We lost 200,000 bpd, 1.2 megawatts of power generation to PENGASSAN’s action

‘Why Dangote Refinery must be protected’
The Federal Government came hard on Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) yesterday over last month’s strike during their faceoff with Dangote Refinery and Petrochemicals (DRP).

“We cannot hold the whole nation to ransom because of issues that we can amicably settle across the table,” President Bola Ahmed Tinubu said.

It was his first reaction to the situation during which the union disconnected the gas supply to the refinery in addition to limiting the pumping of crude to export terminals, an action likened to economic sabotage.

The President spoke yesterday at the Nigeria Economic Summit Group (NESG) event in Abuja.

He was represented by Vice President Kashim Shettima.

He called for patriotism and caution, urging union leaders to maintain sensitivity to national security during their free agitations for industrial welfare.

Also yesterday, the Group Chief Executive Officer (CEO) of Nigeria National Petroleum Company Limited (NNPCL), Bayo Ojulari, recalled the huge loss incurred by the country in the few days the strike lasted.

In Lagos, the scarcity of cooking gas surfaced over the weekend, with residents searching for the product across the metropolis.

The few places where the product was available witnessed long queues, and the price was hiked.

The scarcity was attributed to the effect of the PENGASSAN strike.

Describing the $20 billion privately-owned refinery as a national asset that should be supported to function, President Tinubu said the nation should jealously protect, promote, and preserve the facility in the national interest.

President Tinubu emphasised the importance of industrial harmony in the sensitive sector while declaring open the 31st NESG in Abuja.

Its theme was: “The reform imperative: building a prosperous and inclusive Nigeria by 2030.”

At the summit were the Minister of Budget and Economic Planning, Senator Atiku Bagudu, and other senior government officials.

The President said any threat to the 650,000-barrel-per-day Dangote Refinery should be viewed as a national sabotage.

The PENGASSAN/Dangote Refinery rift provoked anxiety nationwide about a looming fuel scarcity that had become a thing of the past since it commenced operation.

Ojulari said 200,000 barrels were lost to the union strike daily.

He also lamented that the company experienced deferred gas output during the dispute.

Ojulari, who briefed the President at his private residence in Lagos, however, said Nigeria would hit 1.8m bpd oil production by December.

Nigeria will protect every investment, says President

The President said his administration would protect every investment, warning that nothing must be allowed to disrupt the operations of the $20 billion facility.

President Tinubu described the Dangote Group President, Alhaji Aliko Dangote, as “not just an individual, but an institution”.

He urged labour unions to exercise restraint and seek peaceful dialogue in addressing industrial issues involving the refinery.

The President explained that the refinery, which was financed through a mix of equity, debt, and local and foreign bank loans, should remain operational to meet its financial obligations and sustain national economic stability.

He said: “The refinery has to function to service the debt. We cannot hold the whole nation to ransom because of issues that we can amicably settle across the table.”

President Tinubu said Dangote’s decision to invest massively in Nigeria, rather than abroad, was an act of faith in the country’s future.

He stressed: “If he had invested $10 billion in Microsoft, Amazon, or Google, he might be worth $70 to $80 billion today.

“But he chose to invest in Nigeria, and we owe it to future generations to promote, preserve, and protect the interests of this very Nigerian.”

The President called for “caution, introspection, and a sense of accountability from all the organised and independent private sector players” to maintain industrial peace and a sustainable investment climate.

He added: “It’s not about holding the gold medal for ransom. Nigeria is greater than PENGASSAN; Nigeria is greater than each and every one of us.

“I’m not speaking as a partisan but as a Nigerian in search of solutions to our national challenges.”

The President urged the NESG to come up with policies that can resolve industrial disputes and prevent future disruptions in the sector.

Turning to broader economic issues, the President assured that Nigeria will overcome its current economic challenges through industrialisation, infrastructure development, and human-centred policies.

“As Nigerians, we are not condemned to low growth, high costs, and low trust. We will stabilise. We will industrialise. We will humanise our economy. We will stabilise prices and currency, and we will industrialise through power, logistics, and technology.”

