Nigeria, the sixth largest oil producing country in the Organisation of Petroleum Exporting Countries (OPEC), spends an estimated $15billion yearly on the importation of petroleum products, the Lagos Chamber of Commerce and Industry (LCCI) has lamented.


Its Director-General, Mr. Muda Yusuf, who spoke in Lagos, has urged the incoming government to halt this huge drain on the nation’s foreign exchange, adding that way forward is to revamp the ailing refineries and encourage private sector participation in downstream oil sector.

He said: “Going forward, we need to fix the refineries or incentivise the private sector to play this role he added. The biggest burden on the treasury of government is the importation of petroleum products and the inherent transparency issues.

“The biggest platform for corruption in the economy today is the management of subsidy on petroleum products. The pressure it exerts on the government treasury is enormous. An accelerated reform of the oil and gas sector and the passage of the Petroleum Industry Bill (PIB) will mitigate the challenge the subsidy management poses for government finance. This will also facilitate the restructuring and diversification of the economy.”

On budget structure, he stressed the scrutinisation of several budget heads to ensure cost-effectiveness and better transparency in the management of public finance.

The LCCI boss listed Consolidated Revenue Fund Charges, Service Wide Vote, Presidential Amnesty Programmes, Capital Supplementation and Debt Service as some of the sub-heads to be revisited.

“All these budget heads have substantial amounts voted for them in the budget annually. Some of the provisions do not reflect the desired prudence in the management of public funds, adding that huge savings will be made if proper scrutiny of budget heads is made,” he said.

Source:http://nairausd..com/2015/05/nigeria-spends-15b-on-fuel-import.html

Hmmm... I don tire for Nigeria matter.

jcmaiah:
Hmmm

Are yousurprised.

The question I keep asking is: what caused the astronomical rise in subsidy payments under Jonathan's administration.

Under Yaradua and Obj, we NEVER paid more than N480billion, first year after Jonathan was sworn in as substantive president, we were coasting nearly N2trillion!!

Was there any corresponding rise in consumption of petroleum products under the period??

This is the question every enlightened Nigerian should be asking.

omenka:
The question I keep asking is: what caused the astronomical rise in subsidy payments under Jonathan's administration.

Under Yaradua and Obj, we NEVER paid more than N480billion, first year after Jonathan was sworn in as substantive president, we were coasting nearly N2trillion!!

Was there any corresponding rise in consumption of petroleum products under the period??

This is the question every enlightened Nigerian should be asking.

With this l agree with you.

ifyan:

Are yousurprised.

I am confused as to why our leaders are this senseless!

My bro its not today it start.

Welcome to Nigeria

Mumu country

omenka:
The question I keep asking is: what caused the astronomical rise in subsidy payments under Jonathan's administration.

Under Yaradua and Obj, we NEVER paid more than N480billion, first year after Jonathan was sworn in as substantive president, we were coasting nearly N2trillion!!

Was there any corresponding rise in consumption of petroleum products under the period??

This is the question every enlightened Nigerian should be asking.

That's no rocket science. One word easily comes to mind: FRAUD.

Volksfuhrer:


That's no rocket science. One word easily comes to mind: FRAUD.

Souid l say supported or seconded.

Arbiola:
Mumu country

Hey mind your words.

ifyan:


Hey mind your words.

Mttcheww,are u Nigeria? Mumu country.

i nor even know say we dey import fuel. Nairaland thank you.

Nokiae5:
i nor even know say we dey import fuel. Nairaland thank you.

Are you dreaming?

Seriously tell me you are joking

$11 billion
Ask Jonathan,Deizani and iweala

oduastates:
$11 billion
Ask Jonathan,Deizani and iweala

It didn't start from them mind you.

l believe you know.

Nigeria Mtchewwwww