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Nairaland Forum / Nairaland / General / Politics / Subsidy On Petrol Falls To N576m Daily (23753 Views)
Buhari Has Saved N1.4trn By Not Paying Subsidy On Fuel – Osibanjo / FG To Withdraw Subsidy On Fertiliser – Agriculture Minister / Subsidy On Petrol Rises To N9.09 Per Litre (2) (3) (4)
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Re: Subsidy On Petrol Falls To N576m Daily by Vikkie14: 8:28am On Oct 05, 2015 |
In summary: The Reduction in Subsidy payment is due to the Fall in Oil Price. Anything apart from this is Falsehood and lie |
Re: Subsidy On Petrol Falls To N576m Daily by Beremx(f): 8:29am On Oct 05, 2015 |
Firefire:good morning my dear friend. How was your weekend? |
Re: Subsidy On Petrol Falls To N576m Daily by Phame: 8:29am On Oct 05, 2015 |
BUHARI is working. |
Re: Subsidy On Petrol Falls To N576m Daily by obailala(m): 8:47am On Oct 05, 2015 |
Vikkie14:between June and september, oil prices fell from $65 to $48 but subsidy bill dropped from N2billion daily to N575million daily. I am sure you are a smart person and should be able to do the simple mathematics. Between June and October, World Oil prices fell by 26% but Nigerias subsidy bill dropped by 71%. Once again, I'm sure you are a smart person to know what that means. 6 Likes |
Re: Subsidy On Petrol Falls To N576m Daily by CallPolice: 8:58am On Oct 05, 2015 |
In Jonathan era. It is on constant rise. What an ex-president. |
Re: Subsidy On Petrol Falls To N576m Daily by Bevista: 9:02am On Oct 05, 2015 |
TonyeBarcanista:Stop being clever by half bro. The price of crude oil has reduced from $65 in June to $48 today (26% decrease). On the other hand, payment for subsidy has reduced within the same period from N51.61 to N14.39 (72% decrease). Go figure! 12 Likes 1 Share |
Re: Subsidy On Petrol Falls To N576m Daily by Lusola15: 9:13am On Oct 05, 2015 |
harristo: I believe its cos electricity as improved which as reduced d amount of fuel used by generators. Now this will be tested in d dry season when d watet level is low in dam and d weather is hot. U will see an increase in subsidy payment. Corruption may be part of it but not all of it 1 Like |
Re: Subsidy On Petrol Falls To N576m Daily by Nobody: 9:15am On Oct 05, 2015 |
TonyeBarcanista:What has changed in the price of crude from june to Oct 4 Likes |
Re: Subsidy On Petrol Falls To N576m Daily by Lusola15: 9:21am On Oct 05, 2015 |
obailala: I also believe dt d demand for PMS as dropped cos of increase in power generation. This cud account for some part of 71% subsidy drop Just saying ooo |
Re: Subsidy On Petrol Falls To N576m Daily by Kx: 9:22am On Oct 05, 2015 |
obailala: Empirical prove of change. Highly significant 71% shift in subsidy payment from a mere 26% fall in crude oil price speaks volume of buharinomics and his under cover clean up of the mess in the whole system. Carry go pmb. 6 Likes 1 Share |
Re: Subsidy On Petrol Falls To N576m Daily by Lusola15: 9:25am On Oct 05, 2015 |
Obiagelli: Is it about crude prices or subsidy payment on PMS. D more d demand d more d subsidy payment |
Re: Subsidy On Petrol Falls To N576m Daily by Nobody: 9:41am On Oct 05, 2015 |
Lusola15:Demand for PMS has dropped? Thats interesting. |
Re: Subsidy On Petrol Falls To N576m Daily by Bevista: 9:46am On Oct 05, 2015 |
Lusola15:And you did not read the part of the article which stated that subsidy per litre of PMS has reduced from N51.61 to N14.39 What does a 72% reduction in subsidy Per Litre of PMS have to do with aggregate demand? 4 Likes |
Re: Subsidy On Petrol Falls To N576m Daily by Lusola15: 9:53am On Oct 05, 2015 |