The President said his administration has created pathways for the youth to access grants, loans, and equity investments of up to $100,000 to grow their enterprises, innovate, and build sustainable livelihoods.

He also announced a N200 billion intervention fund to support micro, small, and medium enterprises (MSMEs) and manufacturers in overcoming structural challenges and enhancing competitiveness.

He said: “Our expansion of digital micro-loan access has improved financial inclusion, empowered small businesses, and stimulated community-level productivity.”

On fiscal policy, the President said the newly signed Tax Reform Act—which introduced the Nigeria Tax Administration Act, the Nigeria Revenue Service Establishment Act, and the Joint Revenue Board Establishment Act—marked a major recalibration of the nation’s tax architecture.

“These reforms will boost domestic revenue mobilisation, reduce dependence on oil, and simplify compliance,” he said.

“They protect low-income earners, ensure fairness in corporate taxation, and strengthen digital innovation in tax administration.”

Ojulari: Production hit 1.68 tr last month

The NNPCL boss lamented the PENGASSAN and the Dangote Refinery faceoff.

He said: “It was quite unfortunate that the Dangote and PENGASSAN issue led to the strike.

“As you know, whenever critical staff manning key facilities are unavailable, operations are disrupted.

“We actually lost significant production of over 200,000 barrels per day and also experienced deferred gas output, while about 1.2 megawatts of power generation were affected.”

Ojulari commended the Federal Government for swiftly intervening through the Minister of Labour and Employment, Dingyadi, and the National Security Adviser (NSA), Nuhu Ribadu, who brokered peace.

He said: “Everyone was brought to the table, and a communiqué was agreed upon on the way forward. We are very hopeful that all parties will abide by it.”

On the recent gas price spikes, Ojulari attributed the rise to temporary supply chain disruptions during the strike.

He added: “The increase you saw was relatively artificial. For the period of the strike, loading and movement were delayed by about two or three days, and that created a temporary scarcity.

“Some marketers exploited the situation to raise prices. Now that things are back to normal, prices should return to what they were before the strike.”

Ojulari said that Nigeria’s crude oil production would reach 1.8 million barrels per day (bpd) before the end of the year, following months of consistent growth and strategic maintenance interventions across production facilities.

He said production hit 1.68 million barrels per day in September—the highest level in about five years—while gas output also reached a record seven billion cubic feet (BCF) per day.

Ojulari said: “With the turnaround maintenance completed in August and September now coming back onstream, we expect that before the end of the year, we should be clocking at least 1.8 million barrels per day, all things being equal.”

He noted that the achievement aligned with the President’s directive to ramp up production to at least two million barrels per day by 2027 and three million barrels by 2030 under the Renewed Hope energy roadmap.

Reforms should yield gains, says Yusuf

Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, who lent his voice to the dark side of the labour dispute, said in a statement that sensitive investments should be protected.

Yusuf enjoined the government to come up with a policy framework to prevent the unlawful shutdown of businesses in the country.

He said a policy to protect investors is a national economic imperative, adding: “Investors mobilise capital, create jobs, and generate the tax revenues that sustain government and society.

“Without them, there can be no sustained growth, no employment, and no national prosperity.

“Nigeria must, therefore, urgently institutionalise a fair, secure, and predictable business environment that protects those who take risks to create wealth.

“This is not about weakening labour unions but about balancing rights and responsibilities to foster sustainable economic growth, social stability, and national security.”

Protesters ask Tinubu to crush saboteurs

In Kaduna, Protesters under the aegis of ‘Partners for National Economic Progress (PANEP) yesterday urged President Tinubu to halt the activities of those trying to sabotage efforts to achieve local refining of petroleum products.

The protesters, who converged on the Murtala Mohammed Square before marching through major streets of the city, accused an unnamed oil cartel of frustrating and undermining local refinery initiatives, particularly the Dangote Refinery.

Chanting solidarity songs and displaying placards with inscriptions such as “Support Local Refining,” “Crush Economic Saboteurs,” and “Protect Dangote Refinery,” the protesters said Nigeria should be liberated from economic manipulation.

