News
FG Now Pays About ₦600Bn Monthly For Fuel Subsidy – Rainoil CEO
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/04/8BAE9B9D-F939-4622-8378-01282164B038-800x600.webp&description=FG Now Pays About ₦600Bn Monthly For Fuel Subsidy – Rainoil CEO', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/04/8BAE9B9D-F939-4622-8378-01282164B038-800x600.webp&description=FG Now Pays About ₦600Bn Monthly For Fuel Subsidy – Rainoil CEO', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
Industry key player and CEO of Rainoil Limited, Gabriel Ogbechie, has claimed that the federal government has resumed the payment of the controversial fuel subsidy following the devaluation of the Naira in the foreign exchange market.
Ogbechie made this statement on Tuesday during the Stanbic IBTC Energy and Infrastructure Breakfast Session held in Lagos.
He pointed out that with Nigeria’s daily fuel usage at 40 million liters and the foreign exchange rate at N1,300, the government’s subsidy per liter of fuel falls between N400 and N500, culminating in a monthly total of approximately N600 billion.
“When Mr. President came May last year, one of the things he said is that Subsidy is gone. And truly subsidy was gone because immediately the price of fuel moved from 200 to 500 per liter. At that point truly, subsidy was gone.
“During that period, Dollar was exchanging for N460, but a few weeks later, the government devalued the exchange rate. And Dollar moved to about N750. At that point, subsidy was beginning to come back.
“The moment the two markets officially closed, officially the market went to about N1,300. At that point, that conversation was out of the window. Subsidy was fully back on petrol. If you want to know where petrol should be, just look at where diesel is. Diesel is about N1,300 and petrol is still selling for N600.
“So I can tell you for free that there there is at least N400 or N500 liters subsidy on petrol today. If you look at our daily consumption, say 40 million liters, and we’re spending N500 per liter, that is about N20 billion every day, N600 billion every month and 7.2 trillion yearly depending on how we look at it. So, subsidy is definitely back on petrol,” he said.
Furthermore, he said that NNPC being the only petrol importer in the country implies that there is an ongoing subsidy, as prices had to be fixed.
“And if you look at it, NNPC remains the sole importer of petrol in this country because there is subsidy on petrol so the price has to be pegged,” he added.
What you should know
Recently, the idea of reinstatement of fuel subsidy has been a contentious topic in public discourse, with several observers maintaining that the federal government has restarted the subsidy on petrol since its removal on May 29, 2023.
Earlier, Nasir El Rufai, said the federal government is spending more on petrol subsidy than before.
In addition, the Special Adviser to the President on Energy, Mrs. Olu Veŕheijen, said that the Federal Government reserves the right to pay fuel subsidy intermittently to cushion hardship in the country.
“The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.
“If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently and that, does not negate the fact that subsidy has been removed,” she said.
On its part, however, NNPC has insisted that no subsidy is paid to its account from the federal government.
Addressing the issue in August 2023, the GCEO of the oil firm, Mele Kyari, stated that the company is only recovering the cost of import, adding that the federal government hasn’t paid a subsidy since May.
“I told you there’s no subsidy whatsoever, we are recovering our full cost from the products that we import. We sell to the market, we understand why the marketers are unable to import. We hope that they do this very quickly and these are some of the interventions the government is doing. There is no subsidy.” Kyari said.
News
Don’t let us die, abducted Oyo principal begs Tinubu, Makinde
The abducted principal of Community Grammar School, Esinele, Mrs Folawe Alamu, has appealed to President Bola Tinubu and Oyo State governor, Seyi Makinde, to adopt dialogue rather than force in efforts to secure her release and other victims still held by abductors.
In a video posted on Instagram on Friday by social media influencer Temilola Sobola, a visibly distressed Alamu said she and other captives, including children, had spent 13 days in the bush under harsh weather conditions.
“We are in the cold, we are under the sun, we are under the rain, the children and the adults as well. Please, we are begging you, don’t let them waste our lives,” she said.
She also appealed to the Nigeria Union of Teachers (NUT) and the Christian Association of Nigeria (CAN) to intervene, warning that any attempt to use force could endanger the lives of the captives.
“The force they used yesterday has cost us so much. It has added to our problems. In fact, someone among us has been picked, and they are going to kill him because the government tried to rescue us by force.
“We don’t need force. All they have to do is negotiate with them and secure our release. Please, just negotiate with them and dialogue with them,” she added.
The appeal comes nearly two weeks after gunmen attacked three schools — Community High School, Ahoro-Esinele; Baptist Nursery and Primary School, Yawota; and L.A. Primary School, Alawusa — and abducted seven teachers and 39 students on May 15, 2026.
