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2million barrels of crude daily@ $100 dollars per barrel. We have income from maritime, gas, taxes etc, we are just suffering from gross mismanagement and corruption and that has to be dealt with before any meaningful development can take place. |
What about the 3trillion excess crude money made by the government last year |
Yes, if she is earning millions has monthly salary while minimum wage is 18,000, She doesn't buy fuel cause it is covered by govt. And she says we should make sacrifices She should show the way by stating their monthly allowances and how they intend to cut it down They should bring the so called cabal to book and let us know that they are no sacred cows. The govt has just suceeded in letting the Cabal go free. |
This is all basic mathematics. Anyone who went to school will work out that this fuel subsidy noise is a LIE or at best gross exaggeration. FIRST OF ALL, ANYONE WHO TELLS YOU THAT NIGERIA SPENDS $500 million ON FUEL SUBSIDIES MONTHLY IS A THIEF. This is basic mathematics and a fact. They can claim that the give out $500 million in subsidy money monthly. That is between them and their thieving companies and friends. Let's break it down: Nigeria produces crude oil. Other countries produce crude oil. Nigeria has 4 refineries with total installed capacity of 445,000 barrels per day (or whatever the NNPC claims nowadays). Nigeria's refineries are not working at full capacity. Crude oil is refined to PMS (Premium Motor Spirit) aka Petrol. Nigerians use PMS to fuel vehicles, generators and other things. PMS is traded internationally at a particular rate that varies. Other countries that produce Crude oil refine it and sell to their citizens at whatever rate they please (irrespective of international rates). Nigeria monthly PMS consumption = Locally refined + Imported refined (at International Rates) Nigeria sells PMS to citizens for N65/litre Subsidy = Amount paid to PMS importers for difference between International Rates for Imported Refined and N65/litre. Example = Importers buy fuel internationally today from Venezuela at N120/ litre for example, they bring into Nigeria and sell for N65/litre. In order for said Importers not to lose N55/litre, the Nigerian Government pays N55/litre balance. This balance is the SUBSIDY. Problem 1: Due to corruption, Nigerian officials collude with Government officials and claim to have imported more fuel than they actually bring in. Example: Mr. Otedola's company may only bring in 1 million litres per day but claim to bring in 2 million litres per day. And like in previous example, The Government officials will pay N110 million per day (N 55/litre subisdy x 2 million litres) instead of N55 million (N55/litre subsidy x 1 million litres). Problem 2: Due to corruption, Fuel importers collude with Nigerian National Petroleum Corporation (who by the way are in charge of the locally refined) and Government officials to buy the Locally refined and claim that the said quantities of petroleum where in fact imported into the country at international rates. Example: Ms. Deziani's accomplices may buy 1 million litres per day of petroleum from the NNPC for N65 million and then claim that this quantity was bought at N120 million internationally (N120/litre international rate x 1 million) . They would then proceed to collect N55 million (N120 milion - N65 million) from the Nigerian Government as subsidy payment. Problem 3:Due to corruption and inadequate monitoring, Fuel importers collude with Nigerian National Petroleum Corporation (who by the way are in charge of the locally refined) and Government officials to fraudulently under-report the quantities of locally refined PMS so they can purchase the more from the local refineries and claim to have imported said quantities (problem 2) Example: The NNPC may claim to refine only 2 million litres per day when it in fact refines 4 million litres per day. The remaining 2 million litres would then be sold to their partners in crime at N65/ litre. These partners will proceed to sell these quantities to the Nigerian populace while demanding N55 subsidy per litre from the Nigerian Government after claiming that this 2 million litres/day were imported from Venezuela or other country. This example is highlighted by the inability of the NNPC to give account of the actual quantities it refines daily. Therefore taking into consideration that Subsidy = Amount paid to PMS importers for difference between International Rates for Imported Refined and N65/litre. and the extent of problems 1, 2, and 3, it becomes easy to see why the true cost to Nigeria of the fuel subsidy may not exceed $100 -$150 million/ month. Once again, I put forward that ANYONE WHO CLAIMS THAT NIGERIA TRULY SPENDS $500 million ON FUEL SUBSIDIES MONTHLY IS A THIEF. Why do Nigerians need a fuel subsidy?? Do average Nigerians really benefit from a fuel subsidy?? Interesting questions. Let me rephrase that. Do average Nigerians benefit from buying PMS at N65/litre instead of N120, N130, or N140/litre ![]() I think a monkey can answer that. 1. The average Nigerian buys PMS to fuel his/her car i.e N500 daily. 