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Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again (13870 Views)

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Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by bolaayenimo: 8:05am On Apr 15, 2021
Prof. Itse Sagay (SAN), Chairman of the Presidential Advisory Committee Against Corruption (PACAC), speaks on latest developments in the polity in this interview with TEMIDAYO AKINSUYI. Excerpts:

The federal government few weeks ago approved $1.5bn in funding to repair the Port Harcourt refinery, which was closed two years ago. This has continued to generate mixed reactions from Nigerians, as some have argued that it should have been sold in its present state. What is your take on that?

I want to take refuge in my ignorance because I was shocked when I heard the amount to be used in repairing the refinery. $1.5 billion just to repair? Honestly, I was shocked. I thought we could get a brand new, excellent refinery with that money. I also listened to the Minister of State for Petroleum and others who are in support, telling us that the whole refinery will be totally overhauled and what we are going to get after the repair will be as brand as new at the rate of 90 percent. I pray for their sake that it is true. If after that huge sum of money had been spent on revamping it and then production commences and it becomes epileptic, I don’t think they will be able to survive the barrage of attacks that will be landing on them. In fact, it will be more than that because people will call for them to be prosecuted for misleading the public and investing so much amount of money on the refinery.

Why I’m not worried so much is that we have a cabinet which holds a weekly Federal Executive Council (FEC) meeting of about 50 to 60 people. If they are able to carry all those people, maybe they must have made some cogent points. That is the way I comfort myself. We will just wait for the next three to four years whether they will be proven right or not. I pray for their sakes that they are proved correctly that we are going to have a refinery that is brand new, even though it is an old one that is fixed. What they are telling us is that this is not turnaround maintenance, but total rebuilding. I’ve also read the opinion of some people who said instead of repairing the refinery, why can’t they sell it in the present state and then allow the buyers to repair it themselves? I think that is being too clever because who will now want to pay $1.5 billion or more for a refinery that they know was scrap before and someone has just tried to fix? I think it is better for him to aim to be able to produce the 90 percent capacity and produce with it for about five years without question. Otherwise, I don’t think he is going to have any peace on this matter. The money is just too much. $1.5 billion is a huge sum of money. We are not talking of N300 million which they used for their turn around. $1.5 billion is a huge sum. So, I pray for his sake that all they have promised will come to pass.

The Group Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC), Mele Kyari, few days ago said that the corporation can no longer bear the over N120bn monthly subsidy on Premium Motor Spirit (PMS) also known as petrol. He also said that may impact on the current price of fuel at N162. Will you be shocked if the price of fuel is increased?

I will not be surprised but I will be very upset. I think it is good to be ignorant. Those of us who are ignorant in economics are not seeing it the same the NNPC and the experts are seeing it. Let us try and look at the logic of what they are saying. When the NNPC are getting almost nothing for oil, if the price crashes to $10 per barrel, then they are ready to dash Nigerians the petrol and were selling it for little or nothing. In other words, out of that their little or nothing, they now have to look for money to make us get petrol. But now when they are being well-paid for it, when crude oil is now at $60 per barrel, that is when they can afford to subsidise because they are making so much money. They can take out of that money and make cheap petrol available for the country. But the way economic theory has turned it round that the less NNPC earns in terms of crude oil, the more it should be able to subsidise we, the users to the extent of almost paying nothing for it. But when it is earning huge sums; when it has the money to actually do the subsidy, then it should also increase the price. It makes no sense. The illogic of it arises from the fact that they say that it is a theoretical thing. We are now earning $60 per barrel. So, if we give away crude oil for refined one, it must be at that rate because that is the rate it is being sold. If we give it at a lower rate, we are losing money at the international level. I think that is stupid economics. In my view, the more you earn, the lower the price of petrol because you are having more money now from the industry, which can enable you bring the price down for the benefit of the people. The less you earn, the more difficult it should be for you to subsidise. That is when the price should go up. So, for me, the economics is upside down economics. They will never have a good excuse in my eyes for increasing the price of petrol when they are doing very well in the international market for crude oil. To me, that logic is theoretical economics logic which is totally at variance with the reality of what they are earning and therefore with the interest of the people of this country. So, there is no excuse for increasing the price of petrol and I will be very upset if they do that.

