society
Fueling Uncertainty: Investigating Nigeria’s Subsidy Removal And Dangote Refinery Debacle* By Sylvester Audu
*Fueling Uncertainty: Investigating Nigeria’s Subsidy Removal And Dangote Refinery Debacle*
By Sylvester Audu
*In the midst of dwindling revenues and skyrocketing subsidy costs, Nigeria has taken a bold step by removing fuel subsidies, igniting controversy and unrest among its population. Despite the opposition’s claims that subsidy removal will disproportionately affect the poor, the government’s redirection of funds towards crucial sectors such as health and education paints a promising picture for Nigeria’s future. The recent World Bank loan of almost a billion dollars for palliative measures may provide temporary relief, but it is not seen a sustainable solution*.
However, the fate of the much-anticipated Dangote Refinery, meant to reduce Nigeria’s reliance on imported petroleum products, remains uncertain as unforeseen technical difficulties delay its completion.
The Dangote Refinery, announced in 2013 with an initial $3.3bn loan deal with local and foreign banks to fund the construction, was expected to transform Nigeria’s reliance on imported petroleum products and boost the country’s economy. With an initial completion date of 2018, the refinery was planned to produce enough refined petroleum to meet domestic needs and provide a surplus for export. However, the project has been plagued by continuous delays, attributed to factors such as lack of technical expertise, financial constraints, and poor project scoping.
*Reports suggest that the Dangote Group is lobbying for an additional $3 billion cash injection, which could add to Nigeria’s debt burden and divert funds from more immediate solutions to the subsidy removal. Adding to the concerns surrounding the Dangote Refinery is the agreement between the Nigerian government and the Dangote Group. The Nigerian government in 2021 agreed to provide $2.7billion in cash-and-crude to the Dangote Group to fund the construction of the refinery in return for 20% equity. On December 1, 2021, the Federal Government through NNPC made a payment of $1.038billion in two tranches of $519.5million each to Lekki Refinery Funding Limited account with the beneficiary bank, representing the first cash portion of the deal, with the balance to be paid by the government upon completion of the project. This money was a loan from one of the international finance institutions to NNPC.*
*With the company missing out on interest payments due January 2023 of 750million dollars which is still yet to be paid despite being structured by the banks almost three times, the project is faced with a big dilemma – and with it, Nigeria’s hopes for the refinery.*
As it stands, there is evidence to suggest that the Company has exceeded its single obligor limit with local Nigerian banks and no international bank is willing to extend funds to it. In addition, the company will need at least 3 billion dollars in addition to its annual interest payments of about 700million dollars to complete the project by 2025. Whilst there are already talks for a backdoor arrangement being proposed with the CBN to enable a commercial bank circumvent its single obligor limit to the company in order for it to raise further cash for it to pay its interest obligation of 750million dollars which have fallen due, such a move has been viewed cautiously by supporters and critics of the project alike.
*These reports also suggest that the company unsuccessfully approached the outgoing president Muhammadu Buhari administration to release the remainder cash sum of 1.7billion dollars which was to have been paid upon completion of the project. According to these reports, President Buhari backtracked after further due diligence was done on the project which revealed that the project would not be completed before 2025 unlike the December 2022 date the company had promised at the time of signing the agreement*.
*As a result, intense pressure is now being mounted on the incoming government of Bola Tinubu to pay the remainder sum of $1.7billion dollars upon taking office as well as approve a new cash injection of 3billion dollars and crude for additional 20% equity in the project so the company can raise sufficient cash in the short term to pay outstanding interest costs and complete the project.* This is premised on the fact that the new government has declared it wants to plug revenue gaps by removing the subsidy but the company has now given them the impression that the project will be completed by mid-2024 – which is far from the case. The incoming government must therefore be wary of yet another such lofty promise by the project owners as sources close to the Chinese company brought in to salvage the refinery project say a 2024 date is not feasible.
Should the incoming government go this route, it does nothing to solve the problems with the completion of the refinery, adds further unnecessary debt burden to the country and its citizens, and takes away money from critical and immediate solutions to the subsidy removal. Nigeria is already over-leveraged to the Dangote refinery project.
Many commentators believe that rather than relying on the uncertain completion of the Dangote Refinery, the Nigerian government should focus on the ongoing refurbishing exercise of its existing refineries. This strategy would not only provide a more reliable short-term palliative solution but also pave the way for a smoother transition from imported petroleum products. They should also encourage the modular refineries to ramp up production.
In addition, the Nigerian government should explore alternative strategies, such as investing in renewable energy sources, to reduce the nation’s reliance on imported petroleum products. This approach would provide long-term benefits to Nigeria’s economy and environment, while also fostering self-sufficiency in fuel production.
