this is not what they call cash cow

affable4:
Baba nla cash cow

Na today

to put our country in other again required God presence and heavenly attention.so Nigeria we need to pray 4 God mercy. my people I laugh.

Subsidybad21:
Solution

1. Deregulate the downstream sector
Let marketers set the prices of fuel

2. Privatise NNPC and the refineries.

3. NNPC would be forced to make the refineries work since sabotage harms their financial backbone

4.No more losses of this kind.

APC knows what to do but cheap fuel addiction won't let them do it

You think they don't know this , how many time have you heard that oil subsidies has ended.

This is a country steep in neopatrimonialism corruption.

This is crazy and this how most of our public sectors are running. You dare not try all these rubbish with private organizations.

quentin06:
if these entities are allowed to run as businesses they will be profitable, but as long as we have nepotism its Bleep up.

All these cranked up data is just a ploy to borrow funds to repair them and sell off to cronies.

There are no sound businessmen in Nigeria, just beneficiaries of govt crony capitalism.

It seems you do not even have faith in DANGOTE the fulani businessman groomed by the federal government to take over the wealth of Nigeria for northern interest.

What a country!

Please, check my signature

Any asset that can not sustain itself should be disposed. It is no longer of economic value.


There must be an ulterior motive to still continue to sink more financial resources into such an asset

saaron:
A country deep in recession, plagued with chronic hunger and poverty, bound in record breaking unemployment rate, riddled with debt, short of funds, with a collapse economy yet the fulani regime think it wise to run refineries at billions of dollar loss for the past 5 years! Bloody Thieves.

Tribal bigotry, religious fundamentalism and ethnic supremacist mentality are not qualities of a leader, but a tyrant.MAKE BUHARI THE PRESIDENT OF AMERICA AND HE WILL WRECK THEIR ECONOMY WITHING ONE YEAR!An illiterate CANNOT GIVE WHAT HE DOESN'T HAVE.

My brother it is so pathetically sad as if this was never a nation we know before.My dad served under this man as GOC and HOS.

sulaak:


You think they don't know this , how many time have you heard that oil subsidies has ended.

When government tells you that subsidy has ended and they are still controlling the price of fuel via PPPRA, they are lying.

What Buhari did, is what governments past have done...reduce the amount of money spent subsidizing fuel in a time of economic crisis, and this manifests as a price increase.

This is a country steep in neopatrimonialism corruption.

Yes, because Nigerians and their parties love it.

Mindless Looting unabated at NNPC ,EFCC will rather run after Tinubu and unsettle him so that the looting can continue beyond 2023 only the anointed looters are allowed because Nigeria is their Father's Estate.

sojfarm:
Any asset that can not sustain itself should be disposed. It is no longer of economic value.


There must be an ulterior motive to still continue to sink more financial resources into such an asset

Well, the refinereis can't sustain themselves because the government has been keeping fuel prices too artifically low to allow them make enough profit to fund themselves adequately

If you read the article, you would have seen the bit where the refinereis are paid processing fees for crude by NNPC below the cost of production, which NNPC does to keep fuel prices low. That keeps the refinereis broke and broken

wink2015:


It seems you do not even have faith in DANGOTE the fulani businessman groomed by the federal government to take over the wealth of Nigeria for northern interest.

Dangote is not the only refinery being built...four others are on stream. 20 others are yet to start.

Also, Dangote built his refinery without government support....partly from his funds, partly from loans from banks...who if the refienry fails will take over his companies to get their money back

TruthHurts1:
The person you're questioning has the IQ of a baboon with Downes Syndrome. If you ask a piece of deadwood that question, it will give you a more intelligent answer.

Guy u harsh oo

The vulture griller is a very funny human being,please let him keep wallowing in his folly.

Buhari and cohorts are common THIEVES!

The doomed contraption is on a cliff edge!

preshyusufu:
I pray something will still remain before 2023 ooo. This present looters are doing it with annoyance ooo. They are not smiling at all.

This is the best regime to cash out since IBB and Abacha days, boys and girls are not smiling.

While the masses suffer the from extreme poverty due to misgovernance, those in government are engaging in free for all looting to secure their generation for the next 1000 years as the regime nears it's end in 2023..

Xscape047:
Imagine

Too shameful!

A clear case of Kobo wise Dollars foolish.

yaki84:

U r asking someone who doesn't know how to solve simple addition and subtraction to now solve complex problem like dy/dx...
Those guys r programmed to be foolish.

I disagree, we get mind pass each other and that is why this party and government are more crude and cruel in the government affairs. PDP may have their errors but this APC own well intentional from the word go!

They know where their ship is going and intentionally with gross impunity and wickedly took us for the ride. All this is mishap that befell our dear nation were intentional.

Divide and rule is their game.

This can only happen in useless country called Nigeria. Nigeria must be disintegrated.

Chain!!!!....I just wanna puke. Just horrible....

This is just a waste of resources.
Those refineries should be close down with immediate alacrity!

Nonsensical nonsense!

Racoon:
A band of sophisticated but sanctimonious super-looters cum yam eaters having a field day are on board. Buhari will just destroy anything he touches.Such company can not even sustain its baseline capital let alone break even.

They are mad men

It's called money pit. No debate about this the government has demonstrated their inability to run the refineries as profitable venture. Their inability is without question.
No need to "fix" and privatize. It will actually be cheaper to the nation in the long run to sell as-is, no fixing or just let it sit and rot away. The government has no business running a business anyways, it alway end bad

How was the losses calculated and what caused such huge loss. With Buhari as minister of petroleum that is a sign of serious failure in the ministry he is heading.

Sincerely speaking, this is Nigeria!


Ana akọ ya ọhụrụ akụkọ!

Shebi na Primary School Pupil una dey tell all dis yeye tori.


Anyways I'm patiently waiting for my turn

FreeSpirited:
778 billion lost in five years!

If 778 people have been involved in the looting of this 778billion in 5 years, then each of them will get 1billion each....Imagine making 1billion in 5 years..that's 1million in 1000 places..gosh.

But the truth is the people who siphoned 778billion in 5 years may not be more than 20 people or less sef....So some of them would have cashed out 5billion, 10billion, 500million, even a high ranked person in petroleum ministry may have gotten has much as 200 to 400billion from that 778 billion loot in 5 years...ewww.

Where is EfCC when you need them? is there any Yahooyahoo or robbery more than this?....EFCC should be ashamed if Yahoo boys is the only people they can arrest

Just imagine 'N778Billion lost in 5 years' -lost to who?.
This is where Efcc should go but rather they want Bankers( Private Workers) to begin declaration of assets. So what happened to Public workers- the State Legislatures,their governors;the Federal and State workers;the Legislatures;the Judicial workers who are errands and footsoldiers to many big cases and the Federal workers- the baba of all!
In America,where we copied the Constitution,we have different Agencies checking one another.That was how SARS came and nobody was checking until everything became end-sars!

wink2015:


It seems you do not even have faith in DANGOTE the fulani businessman groomed by the federal government to take over the wealth of Nigeria for northern interest.

Did I mention him here? If the govt is sincere and fixes the refineries we wont be importing fuel, Dangote can build a refinery but we don't have to wait till he builds it , we have 4 already all they need is repairs and good mgt.

Don't be a patsy.

jeliliadedoja1:
Mindless Looting unabated at NNPC ,EFCC will rather run after Tinubu and unsettle him so that the looting can continue beyond 2023 only the anointed looters are allowed because Nigeria is their Father's Estate.