DT: One burning issue is fuel subsidy. I believe you are aware of the queues in major cities like Lagos and Abuja. The fuel importers say they are unsure of the direction of the new government in this area. Have you considered maintaining or withdrawing this subsidy or are you questioning whether it didn’t exist at all?

Buhari: One of the problems I have, other than the military, is the petroleum industry where I served for three and a half years under General Obasanjo. When people start talking about this subsidy I honestly get confused. I will tell you this, and I hope it will answer what you want to know. Back then we had a refinery in Port Harcourt, which was refining 30,000 barrels a day of Nigerian crude.
Later, it was upgraded to refine 100,000 barrels a day. Another refinery was built in Port Harcourt to refine 150,000 barrels per day of Nigerian crude. So, Port Harcourt alone had the capacity to refine 250,000 barrels per day of Nigerian crude.

But when I found myself as the Minister of Petroleum I set up another refinery in Warri for 100, 000 barrels per day of Nigerian crude and the Kaduna refinery a 100, 000 barrels per day. So Nigeria built capacity to refine 450,000 a day.
Four Hundred thousands of which is purely Nigerian crude, but 50,000 was imported. The type of crude could be Venezuelan, which could be a bit heavier. But the lighter ones - kerosene, aviation fuel, diesel, PMS of different grades could be produced from our crude because Nigerian crude is about the best in the world.

If you could recall, after finishing as Minister of Petroleum, I subsequently became Head of State. You remember, I appointed Professor Tam David West as the Minister of Petroleum. When we rounded up bunkers, collected their illegal jetties and allowed jetties for only big firms which were doing production and development in the country, we were shocked that we had too much fuel.

We had to begin to export 100,000 barrels per day. Don’t forget that we didn’t stop at building refineries, we built more than 20 depots during my time, from Port Harcourt to Ilorin, Makurdi, Suleija, Maiduguri and Kano. More than 3,000 pipelines were laid to connect them. A number of stations were also built to take the trailers off the road, save lives and the infrastructure on the road. It is more economical because each trailer uses fuel.

We did all that in this country and we didn’t borrow any money as far as I know. It’s Nigerian money. From each Nigerian crude, whether Akwa Ibom, Bonny Light or whatever it is, you can work out how much products it will give you; how much petrol it will give you; how much diesel it will give you if you want to produce diesel. We could tell how much Nigerian crude cost, the cost of transportation from there to the refinery, the cost of refining, the cost of transportation to the pump stations and maybe 5 per cent go for overhead.

I can understand if Nigerians pay for those costs. But somebody is saying he is subsidizing Nigerians. Who is subsidizing who?

DT: Does it suggest that you don’t believe in the subsidy? So, you are not going to agree to its continuation in anyway?

Buhari: I would like to be on ground and find out what really has been going wrong. Why is it that people are doing round-tripping with the Nigerian products and take money from the treasury? Some people are still in court. You know about it. So, I’m not taking anything for granted. But I will try and find out what went wrong.

Read full interview on other issues in the link below:

Source: http://dailytrust.com.ng/sunday/index.php/top-stories/20804-i-don-t-know-what-fuel-subsidy-means-buhari

The reason is as clear between day and night, the niggah is scared of life after GEJ.
No one is sold on that patriotism bullyshyte if AT ALL HE actually released the hoarded fuel.

The truth shall soon be revealed and those who are sabotaging the nation shall be brought to justice VERY SOON!

Apart from the subsidy scam, Ubah created TAN (Transformation Ambassadors of Nigeria) that nearly signed Nigeria off to another four years of Goodluck's incompetence, now he's trying to run from his shadow.

Anoda gimmick..naija shine ur eyes

Just look at the intelligent analysis from GMB.
And the end question, is there really subsidy or not?
That would be answered in a few weeks.
A Lotta cabals will be going outta business pretty soon

Nigeria thirty five years ago under an illiterate dictator and now which is under a democratic leader is still the same to all the moronic posters above me. Instead of you people to be greatful to uba for breaking the monopoly of his fellow marketers. What do i expect from sildren of hate and anger? Foolirhness and stupidity.
Life is business and business has never been fair to any body. If you dont know how to do business and make a kill for the profit like ifeanyi uba i will suggest you swallow rock or hang ur self.

Why is the name Ifeanyi Uba giving you sleepless nights? Instead of you to reprimand the ones that shout change with one corner of their mouths and at the same time are busy sabotaging the economy via Oando and the rest, you're here trying to castigate the one that has come to the rescue. Shame on you bloody hypocrite.

