according to the prime minister(okonjo iweala) we consume 35million liters of fuel daily(though pppra says 32m a day). using madams figures (35m daily) we consume 12,775,000,000 billion liters in 365 days(yearly). multiply that with the subsidy price of 75naira (according to pppra,landing cost 131naira,distributors margin 9.34 naira) you get 958,125,000,000billion naira! so where is this 1.4trillion naira subsidy amount coming from? to think there is also they2.7m liters daily unsubsidized locally refined pms!

and the usually noisy lap dog has lost his voice

Fresh air 2012. Exposure

Nadanbata:

Fresh air 2012. Exposure

small breeze blow fowl ny*sh,i'm beginning to follow that line that they was no subsidy at all. they can't even get their figures right, iweala says we consume 35million liters daily,pppra says 32million daily while sanusi goes with less than 32million! finance minister,cbn gov,pppra & co no know actual figure yet 1.4 trillion don go

torkaka:

small breeze blow fowl ny*sh,i'm beginning to follow that line that they was no subsidy at all. they can't even get their figures right, iweala says we consume 35million liters daily,pppra says 32million daily while sanusi goes with less than 32million! finance minister,cbn gov,pppra & co no know actual figure yet 1.4 trillion don go

ROTFLMAO

@ poster, we spent 1.4t, but we were SUPPOSED to spend not more than N300b, based on what was budgeted, and, as you've rightly shown, based on our consumption.

So where did the extra money go? The 1t naira question.

torkaka:

small breeze blow fowl ny*sh,i'm beginning to follow that line that they was no subsidy at all. they can't even get their figures right, iweala says we consume 35million liters daily,pppra says 32million daily while sanusi goes with less than 32million! finance minister,cbn gov,pppra & co no know actual figure yet 1.4 trillion don go

Me to jus corruption money. Now GEJ wants to increase it to fill the PDP treasury to rig 2015 like 2011

Im happy most people are seeing it now though

doofanc:

@ poster, we spent 1.4t, but we were SUPPOSED to spend not more than N300b, based on what was budgeted, and, as you've rightly shown, based on our consumption.

So where did the extra money go? The 1t naira question.

if govt budgeted 300bn for subsidy that means they knew how much our consumption is! what is that figure that gave them a 300bn budget? and wasn't that figure prepared by the finance ministry? if they spent 1.4tn like we are told and they were kind enough to tell which companies benefited from subsidy why are they not als kind enough to give us a comprehensive break down of who got what? now that we have all turned economists we need this answers!

There was an election this year remember? Where did the campaign money come from? All the adverts on TV on prime time where did the money come from? If you ask me I will say subsidy. Remember when the Next newspaper published a story of how the minister of petroleum and the PPPRA were collecting money from marketers to support the campaign.

between removing subsidy or retaining it theres this huge fraud in between and it involves almost 500bn. govt has now exposed itself,who even releases this subsidy money?

the clueless slowpoke called beaf is yet to give us an answer .

torkaka:

the clueless slowpoke called beaf is yet to give us an answer . 

What answer do you expect from him? The truth is that you guys even flatter the empty barrel by seeking his jaundiced response. We all know that a President who cannot use the might of office to cower those holding Nigeria to ransom has no business being President. That is exactly what GEJ is . I.e a weak gradualist promoted far above his station to defend the interest of AGIPs and the wicked who want to keep controlling the nation by proxy.

This is the same man Oronto Douglas confessed (courtesy of wikileaks) was " a part of the culture of corruption in the Niger Delta". When GEJ needed to actualise a very difficult ambition against very rich and influential Nigerians, did you guys not think that target would "bankrupt" Nigeria? "Bankrupt" being the precise words some of us (myself, OYB, Blacksta et al) used to quantify what "project Jonathan" would cost Nigeria.

Now you all waste time expecting a paid sycophant to tell you how fuel subsidy that should ordinarily be N300 billion became N1.4 trillion under the watch of GEJ? Is it not obvious why they want blanket removal of subsidy? We all know that throwing a blaket over something hides everything - good and bad.

i think its time we call for a complete investigation jona's campaign funds! the man seems to have a vampire like taste for billions,from 1bn naira feeding to 3bn travelling and stationery! i think the man just wants to grab what he can grab and leave the seat! even the so called cabal story i'm having doubts,the man simply likes pushing blame!

