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FG moves to revive stalled Kolmani oil exploration

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The Federal Government has pledged to facilitate the remobilisation of exploration activities at the Kolmani Oil Field in Bauchi State. The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission, Muhammad Bello, made the commitment on Monday during a verification visit to the oil field.

Bello said the commission was at the site to assess the current state of the project and advocate for its continuation, describing the development as important not only to Bauchi State and the North-East but to the entire country.

He said, “We want the momentum of the project that was started in 2023 to return. We want to come and verify for ourselves what is going on so that we can advocate for this project, this important project, to continue, so that the people of the North-East of Nigeria can further benefit.

“We know for a fact that Mr President is very much concerned as far as this project is concerned. We know that he has assured the two governors that there will be mobilisation for the project to continue.”

The RMAFC chairman said the commission would assess the project and report back to the relevant authorities to support efforts aimed at reviving the exploration activities.

He added, “We will go back after assessing what type of project this is and what is going on. We will continue to follow it because we operate by committees, and we will be looking at oil and gas.”

Bello, during an inspection of the ongoing construction of the Bauchi Oil and Gas Academy, also commended the Bauchi State Government for establishing institutions that could provide the manpower required to support the project when exploration becomes fully operational.

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He equally noted that part of the funds used in building the institution was provided by the Revenue Mobilisation Allocation and Fiscal Commission.

Earlier, the Bauchi State Commissioner for Natural Resources, Maiwada Bello, said exploration activities at the site had stopped since July 2025. He explained that the state government had engaged the technical company handling the project after receiving reports that activities had stopped at the site.

Maiwada said, “When we came here, actually there was no activity. Shortly after you left, between January 2025 and somewhere around June 2025, July 2025, we received news from the host community that the company operating in this area was demobilising.

“So we formed a kind of joint team between the state and the local government. We met with the technical company handling this project and discussed with them.”

The commissioner said the visit by the commission had raised hopes that activities would resume at the oil field. He said the Bauchi State Government, under Governor Bala Mohammed, remained ready to provide the manpower and other support required to facilitate the exploration project.

He added, “Bauchi State under the leadership of Governor Bala Mohammed is ever ready to provide every manpower needed to support the exploration.”

Source: punchng.com

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ARE NIGERIANS BUILDING CHINA’S ECONOMY WHILE NEGLECTING THEIR OWN?

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While other nations are busy producing, manufacturing and exporting, Nigeria must ask itself a difficult question: Are we building our own economy, or simply creating a bigger market for other countries?

Nigeria has a huge population, abundant natural resources and a massive consumer market. Yet the country continues to depend heavily on imported finished products—from electronics and clothing to machinery, household goods and other consumer items.

The issue is not simply about Chinese businesses or businesses from any other foreign country operating in Nigeria. Foreign investment can bring capital, technology, jobs and expertise.

The bigger issue is whether **Nigerian businesses are being given the opportunity and support to manufacture competitively at home.

Instead of remaining primarily a consumer of finished products, Nigeria needs to strengthen its manufacturing sector and move further up the value chain.

Nigeria needs to produce, not just consume.

A stronger manufacturing economy could help Nigeria:

* Create more jobs for Nigerians
* Add value to locally available raw materials
* Develop industrial skills and technology
* Reduce excessive dependence on imported finished goods
* Build competitive Nigerian companies
* Increase the country’s ability to export

The goal should not be to drive legitimate foreign businesses out of Nigeria. The goal should be to build an economy where **Nigerian manufacturers can compete, grow and eventually take Nigerian-made products to markets around the world.

The question Nigerians should be asking is simple:

**Why should Nigeria remain one of the world’s biggest markets for finished products when we have the potential to manufacture many of them ourselves?

See also  Nigeria imports N1tn steel despite N7.2bn Ajaokuta spend

🇳🇬 **Nigeria must move from being predominantly a consumer nation to becoming a stronger producer, manufacturer and exporter.

What do you think?

Which products should Nigeria prioritize for local manufacturing instead of relying heavily on imports?

Share your thoughts in the comments.

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ICRC defends toll pricing on highways

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The Infrastructure Concession Regulatory Commission has defended the toll pricing structure under the Highway Development and Management Initiative, saying charges are evaluated against the quality and benefits of the upgraded roads.

In a statement made available to PUNCH Online on Thursday, the Director-General, Dr. Jobson Ewalefoh, cited the 227-kilometre Akwanga–Makurdi road corridor as an example.

He said the route has four toll gates, and motorists pay as they travel along it.

He argued that toll payments should be viewed against the previous costs imposed by the poor condition of the road, including lost man-hours, vehicle damage and accident risks.

Feedback from road users, he said, shows many motorists are willing to pay tolls where they see clear improvements in road quality.

Some drivers have expressed support for similar arrangements on other major corridors if the roads are upgraded to the same standard.

“That, to me, is the beauty of a well-structured PPP,” Ewalefoh said.

He explained that negotiators carefully consider toll pricing to keep charges fair. A portion of the revenue is set aside specifically for road maintenance. Under the concession agreements, the government does not bear additional maintenance costs for the duration of the contract.

The government must repair potholes within 48 hours, and it funds major routine repairs from the dedicated toll revenue.

Source: punchng.com

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Nigeria raises N748.6bn from FGN bonds as rates ease

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The Federal Government raised N748.64bn from its September 2026 domestic bond auction, with investors showing strong demand for both the newly issued 10-year instrument and the reopened 15-year bond.

The Debt Management Office allotted N288.83bn from the N400bn offered on the 10-year FGN bond at a marginal rate of 16.79 per cent.

Investors submitted bids worth N546.90bn for the 10-year paper, pushing demand 36.7 per cent above the amount offered.

The stronger demand for the new 10-year instrument came alongside a moderation in the yield compared with recent borrowing levels, suggesting some improvement in investor appetite for longer-dated government securities.

For the 15-year FGN bond, which was offered as a N600bn reopening, investors submitted N947.83bn in bids.

The DMO allotted N460.01bn from the reopening at a marginal rate of 16.85 per cent, significantly below the 17.79 per cent rate recorded at the previous auction.

Overall, investors sought N1.49tn across the two securities, representing about 49.5 per cent more than the N1tn offered by the DMO.

However, the debt office allotted N748.64bn, leaving about N746.59bn of the bids unaccepted.

The auction results indicate that while demand for Nigerian government securities remained strong, the DMO was selective in determining the volume of debt to issue.

The decline in the marginal rate on the 15-year bond also points to a gradual easing in investors’ required returns on longer-term government debt, although borrowing costs remain elevated.

The latest auction comes as the Federal Government continues to rely heavily on the domestic debt market to finance its fiscal requirements and manage its debt portfolio.

See also  Nigeria imports N1tn steel despite N7.2bn Ajaokuta spend

The outcome of the auction will also be closely watched by investors in the secondary bond market, where movements in government bond yields influence pricing across fixed-income assets, including treasury bills, corporate bonds and other debt instruments.

Source: punchng.com

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