{
  "id": 11800166,
  "title": "Petrol Subsidy Financially Unsustainable for Nigeria, Lokpobiri Tells Obi, Atiku",
  "url": "https://urgent.news/2026/10/03/petrol-subsidy-financially-unsustainable-for-nigeria-lokpobiri-tells",
  "topic": "world",
  "section": "World",
  "published": "2026-10-03T23:48:23.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/10/04/petrol-subsidy-financially-unsustainable-for-nigeria-lokpobiri-tells-obi-atiku/"
  },
  "original_language": "en",
  "account": "Petrol subsidy in Nigeria has been deemed financially unsustainable by Heineken Lokpobiri, the Minister of State for Petroleum Resources. During a breakfast meeting in Yenagoa, Bayelsa State, Lokpobiri criticized presidential candidates Atiku Abubakar and Peter Obi, who support the policy. Lokpobiri questioned where the money for the subsidy would come from, pointing out that it would need to be sourced from the same oil sector. He warned that maintaining the subsidy would consume resources Nigeria can no longer afford to spend on artificially low petrol prices. Lokpobiri highlighted the stark contrast with Venezuela, where poverty is so severe that people queue for hours to buy bread. When President Bola Tinubu took office, the federal government was projected to spend N18.4 billion daily on petrol subsidy payments, according to Zainab Ahmed, the former finance minister. Lokpobiri also attributed the financial struggles of the defunct Nigerian National Petroleum Corporation (NNPC) to the subsidy regime, noting that the oil company never paid dividends or made profits and was solely responsible for importing refined products. With Nigeria's potential to produce 2.5 million to 3 million barrels of crude oil per day, the main challenge lies in inadequate evacuation infrastructure. The pipelines are outdated and expired, limiting production. Lokpobiri emphasized that thousands of previously shut-in wells could be brought back into production through re-entry programs, but increasing output without replacing the aging pipeline network could create further bottlenecks. NNPC is working on a pipeline replacement program under a public-private partnership, which will take time to complete but will significantly increase the country's capacity once finished.",
  "summary": "The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has criticised presidential candidates who support petrol subsidy, calling the policy financially unsustainable for Nigeria.Lokpobiri spoke at the weekend during",
  "key_points": [
    "Petrol subsidy in Nigeria deemed financially unsustainable by Heineken Lokpobiri",
    "Presidential candidates Atiku Abubakar and Peter Obi support the policy",
    "Subsidy would drain resources Nigeria can no longer afford to spend"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}