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Nigeria's Spends $1.8billion On Fuel Imports Quarterly - Politics (2) - Nairaland

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Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by Seun(m): 11:10am On Apr 14, 2016
Is this figure supposed to astonish us? Nigeria is the most populous country in Africa. Of course the total amount we spend on fuel is quite high.
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by Nobody: 11:10am On Apr 14, 2016
These importation bills are too outrageous. Government should make enabling laws to allow private sector participation. Besides, government role in the oil industry should be purely regulatory. The current system is simply not favourable to savvy investors.
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by fromnigeria(m): 11:11am On Apr 14, 2016
ayusco85:


Once a Zombie always a zombie. Don't I ve a freedom of expression again? Abeg swerve make I see road.
Hope u are enjoying Ur chains oops sorry change.
Thats where the problem lies.
That bill was for persons like you, who feels they can say what they like online.

Even if its senseless and out of point.

1 Like

Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by mesoprogress(m): 11:11am On Apr 14, 2016
Joke of a nation. Nigeria should at least build at least five Modular refineries in each state, while waiting for white elephant refinery projects. Modular refineries will take less than 12 months to commission. These refineries will be fed with crude oil tankers as against pipelines that can be easily sabotaged by militants. This will shore up naira as these amount of dollars spent daily will be made available for other useful businesses.

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Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by HirstMOG(m): 11:24am On Apr 14, 2016
buhari the dullard need to explain this cos he said he did not know what subsidy means.
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by rolchi(m): 11:27am On Apr 14, 2016
The fuel they import is not dispensed to Nigerians "free". It is sold! The question we should ask is: How much profit do they make from importation and sale of fuel?

1 Like

Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by TheSociopath(m): 11:28am On Apr 14, 2016
Okijajuju1:
$1.8billion..




Just imagine this...



Nigeria's 6 - 8 Top Refineries are refining Petroleum Products efficiently.

Local demand is met and excess needs to be exported.

Countries like most of those in West Africa now have to buy refined Petroleum products from us.

Instead of spending 1.8 Billion, we make 1.8 billion..



But if we did this, then we wouldn't be Nigeria.


Your name is ookijajuju truce and you just made common sense
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by ZUBY77(m): 11:32am On Apr 14, 2016
Okijajuju1:
$1.8billion..




Just imagine this...



Nigeria's 6 - 8 Top Refineries are refining Petroleum Products efficiently.

Local demand is met and excess needs to be exported.

Countries like most of those in West Africa now have to buy refined Petroleum products from us.

Instead of spending 1.8 Billion, we make 1.8 billion..



But if we did this, then we wouldn't be Nigeria.

Yeah, it's easier to come up with perfect solution from the sideline; until you get there.

1 Like

Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by Okijajuju1(m): 11:34am On Apr 14, 2016
ZUBY77:


Yeah, it's easier to come up with perfect solution from the sideline; until you get there.


Yeah!!!

Thats why we have not built a single refinery (Public or Private) in over 30 years.. grin

2 Likes

Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by ppnye: 11:37am On Apr 14, 2016
@Quakertellicus1 I cannot argue with the experienced guy at the Quora website but, he is making it look like building a refinery is us venturing into uncharted waters, he also enumerated several obstacles including power, on the overall he's opined that Nigeria cannot build and run a modern refinery. I leave in Bonny Island, some nautical miles from Port Harcourt, there we have the NLNG Gas plant, the land was reclaimed, community relocated and power constant. In Bonny Island we have 99.5% power supply, so what is that man saying

3 Likes

Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by leghagha: 11:42am On Apr 14, 2016
Ken4Christ:
They won't build refineries that can meet up with daily demand as it will greatly limit the amount of money they will make compared with what they are making now. The question is who can stop them? They give our hungry youths peanuts to vote for them and even kill one another. God have mercy and deliver us from our wicked leaders.
The solution is for the private sector to build refineries but as long as petrol is subsidised they wont.If government builds it they will run it down a they are doing now
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by Toks2008(m): 11:46am On Apr 14, 2016
Ken4Christ:
They won't build refineries that can meet up with daily demand as it will greatly limit the amount of money they will make compared with what they are making now. The question is who can stop them? They give our hungry youths peanuts to vote for them and even kill one another. God have mercy and deliver us from our wicked leaders.