@gbawe
just wanted the a*se licking sycophant to come earn his money as jona's s.a on nairaland matters

how does govt even ascertain what quantity of pms marketers bring into the country and at what point is subsidy paid? during delivery at the ports,marketers farm or delivery at filling stations? what are the checks and balances put in place?

Beaf over to you o.
Oya come defend your oga and him biznes partners as usual.

beaf roast:

Beaf over to you o.
Oya come defend your oga and him biznes partners as usual.

he's busy causing controversies about cameroun!

A commentator who can never contradict the object of his critique is a waste of space and time.

DRANOEL:

according to the prime minister(okonjo iweala) we consume 35million liters of fuel daily(though pppra says 32m a day). using madams figures (35m daily) we consume 12,775,000,000 billion liters in 365 days(yearly). multiply that with the subsidy price of 75naira (according to pppra,landing cost 131naira,distributors margin 9.34 naira) you get 958,125,000,000billion naira! so where is this 1.4trillion naira subsidy amount coming from? to think there is also they2.7m liters daily unsubsidized locally refined pms!

When they say Nigeria consumes 35 million litres of fuel daily. They expect you to use your common/ and mathematical sense (since you know maths) to understand that that is an average figure. It can go up or can come down . Last year, it went up due to increase in consumption and increase in crude oil at the international level. As a result, 1.4trillion was spent.

DRANOEL:

how does govt even ascertain what quantity of pms marketers bring into the country and at what point is subsidy paid? during delivery at the ports,marketers farm or delivery at filling stations? what are the checks and balances put in place?

This question is a very pertinent question and when you get the answer to the questions, you were understand how the subsidy fraud works. If you really need answers, look for an article by simon kolawole in Thisday sometime ago where he analysed these issues. Just to add that all the regulatory bodies saddled with the responsibility of ascertaining the quantity of oil and determining entitlement to subsidy payment are manned by the same NLC members that are calling for strike/protests. In other words, the same NLC members would help marketers to inflate the figures they are entitled in exchange for filthy lucre are the same people protesting against the removal of subsidy

DRANOEL:

how does govt even ascertain what quantity of pms marketers bring into the country and at what point is subsidy paid? during delivery at the ports,marketers farm or delivery at filling stations? what are the checks and balances put in place?

The link to the article I mentioned:
http://www.thisdaylive.com/articles/fuel-subsidy-and-fake-subsidy-/101109/#.TwQIibE1TQp.facebook

muami:

This question is a very pertinent question and when you get the answer to the questions, you were understand how the subsidy fraud works. If you really need answers, look for an article by simon kolawole in Thisday sometime ago where he analysed these issues. Just to add that all the regulatory bodies saddled with the responsibility of ascertaining the quantity of oil and determining entitlement to subsidy payment are manned by the same NLC members that are calling for strike/protests. In other words, the same NLC members would help marketers to inflate the figures they are entitled in exchange for filthy lucre are the same people protesting against the removal of subsidy

Near truth but not fully it!, NLC is not NUPENG, but they are affiliates of NLC. NLC at the top have been asking the DPR for their pricing template and not until late last year, DPR refused to release their template. When they eventually did, that was when the whole lid blew on the massive fraud on subsidy and fuel importation in the country!

FYI, Fuel subsidy is managed by NNPC and they pay directly at source contrary to what we Nigerians are made to believe - Senate committee findings!

Omo_Tier1:

Near truth but not fully it!, NLC is not NUPENG, but they are affiliates of NLC. NLC at the top have been asking the DPR for their pricing template and not until late last year, DPR refused to release their template. When they eventually did, that was when the whole lid blew on the massive fraud on subsidy and fuel importation in the country!

FYI, [b]Fuel subsidy is managed by NNPC and they pay directly at source [/b]contrary to what we Nigerians are made to believe - Senate committee findings!

