Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,386 members, 7,954,562 topics. Date: Friday, 20 September 2024 at 10:20 PM |
Nairaland Forum / Nairaland / General / Politics / FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters (6709 Views)
In Algeria: Minimum Wage Is N161,500, 1 Litre Of Petrol Is N321 / FEC Approves N1.23bn For Plateau University, Customs / Lawmakers Uncover Billions Budgeted For Non-Existing Projects (2) (3) (4)
FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by nwakibie3(m): 12:38pm On Oct 29, 2019 |
The government has somehow out-jumped its budgetary provision for what the NNPC still records as under recovery, while being unable to achieve close to 90 per cent of its infrastructural intentions. The Government of Nigeria through the Nigeria National Petroleum Corporation between July 2018 and April 2019 sunk N546.07bn into keeping the price of a litre of petrol at N145. This is N241.07bn less than the N305bn President Muhammadu Buhari presented to the National Assembly for fuel subsidy in November 2017 and signed in June 2018. The government has somehow out-jumped its budgetary provision for what the NNPC still records as under recovery, while being unable to achieve close to 90 per cent of its infrastructural intentions. Based on data gathered by SaharaReporters from the corporation’s monthly finance and operation reports, the figure covered July to April 2019 – the last month the company records its under recovery data for. The Petroleum Product Pricing and Regulatory Agency had in May 2016 designed a template of N145 for a litre of petrol based on a subsisting landing cost of N133. The landing cost of a litre of the foreign-refined product was however, sourced from a barrel of oil, which was selling in the $20 bracket at the time. When the Organisation of Petroleum Exporting Countries and its Russia-led alliance started to push for higher prices, the Nigerian Government did not permit the PPPRA to draw up a new template. Rather than approach the National Assembly to approve the recommencement of the fuel subsidy regime, the government permitted NNPC to make itself the sole importer of the product. The corporation did this and arbitrarily listed the monies used to maintain the N145 reality as an under recovery. Following calls by the Nigerian Governors Forum and the National Assembly for the NNPC’s unbudgeted deductions to be probed, the Presidency decided to budget N305bn as fuel subsidy – a sum it had exhausted at the end of January, the seventh month of the budget cycle. In July, August and September 2018, the corporation said it under recovered N51.20bn, N65.90bn and N45.80bn. In October, November and December, the corporation informed the public through its finance and operation reports that it made losses of N40.50bn, N2.88bn and N13.34bn. Between January and April however, the NNPC said it forfeited profits worth N104.35bn, N102.34, N30.64bn and N89.19bn. With the exception of Dangote, whose refinery is most likely to become reality, much of the licenses given for the execution of modular refineries have remained dreams. http://saharareporters.com/2019/10/28/nigerian-government-spent-n32123bn-more-it-budgeted-subsidy-2018
|
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by maxiuc(m): 1:06pm On Oct 29, 2019 |
Jonathan government paid fuel subsidy and fuel was bought on a cheap price Buhari government is paying more fuel subsidy more than the amount Jonathan paid for subsidy yet fuel is still bought at an expensive price Someone should please explain this theory to me 99 Likes 14 Shares |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Cryomancer: 1:06pm On Oct 29, 2019 |
"What is Subsidy?".... Buhari 2014 "Subsidy is a way of enriching the pockets of PDP"..... Tinubu 2014 "Occupy Lagos".... Femi Falana and Co. 2012 2019... We are still buying fuel for N145 per litre and even paying for subsidy in billions too...... Who is fooling who? Jonathan was clueless but this APC and Buhari are so dumb to the core that they even performed worse than what they criticized in 2014/2015.... Nigerians will get sense by force before 2023 61 Likes 7 Shares
|
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Daviddson(m): 1:06pm On Oct 29, 2019 |
At least Buhari can now see that fuel subsidies payment is not a fraud, like he used to tell us before he became president. This man was and is still very uninformed about a lot of things. I still have a lot of reservations about it though, one of which is: Why should the price of PMS always remain stagnant even when the price of crude oil crumbles at the international market? But whenever crude oil prices rise, the marketers approach the FG to demand for extra payment? Who has an answer, because I really feel this is a big corruption? 36 Likes 3 Shares |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Kaymaxine(m): 1:07pm On Oct 29, 2019 |
Let's go |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by omoadeleye(m): 1:07pm On Oct 29, 2019 |
Nnn |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Nobody: 1:07pm On Oct 29, 2019 |
Where is Sowore? 1 Like |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by godwinkessi: 1:07pm On Oct 29, 2019 |
