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Subsidy: Nigerians Indict NNPC, Accuse Successive Govts Of Complicity

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… Want Warri, Port Harcourt, Kaduna Refineries Fixed

By Joseph Ebi Kanjo, Benin

Nigerians have called on the Federal Government to be more decisive with the issue of subsidy for petroleum products in the overall interest of the masses.

Participants at a weekly discussion programme of the African Media Hangout, a platform made up of a group of diverse media professionals made the call weekend.

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Discussants at the weekly programme included Professor Tony Afejuku of the University of Benin, Benin City; Pa Patrick Omhonriawho; a Publisher, Oray Osawe, and a retired News Agency Nigeria Editor, Mr. Celsius Ohain, among others.

In his contribution, Prof Tony Afejuku of the University of Benin identified Nigeria’s major problem as that of leadership, which according to him is the cause of the “subsidy woes.”

READ ALSO: NNPC Can’t Justify N6.34tn Petrol Subsidy – Customs

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While calling on journalists to carry out their watch dog role by doing more investigation in the mystery behind fuel subsidy in Nigeria, Prof. Afejuku urged citizens to protest against fuel problem (scarcity) which he said has become a source of trauma, pains to Nigerians.

He said: “Nigeria has only one huge problem. What is this huge problem? The huge problem of leadership. It is the cause of our subsidy woes. With or without subsidy Nigeria will be the progressive country we want it to be if we have the right leadership; if our political leaders are political leaders and not political rulers.”

Another contributor with the username Mr Oyo said fuel subsidy is not the problem but “issue of greed and pursuit of wanton wealth at the expense of Nigerians by the country’s petroleum company, the NNPC and its management.”

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Questioning Why the NNPC should be the sole importer of fuel since Nigeria fails to refine her crude, Mr. Oyo said: “Until Nigeria refines her crude locally, the solution lies in deregulation of the market so that importers can set up an independent monitoring body.”

On his part, ORay Osawe, Publisher, Navigator Newspapers, also accused the NNPC of defrauding the nation’s treasury with the payment of subsidy.

He added that since successful governments have failed to stop the payment of subsidy, it means the government itself is complicit in the fraud.

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He asserted: “The NNPC has feasted on the governments’ magnanimity and is defrauding the Nigerian people in the subsidy payment.

“The problem is that top government officials are colluding with the NNPC to rape the Nigerian masses in the name of subsidy.

“This explains why successive governments lack the political will to stop the subsidy by not breaking the NNPC’s monopoly. In essence governments has been complicit, especially with a President overseeing the Petroleum Ministry.”

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Also contributing to the discussion, Elder Patrick Omhonriawho popularly called PGO viewed the problem of subsidy from multiple perspectives, saying “leaders slow pace of decision making with a bicameral legislature; lack of leadership and corruption in every facets of government are a major banes.”

He added: “Our leaders slow pace of decision making with a bicameral legislature has not helped matters. This is visible in contract awards for building roads, bridges, fuel depots and rail lines.

“Lack of leadership and corruption in every facets of government is a major issue.” (Sic)

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On his part, Elder Celsius Ohain, a retired Editor of News Agency of Nigeria (NAN) posited that “Fuel subsidy has become somewhat of a mysterious phenomenon in Nigeria because of the aura of secrecy and controversy that surrounds it over the years.”

According to him, “as a nation, our ‘subsidy’ does not seem to meet that acceptable universal stand but has instead become a means to bleed the nation financially.”

READ ALSO: Subsidy: I’m Sorry For The Next President – Sanusi

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While noting that many persons who condemned subsidy while seeking power do the same thing when they get to power, the media practitioner urged government to fix the nation’s refineries so as to stop the importation of fuel cum subsidy.

He added: “Successive governments have done exactly the same thing they condemned on their journey to power, thus making ‘subsidy’ a jinx the nation has found it difficult to extricate itself from.

“Few years ago, there was a subsidy probe and cans or rather, drums of worms were exposed about people getting paid for importing ‘fuel’ with non-existent vessels on high seas.

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“The critical question is: Why continue to import finished products when our refineries which remain in comatose could be fixed to enable local refining and export of finished product?

“Why can’t the Warri, Port Harcourt and Kaduna refineries come to life? These are begging questions. Suffice it to say that successive governments have shown lack of political will to do the needful as the lure of ‘free monies’ flowing therefrom is too attractive to ignore.”

 

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Naira Records Second Consecutive Depreciation Against US Dollar

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The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

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At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

READ ALSO:Naira Records First Appreciation Against US Dollar At Official Market

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

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Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

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Tinubu Approves 15% Import Duty On Petrol, Diesel

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President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

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READ ALSO:UPDATED: Tinubu Reverses Maryam Sanda’s Pardon, Convict To Spend Six Years In Jail

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

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NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

READ ALSO:JUST IN: Tinubu Bows To Pressure, Reviews Pardon For Kidnapping, Drug-related Offences

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

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Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

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NNPCL Raises Fuel Price

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The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

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READ ALSO:JUST IN: NNPC, NUPRC, NMDPRA Shut As PENGASSAN Begins Strike

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

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Most of the NNPC stations were not dispensing fuel.

 

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