GogetterMD:
Just look at the intelligent analysis from GMB.
And the end question, is there really subsidy or not?
That would be answered in a few weeks.
A Lotta cabals will be going outta business pretty soon

There is actually some research done by a colleague at the University of Northampton which proves without reasonable doubt that the landing cost of imported petrol in Nigeria taking consideration of the fact that we have crude to exchange (containing more fuels like kerosene and bitumen) is just N35 proving the whole subsidy is a scam. Will make it available as soon as possible.

MAY GOD HELP

Subsidy? . A joke - You can't put money meant for the
right course of action in the hands of
criminals, rogues and thieves and expect to
see positive changes or results.

Nigerians are lamenting and suffering while some corrupt politicians are enjoying and 'introducing' electric car. May that electric car electrocute them to death for making Nigeria bleed.

Baba get there and find out sharp sharp, we dey wait for May 29th

Na wa oo!

The man no bring out fuel, wahala!

The man con finally bring about the fuel, wahala too.


Make una buy the fuel and keep quiet na. Haba!!

okay

QuotaSystem:


There is actually some research done by a colleague at the University of Northampton which proves without reasonable doubt that the landing cost of imported petrol in Nigeria taking consideration of the fact that we have crude to exchange (containing more fuels like kerosene and bitumen) is just N35 proving the whole subsidy is a scam. Will make it available as soon as possible.

Pls do, we'd really appreciate that

[s]

biafransoul:
Why is the name Ifeanyi Uba giving you sleepless nights? Instead of you to reprimand the ones that shout change with one corner of their mouths and at the same time are busy sabotaging the economy via Oando and the rest, you're here trying to castigate the one that has come to the rescue. Shame on you bloody hypocrite.

[/s]
When will you have sense?

ok

babyfaceafrica:
Anoda gimmick..naija shine ur eyes

u guys don't have work someone has decided to release fuel to ease our plight and u re condemning him pls stop feeling as if u re perfect try and appreciate for once all of u condemning him

Even for dis fuel crisis, people stil dey buy fuel, on gen, charge and nairaland... Naija people

Nigeria as a nation is an embarrassment , the average Politician thinks he is just there to make money, the citizens itself are not helping matters as u hear different hate propelled comments which are ethnic centered.
Some people are here celebrating mediocrity in the form of the past administration, including the previous ones under the so-called democracy..
One thing is obvious, the so called represantathieves at all levels of government need training on management and running of the country,
We just hope the incoming administration will atleast lift us above this regular mediocre syndrome which has eaten deep in the society, and therefore has become a norm. Please Buhari, show us things can be done better, far better than what the previous governments have reduced us to, I STRONGLY BELIEVE IN YOU.

Life after GEJ will be very tough for his faithfuls. The COWARDS among them are already bowing to the pressure and trying to buy public pity. Be it Tinubu and his family or one Mr. UBAH from ... I don't care. Buhari must not spare his ROD. We understand this GAME OF DECEPTION.

"who is subsidizing who" the truth will be revealed after may 29.

Buhari!
You have my permission to push for death sentence on anyone, even if tje person is my relation, I mean anyone guilty of economic sabotage and stealing of more than 500 million naira!

These fuel marketers are not going to heaven o!

Ifeanyi Uba has done well, whatever his past antecedents are his present act is commendable. If it was Wale Tinubu or Mike Adenuga that released fuel like Ubah did, Praise would have have been in high heavens for them. Nonsense hypocritical Nigerians/Nairalanders pls leave our Ubah for us, it's not a crime that he supported GEJ through TAN, elections are over, move on!

QuotaSystem:
Why is Ubah deceptively trying to trick Nigerians? Was the fuel not hidden before? Is he donating it to charity? Why did he have to wait for Buharis interview before he decided to throw his fellow marketers under the bus?

Nigerians are not fools!

dey there dey swim in pain, no go queue up for capital oil buy ur fuel and leave matter for matayas.
.
Ur opinion does not matter since it did not stop ur brothers and sisters from queueing up with me here.

What reason? You didn't state any reason why Ifeanyi decided to take the decision he took. Your post makes no sense whatsoever. There is subsidy because the refineries aren't working at full capacity and the pipelines that are meant to transport the crude oil to the refineries are damaged and the crude meant for the refineries are stolen. The fuel Ifeanyi is currently off loading was not refined in Nigeria. Show some fuccking gratitude!

Did Buhari promise to stabilise the world oil price? We are still waiting for Buhari to fulfill the campaign promise.

take it or leave it - kudos to Uba and I hope others like Adenuga, etc can also release the fuel they have in their custody