Okonkwo Alleges Return of Subsidy, Accuses NNPC of Plotting Trillions in ‘Lost Profit’

Okonkwo Alleges Return of Subsidy, Accuses NNPC of Plotting Trillions in ‘Lost Profit’

 

Says FG’s 30-Day Fuel Discount Not Sourced from Dangote

 

The spokesman for the African Democratic Congress (ADC) presidential campaign, Kenneth Okonkwo, has raised an alarm over the Federal Government’s new 30-day fuel discount policy, describing it as a deceptive return to the previously abolished fuel subsidy regime.

 

In an interview with Channels TV on Sunday, October 11, 2026, Okonkwo criticized the policy for failing to source petroleum products from the Dangote Refinery. He argued that the Nigerian National Petroleum Company Limited (NNPC) is poised to claim trillions of naira in alleged lost profits as a result of the scheme.

 

Okonkwo, a political commentator, stated that because the NNPC is not producing domestic refined fuel, the discount is essentially an “import-related subsidy” that benefits foreign refineries and shipping operations rather than local ones.

 

“The NNPC is not taking from Dangote at all, but they’ll claim trillions in lost profit,” Okonkwo said. “Since NNPC isn’t producing domestic refined fuel, this discount is essentially an import-related subsidy benefiting foreign refineries and shipping operations instead of local ones.”

 

He warned that the return to a subsidy system opens the door to financial fraud, particularly through the inflation of consumption figures.

 

“You could report 70 million liters when only 15 million liters were used,” he cautioned, noting the risk of opaque accounting in the sector.

 

As an alternative, Okonkwo advocated for supplying crude oil directly to the Dangote Refinery for domestic processing to reduce import costs. He stated that domestic refining is a central pillar of the ADC’s economic proposal.

 

The ADC chieftain’s comments come amid ongoing debate over the Federal Government’s new fuel price mechanism. The government, through Finance Minister Taiwo Oyedele, has maintained that the 30-day discount is a “NNPC margin cut” and not a subsidy.

 

Under the arrangement, NNPC Retail is expected to forgo its profit margin on petrol rather than using public funds to stabilize prices. However, Okonkwo contends that this still constitutes a subsidy, as it artificially reduces consumer costs while masking the true financial burden on the state oil company.

 

 

Okonkwo Alleges Return of Subsidy, Accuses NNPC of Plotting Trillions in ‘Lost Profit’