As one of the prominent chiefs in Warri kingdom (Olufusi of Warri) , what is your take on the controversy that has trailed the emergence of the Olu of Warri-elect, Prince Tsola Emiko?
.
Frankly, I believe Tsola Emiko is the best choice for now. I was waiting for them to resolve this problem for him to be declared as the Olu-elect for everybody, including the Ologbotsere and the others who are not in support of his choice. Certainly, he is the choice of the people and he is to be congratulated. My hope is that there will be a peaceful resolution which will fully confirm his emergence as Olu-elect of Warri.

The ranks of Nigeria’s political activists depleted earlier this month with the passage of Comrade Yinka Odumakin. As someone you interacted with during his lifetime, what is your impression about him?

He (Odumakin) was a principled man who was totally courageous about his views without fear of consequences. One may not agree with him on some of his views but one advantage that he has provided is that he has raised issues and enabled the enlightened public to really lash on those issues, discuss them and try to resolve them.
He is to be admired for being a man of ideas and a man of very strong views, which themselves unlocked other people, even those who are against him and allow issues to be robustly debated to the advantage of the public, who will now have all the possible views on any issue and then decide who to follow.
I think he is to be praised for that. I like people who have views, ideas and who can present them to the public and allow such ideas to be debated and enlighten the public. In some cases, allow a consensus which will move the nation forward.

So, one may not agree with him on many things. I think he tended to be too harsh against the people he did not like. He could have said things he was saying without being so full of condemnation of people.
But I think he was a man of ideas and he has the capacity to arouse public on important issues. I think we should give him credit for that and I pray that may his soul rest in peace.
https://www.independent.ng/i-will-be-very-upset-if-fuel-price-is-increased-sagay/

1 Like

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Redoil: 8:11am On Apr 15, 2021
upset as in what

because o greed and power you supported buhari yet he reward you with only a hand shake

26 Likes 1 Share

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by BlessedNuel: 8:13am On Apr 15, 2021
Talk is actually cheap...local man ain't in shock

Incase you need Original Natural Honey... kindly contact O81 O1 66 67 71 let's talk about it now.. Stay blessed and safe fam..cheers to good life

3 Likes 2 Shares

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Esseite: 8:20am On Apr 15, 2021
We will just wait for the next three to four years whether they will be proven right or not on the $1.5bn refinery rehabilitation

3 - 4yrs when the spenders would be long out of office.. same way Burutai is an ambassador today rather than accounting for $1bn arms procurement.

11 Likes 2 Shares

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Oyiboman69: 8:20am On Apr 15, 2021
Being upset is a choice old man... your intending actions is what we want to hear....

2 Likes

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Tolexander: 8:20am On Apr 15, 2021
This one doesn’t even know his problem, he just want to be in the news

3 Likes

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by chloride6: 8:21am On Apr 15, 2021
Omo,

Na that upset go kill you...

grin
Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Risingblue008(m): 8:21am On Apr 15, 2021
Like say he no follow dey enjoy from the money.
Idiots on stage performing for the poor to d masses.
Pls God .....
Give us somebody who can speak for
The mechanics
the Valcunizers
The Shoe maker
The hawkers
The streets and for
The common man
angry angry angry

7 Likes

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Olatunji1929: 8:21am On Apr 15, 2021
will your upset reduce the price to 40 per liter?

1 Like

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by naijadrivablog: 8:21am On Apr 15, 2021
This man again

5 Likes

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by ChiefSosa(m): 8:21am On Apr 15, 2021
A time will come that this crude oil that is "shacking" us will become useless. We are just too dependent on crude oil.

