Google Speech-to-Text API Automatic Transcription (Chirp). Treat it as a searchable index of what was broadcast, not a quotation record.
00:00:00Again, the Chief Justice of Nigeria, Justice Kuderat Kikereku has said that the
00:00:04judiciary must
00:00:05of remain impatial and shown partisan politics ahead
00:00:07of the 2027 general
00:00:10of elections. Federal High Court today struck held the charges against
00:00:14Adini adme, the alleged fake director general
00:00:16of the PFITC, as federal government filed fresh charges
00:00:20against him at the FCT High
00:00:22Court. That's
00:00:26the news attend tonight. Thank you so much for watching, I'm Ann. Good
00:00:30night and please stay
00:00:31safe.
00:00:43in
00:01:15Hello all there, my name is Laolu
00:01:18of Akonde and you are on two inside
00:01:21sources,
00:01:25today my take is entitled better late
00:01:29of than never, the 30 day f relief
00:01:33or is it fake rehal? last
00:01:36Thursday, October 28, the federal government
00:01:40through the coordinating minister for the
00:01:42economy, announced what it carefully
00:01:46refused to call a
00:01:48of subsidy, a 30-day petrol price discount at
00:01:52NMPC retail stations
00:01:54nationwide. now NNPC retail
00:01:58according to the plan, we forgo its profit margin
00:02:02and sell at cost, if landing cost is
00:02:061,300, you buy in those
00:02:09stations for 1,300
00:02:12nar.
00:02:14of now no draw down from the federational account,
00:02:17they say, and it is called an independence
00:02:21season gesture,
00:02:23you know, just about
00:02:23of the time that we are celebrating independence, proposed at
00:02:271,350
00:02:29of nar landing. cost ceiling to be revealed
00:02:32monthly, on paper they call it relief, but in
00:02:36reality is it
00:02:39a relieve or is it fake
00:02:42rehazar or is it a little too
00:02:46late? now before we sort that out,
00:02:50let's give credit where it is
00:02:53due, now this discount, whatever the name
00:02:57is called did not
00:02:58of come from s burst of empathy by the
00:03:02tinubu administration, it came
00:03:05because
00:03:09it practically. on October 1st,
00:03:13vice
00:03:13a president, who is the presidential candidate of ADC proposed
00:03:17caped budgetted production subsidy to sell
00:03:21code below international price to domestic
00:03:24refineries, including danguti and other modular
00:03:28refineries. is running
00:03:30of has been heat
00:03:34sell at 10,000
00:03:36of if what
00:03:37of price of is 15,000 he suggested now within
00:03:417 days a government that said subsidy is gone
00:03:44forever announced discount at cost
00:03:48an article camp mocked like d student they
00:03:52responded you copied my subsidy proposal
00:03:55poorly now whether you like him or not
00:03:58i has made the f
00:04:01prize a 2027 presidential
00:04:05poll question and he has first a
00:04:09consistent reaction from the federal government so
00:04:12clearly
00:04:13of democracy
00:04:13is winning second point now is this
00:04:17last minute empathy indeed for three
00:04:21years Nigerians have been told the
00:04:24patient sacrifice reforms we
00:04:28pay now On September the 30th, the
00:04:32NLC said, we stand at the cross roads
00:04:36of a full scale survivor crisis,
00:04:39petrol now selling at 1,430, or
00:04:43higher,
00:04:44he said, and with campaigns kicking off
00:04:48and the president himself being to start October 24 in
00:04:51Kaduno, the government suddenly
00:04:54discovers that NMPC can sell that cost for
00:04:5830 days. if you can do cost price in
00:05:02October 2026 and 2025 when Nigerians
00:05:05were really being crushed, we are
00:05:09thinking that this is not a government that just...
00:05:12realized that as the election is coming
00:05:15closer, the suffering the people is now becoming
00:05:19compelling. third point, too
00:05:23little, too late and too low.
