Haba.... Does this man forget that he is a pastor at times?
How can anyone try to separate NNPC from FG?

AZeD1:

Price of crude oil has gone up so naturally the price of it's derivatives would also go up.

nairaland minister for petroleum,so when market price per barrel increased as against when the subsidy was removed and the demand and sales of Nigerian crude oil has also appreciated,your next economic policy is to introduce subsidy right?
see someone calling people illiterate on the thread,smh.

agwom:
Nothings human beings will not heard or seen from buhari/osibanjo government...

Do you lack comprehension?

Sammiejokes:
Do you lack comprehension?

yes

AZeD1:
Too many illiterates on this thread. All revenue generating agencies return a percentage to the federation account while they spend the remaining.

If the VP says NNPC is paying for it, then it's coming from their share of revenue generated.

Also the NNPC does crude oil swaps.


If you've worked in a big company , you'd know departments have budgets and they kind of spend it in different ways.

i think you are the illiterate one.. if you have worked in a big company as you claimed you will know all bugdet is defended with the finance department to justify what and how it translate to the goodwill of the company...in this case the house of assembly and the finance minister(a representative of the president)..you all think you are smart but in reality you have all got 90 for IQ or maybe you are just plain old hypocrite

nawtyme:
Haba.... Does this man forget that he is a pastor at times?
How can anyone try to separate NNPC from FG?

Either the pastor has left him or he has left the pastor. May be they have left each other. May be they were not together initially.

AZeD1:

Politics.
Cost of PMS as well as other things in this country are based on politics.

Politics? How does NNPC gain politically by subsidizing fuel?

hegelian:

i think you are the illiterate one.. if you have worked in a big company as you claimed you will know all bugdet is defended with the finance department to justify what and how it translate to the goodwill of the company...in this case the house of assembly and the finance minister(a representative of the president)..you all think you are smart but in reality you have all got 90 for IQ or maybe you are just plain old hypocrite

NNPC defend budget ...... Lol

You should ask your Senator if NNPC submitted a budget to them to approve first.

Lanretoye:
nairaland minister for petroleum,so when market price per barrel increased as against when the subsidy was removed and the demand and sales of Nigerian crude oil has also appreciated,your next economic policy is to introduce subsidy right?
see someone calling people illiterate on the thread,smh.

Do you even understand what you wrote?

booblacain:


Politics? How does NNPC gain politically by subsidizing fuel?

Ask the NNPC's MD.

AZeD1:

Ask the NNPC's MD.

Wow, nairalanders and attitude. I thought we were having a conversation here and you had good knowledge of how these things work. Here I was thinking I could learn something from you. Not everyone is here to argue man, and do not say things you can't back up with facts or at least a clear explanation, it exposes your ignorance.

AZeD1:

NNPC defend budget ...... Lol

You should ask your Senator if NNPC submitted a budget to them to approve first.

i think you are the dull one..NNPC is a subset of petroleum ministry and GMD NNPC report to the minister of petroleum and ministry of petroleum defend budget...so what are u sayinglike i said everybody is not a fool or silly, so now come again and bring another turn

booblacain:


Wow, nairalanders and attitude. I thought we were having a conversation here and you had good knowledge of how these things work. Here I was thinking I could learn something from you. Not everyone is here to argue man, and do not say things you can't back up with facts or at least a clear explanation, it exposes your ignorance.

NNPC's MD is a political appointee. He would do anything to remain on that sit.
It's part of the reason presidents see the NNPC as their bank. All the need to do is appoint some loyal.

hegelian:

i think you are the dull one..NNPC is a subset of petroleum ministry and GMD NNPC report to the minister of petroleum and ministry of petroleum defend budget...so what are u sayinglike i said everybody is not a fool or silly, so now come again and bring another turn

Dude you obviously don't know how Nigeria works.

Let me help you, as at November 1 the NNPC had not submitted it's 2017 budget.

https://newtelegraphonline.com/2017/11/nnpc-customs-cbn-33-agencies-yet-submit-2017-budget/

PS: once upon a time, the Senate refused to approve the budget of the SEC because of their fight with Aruma Oteh, and the woman didn't send them.
Sanusi also refused to submit a budget for the CBN.

AZeD1:

Dude you obviously don't know how Nigeria works.

Let me help you, as at November 1 the NNPC had not submitted it's 2017 budget.

https://newtelegraphonline.com/2017/11/nnpc-customs-cbn-33-agencies-yet-submit-2017-budget/

PS: once upon a time, the Senate refused to approve the budget of the SEC because of their fight with Aruma Oteh, and the woman didn't send them.
Sanusi also refused to submit a budget for the CBN.

bros you are makeing a fool of yourself the more...if NNPC which is a subset of a ministry with a functioning minister have not submitted its budget of 2017, what does that tell you? a sane person will know that the minister of that ministry is either very incompetent or stupid or at best utterly corrupt,which translate to the fact that the govt is imcompetent and cluelessly corrupt(and here the president is the head of the govt and also the minister of petroleum with an agency under him that have not submitted 2017 budget that has only a few days to end...what an irony)....my brother the more you try to defend the indefensible the more you appear foolish (sometimes its best to keep quiet)

