The Nigerian National Petroleum Corporation, NNPC, has said it has saved N100 billion monthly through subsidy removal. The Corporation said this in a statement released and signed by its Group General Manager Group Public Affairs Division, Garba Deen Mohammed while explaining NNPC’s move to end fuel scarcity. According to him, the Corporation has been able to manage prices at current levels through modulations, as a result, saving a whopping N100 billion monthly for the country.

“We have been able to eliminate subsidy payments by managing prices at current levels through price modulation. This has resulted to savings of N100 billion monthly for the nation,” he said. Also, the Corporation finally came clean on the reason it has been solely responsible for fuel importation through the months.

He explained that the current administration inherited a huge catalogue of issues and problems in the downstream sector not limited to arrears of subsidy payments to oil marketers. Other issues, it said included “corruption and inefficiencies in the supply and distribution chain, incessant vandalism of pipelines and poor performance of refineries, among others,” he said.

Mohammed said combination of the above problems, resulted in most oil majors “completely pulling out” from the importation business, making the NNPC to assume a near 100 percent importation obligation without necessary logistics put in place. He however, said NNPC management had initiated and made progress on various key solutions to providing a lasting solution to the issues.

Lalasticlacla, mynd44

http://dailytimes.ng/save-n100b-monthly-subsidy-removal-nnpc/

Hmm

Good news. I hope the money will be channeled into the right places and not embezzled.

Good

Time will tell, am sure we will get it right.

It could be rough at first, God's willing Nigeria shall be great again

this government would eventually make their enemies eat the pie - the humble one so to say

“We have been able to eliminate subsidy payments by managing prices at current levels through price modulation. This has resulted to savings of N100 billion monthly for the nation,”

Nonsensical nonsense.

Why is this government so deceitful and fraudulent ? You mention savings and price management ?

See my computation below, and let someone tell this government to stop telling lies about savings when Nigerians are the one indirectly paying for the removed subsidy.

Goats leading this country, u save 100billion monthly, that's 1.2 trillion a year yet there is nothing to show for it, no road, no light, absolutely nothing.
Then what is the money being saved used for?
I thought they said 9ja has no money, what is holding them from investing this money in this country to up grade people's standard of live.
Right now am outside Nigeria for training, after seeing how a country should be ran, am so afraid of coming back, I hear of the fuel scarcity and the epileptic power supply everyday, and one fool is telling me we save 100billion every month. It's unfortunate

Firefire:
Nonsensical nonsense.

Lol - Politics. You don't even sleep. Is it that serious?

All these monies...why do you keep them

Nigeria is rich! We save that amount of money monntly, and we don't have good roads.

You save N100 billion monthly abi? But yet you cannot adequately purchase and ensure availability of your product to your citizens?


Moronic agency!!!

mrofficial:


Lol - Politics. You don't even sleep. Is it that serious?

This government can lie.

malele:
Goats leading this country, u save 100billion monthly, that's 1.2 trillion a year yet there is nothing to show for it, no road, no light, absolutely nothing.
Then what is the money being saved used for?
I thought they said 9ja has no money, what is holding them from investing this money in this country to up grade people's standard of live.
Right now am outside Nigeria for training, after seeing how a country should be ran, am so afraid of coming back, I hear of the fuel scarcity and the epileptic power supply everyday, and one fool is telling me we save 100billion every month. It's unfortunate

Hmmm, brother, our leaders lack foresight, + patriotism doesn't even know how to begin to locate their abode!
They are in power just for the sake of it and aggrandizement of their kith and kin!

And you convert the money to what use?


Don't come here to ask me what the previous Government used the subsidy money for, even though we all know people benefited from the SURE-P programme.


This is a very straightforward question.

They should just shut up! You save 100billion and the economic is gasping for breath? Mad men.

malele:
Goats leading this country, u save 100billion monthly, that's 1.2 trillion a year yet there is nothing to show for it, no road, no light, absolutely nothing.
Then what is the money being saved used for?
I thought they said 9ja has no money, what is holding them from investing this money in this country to up grade people's standard of live.
Right now am outside Nigeria for training, after seeing how a country should be ran, am so afraid of coming back, I hear of the fuel scarcity and the epileptic power supply everyday, and one fool is telling me we save 100billion every month. It's unfortunate

You calling people goats when you are the one who is ignorant. That govt saved N100b doesnt mean the money is stashed somewhere, rather that is N100b that we didnt have to cough out. Besides, the budget was jst passed and hasnt even been accented to, so where do u expect govt to spend for road constructn etc?

