Business
Subsidy: Nigerians Indict NNPC, Accuse Successive Govts Of Complicity
Published
3 years agoon
By
Editor
… 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.
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
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.”
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.
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.”
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)
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
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.
“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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The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.
Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.
This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.
READ ALSO:Naira Appreciates At Official Market
The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.
On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).
The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.
Business
JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price
Published
3 weeks agoon
June 20, 2025By
Editor
Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.
Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.
The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.
The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.
READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price
The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.
On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.
This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.
Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.
READ ALSO:Dangote Stops Petrol Sale In Naira, Gives Condition For Resumption
On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.
He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.
“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”
He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.
His forecast of increased costs now appears spot on, considering the latest developments.
Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.
Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.
Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.
This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.
The local currency maintained consistent strength throughout the week, recording gains daily.
READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market
On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.
These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.
Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.
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