Oyedele: We’re Working with Petrol Marketers, Regulators on Appropriate Fuel Pricing

Nigeria's government is actively engaging with petrol marketers and industry regulators to address concerns over fuel pricing and establish a more transparent system. Minister of Finance Taiwo Oyedele stated that consultations are ongoing to ensure pump prices reflect global crude oil prices fairly.

This initiative comes amid public concern over stagnant fuel prices, even as global crude oil costs have decreased. The government has pledged to ensure fairness throughout the downstream petroleum sector.

In parallel, the Federal Executive Council (FEC) approved substantial reforms for the National Youth Service Corps (NYSC). The scheme will now be civilian-led, moving away from its traditional military leadership. Additionally, corps members will receive professional training to enhance their employability, a significant shift for the 53-year-old program.

The FEC also greenlit major infrastructure projects. This includes N2.078 trillion for road construction across 10 states, N34.398 billion for an airstrip in Gboko, Benue State, and approximately N286 billion for maritime infrastructure and safety projects aimed at modernizing port operations and protecting the marine environment.

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We are working to strike a balance.