Lawyer and politician, Kenneth Okonkwo has criticized the federal government’s economic policy in an interview on Channels Television on Tuesday, October 7, 2025, focusing on the continuing fallout from the fuel subsidy removal.
His core argument centred on the failure of government refineries.
He dismissed claims of fixing the facilities as a costly illusion, suggesting the government spent about $10 billion without making them work.
Okonkwo argued that this failure is the real reason fuel prices are so high.
Okonkwo reminded the public that he had warned the policy would not work almost immediately after President Bola Tinubu announced the subsidy was gone.
He insisted that the high prices were unsustainable and preventable.
The true path to affordability, he argued, was to stop corruption and break up the monopolies in the oil industry.
He claimed that if the country simply ensured a steady supply of crude oil to local refinery and have multiple refineries, the price of petrol would drop naturally to N200 or N300 per litre.
He called the entire idea of a “subsidy” a distraction, stating that because crude oil is Nigeria’s own product, the problem isn’t a subsidy but corruption.
He alleged that the government raised prices to put the financial burden on ordinary Nigerians so that officials could have more money for luxury items like private jets and expensive projects, such as the N21 billion approved for the Vice President’s new residence.
He said, “If you have two Dangote’s and you supply them crude oil, the oil will come down to N200 or N300. So, what they are telling you subsidy removed, there is no subsidy in the first place because crude oil is our product. If you remove the incompetence and corruption the price will come down.”
Okonkwo added, “They were simply increasing fuel prices because they want to transfer the burden to the poor masses so that they can have more money to spend on their private jets and building a house for the Vice President house with N21 billion. Dangote was even saying we have crude product here, why are you still importing? They told you the refineries are built, they went and put smoke and that smoke went up, that was the cost of about $10 billion and when the smoke went up the refineries are still dead, that’s what is making the price high.”
Okonkwo highlighted the human cost, noting that civil servants are now forced to reduce their days at work because they cannot afford the spiralling transportation costs.
The Tinubu administration, however, continues to defend the subsidy removal, a key policy implemented in May 2023.
Officials consistently argue that the move was necessary to save the country from collapse and end a corrupt financial drain.
They point to the huge increase in funds now shared among state and local governments through FAAC (Federation Account Allocation Committee).
By getting more money, state and local authorities are expected to fund vital community projects and palliatives to help citizens cope with the hardship.Continue, Full, Reading>>>>
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