00:05:26why? for whatever it is what and whatever it is
00:05:30called, this discount is certainly too low and
00:05:34likely going to be insignificant. let's do the maths
00:05:38or arithmetic, whichever one you prefer. market price
00:05:41is one, 430, even
00:05:451,450 in some places, so NLPC
00:05:49cost is about 1,360 to
00:05:511,364, so the so call relief
00:05:55is 66 n at best 90,
00:05:59now that is less than 7%
00:06:01discount for a transporter who burns
00:06:0530,000 n for daily, that is just about
00:06:091,400 savings with that reduce the
00:06:13fear from ojota to hodi,
00:06:16no now, for family already crushed by food
00:06:20inflation, what with 66 n
00:06:23had to the price of rice, you cannot
00:06:27offer 7% or less relief
00:06:30after a 300% pain and
00:06:34call it cushioning, okay,
00:06:38now it guess what is, it's even limited only
00:06:42to NP. retains stores, less than 50%
00:06:46of outlets nationwide are going to be
00:06:49affected, so what is the
00:06:51farmer or a farmer in guzo
00:06:55have to gain, what prevents one station from
00:06:59causing long cus and safety hazards while
00:07:03oters sell at
00:07:041,430. now one thing is
00:07:08clear in all of this, like i said earlier, democracy
00:07:12at least is winning, now this is my last and fourth
00:07:15point, the big elephant in the room is corruption, federal
00:07:19government says no return to subsidy, opposition says our subsidy
00:07:23is different, production not importation, but none
00:07:27them is saying that we will jail those who bled
00:07:30subsidy for 20 years and make our refineries
00:07:34work, either them and saying that, and this
00:07:38is why the...
00:07:43comes, he says that our four refineries
00:07:47are barely 50 years old and refineries in the
00:07:50US for instance, are over 100 years and still
00:07:54working, he argus, fix
00:07:57them, license 36 modular
00:08:01refineries, restore the 45000 barrels
00:08:04per day domestic allocation for crude
00:08:07even promised to make the price
00:08:11200 n. per liter in 12 months,
00:08:15now you may call the 200 populist and we can
00:08:18debate the details of that idea, but
00:08:22advious diagnosis is correct, we are
00:08:26crude producing nation that has refused to
00:08:29refine at home for a long time up until
00:08:33dangote refinery came on board lately, so
00:08:37be the table people or the article opposition, the
00:08:40narrative ignores corruption, on both sides the
00:08:43debate. Nigerians, shine your
00:08:47eyes, like they say on the street. Buari was
00:08:50right and is still right. If we don't kill
00:08:54corruption, corruption will kill us. It has created
00:08:58many things, especially in the oil and gas
00:09:02sector. So let's say it again, if we don't kill corruption, especially
00:09:06in that sector, corruption is going to kill us, may that day
00:09:10never come, and there you have it in. inside sources goes full
00:09:13blast right after
00:09:15this. welcome back
00:09:19to inside sources, today i'm leading the show with the conversation uh with my
00:09:23very good friend who has become the spokesperson the main
00:09:26opposition uh is the presidential spokes
00:09:30person for the articu abubakar campaign a lawyer
00:09:33and uh a leading nollywood actor. i like
00:09:37to welcome back to inside sources mr. ken Okonko. good to see you
00:09:41again all the way. All right, thank you
00:09:45viewers for joining us, all right, excellent, you're looking
00:09:48excellent, well, I'm trying my best, the
00:09:52last time I said, because the hair is no longer
00:09:56growing, you you started
00:09:57growing,
00:10:05somewhere, so so let me you have been uh uh, your
00:10:09campaign and that on the government is is... is becoming really,
00:10:13really uh exciting, in my take today, I actually
00:10:17gave the credit to Abubakar for
00:10:21turning the subsidy matter into an electoral issue.
