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Why Tinubu ‘Sneaked-In’ Subsidy On Petrol

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#NigeriaDecides: Tinubu Defeats Atiku In Jigawa, Wins 19 Of 27 LGAs

It would appear that an interplay of market forces, business interests, political pressure and harsh economic realities have forced the hand of the Nigerian Government to reintroduce subsidy on Premium Motor Spirit, known along the streets as petrol, albeit secretly.

Reliable media sources, reported that the President Bola Ahmed Tinubu administration paid N169.4bn subsidy in August, 2023.

Citing documents from the Federal Account Allocation Committee (FAAC), the report revealed that the subsidy was funded from dividends paid by the Nigerian Liquefied Natural Gas (NLNG) to the Nigerian National Petroleum Company Limited (NNPCL), which amounted to $275m.

It was gathered that the NNPCL expended $220m (N169.4bn at N770/$) out of the $275m to pay for the PMS subsidy in the month of August.

In addition, The Punch cites the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, thus, “I told you earlier that there is no way that the government will sustain the price of petrol at N617/litre without paying subsidy on it, going by the continued fall of the naira.

“The dollar is almost N990 at the parallel market currently, and you can see the effect of this on the pump price of diesel. Diesel is close to N1,000/litre, so the retail price of PMS should be around N890 to N900/litre.

“Therefore, it is better the government assists the masses by paying subsidy. From our records, in the United States, the super product or petrol is sold around $3.9, which is close to about N3,000/litre.

“The premium product is sold at about $2.89, which is over N2,000/litre. And if you check in other African countries you will find out that the product is being sold at between N1,200 and N1,500. But going by the forex rate in Nigeria, it should be around N900/litre.”

Biztellers gathered that aside market forces (local and global), scarcity of forex, fragile economic underbelly and a ready-to-explode civil society and labour elements sent jitters to government quarters, thereby compelling a reintroduction of the subsidy regime.

According to dealers in the downstream oil sector, the cost of crude oil and the exchange rate of the naira-dollar accounted for over 80 percent of the cost of PMS.

For instance, the global benchmark for oil, Brent crude, rose to about $95/barrel on Thursday.

It had peaked to $97/barrel the preceding day, which was the highest figure in 2023.

Recall that oil had started the year at about $82/barrel, dipped to $70/barrel in June, but traded above $94/barrel in the past week.

It is noteworthy that the naira continued its downward trend after exchanging to the dollar at 980 on the parallel market on Wednesday.

And this is just seven days after the naira was exchanged to the dollar at 950/$.

Oil Marketers maintained that forex crisis and the recent rise in crude price, had made it impossible for petrol price to still remain at N617/litre.

According to them, the FG had quietly reintroduced fuel subsidy.

Biztellers findings show that the subsidised ex-depot price of petrol as sold by NNPCL, was between N585 and N600 depending on area of purchase.

By subtracting the ex-depot cost of N600/litre from the projected unsubsidised rate of N890/litre, that the government may have been spending about N290/litre as subsidy currently.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that between June 1 to June 28, 2023, which was described as the post-deregulation period, the total petrol consumption across the country stood at 1.36 billion litres, while the average daily consumption was 48.43 million litres.

With an average daily consumption of 48.43 million litres and an estimated subsidy of N290/litre, the government could be incurring N14.04bn as subsidy daily, while this could rise to N421.3bn monthly.

This has the potential of rising to as high as N1.68tn for the months of September, October, November and December 2023, should the naira continues its fall against the dollar and crude price maintains its upward surge.

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Tinubu Congratulates Lula on Re-Election, Seeks Stronger Nigeria-Brazil Ties

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President Bola Ahmed Tinubu has congratulated Brazilian President Luiz Inácio Lula da Silva on his reported re-election for a fourth term, expressing his desire to strengthen Nigeria-Brazil relations across trade, investment, energy and other key sectors.

