When u sell oil to foreign companies they now sell the refined one at a higher cost back to u. Is that not senseless

Nigerians shd bury their head in shame

It would take at least three years to build refineries of the capacity that can satisfy both local and exporting needs so we need a solution for the short term before these refineries materialize. I heard somewhere the incoming administration plans to give foreign coys crude to help us refine with the equivalent products supplied back to us for a fee. While this looks good on paper but it doesnt completely eliminate the problem that bedevil the system cos they would still sell to us at a higher price though it may be of granted availability and besides, i dont think its wise to get nigerians out of jobs in the process, rather, i think the system should be sanitised such that only those truly importing refined products are to be paid any subsidy and their numbers drastically reduced to a manageable size. Though,i would have supported a total removal of subsidy but bear in mind that our economy revolves around oil such that a slight change in pump price changes everything such that market women would increase prices of commodities,civil servants would demand for a raise,transporters would increase fares etc. Its such a complicated issue than we are analysing superficially here. I suggest a gradual removal of subsidy before an eventual stoppage by the time the refineries are fixed

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Nairalandar:
In two days time, there will be an end to the problems of Nigeria. Corruption will be killed. PHCN will be reborn. Youth unemployment will be a thing of the past. The international oil market will stabilise. The naira will find its level. Petrol will sell for 40 naira per litre.
Halleluyah.
*Can't wait ooo*

keep on dreamimg

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Martins301:


Do u even have common sense? Please reread the post and go through my other posts before making any foolish statement.

read mine again Before quoting me with ignorance...

princejenks:
It would take at least three years to build refineries of the capacity that can satisfy both local and exporting needs so we need a solution for the short term before these refineries materialize. I heard somewhere the incoming administration plans to give foreign coys crude to help us refine with the equivalent products supplied back to us for a fee. While this looks good on paper but it doesnt completely eliminate the corruption that bedevil the system besides i dont think its wise to get nigerians out of jobs in ties process rather i think the system should be sanitised such that only those truly importing refined products are to be paid any subsidy and their numbers drastically reduced to a manageable size. Though i would have supported a total removal of subsidy but bear in mind that our economy revolves around oil such that a slight change in pump price changes everything such that market women would increase prices of commodities,civil servants would demand for a raise,transporters would increase fares etc. Its such a complicated thing than we are analysing superficially here. I suggest a gradual removal of subsidy before an eventual stoppage by the time the refineries are fixed

The interim measure should be putting in place an effective public transportation system, make it affordable , safe and reliable. This would go a long way in reducing our dependence on fuel. A situation where everyone put their cars on the road every morning is unhealthy, economically draining and unsustainable .

vantage7:


I take points 1 and 3. Point 1 (Our refineries are not yet ready - so also the depots, pipelines and pumping stations) is the main reason for now and point 3 is a sacrifice we are going to have to make.

As for point 2 (Government generates revenue from the process), I say: Is it not the same revenue (and more) that the government is giving back to the importers in the name of subsidy?

Point 4 (Fraudulent oil marketers are benefiting from the process) You mean they will try and sabotage the process. Alright, they should go ahead. They should however be ready to face the full force of our collective will as a nation. It is time to start putting criminals where they belong.

Point 5 (Risk of unemployment) Those jobs will be more than compensated for by the jobs that will be created when we build our own refineries, depots, pipelines and pumping stations. Just imagine for instance the number of NSCDC personnel that will be employed to protect those pipelines and pumping stations, more so since saboteurs will be lurking around because they are benefiting from importation.

Good points though.

Thanks my brother. Too many trolls on NL can actually make someone lose interest in the forum. See how they quickly labeled me an enemy of the state for pointing out hurdles that our president will like face in trying to solve the problem. Hah!

Time destroys every form of propaganda and false hope. Let me keep looking at this people.

The reality is that in the short term (i.e. before our refineries, pipelines, depots and pumping stations will be ready) the only way out AFAIK, is for the government to intensify the competition in the downstream sector through NNPC. i.e. for NNPC to be heavily involved (much more than they are now) in the importation, transportation and distribution of refined petroleum products. Let one in every four filling stations be NNPC's and more importantly, let there always be fuel in those NNPC filling stations. That will force the independent marketers to sell at a reasonable price comparable to NNPC's or lose customers to them.

vantage7:
The reality is that in the short term (i.e. before our refineries, pipelines, depots and pumping stations will be ready) the only way out AFAIK, is for the government to intensify the competition in the downstream sector through NNPC. i.e. for NNPC to be heavily involved (much more than they are now) in the importation, transportation and distribution of refined petroleum products. Let one in every four filling stations be NNPC's and more importantly, let there always be fuel in those NNPC filling stations. That will force the independent marketers to sell at a reasonable price comparable to NNPC's or lose customers to them.

