PoliticalWitch:


Well, he is also a GEJ worshipper, since GEJ tried to (partially) remove subsides by raising the price of fuel from N65 to N140 in 2012 (later knocked down to N97 and then N87 in 2015).

The problem is, many marketers and depot owners are taking advantage of the subsidy regime to

1.Buy fuel from government at N137 ...THE depot price

2.Sell across the border at N300 and above....which nets them a good profit.

3.While NNPC pays them a subsidy of N63 per liter of fuel.

4.Meanwhile, most refienry licencees don't want to build new refinereis because it costs at least N165 to refine one liter of fuel in Nigeria. And they would be operating at a loss.

The truth is, we have to remove subsidy. Just as GEJ intended, but you Nigerians, both his supporters and opponents opposed.

Ur comments is very useless.
Depots sell at border?
R u this ........

Nnpc imports 99perxent of fuel n u say nnpx pay 63naira subsidy to depot owners....
Chai, to be a buharist u must be extremely foolish n stupid.

PoliticalWitch:


Well, he is also a GEJ worshipper, since GEJ tried to (partially) remove subsides by raising the price of fuel from N65 to N140 in 2012 (later knocked down to N97 and then N87 in 2015).

The problem is, many marketers and depot owners are taking advantage of the subsidy regime to

1.Buy fuel from government at N137 ...THE depot price

2.Sell across the border at N300 and above....which nets them a good profit.

3.While NNPC pays them a subsidy of N63 per liter of fuel.

4.Meanwhile, most refienry licencees don't want to build new refinereis because it costs at least N165 to refine one liter of fuel in Nigeria. And they would be operating at a loss.

The truth is, we have to remove subsidy. Just as GEJ intended, but you Nigerians, both his supporters and opponents opposed.

What was removed when fuel increased from 87 to 145 naira in 2016?

DexterousOne:



What is this punk saying?

You don't know that fuel is being smuggled from Nigeria to Ghana?

You must be quite ignorant then

Idiot,if someone smugglers something into Ghana,Cameroon,and even India where your stupid crude oil is smuggled to, won't that be a stupid Nigerian orchestrated group.The same way you are foolishly accusing Benin for smuggling cheaper food and other products into Nigeria,the same way your criminal country men smuggles all forms of illegal stuffs into other countries. Or what benefit does that dirty smuggled untaxed crude oil have on the Ghanaian economy. We produce our own oil,refine our own oil and also buy taxed refined oil into our country through our effective port systems and harbours. We should rather block our borders from your millions of Nigerian criminals who smuggles all these illegal stuffs into our nation buh due to our effective border systems,there's no need for that so we rather protect our borders to minimize these criminals from smuggling these dirty crude oil into our country.

Zico5:
And APC said fuel subsidy is a scam. God bless GEJ. The elites in this country owe GEJ an apology. Despite the massive increment in the price of fuel, the fuel subsidy will still gulp 450 billions. I wonder what the members of APC are thinking now. PDP might be corrupt but things are not this hard. Who knows, may be God is punishing us for all the insults against GEJ.

Under GEJ, Fuel subsidy was N3 trillion (that's 3 trillion naira ). Buhari was still paying for GEJ's fuel subsidy when he took over.

PoliticalWitch:


Actual cost of PMS imported N 200 per liter

Cost NNPC sells it to depots : N137-140 per liter

Cost depot sells it to marketer : N141

Cost marketer sells it N145.

Why are we importing fuel

1. Because Nigerians insist on low fuel prices.

2.Because no one is going to come and refine fuel at N165 per liter, and then sell it to marketers below N140, losing at least N25 per liter (that's why most licencees of refienreis haven't broken ground...except for Dangote, and a few others.).

3.Because, even if NNPC refineries are all fixed...they can meet domestic need only if the number of cars and generators and other PMS users is at 1986 level. (The last refinery was built in 1988).


So, in other words, if Government wants to solve the fuel crisis, they have to remove subsides, meaning Nigerians pay N300 per liter or more for fuel...which while breeding harship, will save N450 BILLION a year, and also make people come in and build more refineries, increasing production, and by extension the price of PMS.

