http://www.dailytimes.com.ng/article/nnpc-gets-largest-chunk-fuel-subsidy
The Nigeria National Petroleum Corporation (NNPC) has admitted earning a large chunk of the subsidy funds the federal government say was siphoned by a certain “cabal”.

The Group Managing Director of NNPC, Austine Oniwon, on Monday admitted before the senate panel investigating the management of Nigeria’s fuel subsidy that his organisation has earned N2.157 trillion from the subsidy funds since 2006, making it the largest beneficiary of the scheme.

Last week, the senate panel had named a group of businesses the government fondly calls “The Cabal” and blames for the failure of the subsidy scheme.

Despite the huge earnings from the subsidy scheme, Oniwon could not account for the daily utilisation of 65,000 barrels of the crude oil allocations to NNPC. He told the senate committee that he was uninformed as to the whereabouts of 65,000 barrels out of the 445,000 barrels of crude allocated to NNPC daily.

According to him, NNPC entered into a swap deal – crude for refined PMS - with three refineries for 210,000 barrels per day, while 170,000 barrels are refined by local refineries daily.

On the whereabouts of the balance of 65,000 barrels per day - crude oil worth $6.5 million per day - the GMD begged the senate panel for time to find out its utilisation and report back to the committee.

Members of the committee had earlier alleged that NNPC shares the missing crude with a private oil company, an allegation Oniwon said he was not aware of.

He also failed to give an account of the volume and value of PMS it receives in return for its various swap deals.
“Definitely, it (volume of PMS received in exchange for a barrel of crude) is available but I don’t have the figures to give you,” he told the lawmakers.

The senate panel has, for three weeks, tried unsatisfactorily to reconcile arguments proffered on why the cost of fuel subsidy was exceedingly high this year.

The probe was started after Senator Bukola Saraki moved a motion calling for the probe of the sharp rise in expenditure on the scheme this year. N256 billion was budgeted for the subsidy scheme this year, but records show that N1.46 trillion has so far been spent on the scheme.

Rossikk:
Told by whom? Where is your source for this claim? Any links we can click on?

Rossikk:
Thanks. This is what we we call first-hand, corroborative testimony and evidence from an independent eyewitness source.
Now no one can claim it's just ''govt propaganda''.

http://www.dailytimes.com.ng/article/14-fuel-laden-ships-discharge-lagos-ports

[size=14pt]14 fuel-laden ships to discharge at Lagos Ports[/size]

The Nigerian Ports Authority (NPA) on Friday that about 13 ships were waiting to discharge petroleum products at the various oil terminals within the Lagos Ports.

The NPA announced this in its daily publication, the Shipping Position in Lagos.

The publication reported that six of the 14 ships would discharge petrol; two would discharge diesel, five kerosene and one bulk gas.

According to the publication, two other ships will discharge bulk wheat and bulk malt.

It also said that 110 ships, carrying different cargoes, would sail into the ports between May 3 and May 28.

The publication said that 13 of the ships would arrive with petroleum products, while 24 would sail in with new and used vehicles.

It said that 43 other ships would arrive with containers and others with general cargoes, bulk fertiliser, bulk wheat, fresh fish, bulk salt, crude palm oil, base oil, bulk sugar, bulk Soya, bulk gypsum and bulk cement.

Michaeljones36: Koruji, that's too harsh oooo!

koruji: Told by the GMD of NNPC...
...to the Senate Panel on the Subsidy Palaver.

He was explaining what happens to the 445000 bbls/day allocated to NNPC for domestic consumption. His breakdown:
220,000 = refined abroad as a swap deal
170,000 = refined locally
65,000 = doesn't know where it goes.

This is some "GREAT" country we have here when our national oil company cannot account for almost 24 million barrels of oil in one year.

awodman:
U said we where told 13 million litres is been refined before and Rossike asked for a link...now looking @ ur analysis I can't see where 13 million litres is stated..or is 170,000 barrels equal to 13 million litres??..

braine: Lol at the 'roar' in the topic. The refineries have been functional for three months and the improvement can not be seen in the common man, so whats the use?

ba7man: Nice one by the GEJ administration considering the fact that past Govts ignored those refineries. I just pray it results in a decrease in fuel pump prices in the end.....But it seems @Koruji is on to somthing serious with his post. Hmmmm....

koruji: Another of those mental gymnastics coming out Aso Rock. Roar back? Were the refineries whispering forward when we were told they produce 13 million litres per day during the fuel subsidy debate in late 2011?

Lawalkay: Rossikk or wetin be that your name self. Yr source said 5.3m of kerosene daily abi. Now my question. How many filling station get kerosene for your area ? Abi the product na for export. My bros don"t be deceive . All ma wash. Up naija 4 wash. I have always used this forum to advise GEJ and his owambe party members that the mases of over 159million out of our population of 160million will one day do more than the mases of tunisia, egypt, libyan put together. Where is sadam, ben hallim, mubarak and muamar ghadafi? The end shall tell. God bless the United State of Niger Delta. That is a message 4 another day. Up Naija.

braine: Lol at the 'roar' in the topic. The refineries have been functional for three months and the improvement can not be seen in the common man, so whats the use?