Tinubu conveyed his congratulations in a statement dated October 26, 2026, in Abuja, describing Lula as his friend and emphasising the historical ties between Nigeria and Brazil.

SEE ALSO: Peter Obi Demands Release of Rilwan Olawale, Accuses Tinubu of Undermining Democracy

The Nigerian president said Lula’s renewed mandate presents an opportunity for both countries to strengthen their longstanding friendship and expand cooperation in areas of mutual interest.

“Your renewed mandate offers an opportunity to strengthen the longstanding friendship and historical ties between Nigeria and Brazil,” Tinubu said.

He noted that Nigeria and Brazil, as leading nations of the Global South, could work together to promote economic integration and advance their shared interests amid a rapidly changing global order.

Tinubu said he looked forward to expanding cooperation between both countries in trade and investment, agriculture and food security, energy, oil and gas, manufacturing, science and technology, education, aviation and cultural exchange.

He also reaffirmed Nigeria’s commitment to strengthening multilateral cooperation with Brazil and advancing shared priorities across Africa, South America and the wider Global South.

“I affirm Nigeria’s continued commitment to working with Brazil to strengthen multilateral cooperation and advance shared priorities in Africa, South America, and across the Global South,” he said.

Tinubu, on behalf of the Nigerian people, wished Lula success in his new term in office.

“On behalf of the people of Nigeria, I wish you a successful new term in office,” the president added.

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Ebola: IGP Warns Nigerians Against Contact With Suspected Patients’ Body Fluids

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The Inspector-General of Police, Olatunji Rilwan Disu, has urged Nigerians to remain calm and vigilant following the Federal Government’s reported confirmation of an Ebola case in the Federal Capital Territory (FCT), warning against contact with the blood and body fluids of suspected patients.

Disu also called for strict adherence to preventive measures, improved personal hygiene and cooperation with public health authorities to protect lives and prevent further transmission of the disease.

SEE MORE: 2027 Election: ‘Your Future Is More Valuable’ — IGP Warn Youths Against Political Violence

In a statement issued on Monday, October 26, 2026, by the Force Public Relations Officer, CSP Ani Iniedu, the IGP emphasised the importance of public awareness and collective responsibility in combating the outbreak.

Know the Warning Signs

The Nigeria Police Force urged Nigerians to familiarise themselves with the symptoms associated with Ebola and seek medical guidance if they develop symptoms following possible exposure.

The warning signs highlighted in the police awareness campaign include: Fever,Severe, headache, Muscle pain, Weakness, Vomiting, Diarrhoea, Unexplained bleeding.

The public was cautioned not to wait until bleeding occurs before seeking medical assistance.

Anyone who suspects they may have been exposed to the virus should promptly contact health authorities for guidance.

How Ebola Spreads

According to the awareness information provided by the Nigeria Police Force, Ebola can spread through direct contact with the blood or body fluids of an infected person.

Transmission can also occur through contact with contaminated items or the body of someone who has died from the disease.

Members of the public were therefore advised to avoid direct contact with the blood, body fluids and personal items of suspected patients.

The police also warned against touching or washing the bodies of people suspected to have died from Ebola.

Preventive Measures Nigerians Should Follow

The IGP urged Nigerians to observe basic preventive measures to reduce the risk of infection.

The measures include washing hands regularly with soap and water, avoiding contact with suspected patients’ body fluids and staying away from potentially contaminated items.

The public was also advised not to handle the bodies of suspected Ebola victims and to cooperate with healthcare workers and contact-tracing teams.

According to the awareness poster, individuals who may have been exposed to the virus should avoid physical contact with others if they begin feeling unwell and contact health authorities for immediate guidance.

The poster further advised anyone experiencing symptoms following possible exposure to contact the Nigeria Centre for Disease Control and Prevention (NCDC) through its toll-free helpline, 6232.

IGP Directs Police Officers to Observe Safety Measures

Disu also directed police personnel to observe appropriate infection prevention measures while carrying out their duties and promptly refer suspected cases to qualified health professionals.

