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Shedding light on the petrol subsidy imbroglio

Published

2 years ago

June 24, 2023

By Olukola Osunbunmi

Nigeria is a blessed country, no doubt. Almighty God in His infinite mercies has blessed Nigeria with everything that most developed countries in the world do not have. But there is a curse to our development or should one say there are clauses or impediments for the giant in Nigeria to be reawakened. In the 1960s, Nigeria was at par with the Asian Tigers namely Hong Kong, Taiwan, South Korea and Singapore. But unfortunately, we were left behind by the aforementioned countries between the early 1950s and 1990s as they underwent rapid industrialization while at the same time maintained exceptionally high growth rate of 7 percent a year. At a time in the history of this nation, our currency, the naira, was one of the strongest in the world. It had more value than the dollar and pound sterling.

In March 2009, the late President Umaru Musa Yar’Adua of blessed memory unveiled and launched the logo of the ‘Rebranding Nigeria’ campaign with the slogan: ‘Good People, Good Nation’. Truly Nigeria is a country of good people but we have been very unlucky with those at the helm of affairs, elected or appointed. The sleaze that characterized the administration of former President Muhammadu Buhari cannot be over emphasised. Those saddled with the responsibilities of putting smiles on the faces of fellow compatriots rather made them weep in agony and pain. The attendant consequences have been followed with the gale of suspensions of the leading figures of the last administration and more will still come.

On May 29, 2023 at the Eagle Square Abuja during a change of baton between former President Buhari and President Bola Ahmed Tinubu, the latter made a pronouncement that put paid to the ghost of subsidy in Nigeria once and for all. The pronouncement meant that the Government will no longer subsidise petrol for the citizens rather the subsidy will be pushed to other sectors like health, education, transport and others that will make life more meaningful for an average Nigerian. It was a tough decision to make but Nigerians are gradually embracing the reality and are expectantly looking forward to how the Tinubu’s government will cushion the effect of the subsidy removal for them.

It did not however come as a surprise that the shylock oil marketers increased the pump price of petrol from N195 to N547 per litre, an increment of more than 250 percent. The question to ask is: how did the NNPC arrive at the new price? Immediately after the speech made by the President on the Petrol subsidy removal, one observed that petrol marketers in Abuja started selling at N350 per litre and this continued until the NNPC made their pronouncements that the pump price would henceforth sell at N537 per litre in Abuja. It however mean a litre of fuel is being subsidised at N352 per litre. Where is the money, who is keeping it for Nigeria and Nigerians, who are the beneficiaries and who are their cronies? Could these fellows come out boldly and tell Nigerians where the humongous money generated from the subsidy debacle are stashed.

To start with, how much does it take Nigeria to transport and bring back its refined crude from abroad? The understanding is that the crude is transported abroad to be refined and after the process is completed, the refined product is brought to Nigeria. The Premium Motor Spirit (PMS) otherwise known as petrol is not the only refined product from crude oil, there are diesel, kerosene, asphalt, paraffin, consumer goods, cosmetics among others.

It is high time agencies that have things to do with our oil and as well as the security agencies come forth to give account of their stewardships to Nigerians. How many litres of petrol does Nigeria consume daily? As at last year and early this year before the subsidy pronouncement, the Nigerian National Petroleum Company Limited (NNPCL) said Nigeria consumes 68 million litres daily. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) within the same period contradicted NNPCL’s claim. The NMDPRA also contradicted itself. It first gave 62.9 litres and later 66.8 litres. The Comptroller General of Nigeria Customs Service, Retired Colonel Hameed Ali also disagreed with NNPCL on the daily consumption of fuel. Following the subsidy removal, it is however strange that Nigeria now consumes between 13 million and 16 million litres of petrol per day. Where is the payment for the non-existing 52 million litres or thereabout been bandied about in the last 18 months? Where is the excess going to? Who is deceiving who? The oil industry players and heads of security agencies must come out clean. He who comes into equity must come with clean hands!

As a chartered Accountant, one cannot explain and convince myself as to how the NNPCL arrived at the N547 per litre and this has to be itemized and explained to all Nigerians as transparently as possible so as to earn the respect of all. The decision affects the life of all Nigerians and to a large extent, the explanation will help the Tinubu administration gain the trust of the people.

That being asked, it is being suggested that the Federal Government should allow the modular refineries to operate as the Dangote Refinery so as to cut down on perceived monopoly of the Dangote brand. If there is no competition, Nigerians will be forced to buy at the price being forced in them by this monopoly. In addition, those in the area of oil and gas and who have the capacity should in the interim be encouraged to bring in the PMS for competitive pricing and competitive service to Nigerians.