Obiagelli: I think so. Tell me when last u or anybody u know on their generators for more than 3hours. I haven't on my in the last 2 month bbefore then I did a minimum 2litres a day. 2x60=120litres remove my 120 that's a drop 1 Like |
Re: Subsidy On Petrol Falls To N576m Daily by Nobody: 9:57am On Oct 05, 2015 |
Lusola15:You have a solid point there |
Re: Subsidy On Petrol Falls To N576m Daily by TonyeBarcanista(m): 10:12am On Oct 05, 2015 |
Obiagelli:Go read the article... |
Re: Subsidy On Petrol Falls To N576m Daily by obailala(m): 10:28am On Oct 05, 2015 |
Lusola15:Do not ignore the very important part of the report where it says the subsidy per litre of PMS has reduced from N51.61 to N14.39. You are absolutely right about the reduction in subsidy payments due to reduction in fuel supply and even the improvement in production from our refineries, however, the big point is, the subsidy per litre of PMS has reduced from N51.61 to N14.39. SO when you even factor in the reduction in demand, this could mean even much less payments than the estimated N575million. |
Re: Subsidy On Petrol Falls To N576m Daily by Lusola15: 10:34am On Oct 05, 2015 |
Bevista: Sorry bro I don't know much abt ecomonic am just stating my own take on the matter. More so do we still import the same amount of PMS we did in June As the amount imported in June increased or decreased in October or not. I agree dt is a major drop but is it as a result of crude Price drop ONLY. U need to know if our demand/import for PMS incraesed or decrease in d last 2 month |
Re: Subsidy On Petrol Falls To N576m Daily by Bevista: 10:34am On Oct 05, 2015 |
TonyeBarcanista: Lusola15: Obiagelli:Imaima, don't fall for that guy. He has no point. The average consumption of PMS in Nigeria is estimated at 40 litres/day. What the papers do is to take subsidy Per Litre of PMS and multiply with this 40 million figure to arrive at the ESTIMATED subsidy payment. For instance, the paper reports that subsidy Per Litre in June was N51.61 while total daily subsidy was estimated as N2.06b. If you observe, N2.06b = 51.61 X 40m. Similarly, the paper also reports that subsidy Per Litre as at Sunday is N14.39 while total daily subsidy is estimated as 575m. If you also observe, N575m = 14.39 X 40m. So, in both cases, the same estimated consumption of 40million litres/day is used. If, indeed, our daily consumption has gone down below 40m due to improved power supply, then the ACTUAL subsidy payment per day will even be less than the estimated N575m. Remember, the figures are Estimates by the media and not the Actual figures from official sources. 10 Likes 4 Shares |
Re: Subsidy On Petrol Falls To N576m Daily by obailala(m): 10:40am On Oct 05, 2015 |
Bevista:Absolutely... There's been a massive reduction in fuel demand and not to forget the considerable improvement in production from local refineries. Overall, Nigeria should have a much reduced subsidy bill today, much lower than the estimated N575million/day. 2 Likes |
Re: Subsidy On Petrol Falls To N576m Daily by Lusola15: 10:44am On Oct 05, 2015 |
obailala: I agree with u 101% however I av seen what and what makes it N14.39 I wud like to see what and what made it N51.61. I believe should still go down and d pump price should also go down |
Re: Subsidy On Petrol Falls To N576m Daily by poiZon: 11:01am On Oct 05, 2015 |
Bevista:which also means that there is still corruption in the system. How r we sure 40million litres is expended daily? Which agency monitors this daily usage? And also buhari said he doesnt understand what subsidy means, so why still pay for what doesnt exist? Ikpa dakkada kpong edefend falsehood. What we r clamouring for is outright removal of subsidy. Sofar that word subsidy exist, there will always be corruption in the system, cos the situation where refineries is being acclaimed to work in full capacity, and we are still importing 100percent of what is acclaimed to be used daily by nigerians which is 40million litres daily. So what is the refinery refining? |
