NSX
Forex
TOP STORIES

FG okays N185bn to clear Legacy Debts owed Gas Producers

The Federal Government says the National Economic Council (NEC) has approved N185 billion to settle validated legacy debts owed to upstream gas producers.

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, disclosed this at a news conference on Friday in Abuja.
Ekpo said settling the debts would improve gas supply to power plants and strengthen investor confidence in Nigeria’s gas sector.
“This is not merely about settling debt. It is about restoring commercial discipline, improving supply reliability and rebuilding investor confidence,” he said.
The minister said the approval was aimed at restoring commercial discipline and improving reliability across the gas-to-power value chain.

On infrastructure, Ekpo said the OB3 Gas Pipeline was 100 per cent complete, with pre-commissioning concluded ahead of first gas.

He said the pipeline had capacity to transport two billion cubic feet of gas daily (BCF/D). According to him, the project is expected to unlock more than 500 million standard cubic feet per day (MMscf/D) of additional domestic gas supply.

Ekpo said the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline was about 95 per cent complete.

He added that the Midstream and Downstream Gas Infrastructure Fund (MDGIF), with N671 billion in public funding, had attracted N1.6 trillion in private investment.

The minister said the funding covered 31 projects and 205 infrastructure assets, capable of delivering about 475 MMscf/D to the domestic market.

Ekpo said the Federal Government was targeting about 30 billion dollars in gas investment by 2030. He said Compressed Natural Gas (CNG) conversions had risen from about 11,000 vehicles in 2023 to more than 120,000.The government, he added, was targeting at least one million CNG-powered vehicles and up to 1,000 refuelling stations nationwide.

Ekpo said the government was also targeting five million households for Liquefied Petroleum Gas (LPG) access by 2030.

He said distribution of 27,000 free LPG cylinders per state was already underway as part of efforts to expand cleaner cooking energy access.

The minister said President Bola Tinubu had approved extending the National Grassroots LPG Penetration Programme to 2060.

He said the extension would provide a long-term pathway for wider adoption of cleaner cooking energy across the country.

On gas flaring, Ekpo said 42 companies had been awarded contracts to convert flare gas into energy, feedstock, LPG, CNG and power.

He said the government would sustain regulatory and commercial measures to end routine gas flaring by 2030.

Ekpo said Nigeria’s gas agenda was anchored on raising production, expanding infrastructure and attracting investment.

He added that the agenda included improving gas supply to the power sector and ensuring producing communities benefited from the sector.

The minister said Nigeria would also use its growing role in international energy organisations to advocate increased gas investment.

He said the country would promote transparent markets, affordable energy access and a just energy transition.

Credit NAN: Texts excluding Headline

FG okays N185bn to clear Legacy Debts owed Gas Producers
Economy
03-Oct-2026

From Reforms to Prosperity: Being Full Texts of President Bola Tinubu's 2026 Independence Day Address to Nigerians

My fellow Nigerians,


Sixty-six years ago today, our flag was raised, for the first time, over a free and sovereign nation. Since then, we have journeyed together as one nation, bound by our collective trust in the great promise of Nigeria: that a country of our size, our bountiful resources, our cultural diversity and, above all, our extraordinary people can build a giant in Africa;  that in this blessed and fertile land we can build a united, strong and prosperous nation; a land of regional authority and global consequence.


Our journey has not always been easy. In truth, it has generally been too hard for too many. We have known moments of great hope and periods of profound disappointment. We have endured war, military rule, economic crises, insecurity and political upheaval. Yet through it all, Nigeria, with the indomitable spirit of its people, has endured.


It has endured through the efforts of the farmer who rises before dawn to work his land. The trader who opens her shop each morning, hopeful for a productive day. The teacher who believes in the children entrusted to her care and the young entrepreneur who refuses to surrender ambition to circumstance. We are grateful for the men and women of our Armed Forces and security services who place themselves in harm’s way so that the rest of us may live in peace.


Through every difficulty, generations of Nigerians have continued to believe in one thing: that this country of ours will be better.


This faith, which sustains us all, is the inheritance of independence. Our founding fathers did not struggle merely for a flag, an anthem or a place among the nations of the world. Independence carried a larger promise: that Nigerians would have the freedom to shape their own destiny and build a nation capable of providing opportunity, dignity and a better life for its people. Sixty-six years later, Almighty God has made it our responsibility to deliver that promise.


Today, as we celebrate our independence, we must speak honestly about the journey so far, the choices we made, and the country we are determined to build from here.


For too long, the promise of Nigeria was undermined by choices that postponed difficult decisions and allowed deep economic distortions to grow.


By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act.


Nigeria was like a sick patient who receives the terrible news that he has cancer. His doctor explains that the treatment will be difficult and painful, but that it offers a strong prospect of recovery. The patient has a choice. He can begin treatment, endure its discomfort and fight the disease. Or he can ask only for morphine, dull the pain and leave the cancer to spread.


For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came. They focused on symptoms while allowing the disease to take hold deep within the fabric of our society. We spent enormous sums sustaining inefficient arrangements that were never intended to last. We hid from difficult truths and passed the consequences from one generation to the next.


When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer. The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease.


Our reforms did not create the weaknesses in our economy. They confronted them. Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song. We must remember why we began this journey and how far we have already come.


Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable. Our economy has grown by over 4 per cent this year. Both oil and non-oil sectors have contributed to the renewed period of stable growth.


Oil theft is down. Inflation has fallen substantially from its peak. Our foreign reserves have been rebuilt, our foreign exchange market has stabilised, and in 2025 this country recorded its highest revenue from non-oil exports in its history, exceeding $6 billion. This is real money being made by real Nigerian businesses.