That would be like solving corruption with corruption, those guys don't even know how much crude is being lifted by their JV partners nor how much is padded into their exploration cost. NPDC is into exploration and their activities is shrouded in secrecy as alluded to in the PWC's report. Then there is the added problem of appropriation, are they going to be allowed to import first and later submit their expenditures for appropriation? That's the same problem we have with subsidy

All that points you mentioned are shallow;they are not significant enough. There are several policies that will easily offset such inefficiencies.. all that is required is the political will.

5 REASONS WHY FUEL SUBSIDY MUST GO

1. Nigeria exports crude oil at very low prices and buys refined crude at high prices thereby providing jobs abroad, loosing foreign currency and human capita development in the process.

2. The entire subsidy programme is a huge fraud orchestrated by government officials, the NNPC, Nigerians who own refineries abroad and the so called independent marketers.

3. Subsidy regime is not sustainable owing to dwindling government revenue, huge recurrent budget expenditure and an ever increasing population growth rate.

4. A petroleum subsidy regime does not encourage the development of alternative sources of power (e.g renewable energy) due to powerful interest working tirelessly to frustrate research or the consumption of such alternative sources.

5.The presence of petroleum subsidy does not encourage private investment in refineries because pump prices as they stand do not attract investors in the sector. There must be a level playing ground where the mechanism of demand and supply will thrive.

Sultannayef:
All that points you mentioned are shallow;they are not significant enough. There are several policies that will easily offset such inefficiencies.. all that is required is the political will.

You have a brain. Why don't you you use it to think and come up with effective and practical measures that can tackle the hurdles I listed instead of goofing troliously at my post.

WASMOG:

Oh God almighty , your servant MUHAMMADU
BUHARI shall be taking the oath of office as
NIGERIAN PRESIDENT come May, 29th 2015. Give
him the wisdom, the zeal, the honor, the care,
the mind, the ability, the strength to lead
NIGERIA to the promise land. To those waiting to
see him fail, occupy them, shame them. Oh God,
continue to bless Nigeria as power change hand.
May we live long to see the change we all
yearned for. Amin

Amen and amen.

Martins301:
The easiest way out of these seasonal fuel crises that we face would have been if we were refining our own fuel locally. Instead, we depend largely on fuel refined and imported from overseas. Our new President, Gen. Buhari will certainly face a difficult task in this area if he assumes office. Here are five obstacles that will hinder him in the attempt to stop fuel importation. If the government can sumount them then fine. At least we will make a headway. Here we go:

1. Our refineries are not yet ready. With a refining capacity of over 450,000bpd that cannot even meet our domestic needs and operating at less than 30% mostly due to machine failure, our refineries are just not ready for the task ahead.

2. Government generates revenue from the process. Am talking about the VAT and other charges levied on imported petroleum products. If we stop importing fuel today, there will be a significant drop in government revenue, and if other sources of government revenue remains constant, our budget deficit will rise, debt profile will rise and the future sufferings of Nigerians will rise. Can you accept that?

3. Significant investments have been made into providing facilities for fuel importation. Am talking about the facilities for transporting fuel to Nigeria, those for moving the products from the vessels into storage facilities, those for administration, etc. People invested money into them. Do you think they will be smiling when an attempt is make to cut off their source of income?

4. Fraudulent oil marketers are benefiting from the process. Those who falsify/doctor their documents just to overcharge the government for subsidy, those who cause unnecessary delays in offloading petroleum products just so it can incure demurage, etc. All of them will come together to frustrate any attempt to stop fuel importation just as generator sellers are doing to our electricity generation companies. If you still don't understand, go and read the PwC report.

5. Risk of unemployment. All those people directly or indirectly employed as a result of the fuel importation business will face the risk of losing their jobs. They are among those praying that we should continue to import fuel.

Additions, subtractions and meaningful observations are welcome.


Source: Martin301

Junk. If u think making our refineries active and efficient will make some few people unemployed, why not think about the massive multifaceted employment the refineries will create.

Martins301:
The easiest way out of these seasonal fuel crises that we face would have been if we were refining our own fuel locally. Instead, we depend largely on fuel refined and imported from overseas. Our new President, Gen. Buhari will certainly face a difficult task in this area if he assumes office. Here are five obstacles that will hinder him in the attempt to stop fuel importation. If the government can sumount them then fine. At least we will make a headway. Here we go:

1. Our refineries are not yet ready. With a refining capacity of over 450,000bpd that cannot even meet our domestic needs and operating at less than 30% mostly due to machine failure, our refineries are just not ready for the task ahead.

2. Government generates revenue from the process. Am talking about the VAT and other charges levied on imported petroleum products. If we stop importing fuel today, there will be a significant drop in government revenue, and if other sources of government revenue remains constant, our budget deficit will rise, debt profile will rise and the future sufferings of Nigerians will rise. Can you accept that?

3. Significant investments have been made into providing facilities for fuel importation. Am talking about the facilities for transporting fuel to Nigeria, those for moving the products from the vessels into storage facilities, those for administration, etc. People invested money into them. Do you think they will be smiling when an attempt is make to cut off their source of income?

