow,” he said.

The NECA director-general urged state governments to provide a breakdown of the funds received, the challenges encountered and how the money was deployed.

“And so this is how much we have received. These are the constraints we face, and this is how we have expended this amount. I think we should move progressively towards transparency in government,” he said.

Mr Oyerinde commended the Federal Government for publicly disclosing details of its finances, describing the presentation by the finance minister as a step towards greater transparency in public administration.

He said the level of detail provided by Mr Oyedele would enable citizens and other stakeholders to better scrutinise government spending and assess the impact of the reforms.

The NECA boss also said greater disclosure by the sub-national governments would allow citizens to engage state and local governments more constructively on the use of public funds.

“I also put citizens, and I must say this, citizens are also in a good position now to engage constructively, engage the state governments constructively, and also engage local governments constructively, because that is where development should actually start,” Mr Oyerinde said.

By Adedapo Adesanya

The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has said from the N15.8 trillion in subsidy savings, N5.4 trillion went to the federal government, and N10.4 trillion was shared between the 36 states and the 774 local governments of the federation between June 2023 and December 2025.

Mr Oyedele disclosed this on Wednesday in Abuja while presenting the federal government’s Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented, an assessment of the economic reforms implemented under President Bola Tinubu.

The finance minister said the N15.8 trillion in subsidy savings was distributed through the Federation Account, rather than being retained entirely by the federal government.

According to him, the central government received N5.4 trillion, representing about 34 per cent of the total savings, the states received N6.5 trillion, or 41 per cent, and the local councils received N3.9 trillion, representing about 24 per cent.

The combined N10.4 trillion allocated to states and local governments accounted for almost two-thirds of the total subsidy savings and was nearly twice the amount received by the federal government.

Mr Oyedele clarified that the N15.8 trillion should not be understood as money accumulated in a dedicated government account labelled “subsidy savings”.

Rather, he said the impact of the reforms was reflected in increased resources available to the federation through higher revenue collections, which were subsequently shared among the three tiers of government through the Federation Account.

The minister said the federal government’s N5.4 trillion share formed only one component of the additional resources available to it during the period.

It also recorded N3.1 trillion in incremental independent revenue, mainly from remittances by government-owned entities, and obtained N11.9 trillion in incremental borrowing.

Together, the three sources provided the federal government with N20.4 trillion in incremental resources between June 2023 and December 2025.

Mr Oyedele said the distribution of the subsidy savings underscored that the reform was not designed simply to increase Federal Government revenue, as a substantial portion of the additional resources accrued to the sub-national governments.

“The reform was never introduced for revenue purposes, but to address entrenched corruption in an artificially managed fuel subsidy and foreign exchange market,” he said.

He added that the federal government subsequently deployed its additional resources, alongside funds from its existing revenue base, to meet N30.64 trillion in incremental expenditure during the period.

Of the N20.4 trillion in incremental resources available to the federal government, borrowing accounted for 58 per cent, subsidy savings for 27 per cent and other revenue for 15 per cent.

The minister said the figures provided a clearer picture of how the financial impact of the subsidy reform was distributed across the Federation, with states and local governments collectively receiving the largest share.