Dont rush to insult people when you dont understand issues.

blackpanda:


You calling people goats when you are the one who is ignorant. That govt saved N100b doesnt mean the money is stashed somewhere, rather that is N100b that we didnt have to cough out. Besides, the budget was jst passed and hasnt even been accented to, so where do u expect govt to spend for road constructn etc?

Dont rush to insult people when you dont understand issues.

Was that really a savings or just passing the subsidy burden to the final consumers (Nigerians) ?

Firefire:


Was that really a savings or just passing the subsidy burden to the final consumers (Nigerians) ?

How do you mean? We arent paying more than the pump price and we arent paying subsidy, so I dont get your question.

I don't believe this as rumours still have it that some cartel are still been paid subsidy. Pls tell us another story

Is this why we buy fuel for N200/ltr when it sells for $40/barrel in the world market? It seems the masses are paying for the subsidy indirectly

Keep saving 100billion while Nigerian re on the queue day n night.

If you add this 100 billion monthly with the over $300 billion this administration has so far claimed to recover you would believe Nigeria is an Eldorado by now! APC white lies are only meant to give hopeless hope to the feeble minded.

APC seems to be dancing a tune of death and taking our economy with them to the grave. We need to rescue this nation from these mofos in power before it all collapse on us all and they all jet away like Mr President who is currently on honeymoon with tax payers monies.

Where are the gains going to, government/NNPC account?

We recovered $300B from loots and save at least #100B monthly from Subsidy yet u claim that there is no money to pay Lazy youths 5K. God is watching ooo

malele:
Goats leading this country, u save 100billion monthly, that's 1.2 trillion a year yet there is nothing to show for it, no road, no light, absolutely nothing.
Then what is the money being saved used for?
I thought they said 9ja has no money, what is holding them from investing this money in this country to up grade people's standard of live.
Right now am outside Nigeria for training, after seeing how a country should be ran, am so afraid of coming back, I hear of the fuel scarcity and the epileptic power supply everyday, and one fool is telling me we save 100billion every month. It's unfortunate

When you step away from Nigeria and see how things are simplified and working,shame will catch you about Nigeria and then you get real mad about her political elites.

I used to think having steady public power supply all year round was rocket science or having most of the things we see as luxuries in Nigeria and brag. I was humbled. All Nigeria political class up till now should be rounded up for acts of injustice against her citizens. Even carrying Nigerian passport is a burden.

Why is APC like this. Every now and then you save this, you save that.

Tomorrow we have technically defeated petroleum scarcity.

Kai! May God help and save us from the SAINT AND UNCORRUPTABLE PARTY.

You know. .......

christinie:
And you convert the money to what use?


Don't come here to ask me what the previous Government used the money for, even though we all know people benefited from the SURE-P programme.


This is a very straightforward question.

APC is A government premised on lies.

Use ur heads people, that the money was saved doesn't mean it was collected and stored somewhere...

It just means, the government didn't need to release the said fund for subsidy settlements.

Honestly, I couldn't care less. I just want to get PMS and at the right price. In all my life as a Nigerian, I've never seen scarcity last up to 2-3months. Smh

The annoying thing is that the N150 - N160 per litre rate is now becoming normal because its been that way for months. Its a shame that it is such at a time when the price of oil is low.

blackpanda:


You calling people goats when you are the one who is ignorant. That govt saved N100b doesnt mean the money is stashed somewhere, rather that is N100b that we didnt have to cough out. Besides, the budget was jst passed and hasnt even been accented to, so where do u expect govt to spend for road constructn etc?

Dont rush to insult people when you dont understand issues.

**** like u make me sick of this country, what is holding them from passing and approving the budget, is it not people greed and selfishness, if the budget was clean, it would have been passed since. We have urgent issues at hand, budget is being delayed and u think we don't have goats as leaders?

SleekAbokii:

When you step away from Nigeria and see how things are simplified and working,shame will catch you about Nigeria and then you get real mad about her political elites.

I used to think having steady public power supply all year round was rocket science or having most of the things we see as luxuries in Nigeria and brag. I was humbled. All Nigeria political class up till now should be rounded up for acts of injustice against her citizens. Even carrying Nigerian passport is a burden.

I was held at the airport for 2hours in the country I went for training, because I showed 9ja passport, the bad thing is that these goats we have as leaders travel round the world, and they still refuse to implement what they see outside here.

malele:


I was held at the airport for 2hours in the country I went for training, because I showed 9ja passport, the bad thing is that these goats we have as leaders travel round the world, and they still refuse to implement what they see outside here.

I had to dump the Nigeria passport and adopt a new country with respected passport. I just can't seem to understand the political leaders of Nigeria. If you finds means leave the country for good and stay out of range for now. Judgment is coming on all Nigerian political elites and it would be very violent. I will be honoured to lead the frontline.