Economy
Oil Suppliers Beg FG for Three-Month Forex Subsidy
By Adedapo Adesanya
The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) cried to the federal government concerning the harsh working environment its members currently operate.
In a press briefing in Abuja on Thursday, the National President of the organisation, Mr Benneth Korie, stated that the high Dollar exchange rate against the Naira rate was killing businesses.
The group has, therefore, asked for foreign exchange (FX) palliatives for three months, saying it would want to be guaranteed FX supply within the period at the rate of N600/$1.
The oil marketers recalled that while they recently applauded the removal of fuel subsidy, they had equally warned and advised that the right steps be taken to cushion its effects for the survival of citizens and their businesses.
NOGASA raised concerns over the growing challenges of petroleum products procurement and distribution, especially with the attendant hardships resulting from increases in pump prices of petrol and diesel across the country.
“NOGASA is seriously worried that between now and December this year, in the absence of government urgent intervention, there will be increasing losses of lives, businesses and jobs.
“This will be accentuated by mass shutdown of filling stations and packing up of petroleum tankers, all due to unattainable high cost of importation, lifting, transportation and distribution of petroleum products,” Mr Korie stated.
He said the price of diesel has hit N1,000 per litre, pointing out that suppliers were at the receiving end of the development.
Similarly, Mr Korie noted that depot owners were terribly affected by the increasing cost of the exchange rate to the extent that many depots are practically deserted as their owners are unable to secure bank loans to fund their businesses due to high interest rates.
“Banks are not willing to guarantee funds release to stakeholders as a result of the difficulty, instability and galloping rates of foreign exchange and high cost of the Dollar.
“Many depots are presently dried up or out of stock, and there is no gainsaying this as it is evidently verifiable.
“Worst hit are filling stations whose owners find it extremely difficult to secure funds to procure products for their retail outlets and both the independent and major marketers are so terribly affected that as at today, filling stations are shutting down in great numbers on a daily basis.
“Also, dealers are going out of business with many more on the verge of bankruptcy because of their inability to secure funds to facilitate orders for their stations,” he added.
The body also stressed that government must urgently come to the aid of the industry as quickly as possible to save it from an impending colossal collapse which will in turn result in a more devastating blow to the economy at large.
“Indeed, the success of this government highly depends on the survival of the oil industry, whose critical stakeholders are presently most negatively affected.
“We wish to once again and most sincerely reiterate that the only realistic option out of this dire situation for now is for government to urgently consider to expedite the provision of ‘emergency palliative measures’ for marketers.
“This will be such that fuels can be imported at the rate of at least N600 per dollar for the next three months while waiting for the promised reactivation of our refineries.
“This will go a long way in cushioning the harsh effect of the high cost of importation and equally bring about reasonable reliefs to the business and cost of living generally,” he explained.
NOGASA lamented that the state of Nigeria’s roads continues to make a very strong statement against government’s responsibility for infrastructural provision and maintenance.
The organisation noted that petroleum products distribution is, and had been severely hampered by roads that are no longer motorable.
According to the association, this development was already a waiting threat to the laudable Compressed Natural Gas (CNG) initiative of President Bola Tinubu.
“These conscious and practical solutions are therefore suggested to engage the local workforce to speedily refurbish and/or resuscitate bad roads across the country.
“This will also create thousands of jobs for jobless youths and other restive people in our communities, which will definitely be a plus for this administration,” NOGASA added.
These suggestions, it said, were highly important as effective products distribution requires effective provision and maintenance of roads network across the nation.
“Finally, government should do everything to ensure the removal of all things that have to do with challenges in the areas of importation as well as clearing in NIMASA, NPA, DPR and other agencies that are involved with dollar transactions for marketers.
“The bottlenecks are simply killing us. Our businesses are dying and the system is not helping us at all. An urgent action is highly required to save our industry from total collapse. A stitch in time saves nine!” the oil marketers said.
Business Post reports that the Naira had depreciated further selling at N775/$1 at the official market and around N990- N1,000/$1 at unregulated markets.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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