One of the most closely guarded secrets in Nigeria is that NNPC is not a government parastatal or department. NNPC is a limited liability company with shareholders and a board of directors. The Federal Government has a large say in the management and affairs of NNPC only because it is the majority shareholder. Other OICs and entities are shareholders in NNPC.
Therefore, in actual fact, NNPC is not government, its just a national carrier, like Nigerian Airways. The real regulators are the Ministry and DPR. Unfortunately, several decades of scheming, manipulation and undermining caused by over-regulation has placed NNPC and DPR at the top of the food chain.

hegelian:

bros you are makeing a fool of yourself the more...if NNPC which is a subset of a ministry with a functioning minister have not submitted its budget of 2017, what does that tell you? a sane person will know that the minister of that ministry is either very incompetent or stupid or at best utterly corrupt,which translate to the fact that the govt is imcompetent and cluelessly corrupt(and here the president is the head of the govt and also the minister of petroleum with an agency under him that have not submitted 2017 budget that has only a few days to end...what an irony)....my brother the more you try to defend the indefensible the more you appear foolish (sometimes its best to keep quiet)

Dude I have told you to go and learn how Nigeria works. Historically, revenue generating agencies don't submit budgets to the Senate.
They make the money they spend unlike non revenue generating agencies that require money to be allocated to them.

NNPC'S budget is totally different from that of the Ministry of petroleum.

Rainmaker69:
One of the most closely guarded secrets in Nigeria is that NNPC is not a government parastatal or department. NNPC is a limited liability company with shareholders and a board of directors. The Federal Government has a large say in the management and affairs of NNPC only because it is the majority shareholder. Other OICs and entities are shareholders in NNPC.
Therefore, in actual fact, NNPC is not government, its just a national carrier, like Nigerian Airways. The real regulators are the Ministry and DPR. Unfortunately, several decades of scheming, manipulation and undermining caused by over-regulation has placed NNPC and DPR at the top of the food chain.

God bless you.

Is the NNPC a limited liability or an act of Parliament? Other agencies (CBN, NPA) also have boards of directors and the likes.

So NNPC is no more an agency of the Nigerian government Instead of the useless,shameless and hypocritical APC government to acknowledged that they erred with the subsidy issue,they rather choose to insult the sensibility of Nigerians with this hypocrisy.
APC is under a curse.

Wooooowwwwww!!!!

What a convenient & evasive explanation.

AZeD1:
Too many illiterates on this thread. All revenue generating agencies return a percentage to the federation account while they spend the remaining.

If the VP says NNPC is paying for it, then it's coming from their share of revenue generated.

Also the NNPC does crude oil swaps.


If you've worked in a big company, you'd know departments have budgets and they kind of spend it in different ways.

ivandragon:
because the Nigeria National Petroleum Corporation (NNPC) is owned by Bill Gates right?


clowns in power...

NNPC and FG are they not the same.
Wetin person no go hear...

That's rubbish talk.
Who will bear the cost of NNPC is the ultimate. At worst consequence, the FG resorts to borrowing.

APC half finished us ni... using Pst. Osi as image maker i tire oh

Eleribu pastor. The money NNPC suppose remit to FG is less the subsidy. So FG still pays

ivandragon:
because the Nigeria National Petroleum Corporation (NNPC) is owned by Bill Gates right?


clowns in power...

I wonder o

reading this from a whole prof? osibanjo you're a disgrace to all professors in Nigeria with this layman statement


keeping mute on this would have been better, quit disgracing yourself in the name of politics

AZeD1:


Dude I have told you to go and learn how Nigeria works. Historically, revenue generating agencies don't submit budgets to the Senate.
They make the money they spend unlike non revenue generating agencies that require money to be allocated to them.

NNPC'S budget is totally different from that of the Ministry of petroleum.

mr man stop your rehtorics, is NNPC a ghost that doesnt defend its own budget if Nigeria have been working upside down, is that not why we voted in mr integrtiy to fix?why still comparing the failure of now with the before when we expect change?isnt that a statement of failure?
budget of a ministry is a block of budgets from all MDAs, agencies and parastatals that make up that ministry....so bros stop your fooling cos we aint kindergaten students....has the govt filed? yes absolutely!!! is there a room for improvement? yes definitely!!! what we shoud all be doing is to ask them to sit up and do the right thing not defending errors and stupidity all in the name of support

Very bad shot Pastor VP! Is NNPC a trading corp? Where does NNPC get the funds to subsidize fuel?

And if true, how does FG ensure this isn't another subsidy fraud about to burst!

We're truly done for under this government!

AZeD1:

Devaluation of the Naira.

Crude oil is traded in dollars. The price of PMS is affected by the cost of crude and the exchange rate.

This is economics 102.

Ok then dollars was above 500, why did the pms price not come down when the dollar lost almost 200 naira and why is the pms price going up now that the dollar did not go up?

Mcsenior:
Another one


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All of a sudden,osibanjo dn de sound lik dullard

amarilo:
Ok then dollars was above 500, why did the pms price not come down when the dollar lost almost 200 naira and why is the pms price going up now that the dollar did not go up?

hello...they tried and what happened?