The police said suspected patients, contacts and healthcare workers must be treated with dignity and without discrimination.

The Force further called on Nigerians to cooperate with contact-tracing teams, provide accurate information when required and refrain from spreading unverified reports capable of causing unnecessary panic.

Members of the public were encouraged to rely on official updates from the Federal Ministry of Health and Social Welfare, the NCDC and other authorised public health agencies.

Police Warn Against Stigmatisation

The Nigeria Police Force assured Nigerians of its commitment to supporting relevant health authorities in protecting lives and maintaining public order throughout the period.

The Force also urged the public to share accurate information, remain vigilant and avoid stigmatising people affected by or suspected of having the disease.

The awareness campaign stressed that protecting public health is a shared responsibility and encouraged Nigerians to stay informed and follow appropriate preventive measures.

Members of the public should seek guidance from authorised health officials if they suspect exposure to Ebola.

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‘Nigeria Cannot Do What China Did’ – Oxford Economist Warns

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Professor Stefan Dercon, a development economist at the University of Oxford, has warned that Nigeria cannot replicate China’s economic development model, urging the country to adopt pragmatic policies that reflect its own institutional realities.

Dercon made the remarks on Monday at the opening ceremony of the 32nd Nigerian Economic Summit (NES #32) in Abuja, where he highlighted the importance of leadership commitment, economic transformation and policies that promote sustainable growth.

According to him, Nigeria lacks the institutional structures that supported China’s development and must therefore identify an economic model suited to its own circumstances.

SEE MORE: China Grants 30-Day Visa-Free Entry To British, Canadian Travelers

“Nigeria does not have a Chinese state, and it can dream of it, but it doesn’t. But it also means it can’t do a China,” Dercon said.

He explained that China’s development was supported by a long history of meritocratic institutions, including a rigorous public examination system for civil servants that had existed for approximately 1,300 years.

The economist noted that many countries developed their state institutions through patronage and personal connections rather than merit-based systems, creating differences in their capacity to implement development policies.

Dercon, however, said Nigeria could still learn from successful economies by identifying approaches that fit its own circumstances rather than attempting to copy another country’s model.

He pointed to China’s shift away from an ideology-driven economy under former leader Mao Zedong towards a more pragmatic approach focused on economic growth and progress.

According to him, countries that achieve economic success share a commitment among their leadership to growth, regardless of the specific economic model they adopt.

“That’s actually what all countries that are successful, whatever the blueprint or the models they try to use, have in common. That’s an elite commitment to actually growth using a model that fits the context,” he said.

Dercon Calls for Economic Transformation

The Oxford economist urged Nigeria to demonstrate a serious commitment to transforming its economy, creating jobs and improving prosperity.

He argued that the country needed to move away from an economic system that benefits a limited group of people towards one that delivers broader opportunities and sustainable development.

“So what Nigeria needs is that. It needs a really serious commitment to begin to change this model,” Dercon said.

He added that the government must recognise its capabilities and limitations while identifying and correcting policies that undermine economic growth.

Dercon also emphasised the importance of learning from experience, testing policies and making necessary adjustments to achieve better results.

“But all these places, they learned, they tried, and they corrected, and then they made progress,” he said.

Indonesia Offers Lessons for Nigeria

Dercon also identified Indonesia as a country Nigeria could study for lessons on economic development, while acknowledging that the two countries have important differences.

He argued that economic growth should be treated as a national security priority because a stronger economy is essential to national development and stability.

“You need to grow the economy, you need to develop. That’s an issue of national security. I don’t think I have to explain that in Nigeria’s context either,” he said.

He advised Nigerian policymakers to maintain macroeconomic stability, remain consistent with sound economic policies and focus on practical measures capable of supporting long-term growth.

Dercon stressed that Nigeria’s priority should be to develop an economic strategy that reflects its institutional realities while promoting productivity, job creation and shared prosperity.

 

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