he fuel subsidy scam is the greatest scam that has ever hit Nigeria, under the GEJ government, it has been elevated to another level. The scam involves NNPC, DPR, PPPRC, customs, CBN and others. First examine evidence of this day light robbery of Nigerians;

1. How come our fuel subsidy jumped over 600% in one year, from about N240billion to over N1.5trillion? Even with adjustments for increased crude prices, inflation and exchange rate fluctuations, the amount is criminally unrealistic.

How did they arrive at the N1.3 trillion for the 3rd quarter of this year? If we use their statistics, it does not add up. Even if we used the highly inflated figure of 40 million litres a day consumption and a N75 subsidy (assuming the price of petrol is static in the international market for the whole year), the total subsidy paid per day would be N75 x 40,000,000litres = N3,000,000,000 per day, which equals N1.095 trillion per year. How then did they arrive at N1.3billion in 9 months?

3. What happens to the oil produced by our Three refineries, which is said to be working at 30% capacity. Is NNPC also paying subsidies on them?

Does the Apapa ports have the capacity to discharge 40million litres of petrol per day? ( not to talk of diesel and kerosine).
Does the NNPC have the capacity to store 40million litres a day. They say they have enough storage for over 2 months, which would require storage of over B2.4billion litres. Where are the storage tanks?

Which grade of petrol is the N75 subsidy being paid for? And what grade is being sold to us now?

The aforementioned fuel subsidy in Nigeria is a government sponsored scam or 419. According Webster Dictionary, subsidy is defined as:

1. Monetary assistance granted by a government to a person or group in support of an enterprise regarded as being in the public interest.
2. Financial assistance given by one person or government to another.

In USA, there is farm subsidy granted to farmers by the government. There are other form of subsidies granted to manufacturers of certain goods and services.

As far I know, crude oil business in Nigeria is exclusively federal government endeavor.

Now, who gets the much talked about fuel subsidy in Nigeria and for what?

My demands
1. Revert the price back to N65 first, since Sanusi said the government can afford to subsidize till 2015, so the economy would not crumble immediately.
2. Carry out a thorough investigation of the oil subsidy scam. Being in international auditors and investigators since we cannot trust the establishment or in the alternative bring in Buhari, falana and rev. kuka to the team.

Prosectute and jail all those found guilty to be in involved in the scam.

4. Rehabilitate the existing refineries and publish the price at which crude would be sold to new private refineries.

5. establish mass transit system, ie railways and water transportation.

6. improve electricity generation, transmission and distribution. Not the usual rhetorics.

After all these is done, the government can then go and remove subsidy.