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FG Will Not Remove Oil Subsidy In 2016 – Minister - Politics - Nairaland

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FG Will Not Remove Oil Subsidy In 2016 – Minister by Islie: 1:52pm On Feb 19, 2016
By Chinenyeh Ozor

Nsukka - Ferdral government has said it will spend zero amounts in petroleum subsidy in 2016 and would not remove the subsidy while in periods of high oil prices, expenditures were allowed to rise substantially with little ability to control spending in periods of low prices.

The minister of state petroleum resources, Dr Emmanuel Ibe kachikwu disclosed this at the 45th convocation lecture he delivered at the University of Nigeria, Nsukka titled ‘the petroleum industry and the future of the Nigerian nation’ adding that government has started pumping oil from two out of the three refinaries in the country which would be used to provide oil and gas needed for the country.

The minister noted that it may sound unbelievable to people, explaining that it is part of change mantra of the present administration of President Mohammadu Buhari, meanwhile, 70 per cent of vandalized pipelines has been recovered which will supply more crude to the refinenaries.

Dr Kachikwu said that the objective of Buhari reform agenda in oil and gas industry in the country centered around having the right people doing the right hing at the right time for the purposes of moving the country forward.

“With the right people in petroleum sector there will be increase in revenue for the country via sales of petroleum products. The products will be affordable prices at the lowest minimum cost for factor inputs that will encourage economic growth and international competiveness. The reform agenda in the oil and other sectors will also provide more employment opportunities in the country, ‘he said.

The minister pointed out that what the country suffers now was poor management of the oil sector in the past twenty 25 years, adding that in the past the cost of production of crude oil as well as importation of fuel remained the highest in the world while weakness in the fiscal administration of the oil sector led to inadequate allocation and collection of oil and gas revenues for the government.

‘’In recent past, the oil and gas industry has emerged from the scourge of militancy in the Niger Delta when production was at a low of 1.6 million barrels per day in 2009 to its current levels of about 2.2 million barrels per day. Over the years, little attempts was made to diversify revenue base from huge oil and gas resource income’’ he minister noted.

He also said that the mainstream and downstream have witnessed challenges which was why government has focussed ite reforms on libralising the sectors, explaining that Nigeria has three refinaries with nameplate capacity of 445,000 barrels per day, 5,120 km of products and crude pipelines, 21 storage depots and one petroleum products import terminal at Atlas Cove all of which have suffered from vandalism and poor maintainance over the years because of lack of a cmmercially viable framework for cost recovery.

He explained that the oil boom of the 70’s, the country experinced large public spending and fiscal deficits that fuelled macroeconomic voattlity, noting that the countr’s budget increased from the 70’s onwards as expenditure rose faster than revenues.

Kachikwu urged Nigerians to support president Buhari in his fight against corruption in order retrieve the looted funds in the countryas the fight would restore the dignity of the county and banish poverty.

“The aim of the present administration is to leave a good legacy through fighting corruption and making judicious use of the country’s resources. Nigerians should give the president maximum support in his determination to rid the county of bribery and corruption’’ he said.

He expressed appreciation to University management for finding him worthy to present the 45th convocation lecture, adding that as an alumnous of the university he would continue to contribute meaningfully to the University.

In a welcome address, the Vice-chancellor of University of Nigeria, Nsukka, Prof Benjamin Ozumba said that the 45th convocation lecture was a unique one for the fact that the lecture was delivered by an icon in petroleum industry who had within a period of time transformed the oil sector.

Prof Ozumba said that the Nigerian National petroleum corporation (NNPC) has witnessed series of transformation within a short period of time the minister assumed duty in the industry.


www.vanguardngr.com/2016/02/fg-will-not-remove-oil-subsidy-in-2016-minister/

2 Likes 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by Elosky20: 1:54pm On Feb 19, 2016
t
Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by Hurlstarling: 1:55pm On Feb 19, 2016
Kikikikiki.......
Nigerians how market

13 Likes 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by AceRoyal: 2:09pm On Feb 19, 2016
Lolzzz......tongue

6 Likes

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by Olive33: 3:11pm On Feb 19, 2016
cheesy grin

But where is the change ?

36 Likes 3 Shares

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by ozoemenaca: 3:12pm On Feb 19, 2016
Don't know what to believe

8 Likes 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by hucienda: 3:12pm On Feb 19, 2016
Thought it was announced prior that it had already been removed.

Dunno what news to believe any more in this administration. Always flip-flopping.