Tell me one Nigerian who insists on low fuel prices. Some would argue that the only social benefit we receive from the FG is the subsidy; I still argue that it is still riddled with fraud and the biggest beneficiaries are the crooks in power.

Unfortunately the current administration shot itself by joining in the occupy protest when the previous administration attempted to remove subsidy. Now they cannot do a turnaround and remove it. It is an unpopular decision but it needs to be take some day!

In closing, the figures bandied as our daily consumption is much higher! Until we get this right, we will continue with the 450 billion narrative.

Where is Tacitus!! He gives solid back to back facts and statistics on threads like this

ijustdey:








https://punchng.com/fuel-subsidy-to-gulp-n450bn-in-2020-finance-minister/

In the government of a BUHARI who , while in opposition, openly castigated past regimes for expenses on oil subsidy, claiming that oil subsidy is a fraud. Today Nigerians are largely silent on this screaming contradiction of unprecedented expenditure on oil subsidy in a Buhari administration. This silence is a conspiracy for which the Nigerian cannot go unpunished. Your sins will surely find you out!

This scam is still on ? Ok

Enyimbamercedes:


Tell me one Nigerian who insists on low fuel prices. Some would argue that the only social benefit we receive from the FG is the subsidy; I still argue that it is still riddled with fraud and the biggest beneficiaries are the crooks in power.

Unfortunately the current administration shot itself by joining in the occupy protest when the previous administration attempted to remove subsidy. Now they cannot do a turnaround and remove it. It is an unpopular decision but it needs to be take some day!

In closing, the figures bandied as our daily consumption is much higher! Until we get this right, we will continue with the 450 billion narrative.

Just try mentioning 'Subsidy must go' on this site....and by the time they have finished cursing you and your ancestors., you will just give up, log out and do something else.

Nigerians seem to think that low fuel prices are a right...

It isn't only Nigeria...right now Ecuador, in Central America is on fire because their president removed subsidy.

Yeah, the APC shot themselves in the foot...and they came and had to spend billions to fix the issues.

yaki84:

What was removed when fuel increased from 87 to 145 naira in 2016?

(N.B: I'm not a government spokesman, or a apc or pdp supporter).

1.In 2016, the landing cost of fuel was N132. The price of fuel was N87 per liter. At the same time, the revenue from oil was at an all time low because oil was at $30 and falling fast.Thus...no money to pay for subsidies .

2.Government claimed to have removed subsidy by raising the price to N145...which enabled marketers to import and sell at a profit. But the fact is, so long as government sets the price., there is a subsidy. For government to completely remove subsides, they have to stop setting the price..and leave the price setting to marketers. (and only place a tax on the fuel sales).

The fact is, once the landing price rose above N145...government brought back subsidy...initially they were calling it underrecovery, but for people like moi who read and understand...the subsidy was back. (Landing cost of fuel now N200).

3.At the same time , government made NNPC the sole importer of fuel...ending the practice of private importation...which was also putting a strain on our limited forex reserves.

yaki84:

Ur comments is very useless.
Depots sell at border?
R u this ........

Nnpc imports 99perxent of fuel n u say nnpx pay 63naira subsidy to depot owners....
Chai, to be a buharist u must be extremely foolish n stupid.

Good evening to you, and please when responding to others do the courtesy of not insulting them, or referring to their comments as useless.

Thank you.

wirinet:

Under GEJ, Fuel subsidy was N3 trillion (that's 3 trillion naira ). Buhari was still paying for GEJ's fuel subsidy when he took over.

Paying for GEJ subsidy despite selling fuel at 145 against 87 of GEJ era. But ur lordship Buhari said subsidy is scam and why is he still paying at that exorbitant rate.

israelmao:
It is a big and open shame for this administration to keep mentioning fuel subsidy it said to have been removed.It is only incurable ignoramus that still believe in this government.

Just tribalist , nobody else

what will it take for Nigerian 'journalists' to stop saying 'gulp' lol