Re: Subsidy On Petrol Falls To N576m Daily by Lusola15: 11:02am On Oct 05, 2015 |
Bevista: Bros my point my consumption has dropped urs as droPped yet daily on paper is 40m. Someone is still robbing us. There no way in this world anyone will tell me we used 40m litre a day in d last 2 month. Again my own take 1 Like |
Re: Subsidy On Petrol Falls To N576m Daily by poiZon: 11:03am On Oct 05, 2015 |
bevista, am suspecting u to be sen. ita enang. That man doesnt hv any ideology, he follows his stomach. Just like what obj said to ffk, i quote'give him money and he will sing for you'. |
Re: Subsidy On Petrol Falls To N576m Daily by anonimi: 11:06am On Oct 05, 2015 |
Why is BrainlessBuubu still paying subsidy to the CABAL after he said he does not know what it is. What manner of change is this Surely we have been SCAMMED! www.nairaland.com/attachments/2589504_subsidy2_jpeg57ea79bc1f8758353f00f8db1d53dbf1 [img]https://www.nairaland.com/avatars/rfpz2aiih02arcv4l0q6myapvub3qyub1364484[/img] www.nairaland.com/attachments/2674047_2671101fbimg1435752845837jpeg8fa3e5cefe73fa369d83ff842dcb8396_jpeg_jpeg08705abfd750ea2ff336c659bb1b7a6a |
Re: Subsidy On Petrol Falls To N576m Daily by free2ryhme: 11:11am On Oct 05, 2015 |
this witch hunting make sense oo 1 Like |
Re: Subsidy On Petrol Falls To N576m Daily by emerged01(m): 11:14am On Oct 05, 2015 |
bjjbam: na so I see am o. I believe we will get there. |
Re: Subsidy On Petrol Falls To N576m Daily by Johnrake69: 11:15am On Oct 05, 2015 |
harristo: Kai... Na Amadioha dey tell you abi na Sango? You were given an empirical evidence of what brought about the decline buh instead, you chose to insinuate theories you can't substantiate. Nigerians and propaganda. |
Re: Subsidy On Petrol Falls To N576m Daily by dhesmond(m): 11:16am On Oct 05, 2015 |
Aufbauh:I strongly support your comment..... Buhari is a peace loving man and he's not ready to tanish anybodies name.... the old daura man is really a wise man to be appreciated by all nigerians.. 1 Like |
Re: Subsidy On Petrol Falls To N576m Daily by gabbytabby: 11:31am On Oct 05, 2015 |
Burger01: If the improvement in electricity that we have seen in my case in the last 2 weeks is to continue, we will surely be on the right path. I go even follow camp outside Duara home for baba to come for second term oh. I don join the change and go slow train. Let wailers continue to wail. I do hope that they will allow fashola to head this ministry. 3 Likes |
Re: Subsidy On Petrol Falls To N576m Daily by Bevista: 11:33am On Oct 05, 2015 |
Lusola15:My point is that the figures being bandied in papers are not from official sources. They are projections made by those papers based on an estimated daily consumption of PMS. When the official figures are out, then the ACTUAL subsidy payment will be much less than those ESTIMATES. 1 Like |
Re: Subsidy On Petrol Falls To N576m Daily by Bevista: 11:42am On Oct 05, 2015 |
Lusola15:Good, this is where most of the fraud are hidden. What we are seeing now is greater transparency and probity in how PPPRA arrive at those figures. Hopefully, it'll go down even more. There was a time we spent over $5b per day in this country for subsidy, even with no increase in daily consumption, yet no reasonable explanation was provided. The system is not yet perfect, but these are positive signs that we are moving in the right direction. 1 Like |
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