Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,668 members, 7,955,432 topics. Date: Sunday, 22 September 2024 at 05:29 AM |
Nairaland Forum / Nairaland / General / Politics / 5 Glaring Lies Said By The VP On Fuel Subsidy Issue. (689 Views)
Fuel Subsidy Return: There Is A Bigger Fraud Being Perpetrated - Saraki / Buhari Receiving Cheers From Motorists On Fuel Queue In Kaduna (photo) / Fatima Ganduje Rants On Fuel Scarcity (Photo) (2) (3) (4)
5 Glaring Lies Said By The VP On Fuel Subsidy Issue. by Kooldude01: 1:33pm On May 14, 2016 |
#1 Are Our Refineries Working
Or Twerking
VP: “What happened is as follows: our
local consumption of fuel is almost
entirely imported.”
So what happened to the 3 functioning
refineries? Or was it a lie? Reminder:
January 2016: NNPC spokesman Ohi
Alegbe said the Port Harcourt, Warri and
Kaduna refineries were producing a total
of 6.76 million litres of gasoline per day,
adding that this was projected to rise to
more than 10 million litres per day by the
end of January. Source: Reuters Africa
NOTE: Nigeria consumes 35-50 liters per
day on average. That means 20% to 33%
will be carried by our local refineries per
the above statement … so why the switch
all of a sudden? Have we been lying about
our refinery capacities to curry cheap
approval points?
#2 NNPC too Wan Join
VP: “NNPC exchanges crude from its
joint venture share to provide about 50%
of local fuel consumption. The remaining
50% is imported by major and
independent marketers.”
If this is true, why then is NNPC also
increasing their pump price? NNPC should
not require FOREX for joint venture share
exchange!
#3 ForexWahala
VP: “These marketers up until three
months ago sourced their foreign
exchange from the Central Bank of
Nigeria at the official rate. However,
since late last year, independent
marketers have brought in little or no fuel
because they have been unable to get
foreign exchange from the CBN. The CBN
simply did not have enough.”
This is not news, every sensible
Economist ( Naira: Sanusi backs
devaluation ) and even Engineer (even me
sef write article here ) since last year
advised us to devalue the Naira.
But we did not listen, despite the fact that
our foreign reserves were dwindling due to
low Oil prices we still said we would
stubbornly maintain an unsustainable
N197 to $1 exchange rate.
This, despite the fact that the black
market rate was running away we still
held it at N197. What this does is deplete
our foreign reserves much faster.
Now FOREX has almost finished, we are
now shifting the cost of poor economic
decisions by this administration to the
poor Nigerian man.
#4 Typographical Exchange
Rate Error?
VP: “We expect that foreign exchange will
be sourced at an average of about N285
to the dollar, (current interbank rate).”
So wait here I am confused. The official
inter-bank rate has always been N197.
But all of a sudden in the VPs message to
Nigerians it is now at N285. Did they just
devalue the Naira or is this a
typographical error?
Please epp me ask, so CBN can update
their page here.
NOTE: I actually think the VP made a
mistake and was referring to the N285
pounding sterling exchange rate and not
the dollar exchange rate. In which case it
is quite sad that no one could proof read
and catch this factual error.
#5 Government Still Trying To
Control Price
VP: “They would then be restricted to
selling at a price between N135 and N145
per litre.”
We did a similar restriction of N86.00, it
failed woefully. Why do we now think a
N145.00 will work differently?
How will the man transporting fuel from
Lagos to Kano still sell fuel at the same
price as the man in Lagos not
transporting anything? Its logically
impossible. What they should do is have
price restrictions per state or region … and
not try and restrict a price across country.
It just won’t work!
#6 Conclusion
At the end of the day, this is what
happened …
The current Government despite sound
advice from several Economists refused to
devalue the Naira while running a
propaganda campaign to make Nigerians
believe that our refineries were working
and everything was fine, gambling that the
Oil will rebound and cover up the lies.
Sadly Oil never rebounded and this
inevitably led to the fast depletion of our
Foreign Reserves. To the extent that CBN
could no longer keep up with the demand
from Fuel importers.
And now the government is shifting the
burden for their poor decisions to the
Nigerian people. Now I am not saying our
Vice President aka the ex-Pastor is telling
Lies … but all I ask is that he …
Words by Okechukwu |
Re: 5 Glaring Lies Said By The VP On Fuel Subsidy Issue. by dabigwalls: 1:34pm On May 14, 2016 |
Ok |
Re: 5 Glaring Lies Said By The VP On Fuel Subsidy Issue. by TemmyMatt(m): 1:35pm On May 14, 2016 |
OP,either he told lies or not,he has collected his 'Writing Alawee' from the 'Budget of Change'... Mind you,he wasn't the one who picked up his pen to do some writing...He must have ordered one of his SA's to give a beautiful write up in his name. As a SA who expects his Boss' favour,you shouldn't be expecting less. I drop my pen... Cc: TonyeBarcanista. |
Re: 5 Glaring Lies Said By The VP On Fuel Subsidy Issue. by Kooldude01: 1:36pm On May 14, 2016 |
Mods pls push this to the front page. |
Re: 5 Glaring Lies Said By The VP On Fuel Subsidy Issue. by Trailblazer1(m): 1:37pm On May 14, 2016 |
Re: 5 Glaring Lies Said By The VP On Fuel Subsidy Issue. by TonyeBarcanista(m): 2:23pm On May 14, 2016 |
Na today you know PYO? |
Re: 5 Glaring Lies Said By The VP On Fuel Subsidy Issue. by Pavarottii(m): 2:36pm On May 14, 2016 |
Oboi Don turn liars in this dispensation. And some zombies will still believe dem. |
(1) (Reply)
Sheriff Apologises To Aggrieved PDP Stakeholders / We Are Not Negotiating With Any Committee - ND Militants / PHOTOS: Ajimobi,el-rufai,aregbesola,SHettima At Launch Of Free Lunch For Student
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 16 |