2. The average Nigerian takes public transport in vehicles that use PMS at certain amount i.e N50 per trip. 3. The average Nigerian buys PMS to fuel his generator i.e N1000 daily. 4. The average Nigerian buys food (bread, vegetables, fish) which is transported across the country in Vehicles that use fuel. No subsidy equals 1. The average Nigerian needs PMS worth N1000 for his/her car daily. 2. The average Nigerian takes public transport at a new amount i.e N80 per trip. 3. The average Nigerian buys PMS to fuel his generator i.e N2000 daily 4. The average Nigerian buys food (bread, vegetables, fish) at a much higher price. it doesn't take a genius to figure out that the average Nigerian benefits significantly from the lower cost of PMS. It would be hard to find a Nigerian in Nigeria who wants the price of PMS to rise. It is a slap in the face of average Nigerians for ekt-bear and friends to claim that removing the subsidy will not have a tremendous negative impact on Nigerians. It is easy to sit in the U.S.A and claim that doubling the price of PMS in Nigeria will have no impact on the populace. Akin to saying an increase in gasoline prices in the U.S.A to $7/gallon today will have no significant effect on the populace. Does corruption allow unscrupulous individuals to benefit from the subsidization of PMS?? Yes. But why does the average Nigerian have to get shafted for this?? Why not tackle corruption instead?? Solutions. A. Ascertain the true quantities of PMS locally produced daily. B. Ascertain the true total quantities of PMS consumed daily nationwide. Subract A from B and arrive at the true quantity of PMS imported at international rates (This value will then be subsidized) By tackling corruption, the cost of subsidization can be brought down to no more than $100 million per month. Solution Part 2 - By bringing refineries to optimum operating capacity and building new refineries. Locally refined PMS can exceed Locally consumed PMS. Mythical Solution= Remove the subsidy and hope that the supposed $500 million/ month that is currently being used to compensate corrupt entities will translate into development and improvement for the average Nigerian. The question now remains, does increasing the burden on the average Nigerian guarantee the resolution of the problem?? PS: Problem 4: Overestimating the total nationwide PMS consumption allows fuel importers and the NNPC to further perpetrate fraud. Also, please note that selling locally refined PMS at N65/litre is still a profitable venture for the NNPC. |
This is all basic mathematics. Anyone who went to school will work out that this fuel subsidy noise is a LIE or at best gross exaggeration. FIRST OF ALL, ANYONE WHO TELLS YOU THAT NIGERIA SPENDS $500 million ON FUEL SUBSIDIES MONTHLY IS A THIEF. This is basic mathematics and a fact. They can claim that the give out $500 million in subsidy money monthly. That is between them and their thieving companies and friends. Let's break it down: Nigeria produces crude oil. Other countries produce crude oil. Nigeria has 4 refineries with total installed capacity of 445,000 barrels per day (or whatever the NNPC claims nowadays). Nigeria's refineries are not working at full capacity. Crude oil is refined to PMS (Premium Motor Spirit) aka Petrol. Nigerians use PMS to fuel vehicles, generators and other things. PMS is traded internationally at a particular rate that varies. Other countries that produce Crude oil refine it and sell to their citizens at whatever rate they please (irrespective of international rates). Nigeria monthly PMS consumption = Locally refined + Imported refined (at International Rates) Nigeria sells PMS to citizens for N65/litre Subsidy = Amount paid to PMS importers for difference between International Rates for Imported Refined and N65/litre. Example = Importers buy fuel internationally today from Venezuela at