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Nairaland Forum / Nairaland / General / Politics / $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director (506 Views)
Nigeria Lost N9t To Fuel Subsidy In Four Years,pdp Senators,reps. / Buhari & Osinbajo Said This About Fuel Subsidy In 2011 During GEJ Time(pics) (2) (3) (4)
$35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by ijustdey: 8:14am On Sep 15, 2016 |
Okechukwu Nnodim, Abuja http://punchng.com/35bn-spent-fuel-subsidy-five-years-ex-nnpc-director/ lalasticlala |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by Nobody: 8:20am On Sep 15, 2016 |
Booked |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by NOC1(m): 8:38am On Sep 15, 2016 |
ok, since na okon talk am they may believe or disown him too |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by agwom(m): 9:15am On Sep 15, 2016 |
ok |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by Benjom(m): 9:25am On Sep 15, 2016 |
Fuel subsidy is a big scam. It was indeed a cover up for diversion of our money into the pockets of some unrepentant greedy individuals. |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by wirinet(m): 9:33am On Sep 15, 2016 |
If $35 billion was spent on subsidy in 5 years, how much money was spent on actually importing the fuel? It cannot be less than $200 billion. Now how much did Nigeria earn as a whole in dollars in those 5 years? This statement means that all our foreign earning in 5 years was used to import fuel. |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by DelGardo: 9:40am On Sep 15, 2016 |
We are making progress. And some will still ask "where is the change?" |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by Flyingngel(m): 9:56am On Sep 15, 2016 |
What is d essence of telling us now? Don't u knw that we r tired of hearing abt this level of corruption in d past? The one of padding between Jubrin and Dogara that is recent have died forever. Pls keep ur story till we see d Almighty who is not biased and will dole out ones punishment according to his or her work on earth. |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by idupaul: 9:59am On Sep 15, 2016 |
Enough to build six state of the art refineries |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by idupaul: 10:00am On Sep 15, 2016 |
wirinet: Smart man |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by mrvitalis(m): 10:04am On Sep 15, 2016 |
wirinet:We spend 22 billion dollars every year on fuel import and 7 billion was paid as subsidy... hope u get now |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by mrvitalis(m): 10:08am On Sep 15, 2016 |
And how much is dangote using to build his refineries?? ? Yet we foolishly roled out in the streets supporting this spending... I shouted and I was called fool... The same way we are shouting against Buhari that is trying to fix our economy and fighting against this cabal... after that subsidy was when Jonathan lost interest in the progress of Nigeria and was there just to take his own share.. . Now we are putting the same pressure on Buhari supporting people Killing us against someone wanting to save us I pray Buhari doesn't lost hope and keep fighting till we win this way... God bless Nigeria |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by wirinet(m): 11:30am On Sep 15, 2016 |
mrvitalis: Thanks for the info, but if we spend 22 billion yearly on fuel imports alone, how much do we earn from oil proceeds yearly? given that oil earnings are 60% of prices minus production costs. Now, lets me do a hypothetical calculation using oil benchmark price of $100/barrel and a production level of 2.2million barrels/day and a production price of $25/barrel Price of crude - $100/barrel Earnings to Nigeria - 60% x100 - 25 = $45 Total earning/day = $45 x 2,200,000 = $99,000,000 Total earnings/year = 99,000,000 x 365 = $36,135,000,000 This is 36 billion US dollars. If we spend 22 billion of those dollars to import fuel, it means we run the country (FG, States and LG) with the remaining $14 billion. (non oil earning not included) If we carry out similar calculations using the current average oil price of $40, we would not have $22billion to import fuel not to talk of dollars for other imports or money to run the country. Please correct me where i am wrong. 1 Like |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by salabscholar01(m): 11:53am On Sep 15, 2016 |
ok |
Re: $35bn Spent On Fuel Subsidy In Five Years – Ex-nnpc Director by mrvitalis(m): 1:00pm On Sep 15, 2016 |
wirinet:Now u have seen the country |
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