00:10:25and it's good for democracy, but I want to start with your
00:10:29own uh response to what it
00:10:33is that uh the coordinating minister the economy said
00:10:36you know on Thursdays
00:10:37he said that hey look we are going to uh make sure that
00:10:41there is this discount we're going to put a ceiling NMPC is going
00:10:45to be selling at cost uh and they said very clearly that this
00:10:49is not a subsidy how do you respond to that
00:10:51again you know he hurts
00:10:55me because when i saw
00:10:59honorable or doctor tae woedele
00:11:03i hope i got his name correctly when
00:11:07he was the tax
00:11:09you know reform
00:11:12personality i liked
00:11:14him because he appeared smart you i like
00:11:18smart man you smart actually you know
00:11:21you don't think so anymore now my problem
00:11:25is that I feared that if he
00:11:27is incorporated into the government, APC will poison him
00:11:31with the allies,
00:11:34remember wole edun was sacked because he did
00:11:38not told the lie of tinubu
00:11:42once came and declared that by August he has gotten all the
00:11:46revenue that they projected, whale do came and
00:11:49say sorry, it it's just
00:11:5225% the revenue. was talking about this sector
00:11:56or this sector and from that day I knew his days we are
00:12:00numbered, there is no way you can ser or
00:12:04APC government without being a liar,
00:12:07now they use to replace wale
00:12:11edun and then wale
00:12:15beeni,
00:12:18now tao has now started lying like
00:12:22them, can you imagine? coming out to
00:12:25say that you're giving a
00:12:27discount for 30
00:12:30days, you acknowledge that the price was
00:12:341,500ira, but you're going to cap it at
00:12:371,350, 50, which is the
00:12:41cost, landing cost, good, now what
00:12:44is subsidy? subsidy is
00:12:47defined as a financial
00:12:51aid or support typically provide.
00:12:55by a government or organization and
00:12:59giving to an individual or
00:13:02business or
00:13:03institution or
00:13:06industry to reduce cost or
00:13:10promote social or promote social
00:13:14or economic goals, now what we are the
00:13:18trying to
00:13:20do, they were trying to reduce cost, they acknowledged by
00:13:23themselves that the cost. was becoming unbearable for the people and they
00:13:27have
00:13:28to interven to give relief for the people, and they say it's
00:13:32not subsidy, then the whole idea of subsidy has to be
00:13:34redefined, because what he did
00:13:38is exactly the definition of subsidy, and
00:13:42now and do you why they did it to cover
00:13:45their shame, because they have repeatedly said that they will never bring
00:13:49subsidy, and even pleaded with
00:13:53them, don't bother. take my idea redem
00:13:57it by whatever name for the
00:14:01benefit the welfare the people because your price
00:14:04is becoming unsustainable so sorry to say
00:14:08this lied when he said it was not
00:14:12subsidy it was subsidy but just
00:14:15like article said in the examination when
00:14:19you're copying the answer of your fellow classmate you
00:14:23will always copy even the what you should not copy, you're not
00:14:26careful, you copy the examination number of that your classmate
00:14:30and put on your you for the and good, so they are
00:14:34copying it and because they want to hide
00:14:37that, they are not doing it, they are making a mess of it, and let me point out
00:14:41this, have you noticed the danger in their own
00:14:45properted subsidy, they want to return to the corrupt
00:14:48import related subsidy that they were operating,
00:14:52how NMPC is not producing any? 1 l of refined foil in
00:14:56Nigeria, okay, so the price that are reducing is the price of
00:15:00imported fuel by NMPC, because
00:15:03NPC is not taken from Dangoting at all,
00:15:07and they want to reintroduce the corrupt
00:15:10subsidy that they were operating. If
00:15:14you listen to Tairo, Thaiwo said, once you
00:15:18go into that subsidy, you will see people now, when it is 50
00:15:22million liter, they will say 70 million liter. 'm and that
00:15:26is the subsidy they want to go in now to start
00:15:29saying that whatever cost they give to NMPC though
00:15:33NMPC they will tell you the profit they would have made is trillions of n
00:15:37is that'. different from articules home subsidy, thank you very
00:15:39much, and before I get into that,
00:15:43okay, when you do that import related subsidy, you are now
00:15:47subsidizing the refinery outside the country that is producing
