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Nairaland Forum / Nairaland / General / Business / FG To Spend N1 Trillion On Petrol Subsidy In 2015 (26871 Views)
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Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by Nobody: 9:03am On Oct 17, 2014 |
I would like to thank everyone who responded to me, and who raised questions and comments that are really good. I would like to reiterate that the main problem is that we spend a lot of money on subsidy and we import too much. As this article, The Positives Of Oil Subsidy Removal puts it... Nigeria’s first refinery was built in the 1960s outskirt of Port Harcourt. By 1965, the refinery started functioning, producing 38,000 barrels of oil per day. In subsequent years, 3 other refineries were built to meet the domestic needs of Nigeria. [size=20pt]Just like the “Prophet of Doom”, Thomas Malthus said, the population of Nigeria was increasing geometrically and the oil sector became unable to meet our pressing petroleum needs. Then importation began. And to further sweeten the deal.... It’s no news that the Nigerian oil sector loses 40% of her oil produce annually to the mis-managing hands of flaring. Flaring causes pollution and subsequently the depletion of the ozone layer. If the sector is deregulated and subsidy is removed, flaring will drop drastically as no company will want to lose that much. Una don hear? 1 Like 1 Share |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by dubbiskelly(m): 9:04am On Oct 17, 2014 |
[color=#000099][/color] I weep for my country. I still can't fathom why a country so blessed with human resources keeps ending up with clueless and rudderless governments. What rational govt would budget one trillion naira for subsidy, when you can set up refineries around the country for similar amount if not lesser. We all say we need change, the time is nigh, vote wisely, vote someone who you think can restore the this great Nation to her glorious path. Shalom † |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by Nobody: 9:07am On Oct 17, 2014 |
Btruth:you know most of people in Nigeria live in poverty.. most don't even know there rights. nigerians are obe of tmthe wisest people in the world but also the dumbest.. you can scam most of them and they will keep praising you even die for you.. steal 1 trillion naira and give them rice and 10,000naira at election time and they are gonna vote or die for you.. 1 Like |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by Nobody: 9:11am On Oct 17, 2014 |
loswhite: The reason why we are corrupt is because we are an oil dependent society. Oil societies transform the government into oil money sharers. That is why I support the removal of fuel subsidy because if the money can be channeled into industries et al.....we would get off oil and become an industrial society....and in an industrial society it is in the interest of the govt to make everything work (Keeps tax revenues high). |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by Franzeez(m): 9:16am On Oct 17, 2014 |
egift: Fool, when we say study u will be busy thinking of expo now u are here typing trash. How can Nigerias budget in a year be #500billion! Go and die!!! GEJ till 2019 |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by Lordlexyy: 9:23am On Oct 17, 2014 |
Eddygourdo:Most brilliant. What are the paying for? The hike in pump price doesn't suggest the product is being subsidised. Also, the partial removal of subsidy hasn't had the desire impact as promise by the government on the people. Where the sharp increase in pump price from the initial 65# to the present 95# is applicable, the propose refineries would have been built and the existing ones put in better use. Now is becoming clearer that this is just one of the many ways the politicians are seeking to fund their electioneering campaign. |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by airclipse(m): 9:26am On Oct 17, 2014 |
REVOLUTION is the answer but na who go START am |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by Nobody: 9:37am On Oct 17, 2014 |
Sirniyeh:I have one question for you. If you made the president of the federal republic what will you do if voted into power? |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by playboy19(m): 10:18am On Oct 17, 2014 |
bushdoc9919: Dude... if you like quote the whole world, i still put it to you that you know nothing about this topic being discussed. There is nothing like a fixed global petroleum price. You only have global crude oil price. All countries set their petroleum prices accordingly. I will tell you this as i have stated it previously, 'There is nothing like subsidy in the first place. It is simply a scam'. I am in the industry and you can tell your finance minister or the petroleum minister to call me out on this. With or without government subsidy funds, you can import your petroleum products into this country and still turn profit. At the moment, only 7 companies are granted allocations to import oil into the country on behalf of the FG and these are the ones who will share this N1 Trillion. Just 7 companies sharing N1 Trillion subsidy funds. All other companies are going to import and sell their own oil without receiving subsidy. Yet they're going to make massive profits. They were making massive profits before the increment from N65 - N95, so you can imagine the profit now, and this is them, without receiving subsidy funds. Call your connects in the oil industry (downstream) and verify this. Moreover, all the oil imported into the country by these 7 oil companies are going to be bought from some 3 companies (Glencore, Trafigura and Vitol S.A) solely anointed by the FG. So stop feeding Nigerians with your simple and unintelligent logic or rather, some random facts from equally ill-informed journalists and get informed about what you pay for. Fuel subsidy has always been a scam, and a big scam it'll continue to be, until we all get informed and stand up to the government trying to lift it's 'fraudulent obligations' on the populace. |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by seangy4konji: 10:31am On Oct 17, 2014 |