4. Fraudulent oil marketers are benefiting from the process. Those who falsify/doctor their documents just to overcharge the government for subsidy, those who cause unnecessary delays in offloading petroleum products just so it can incure demurage, etc. All of them will come together to frustrate any attempt to stop fuel importation just as generator sellers are doing to our electricity generation companies. If you still don't understand, go and read the PwC report.

5. Risk of unemployment. All those people directly or indirectly employed as a result of the fuel importation business will face the risk of losing their jobs. They are among those praying that we should continue to import fuel.

Additions, subtractions and meaningful observations are welcome.


Source: Martin301

Junk. If u think making our refineries active and efficient will make some few people unemployed, why not think about the massive multifaceted employment the refineries will create. Majority of those cabals got waivers,and Nigerian loose billions of naira from that,so VAT is out of it.

CountDracula:
U jus seat down and watch, na for ur face everythng go change for good

So you think he will stop it once he's sworn in? Except he go make all the cows for Nigeria begin piss fuel sha

Its true He wont stop the importation but according to one of his recent interview,He said that he will adopt the option of Nigeria sending crude oil to refining companies abroad to refine for us for a fee and then sending the petroleum products back to us.It seems a cheaper and more brilliant option in the interim pending when we are able to solve the refinery problem.

Martins301:


Nigeria's yearly budget is funded principally from oil revenue and a bunch of it comes from those taxes/charges on imported fuel. Can we deal with the revenue shortfal occasioned by cut in imported petroleum product?

not true. The bulk of it comes from tax/charges on exploration of cruel oil not from imported petroleum product. I am citing from Nigerian Taxation policies. Plz check it out.

CountDracula:
U jus seat down and watch, na for ur face everythng go change for good

at diis ur age u still dream like dis, ur name na sorry

puntogold:
Which way my country people, person never enter power, them don dey make ham fear. Make who na let Oga enter power first na . NIGERIA don even tire me self na to enter LAGOS

lolz. U b funny man o. So Lagos no b part of Nigeria again? If u enter Lagos now, nobody go beg u to run go back to where u dey come from because d situation 4 Lagos at d moment no b beans o.

Thugnificient:
no matter how big the obstacle.. i know Buhari will make Nigeria better again.. by God's grace.

dreamer no 2

pharmadoctor:
BUT AT THE END OF HIS FIRST TERM, WE WILL LOOK BACK AND SAY...'BABA CARRY GO ONCE MORE'

dreamer no 3 but still counting

The savings from fraudulent oil marketers, demurrage and subsidy will more than off-set lose of VAT from imported fuel.

The investment in refineries will mean more jobs for Nigerian, transfer of technology and cheaper oil for Nigerians. Those with some experience of working in an oil environment, be it at the sea ports, or loading or off-loading etc., can be recycled with minimum training to work in the expanding domestic oil sector.

As Nigeria becomes self-sufficient in fuel and allied petroleum products, resources will be freed to invest in other sectors of our economy.
With a growing and expanding economy, there will be plenty of job opportunities.

intergral:
Bloody rubbish.......
OP you be enemy of Nigeria...
You did not vote for him now you're try to criticise him even before he gets into office...
Bloody hatter!!...

what is this one saying,reading with nose thinking with ampite nd talking frm de anus

Martins301:


Bro am not getting your gist yet. I will appreciate if you can provide credible links to support your postulation. Nigeria's four refineries combined and in different states, have a total installed capacity of about 450,000 bpd. Now you are saying that only two that are yet to be built have a combined capacity of 1 million bpd!

I dont know abt d oando refinery, bt d dangote refinery is actually 650000bpd embedded wt a petrochemical plant. Situated at d lekki free trade zone and expected to be delivered late 2017/first quarter 2018

netmillionaires:

lolz. U b funny man o. So Lagos no b part of Nigeria again? If u enter Lagos now, nobody go beg u to run go back to where u dey come from because d situation 4 Lagos at d moment no b beans o.

Dude nor mind me jor, the mata just tire person. Man nor know wat to do again. Na to sidon look how this administration go be

Shipping crude oil direct to the refineries in exchange for petrol I must agree is a brilliant way out of this mess. There are lots of refineries out there with excess unutilized capacity that would give us the refined crude at such a fanastic discount.

On the issue of nnpc not being able to ensure transparency in the importation & distribution of the petrol. ... even nnpc knows there is a new sheriff in town ...& his name is Buhari.

#saynotosubsidy.

We need refineries. We cannot sacrifice the welfare of over 100 million people for the benefit and enrichment of a few corrupt people. Most of those so called marketers got their sweet deals due to influence peddling and paying kickbacks to government officials and politicians.

Martins301:


Nigeria's yearly budget is funded principally from oil revenue and a bunch of it comes from those taxes/charges on imported fuel. Can we deal with the revenue shortfal occasioned by cut in imported petroleum product?

Op, abeg, remove the barrel of oil blocking your vision.There is more to life than fuel importation. The richest country in the world dont have a barrel of oil in their soil. Refining the crude oil and using byproducts will generate more revenue than u have ever imagined. You wait and see.