These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change. Each has concluded that our reforms have strengthened Nigeria’s economic stability and resilience. The private sector has long since delivered its verdict, and foreign direct investment continues to rise each year.


My fellow Nigerians, we have reached a turning point.


The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed. For three years, our overriding purpose was to correct our nation’s course.

Now, our purpose is simple: shared and widespread prosperity. When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics. I mean something much more personal.


I mean a Nigeria in which the farmer can cultivate his land safely, produce more at lower cost, and earn a decent return for his labour. A Nigeria in which factories have reliable power, businesses can obtain credit, and young people can find productive work.


A Nigeria in which food and transportation are affordable, education is within reach, and hard-working families can look towards the future with confidence. This is the promise we must now fulfil.


Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume.


We have the land and people to feed ourselves. My government is therefore focused on expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, holistically increasing mechanisation, and investing in storage and transportation. We are building and completing the roads, railways and ports that connect farms and factories to markets.


Our logic is simple. When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market.


But prosperity requires more than cheaper goods. It requires productive work. Nigeria is a young country. Millions of young Nigerians enter adulthood every year with talent, energy and ambition. Our responsibility is to ensure that this great demographic strength becomes an engine of production rather than a source of despair.


We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies.

We will use our gas to power new industries. We will support businesses that work to bring factories back to life in our great industrial centres. We will expand digital connectivity into communities that have waited too long to participate in the modern economy. We will invest in the skills employers demand and support Nigerian businesses with the infrastructure and finance they need to grow.


I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world. I want young Nigerians building unicorns and creating opportunities for others here at home.


I am also conscious that millions of our fellow citizens cannot wait for tomorrow. Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work. Their circumstances did not begin with the reforms of the last three years. Their struggle is the accumulated consequence of decades of low productivity, inadequate infrastructure, insufficient opportunity and institutions that too often failed those who needed them most.


We cannot erase in four years what accumulated over generations. But we can change its course. We can build an economy that steadily lifts people out of poverty while ensuring that those who remain vulnerable are not abandoned along the way.


That is why we are strengthening direct support for the poorest households and improving the National Social Register so that assistance reaches those who genuinely need it. It is why the Nigerian Education Loan Fund is ensuring that the child of a low-income family need not surrender the dream of higher education simply because his parents cannot afford the fees.


It is why CREDICORP is giving working Nigerians access to consumer credit, allowing people to acquire vehicles, solar systems, digital devices and other essential assets without first having to accumulate years of savings.


That is why, working with our states and local governments, we will continue to strengthen primary healthcare, basic education, and the essential public services poorer Nigerians depend on most. Since 2023, we have paid salaries and pensions on time and in full. We have reformed the national pension program to benefit retirees and the vulnerable.


These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently. We will defeat it. It will take time. It will require discipline. It will require sustained growth year after year and the creation of millions of productive opportunities across our country.


But for the first time in decades, we embark on this task from a position of strength; with an economy whose fundamental direction has been corrected. We confronted the difficult choices we faced and have laid the foundations for lasting prosperity. Rather than fail the promise of a better future for our children, the time has come for us to build that future.


The age of reform has done its work. Now begins the age of prosperity. An age in which the promise of this great nation must finally become the lived experience of Nigerians from all walks of life. We have travelled through difficult years together. We have made hard decisions together. And now, still together, we must build the country those decisions have made possible.


I believe deeply in what lies ahead. I believe in the millions of ordinary men and women whose work, courage and determination have always been the true strength of our country. The road ahead will still demand much from us. But we now travel it with firm footing, a clear direction, and renewed hope in our collective future.

Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. Let us go forward together, with faith in ourselves, faith in our country, and faith that the sacrifices we have made will yield their reward.


The Promised Land before us is a Nigeria of abundance and opportunity; a nation where prosperity is broadly shared, where every child can dream beyond the circumstances of his birth, and where our country’s immense promise is finally reflected in the lives of our people. Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward.  No looking back.


Happy Independence Day, my fellow Nigerians. God bless you all, and God bless the Federal Republic of Nigeria.

 

Bola Ahmed Tinubu, GCFR

President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria

From Reforms to Prosperity: Being Full Texts of President Bola Tinubu's 2026 Independence Day Address to Nigerians
Back Page
01-Oct-2026

How Successive Governments worsen Nigeria's Economy - Tinubu

President Bola Tinubu says difficult economic reforms were necessary to address Nigeria’s longstanding structural distortions and lay the foundation for prosperity.

Tinubu stated this on Thursday in a nationwide broadcast marking Nigeria’s 66th Independence anniversary, as he reflected on the economic circumstances that confronted his administration in 2023.

He said successive governments had postponed difficult decisions, allowing deep economic distortions to worsen and undermine the country’s development prospects.

“By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act.”

The President likened Nigeria’s economic condition to a cancer patient requiring painful treatment to achieve recovery.

He said previous leaders had prioritised temporary relief over addressing fundamental economic challenges.

“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.”

Tinubu said the country had spent enormous resources sustaining inefficient arrangements that were never designed to endure.

He added that successive administrations had avoided difficult decisions, transferring their consequences to future generations.

According to him, his administration resolved to confront the underlying problems through reforms, in spite of their immediate economic consequences.

“When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer.”

The President acknowledged that the reforms had produced difficult side effects but cautioned against confusing the treatment with the underlying economic problems.

“The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease.”

Tinubu said the reforms were part of his administration’s efforts to address longstanding economic weaknesses and pursue a more prosperous Nigeria.

Credit NAN: Texts excluding Headline

How Successive Governments worsen Nigeria's Economy - Tinubu
Economy
01-Oct-2026

News