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FG Pays N1 Trillion Monthly As Petrol Subsidy — Pinnacle Oil MD
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In a revelation that underscores the ongoing challenges in Nigeria’s oil sector, Pinnacle Oil and Gas Limited has disclosed that the country is incurring about N1 trillion every month on petrol subsidies.
This disclosure was made by the Managing Director/CEO of the indigenous oil and gas company, Robert Dickerman, during the Nigeria International Energy Summit (NIES) held in Abuja.
Despite the government’s efforts towards deregulation in the downstream sector, the persistence of such a hefty subsidy indicates a significant financial burden on the nation’s economy.
The subsidy mechanism, intended to make petrol affordable for Nigerians, has inadvertently resulted in the product being cheaper within the country compared to neighbouring nations.
This price disparity has been identified as a key driver for the smuggling of petrol across borders, further complicating the subsidy issue.
Speaking at the forum’s panel session six, which focused on Nigeria’s Downstream Sector, Dickerman highlighted the paradox that, despite substantial progress in the industry, the massive subsidy is a clear indication of the challenges still facing Nigeria’s oil and gas sector.
He said the situation not only affects the government’s finances but also impacts the operational dynamics of companies within the sector, like Pinnacle Oil and Gas, which operates across the entire downstream value chain.
Dickerman stated that the continued payment of subsidies at such a scale raises questions about the sustainability of such expenditures and the need for more effective policies to address the underlying issues.
He said, “Nigeria has a long history of allocating resources to oil and gas production at the expense of most other economic and social programs. To balance this, there has been a long-standing policy to mitigate consumer costs via palliatives such as fuel and food subsidies.
“But one of the net effects of oil money is underinvestment in local production, manufacturing and other value-added activities that could generate foreign currency through exports. There has also been a large under investment in the maintenance and upgrade of existing infrastructure including electricity, roads, health care, water, waste, education and financial infrastructure such as consumer credit.
As a result, we have a huge negative trade deficit, except for crude oil and LNG, and our banks are not sufficiently capitalized to support significant new capital programs.
“With legacy monetary policymaking currency exchange difficult, we desperately need Foreign Investment. This is a reality. So the best policy during this time of crisis is a national policy to transform our economy/regulations/laws to accommodate and encourage FDI.
“Foreign investors, foreign lenders and government-run DFIs have been very clear about what they want to see: Conservative fiscal policy, tackling corruption, enabling competitive markets, and enforcement of fairness in markets through policy, regulation and the ability to enforce contracts. Keeping that context in mind, I want to point out that there is still a massive subsidy in PMS, albeit in the FX portion of PMS Price, not the global price in dollars.
“The consequences of this subsidy are: The cost of gasoline in Nigeria is the lowest in Africa by far, which encourages smuggling out, further depriving Nigeria of value. Smuggling causes Nigeria to subsidize neighbouring countries even while our economy struggles. The cost is hurting the entire budget, Federal and State, as critical programs cannot be funded to pay this subsidy. It is currently calculated to be about 1 trillion Naira/month.
“Also, with this subsidy in place, ceasing subsidy payments would result in no petrol supply, if there are no refineries producing gasoline. All supplies come from the international market, which will only sell at market prices.
“There is no competition in bulk supply, as only the national champion owned by the government can import. Wholesale and retail prices are set based on their subsidized cost and they determine who gets supply. Without a competitive market, foreign investors are discouraged from investing in this sector in Nigeria.
“The solution to this problem seems obvious, even acknowledging the daily struggles most citizens and companies have today with reduced purchasing power, high inflation, high interest costs and high unemployment that exists today. Short-term palliatives have never resolved long-term issues in any nation at any time in history. We need long-term solutions.”
News
Just in: FRSC Starts 2026 Nationwide Recruitment
The Federal Road Safety Corps (FRSC) has officially commenced its 2026 nationwide recruitment exercise, beckoning on qualified Nigerians to apply for various positions across its Officer, Marshal Inspectorate and Road Marshal Assistant cadres.
