A lot of misinformation has been being flying around of recent, one of which is that GEJ met a subsidy spending of less than 300 billion before it shot over 1 trillion as he became president.
This is a Bloomberg article to dispel the false news once and for all.

Nigeria Plans to Abolish Fuel Subsidies, Aganga Says



Sept. 3 (Bloomberg) -- Nigeria’s government is aiming to remove subsidies on domestic fuel prices by the end of next year at the latest after investing in a mass transit system to ease the impact on the poor, Finance Minister Olusegun Aganga said.

“It is going to be sooner rather than later,” Aganga said in an interview in London today. Everything will be ready “by the end of 2011 at the latest. It could be this year.”[/b]

The subsidies will cost the government 520 billion naira ($3.4 billion) this year, compared with 1 trillion in 2009, central bank Governor Lamido Sanusi estimated in June. That compares with a federal budget deficit of 1.9 trillion naira this year, which Aganga said today he wanted to narrow in 2011.

The abolition of the subsidy would increase gasoline prices to 115 to 120 naira a liter from 64 naira currently, Aganga said.

“If that happened, it would be a big shock to the system,” he said.

Nigeria, Africa’s biggest oil producer, imports more than 80 percent of its domestic fuel due to a lack of refining capacity, according to the country’s Petroleum Ministry. The government, through the Nigerian National Petroleum Corp., guarantees regulated fuel prices by paying importers the difference with market prices.
Mass Transit

Crude oil for October delivery declined $1.33, or 1.8 percent, to $73.69 a barrel at 12:14 p.m. on the New York Mercantile Exchange. Nigeria’s budget estimated an average oil price for the year of $60 a barrel.

About 10 billion naira has been earmarked to improve public transportation and many buses have already been ordered, Aganda said.

The government is also in talks with labor unions to gain their support and avoid social unrest, he said. “I think we are making very good progress” in the talks.

“Everyone accepts that there is no economic sense to maintaining subsidies,” Aganga said. “The question is, what would be the impact of removing the subsidy on those that you want to protect, the most vulnerable in society?”

To contact the reporter on this story: Philip Sanders in London on psanders@bloomberg.net.

To contact the editor responsible for this story: Peter Hirschberg at phirschberg@bloomberg.net.

When the books are opened in this country, many will cry for days.

Naija which way...?

Why are you people so deceptive;don't u have any sense of shame and decency?Tufiakwa!
That stuff u posted is an estimation by Sanusi, which u even highlighted but couldn't comprehend.
For the sake of honest,decent folks on this forum,these are the amounts spent on subsidy:
-2007-N188b
-2008--N256b
-2009--421.5b
-2010--N673b
-2011--N1.3t
-2012--1.05t
[url]whitepagesng.com/blog/nigeria-spends-n4-9trn-in-7-years-on-fuel-subsidies[/url]

This thread will go no where, I can't wait to revisit issues like our ECA. Nigerians, numbers don't lie.

doctokwus:
Why are you people do deceptive;don't u have any sense of shame and decency.Tufiakwa!
That stuff u posted is an estimation by Sanusi, which u even highlighted but couldn't comprehend.
For the sake of honest,decent folks on this forum,these are the amounts spent on subsidy:
-2007-N188b
-2008--N256b
-2009--421.5b
-2010--N673b
-2011--N1.3t
-2012--1.05t
[url]www.white pages.com/blog/nigeria-spends-n4-9trn-in-7-years-on-fuel-subsidies[/url]

Between you, your blog-source and Bloomberg news, who is now lying

But its GEJ that manages to make 100 millions people angry.

Nigerians ll never choose good luck over hard work.

This has got to be the most laughable thing I've ever seen!! 2009 budget as passed by NASS was 3.06Trillion, and someone wants to tell us 1/3 or over 33% of the budget was spent on subsidy!!!


Op are you listening to yourself??


Could you quote some other sources for us??


