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Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers.

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The Independent Petroleum Marketers Association of Nigeria, IPMAN, has said Nigeria’s fuel subsidy expenditure might cross N700 billion monthly.

The Secretary of IPMAN, Abuja-Suleja, Mohammed Shuaibu disclosed in a statement on Monday.

He was reacting to data released last Wednesday by the Major Energies Marketers Association of Nigeria, noting that the landing cost of petrol as of the preceding day was N1,117/liter.

Speaking to the MEMAN’s data, Shuaibu contended that the Nigerian National Petroleum Company Limited and the Nigerian government may not be telling the truth about the country’s fuel subsidy expenditure.

He warned Nigerians to be prepared for fuel pump price hikes.

“Petrol price is determined by the forces of demand and supply in the international market. When there is a global price increase, we should experience it in Nigeria.

“Therefore the N1,117/litre is not just based on our foreign exchange rate, but also the global PMS cost. The sole importer of this product is NNPC and the company is not telling us the truth.

“But data sourced by our counterparts, the major marketers, showed clearly that the landing cost of petrol is above N1,100/liter. This means that the monthly subsidy has crossed N700bn.

“That also means we should be prepared so that any time the price of petrol jumps, we should not be surprised because they have already told us,” Shuaibu stated.

However, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri on several occasions had insisted that fuel subsidies remain removed in Nigeria.

Further analysis showed that although petrol goes for between N617 per liter and N750 per liter depending on the location, dealers said the ex-depot price of the commodity by NNPC is N585/liter.

This brings the difference between the landing cost of N1,117 and an ex-depot price of N585 to N532.

According to the Federal Ministry of Petroleum Resources, petroleum consumption figures of 44.3 million liters in October 2023, multiplied by the estimated N532 subsidy paid on each liter of petrol, give N23.57 billion as the daily subsidy spending.

The figure of the estimated fuel subsidy thereby amounts to over N700 billion in 30 days.

This comes amid the impasse between Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority over substandard petroleum products.

Meanwhile, the Lokpobiri on Monday, presided over a meeting with the heads of the Nigerian Upstream Petroleum Regulatory Commission and Nigerian National Petroleum Company Limited.

Recall that the former governor of Kaduna State, Mallam Nasir El-Rufai, had claimed that the President Bola Tinubu-led Federal government is paying more on fuel subsidies than before.

Similarly, the President of the Trade Union Congress, Festus Osifo had also hinted at the government is applying a quasi-fuel subsidy on petrol.

Business

Breaking News: Nigerian Youngest Billionaire, B-Lord, Pioneers Electric Taxi Revolution in Nigeria

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In a groundbreaking move for Nigeria’s transport and energy sectors, Nigeria’s youngest billionaire and business mogul, B-Lord, has launched an electric car taxi service, marking a significant step toward sustainable mobility in the country. The initiative is set to commence operations in Anambra State.

In an exclusive statement, B-Lord disclosed that over five containers filled with fully electric city cars are currently en route to Nigeria from China. The vehicles are expected to revolutionize public transport by providing an eco-friendly, cost-efficient, and modern alternative for commuters.

To support this venture, several charging station terminals are already under construction across Anambra State. These charging hubs aim to ensure a seamless experience for the upcoming fleet of electric vehicles, setting the foundation for a robust, sustainable infrastructure.

“This initiative is not just about transportation; it’s about boosting economic growth, creating jobs, and setting Nigeria on the global map of innovation and sustainability,” said B-Lord.

The electric taxi project is poised to enhance the state’s economy by generating employment, reducing carbon emissions, and modernizing the transportation sector. Experts believe this move will ripple across other states, driving further investment in green technology in Nigeria.

As Nigeria takes its first steps into the electric vehicle era, B-Lord’s vision is a testament to the power of entrepreneurship and innovation in shaping a better future for the nation.

Stay tuned for more updates as this transformative project unfolds!

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World Pizza Day: How an Italian food favourite conquered the world

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Pizza Margherita © Liz Hafalia/San Francisco Chronicle
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17 January marks World Pizza Day, a celebration of a dish with more than 2,000 years of history. From Neapolitan and Roman styles to Margherita, diavola, and even potato-topped variations, there are few places left in the world which don’t honour this iconic culinary tradition.