According to the Corps, the online application portal opened on Friday, July 3, 2026, and will remain accessible for four weeks. The recruitment exercise is completely free, with the agency warning applicants not to pay any individual or organization claiming to facilitate employment.
Interested applicants are required to submit their applications through the official FRSC recruitment portal at HERE
Available Cadres
The recruitment covers three major categories:
Officer Cadre – Open to holders of B.Sc., BA, HND and other relevant professional qualifications.
Marshal Inspectorate Cadre – Available for candidates with qualifications such as ND, NCE and other approved credentials.
Road Marshal Assistant Cadre – Includes opportunities for eligible SSCE holders, artisans and drivers, depending on the position.
Required Documents
Applicants are advised to prepare the following before beginning their application:
National Identification Number (NIN)
Educational certificates
Birth certificate or age declaration
Recent passport photograph
NYSC discharge, exemption or exclusion certificate (where applicable)
The FRSC also advises applicants to use their personal email address and phone number during registration and to ensure all information provided is accurate. Shortlisted candidates will be required to present printed copies of their completed application forms during the screening process.
The Corps urged interested Nigerians seeking a career in the Federal Government to apply early in order to avoid heavy traffic on the recruitment portal before the application window closes.
News
Finally, US Confirms Withdrawal Of Troops From Nigeria
The United States has withdrawn the majority of its military personnel deployed to Nigeria for a joint counterterrorism mission in the Lake Chad Basin, while maintaining intelligence sharing and other security cooperation with Nigerian authorities.
Commander of US Air Forces in Africa, General Dagvin R.M. Anderson, announced the development during a virtual press briefing on the outcome of the African Chiefs of Defence Conference 2026.
He said the partnership between Washington and Abuja remained active, particularly in intelligence operations targeting the Islamic State (ISIS/Daesh).
According to Anderson, the specific mission that required the deployment of US troops has been completed, prompting the withdrawal of most personnel.
However, he noted that the United States would continue providing intelligence assistance at the request of the Nigerian government.
“And so that operation in the Lake Chad Basin of Nigeria not only helped the countries in that immediate region; it also helps countries globally as that disrupts the ISIS network,” Anderson said.
“And so — and then we have withdrawn much of our forces that were just there for that operation, but are continuing the partnership that Nigeria has asked for to help continue with the intelligence sharing and the understanding that’s necessary to be able to prosecute these difficult tasks,” he added.
The US Air Force commander described Nigeria as a key regional partner with a capable military, saying the collaboration between both nations had produced notable gains in the fight against ISIS.
He credited intelligence cooperation between the two countries for enabling an operation that eliminated the second-highest-ranking figure in the global ISIS network.
“I think there partnership that we’ve shown recently with Nigeria, where Nigeria’s a very capable and large country — it’s got a strong economy; it’s got a large, educated population; it’s got a very capable military.
“But there are things that we have learned in the counterterrorist fight over several years that we were able to assist and integrate with them to help them with their intelligence and help with the intelligence sharing that eventually led to a cooperative effort to where we were able to bring some unique capabilities that the U.S. brings and be able to prosecute together the number two leader within the ISIS or Daesh organization who is responsible for much of their global operations, their global media, and their recruiting”, he said.
Anderson said the operation underscored the effectiveness of intelligence collaboration over prolonged foreign troop deployments.
“So I think as we go forward, that is an example of how we’re looking at engaging with partners to help them be more effective by only bringing unique U.S. capabilities that allow the partner to be effective in these fights,” he said.
He also called for deeper intelligence cooperation among African countries to tackle terrorism, drug trafficking and other cross-border crimes.
The US commander cited a recent multinational operation that intercepted a record 31-ton shipment of cocaine originating from South America and passing through the West African coastline, saying effective intelligence sharing made the seizure possible.
