The Nigeria National Petroleum Company (NNPC) claimed they need a whopping N6.34tn for petrol subsidy payment in 2022 saying that Nigerians consume 98million litre daily. In the 2022 budget N4tr was approved for it. The N6.34trn is way more than the entire fuel subsidy payment from January 2017 to December 2021 combined. FRAUD?
https://punchng.com/nnpc-cant-justify-n6-34tn-petrol-subsidy-customs/

Figures from The Office of Accountant General of the Federation shows that NNPC paid the following as subsidy:
2017 - N1.266trn
2018 - N691.586b
2019 - N537.209b
2020- N1.33625tr
2021- N1.159trn

TOTAL:N4.99trn

ref: www.thisdaylive.com/index.php/2022/07/06/n4-194trn-petrol-subsidy-paid-from-federation-account-in-five-years-oagf-reveals/

How come NNPC is claiming to pay N6.34trn for 2022? FRAUD ALERT?

On the 98million litre daily consumption claim, the figure is more than double the daily 47.67m litre/day that Nigerians consumed in 2014 (according to official figure). This doesn't reflect to reality. How can Nigeria daily consumption jump to 98m litre from 47.67m in 8 years? (https://www.vanguardngr.com/2015/07/nigerians-spent-n1-7trn-on-petrol-in-2014/)

N6.34trn is a huge amount of money and we can't ignore the obvious dishonesty. The Federal Government and All Progressive Congress owe Nigerians a whole lot of explanation in all these. The people need to rise up against rewarding further depletion of our commong wealth in 2023.

thebosstrevor1:
But isn't nnpc a private company now

Why then do they want subsidy from the federal government.

TonyeBarcanista:
NNPC is a "private" company owned by Ministry of Petroleum (50%) and Ministry of Finance (50%)

thebosstrevor1:


Lmao, then this scam.

Softmirror:
ABSOLUTELY NO JUSTIFICATION!

TonyeBarcanista:
before nko

thebosstrevor1:


But here is what cable wrote

https://www.thecable.ng/exclusive-petrol-subsidy-payments-climbed-to-n1-27trn-in-five-months/amp

TonyeBarcanista:
The obvious fraud that is going on is ridiculous

ShaqFu:
Who are the people FG is paying this money to? Don't they have names, business address, social media presence etc. Who are these rogues?

thebosstrevor1:


But here is what cable wrote

https://www.thecable.ng/exclusive-petrol-subsidy-payments-climbed-to-n1-27trn-in-five-months/amp

Petrol subsidy payments gulped N1.27trn in five months.

NNPC has expended N1.27 trillion on petrol subsidy in the last five months — about 31 percent of the N4 trillion provision for the year.

The subsidy provision for 2022 is N4 trillion.

So i don't know where you got your figure

TonyeBarcanista:

The 2022 budget approved 4trn Naira, NNPC is telling NASS that they are to spend 6.34trn naira for just 2022. Even Customs CG Hameed Ali labelled it unjustifiable

thebosstrevor1:


Seems the custom guy is just throwing figures all over the place.

But nnpc already wrote about the 4 trillion they got in the budget for subsidy

So it seems there is a miscommunication somewhere

Can you post the link of the punch article, wanna read the content

TonyeBarcanista:

The Custom CG wasn't bandiyng figures around, his statement was based on NNPC position to National Assembly

See link
https://punchng.com/nnpc-cant-justify-n6-34tn-petrol-subsidy-customs/

thebosstrevor1:


If i may ask you, how much was released to Nnpc by government?

It was stated that 4 trillion was released for subsidy,these figures are public

So where is the figure the Custom boss is saying is coming from. So i believe he must be pumping out figures from his head or the press misquoted him.

We work with facts.

Between , see the silly question the CG is asking

The Controller-General of the Nigeria Customs Service, Col Hameed Ali, retd, has queried why the Nigerian National Petroleum Corporation Limited, NNPCL, would allow the release of 98 million litres of petrol per day for local consumption, instead of 60 million litres admitted by its own computation.


Did he forget that there was fuel scarcity in some states because of the crisis in Ukraine and the sanctions against Russia shipping companies

TonyeBarcanista:

I don't understand your line of defence but I'll try...

NASS approved 4trillion for 2022

NNPC claimed it paid 98 million litres daily on subsidy amounting to 6.34 trilion naira.

Custom CG cannot react to that figure before the House of Representatives IF NNPC hadn't made the claim.

And I expect NNPC to refute the Customs CG if he misrepresented them but it's 48 hours after... No counterclaim.

Bro, the Customs CG is not a mad man

thebosstrevor1:


No, my line of defense was posted in another comment directed at you.

My point is this.

1.The custom CG isn't the NNPC MD.

Nass approved 4 trillion for NNpc for subsidy, so literally all payment for subsidy will come from that approved budget.

2. NNPC didn't make any claim that it paid 6.34 trillion for 2022, it was the custom boss who made that claim, between, so where did he get the figure from, when nass approved 4 trillion naira for subsidy. Also, The year isn't even over.

3. In regards to the 90 million liters released by nnpc, i was just showing you the silly criticism of the custom boss at NNpc, btw, the subsidy payment for the extra liters will be drawn from the approved budget.

So, it is possible that the custom boss is just pumping figures from his head or the press misquoted what he meant.



This was the main reply to you.

TonyeBarcanista

This a quote from the punch link you sent.
https://punchng.com/nnpc-cant-justify-n6-34tn-petrol-subsidy-customs/

The Comptroller-General of Nigeria Customs Service, Col. Hameed Ali (retd.), has stated that the Nigerian National Petroleum Company Limited (formerly Nigerian National Petroleum Corporation) cannot justify the volume of Premium Motor Spirit (petrol) being consumed in the country daily to warrant the over N6.34tn subsidy payment on the commodity annually.

Is he saying Nigeria spend over N6.34tn on subsidy annually? Like recurrent expenditure.

You can see that his figures does not tally with what you even posted in your opening message.

TonyeBarcanista:

Bro, unfortunately, your submission is based on "assumption" and not based on fact.

Are you aware that FG is already proposing N6.7trn for subsidy in 2023? https://www.vanguardngr.com/2022/07/fg-records-n3trn-budget-deficit-to-spend-n6-72trn-on-subsidy-in-2023/