Just came across this by a friend on Facebook:

"WHY IBE KACHIKWU SHOULD SHUT UP!

I don't really know how to appraise this man to be honest. He appears intelligent but he looks morally depraved and a unrepentant liar.
Why does this guy go about distorting facts and peddling falsehood about fuel subsidy? Who is fooling who here? he goes about saying that they saved N10 billion from fuel subsidy since February, and so what? How much did Nigerian pay as a result? How many hours of economic importance did we waste in petrol stations as a result?

Ok let's do a bit of maths:

Nigeria uses average of 35 million litres of petrol per day.
The former official pump price is N87 per litre.
For more than three months petrol was bought at average of N200 per litre.

And this man claimed he saved N10 billion Naira on subsidy.
Let's check: 200-87 = 113. So Nigerians paid N113 more on each litre. When you times N113 by 35 million litres per day you: 35,000,000 litres X N113 = N3,955,000,000. (N3.9billion). So every day we over paid N3.9 billion on petrol. Multiply N3.9 billion by 30 days or one month, it will give you N116.6 billion over paid by Nigerians in a month. Multiply it by 3 months it will be N355.950 billion. So who is fooling who? Where did this money go to? Into the pockets of the same marketers you claim to have saved N10billion from.

So why not then pay them complete subsidy with the N10 billion and save us the time we spent in petrol stations and save us N345 billion?
The money lost is already more than the one paid on subsidy when crude oil was 140 dollars a barrel.

This man should just shut up."

I totally agree with him.

SUBSIDY SHOULD GO PERIOD