*The removal of fuel subsidies offers Nigeria a unique opportunity to reassess its priorities and invest in a more sustainable future. By rejecting the new investment proposal for the Dangote refinery which has become an albatross whilst focusing on feasible alternative strategies, Nigeria can emerge stronger and more resilient in the face of global challenges. Can the incoming government afford to mortgage Nigeria’s scarce resources on a false hope? With billions of dollars and the country’s economy at stake, Nigeria cannot afford to pin all its hopes on the Dangote Refinery and even if the new government were to invest further in the project, there must be proper due diligence done before any investment is considered.*
society
From Broadcast to Spiritual Renaissance: The Journey of Alọba A. Orisabimbola Ifatomi, Creator of ÒRÌṢÀTV
From Broadcast to Spiritual Renaissance:
The Journey of Alọba A. Orisabimbola Ifatomi, Creator of ÒRÌṢÀTV
In a time when African stories are often misrepresented or diluted, a seasoned voice in Nigeria’s media and creative industry is stepping forward with a bold vision to reclaim, preserve and project the depth of African spirituality through a new wave of cinematic storytelling powered by technology.
Alọba Adewunmi, a respected broadcaster, journalist and creative professional, is the mind behind ÒRÌṢÀTV a groundbreaking platform using Artificial Intelligence (AI) cinematic production to tell authentic Yoruba stories rooted in cosmology, spirituality and cultural heritage.
ÒRÌṢÀTV is not just a channel it is a destination to experience “The Beginning”, a Yoruba cosmology-based AI cinematic series that explores the origin of life and existence through an African lens.
A Career Built on Media Excellence
With years of experience across broadcast and print media, Alọba Adewunmi has established himself as a dynamic storyteller and cultural voice.
He has worked with several notable platforms including OSBC, Orisun FM, Yotomi Cable, Okin FM, Midland FM, Delta Cable, Akede Oodua Publications and Akede Africa.
His professional journey includes:
– Reporter at Alariya Oodua
– Editor at Gbajumo Online Magazine
– General Editor at Akede Africa ( a bilingual news magazine)
Through these roles, he has contributed significantly to journalism, cultural reporting, politics, crime and entertainment.
A Multifaceted Creative Force
Beyond journalism, Alọba Adewunmi’s creative footprint extends deeply into film and storytelling.
He is not just a performer, but a creative architect behind the scenes, serving as:
– A Continuity Director
– Continuity Director of the home video “Tobi (Forgiveness)”, produced by Kola Adeyemo
– A Story Writer and Dialogue Director
– A Scriptwriter
He has also contributed to several home video productions from the late 1990s through the early 2000s, reflecting a long-standing presence in Yoruba film storytelling.
A Spiritual Path and Cultural Mission
Beyond media and film, his journey is rooted in a deeper spiritual calling.
Alọba Adewunmi is a traditional priest, teacher and herbal medicine practitioner, dedicated to the preservation and practice of Yoruba spirituality.
His temple, Obàtálá Alábãlàse Temple of Purity, stands as a sacred center for purity, healing and spiritual guidance.
The Vision Behind ÒRÌṢÀTV
ÒRÌṢÀTV is more than a content platform, it is a cultural revival movement powered by AI-driven cinematic storytelling.
Through this innovative approach, the platform explores:
– The origin of existence
– The roles of divinities
– The structure of human destiny
– The spiritual laws governing life
The debut episode, “The Birth of Ilẹ̀ Àwọn Alààyè”,( Command of Creation ) marks the beginning of the series “The Beginning”.
Blending mythology, spirituality and AI-powered visuals, ÒRÌṢÀTV offers a unique experience that is both educational and deeply immersive.
A Mission Beyond Entertainment
For Alọba Adewunmi, this project goes far beyond entertainment.
It is a mission to preserve indigenous knowledge, educate future generations, correct misconceptions about African spirituality and restore pride in African identity.
The Man Behind the Vision
Despite his wide experience and creative influence, Alọba Adewunmi remains a naturally private and introverted individual.
He is known more for his work than for public appearances moving quietly between his professional responsibilities and personal space.
Rather than seeking the spotlight, he has consistently chosen to let his talent, creativity and impact speak for him.
Those who encounter his work or collaborate with him understand the depth he brings a reminder that true substance is not always loud and presence is not always public.
Looking Ahead
With Episode 1 now released, anticipation continues to build as “THE BEGINNING” prepares to explore deeper aspects of creation, human destiny and spiritual alignment.
This is not just a project it is a legacy unfolding through culture, spirituality, and innovation.