“I was able to coordinate through our interagency in the United States, through AFRICOM, and then notify some of the partners. And eventually it was a Spanish ship that interdicted the ship that had 31 tons of cocaine on it, and it turns out is the largest interdiction of drugs at sea that we’ve ever seen,” Anderson said.
He added that sustained collaboration among African governments, international allies and private-sector stakeholders would be vital to confronting security challenges while fostering economic growth and attracting investment across the continent.
The United States deployed about 200 military personnel to Nigeria in February 2026 to assist with intelligence, surveillance and counterterrorism operations in the Lake Chad Basin as both countries expanded cooperation against ISIS and other extremist groups operating in the region.
The deployment came after US President Donald Trump redesignated Nigeria as a Country of Particular Concern and pledged increased American support for counterterrorism efforts.
On December 25, 2025, US forces carried out air strikes on two terrorist camps in the Bauni Forest, located in Tangaza Local Government Area of Sokoto State.
The security partnership reached a major milestone in May 2026 when a joint US-Nigerian operation killed Abu-Bilal Al-Minuki, the second-in-command of ISIS, during a raid on his hideout in Borno State.
News
Ogoni family demands justice for son arrested at age 14, jailed 18 years without trial
An Ogoni family in Rivers State has instituted legal proceedings against the Federal Government, the Rivers State Government and the Federal Ministry of Interior over the alleged unlawful detention of their son, Gospel Kinanee, who spent 18 years in prison without trial after he was reportedly arrested as a 14-year-old boy.
The lawsuit follows Gospel’s recent release from custody after nearly two decades behind bars, a period during which he was allegedly denied his constitutional right to a fair hearing and access to legal representation.
Speaking during an interview with Arise News, Gospel’s elder brother, Paul Kinanee, narrated the family’s painful ordeal, describing the years of uncertainty as one marked by relentless searches, emotional trauma and devastating loss.News
According to him, Gospel disappeared one night in 2007, prompting family members to launch an extensive search across Rivers State. They visited several police stations, detention centres and correctional facilities in a desperate attempt to locate him, but every effort proved unsuccessful.
Paul disclosed that the family even searched the Port Harcourt Maximum Security Custodial Centre, where Gospel was unknowingly being held, but officials reportedly informed them that no inmate bearing his name was in custody.
He said the prolonged uncertainty over Gospel’s whereabouts had a profound emotional impact on the family, adding that both their mother and father died without ever knowing what had happened to their son.
The family’s search came to an unexpected end when a lawyer conducting a routine visit to the prison noticed an inmate whose appearance matched descriptions of the missing teenager. Suspecting he could be the long-lost Gospel, the lawyer later returned to the facility with Paul Kinanee, who immediately recognised his younger brother.
By the time of the reunion, Gospel was 32 years old, having spent more than half of his life in detention.
According to his family, the years of incarceration without trial, combined with prolonged isolation and harsh prison conditions, have left him with serious psychological and mental health challenges, making his rehabilitation a major concern.
Reports indicate that throughout his detention, Gospel was never formally tried before a court of law and was allegedly denied access to legal counsel, raising significant concerns over due process and the protection of fundamental human rights within Nigeria’s criminal justice system.Demographics
His freedom eventually came during a jail delivery exercise conducted by the Chief Judge of Rivers State, Justice Simeon Amadi, who reviewed the cases of inmates awaiting trial. Gospel was among 21 inmates ordered to be released during the exercise after it was discovered that they had been unlawfully or excessively detained.
The Kinanee family is now seeking substantial financial compensation and judicial accountability, arguing that the prolonged detention robbed Gospel of his childhood, education, opportunities and good health.
They contend that the actions and alleged negligence of the relevant authorities caused irreversible damage to both Gospel and the entire family, which endured years of anguish while desperately searching for him.
The case has sparked renewed public concern over prolonged detention without trial in Nigeria and has intensified calls for comprehensive reforms aimed at preventing similar miscarriages of justice within the country’s criminal justice and correctional systems.
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