38 Likes 5 Shares

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by Nobody: 3:13pm On Feb 19, 2016
This is so sad

1 Like 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by Ecoterrorism(f): 3:13pm On Feb 19, 2016
Okay.


Fix our naira buhari

1 Like

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by dmostcheerful(f): 3:13pm On Feb 19, 2016
chanji is here.......

the subsidy was magically and miraculously removed.....

just like onyinye ekwensu.......

hucienda:
Thought it had already been removed.
Dunno what news to believe any more in this administration. Ever flip-flopping.


just like boko haram, subsidy was technically remove.....

14 Likes 2 Shares

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by kennosklint(m): 3:14pm On Feb 19, 2016
Which one ar we gonna follow,bufarii or minister.hmmm

3 Likes 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by Nobody: 3:14pm On Feb 19, 2016
They should remove the subsidy and use the savings for better things....like power and rail.
Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by Ecoterrorism(f): 3:14pm On Feb 19, 2016
To get mad faster than a weed smoker just follow this government utterances.

32 Likes 5 Shares

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by Nobody: 3:14pm On Feb 19, 2016
I no understand anything sef

1 Like 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by slick1(m): 3:14pm On Feb 19, 2016
This government keeps telling us of what they want to do, I'm tired of such......Do it and we will know

1 Like

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by Phemzeal(f): 3:16pm On Feb 19, 2016
Was this what we were promised ......Chai!

2 Likes

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by idupaul: 3:16pm On Feb 19, 2016
What are these people saying now .. I thought they said there was no more subsidy. .. See i Voted for Buhari but the bitter truth is that I dot think he has what it takes to make that difference

8 Likes 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by obasiken: 3:16pm On Feb 19, 2016
We are literally going back to eat our vomit.
confused leaders

6 Likes 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by macino1(m): 3:17pm On Feb 19, 2016
I am beginning to lose it with this Auto Government. Too much talk no action

9 Likes 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by Nobody: 3:17pm On Feb 19, 2016
Fact is if the government removes subsidy today, those greedy marketers will start selling fuel for 200 naira per litre just as the banks are selling dollars for 380 despite getting it for 199 naira

3 Likes 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by Carsinyankee: 3:18pm On Feb 19, 2016
Naija news........
Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by godoluwa(m): 3:21pm On Feb 19, 2016
TECHNICALLY, WE'VE REMOVED FUEL SUBSIDY

6 Likes 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by tansho(m): 3:21pm On Feb 19, 2016
No shaking
Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by Nobody: 3:21pm On Feb 19, 2016
macino1:
I am beginning to lose it for this Auto Government. Too much talk no action
What action do you want from this news now? The minister should start driving petrol tanker

1 Like 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by HirstMOG(m): 3:22pm On Feb 19, 2016
Lie muhameed will explain better. Waiting!!!!

24 Likes 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by appini: 3:23pm On Feb 19, 2016
Abracadabra! Abracadabra!! Abracadabra!!!

1 Like

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by ASHAKA1(m): 3:23pm On Feb 19, 2016
Government of propaganda,lies and confusion... i doubt if I will ever forgive my fellow youths who fell for this scam in the name of sai buari...don't quote me to talk nonsense pls. #teamwailer

8 Likes 1 Share

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by Phemzeal(f): 3:23pm On Feb 19, 2016
Hope this revenue generating of a thing won’t end up being a scam??

1 Like

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by repogirl(f): 3:26pm On Feb 19, 2016
Even if una produce 1 billion barrels every day, oil is worthless in the market and no one is even buying from Nigeria.

So who una dey deceive?

Besides, I saw nothing progressive in his speech sef, all I see is what happened in the seventies and the same ol loot recovery. No new news?

8 Likes

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by francizy(m): 3:27pm On Feb 19, 2016
Ecoterrorism:
To get mad faster than a weed smoker just follow this government utterances.


APC breaking records negatively...

cheesy cheesy cheesy grin grin grin

They'll go down in history as the biggest fraud ever... SmH

Cc Kingtom the closet pro-Buharist... grin cheesy

8 Likes 3 Shares

Re: FG Will Not Remove Oil Subsidy In 2016 – Minister by dahmie2013: 3:28pm On Feb 19, 2016
"Nsukka - Ferdral government has said it will spend zero amounts in petroleum subsidy in 2016 and would not remove the subsidy while in periods of high oil prices, expenditures were allowed to rise substantially with little ability to control spending in periods of low prices."

Ppl don't understd english anymore. 4rm d above statement, dere is no subsidy dis year, however, if d oil prices pick up&dey're high, den subsidy will be back. Our media shud learn 2 inform d public properly.

3 Likes

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