But please I have a baffling question cos I know little about this oil and subsidy things. Can Nigeria not repair refineries or is it impossible to build new ones?are the old one programmed in such a way that once spoilt it cannot be repaired and companies who build refineries don't exist again?just honking an if anybody can help me with this question. |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by Eddygourdo(m): 11:02am On Oct 17, 2014 |
bushdoc9919:everything you have said is true my brother. but whose responsibility is it to ensure the enumerated are achieved. i believe the government. please Google the cost of building a new refinery and you will realize that the money expended on subsidy payments can be used to fill our bushes with thousands of refineries. the earlier price was 65N then it was hiked to 97N after protests. it was adjudged that with subsidy removed completely we will pay about 130N per liter. therefore the 97N being paid technically reduces the government payment by 32N per liter paid subsidy allowing them pay about 35N per liter imported products to marketers. if 1trillion was paid when full subsidy was in force, how come that now half subsidy is applied we still pay the same amount or even more to the marketers. has the demand soared to have resulted in such? what growth indices can be attributed to the facts or claims that the power and fuel demands of Nigerians have suddenly increased to justify those figures? the 32N added to the earlier 65N per liter is what a right thinking government should use to plan a subsidy eradication plan that will ensure that after a suitable period with investment of such monies to boost local production by government and private stakeholders the subsidy paid on imported fuel will reduce as imports reduce due to local supply. thus we have created jobs in the sector, achieved some development due to the existence of support facilities to the refineries such as an efficient piping and railway systems etc. strategy is the method no brute force. the government of Nigeria since ages is filled with crooks and frauds. please let us not give more room for them to get money to embezzle. that money is our money. i repeat our money. we all Nigerians. we build our houses, dig our boreholes, buy and maintain our cars as there arent any good transport system etc. please what is the government now doing for you and i except publish growth indices of the economy despite high poverty levels, unemployment, deplorable infrastructure. i rest my pen |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by bliss2al(m): 11:07am On Oct 17, 2014 |
gathering campaign money since 200Bc |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by gnykelly(m): 11:27am On Oct 17, 2014 |
where are the TANoid |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by Orikinla(m): 11:35am On Oct 17, 2014 |
Anikulhapo: [size=18pt]THAT IS WHY THEY ARE READY TO DIE TO KEEP GEJ IN POWER TILL THEY HAVE COMPLETELY LOOTED THE TREASURY![/size] |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by Samabu07(m): 11:38am On Oct 17, 2014 |
These tag lines caught my eyes; Subsidy, Sure-p and close to a N1 trillion. Another avenue for those subsidy thieves to re-arm themselves violently with billions of Naira. Sure-P that couldn't give an account to the N500 million Missing funds. When it was busy cool its heels in the foreign account. Damn! This dudes are worse than ISIS. Sure-P creating stupid jobs that we don't get to see one singular person that has benefited from its programme. Them be ghost? Funny enough, the bad and the wicked don't die easily. They live longer than the good! |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by Orikinla(m): 11:41am On Oct 17, 2014 |
bushdoc9919: [size=18pt]THERE IS NO SUBSIDY. ~ Prof. Tamunoemi Sokari David-West, former federal minister of petroleum and energy under General Muhammadu Buhari. http://www.thenigerianvoice.com/news/72085/1/theres-no-subsidy-on-fuel-david-west.html[/size] |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by blym4real: 12:19pm On Oct 17, 2014 |
playboy19: 1 Like |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by swezenberg(m): 1:27pm On Oct 17, 2014 |
Nigerians your suffering has just begun. Jonathan will come back and fuel subsidy will be removed. You better go and buy Garri now because looters and corrupt people will soon be invited into his cabinet and many will feed from the crumbs. A president that claims he's not corrupt but keeps surrounding himself with corrupt individuals is what some Nigerians think they need. Let the suffering and smiling continue. Good luck Nigerians I wish you luck since the future of the country depends on luck. |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by atlwireles: 1:50pm On Oct 17, 2014 |
playboy19: I love this, Nigerians always living in a different universe. People like you should push for production cost, pricing, which stands at about $30 a barrel for Nigerian crude. Then you might have a N40 per liter price. Please enjoy your driving. Even in 2014, some are still living in delusion. |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by playboy19(m): 2:13pm On Oct 17, 2014 |
atlwireles: Well, i wouldn't mind if you are I have a go at it using facts and figures. State what you know here and let's see how you weigh up. Before you even go about gathering figures, ask yourself these questions: 1. What is subsidy? 2. What is it for? 3. Does NNPC imports petroleum products or who are those doing the importation on their behalf? 4. How many of them are being paid for the importation exercise (in the name of subsidy)? 5. How are others, not depending on subsidy making profit doing the same fuel importation independently? |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by atlwireles: 2:29pm On Oct 17, 2014 |