I dont know about others but Buhari certainly means business and that was why he never ceased to show his illfeeling towards importation and subsidy.

1 Like

Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by Sibrah: 11:50am On Apr 14, 2016
ayusco85:
“Buhari said in 2003 that he have 150
cows, in 2007 150 cows, in 2011 the same 150 also in 2015
150 cows, then i ask if this cows are using condom! So
imagine if Buhari’s cow don’t multiply how can Nigerian
economy multiply? Unless if he has been lying to us Nigerians. Either way buhari isn't the Messiah.
Stop derailing with lies. Even if Buhari made those claims, cows don't live up to 12 years and commonsense should tell you the cows produced to maintain their population.

2 Likes

Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by leghagha: 11:53am On Apr 14, 2016
This comes to 600 million dollars a month when the FG is not expecting to make more than 1 billion dollars a month from export of oil and gas based on 38 dollars a barrel but oil import is taking at least 60 percent f forex reason for pressure on naira

3 Likes

Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by Nobody: 12:11pm On Apr 14, 2016
ayusco85:
“Buhari said in 2003 that he have 150
cows, in 2007 150 cows, in 2011 the same 150 also in 2015
150 cows, then i ask if this cows are using condom! So
imagine if Buhari’s cow don’t multiply how can Nigerian
economy multiply? Unless if he has been lying to us Nigerians. Either way buhari isn't the Messiah.
and where did buhari ever tell you he had 150 cows in 2003?
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by jayriginal: 12:24pm On Apr 14, 2016
See people saying they should build refineries. The same people saying the government is too slow and abusing their fathers are talking of building refineries.

Are refineries built in a day?

Are you willing to endure the fuel scarcity and high prices until the refineries are built, staff trained and employed?

What do Nigerians really want?
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by aloeman15(m): 12:25pm On Apr 14, 2016
My people.
Wetin dey do una for dis nairaland?
Ok.
Why refineries will NOT work.
It costs us $25-30 to produce 1 barrel of crude (meaning we actually lose money when prices are below $38). So-
Its cheaper to import.
All our refineries are LONG past their sell-buy date, so-
Its impossible to work at up to 30% capacity. Any news to the contrary is a bare-faced lie. After all they should be able to prove their claim, abi?
Dangote is building a giant refinery at the lekki ftz.
And nigeria will IMPORT his products and PAY IN DOLLARS, so-
Expecting either the old ones or modular ones to come onstream is just laughable- My guy must make his paper.

Are we all now clear on what's what?
So any govt who hasn't told you these truths is simply fooling you.
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by Taiw(m): 12:32pm On Apr 14, 2016
ayusco85:
“Buhari said in 2003 that he have 150
cows, in 2007 150 cows, in 2011 the same 150 also in 2015
150 cows, then i ask if this cows are using condom! So
imagine if Buhari’s cow don’t multiply how can Nigerian
economy multiply? Unless if he has been lying to us Nigerians. Either way buhari isn't the Messiah.

Please go back to school to learn how to read and write. **SHAKES HEAD***
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by Henryadaku(m): 12:32pm On Apr 14, 2016
ayusco85:


Once a Zombie always a zombie. Don't I ve a freedom of expression again? Abeg swerve make I see road.
Hope u are enjoying Ur chains oops sorry change.





