The Federal Government has announced ongoing discussions with petroleum marketers and industry regulators to promote a more transparent fuel pricing system while approving several major projects covering infrastructure, healthcare and youth development during Monday’s Federal Executive Council (FEC) meeting.
Speaking after the meeting chaired by President Bola Tinubu at the Presidential Villa in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the government is working with stakeholders to ensure petrol prices fairly reflect changes in global crude oil prices.
According to him, the objective is to maintain the commercial sustainability of fuel marketers while protecting consumers from unjustified price increases. He explained that although fuel prices often rise quickly when global crude oil prices increase, reductions are usually slower because marketers still have stock purchased at higher costs.
Oyedele said the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) are already addressing pricing concerns under the Petroleum Industry Act (PIA).
He added that the Federal Government’s suspension of Value Added Tax (VAT), excise duties and other charges on petroleum products has helped reduce the impact of rising global energy prices. He also urged transport operators using the Presidential Compressed Natural Gas (CNG) Initiative to transfer the benefits of lower operating costs to commuters.
The Council also approved major reforms to the National Youth Service Corps (NYSC). Minister of Youth Development, Ayodele Olawande, announced that the scheme will now be led by civilians while maintaining its mandatory one-year service period.
The reforms introduce flexible, skills-based training programmes designed to improve the employability of corps members and encourage entrepreneurship. Military personnel will continue to provide security for participants across the country.
The Special Adviser to the President on Policy Coordination, Hadiza Bala-Usman, clarified that only the administrative leadership of the NYSC would become civilian-led, while the military would retain responsibility for security. To support the changes, the Attorney-General of the Federation has been directed to work with the Ministry of Youth Development on amendments to the NYSC Act.
In the health sector, the Council approved the establishment of a National Snakebite Treatment and Research Centre as part of healthcare projects valued at about ₦73.9 billion. The facility will focus on specialised treatment, research, improved access to quality antivenom and collaboration with international partners. Officials noted that Nigeria records an estimated 43,000 snakebite cases every year, particularly in the North-East, North-West and North-Central regions.
Additional health approvals include ₦6.9 billion for 10 compressed natural gas-powered mobile blood donation clinics, ₦62 billion for tuberculosis treatment commodities and about ₦5 billion for reproductive health and family planning supplies.
The FEC also approved ₦2.078 trillion for 23 road projects across several states, including Adamawa, Taraba, Ebonyi, Kwara, Cross River, Kogi, Lagos, Niger, Oyo and Plateau. The projects cover the reconstruction and rehabilitation of major road networks aimed at improving transportation and boosting economic activities.
The Council further approved the reconstruction of about 400.9 kilometres of federal roads under a ₦1.8325 trillion tax credit arrangement with the Dangote Group, additional funding for road projects in Yobe and Adamawa, and the rehabilitation of damaged sections of the Lagos-Ibadan Expressway using concrete pavement technology.
Minister of Works, Dave Umahi, disclosed that the first 118-kilometre section of the Abuja-Kaduna-Kano highway has been completed, while the remaining section is expected to be delivered in November.
Other approvals include ₦34.398 billion for the construction of an airstrip in Gboko, Benue State, to support agriculture, emergency medical services, humanitarian operations and security activities.
The Council also approved maritime infrastructure and safety projects worth about ₦286 billion. These include the acquisition of pollution-control vessels, pilot cutter boats, firefighting boats and the dredging of the Escravos Channel through a public-private partnership to improve navigation, port efficiency and environmental protection.
