This initiative is in line with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, reflecting our shared commitment to economic progress, stability, and inclusive development. We sincerely thank the Federal Government for its continued support, especially through the Naira-for-Crude scheme, which has helped stabilise fuel supply amid global price volatility. It marks a major revolution in the midstream and downstream sectors and stands as a key example of the president.
Bola Tinubu’s bold and reformative economic policies.
Read also: Beyond oil (Future without oil)
We invite marketers, petrol dealers, manufacturers, telecom companies, and all key stakeholders to embrace this landmark initiative.
Dangote Petroleum Refinery remains a proud partner in this national journey—a truly Nigerian company of global standards, dedicated to the well-being of all Nigerians.”
“The NATION” newspaper front page, June 16, 2025. Headline: “FED GOVT TO ACHIEVE N19.5 TR OIL REVENUE TARGET AS PRICES HIT $75”
“The possibility of the Federal Government achieving the N19.5195 trillion oil revenue target for the year rose with the soaring prices of crude oil over the Middle East crisis.
Oil prices spiked high over the weekend after Israel executed a large preemptive strike on Iran, heightening concerns of a wider conflict in the Middle East and significant disruptions to oil supply routes.
Brent Oil Futures for July delivery gained over nine per cent, trading at $75.15 per barrel (pb), the highest price since early February.
West Texas Intermediate (WTI) crude futures increased to $74 per barrel, posting a 10 per cent increase at their peak.
The Nigerian naira outlook has brightened as crude oil passed the Federal Government benchmark for the first time. The benchmark for crude oil under the FG budget was $75 a barrel.
Though Iran’s oil infrastructure remains untouched for now, traders have begun pricing in heightened risk to future supply.
Oil market watchers are also bracing for further escalation. Analyst Daan Struyven at Goldman Sachs raised his short-term price target, warning that the conflict could briefly cut 1.75 million bpd of Iranian oil, pushing Brent above $90, but expects prices to fall back to the $60s by 2026 as supply recovers.
Read also: Beyond oil (Future without oil) Part II
Analysts at Afrinvest West Africa said that the Federal Government’s projected oil revenue of N19.5 trillion will be on track.
They highlighted that, based on previous macro commentary, the Federal Government needs to deploy a more prudent framework that prioritises sustainable budget growth.
There is also a high possibility that budget deficits for the year could be reduced below N17 trillion, thereby reducing total debt stock.
To sustain the revenue surge, the analysts recommended some measures the Federal Government can take to sustain the improved macroeconomic environment.
Firstly, with the increase in revenues and substantial reduction in PMS, electricity, and FX subsidies, the Federal Govt should be deploying more resources towards critical infrastructure development while also tackling insecurity headlong to support improved productivity in the agrarian communities.
Secondly, the Federal Government needs to prioritise optimising revenue potentials by strategically using the instrumentality of the state to end crude oil theft and boost aggregate output to the target 2.06 mbpd level.
Also, as recommended by the World Bank, reducing the cost of governance would be pivotal to Nigeria’s revitalisation drives, given the current disturbing level of debt profile.
While Israel has so far avoided targeting Iran’s oil terminals at Kharg Island or Iran’s major refineries, such as the Abadan refinery (360,000 bpd), the Persian Star refinery (320,000 bpd), and the Isfahan refinery (370,000 bpd), the possibility of Tehran retaliating by hitting Gulf infrastructure or closing Hormuz cannot be ruled out.
Cyberattacks, proxy warfare, or missile strikes on Western military bases in the region are also on the table, according to analysts.”
“ThisDay” newspaper front page, June 16, 2025. Headline: “IJAW LEADER KICKS AGAINST PLOT TO JETTISON TANTITA’S CONTRACT TO SECURE OIL FACILITIES”
“The Grand Patron of the Ijaw Youth Congress and ex-House of Representatives aspirant, Prince Collins Eselemo, has kicked against a sinister plot by some security experts of Itsekiri origin to blackmail President Bola Ahmed Tinubu’s led federal government into jettisoning the existing contract with Tantita Security Services Nigeria Limited to provide round-the-clock security for oil infrastructure in the maritime environment.
He also warned those behind the sinister move to delink the security of pipelines from the controversies surrounding the Independent National Electoral Commission (INEC) ward delineation of Warri Federal Constituencies, as well as claims and counterclaims to the ownership of some ancestral lands.
Addressing a press conference in Abuja yesterday, Prince Eselemo reminded those scheming to truncate Tompolo’s contract with the federal government to understand that Tantita Security Services Nigeria Limited has employed hundreds of youths of the Niger Delta, irrespective of tribe or cultural affinity, stating that its employment policy is an example of employment in diversity, equity, and inclusion.
