I hear people say that during GEJs era, oil prices were high with nothing to show for it.

While I’m not excusing whatever corruption may have occurred during that time, I must point out that even with the high price of oil, petrol was still sold below N100.

Imagine the amount of subsidy that was required to accomplish that.

Nigerians it seems, made their choice for cheap fuel, over development.

By paying overcharged subsidies to his friends and other fronts owned by his family members.

You should equally wonder what he did with all the oil revenue.

Crude oil was sold for about $97 per barrel at the time and for a period of over 5 years, while we kept production levels at over 2 million barrels daily.

Cyberterror:
By paying overcharged subsidies to his friends and other fronts owned by his family members.

Lol, was it his friends that said no to this same subsidy removal?

How Abacha was able to keep petrol price at 11 naira nko?

danietohbadt:
You should equally wonder what he did with all the oil revenue.

Crude oil was sold for about $97 per barrel at the time and for a period of over 5 years, while we kept production levels at over 2 million barrels daily.

It’s like you’re not getting my point.

Let price of oil rise to $70 and you’ll hear APC saying that they can’t maintain the pump price at N145, that it needs to be increased.

The dollar was N160 during GEJ presidency but its N360 to N400 now. That's why fuel cost more now than then

VaselineCrew:


It’s like you’re not getting my point.

Let price of oil rise to $70 and you’ll hear APC saying that they can’t maintain the pump price at N145, that it needs to be increased.

GEJ's government was paying partial subsidy.

Yar'adua paid full subsidy.

Before Yar'adua's demise, petrol was sold for N65 per litre. At the time, pump price should have been N130 per litre.


I went through a statistics of oil pump prices around the world back then, and from the compilation, a litre of petrol was sold for well under $1.... about 80 cents or so, but because of the weakness of the naira, that amounted to N130...

danietohbadt:
You should equally wonder what he did with all the oil revenue.

Crude oil was sold for about $97 per barrel at the time and for a period of over 5 years, while we kept production levels at over 2 million barrels daily.

Now that crude oil price is $30/br how much are you buying PMS ?... Even as last year that it was $65/br how much were u buying fuel ?

Anubis:
The dollar was N160 during GEJ presidency but its N360 to N400 now. That's why fuel cost more now than then

What made the dollar to increase now ?? and why didn't it increase then ?

Cyberterror:
By paying overcharged subsidies to his friends and other fronts owned by his family members.

Comment from a boy

My issue with GEJ subsidies at that time was, how could he paying so much in subsidies and we used to have fuel scarcity every year? The answer is, half of his subsidies was a scam. What happened to all the millions of litres he claimed he was subsidizing? In five years of Buhari, we only had one fuel scarcity that lasted for just a month.



I AM DONE TALKING

Enwhen:



Now that crude oil price is $30/br how much are you buying PMS ?... Even as last year that it was $65/br how much were u buying fuel ?

You're ain't getting it.

Now, it's $30/br.

The product is imported and there's no subsidy being paid at all on the part of the government.

Therefore, we've got to pay what independent marketers claim is the cost of importing, lifting and transporting the crude oil.

If you do the calculations, a litre is N125
and a dollar today is N328 in the open market, in the black market, it's about N400.


Now, if you divide N125(cost of a litre of petrol)by N328(dollar to naira exchange rate)

That gives 0.38 cents.
Which isn't even up to half a dollar.


We are paying this high because the naira is weak.

Anubis:
The dollar was N160 during GEJ presidency but its N360 to N400 now. That's why fuel cost more now than then

Thank you. You got the point.

danietohbadt:



You're ain't getting it.

Now, it's $30/br.

The product is imported and there's no subsidy being paid at all on the part of the government.

Therefore, we've got to pay what independent marketers claim is the cost of importing, lifting and transporting the crude oil.

If you do the calculations, a litre is N125
and a dollar today is N328 in the open market, in the black market, it's about N400.


Now, if you divide N125(cost of a litre of petrol)by N328(dollar to naira exchange rate)

That gives 0.38 cents.
Which isn't even up to half a dollar.


We are paying this high because the naira is weak.

Who told you u govt is not paying Subsidy ??
Are following the NNPC activities at all ?...


