In summary: The Reduction in Subsidy payment is due to the Fall in Oil Price. Anything apart from this is Falsehood and lie

Firefire:

Good morning.

good morning my dear friend. How was your weekend?

BUHARI is working.

Vikkie14:
In summary: The Reduction in Subsidy payment is due to the Fall in Oil Price. Anything apart from this is Falsehood and lie

between June and september, oil prices fell from $65 to $48 but subsidy bill dropped from N2billion daily to N575million daily.

I am sure you are a smart person and should be able to do the simple mathematics. Between June and October, World Oil prices fell by 26% but Nigerias subsidy bill dropped by 71%. Once again, I'm sure you are a smart person to know what that means.

In Jonathan era. It is on constant rise. What an ex-president.

TonyeBarcanista:
The fall in oil price means a reduction in the money payable on subsidy. This is simple economics that has NOTHING to do with the effort of Buhari. Is Buhari OPEC?

Stop being clever by half bro.

The price of crude oil has reduced from $65 in June to $48 today (26% decrease). On the other hand, payment for subsidy has reduced within the same period from N51.61 to N14.39 (72% decrease).

Go figure!

harristo:


But something tells me it is due to the reduction of corruption in the system.

I believe its cos electricity as improved which as reduced d amount of fuel used by generators. Now this will be tested in d dry season when d watet level is low in dam and d weather is hot. U will see an increase in subsidy payment.

Corruption may be part of it but not all of it

TonyeBarcanista:

The fall in oil price means a reduction in the money payable on subsidy. This is simple economics that has NOTHING to do with the effort of Buhari. Is Buhari OPEC?

What has changed in the price of crude from june to Oct

obailala:
between June and september, oil prices fell from $65 to $48 but subsidy bill dropped from N2billion daily to N575million daily.

I am sure you are a smart person and should be able to do the simple mathematics. Between June and October, World Oil prices fell by 26% but Nigerias subsidy bill dropped by 71%. Once again, I'm sure you are a smart person to know what that means.

I also believe dt d demand for PMS as dropped cos of increase in power generation. This cud account for some part of 71% subsidy drop

Just saying ooo

obailala:

From spending N2billion daily in June to spending N575million daily. Meanwhile global oil prices only fell from $65 per barrel to $48 per barrel within this period.


Between June and October, world oil prices fell from $65 to $48 but Nigerias subsidy bill dropped from N2billion daily to N575million daily within this period, i.e. World Oil prices fell by 26% but Nigerias subsidy bill dropped by 71%.

Now I think that is a major drop in the subsidy bill and no doubt, this is only due to a more prudent and responsible administration being in place.

A little mathematics, at N575 million daily, that would equate to about N210billion annually. Not too long ago in 2011, Nigeria paid N2.13Trillion for the same subsidy and after all the protests and exposes, Nigeria paid approximately N1trillion per annum for the subsequent years.

...and with some of these things, some would still beat their chests and ask what the CHANGE is. May God forgive us!

Empirical prove of change.
Highly significant 71% shift in subsidy payment from a mere 26% fall in crude oil price speaks volume of buharinomics and his under cover clean up of the mess in the whole system.
Carry go pmb.

Obiagelli:

What has changed in the price of crude from june to Oct

Is it about crude prices or subsidy payment on PMS. D more d demand d more d subsidy payment

Lusola15:


Is it about crude prices or subsidy payment on PMS. D more d demand d more d subsidy payment

Demand for PMS has dropped? Thats interesting.

Lusola15:


Is it about crude prices or subsidy payment on PMS. D more d demand d more d subsidy payment

And you did not read the part of the article which stated that subsidy per litre of PMS has reduced from N51.61 to N14.39

What does a 72% reduction in subsidy Per Litre of PMS have to do with aggregate demand?

Obiagelli:

Demand for PMS has dropped? Thats interesting.

I think so. Tell me when last u or anybody u know on their generators for more than 3hours. I haven't on my in the last 2 month bbefore then I did a minimum 2litres a day. 2x60=120litres remove my 120 that's a drop

Lusola15:


I think so. Tell me when last u or anybody u know on their generators for more than 3hours. I haven't on my in the last 2 month bbefore then I did a minimum 2litres a day. 2x60=120litres remove my 120 that's a drop

You have a solid point there

Obiagelli:

What has changed in the price of crude from june to Oct

Go read the article...

