During his presentation at the Federal House of Representatives on Monday, the minister of state for petroleum resources, Ibe Kachikwu, revealed that the current hike in the pump price of petrol is different from that which the administration of former President Goodluck Jonathan executed in 2012.
Kachikwu said the Goodluck Jonathan-led administration had money to fund subsidy, unlike the Muhammadu Buhari administration.
“The average price crude oil then was valued at $110 per barrel and there was availability of funds to cater for the subsidy regime due to booming oil prices.

“Importation was based on 50 % financing from NNPC and 50% from oil marketers, while sourcing of foreign exchange for importation of petroleum products for both the NNPC and oil marketers was solely from the Central Bank of Nigeria and at official government rates.

“Presently, financing for importation of products is almost 100% handled by NNPC and this model is unsustainable,” he said.
The minister also alleged that the administration saw a “lack of strategic plan and investments in refineries and pipeline infrastructure meant that the sector could not attract investors”.
Speaking about the current regime, Kachikwu said

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booked

That's the height of incompetent on your side Mr minister..u identified the system that worked for the previous Administration ,why not stick to it..do some amendments if need be....plus i wonder why u guys always run to the media to cry like a little baby...we careless about Ur predicaments the same way we dont care about Ur salary. Just fcking give us a desired results which we paid...and you joyously received the salaries on the monthly bases. So quit complaining Cus it didn't form part of your key performance indicator. ..

Subsidy remains a scam.
These subsidy swallowing cabal should learn how to work for their money. No more free lunch.The country is broke.

Why is the Minister of petroleum quiet? Its time we hear his voice. I thought there was nothing like fuel subsidy

Atleast dollar is almost 50 per barrel. So generate money like GEJ nau without suffering d citizens.

Nawa ooo....which kain government be this sef?