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Nairaland Forum / Nairaland / General / Politics / FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank (15020 Views)
FG Can’t Continue To Subsidise Electricity — Power Minister, Adebayo Adelabu / Garba Shehu: Using Tax From Herdsmen, Farmers To Subsidise Petrol Unfair / FG Can No Longer Afford To Subsidise Fuel, Electricity – Jimi Agbaje (2) (3) (4)
FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Omooba77: 4:02pm On Apr 10, 2019 |
Oil sector productivity declined despite healthy prices Chineme Okafor in Abuja A World Bank report called the “Nigeria Biannual Economic Update” for 2018, which was released on Monday and obtained by THISDAY yesterday in Abuja disclosed that Nigeria spent N731 billion to subsidise petrol consumption in the year under review. The report, which is a product of the staff of the World Bank and tells of key developments in Nigeria’s economy in the recent past, summarises the staff’s assessment of likely economic outcomes in the short-to-medium term, given the policy developments; as well as highlights key short-term risks in the country It explained that within the year under consideration, Nigeria’s oil sector declined in its productivity, ending on 1.9 million barrels a day (mbd) production mark as against the government’s hope of 2.3mbd. Additionally, it stated that the Excess Crude Account (ECA), which provides the country some fiscal buffer, was virtually depleted even though prices of Nigeria’s Bonny Light blend was averagely $21 per barrel more than the oil price that was or budgeted for in the year. The World Bank had in November 2018 stated in another report titled: ‘Nigeria Bi-annual Economic Update for Fall 2018,’ that petrol subsidy deductions for 2017 full year was N107.3 billion, but its current report showed that N731 billion was spent in 2018 alone. According to it, most of the petrol volumes Nigeria spent money to subsidise in 2018 were inflated as daily consumption rose to 54 million litres per day (ml/d) from 40ml/d in 2017, ostensibly due partly to out-smuggling. “Oil and gas revenue collection increased in 2018 but remained below potential. Net oil and gas revenues retained in the federation account grew by 73 per cent in nominal terms: as oil production remained stable, the increase has been driven by the oil price. https://www.thisdaylive.com/index.php/2019/04/10/fg-spent-n731-billion-to-subsidise-inflated-petrol-imports-says-wbank/?amp 1 Like 2 Shares |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Nbote(m): 4:26pm On Apr 10, 2019 |
Subsidy deductions for 2017 107billion... Subsidy deductions for 2018 alone 731 billion Mr Integrity at work.. Koolking: Oga not everyone have lost their common sense of reasoning... Nigerians now pay more for fuel but yet are paying overly more in subsidy claims but u somehow don't see anything wrong in it becos those who do are on d look out for negative news? There is more wrong with U dan with d govt 185 Likes 18 Shares
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Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Omooba77: 5:59pm On Apr 10, 2019 |
Nbote:Nigeria is a peculiar country that defies logic 73 Likes 5 Shares |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Nobody: 7:08pm On Apr 10, 2019 |
Rogues as leaders.... 40ml in 2017 / 54ml in 2018 36 Likes 6 Shares |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Omooba77: 8:03pm On Apr 10, 2019 |
Esseite: When last have you filled your tank. Lalasticlala can tell how much Seun dey spend on fuel. 1 Like 1 Share |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Omooba77: 8:35pm On Apr 10, 2019 |
Subsidy higher than education, defence budget. 49 Likes 4 Shares |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Kendumazy(m): 8:41pm On Apr 10, 2019 |
Mheen! This subsidy thing, most Nigerian didn't understand it except the people wey dey chop the money. Make dangote quick with him refinery make this mysterious subsidy thing die by dangote refinery joor. USA Used Samsung s6 edge plus for sale. Check link https://www.nairaland.com/5116583/clean-usa-used-samsung-s6#77432444 8 Likes |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by maberry(m): 8:41pm On Apr 10, 2019 |
Corrupt government 26 Likes 6 Shares |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by KingsCity: 8:42pm On Apr 10, 2019 |
sad increased fuel price from N87 to N145 and increased subsidy too and then somebody says this government's biggest achievement is fighting Kwarapshon! 93 Likes 6 Shares |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by aolawale025: 8:42pm On Apr 10, 2019 |
These money must have been looted 23 Likes 1 Share |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by opalu: 8:42pm On Apr 10, 2019 |