Hahahahahaha Nigerians must get sense by force 3 Likes |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by cjudy(m): 1:07pm On Oct 29, 2019 |
Una never see anything 3 Likes |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by LastSurvivor11: 1:08pm On Oct 29, 2019 |
Sincerely at this point all I mean ALL buhari supporters should be extremely ashamed... Too bad shame is that only thing they lacked.. 39 Likes 2 Shares
|
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by holyDaniel: 1:08pm On Oct 29, 2019 |
To then governance is like drinking money tea. A leader without vision always achieve nothing. 13 Likes |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Fountainofyouth(f): 1:09pm On Oct 29, 2019 |
This regime will end one day, and all corruptions will be revealed in this sham of a government, I just pray the next person wouldn't be as stupid as this one's. 9 Likes |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by pointstores(m): 1:09pm On Oct 29, 2019 |
Nawa 1 Like |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by StrikeBack(m): 1:11pm On Oct 29, 2019 |
Let's wait and see. Trailer to removal of fuel subsideen 2 Likes |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by ZombieTERROR: 1:11pm On Oct 29, 2019 |
Shame on those praising this devilish administration... May good things depart from their households Evil everywhere 16 Likes 2 Shares |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Originality007: 1:11pm On Oct 29, 2019 |
una never see anything 2 Likes |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by foolbuster: 1:11pm On Oct 29, 2019 |
Goverment of tyranny and fraud 9 Likes 1 Share |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by calabardick(m): 1:12pm On Oct 29, 2019 |
Sahara again? Your oga is still in detention, you want FG to give him rat poison? |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Johnnyessence(m): 1:12pm On Oct 29, 2019 |
Buhari is the most clueless president in the Nigeria history 5 Likes |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Originality007: 1:12pm On Oct 29, 2019 |
calabardick: 13 Likes 1 Share
|
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by BlackfireX: 1:12pm On Oct 29, 2019 |
I blame PDP for this added money.... I also blame our over population and unemployed graduates that litter the street... I also blame the devil for causing havoc... I blame...... 1 Like |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by marcushenry198(m): 1:13pm On Oct 29, 2019 |
This is the next level by the time they are done with Nigeria we would be world poorest nation 5 Likes |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by BlackfireX: 1:14pm On Oct 29, 2019 |
maxiuc: Jonathan was a failure, corrupt, an ineffective. 1 Like 1 Share |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Passionate888: 1:17pm On Oct 29, 2019 |
Chai |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Frankiss44(m): 1:18pm On Oct 29, 2019 |
Even when pump price has been increase to almost twice what we used to pay? The people dey rape us right left center Sha 8 Likes |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Cutealexio(m): 1:19pm On Oct 29, 2019 |
The problem is not about removal of fuel subsidy. There's a way subsidy can be removed on fuel and nobody will even protest even if they sell fuel for 350 naira per liter. How? If the government made 24hours electricity possible then business owners will not be bothered about cost of fuel in powering their generators. Another way is the improvement of public transport... How? Government should invest on subways, intercity rails, inter state rails etc This will make a lot of people prefer the use of public transport instead of having to fuel their vehicles everyday because there will be a lot of alternatives. Without these solutions they will keep spending a lot of money on subsidy and the corruption will never end. .... MY VIEW 10 Likes 1 Share |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Frankiss44(m): 1:19pm On Oct 29, 2019 |
BlackfireX: Yes and I guess we now have a success, incorruptible and very effective president right? 13 Likes 1 Share |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Saintp(m): 1:22pm On Oct 29, 2019 |
Fountainofyouth: I can bet you that the next regime will be more stupid than this one. If you have noticed, Nigeria is getting worse leaders by the day. Obasanjo was far better than GEJ, GEJ is far better than Buhari, It is likely that Buhari will be far better than the next govt. I only pity Nigerians in Nigeria. 5 Likes |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by Angelfrost(m): 1:22pm On Oct 29, 2019 |
godwinkessi: Is this the new hash tag or song now, "Nigerians must get sense by force"??!... I think I'm loving it!!! 1 Like |
Re: FG Spent N321.23bn More Than It Budgeted For Subsidy In 2018 - Sahara Reporters by LastSurvivor11: 1:28pm On Oct 29, 2019 |
calabardick: So daft!! Out of point!! With your type Nigeria will never be great.. 5 Likes 1 Share |
Sanwo-Olu: Fallen Soldiers Made Supreme Sacrifice For Nation’s Unity / Unlicensed Preaching Law: Boko Haram threatens To Attack Katsina / Why Black Sprinters Dominate The Olympics! They're From West Africa
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 26 |