00:15:51it, you are now subsidizing employment
00:15:54overseas, you are now encouraging the shipping that will
00:15:58bring in the refined product, and most
00:16:01probably
00:16:02it is still the shipping that took our crude to that refinery
00:16:06and is bringing i back and is part of what is contributing to
00:16:10the cost, high cost of f, why do
00:16:14you not just give the crew direct to dangote,
00:16:18and dangote will refine it and give direct to nigerians, they said they
00:16:22don't have enough, no, which is a problem that you guys have to deal
00:16:25with, that's looking at it, they pledged, no, they pledged the crud
00:16:29to borrow, where do you think they are
00:16:32borrowing, but it's not only them, that has been a problem for
00:16:36a time, you know,
00:16:39do when they came in, they exited the depth and they were paying
00:16:43subsidy, that is what article is going to do, it's tough
00:16:46now, okay, anyway, tell us the difference, the
00:16:50difference is very clear your both plans, yeah, has made it clear he's
00:16:54not going to subsidize any imported
00:16:56fuel, so returning back
00:17:00to the import related subsidy riddled with
00:17:04corruption, apc corruption is
00:17:07gone: what are saying? so so the
00:17:11rumor, since you are here, let's try it, so the
00:17:15rumor that articu wants to bring the subsidy
00:17:18because uh, he's trying to get the
00:17:21funding of uh,
00:17:23you know subsidy people, contractors who
00:17:27have been
00:17:28you know benefiting from subsidy to finance his uh
00:17:31his campaign, so that when he gets there if he wins,
00:17:35they will then
00:17:37do the...
00:17:38uh uh uh the subsidy return make the money back, so that rumor is not
00:17:42true, is it doesn't even make sense, because that was
00:17:46that was the boss, that
00:17:47is what i'm saying, article has nothing to do with import related
00:17:51subsidy whatsoever, why are you talking about
00:17:54is only tunubu and APC that will still be talking
00:17:58about that, because they are the ones who need that corrupt money for their renewed
00:18:02hope campaign, you can see they are still borrowing, even as I'm talking
00:18:06to you, they are negotiating 1. billion dollars anyway complete your
00:18:10thought said the
00:18:13paradigm has shifted. we are
00:18:17no longer an importing nation in oil,
00:18:21we are now an exporting nation because we have our
00:18:24refinery. dangote
00:18:27is producing and has assured he can produce all the domestic need
00:18:31of dinger. he said he needs about
00:18:35700 thous barrels. of lp he's
00:18:38getting about 20% mm locally so he's still
00:18:42sourcing about so
00:18:45what he's getting 20 something
00:18:49perc is nothing so he's still importing about
00:18:53500 thousand barrels per
00:18:56day that was why i said that even if that
00:19:00starts working we will not get our fuel
00:19:03cheap because he imports the crude crude. which is
00:19:07subject to the vegeries of international prizes, he does
00:19:11not have power, there's no electricity, he makes
00:19:15independent provision for that, he does not have security,
00:19:18so he makes independent security for
00:19:21his staff and for his equipment, the interest rate is
00:19:24high, it borrows at about
00:19:2730% or more, when you check all those
00:19:31things, the cost of producing
00:19:35the barrel in the first place, about $30, but you guys can change
00:19:39this, this
00:19:43tell you in case, you can't change all these
00:19:47things that you mentioned, look at what article
00:19:51will do, assuming with that
00:19:54considering that borrowed all this
00:19:57money for instance to exit us from
00:20:01the liability that was placed on crude oil, we
00:20:05wouldn't have been owing anything. extra does he have that
00:20:08option? no, so you're saying that the four says should be paid off,
00:20:12nobody, nobody will compel you on how you will pay your
00:20:16debts, it depends on the agreement, no, whatever is the agreement, you can exit,
00:20:20if i'm owing you $3,000, yeah, if i'm owing you
00:20:24$3 billion dollars, yeah, based on my oil, yeah,
00:20:28why
00:20:28did i enter in the agreement, because needed, you needed dollars,
00:20:32good, yeah, so if i say i'm giving you your $3 billion dollars, you will say no, but
00:20:36first of all, Good, so so what I'm trying to tell you,
00:20:39assuming that has the milk of human
00:20:42kindness, and what is borrowing he
00:20:46borrowed to exit us from what? is