Their leaders, Comrade Igwe Ude-Umanta and Comrade Dahiru Umar Maishanu, said the call on the President was necessary to save Nigeria from a cartel that has thrived on importation and fuel scarcity at the expense of national development.

The Federal High Court sitting in Warri, Delta State, on Friday ordered the Nigeria Police Force and the Inspector-General of Police to suspend the enforcement of the tinted glass permit by vehicle owners.

The court asked the police and the IGP to maintain the status quo and “respect judicial processes pending further proceedings in the matter.”

The court issued the interim order as hearing opened in Suit No. FHC/WR/CS/103/2025, instituted by legal practitioner John Aikpokpo-Martins against the Inspector-General of Police and the Nigeria Police Force.

The lawyer, John Aikpokpo-Martins, approached the court to challenge the legality of the new tinted permit enforcement.

In the interim order, the Court directed the police authorities to “respect judicial processes pending further proceedings in the matter.”

Senior Advocate Kunle Edun, SAN, who led the legal team for the petitioner, confirmed the development to journalists and noted that “the directive is a major step in ensuring that the rule of law is upheld while the substantive issues in the case are being determined.”

President Bola Tinubu has highlighted some of his administration’s achievement as Nigeria celebrate 65th anniversary of her independence.

In his Independence Day broadcast on Wednesday, the President listed key reforms and economic milestones his administration has recorded in the past 28 months.

Below are the highlights:

1. Record Non-Oil Revenue Growth

Tinubu said his administration has diversified government earnings beyond crude oil.

“We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411 percent higher than the amount raised in May 2023.”

2. Improved Fiscal Health

The President stressed that Nigeria’s debt servicing burden has been reduced significantly.

“Our debt service-to-revenue ratio has been significantly reduced from 97% to below 50%. We have paid down the infamous ‘Ways and Means’ advances that threatened our economic stability.”

3. Stronger Foreign Reserves

Tinubu noted a boost in external reserves, giving Nigeria a cushion against global shocks.

“Our external reserves increased to $42.03 billion this September — the highest since 2019.”

4. Rising Tax-to-GDP Ratio

According to the President, his government is expanding its tax base without overburdening ordinary Nigerians.

“Our tax-to-GDP ratio has risen to 13.5 percent from less than 10 percent. The new tax law will expand the base and provide tax relief to low-income earners.”

5. Nigeria Now a Net Exporter

Tinubu also emphasised that for the first time in years, Nigeria is selling more to the world than it buys.

“Nigeria has recorded a trade surplus for five consecutive quarters… Non-oil exports now represent 48 percent, compared to oil exports at 52 per cent.”

6. Oil Production Rebound

He added that crude output has increased after years of underperformance.

“Oil production rebounded to 1.68 million barrels per day from barely one million in May 2023… the country has made notable advancements by refining PMS domestically for the first time in four decades.”

7. Stabilisation of the Naira

The foreign exchange reforms, Tinubu said, have curbed volatility.

“The Naira has stabilised… The multiple exchange rates, which fostered corruption and arbitrage, are now part of history.”

8. Social Investment in Vulnerable Households

“Under the social investment programme… N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of the N25,000 each.”

9. Solid Minerals Sector Growth

In mining, Tinubu said coal mining has rebounded, signalling diversification in natural resources.

“Coal mining recovered dramatically from a 22% decline in Q1 to 57.5% growth in Q2, becoming one of Nigeria’s fastest-growing sectors.”

10. Transport Infrastructure Expansion

The President maintained that his administration is accelerating work on major rail and highway projects.

“The 284-kilometre Kano-Kastina-Maradi rail project and the Kaduna-Kano rail line are nearing completion. Work is progressing on the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.”

11. Global Recognition of Economic Reforms

Tinubu said international markets are responding positively.

“Sovereign credit rating agencies have upgraded their outlook for Nigeria… Our stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2003 to 142,000 points as of September 26, 2025.”

12. Monetary Policy Confidence

The Central Bank has responded by lowering interest rates.

“At its last MPC meeting, the Central Bank slashed interest rates for the first time in five years, expressing confidence in our country’s macroeconomic stability.”