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The Federal Government has begun consultations with petroleum marketers and industry regulators to ensure petrol prices reflect falling global crude oil prices, while approving sweeping reforms across the transport, health, maritime and youth sectors at the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu in Abuja.
Briefing journalists after the meeting, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said discussions were ongoing with marketers and regulatory agencies to establish a more transparent and equitable fuel pricing system. He acknowledged public concerns over the continued high pump prices despite the decline in international crude oil prices following easing tensions in the Middle East.
Oyedele explained that marketers often adjust prices upward immediately when crude prices rise because of replacement costs, but are slower to reduce prices due to inventories purchased at higher rates. He stressed that government was working to balance the commercial viability of operators with the need to shield consumers from exploitative pricing.
He added that the Federal Competition and Consumer Protection Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority were already addressing pricing concerns within the framework of the Petroleum Industry Act. He also noted that the suspension of VAT, excise duties and other charges on petroleum products had helped moderate domestic fuel prices.
The minister further urged transport operators benefiting from the Presidential Compressed Natural Gas (CNG) Initiative to pass the savings from subsidised vehicle conversions to commuters through reduced transport fares.
FEC also approved far-reaching reforms of the National Youth Service Corps, marking a major shift from its longstanding military-led structure. Minister of Youth Development, Ayodele Olawande, announced that the scheme would now be headed by civilians, while the military would continue to provide security for corps members.
Under the reforms, the one-year service duration will remain unchanged, but corps members will undergo expanded skills and professional certification programmes, including specialised streams such as a proposed Digital Corps aimed at improving employability and entrepreneurship. Government also plans to digitise NYSC operations, improve welfare and orientation camp facilities, and amend the NYSC Act to support the new framework.
In the infrastructure sector, Minister of Works, David Umahi, disclosed that FEC approved road projects worth N2.078 trillion across 10 states, covering the construction and rehabilitation of key highways to improve connectivity and economic activities. The council also approved the reconstruction of over 400 kilometres of federal roads under a tax credit arrangement to be executed by the Dangote Group.
The aviation sector received a boost with approval of N34.4 billion for the construction of an airstrip in Gboko, Benue State. Minister of Aviation and Aerospace Development, Festus
Keyamo>, said the project would enhance agricultural operations, security, emergency medical services and humanitarian interventions.
The council equally approved maritime projects valued at about N286 billion, including pollution-control vessels, pilot boats, firefighting vessels and dredging of the Escravos Channel to improve port efficiency, navigational safety and environmental protection.
In the health sector, Minister of Health and Social Welfare, Muhammad Ali Pate, announced the establishment of a National Snakebite Treatment and Research Centre as part of health interventions worth about N73.9 billion. The approvals also include N62 billion for tuberculosis commodities, N6.9 billion for CNG-powered mobile blood donation clinics, and additional funding for reproductive health programmes aimed at strengthening healthcare delivery nationwide.
