1. Introduced as a temporary measure in 1988 by FGN as part of its Structural Adjustment Program (SAP) as a Stop gap measure as refineries underwent rehabilitation.

2. Stabilizing price of petroleum products Initially designed to last for 6 months

3. Recent findings have shown that the subsidy regime has been largely skewed in favour of Nigerians living within the South Western states and Abuja while others located within the South East, South South and Core Northern States have bought PMS and other petroleum products above the pump price.

4. Farouk Lawan Committee Probe (2012) discovered that Over N232 Billion on subsidy paid to Marketers for PMS in 2011 not supplied.

5. 31Million Liters per day as opposed to marketers claims of 60 Million Liters Subsidy has become a scheme for mismanagement of revenues and in 2011, 197 subsidy transactions worth N229bn were illegitimate.

6. From 2006 to December 2013, the Federal Government has paid over 10trillion Naira as subsidy payments to Petroleum Marketers which is more than Nigeria’s two-year budget figure, three times the budget allocation for health, and two times the budget allocation in the 2014 fiscal year

7. Subsidy creates an imbalance in the economy allowing everyone to go into bunkering, raising private armies, jetty ownership, private jets and every other endeavor antecedent to it.

8. Despite the large amount of money spent as subsidy payment, Nigeria, and Nigerians has always experienced fuel scarcity with each one crippling the economy worse than before e.g. the fuel crisis for 2013 was worse than the previous one of 2012 while the one for 2016 is worse than the one experienced in 2015

cc:lalastic

tosinokin:
1. Introduced as a temporary measure in 1988 by FGN as part of its Structural Adjustment Program (SAP) as a Stop gap measure as refineries underwent rehabilitation.

2. Stabilizing price of petroleum products Initially designed to last for 6 months

3. Recent findings have shown that the subsidy regime has been largely skewed in favour of Nigerians living within the South Western states and Abuja while others located within the South East, South South and Core Northern States have bought PMS and other petroleum products above the pump price.

4. Farouk Lawan Committee Probe (2012) discovered that Over N232 Billion on subsidy paid to Marketers for PMS in 2011 not supplied.

5. 31Million Liters per day as opposed to marketers claims of 60 Million Liters Subsidy has become a scheme for mismanagement of revenues and in 2011, 197 subsidy transactions worth N229bn were illegitimate.

6. From 2006 to December 2013, the Federal Government has paid over 10trillion Naira as subsidy payments to Petroleum Marketers which is more than Nigeria’s two-year budget figure, three times the budget allocation for health, and two times the budget allocation in the 2014 fiscal year

7. Subsidy creates an imbalance in the economy allowing everyone to go into bunkering, raising private armies, jetty ownership, private jets and every other endeavor antecedent to it.

8. Despite the large amount of money spent as subsidy payment, Nigeria, and Nigerians has always experienced fuel scarcity with each one crippling the economy worse than before e.g. the fuel crisis for 2013 was worse than the previous one of 2012 while the one for 2016 is worse than the one experienced in 2015

cc:lalastic

really truth be told, not everybody is benefiting from this subsidy scheme, a friend in delta gets fuel at N140.. what exactly are we subsidizing

tosinokin:


7. Subsidy creates an imbalance in the economy allowing everyone to go into bunkering, raising private armies, jetty ownership, private jets and every other endeavor antecedent to it.


cc:lalastic

we cant even afford it, if this government is really about change, they shouldnt toss our economy into more turmoil by continuing these subsidy scheme... for all i care if th the subsidy is removed, it would reduce greed among our yam and rice giving/eating politicians

are you saying we should scrap the fuel subsidy scheme or what? remember when GEJ tried to scrap it and it was like it would bring more suffering for Nigerians