00:20:50alien on our own oil, crude
00:20:53oil, in order that we can use the crude oil the way we
00:20:57want, we wouldn't have been owing anything more, there won't be any increase in
00:21:01liability, because if i'm owing you
00:21:04100 n and peter, i
00:21:08borrow 100 from peter to pay you,
00:21:12i am still in 100, yeah, i have not increased the depth, so
00:21:15exiting your depth is not a
00:21:18problem, provided you
00:21:21know how to cut your cost of governance, the
00:21:25problem in Nigeria is the bogus
00:21:29governance cost of governance that tinubu is
00:21:33applying a poor and distressed economy, he has 48
00:21:36ministers, nobody has had it before, so given any
00:21:40indication of how he
00:21:41is going to cut government, he has told he is going to is going
00:21:44implement
00:21:45report,
00:21:52was vice president and in his regime they cut cost
00:21:56of governors in his regime they pay subsidy in his regime the
00:21:59exitted international death do you learn how to be left-handed in your old
00:22:03age? no you don't this is his
00:22:06antecedent and he was the head the economic team you have therapy
00:22:10good so don't so
00:22:14subsidy is very simple all right so good
00:22:17right to dangote and and the local
00:22:21refineries and supply to them at
00:22:24affordable price. yeah, well so so good is our product. wait,
00:22:28wait, wait, wait, just so we interrogate it, so so day to
00:22:32the people have done that for a bit when you are doing the n
00:22:35fall uh, no, they have not done that, they handed
00:22:39it, but this the major problem seems to be,
00:22:42yes, we don't have that
00:22:46crude enough to give local refineries, all right?
00:22:50so how how how how does the article plan respond
00:22:53to that? we don't how lot of people a lot of people who are not
00:22:57economically you know sound or who are
00:23:01mischiviously misplying economics they
00:23:05said the 1.8 million barrels is not for
00:23:08us only that is
00:23:10there a jv that what we are
00:23:12getting
00:23:15explain now the jv is interested in their money
00:23:19yes? so if you give them money, what else? what do you mean money? what i'm
00:23:23saying is that if the price of oil, yes is
00:23:26settled at certain dollar per barrel, yes internet
00:23:30and good, and you pay them, would they say they will not sell to you, the
00:23:34government, they must sell to a company outside when you are, so
00:23:38you are saying that that we can buy from them, absolutely, that is
00:23:42that subsidy article is telling you, i see, so
00:23:46the jv cannot insist, we are producing 1.8 million.
00:23:57what you said for clarity so that you can tell me that is what you you you're
00:24:00saying or not good you know uh because I find it quite
00:24:04uh uh insightful so that's why I want to clarify to be sure this is what you're saying
00:24:08yes so you're saying that the way the
00:24:12article plan is going to solve the problem
00:24:14of uh not enough domestic crew to
00:24:18give the refineries.
00:24:21is to say that, okay, look, we want to take
00:24:24from the portion the
00:24:27jvc if we need to, oh well, apparently we do, that's
00:24:31what i'm saying, if we need to, yeah, yeah, because because
00:24:35apparently
00:24:36we do, that's what i'm saying, if we
00:24:37need to,
00:24:39that's what i understand, that we will then, we
00:24:43will now ask
00:24:44the jvc to say that, look, sell to
00:24:46us that could, you know,
00:24:50instead of selling it internationally, that's what I'm saying,
00:24:54whatever must satisfy the domestic
00:24:57market, you must sell to
00:25:01the domestic market, but it will be as international price,
00:25:04remember are you going means that Nigeria
00:25:08is good, a partner to it, almost like 50/50, yeah, well
00:25:1260-40 here and
00:25:13there, yeah, good, so what it means is that Nigeria has
00:25:17its own share, yes, which is not
00:25:20enough, that is what I'm saying, so whatever is remaining,
00:25:24Nigeria has the right to say we can buy this, okay, and supply, that's the subsidy we are
00:25:28talking about, but if if it means discounting
00:25:32it,
00:25:33but but I'm saying that you will get you will buy it and are you going to impose the price on on the
00:25:37genesis, now even if you buy it at international
00:25:40price and supply to the refineries, yeah they will
00:25:44still give you fuel a cheap rate, because there will be no
00:25:48shipping that they will.