That the price of dollars increases from 160 to about 380 , that should it should be blame on GEJ ?... For ur info we are paying Subsidy, infact before the election marketers almost went on strike ...they are only doing it secretely because this is a govt that once claimed there was nothing like subsidy ....govt is still paying Subsidy ,even when they presently asked the marketers to reduce the PMS price to 107 , marketers Didn't listen to them ....if u understand what is presently going on this govt , u would cry for the masses and curse the NNPC ....GEJ economic team did well that was why the price of dollars was maintained , they even predicted the fall of oil price even before hand and told GEJ to look into gas , which He did , and started the EGTL gas project in Delta , they would have been a boost for Nigeria if Baba Buhari had continue the project, but he abandoned it , thank God for Amaechi who continue the Rail project and now they loking at continue the project GEJ had with Siemens Germany....



Baba Buhari economy team is very weak , even with the PEC set up... Nigeria is a producing country , we also sell the best crude( high grade gasoline, most expensive) in the world market and it in dollars we sell not naira ....but unfortunately, the marketers imports a low crude gasoline that is less expensive and Nigerians are paying price for a high grade gasoline .... The corruption in NNPC is too much , nobody is checking them , it has become a looting hub for the northerners presently ,which was not that high before , go see them trending on twitter, I recognise them ,.majority of them their parents are in NNPC , oil money ...I don't just want to give names ...Baba Buhari is too old to know what is happening in the oil and gas sector and also being that he is not that educated , everybody stealing anyhow ...don't let them decieve u, Govt is paying subsidy... The govt is supposed to review the PPPRA template so the masses can pay less for PMS , but because they don't want to pay much subsidy , nobody is ready to review ...this is what former President GEJ was paying and his economy team working hard to maintain the dollars , and then this present govt were telling nigerias then that there is nothing like subsidy, protesting everywhere ...now Nigerians are feeling the heat ...very soon marketers will threaten with strike , cos the subsidy money is accumulating quickly but for pandemic marketers are just being patient.

Enwhen:



Who told you u govt is not paying Subsidy ??
Are following the NNPC activities at all ?...


That the price of dollars increases from 160 to about 380 , that should it should be blame on GEJ ?... For ur info we are paying Subsidy, infact before the election marketers almost went on strike ...they are only doing it secretely because this is a govt that once claimed there was nothing like subsidy ....govt is still paying Subsidy ,even when they presently asked the marketers to reduce the PMS price to 107 , marketers Didn't listen to them ....if u understand what is presently going on this govt , u would cry for the masses and curse the NNPC ....GEJ economic team did well that was why the price of dollars was maintained , they even predicted the fall of oil price even before hand and told GEJ to look into gas , which He did , and started the EGTL gas project in Delta , they would have been a boost for Nigeria if Baba Buhari had continue the project, but he abandoned it , thank God for Amaechi who continue the Rail project and now they loking at continue the project GEJ had with Siemens Germany....



Baba Buhari economy team is very weak , even with the PEC set up... Nigeria is a producing country , we also sell the best crude( high grade gasoline, most expensive) in the world market and it in dollars we sell not naira ....but unfortunately, the marketers imports a low crude gasoline that is less expensive and Nigerians are paying price for a high grade gasoline .... The corruption in NNPC is too much , nobody is checking them , it has become a looting hub for the northerners presently ,which was not that high before , go see them trending on twitter, I recognise them ,.majority of them their parents are in NNPC , oil money ...I don't just want to give names ...Baba Buhari is too old to know what is happening in the oil and gas sector and also being that he is not that educated , everybody stealing anyhow ...don't let them decieve u, Govt is paying subsidy... The govt is supposed to review the PPPRA template so the masses can pay less for PMS , but because they don't want to pay much subsidy , nobody is ready to review ...this is what former President GEJ was paying and his economy team working hard to maintain the dollars , and then this present govt were telling nigerias then that there is nothing like subsidy, protesting everywhere ...now Nigerians are feeling the heat ...very soon marketers will threaten with strike , cos the subsidy money is accumulating quickly but for pandemic marketers are just being patient.

When was that?

Obere4u:



When was that?

Around 2012 and 2013, not sure.... GEJ even went to Siemens Germany, and a Nigerian who is top staff of siemiens was introduced to GEJ , can't remember his name but from the east of nigeria...u can use Google to confirm it, it was on news then

Yaradua left $62 billion in foreign reserve, Jonathan left $28 billion even when crude oil sale was booming

danietohbadt:



You're ain't getting it.

Now, it's $30/br.

The product is imported and there's no subsidy being paid at all on the part of the government.

Therefore, we've got to pay what independent marketers claim is the cost of importing, lifting and transporting the crude oil.

If you do the calculations, a litre is N125
and a dollar today is N328 in the open market, in the black market, it's about N400.


Now, if you divide N125(cost of a litre of petrol)by N328(dollar to naira exchange rate)

That gives 0.38 cents.
Which isn't even up to half a dollar.


