News
Dangote Urges Nigeria to End Crude-for-Loan Deals to Protect Future Wealth
Aliko Dangote, President of the Dangote Group, has called on the Nigerian federal government to put an end to crude oil-for-loan agreements, which he believes could jeopardize the country’s future economic stability.
Dangote’s message was delivered at the ongoing Crude Oil Refinery-owners Association of Nigeria Summit in Lagos, where he was represented by Engr. Mansur Ahmed, Executive Director of Dangote Group.
Dangote expressed concern over Nigeria’s reliance on these deals, emphasizing that they effectively mortgage the nation’s future wealth.
He drew a comparison to countries like Norway, which channels oil revenue into national wealth funds to secure financial stability for future generations.
He pointed out that in contrast, African nations, including Nigeria, are using their oil proceeds today without considering long-term implications.
“To ensure adequate feedstock availability for the country’s refineries, it is critical that we stop mortgaging crude,” said Dangote.
“While nations like Norway are safeguarding their oil wealth for the future, here in Africa, we are consuming resources that should be reserved for the generations to come.”
The statement comes after the African Export-Import Bank (Afreximbank) disbursed a significant $3.175 billion to the Nigerian government in June 2024.
This payment was part of a $3.3 billion crude-for-loan syndicated facility negotiated through the Nigerian National Petroleum Company Limited (NNPC).
The deal, similar to others the country has engaged in, is designed to secure loans with crude oil as collateral, a practice that Dangote believes undermines Nigeria’s long-term economic security.
In addition to his concerns about crude-for-loan deals, Dangote has also been vocal about the need for Nigeria to remove its fuel subsidy entirely.
He argues that continuing with fuel subsidies drains government resources that could otherwise be invested in critical areas like infrastructure, education, and healthcare.
His recommendations come as Nigeria grapples with the financial strain of managing fuel subsidies and fluctuating oil revenues, which have placed a heavy burden on the national budget.
Dangote’s views carry considerable weight, given his status as Africa’s richest man and his significant investments in Nigeria’s oil and gas industry, including his multi-billion-dollar Dangote Refinery.
His refinery, once fully operational, is expected to help reduce Nigeria’s reliance on imported fuel and could reshape the country’s energy landscape.
However, Dangote warns that achieving this potential requires policy changes that prioritize sustainable economic practices over short-term financial gains.
As Nigeria continues to navigate its path toward economic diversification, Dangote’s appeal to end crude-for-loan deals and eliminate fuel subsidies highlights the broader conversation about how the country can best manage its natural resources to secure long-term prosperity.
Nigeria’s First Lady, Senator Oluremi Tinubu, celebrates her husband and president of Nigeria, Booa Ahmed Tinubu.
The First Lady writes down a heartfelt message and expresses gratitude as she celebrates Tinubu’s 73rd birthday.
She praises his leadership and the works he has done, she highlights what he has established as the President of Nigeria.
“I rejoice and thank God Almighty for His faithfulness in your life, over the years. I celebrate your courage, strength, and resilience that have all contributed to who we both are today. May you live long, in divine health, joy, peace, and prosperity. Happy Birthday, Mr. President… My Knight in Shining Armor.”
Paul Ibe, the media aide to former Vice President Atiku Abubakar, has denied reports claiming that Governor Babajide Sanwo-Olu of Lagos State, through Ms. Aisha Achimugu, provided Atiku with funds allegedly belonging to Lagos State.i
Ibe described the accusation as completely false and a politically motivated attempt to damage Atiku’s reputation while serving the interests of President Bola Tinubu.
According to Ibe, the real aim behind the allegation is to tarnish Sanwo-Olu’s image and undermine the coalition that opposition leaders, including Atiku, are working to build.
In a statement shared on his X handle on Thursday, Ibe warned that the smear campaign against Atiku must stop immediately.
He stated, “We at the Atiku Media Office have seen reports suggesting that Governor Sanwo-Olu, through Ms. Aisha Achimugu, gave Atiku funds allegedly tied to Lagos State. It’s also being reported that the Economic and Financial Crimes Commission (EFCC) is investigating the matter.
“Let it be clear — this is a baseless and politically driven lie designed to serve Tinubu’s interests. Their plan is simple: take down Sanwo-Olu and weaken the opposition coalition led by Atiku.
“This politically motivated attack on Atiku’s integrity needs to stop immediately.”
Actress Eniola Badmus, who serves as the Special Assistant for Social Events and Public Hearings to the Speaker of the House of Representatives, Tajudeen Abbas, has reaffirmed her support for President Bola Tinubu despite the ongoing economic struggles in the country.
Eniola, who actively campaigned for Tinubu before the 2023 presidential election, recently made it clear that her support for him remains unchanged. In a recent Instagram post, she wrote, “Still standing on Daddy Seyi’s mandate.”
Her statement sparked mixed reactions online, with many Nigerians accusing her of being out of touch with the harsh realities faced by ordinary citizens due to the country’s struggling economy.
One user, Olori_Nini, commented, “This really isn’t the right time to post this. People are struggling and frustrated. It comes off as insensitive. You can support your candidate without making it feel like you’re mocking Nigerians.”
Another user, Oliver_Of_Lagos, said, “Anywhere belle face. Nothing lasts forever. The internet never forgets.”
Hypeman Ruby shared his frustration, saying, “As the breadwinner of my family, this mandate has only made things harder for me. I love you, Baddoskie, but this is tough.”
On the other hand, Alh_Alubarika defended Eniola, saying, “People need to relax. Everyone has their reasons. That’s her source of income. If any of us were in her position, we’d probably do the same.”
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