Oil sector productivity declined despite healthy prices

Chineme Okafor in Abuja

A World Bank report called the “Nigeria Biannual Economic Update” for 2018, which was released on Monday and obtained by THISDAY yesterday in Abuja disclosed that Nigeria spent N731 billion to subsidise petrol consumption in the year under review.

The report, which is a product of the staff of the World Bank and tells of key developments in Nigeria’s economy in the recent past, summarises the staff’s assessment of likely economic outcomes in the short-to-medium term, given the policy developments; as well as highlights key short-term risks in the country

It explained that within the year under consideration, Nigeria’s oil sector declined in its productivity, ending on 1.9 million barrels a day (mbd) production mark as against the government’s hope of 2.3mbd.
Additionally, it stated that the Excess Crude Account (ECA), which provides the country some fiscal buffer, was virtually depleted even though prices of Nigeria’s Bonny Light blend was averagely $21 per barrel more than the oil price that was or budgeted for in the year.

The World Bank had in November 2018 stated in another report titled: ‘Nigeria Bi-annual Economic Update for Fall 2018,’ that petrol subsidy deductions for 2017 full year was N107.3 billion, but its current report showed that N731 billion was spent in 2018 alone.

According to it, most of the petrol volumes Nigeria spent money to subsidise in 2018 were inflated as daily consumption rose to 54 million litres per day (ml/d) from 40ml/d in 2017, ostensibly due partly to out-smuggling.
“Oil and gas revenue collection increased in 2018 but remained below potential. Net oil and gas revenues retained in the federation account grew by 73 per cent in nominal terms: as oil production remained stable, the increase has been driven by the oil price.

https://www.thisdaylive.com/index.php/2019/04/10/fg-spent-n731-billion-to-subsidise-inflated-petrol-imports-says-wbank/?amp

Subsidy deductions for 2017 107billion...
Subsidy deductions for 2018 alone 731 billion
Mr Integrity at work..

Koolking:


I know you are one of those who look out for negative news like this one. Here you have it. It gladdens your heart. You don't care about truth. It boosts your confidence of 'tagging Mr. Integrity'.

SMH for Nigerians

Oga not everyone have lost their common sense of reasoning... Nigerians now pay more for fuel but yet are paying overly more in subsidy claims but u somehow don't see anything wrong in it becos those who do are on d look out for negative news? There is more wrong with U dan with d govt

Nbote:
Subsidy deductions for 2017 107billion... Subsidy deductions for 2018 alone 731 billion Mr Integrity at work..

Nigeria is a peculiar country that defies logic

Rogues as leaders....
40ml in 2017 / 54ml in 2018

Esseite:
Rogues as leaders....
40ml in 2017 / 54ml in 2018

When last have you filled your tank.
Lalasticlala can tell how much Seun dey spend on fuel.

Subsidy higher than education, defence budget.

Mheen! This subsidy thing, most Nigerian didn't understand it except the people wey dey chop the money. Make dangote quick with him refinery make this mysterious subsidy thing die by dangote refinery joor.

USA Used Samsung s6 edge plus for sale. Check link
https://www.nairaland.com/5116583/clean-usa-used-samsung-s6#77432444

Corrupt government

sad


increased fuel price from N87 to N145 and increased subsidy too

and then somebody says this government's biggest achievement is fighting Kwarapshon!

These money must have been looted

Next level

Inflated under the man of integrity.

This is the handy work of Atiku foreign lobbyists since this report is coming from a foreign bank

These guys are criminals, hardened ones.

I trust one demonic short evil who claim pastor to come and give us another version of this.
Pastor from pit of hell.

is like this people think we don't know the value of money again.....

na so Dem come dey tell us say we need 50billion naira to build national library .......

well I don't have there time now...I am in sifia pains ...Barca is trashing us in OUR own hauz

If the report is true and a precise version of what is actually happening, then this is a classic case of robbing Peter to pay Paul. Let's see how long it lasts.

Hyg

Dangotes refinery is estimated at "12 Billion dollars", 731 billion naira= over 2 BILLION dollars, I weep for Nigeria.......!!!

Buhari is pyting kwarofshan

next level in action

Previous Level and Next Level put together.

Wakanda fuckery is this?
Mtchewwww.

.


The reason Nigerians are being roundly deceived by this government is the millions of naira spent on online and traditional media.

This subsidy under recovery farce is not news, they have paid handsomely to handle public relations and messaging.


FRAUDS

STEALING WITH INTEGRITY since 1976


.

Ok

Have nothing to say

K

This country Nigeria the more you try to reason it, the more you get confused.

Seems world Bank is cooking some new poverty forever policies ,they keep involving themselves yet the people have never smelt prosperity,with all their recommended policies.

And to think some pipu wee still come and be shouting mr incorruptible, mr saint, mr "i dey slow but i nor dey loot" ........hahahaha
Na small small d truth go dey comot

[img]https:///media/3-18-2018/Mgd9b8.gif[/img]

Hmmm...there's nothing like subsidy...any subsidy is fraud..

That was the chorus we were served with before power changed hands...

I remember those days wey we dey play monkey post...some people go dey shout "I go play..I go play"...put them for game...na yawa you go see..

EFCC and SARS are busy terrorising boys with dreadlocks...what armed robbery or financial crime is greater than this...?