Next level 15 Likes |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Yemisi87: 8:42pm On Apr 10, 2019 |
Inflated under the man of integrity. 46 Likes 2 Shares |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by sammyj: 8:42pm On Apr 10, 2019 |
This is the handy work of Atiku foreign lobbyists since this report is coming from a foreign bank 7 Likes |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by BusinessHub1: 8:42pm On Apr 10, 2019 |
These guys are criminals, hardened ones. I trust one demonic short evil who claim pastor to come and give us another version of this. Pastor from pit of hell. 57 Likes 5 Shares
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Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Muyiwaipere(m): 8:46pm On Apr 10, 2019 |
is like this people think we don't know the value of money again..... na so Dem come dey tell us say we need 50billion naira to build national library ....... well I don't have there time now...I am in sifia pains ...Barca is trashing us in OUR own hauz 4 Likes 1 Share |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by nymphomaniac(m): 8:46pm On Apr 10, 2019 |
If the report is true and a precise version of what is actually happening, then this is a classic case of robbing Peter to pay Paul. Let's see how long it lasts. 10 Likes |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Ftfdva: 8:46pm On Apr 10, 2019 |
Hyg
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Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by soberdrunk(m): 8:46pm On Apr 10, 2019 |
Dangotes refinery is estimated at "12 Billion dollars", 731 billion naira= over 2 BILLION dollars, I weep for Nigeria.......!!! 15 Likes |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Arysexy(m): 8:46pm On Apr 10, 2019 |
Buhari is pyting kwarofshan 15 Likes 1 Share |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by whatmoreng: 8:46pm On Apr 10, 2019 |
next level in action 17 Likes 1 Share |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by israelmao(m): 8:46pm On Apr 10, 2019 |
Previous Level and Next Level put together. 11 Likes 1 Share |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by maberry(m): 8:46pm On Apr 10, 2019 |
Nigerians will only know the monumental corruption of this current government when they loose power Till then let the ignorant ones amongst us wallow in their ignorance 40 Likes 2 Shares |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by chibu4u2(m): 8:46pm On Apr 10, 2019 |
Wakanda fuckery is this? Mtchewwww. 5 Likes 1 Share
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Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by three: 8:46pm On Apr 10, 2019 |
. The reason Nigerians are being roundly deceived by this government is the millions of naira spent on online and traditional media. This subsidy under recovery farce is not news, they have paid handsomely to handle public relations and messaging. FRAUDS STEALING WITH INTEGRITY since 1976 . 30 Likes 4 Shares |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by SimplePlan34: 8:46pm On Apr 10, 2019 |
Ok |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by 0taPiaPia(m): 8:46pm On Apr 10, 2019 |
Have nothing to say 4 Likes |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Ayoswit(f): 8:46pm On Apr 10, 2019 |
K |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Teewhy2: 8:47pm On Apr 10, 2019 |
This country Nigeria the more you try to reason it, the more you get confused. 4 Likes |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by maberry(m): 8:47pm On Apr 10, 2019 |
Nigerians will only know the monumental corruption of this current government when they loose power But until then let the ignorant ones amongst us wallow in their ignorance 15 Likes |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by olas24u(f): 8:48pm On Apr 10, 2019 |
Seems world Bank is cooking some new poverty forever policies ,they keep involving themselves yet the people have never smelt prosperity,with all their recommended policies. |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Bossontop(m): 8:48pm On Apr 10, 2019 |
And to think some pipu wee still come and be shouting mr incorruptible, mr saint, mr "i dey slow but i nor dey loot" ........hahahaha Na small small d truth go dey comot [img]https:///media/3-18-2018/Mgd9b8.gif[/img] 18 Likes |
Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by daddytime(m): 8:48pm On Apr 10, 2019 |
Hmmm...there's nothing like subsidy...any subsidy is fraud.. That was the chorus we were served with before power changed hands... I remember those days wey we dey play monkey post...some people go dey shout "I go play..I go play"...put them for game...na yawa you go see.. EFCC and SARS are busy terrorising boys with dreadlocks...what armed robbery or financial crime is greater than this...? 5 Likes |
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