Lusola15:


I also believe dt d demand for PMS as dropped cos of increase in power generation. This cud account for some part of 71% subsidy drop

Just saying ooo

Do not ignore the very important part of the report where it says the subsidy per litre of PMS has reduced from N51.61 to N14.39. You are absolutely right about the reduction in subsidy payments due to reduction in fuel supply and even the improvement in production from our refineries, however, the big point is, the subsidy per litre of PMS has reduced from N51.61 to N14.39. SO when you even factor in the reduction in demand, this could mean even much less payments than the estimated N575million.

Bevista:
And you did not read the part of the article which stated that subsidy per litre of PMS has reduced from N51.61 to N14.39

What does a 72% reduction in subsidy Per Litre of PMS have to do with aggregate demand?

Sorry bro I don't know much abt ecomonic am just stating my own take on the matter. More so do we still import the same amount of PMS we did in June

As the amount imported in June increased or decreased in October or not.

I agree dt is a major drop but is it as a result of crude Price drop ONLY. U need to know if our demand/import for PMS incraesed or decrease in d last 2 month

TonyeBarcanista:
Go read the article...

Lusola15:
I think so. Tell me when last u or anybody u know on their generators for more than 3hours. I haven't on my in the last 2 month bbefore then I did a minimum 2litres a day. 2x60=120litres remove my 120 that's a drop

Obiagelli:
You have a solid point there

Imaima, don't fall for that guy. He has no point.

The average consumption of PMS in Nigeria is estimated at 40 litres/day. What the papers do is to take subsidy Per Litre of PMS and multiply with this 40 million figure to arrive at the ESTIMATED subsidy payment.

For instance, the paper reports that subsidy Per Litre in June was N51.61 while total daily subsidy was estimated as N2.06b. If you observe, N2.06b = 51.61 X 40m.

Similarly, the paper also reports that subsidy Per Litre as at Sunday is N14.39 while total daily subsidy is estimated as 575m. If you also observe, N575m = 14.39 X 40m. So, in both cases, the same estimated consumption of 40million litres/day is used.

If, indeed, our daily consumption has gone down below 40m due to improved power supply, then the ACTUAL subsidy payment per day will even be less than the estimated N575m. Remember, the figures are Estimates by the media and not the Actual figures from official sources.

Bevista:


Imaima, don't fall for that guy. He has no point.

The average consumption of PMS in Nigeria is estimated at 40 litres/day. What the papers do is to take subsidy Per Litre of PMS and multiply with this 40 million figure to arrive at the ESTIMATED subsidy payment.

For instance, the paper reports that subsidy Per Litre in June was N51.61 while total daily subsidy was estimated as N2.06b. If you observe, N2.06b = 51.61 X 40m.

Similarly, the paper also reports that subsidy Per Litre as at Sunday is N14.39 while total daily subsidy is estimated as 575m. If you also observe, N575 = 14.39 X 40m. So, in both cases, the same estimated consumption of 40million litres/day is used.

If, indeed, our daily consumption has gone down below 40m due to improved power supply, then the ACTUAL subsidy payment per day will even be less than the estimated N575m.

Absolutely... There's been a massive reduction in fuel demand and not to forget the considerable improvement in production from local refineries. Overall, Nigeria should have a much reduced subsidy bill today, much lower than the estimated N575million/day.

obailala:
Do not ignore the very important part of the report where it says the subsidy per litre of PMS has reduced from N51.61 to N14.39. You are absolutely right about the reduction in subsidy payments due to reduction in fuel supply and even the improvement in production from our refineries, however, the big point is, the subsidy per litre of PMS has reduced from N51.61 to N14.39. SO when you even factor in the reduction in demand, this could mean even much less payments than the estimated N575million.

I agree with u 101% however I av seen what and what makes it N14.39 I wud like to see what and what made it N51.61.
I believe should still go down and d pump price should also go down

Bevista:


Imaima, don't fall for that guy. He has no point.

The average consumption of PMS in Nigeria is estimated at 40 litres/day. What the papers do is to take subsidy Per Litre of PMS and multiply with this 40 million figure to arrive at the ESTIMATED subsidy payment.

For instance, the paper reports that subsidy Per Litre in June was N51.61 while total daily subsidy was estimated as N2.06b. If you observe, N2.06b = 51.61 X 40m.

Similarly, the paper also reports that subsidy Per Litre as at Sunday is N14.39 while total daily subsidy is estimated as 575m. If you also observe, N575 = 14.39 X 40m. So, in both cases, the same estimated consumption of 40million litres/day is used.