playboy19: Anybody calling Nigerian Oil subsidies a scam, is not worth much weighted up or down. You called yourself an industry insider, so you know the cost of production for Nigerian crude is about $20-40 per barrel. Please lead another demonstration, so government can sell you petrol at cost price. You wonder why you people are dying of poverty, because some of you are constantly trying to reinvent the wheel. Goodluck with your free/cheap oil. |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by loswhite(m): 2:41pm On Oct 17, 2014 |
bushdoc9919:my view is that we don't really need to pay subsidy in the first place. If the refineries are working all we need to do is to supply the refineries crude @ a reduce price so dat refinery can in turn sell the petroluem produce @ a reduce rate . The refineries are working right now but yet we don't know @ what capacity . I don't believe that we are corrupt because of oil dependence. |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by hercules07: 2:43pm On Oct 17, 2014 |
atlwireles: Fuel subsidy is a big scam, 1 trillion Naira is about $6B, in the last 4 years we have spent almost $20B on subsidy, that is the cost of Total's largest refinery in Saudi Arabia (Second Largest in the world), it was completed in 4 years, joint venture between Total and Saudi Aramco, a stone throw from that refinery is a Petrochemical Plant by SADARA nearing completion, started about 1 year ago, sit down there and be defending the crooks milking Nigerians dry, the cost of oil in Saudi Arabia is dirt cheap (#21 per liter) because they refine their oil, are they not signed up to the same OPEC that we are? |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by atlwireles: 2:49pm On Oct 17, 2014 |
hercules07: Why not ask the government to back off this scam and allow the companies mining this oil, sell their product. Why are you talking about Saudi Arabia? I don't understand the connection here. If Saudi oil is that cheap, get an import permit from PPRA and bring some here to sell. You have goldmine business in your hand, please use it. |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by hercules07: 2:51pm On Oct 17, 2014 |
atlwireles: Yeah right, as if your government wants to do what is right, the government profits from the scam, why can the government now work with the Totals of this world just like Saudi Arabia is doing, afterall, Aramco is a mostly owned by the Saudi government. |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by atlwireles: 2:58pm On Oct 17, 2014 |
hercules07: Total is a major player in Nigeria, ask yourself why they don't bring Saudi refined oil here.. Before, you move this conversation forward, please talk to any oil futures trader, what is the CIF(lagos apapa) price, for a liter of Middle east gasoline in the wholesale market. |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by playboy19(m): 2:58pm On Oct 17, 2014 |
atlwireles: Well, i was of the impression that you are someone with whom one could have an intellectual discuss, then again i suddenly realized that you're one of those GEJ apologist. I personally have nothing against GEJ or whatever, i just dont like the dummbb way you guys go about it. And talking about 'we people' dying in poverty, that was a joke right? Cos you don't even know me personally. Being paid N100k monthly to be an internet troll doesn't amount to much you know. Well, the fact is the fact. Subsidy is a fraud. It never existed. It's only part of the 'Nigerian compensation scheme' for the few. Get enlightened. Plus hey, you still did not answer how other Oil companies survive without receiving the subsidy funds? |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by VolvoS60(m): 2:59pm On Oct 17, 2014 |
bushdoc9919: ^^^ Thank you for your response bushdoc. You are actually strengthening my argument. You acknowledge that it makes more sense for us to drill and refine locally rather than import expensive, dollar denominated refined petroleum products. The question is this: why don't we? Your points about the population of Venezuela and Saudi Arabia (compared to Nigeria) are tangential. Oil production technology is scalable. Nigeria has proven reserves. All that needs to be done (to meet rising demand) is to raise refining capacity (i.e. build new refineries). Why is it that Nigeria cannot do this and the Brasilians and the Saudis can? Are they supermen? I reiterate my question: how much does it cost to produce a litre of DPK, PMS and AGO here in Nigeria? That is key to resolving this matter once and for all. |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by atlwireles: 3:02pm On Oct 17, 2014 |
playboy19: Your first comment was already an indication where your crap was heading. Please tell us which oil companies in Nigeria are surviving without subsides, you are about to make a great revelation. |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by hercules07: 3:03pm On Oct 17, 2014 |
atlwireles: They are a major player in extraction not refining, they dropped the cash for the refinery in the Saudi Arabia, why do I care about Middle east gasoline in the wholesale market, I am talking about refining our crude in Nigeria by entering into partnerships with the same set of people who have done it in other places, but, our government will not do that because the subsidy scam is good for their politics, it is good for their pockets as well, instead of fighting to remove subsidies for 16 years, why not use those same 16 years to build refineries by going into partnerships with people like Total, according to our government, subsidy is $6bn, then sales of the refined oil in Nigeria should be north of $12bn in Nigeria only and excess can be shipped abroad, that should be good enough for any oil company, afterall, they are in the business to make money whether from Nigerians or anywhere else. |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by atlwireles: 3:04pm On Oct 17, 2014 |
hercules07: Are you telling us total is a major player in the Saudi retail market? |
Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by salau01(m): 3:09pm On Oct 17, 2014 |
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