During the attack, a mathematics teacher, Michael Oyedokun, was reportedly killed by the gunmen while in captivity.
A motorcyclist was also killed, while a security operative died after reportedly stepping on an improvised explosive device planted by the abductors during early rescue operations.
Sources said the abductors later opened communication with the state government but refused to speak directly with families of the victims, insisting on negotiating only with the governor.
Oyo State governor Seyi Makinde, while receiving visitors during the Eid-el-Kabir celebration in Ibadan, assured residents that efforts were ongoing to secure the safe return of the abducted victims.
The Inspector-General of Police, Tunji Disu, also said additional detectives had been deployed from Force Headquarters in Abuja to support the rescue operation, while the Defence Headquarters said troops had made contact with the abductors and were working toward securing the release of the victims.
News
The Politics Of Maturity: Why Rivers May Need Healing More Than Victory
Politics in Rivers State has always behaved like the Bonny River during heavy rainfall – restless, unpredictable, and capable of swallowing even the strongest boats if caution is thrown overboard. But after three turbulent years of political hostilities, bruised alliances, and deep ethnic anxieties, many residents now appear exhausted by the sound of war drums.
That fatigue explains why the conversation following the withdrawal of Governor Siminalayi Fubara from the governorship primary election of the All Progressives Congress (APC), and the emergence of Rep. Kingsley Chinda as candidate, has quickly shifted beyond ordinary politics into the emotionally charged territory of identity, equity, and ethnic balancing.
For some ethnic advocates, particularly within sections of the riverine bloc, the argument is simple: Governor Fubara should have completed two full terms before power rotates elsewhere. To them, the issue is not merely politics but fairness and historical inclusion.
Yet, while the sentiments are understandable, Rivers State now stands at a delicate crossroads where anger must not be allowed to mature into division.
The truth is that Rivers has bled too long from political bitterness.
Communities have watched friendships collapse under partisan pressure. Political camps have behaved like rival oil blocs drilling suspicion instead of trust. Every statement is analysed through tribal lenses; every handshake is treated like a conspiracy. Meanwhile, ordinary citizens – traders, fishermen, civil servants, transport workers, students, widows, and struggling families – continue to ask one quiet question:
Who will help Rivers breathe again?
That is why many observers believe the next political movement in Rivers cannot afford to be built on ethnic triumphalism or revenge politics. The state needs a bridge, not another battlefield.
And this is where the candidacy of Kingsley Chinda is beginning to attract unusual attention across political and ethnic lines.
In a state famous for loud political combatants, Chinda has built a reputation around restraint, legislative precision, and methodical engagement. He is not known for theatrical speeches or combustible rhetoric. Even within the National Assembly, colleagues often describe him as a lawmaker more interested in delivery than performance.
That quiet style may now become politically valuable in a state desperately searching for emotional de-escalation.
The challenge before Rivers is no longer merely about “whose turn” it is. The larger question is whether the state can recover enough stability to resume development.
Roads do not respond to tribal slogans. Investors do not inject capital into political minefields. Youth employment cannot grow in an atmosphere poisoned by endless hostility. Peace remains the first infrastructure every serious society must build before prosperity can stand.
This is why the emerging political language around Chinda appears carefully calibrated toward reconciliation rather than conquest.
“One Rivers, One Future.”
Simple words. But in a tense political climate, they carry strategic meaning.
The phrase subtly redirects public conversation away from ethnic camps toward shared destiny. It neither insults zoning advocates nor dismisses concerns about equity. Instead, it proposes a broader political argument: that competence, peace, inclusion, and stability must also matter in moments of crisis.
That distinction is important.
Because Rivers State is not a collection of isolated tribes occupying oil fields. It is a complicated political family tied together by commerce, history, intermarriage, waterways, and collective survival.
The riverine fisherman and the upland farmer ultimately depend on the same peace.
Chinda’s political movement is built around listening to every voice, pursuing sincere and genuine reconciliation, and engaging in wide-ranging consultations with traditional rulers, youth groups, clergy, women’s organisations, ex-militant stakeholders, market associations, and professionals across ethnic lines – all in the collective interest of Rivers State.
The message appears intentional and measured:
“I have come to listen, not impose.”
In today’s Rivers, that may prove to be wiser politics than chest-thumping bravado.
Observers also note that Chinda’s political appeal extends beyond his legislative record into years of grassroots interventions through his “I Win, U Win” initiative in Obio/Akpor Federal Constituency. Over the years, the programme has sponsored skills acquisition, healthcare support, ICT training, scholarships, women empowerment schemes, teacher training, welding, shoemaking, agro-allied programmes, and educational assistance for both indigenes and non-indigenes.
