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Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily - Politics - Nairaland

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Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by originalmining: 8:03pm On Aug 18, 2022
The House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2022, on Thursday, grilled the Minister of Finance, Budget and National Planning, Zainab Ahmed, over payments of subsidy on Premium Motor Spirit (petrol) by the Federal Government.

Ahmed disclosed that the government spends N283 per litre of PMS or N18.397bn per day as subsidy.

She said, “For 2023, the projection is that the average daily truck out will be N64.96 million litres per day; that is about 65 million per day, using an average rate at open market rate of N448.20k and then a regulator pump price of N165 per litre. This gives us an average under-recovery, that is the difference between N165 and N448 of N283.2k.

“So, just multiply the amount of litre per day, the open market exchange rate of naira to the dollar and then, the gap between the pump price and open market price, the total amount of subsidy per day is N18.397bn.

“So, if you are projecting for the full year, from January to December, it will be N6.715tn. If you are projecting for half a year, it will be 50 per cent of that, 3.375tn. I said earlier in the recommendations that we sent to parliament for consideration on MTEF is half-year, that will be N3.357tn.”

The minister stated, “Fuel subsidy is the difference between the pump price which is now fixed at N165 (per litre) and the landing cost which we are projecting at an average of N448 per litre in 2023. Even now, the cost is around that.

“So, the PMS subsidy we are carrying today in the nation is around N283 per litre; that is what we are carrying. So, it is the difference between the pump price and the landing cost of petroleum products in the country.”
https://punchng.com/fg-spends-n18-397bn-on-petrol-subsidy-daily-minister/?amp

1 Like 1 Share

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by SpecialAdviser(m): 8:04pm On Aug 18, 2022
Chai. What upset me most is the way they fought against N120 per litter with subsidy removal.

Buhari came, increased to N190 still paying subsidy. No be juju be that?

199 Likes 7 Shares

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by Nobody: 8:04pm On Aug 18, 2022
Corruption.

13 Likes

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by GamalNasser: 8:07pm On Aug 18, 2022
Criminals

87 Likes 4 Shares

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by Blessforever: 8:09pm On Aug 18, 2022
Scam. Very big one.

68 Likes 3 Shares

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by SmartPolician: 8:10pm On Aug 18, 2022
If we really need to have a Nigeria by 2025, the government needs to totally remove this PMS subsidy. It's gradually killing the country.

BTW, no APC minion should tell me that it is only rich Nigerians who benefit from it; we all do. If the subsidy is removed, PMS can go as high as 400 per litre. However, Nigerians are more interested in what the government does with such savings.

32 Likes

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by Wintertime: 8:16pm On Aug 18, 2022
Getat

the north knows Buhari came to steal and they are happy about it

They hate Nnamdi Kanu with. The rest Biafrans don't understand what is going on

If you understand, you amplify for Biafra.

And they hate the word 'Biafra' more than they hate devil

So better help yourself.


Divide this country

Divide this country now

Divide this country now

Biafrans claim your land oo

What you have should not be use for any one Nigeria

You own your land

You own what your land produce

A non-indigine is busy managing your property on your soil

Telling you whom to sell to


Ha

Who do una this type of juju

39 Likes 2 Shares

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by kingamaa(m): 8:16pm On Aug 18, 2022
Another big scam

Oil, the cash cow since time immemorial

No be today

Saudi dey declare surplus we dey declare loss as usual

Continue. God dey

20 Likes 1 Share

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by Joshmoore(m): 8:16pm On Aug 18, 2022
ObiDatti #Youths

43 Likes

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by ugohazyo: 8:16pm On Aug 18, 2022
We need Nigeria to work again, the suffering is too much in this country.


Haba !

5 Likes 1 Share

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by xpressionx(m): 8:16pm On Aug 18, 2022
SUBSIDY= SCAM
SCHOOL FEEDING= SCAM
COVID/NIRSAL LOAN SCAM.

BUT SUBSIDY IS THE GREATEST OF THE ALL

48 Likes

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by Irupetepete: 8:17pm On Aug 18, 2022
Ogun kill all of una... You said subsidy was a scam during gej era

37 Likes

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by B8blog: 8:17pm On Aug 18, 2022
Hmmm
Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by John389(m): 8:17pm On Aug 18, 2022
This Administration na Scam

10 Likes 1 Share

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by Temptee101(m): 8:17pm On Aug 18, 2022
shocked

Very good.

Buhari has perfectly handled security and Osinbajo has done the same with economy.

Is this woman finance minister using juju, why are Nigerians not calling her out?

She is arguably the most incompetent and inactive finance minister we ever had.

They have finished Nigeria. I don't even know what to say again..

I am for Peter Obi

28 Likes

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by xristos(m): 8:17pm On Aug 18, 2022
this news really shocks me
Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by OSUigboFlatHead(f): 8:17pm On Aug 18, 2022
It will never be well with these fool àní bastard government.


YOU HAVE 4 REFINERIES BUT NONE IS FUNCTIONAL. A SINGLE FUNCTIONAL REFINERY IS ENOUGH TO SERVE THE WHOLE COUNTRY WITH LITTLE LEFT FOR EXPORTS, AND NOBODY WILL HAVE TO PAY THIS NONSENSE, JOKE, SENSELESS AND IMPOSSIBLE 18BILLION TO ANYONE DAILY.

Yet all these useless refineries have thousands of staff that collects salaries and allowances every month for the past 20-30 years.


Nigeria is indeed BLESSED with CURSED LEADERS

Meanwhile
APC AND PDP ARE ABSOLUTELY THE SAME.
Same as the prostitute and desperate members of the two parties.

Òbí the criminal was still a PDP member few months ago. The desperate coward only ran off because he knew he couldn't defeat Atiku and Wiked wike.


Don't vote Obi!


Don't waste your vote.
IF WE REALLY WANT A CHANGE, WE SHOULD VOTE SOMEONE THAT DOESN'T HAVE ANY AFFILIATIONS WITH APC AND PDP including Labour party (pro A.K.A pro PDP

190 Likes 2 Shares

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by Johnrake69: 8:18pm On Aug 18, 2022
Lol
Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by kingsways: 8:18pm On Aug 18, 2022
This is too bad and certainly unacceptable

Let's END subsidy

3 Likes

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by GboyegaD(m): 8:19pm On Aug 18, 2022
Ah! This woman and the government is terrible.

3 Likes

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by Racoon(m): 8:19pm On Aug 18, 2022
The worst shameless criminals ever to govern this nation. Thought fuel subsidy is a fraud? So you guys have been committing this fraud for the past 7 years?

7 Likes 1 Share

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by omowolewa: 8:19pm On Aug 18, 2022
Okay

1 Like

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by Nsonaso(m): 8:19pm On Aug 18, 2022
Ok
Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by haconjy(m): 8:20pm On Aug 18, 2022
Bbb
Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by Enkidu70: 8:20pm On Aug 18, 2022
These hypocrites are the most worthless cadre of thieves and criminals in existence worldwide

4 Likes

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by inoki247: 8:20pm On Aug 18, 2022
Subsidy the greatest format on earth....
Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by Odidigboigbo(m): 8:20pm On Aug 18, 2022
I reserved my comments

182 Likes

Re: Ahmed Zainab: FG Spends ₦18.397 Billion On Petrol Subsidy Daily by NLElder: 8:20pm On Aug 18, 2022
Does any cheerful economic news ever come from this incompetent woman?

4 Likes

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