Thats pretty much what I thought when Nagato did that.
There is a possibility that Nagato's Rinne-Tensei No Jutsu has a range,take note that Jiraiya died under-water and sank deep.
Nagato's Rinne-Tensei No Jutsu has a Chakra limit,Jiraiya has loads of Chakra..Nagato is nearly dieing.
This is just my opinion.
I'm not really sure lol.