Business
Controversy Surrounds Nigeria’s Oil Subsidy Scheme: Allegations of Financial Exploitation
A major controversy has emerged surrounding Nigeria’s oil subsidy scheme, with accusations that President Tinubu is personally benefiting from the subsidy payments.
Despite the official removal of the subsidy, reports suggest it is still being secretly paid, effectively allowing Tinubu to pay himself. Critics argue this represents an extraordinary level of financial exploitation.
Additionally, allegations have surfaced that the government will continue to subsidize Tinubu even after he leaves office, ensuring his monopoly over Nigeria’s oil sector remains intact.
In 2023 alone, Nigeria reportedly imported over $2 billion worth of petroleum products through the Malta refinery. This stark increase in petroleum importation highlights a troubling trend in Nigeria’s oil importation future.
Historical data shows that Nigeria’s petroleum import from Malta was minimal from 2013 to 2022, with a sudden spike to $2.08 billion in 2023, raising concerns about potential financial manipulation and exploitation within the sector.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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