Tinubu rules out fuel subsidy return; NERC funds N30bn meters; crude drops below $90
President Tinubu declared at an APC rally in Dutse, Jigawa State that the federal government will not reverse fuel subsidy removal, stating restoration would "jeopardise the future of Nigerian children." This keeps petrol prices at market rates — currently around ₦1,164/litre for imported product — with no relief timeline.
The Nigerian Electricity Regulatory Commission approved N30 billion for phase three of the Meter Acquisition Fund, targeting unmetered Band A customers and expanding Band B coverage. DisCos must complete installations by May 31, 2027, and cannot charge customers for these meters. Registration details and rollout schedule for specific areas were not specified.
Crude oil fell below $90/barrel Tuesday (Brent at $89.70, WTI below $85) after Trump signaled reduced Iran strike risk. This directly threatens Nigeria's 2026 budget benchmark and foreign exchange earnings.
Security operations yielded results: troops rescued 30 kidnapped victims across Niger, Plateau, and Bauchi states, including 21 at Sabon Wuri and Abaha in Mariga LGA, Niger State. Meanwhile, two inmates escaped from Medium Security Custodial Centre in Okene, Kogi State on November 8; NCoS is coordinating recapture with other agencies.
The Senate donated N100 million to the Flamingos for their U-17 Women's World Cup win. In the UK, a Sunderland councillor was convicted for "grossly offensive" comments about the Nigerian community.
With fuel prices locked at market rates and electricity metering accelerating, the core question becomes: how will you adjust household and transport budgets when both energy costs move simultaneously?