In 2017, UNESCO recognised “the art of Neapolitan pizza makers” as an Intangible Cultural Heritage of Humanity, highlighting its cultural significance on a global scale.

As for the date, it wasn’t chosen randomly: 17 January coincides with the feast of St. Anthony Abbot, the patron saint of fire and related trades, including machinists, blacksmiths, and, fittingly, pizza makers.

Where is pizza eaten the most in the world? And in Europe?

In Italy, four out of ten families are expected to prepare pizza at home in 2025, according to data from Coldiretti-Ixé. Meanwhile, global pizza turnover in 2024 is projected to reach a record €160 billion, with Italy contributing €15 billion to this figure.

Pizza is a major economic driver in Italy, generating 100,000 jobs nationwide – a number that doubles to 200,000 on weekends. Each year, Italy produces 2.7 billion pizzas, equating to about 46 pizzas per person annually, a figure that includes all age groups, from infants to the elderly.

Italians’ preferences differ significantly from those of the global market. According to Coldiretti, Italians prioritize higher-quality ingredients and are willing to pay a premium for them.

Interestingly, while pizza is an Italian staple, the world’s largest per capita consumers are Americans, who eat an average of 13 kilograms of pizza per year.

In Europe, on the other hand, Italy is in first place with 7.8 kilos per year, followed by Spain’s 4.3kg, and France and Germany’s 4.2kg and in fifth position the United Kingdom with 4kg.

The rise of food delivery has significantly boosted this already thriving sector: some apps speak of ‘an order every two seconds’. Others point to year-on-year growth in turnover of 20 per cent between 2024 and 2025.

The most and least popular pizzas in the world

According to data from the food web portal TasteAtlas, the Margherita reigns as the most popular pizza in the world, followed by the Montanara and calzones. In sixth place is American-style pizza topped with cheese, vegetables, and tomato sauce. Following that is pepperoni pizza (where ‘pepperoni’ in the US refers to a type of salami) and the iconic ‘New York-style’ pizza, before circling back to fried pizza.

In last place is an Italian pizza: the ‘Mimosa pizza,’ topped with corn and cooked ham. Just above it are the Cuban pizza, the Scottish fried pizza, the Quad City-style pizza (a grilled variation popular in the US), and Canada’s unique pizza-ghetti, which features spaghetti as an additional topping.

How much does pizza cost in Italy?

Pizza has always been a popular dish in the Bel Paese, and this has never changed. On the other hand, inflation and the push for higher quality ingredients have increased the price in Italy and across Europe.

A survey by Altroconsumo calculated the average cost of a pizza, a soft drink, and service in various Italian cities. Sassari tops the list as the most expensive city (€14.67), followed by Bolzano, Milan, and Venice. On the more affordable end are Livorno (€8.67), Pescara (€9.18), Naples (€9.63), and Bari (€9.63).

Whatever pizza you love, with or without pineapple, happy World Pizza day.

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Petrol price increases nationwide

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Petrol prices across Nigeria have increased to between N1,050 and N1,150 per litre.

This increase follows a price adjustment by Dangote Refinery, which raised its rates from N899 to N955 per litre for bulk purchases.

Private depots nationwide have also raised their prices, with some locations now charging over N1,000 per litre for Premium Motor Spirit (PMS).

Oil marketers explained that the hike is primarily due to rising crude oil prices, which recently climbed to $81.84 per barrel, the highest in 2025.

Deregulation of the petroleum sector and logistics costs have further contributed to the price surge.

Areas far from depots, such as the hinterlands, are experiencing the steepest prices, with some regions reporting costs of up to N1,150 per litre.

Private depots in Lagos and Calabar have also adjusted their loading costs.

For instance, Sahara and Pinnacle depots raised prices to N970 per litre, while Rainoil and Alkanes in Calabar now charge N1,000 per litre.

Retail stations are adding logistics and regulatory charges to their prices, pushing the pump rates higher for consumers.

Marketers predict that prices will continue to rise due to the global increase in crude oil costs.

With deregulation in place, the industry relies on demand and supply dynamics, making fluctuations inevitable.

Experts warn that this trend will significantly impact consumers and businesses across the country.

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