This would make for an interesting debate.

atlwireles:


Between you, your blog-source and Bloomberg news, who is now lying

That info was sourced from Businessday, d most authoritative biz daily in Nigeria.By d way its not my blog.
Its disgusting to see lies being spread on this site.Don't u have any sense of decency?

doctokwus:
Why are you people do deceptive;don't u have any sense of shame and decency.Tufiakwa!
That stuff u posted is an estimation by Sanusi, which u even highlighted but couldn't comprehend.
For the sake of honest,decent folks on this forum,these are the amounts spent on subsidy:
-2007-N188b
-2008--N256b
-2009--421.5b
-2010--N673b
-2011--N1.3t
-2012--1.05t
[url]whitepagesng.com/blog/nigeria-spends-n4-9trn-in-7-years-on-fuel-subsidies[/url]

Read Federal House of Representatives Report on Fuel Subsidy to confirm the information given.

doctokwus:
Why are you people do deceptive;don't u have any sense of shame and decency.Tufiakwa!
That stuff u posted is an estimation by Sanusi, which u even highlighted but couldn't comprehend.
For the sake of honest,decent folks on this forum,these are the amounts spent on subsidy:
-2007-N188b
-2008--N256b
-2009--421.5b
-2010--N673b
-2011--N1.3t
-2012--1.05t
[url]whitepagesng.com/blog/nigeria-spends-n4-9trn-in-7-years-on-fuel-subsidies[/url]

What you posted are budgeted amounts and not expended amounts. They are two different things altogether.

shift15:


Read Federal House of Representatives Report on Fuel Subsidy to confirm the information given.

Can u expose yourself by posting d link here, even if its even highlights of it?

doctokwus:

That info was sourced from Businessday, d most authoritative biz daily in Nigeria.By d way its not my blog.
Its disgusting to see lies being spread on this site.Don't u have any sense of decency?

Why not provide your business day link? As for authoritative, please leave that for another day.

omenka:
This has got to be the most laughable thing I've ever seen!! 2009 budget as passed by NASS was 3.06Trillion, and someone wants to tell us 1/3 or over 33% of the budget was spent on subsidy!!!


Op are you listening to yourself??


Could you quote some other sources for us??


This would make for an interesting debate.

Unfortunately, That has been the pattern for the six - seven years. Check our budgets for last six years and check the amount on subsidies.

Our budgets have never exceeded 4 trillion naira but our subsidy expenses has been constantly above 1 trillion.

Sweetguy25:


What you posted are budgeted amounts and not expended amounts. They are two different things altogether.

I even took d pains of summing the total for d years when a supplementary budget was passed to make up for d total and u are here spewing thrash.Did u bother to read d businessday report at all?

doctokwus:

I even took d pains of summing the total for d years when a supplementary budget was passed to make up for d total and u are here spewing thrash.Did u bother to read d businessday report at all?

The report does not contain factual information.

Sweetguy25:


The report does not contain factual information.

The books will soon be opened for all to see, NOI already have copies, so people cannot manipulated the numbers. Many will stop talking about corruption by June in this country..

atlwireles:



The books will soon be opened for all to see, NOI already have copies, so people cannot manipulated the numbers. Many will stop talking about corruption by June in this country..

Okonjo is not a woman that can be easily intimidated. Her hands are clean and she was not corrupt. That was how she cleared the misinformation on the ECA and Nigeria's debt a few weeks back. All her detractors are yet to refute her claims.

I opened a thread today in political section on what I titled IF YOU WERE IN CHARGE. I asked an honest question that saw many objective contributions from Nairalanders. To my greatest dismay, the mod in charge of that section removed it completely. If I contradicted any NL rule, I think it's pertinent that the mod writes me via my registered email address and advise me on what to do or otherwise. This is the second time that thus has happened. I am therefore calling on well meaning Nairalanders to condemn this childish act exhibited by whichever mod did that. I see that as an insult to my mental prowess. I need an apology from whoever is responsible for this. I also demand my thread be brought back from whereever they took it to.
#BringBackMyThread
#SayNoToModInsultingActions
#YouMustActNow

Sweetguy25:


Unfortunately, That has been the pattern for the six - seven years. Check our budgets for last six years and check the amount on subsidies.

Our budgets have never exceeded 4 trillion naira but our subsidy expenses has been constantly above 1 trillion.

We know the policy under the current admin is fraught with fraud as revealed by the various committees set up to investigate it.

I need sources by the way.

I wonder why it is so difficult getting information about Nigerian government online.