We are paying this high because the naira is weak.

Tell me you are joking

BlowYourMind:
Yaradua left $62 billion in foreign reserve, Jonathan left $28 billion even when crude oil sale was booming

Big fat lie

Check here to see correct figure left by Yar Adua

https://www.nairaland.com/1985177/external-reserve-debt-under-obasanjo

Enwhen:



Who told you u govt is not paying Subsidy ??
Are following the NNPC activities at all ?...


That the price of dollars increases from 160 to about 380 , that should it should be blame on GEJ ?... For ur info we are paying Subsidy, infact before the election marketers almost went on strike ...they are only doing it secretely because this is a govt that once claimed there was nothing like subsidy ....govt is still paying Subsidy ,even when they presently asked the marketers to reduce the PMS price to 107 , marketers Didn't listen to them ....if u understand what is presently going on this govt , u would cry for the masses and curse the NNPC ....GEJ economic team did well that was why the price of dollars was maintained , they even predicted the fall of oil price even before hand and told GEJ to look into gas , which He did , and started the EGTL gas project in Delta , they would have been a boost for Nigeria if Baba Buhari had continue the project, but he abandoned it , thank God for Amaechi who continue the Rail project and now they loking at continue the project GEJ had with Siemens Germany....



Baba Buhari economy team is very weak , even with the PEC set up... Nigeria is a producing country , we also sell the best crude( high grade gasoline, most expensive) in the world market and it in dollars we sell not naira ....but unfortunately, the marketers imports a low crude gasoline that is less expensive and Nigerians are paying price for a high grade gasoline .... The corruption in NNPC is too much , nobody is checking them , it has become a looting hub for the northerners presently ,which was not that high before , go see them trending on twitter, I recognise them ,.majority of them their parents are in NNPC , oil money ...I don't just want to give names ...Baba Buhari is too old to know what is happening in the oil and gas sector and also being that he is not that educated , everybody stealing anyhow ...don't let them decieve u, Govt is paying subsidy... The govt is supposed to review the PPPRA template so the masses can pay less for PMS , but because they don't want to pay much subsidy , nobody is ready to review ...this is what former President GEJ was paying and his economy team working hard to maintain the dollars , and then this present govt were telling nigerias then that there is nothing like subsidy, protesting everywhere ...now Nigerians are feeling the heat ...very soon marketers will threaten with strike , cos the subsidy money is accumulating quickly but for pandemic marketers are just being patient.

Let's not talk about NNPC cos this issue will only drag longer. The corporation has always been a sacred cow and a corruption hub.


Let's leave it.

In my previous posts, I didn't discuss elaborately because I didn't deem it necessary.


Officially, FG isn't paying subsidy.

Unofficially, they're paying subsidy.


The basis of it all is just that whether crude oil price is high or not, we will still pay high prices from PMS as long as we still import petroleum products and as long as the naira remains weak.


In my early post, you could see clearly that the price of a litre of PMS is less than half a dollar, but when converted to naira, it becomes well over N120.

That has been the problem all along.
The naira is weak and we keep paying the price for its weakness.


You can visit globalpetrolprices.com to understand what I'm saying better.

danietohbadt:




Let's not talk about NNPC cos this issue will only drag longer. The corporation has always been a sacred cow and a corruption hub.


Let's leave it.

In my previous posts, I didn't discuss elaborately because I didn't deem it necessary.


Officially, FG isn't paying subsidy.

Unofficially, they're paying subsidy.


The basis of it all is just that whether crude oil price is high or not, we will still pay high prices from PMS as long as we still import petroleum products and as long as the naira remains weak.


In my early post, you could see clearly that the price of a litre of PMS is less than half a dollar, but when converted to naira, it becomes well over N120.

That has been the problem all along.
The naira is weak and we keep paying the price for its weakness.


You can visit globalpetrolprices.com to understand what I'm saying better.

You aren't getting it ...ur illustration is for the marketers , u have spoken rightly for the marketers..but


Federal govt sells the best crude oil with less sulphur contents which gives other constituents ND the best high grade gasoline more expensive in dollars and not naira...the federal govt is still cashing out in dollars, u said we shouldn't talk about NNPC, but the marketers are selling low grade gasoline for the price of high grade to Nigerians even in the eyes of Baba Buhari as minister of petroleum nobody is talking about that one.