Can you clarify/expantiate on the bolded?
On the issue of membership of NLC, nobody iv a direct member of NLC, every NLC member is first a member of an affiliate. so whats your point?

@muami

number 1. according to iweala consumption is btw 34-35million liters and not more than that! sanusi on the other hand believes its far less than 32million! none of them has including gej has come out to say it ever peaked higher than 35million in 2011! besides nigerian budgets are made with high bencmarks! unless you have a source of a higher comsumption rate,spit it out let me go check! if not shut it!

number 2. as you have shown you know averages,kindly explain how we jumped from 17million consumption in 2010 to 35million in 2011

DRANOEL:

kindly explain how we jumped from 17million consumption in 2010 to 35million in 2011

Just the way, the price of fuel has jumped from N65 to N140 per litre!
On a more serious note, I thought you wanted anwers but it appears you just wanted to argue. In that case, I advice that you make better use of your time by joining the protesters on the street.

muami:

Just the way, the price of fuel has jumped from N65 to N140 per litre!
On a more serious note, I thought you wanted anwers but it appears you just wanted to argue. In that case, I advice that you make better use of your time by joining the protesters on the street.

you must be the biggest fool i have come across in a while!
you displayed your stack ignorance by saying 35million consumption is average. i replied you asking for your source and this is what you spew? empty head go and copy and paste some where else!

DRANOEL:

you must be the biggest fool i have come across in a while!
you displayed your stack ignorance by saying 35million consumption is average. i replied you asking for your source and this is what you spew? empty head go and copy and paste some where else!

Thanks and regards.

@ Muami,

I am quite surprised to see that you are trying to twist official figures into average. The way you argue even if the truth is presented to you you will always stick to the lie you already created. Even Ngozi Iweala admitted that some of the money paid for subsidy went into corruption. She admitted that some people inflate subsidy money.

Two former petroleum ministers have admitted that there is no subsidy in the first place and now evidences abound. I am ashamed that a grown up would argue like you

@belabela

and we have not even talked about the 2.7m liters unsubsidised locally refined oil yet! and the muami guy is here with averages

belabela:

@ Muami,

I am quite surprised to see that you are trying to twist official figures into average. The way you argue even if the truth is presented to you you will always stick to the lie you already created. Even Ngozi Iweala admitted that some of the money paid for subsidy went into corruption. She admitted that some people inflate subsidy money.

Two former petroleum ministers have admitted that there is no subsidy in the first place and now evidences abound. I am ashamed that a grown up would argue like you

Thanks and regards

muami:

Can you clarify/expantiate on the bolded?
On the issue of membership of NLC, nobody iv a direct member of NLC, every NLC member is first a member of an affiliate. so whats your point?

Okay, let me explain a little. Every FG agency that 'monitor' and report back what the MOMs and IPMs expend on importation of PMS are agency under the Ministry of Petroleum Resources, but the final payment is done via accounts held by NNPC because NNPC is authorized in law to do oil business on behalf of the Nigerian nation. So the fuel subsidy is actually deducted at source from the sales of crude oil, hence the reason they have been able to expend over N1tn unbudgeted funds on subsidy scam!

The CBN only gets the paper work from NNPC, then authorize the payments to these "oil" importers, the CBN does not know how NNPC has arrived at the sums, as really that is barely the job of the CBN, but of course, you know how Nigeria works, those guys in NNPC would make provision for the guys in CBN so that when discripancies are spotted, blind eyes are paid to it and the 'business as usual' thingy carrys on!

The truth is: If the FG know those who have fleeced the state and refuse to bring them to justice, then the FG is telling us that we do not have a government that can protect and defend our laws! This I call modern day madness in governance!

DRANOEL:

@belabela

and we have not even talked about the 2.7m liters unsubsidised locally refined oil yet! and the muami guy is here with averages

Point of correction: NNPC is only allocated 450,000pbd for local consuption of which they currently get approximately 10million PMS based on the words of the Minister that the Refineries operate currently at 30% utilization capacity and they are hoping to push it to 50% in 18months time,