If, indeed, our daily consumption has gone down below 40m due to improved power supply, then the ACTUAL subsidy payment per day will even be less than the estimated N575m.

which also means that there is still corruption in the system. How r we sure 40million litres is expended daily? Which agency monitors this daily usage?
And also buhari said he doesnt understand what subsidy means, so why still pay for what doesnt exist?
Ikpa dakkada kpong edefend falsehood.
What we r clamouring for is outright removal of subsidy. Sofar that word subsidy exist, there will always be corruption in the system, cos the situation where refineries is being acclaimed to work in full capacity, and we are still importing 100percent of what is acclaimed to be used daily by nigerians which is 40million litres daily. So what is the refinery refining?

Bevista:


Imaima, don't fall for that guy. He has no point.


If, indeed, our daily consumption has gone down below 40m due to improved power supply, then the ACTUAL subsidy payment per day will even be less than the estimated N575m.

Bros my point my consumption has dropped urs as droPped yet daily on paper is 40m. Someone is still robbing us. There no way in this world anyone will tell me we used 40m litre a day in d last 2 month.

Again my own take

bevista, am suspecting u to be sen. ita enang. That man doesnt hv any ideology, he follows his stomach. Just like what obj said to ffk, i quote'give him money and he will sing for you'.

Why is BrainlessBuubu still paying subsidy to the CABAL after he said he does not know what it is.
What manner of change is this

Surely we have been SCAMMED!


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this witch hunting make sense oo

bjjbam:
With this kind of news, one doesnt even know either to rejoice or to be sad.

na so I see am o. I believe we will get there.

harristo:
So what this is trying to prove is that, the government now spending about N575.6m daily on subsidy as oppose to spending N2.06bn daily in June 11 is due to the change in crude oil price.

But something tells me it is due to the reduction of corruption in the system.

Kai... Na Amadioha dey tell you abi na Sango? You were given an empirical evidence of what brought about the decline buh instead, you chose to insinuate theories you can't substantiate. Nigerians and propaganda.

Aufbauh:
"People who say it cannot be done should not interupt those who are doing it" - George Bernard Shaw
With time people will understand the earlier statement of Mr president when he said there is no subsidy.
The sudden and drastic reduction in subsidy payment is a pointer that the Jonathan administration is a mishap and if he's innocent as portray then he should have a sober reflection and apologize to Nigerians for allowing 'the undertakers' to take over his government.

I strongly support your comment..... Buhari is a peace loving man and he's not ready to tanish anybodies name.... the old daura man is really a wise man to be appreciated by all nigerians..

Burger01:
Gradually, things will start falling in place. President Buhari must be dogged and fight corruption headlong.. No retreat no surrender...no matter whose ox is gored. Every holes of corruption opened by Jonathan must be plugged. Nigeria lived in corruption under Jonathan, and this in turn destroyed Nigeria beyond early recovery. But, gradually we shall get things right.....gradually.

PMB should fix electricity and watch Nigeria grow. We shall never give up on Nigeria...She's all we've got

Sai Buhari 2019

Haters and wailers can hang and quench for all I care

If the improvement in electricity that we have seen in my case in the last 2 weeks is to continue, we will surely be on the right path. I go even follow camp outside Duara home for baba to come for second term oh.

I don join the change and go slow train. Let wailers continue to wail.

I do hope that they will allow fashola to head this ministry.

Lusola15:
Bros my point my consumption has dropped urs as droPped yet daily on paper is 40m. Someone is still robbing us. There no way in this world anyone will tell me we used 40m litre a day in d last 2 month.

Again my own take

My point is that the figures being bandied in papers are not from official sources. They are projections made by those papers based on an estimated daily consumption of PMS.

When the official figures are out, then the ACTUAL subsidy payment will be much less than those ESTIMATES.

Lusola15:
I agree with u 101% however I av seen what and what makes it N14.39. I wud like to see what and what made it N51.61.
I believe should still go down and d pump price should also go down

Good, this is where most of the fraud are hidden. What we are seeing now is greater transparency and probity in how PPPRA arrive at those figures. Hopefully, it'll go down even more.

There was a time we spent over $5b per day in this country for subsidy, even with no increase in daily consumption, yet no reasonable explanation was provided.

The system is not yet perfect, but these are positive signs that we are moving in the right direction.