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Federal Government Confirms Continuation of Naira-for-Crude Oil Deal

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The federal government has announced that the naira-for-crude oil deal will persist following the conclusion of its initial phase on March 31.

This confirmation came from the Ministry of Finance on Monday, during a meeting attended by key figures, including Wale Edun, the Minister of Finance, and Zacch Adedeji, the Chairman of the committee and Executive Chairman of the Federal Inland Revenue Service (FIRS).

The meeting also included representatives from Dangote Petroleum Refinery, Dapo Segun, the Chief Financial Officer of Nigerian National Petroleum Company (NNPC) Limited, NNPC Trading management, and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Additional stakeholders present were senior members from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representatives from the African Export-Import Bank (Afreximbank), and Hauwa Ibrahim, the committee’s secretary.

The Ministry stated, “The stakeholders reaffirmed the government’s unwavering commitment to the comprehensive execution of this strategic initiative, as mandated by the Federal Executive Council (FEC).”

The Crude and Refined Product Sales in Naira initiative is characterized as a fundamental policy directive rather than a temporary measure. Its objectives include fostering sustainable local refining, enhancing energy security, and minimizing dependence on foreign exchange in the domestic petroleum market.

The committee acknowledged potential implementation challenges inherent in any significant policy change, emphasizing that these issues are being proactively managed through collaborative efforts among all involved parties.

“The initiative will remain active and continue as long as it serves the public interest and aligns with national economic goals,” the ministry added.

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Initiated on October 1, 2024, the sale of crude oil and refined petroleum products in naira aims to bolster supply, save the nation millions in petroleum product imports, and ultimately lower fuel prices.

On March 10, TheCable reported that NNPC had suspended the naira-for-crude deal until 2030, citing that the government-owned entity had forward-sold all its crude oil.

Subsequently, nine days later, Dangote Refinery announced a temporary halt in the sale of petroleum products in naira. The refinery stated that this decision was “essential to prevent a discrepancy between our sales revenue and our crude oil purchasing commitments, which are currently in U.S. dollars.”

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Kaduna State to hold education summit – Commissioner

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Kaduna State Government will convene an Education Summit as part of its strategy to bring about transformative change in the education sector, which will be anchored on four strategic pillars.

The Commissioner for Education, Professor Muhammad Sani Bello, who disclosed this while inaugurating the steering committee, further said that the event will be titled KADA EDUPACT International Summit 2025″.

According to him, one of the pillars is the Policy/Governance/Innovative Education Financing Pillar.

The Commissioner also listed the Access and Retention, Credible Learning Outcomes From Quality Inputs Pillars, as well as the Technology and Innovation pillars.

Prof Bello argued that the main objective of the summit is “to forge an Educational Pact between the government and the people, establishing commitment to shared model for education delivery, measurable outcomes and clearly defined negotiables.”

He further said that experts will make motivating presentations, adding that the Summit will provide opportunity for robust discussions on local and international investments in education, policy-making as well as technological innovations for improved teaching and learning.

The Commissioner also assured that a comprehensive education development roadmap for Kaduna State would fashioned out during the summit.

He said that the Director General of Kaduna State Schools Quality Assurance Authority, Professor Usman Abubakar Zaria, will coordinate the activities of the steering committee, whose membership cuts across relevant Ministries Department and Agencies.

Sub-committees to handle various aspects of the summit were announced immediately after the steering committee was inaugurated.

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Police Bust Human Trafficking Ring In Oyo, Rescue 84 Victims

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The Oyo State Police Command has uncovered a human trafficking ring in Ibadan, the Oyo State capital.

In a major operation, the police rescued 83 individuals and a child from a house in the Orogun area of the city, where they had allegedly been held for an undisclosed period.

Preliminary reports suggest that the victims, believed to be nationals of the Democratic Republic of Congo, were lured to Nigeria under the pretence of being offered employment opportunities.

There are also claims that the perpetrators extorted significant sums of money, reportedly in dollars, from the victims’ parents and relatives as part of the elaborate scheme.

The rescued individuals are currently at the Police Headquarters in Eleyele, Ibadan, where authorities are conducting further investigations to ascertain the full details of the case.

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Pope Francis Laid To Rest In Santa Maria Maggiore Basilica

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Pope Francis was buried inside his favourite Rome church after a funeral mass in St Peter’s Square, the Vatican said on Saturday.

Francis, who died on Monday aged 88, was laid to rest during a 30-minute ceremony which started at 1:00 pm (1100 GMT) at the Santa Maria Maggiore basilica in the Italian capital.

Footage shared by the Holy See showed cardinals marking his wooden and zinc coffin with red wax seals.

Cardinal Kevin Farrell, who as camerlengo is running the Vatican’s day-to-day affairs until a new pope is elected, sprinkled it with holy water after it was lowered into a tomb set inside an alcove.

A reproduction of the pectoral cross worn by Francis during his lifetime hung above it.

Francis had asked that the tomb, located near the altar of Saint Francis, be simple and unadorned, reflecting the humble spirit of his papacy.

The tombstone bears only the inscription “Franciscus” — the pope’s name in Latin.

Its marble is sourced from Liguria, the northwestern Italian region once home to the Argentine pontiff’s Italian ancestors.

Francis, born Jorge Bergoglio, had specified in his will the exact spot he wanted to be buried, in the side nave of the beloved fifth-century AD church.

The pontiff was devoted to the worship of the Virgin Mary and made a point of praying in Santa Maria Maggiore before leaving on trips abroad and upon his return to Rome.

Located in the heart of Rome, the basilica already holds the tombs of seven popes.

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