Osunbunmi is a chartered accountant and forensic auditor

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Daughters of Dr. Charles Ononiwu, Chiamanda and Chiamaka, Launch Debut Books to Uplift Hearts Facing Life’s Struggles

Published

4 weeks ago

October 10, 2025

The Gleamer

Joel Ajayi

At just 18 and 20 years old, Chiamanda and Chiamaka Ononiwu — daughters of renowned Nigerian surgeon Dr. Charles Ononiwu — have achieved a remarkable milestone with the release of their debut inspirational books, Do Not Be Afraid and Waterfalls.

Their literary journey began six years ago, during the height of the global COVID-19 pandemic. While the world was engulfed in fear and uncertainty, the then 13- and 15-year-old sisters turned inward, using writing as an outlet to process their emotions, express their faith, and reach out to others with messages of hope and resilience.

What began as a quiet act of creativity blossomed into two powerful books that now serve as beacons of light for readers navigating life’s storms.

Eighteen-year-old Chiamanda Ononiwu is the author of Do Not Be Afraid. A passionate Electrical Engineering student , she is also a proud alumna of Intellichild TLC and Valedictorian of Great Blessings School, Class of 2022.

In her book, she addresses the emotional challenges many young people face and draws from her personal faith to offer guidance and encouragement.

Her elder sister, Chiamaka Ononiwu, 20, is a final-year medical student at Babcock University in Nigeria. She penned Waterfalls, a heartfelt and deeply spiritual work she describes as divinely inspired. Chiamaka views her writing as a calling — a mission to uplift souls and bring hope to those struggling with life’s challenges.

“Personally, I would say it all started with the idea of inclusion, inspired by real human experiences,” Chiamaka shared. “We’ve had conversations with people who’ve gone through difficult situations — including issues and those stories helped shape what I write today.”

She added, “It’s all about encouraging people to face life with faith. We began this journey during a dark time in the world, and I felt called to create something that could offer comfort and hope — not just locally, but globally.”

The official book launch and signing ceremony took place on Wednesday in Abuja, Nigeria’s capital, and was attended by family, friends, colleagues, and well-wishers. It was a celebration of creativity, faith, and youthful brilliance, as the sisters presented their work to an inspired audience.

Speaking at the event, Chiamaka emphasized the core message of her book: “Waterfalls reminds readers that God is always watching over His people. He doesn’t bring fear — He brings peace, hope, and love. I want readers to find comfort and assurance in that truth.”

For Chiamanda, her book is a message to young people who may feel overwhelmed by life’s pressures: “Do Not Be Afraid is especially for youth navigating difficult times. No matter how hard life gets, you can always find strength and direction in God’s word.”

Writing came naturally to both sisters. Chiamaka recalled, “Even as a child, I loved writing short stories for my siblings. When the opportunity came to publish, I knew it was time to share my message with a wider audience.”

Despite their demanding academic paths, both young women balanced their studies with writing through perseverance and faith.

Chiamanda and Chiamaka are united by a shared dream — to inspire people across the world with their writing.

Chiamaka expressed Further; “Our biggest hope is that these books will reach people who need to know that God is real, that He’s always with them, and that through Him, anything is possible,” Chiamaka said.

With Do Not Be Afraid and Waterfalls, the Ononiwu sisters have not only created literary works — they’ve created lifelines. Their voices, grounded in faith and driven by purpose, remind readers everywhere that even in the darkest moments, God’s light never fades.

Their father, Dr. Charles Ononiwu — a distinguished surgeon and deeply devoted parent — also spoke at the event, sharing the journey from his perspective.

“For me, my number one priority has always been to care for children — not just medically, but also by encouraging them academically and in the basics of life,” he said.

He recounted a moving moment with Chiamanda, who approached him with the idea of sharing her story publicly to inspire others.

“She came to me and said she wanted to talk to her peers, to share how she had been comforted, and to help them see that everything would be okay,” he recalled. “As a father, my role was to guide her. I support both of them, help activate their strengths, and provide direction.”

Dr. Ononiwu made the decision to fund the publication of their books himself, believing in the power of their message.

“I told them, ‘You have something the world needs. You can make an impact in the lives of others,’” he said. “I believe every child has a gift. It is our responsibility as parents not to dismiss them, but to help them discover and nurture their talents.”

He encouraged all parents to support their children’s creative pursuits, noting, “Every person has something special inside them — no one is without talent. It’s just a matter of looking inward, discovering that gift, and sharing it with the world.”

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