Supporters argue that such programmes reveal a politician who sees governance less as patronage and more as social investment.
Critics may disagree politically – and democracy permits that – but even opponents rarely accuse Chinda of ethnic extremism or inflammatory politics.
That moderation could become critical.
Because the greatest danger before Rivers today is not political competition itself. Democracy thrives on competition. The real danger is allowing political disagreements to harden into ethnic suspicion so deep that future generations inherit resentment instead of progress.
Rivers people have seen enough political fires to understand one painful truth: no tribe wins when the entire state burns.
The coming election, therefore, may offer something larger than a contest for power. It may become a referendum on whether Rivers chooses escalation or healing.
And perhaps that is why a growing number of citizens now insist that the debate must gradually move from:
“Whose turn is it?”
to:
“Who can unite and stabilise Rivers State?”
In the end, the state may discover that peace itself is the real zoning formula everyone has been searching for.
News
NCoS denies stealing inmates’ valuables in Kuje raid
The Nigerian Correctional Service has denied allegations that its officers stole valuables belonging to inmates during a routine search operation at the Medium Security Custodial Centre, Kuje, Abuja.
The Service described the reports as false, misleading and inconsistent with established custodial procedures, insisting that the operation was conducted professionally and in line with Standard Operating Procedures.
In a statement issued on Friday by the Service Public Relations Officer, Jane Osuji, the NCoS said the exercise was a routine security search aimed at maintaining order, discipline and security within the facility, adding that all recovered prohibited items were duly processed and documented.
It also dismissed claims that inmates were robbed of valuables reportedly worth over N120m, saying the allegations were not supported by official records.
“The Service wishes to categorically state that the allegation is false, misleading, and inconsistent with the operational realities and established procedures governing custodial facilities in the country,” the statement said.
According to the NCoS, inmates are not permitted to keep unauthorised items or large sums of money in custody, noting that all personal belongings declared at the point of admission are documented and safely kept until lawful release.
It further stated that records from the custodial centre did not show that any of the items mentioned in the reports were declared by inmates, nor were such items found or recorded during the search operation.
“For the avoidance of doubt, what took place at the Custodial Centre in Kuje was a routine security search carried out within the facility, and all recovered prohibited items were duly processed and documented. The exercise was conducted professionally and in line with extant Standard Operating Procedures aimed at maintaining security, order, discipline and the integrity of custodial operations.
“The Nigerian Correctional Service operates under clearly defined regulations which prohibit inmates from keeping personal unauthorised items and large sums of money while in custody,” the statement said.
The Service also said no complaint of theft or loss had been filed through any official channel by inmates or any other persons within the facility.
“The Medium Security Custodial Centre, Kuje, is calm, peaceful and secure,” the statement added.
The response comes amid a report by SaharaReporters alleging that some high-profile inmates were affected during the search operation at the facility.
According to the report, former Skye Bank Chairman, Tunde Ayeni, was allegedly robbed of a wedding ring and wristwatch valued at over N120m during the operation.
The report also claimed that suspended Deputy Commissioner of Police, Abba Kyari, lost about N2m.
It further alleged that the operation was carried out by senior correctional officers accompanied by operatives and DSS dogs, causing panic within the facility, and that valuables were confiscated without proper documentation.
However, the NCoS dismissed the claims in their entirety, maintaining that the search was lawful and that no evidence supports the allegations.
The Service urged the public and media organisations to verify information through official channels before publication, warning against the spread of unverified claims capable of undermining confidence in public institutions.
The NCoS reaffirmed its commitment to transparency, professionalism and ongoing reforms aimed at strengthening security and accountability across custodial centres nationwide.
-
Metro2 hours agoPolice Arrest Mother, Daughter Over Alleged ₦18m Romance Scam Targeting Malta-Based Victim
-
News2 hours agoAkpabio Hails Tinubu’s Reforms, Endorses Re-Election as President Marks Three Years in Office
-
News2 hours agoSouth African Lawmaker, MK Party Chief Whip Arrested Over Alleged R233,000 Salary Fraud
-
News1 hour agoThe Politics Of Maturity: Why Rivers May Need Healing More Than Victory
-
News2 hours agoLawyer Petitions NBC, Seeks Suspension of BBNaija Over Alleged Indecent Content
-
Politics2 hours agoNollywood Actress Gets 2027 Presidential Ticket
-
News2 hours agoNigerian Governors Propose ₦100,000 New Minimum Wage
-
News2 hours agoTroops Rescue 31 Kidnap Victims In Zamfara, Katsina, Kill Five Terrorists

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login