In what ever way you want to look at it , the price has dropped in the price of crude oil in dollars, as such , the price in naira to the consumers ought to drop because govt is still paying subsidy fully forget any political talk, Na shame dey worry dem, they once said nothing like subsidy, and Nigerians cannot afford the price of PMS without subsidy because of the weak naira, the blame still on govt and not Nigerians, means bad economy handlers, check US under and Obama and Trump to see what Trump did with a good economy team ...the govt as an oil producing country failure to review the PPPRA pricing template since 2016 simply means the govt and some criminal elements in the NNPC are cashing out...infact the biz of fuel smuggling in the north to neighbouring countries has reduced even before the border closure because there is no much difference in price ...and don't forget the price of fuel(PMS) is Lagos is not same as that in Kaduna, that of Kaduna not same as that of Adamawa, Kastina , Taraba ....

...in places like Numan in Adamawa state ,labo in Kastina state, the price of PMS is still around ₦350 to ₦355 per litre at present despite the oil price drop ...if only u understand the real issue.

Are we paying subsidy or not? What do you mean officially or unofficially? Is Nigerian money not being used for subsidy?

danietohbadt:




Let's not talk about NNPC cos this issue will only drag longer. The corporation has always been a sacred cow and a corruption hub.


Let's leave it.

In my previous posts, I didn't discuss elaborately because I didn't deem it necessary.


Officially, FG isn't paying subsidy.

Unofficially, they're paying subsidy.


The basis of it all is just that whether crude oil price is high or not, we will still pay high prices from PMS as long as we still import petroleum products and as long as the naira remains weak.


In my early post, you could see clearly that the price of a litre of PMS is less than half a dollar, but when converted to naira, it becomes well over N120.

That has been the problem all along.
The naira is weak and we keep paying the price for its weakness.


You can visit globalpetrolprices.com to understand what I'm saying better.

danietohbadt:
You should equally wonder what he did with all the oil revenue.

Crude oil was sold for about $97 per barrel at the time and for a period of over 5 years, while we kept production levels at over 2 million barrels daily.

There was a time it peaked to $120/barrel during his time, yet he left the treasury even less than he met it.

Jonathan is an evil man, no doubt.

You guys are just dull. You don't know Nigeria is a poor country given our population vis-a-vis revenue. What was our average earnings during GEJ and how much was petrol? How much was dollars? How do you think they defended the naira? With water?
What about the roads, universities, schools, rail but by GEJ as well as the funds to fight the bokoharam?
Why is Bubu borrowing upandan? Talking in the nonsense!

TripleOh7:


There was a time it peaked to $120/barrel during his time, yet he left the treasury even less than he met it.

Jonathan is an evil man, no doubt.

Anubis:
The dollar was N160 during GEJ presidency but its N360 to N400 now. That's why fuel cost more now than then

Yeah, that was it.

DMerciful:
You guys are just dull. You don't know Nigeria is a poor country given our population vis-a-vis revenue. What was our average earnings during GEJ and how much was petrol? How much was dollars? How do you think they defended the naira? With water?
What about the roads, universities, schools, rail but by GEJ as well as the funds to fight the bokoharam?
Why is Bubu borrowing upandan? Talking in the nonsense!

You need to understand that a lot of people refuse to reason objectively especially when they are determined to cast another person in bad light.

GEJ was far from perfect. But the fact remains that despite the relatively high crude oil prices, Nigeria lost about 70% of her crude oil market as a result of shale oil.

https://www.wsj.com/articles/SB10001424127887324662404578333981454427720
https://www.google.com/url?
q=

https://www.nbcnews.com/news/investigations/needle-zero-nigeria-s-economy-tanking-u-s-oil-exports-n256236&sa=U&ved=2ahUKEwiSn-PrptjpAhUj5eAKHUAjAI8QFjAHegQIBhAB&usg=AOvVaw0wjS4ycV4kaPIJ3FkJlT_v

The reality was that Nigeria was not really making money from crude oil sales at the time contrary to popular belief. It was much later that (late 2014) it was able to get new markets.

Even those that calculate revenue do so on estimated production & not actual sales, a very dubious & misleading analysis.

Furthermore, GEJ spent so much keeping the exchange rate below #200 while at the same time paying subsidy.

Cyberterror:
By paying overcharged subsidies to his friends and other fronts owned by his family members.

This one Don mad finish walahi.

DMerciful:
You guys are just dull. You don't know Nigeria is a poor country given our population vis-a-vis revenue. What was our average earnings during GEJ and how much was petrol? How much was dollars? How do you think they defended the naira? With water?
What about the roads, universities, schools, rail but by GEJ as well as the funds to fight the bokoharam?
Why is Bubu borrowing upandan? Talking in the nonsense!

Why would I even want to waste my precious time arguing with someone who is busy comparing a rotten apple to a rotten banana?