Watch Now
THE BEGINNING
Episode 1
The Birth of Ilẹ̀ Àwọn” Command of Creation)
Available on YouTube.
Media & Contact
For interviews, features and collaborations:
08125883088
© 2026 ÒRÌṢÀTV
All Rights Reserved
TY BURATAI HUMANITY CARE FOUNDATION COMMENDS GOVERNOR ZULUM FOR HELPING MILITARY FAMILIES
The TY Buratai Humanity Care Foundation has commended Borno State Governor Babagana Umara Zulum for his generous donation of ₦150 million to the families of three military officers who were tragically killed in recent attacks. Each family received ₦50 million as part of the state’s continued commitment to supporting fallen heroes and wounded personnel involved in counter-insurgency operations.
The commendation was contained in a statement signed by the foundation’s chairman, Ibrahim Dahiru Danfulani Sadaukin Garkuwan Keffi/Betara Biu, and made available to the press.
The foundation expressed gratitude for the governor’s compassionate gesture, which included personal visits to the families of the late Lieutenant Colonels Umar Farouq, Salihu Iliyasu, and Aliyu Saidu Paiko in Abuja, Niger, and Kano States. During the visits, Governor Zulum offered his condolences and praised the service, sacrifice, and patriotism of the fallen officers.
The foundation’s Grand Patron, His Excellency, Lieutenant General Tukur Yusufu Buratai, CFR (Rtd), personally commended the governor’s dedication to improving the lives of Borno State residents. He also extended his condolences to the families of the officers and soldiers who made the ultimate sacrifice in service to the nation.
During his visits, Governor Zulum reaffirmed his administration’s commitment to supporting bereaved families, which includes offering scholarships to the orphaned children of fallen personnel. He pledged to extend similar visits to other affected families, underscoring a compassionate approach to addressing the needs of those who have suffered in the line of duty.
society
Queen Amb Dr. Nwamaka Cordelia Anyatonwu Appointed Minister of Humanitarian, Culture, and Kingdom Affairs, United Kingdom of Atlantis
*Queen Amb Dr. Nwamaka Cordelia Anyatonwu Appointed Minister of Humanitarian, Culture, and Kingdom Affairs, United Kingdom of Atlantis
Her Majesty Queen Amb Dr. Nwamaka Cordelia Anyatonwu, Queen of the Aches Empire under the jurisdiction of the United Kingdom of Atlantis (UKA), has been appointed as the Minister of Humanitarian, Culture, and Kingdom Affairs, effective immediately.
This appointment comes as the UKA takes decisive steps to strengthen its humanitarian efforts and protect its citizens from unauthorized activities. In light of recent developments, the UKA has issued an official public disclaimer cautioning citizens, followers, and the general public about the activities of individuals promoting and operating a coin or platform not officially recognized by the Atlantian Gold Coin (ATC). This follows the hijacking of the 5 billion humanitarian project, a move that has been met with concern and condemnation from the international community.
As the newly appointed Minister, Queen Amb Dr. Anyatonwu has announced that all matters pertaining to the 5 billion humanitarian project in UKA should be directed to her office. This includes the newly captured NGOs, which are now required to report to the Office of Humanitarian Affairs, ensuring transparency and accountability in the management of humanitarian resources.
“We are committed to transparency and accountability in our humanitarian efforts,” said Queen Amb Dr. Anyatonwu. “We urge all stakeholders to work with us to ensure the success of our initiatives and protect our citizens from unauthorized activities. We will not tolerate any form of exploitation or mismanagement of humanitarian funds, and we will take all necessary measures to ensure that those responsible are held accountable.”
The UKA has assured its citizens and the international community that it is taking all necessary measures to recover the hijacked funds and bring the perpetrators to justice. The appointment of Queen Amb Dr. Anyatonwu is seen as a significant step towards achieving this goal and ensuring that humanitarian efforts are aligned with the UKA’s values and principles.
For more information. Please contact the Office of the Minister of Humanitarian, Culture and Kingdom Affairs.
*About the United Kingdom of Atlantis*
The United Kingdom of Atlantis is a sovereign nation committed to promoting peace, prosperity, and humanitarian values. The UKA is dedicated to working with international partners to address global challenges and improve the lives of its citizens and people around the world.
-
society6 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news4 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
society6 months ago“You Are Never Without Help” – Pastor Gebhardt Berndt Inspires Hope Through Empower Church (Video)
-
celebrity radar - gossips2 months agoDr. Chris Okafor Returns with Power and Fire of the Spirit -Mounts Grace Nation Altar with Fresh Anointing and Restoration Grace on February 1, 2026