Really nigga!!!!!........just surf the Bleep on
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by rolchi(m): 1:14pm On Apr 14, 2016
ppnye:
@Quakertellicus1 I cannot argue with the experienced guy at the Quora website but, he is making it look like building a refinery is us venturing into uncharted waters, he also enumerated several obstacles including power, on the overall he's opined that Nigeria cannot build and run a modern refinery. I leave in Bonny Island, some nautical miles from Port Harcourt, there we have the NLNG Gas plant, the land was reclaimed, community relocated and power constant. In Bonny Island we have 99.5% power supply, so what is that man saying

I lived in Bonny for 10 years. But do you know how much investment is sitting on that Island? It is heavy. Don't forget that the NLNG plant was started by Gen. Sani Abacha and you will understand where the will power to build it came from. In a democracy, it will be difficult t oconvince all stakeholders!!!
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by banio: 2:07pm On Apr 14, 2016
Dangote the MONOPOLY master will save us when his refinery comes online.
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by Nobody: 2:16pm On Apr 14, 2016
And Dubai wants to build a tower taller than burj khalifa with $1 billion, and we are spending more on one quarter of IMPORTING fuel, seriously why do we have leaders with otapiapia for brains? I weep cry

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Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by Chukzyfcb(m): 2:26pm On Apr 14, 2016
NNPC say we consume 40million litres of petrol daily... They say:
Portharcourt - 4m - 5m litres
Kaduna - 1.3m litres
Warri - 1.4m -2m litres
Our refineries current output yields about 8m litres of fuel daily

***************************************
But at FULL CAPACITY we can produce = 19m litres of petrol
**************************************
If The Total of Our refinery, refines 485,000 Barels per day and was made to produce 19million litres @ Full capacity........its wise to say Dangote refinery with a capacity of 650,000bpd SHOULD END FUEL IMPORTATION
Because Dangote refiney should produce atleast 23million litres of petrol/day. Reducing drastically our fuel imports.
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by obailala(m): 2:32pm On Apr 14, 2016
16 years of the locusts (PDP), Nigeria spending roughly $7.2 billion per year on fuel imports, this is in addition to the trillions lost due to dubious marketers diverting subsidy funds. A 'very' rough estimate for the 16 locust years of PDP, $115.2 billion spent in 16 years in importing fuel; just a quarter of that amount would have built enough refineries for Nigeria to be a net exporter of refined products today. And someone asks why we booted the locusts out?.... And someone (a PDP supporter) dares to blame Buhari for this? #Iberiberism
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by Chukzyfcb(m): 2:56pm On Apr 14, 2016
aloeman15:
My people.
Wetin dey do una for dis nairaland?
Ok.
Why refineries will NOT work.
It costs us $25-30 to produce 1 barrel of crude (meaning we actually lose money when prices are below $38). So-
Its cheaper to import.
All our refineries are LONG past their sell-buy date, so-
Its impossible to work at up to 30% capacity. Any news to the contrary is a bare-faced lie. After all they should be able to prove their claim, abi?
Dangote is building a giant refinery at the lekki ftz.
And nigeria will IMPORT his products and PAY IN DOLLARS, so-
Expecting either the old ones or modular ones to come onstream is just laughable- My guy must make his paper.

Are we all now clear on what's what?
So any govt who hasn't told you these truths is simply fooling you.

How do we lose money Our overall cost of producing a barrel of oil is $31.60 while the global price is say $38/barrel so we make $7 profit. But this isn't exactly correct, because the overall cost of $31.60 comprises of Operational cost & capital expenditure. With the fall of oil prices, most oil firms have drastically reduced their capital cost, thus having an impact on the overall price. The operational cost in Nigeria of producing a barrel of Oil is about $15-16/barrel. So if the capital expenditure is reduced to its barest minimum it could mean our total cost of oil production could be about $20-23/barrel. You can call it the "fiscal policy implementation"
And No! We will not import dangote's fuel. Coz its In Nigeria, so we'll save our forex reserves used in fuel import since we can now meet local demand. So let's say dangote's refinery is still a blessing to look forward to coz it has got the capacity to meet our Local demands.
Re: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by Roadmike(m): 10:26am On Apr 15, 2016
[size=20pt]This is BUHARINOMICS all in an attempt to prepare for another round of fund movement aka 52Brief cases - God save Nigeria [/size]

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