N120/ litre for example, they bring into Nigeria and sell for N65/litre. In order for said Importers not to lose N55/litre, the Nigerian Government pays N55/litre balance. This balance is the SUBSIDY. Problem 1: Due to corruption, Nigerian officials collude with Government officials and claim to have imported more fuel than they actually bring in. Example: Mr. Otedola's company may only bring in 1 million litres per day but claim to bring in 2 million litres per day. And like in previous example, The Government officials will pay N110 million per day (N 55/litre subisdy x 2 million litres) instead of N55 million (N55/litre subsidy x 1 million litres). Problem 2: Due to corruption, Fuel importers collude with Nigerian National Petroleum Corporation (who by the way are in charge of the locally refined) and Government officials to buy the Locally refined and claim that the said quantities of petroleum where in fact imported into the country at international rates. Example: Ms. Deziani's accomplices may buy 1 million litres per day of petroleum from the NNPC for N65 million and then claim that this quantity was bought at N120 million internationally (N120/litre international rate x 1 million) . They would then proceed to collect N55 million (N120 milion - N65 million) from the Nigerian Government as subsidy payment. Problem 3:Due to corruption and inadequate monitoring, Fuel importers collude with Nigerian National Petroleum Corporation (who by the way are in charge of the locally refined) and Government officials to fraudulently under-report the quantities of locally refined PMS so they can purchase the more from the local refineries and claim to have imported said quantities (problem 2) Example: The NNPC may claim to refine only 2 million litres per day when it in fact refines 4 million litres per day. The remaining 2 million litres would then be sold to their partners in crime at N65/ litre. These partners will proceed to sell these quantities to the Nigerian populace while demanding N55 subsidy per litre from the Nigerian Government after claiming that this 2 million litres/day were imported from Venezuela or other country. This example is highlighted by the inability of the NNPC to give account of the actual quantities it refines daily. Therefore taking into consideration that Subsidy = Amount paid to PMS importers for difference between International Rates for Imported Refined and N65/litre. and the extent of problems 1, 2, and 3, it becomes easy to see why the true cost to Nigeria of the fuel subsidy may not exceed $100 -$150 million/ month. Once again, I put forward that ANYONE WHO CLAIMS THAT NIGERIA TRULY SPENDS $500 million ON FUEL SUBSIDIES MONTHLY IS A THIEF. Why do Nigerians need a fuel subsidy?? Do average Nigerians really benefit from a fuel subsidy?? Interesting questions. Let me rephrase that. Do average Nigerians benefit from buying PMS at N65/litre instead of N120, N130, or N140/litre ![]() I think a monkey can answer that. 1. The average Nigerian buys PMS to fuel his/her car i.e N500 daily. 2. The average Nigerian takes public transport in vehicles that use PMS at certain amount i.e N50 per trip. 3. The average Nigerian buys PMS to fuel his generator i.e N1000 daily. 4. The average Nigerian buys food (bread, vegetables, fish) which is transported across the country in Vehicles that use fuel. No subsidy equals 1. The average Nigerian needs PMS worth N1000 for his/her car daily. 2. The average Nigerian takes public transport at a new amount i.e N80 per trip. 3. The average Nigerian buys PMS to fuel his generator i.e N2000 daily 4. The average Nigerian buys food (bread, vegetables, fish) at a much higher price. it doesn't take a genius to figure out that the average Nigerian benefits significantly from the lower cost of PMS. It would be hard to find a Nigerian in Nigeria who wants the price of PMS to rise. It is a slap in the face of average Nigerians for ekt-bear and friends to claim that removing the subsidy will not have a tremendous negative impact on Nigerians. It is easy to sit in the U.S.A and claim that doubling the price of PMS in Nigeria will have no impact on the populace. Akin to saying an increase in gasoline prices in the U.S.A to $7/gallon today will have no significant effect on the populace. Does corruption allow unscrupulous individuals to benefit from the subsidization of PMS?? Yes. But why does the average Nigerian have to get shafted for this?? Why not tackle corruption instead?? Solutions. A. Ascertain the true quantities of PMS