00:25:50that that is part of your own subsidy, that is what I am telling you,
00:25:54okay, that we must get
00:25:56our oil good, because the our
00:26:00production capacity pay a...
00:26:02pay pay days 1.8 million, but where are you going to get the money to
00:26:06pay the JVCs and that is exactly
00:26:09what because you
00:26:09have to pay them in dollars done? tinubu granted 34
00:26:13trillion naira 2025 loan
00:26:16on import weaver, so
00:26:20assuming you say no, reduce your imports
00:26:24and import only the things that are important,
00:26:27stop
00:26:30person.
00:26:34is not assumption, i've told you that cost of
00:26:36governance, the priority is
00:26:40making fuel affordable, so every other thing we are
00:26:44spending will be secondary, will be secondary, okay, and i'm
00:26:48telling you that there are a lot of things th is
00:26:51doing, which is skewed towards
00:26:55giving subsidy to the rich to the privileged,
00:26:58remove it, and you have already double the money.
00:27:02Okay, all right, I want
00:27:04you to for the consequential, remember,
00:27:06consequential adjustment
00:27:10in the price of good, I understand, understand,
00:27:13yeah, and it's good that, so so I'm sure that our
00:27:17audience understand this better now, now, but the other issue that I
00:27:21want you to also address on Friday uh, my guest
00:27:25was Prince Adibayo,
00:27:29the SDP presidential candidate, and this...
00:27:32said that look the the the refineries
00:27:36our the public refineries the refineries in cadun
00:27:40uh the two important and worry he
00:27:43says they can work, he he
00:27:47implied
00:27:48that the reason why they have not worked is because the government the day does not want it to
00:27:52work so he said and
00:27:56you know and this is one point that i have also said and you this is going to lead my
00:27:59question that is just a question of corruption that they're not
00:28:03allowing it to work, of course
00:28:04he said that is going to make it at, it's going to make sure that the fair price comes to
00:28:08200, by ensuring that this the oil theft you
00:28:12know uh is taken care of and then what is being storing is going to be
00:28:16directed to domestic crew so everybody is looking at domestic group which is a good
00:28:20thing, but my question uh ken is that what is
00:28:24articu going to do about the corruption that
00:28:27has happened in the oil sector especially
00:28:31specifically regarding uh the subsidy,
00:28:33you know, not just that is going to, he says he's going to end it,
00:28:37his article going to impose consequences for the
00:28:41past cities can, good, first of
00:28:45all, let me agree withole
00:28:49that it is corruption that crippled the oil
00:28:52industry, i
00:28:55themly told bewildered
00:28:58nation on the floor the senate, there is
00:29:02210 trillion unaccounted for by
00:29:05NMPC, as matter of fact, they
00:29:09issued the bedge warrant for the
00:29:13previous MD of NMPC, alive for
00:29:16dead, this is
00:29:18so moles own statement, and in the general senate, the
00:29:22senator senate made him to
00:29:25withdraw the bench warrant, i want you to
00:29:29know when corruption is systemic,
00:29:33sorry, can you imagine that tinubu's
00:29:37government has invested
00:29:41more than 1.5 billion dollars
00:29:45and $3 billion dollars if you go back to buhari's
00:29:48regime and the defineries did not work
00:29:52and they are not working and you think is not enough
00:29:56to probe what i
00:30:00saying? moved subsidy first time, told
00:30:04him, reverse it, because your refineries are all
00:30:07dead, so you cannot remove subsidy when you are importing
00:30:11100% to Nigeria,
00:30:14and the currency, your currency is not
00:30:17strong, and everything is subject to the dollars, that
00:30:21this will be unsustainable, so what is happening
00:30:25now today is that adole
00:30:29is right, the refineries must work.
00:30:33because i remember told then that when you remove ser is when all the
00:30:36refineries are working so that you be sure that the
00:30:40local production has started operating
00:30:44and they are competing, i said don't do it without
00:30:47competition, two things i recommended, let the
00:30:51be the refineries all be working so that you saturate the system with
00:30:55supply and remove monopoly yeah if you
00:30:59check now we are