The government has somehow out-jumped its budgetary provision for what the NNPC still records as under recovery, while being unable to achieve close to 90 per cent of its infrastructural intentions.

The Government of Nigeria through the Nigeria National Petroleum Corporation between July 2018 and April 2019 sunk N546.07bn into keeping the price of a litre of petrol at N145.

This is N241.07bn less than the N305bn President Muhammadu Buhari presented to the National Assembly for fuel subsidy in November 2017 and signed in June 2018.

The government has somehow out-jumped its budgetary provision for what the NNPC still records as under recovery, while being unable to achieve close to 90 per cent of its infrastructural intentions.

Based on data gathered by SaharaReporters from the corporation’s monthly finance and operation reports, the figure covered July to April 2019 – the last month the company records its under recovery data for.

The Petroleum Product Pricing and Regulatory Agency had in May 2016 designed a template of N145 for a litre of petrol based on a subsisting landing cost of N133.

The landing cost of a litre of the foreign-refined product was however, sourced from a barrel of oil, which was selling in the $20 bracket at the time.

When the Organisation of Petroleum Exporting Countries and its Russia-led alliance started to push for higher prices, the Nigerian Government did not permit the PPPRA to draw up a new template.

Rather than approach the National Assembly to approve the recommencement of the fuel subsidy regime, the government permitted NNPC to make itself the sole importer of the product.

The corporation did this and arbitrarily listed the monies used to maintain the N145 reality as an under recovery.

Following calls by the Nigerian Governors Forum and the National Assembly for the NNPC’s unbudgeted deductions to be probed, the Presidency decided to budget N305bn as fuel subsidy – a sum it had exhausted at the end of January, the seventh month of the budget cycle.

In July, August and September 2018, the corporation said it under recovered N51.20bn, N65.90bn and N45.80bn.

In October, November and December, the corporation informed the public through its finance and operation reports that it made losses of N40.50bn, N2.88bn and N13.34bn.

Between January and April however, the NNPC said it forfeited profits worth N104.35bn, N102.34, N30.64bn and N89.19bn.

With the exception of Dangote, whose refinery is most likely to become reality, much of the licenses given for the execution of modular refineries have remained dreams.

http://saharareporters.com/2019/10/28/nigerian-government-spent-n32123bn-more-it-budgeted-subsidy-2018

Jonathan government paid fuel subsidy and fuel was bought on a cheap price

Buhari government is paying more fuel subsidy more than the amount Jonathan paid for subsidy yet fuel is still bought at an expensive price

Someone should please explain this theory to me

"What is Subsidy?".... Buhari 2014

"Subsidy is a way of enriching the pockets of PDP"..... Tinubu 2014

"Occupy Lagos".... Femi Falana and Co. 2012




2019... We are still buying fuel for N145 per litre and even paying for subsidy in billions too...... Who is fooling who?





Jonathan was clueless but this APC and Buhari are so dumb to the core that they even performed worse than what they criticized in 2014/2015.... Nigerians will get sense by force before 2023

At least Buhari can now see that fuel subsidies payment is not a fraud, like he used to tell us before he became president. This man was and is still very uninformed about a lot of things.

I still have a lot of reservations about it though, one of which is: Why should the price of PMS always remain stagnant even when the price of crude oil crumbles at the international market? But whenever crude oil prices rise, the marketers approach the FG to demand for extra payment?

Who has an answer, because I really feel this is a big corruption?

Let's go

Nnn

Where is Sowore?

Hahahahahaha Nigerians must get sense by force

Una never see anything

Sincerely at this point all I mean ALL buhari supporters should be extremely ashamed...

Too bad shame is that only thing they lacked..

To then governance is like drinking money tea. A leader without vision always achieve nothing.

This regime will end one day, and all corruptions will be revealed in this sham of a government, I just pray the next person wouldn't be as stupid as this one's.

Nawa

Let's wait and see.

Trailer to removal of fuel subsideen

Shame on those praising this devilish administration...

May good things depart from their households

Evil everywhere

una never see anything

Goverment of tyranny and fraud

Sahara again?
Your oga is still in detention, you want FG to give him rat poison?

Buhari is the most clueless president in the Nigeria history

calabardick:
Sahara again?
[s]Your oga is still in detention, you want FG to give him rat poison?[/s]

I blame PDP for this added money....

I also blame our over population and unemployed graduates that litter the street...


I also blame the devil for causing havoc...


I blame......

This is the next level by the time they are done with Nigeria we would be world poorest nation

maxiuc:


Jonathan government paid fuel subsidy and fuel was bought on a cheap price

Buhari government is paying more fuel subsidy more than the amount Jonathan paid for subsidy yet fuel is still bought at an expensive price

Someone should please explain this theory to me

Jonathan was a failure, corrupt, an ineffective.

Chai

Even when pump price has been increase to almost twice what we used to pay?

The people dey rape us right left center Sha

The problem is not about removal of fuel subsidy. There's a way subsidy can be removed on fuel and nobody will even protest even if they sell fuel for 350 naira per liter. How? If the government made 24hours electricity possible then business owners will not be bothered about cost of fuel in powering their generators. Another way is the improvement of public transport... How? Government should invest on subways, intercity rails, inter state rails etc This will make a lot of people prefer the use of public transport instead of having to fuel their vehicles everyday because there will be a lot of alternatives. Without these solutions they will keep spending a lot of money on subsidy and the corruption will never end. .... MY VIEW

BlackfireX:




Jonathan was a failure, corrupt, an ineffective.

Yes and I guess we now have a success, incorruptible and very effective president right?

Fountainofyouth:
This regime will end one day, and all corruptions will be revealed in this sham of a government, I just pray the next person wouldn't be as stupid as this one's.

I can bet you that the next regime will be more stupid than this one. If you have noticed, Nigeria is getting worse leaders by the day. Obasanjo was far better than GEJ, GEJ is far better than Buhari, It is likely that Buhari will be far better than the next govt. I only pity Nigerians in Nigeria.

godwinkessi:
Hahahahahaha Nigerians must get sense by force

Is this the new hash tag or song now, "Nigerians must get sense by force"??!... I think I'm loving it!!!

calabardick:
Sahara again?
Your oga is still in detention, you want FG to give him rat poison?

So daft!!
Out of point!!
With your type Nigeria will never be great..