1 Like

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by tosik(m): 8:21am On Apr 15, 2021
u nor dey nigeria b4,when them dey increase fuel price...me man abeg park well jawe
Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by heartbraker(m): 8:21am On Apr 15, 2021
like say dem dey use him upset collect money 4 bank.
Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by pretydiva(f): 8:23am On Apr 15, 2021
increase Price of petrol on top this hardship shocked. Make dem kuku kee everybody nau
Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by felixedet(m): 8:23am On Apr 15, 2021
There's no peace for the wicked Buhari and you sagay for the sufferings that Nigerians are passing through daily.

2 Likes

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Seniorwriter(m): 8:23am On Apr 15, 2021
Dumb talk...what will his been upset amount to?
# Protests?
This is the dumbest talk so far from a buhari supporter....he should just get a zombie capsule and join those that are blindly supporting Nigeria's past and present Clueless & Wicked Administrations!
Many sane Nigerian youths are more woke now and can't take any of these old lots seriously anymore.

Deep Quote:
A insensitive leadership is a tyranny Leadership that will end whether in a short or long run.

@Seniorwriter

1 Like

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by lekki1444: 8:23am On Apr 15, 2021
sagay wee you shut your wrinkled ass up. this nigga always talking shit
Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Duplexxx: 8:23am On Apr 15, 2021
Your people don betrayed you again


Shear no reach you abi

1 Like

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by goatandyam: 8:24am On Apr 15, 2021
And who the hell are u if you become upset? No be people like you put the terrorist there ni. Eranko

1 Like

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by SpecialAdviser(m): 8:24am On Apr 15, 2021
Useless i.doit.

You were not upset all these while.
A goat lying on the ground is always lying on its skin

2 Likes

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Akasammyoka(m): 8:24am On Apr 15, 2021
Whether upset or downset it does not change anything old man. Resign if you think you are pained, then we will take you serious.
Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Mikelarteta(m): 8:24am On Apr 15, 2021
You are part of the problem we are facing now sir. Thanks

1 Like

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by potent5(m): 8:25am On Apr 15, 2021
Kook who is talking!

And who cares about your righteous indignation?

Nonsense.

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by CocoaOla: 8:25am On Apr 15, 2021
No need, upset will not solve the problem we will sack the FG since they are incompetent and replace them with True federalism government

FG only goal is to loot and share among themselves
Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Igbochief001(m): 8:25am On Apr 15, 2021
Not only should fuel be increased it's should be taxed extra #65

Socialism has never developed a country
Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by PrinceofHCI(m): 8:26am On Apr 15, 2021
Really, Prof?
We know the antecedent of the present regime, which unfortunate you're a member of!
You're just testing the waters, as your govt will surely increase the pump price anytime, soon!
Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Judolisco(m): 8:27am On Apr 15, 2021
What's even d petrol price now last time I bought it was 200/liter? Na Nigerians I blame pure water is now 20 box..... Sha our president and his beautiful wife dey flex abroad with taxpayers money... If dem like make dem increase am to 300per litre wit dis useless labour union we have nothing will happen... Prof Sagay i no Wan talk say thunder go fire u... But everybody wey push dis lifeless government on us thunder go fire all of them

1 Like

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by CheedyJ(m): 8:27am On Apr 15, 2021
Yinmu
Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by ELgordo(m): 8:27am On Apr 15, 2021
Na una naa!!!! Oga face front abeg....

1 Like

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Anter: 8:27am On Apr 15, 2021
I will not be surprised but I will be very upset. I think it is good to be ignorant. Those of us who are ignorant in economics are not seeing it the same the NNPC and the experts are seeing it.


Abeg shift

1 Like

Re: Sagay: I Will Be Very Upset If This Government Increases Price Of Petrol Again by Chummynoni(m): 8:28am On Apr 15, 2021
fool

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