By Roseline Okere

The Federal Government’s daily spending on petrol subsidy has declined from the N1.07 billion it recorded as at September 8, to N889.44 million as at September 22.



Besides, the Organisation for Economic Co-operation and Development (OECD), western countries and leading developing nations are spending up to $200 billion yearly in subsidising fossil fuels, which OECD considered as being on the high side.

The country’s daily payment on fuel subsidy has continued to be on the decline since June this year, dropping from N2.4 billion to N1.07 billion two weeks ago.

Specifically, at the exchange rate of N197 to a dollar, the country’s daily subsidy per litre of fuel has decreased from the N22.42 per litre it earlier recorded to N18.53 per litre.

Based on daily petrol consumption of 48 million litres, the total subsidy cost on the product as of September 22, would amount to N889.44 million at N18.53 per litre.

The Petroleum Products Pricing Regulatory Agency (PPPRA), which made this disclosure yesterday in its pricing template, put the expected open market price of the product at N105.53.

The landing cost of Premium Motor Spirit (PMS), otherwise known as petrol, has also dropped from N93.93 to N90.04, while the Expected Open Market Price declined from N109.42 to N105.53 per litre.

According to a new OECD report, released on Monday, government support for subsidising fuel is hampering global efforts to curb emissions and combat climate change.

According to the OECD, coal, natural gas and petroleum received yearly subsidies of $160 billion to $200 billion from 2010 to 2014 in the 34 OECD countries and six emerging economies.

The Paris-based think-tank said its 34 members plus six of the biggest emerging economies – China, India, Brazil, Indonesia, Russia and South Africa , were spending money supporting the consumption and production of coal, oil and gas that should be used to tackle climate change.

OECD Secretary-General, Angel Gurría, stated in the report: “The time is ripe for countries to demonstrate they are serious about combating climate change, and reforming harmful fossil fuel support is a good place to start.


Source:http://www.nairausd.com/2015/09/nigerias-daily-fuel-subsidy-falls-to.html?m=1

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Is this a welcome development.

House deliberate on it

expecting reduction on pump price soon

i know say one day baba go make us proud. and our children children will have a better Nigeria. i feel at peace that i am part of the new movement that want change for my dear country afterall Nigeria is all we have. lets come together and build our country.

psquaret:
cool

Hmmmmm

So what happened?
Half of Nigerians died or they sold their cars?

Meanwhile the previous Govt wanted to even increase fuel sometime ago before they were defeated at the polls.

God bless Buhari

GudluckIBB:
So what happened?
Half of Nigerians died or they sold their cars?

Meanwhile the previous Govt wanted to even increase fuel sometime ago before they were defeated at the polls.

God bless Buhari

It a welcome development.

Please don't poltisize this topic

GudluckIBB:
So what happened?
Half of Nigerians died or they sold their cars?

Meanwhile the previous Govt wanted to even increase fuel sometime ago before they were defeated at the polls.

God bless Buhari

I am amused are they still paying subsidy? I thought they said there was no subsidy anyway, let them continue to deceive themselves. The last govt wanted to remove subsidy but, elements of the cabal protested using gullible nigerians. Now the yeye Scammers calling themselves change agents are feeding same gullible nigerians with more propaganda while the economy worsens!

Fp

Seen


BTW, check my signature

tuniski:
I am amused are they still paying subsidy? I thought they said there was no subsidy anyway, let them continue to deceive themselves. The last govt wanted to remove subsidy but, elements of the cabal protested using gullible nigerians. Now the yeye Scammers calling themselves change agents are feeding same gullible nigerians with more propaganda while the economy worsens!

So the last government should have removed subsidy with our refineries in the state they were then?knowing fully well the way our economy works that an increase in pump price of fuel leads to increased prices of items and the poor feel it most

Better days ahead!

mayorchelsea:
So the last government should have removed subsidy with our refineries in the state they were then?knowing fully well the way our economy works that an pump price of fuel leads to increased prices of items and the poor feel it most

yes they should havee removed it. That was the biggest sin of GEJ not removing it. Small time same nigerians who protested started shouting Corruption when the monumental waste was exposed. For as long as u hear subsidy in petroleum sector just know we are still deceiving ourselves. Come 2017 Dangote refinery will commence production cos the previous govt encourage that. Our refinery working at 100% can't meet 20% of our needs they were not built to meet today's demand of about 200m citizens.
By the way, have u ever asked what d price of our own products from the refineries are? Or are those little output in anyway cheaper?

APC, school of propaganda!!! am still waiting for Buhari body odor to remove the fuel subsidy he once told us, it's a scam.

tuniski:
yes they should havee removed it. That was the biggest sin of GEJ not removing it. Small time same nigerians who protested started shouting Corruption when the monumental waste was exposed. For as long as u hear subsidy in petroleum sector just know we are still deceiving ourselves. Come 2017 Dangote refinery will commence production cos the previous govt encourage that. Our refinery working at 100% can't meet 20% of our needs they were not built to meet today's demand of about 200m citizens.
By the way, have u ever asked what d price of our own products from the refineries are? Or are those little output in anyway cheaper?

I get your point but what positives can we say we derived from the partial removal of subsidy in the last administration? Were we not told the funds would be used to provide roads?jobs? improved security and education? did any of those plans see the light of the day?Personally, I'm scared of the ripple effect it's going to have on the masses in terms of prices of food items and cost of living without a corresponding increase in income

suxkill:
APC, school of propaganda!!! am still waiting for Buhari body odor to remove the fuel subsidy he once told us, it's a scam.

Did you know that you wicked

Dannyset:
Better days ahead!

All what we pray for

mayorchelsea:
I get your point but what positives can we say we derived from the partial removal of subsidy in the last administration? Were we not told the funds would be used to provide roads?jobs? improved security and education? did any of those plans see the light of the day?Personally, I'm scared of the ripple effect it's going to have on the masses in terms of prices of food items and cost of living without a corresponding increase in income

. The current state of affairs of our nation is largely due to subsidy! In fact, the death of taxation cos of petroleum is the opium the masses are on for this spate of indifference to governance! I bet u, let the subsidy go and let the effects come full force, we will adjust high cost in itself is not the problem purchasing power is! However, with the burden completely transfered to citizens we can now be awaken from our slumber and engage those in govt. The large scale corruption will then be checked cos I can't be paying thru sweat and one person just sit down and embezzle, mismanage and misappropriate such resources. No one will mobilize citizens for protest the burden will!!! Subsidy must go and now!

GudluckIBB:
So what happened?
Half of Nigerians died or they sold their cars?

Meanwhile the previous Govt wanted to even increase fuel sometime ago before they were defeated at the polls.

God bless Buhari

God Bless Baba

mayorchelsea:
I get your point but what positives can we say we derived from the partial removal of subsidy in the last administration? Were we not told the funds would be used to provide roads?jobs? improved security and education? did any of those plans see the light of the day?Personally, I'm scared of the ripple effect it's going to have on the masses in terms of prices of food items and cost of living without a corresponding increase in income

Pertinenr questions that remain unaswered. There was partial subsidy. Where did the money saved go?

So?

We go dey pay am small small until e finish so that this cabals go leave us and make our refineries start to work.

Stale. infact we want it reduced to nothing let the sector be deregulated and opened for market competition

Ok

Screw wailers.

Nor of my bizness

Thanks Buhari by the end of next year I want to see zero subsidy payment...

With steady electricity and Refineries working at full capacity, that will surely become the end of the scam called subsidy