locally produced daily. B. Ascertain the true total quantities of PMS consumed daily nationwide. Subract A from B and arrive at the true quantity of PMS imported at international rates (This value will then be subsidized) By tackling corruption, the cost of subsidization can be brought down to no more than $100 million per month. Solution Part 2 - By bringing refineries to optimum operating capacity and building new refineries. Locally refined PMS can exceed Locally consumed PMS. Mythical Solution= Remove the subsidy and hope that the supposed $500 million/ month that is currently being used to compensate corrupt entities will translate into development and improvement for the average Nigerian. The question now remains, does increasing the burden on the average Nigerian guarantee the resolution of the problem?? PS: Problem 4: Overestimating the total nationwide PMS consumption allows fuel importers and the NNPC to further perpetrate fraud. Also, please note that selling locally refined PMS at N65/litre is still a profitable venture for the NNPC. |
This is all basic mathematics. Anyone who went to school will work out that this fuel subsidy noise is a LIE or at best gross exaggeration. FIRST OF ALL, ANYONE WHO TELLS YOU THAT NIGERIA SPENDS $500 million ON FUEL SUBSIDIES MONTHLY IS A THIEF. This is basic mathematics and a fact. They can claim that the give out $500 million in subsidy money monthly. That is between them and their thieving companies and friends. Let's break it down: Nigeria produces crude oil. Other countries produce crude oil. Nigeria has 4 refineries with total installed capacity of 445,000 barrels per day (or whatever the NNPC claims nowadays). Nigeria's refineries are not working at full capacity. Crude oil is refined to PMS (Premium Motor Spirit) aka Petrol. Nigerians use PMS to fuel vehicles, generators and other things. PMS is traded internationally at a particular rate that varies. Other countries that produce Crude oil refine it and sell to their citizens at whatever rate they please (irrespective of international rates). Nigeria monthly PMS consumption = Locally refined + Imported refined (at International Rates) Nigeria sells PMS to citizens for N65/litre Subsidy = Amount paid to PMS importers for difference between International Rates for Imported Refined and N65/litre. Example = Importers buy fuel internationally today from Venezuela at N120/ litre for example, they bring into Nigeria and sell for N65/litre. In order for said Importers not to lose N55/litre, the Nigerian Government pays N55/litre balance. This balance is the SUBSIDY. Problem 1: Due to corruption, Nigerian officials collude with Government officials and claim to have imported more fuel than they actually bring in. Example: Mr. Otedola's company may only bring in 1 million litres per day but claim to bring in 2 million litres per day. And like in previous example, The Government officials will pay N110 million per day (N 55/litre subisdy x 2 million litres) instead of N55 million (N55/litre subsidy x 1 million litres). Problem 2: Due to corruption, Fuel importers collude with Nigerian National Petroleum Corporation (who by the way are in charge of the locally refined) and Government officials to buy the Locally refined and claim that the said quantities of petroleum where in fact imported into the country at international rates. Example: Ms. Deziani's accomplices may buy 1 million litres per day of petroleum from the NNPC for N65 million and then claim that this quantity was bought at N120 million internationally (N120/litre international rate x 1 million) . They would then proceed to collect N55 million (N120 milion - N65 million) from the Nigerian Government as subsidy payment. Problem 3:Due to corruption and inadequate monitoring, Fuel importers collude with Nigerian National Petroleum Corporation (who by the way are in charge of the locally refined) and Government officials to fraudulently under-report the quantities of locally refined PMS so they can purchase the more from the local refineries and claim to have imported said quantities (problem 2) Example: The NNPC may claim to refine only 2 million litres per day when it in fact refines 4 million litres per day. The remaining 2 million litres would then be sold to their partners in crime at N65/ litre. These partners will proceed to sell these quantities to the Nigerian populace while demanding N55 subsidy per litre from the Nigerian Government after claiming that this 2 million litres/day were imported from Venezuela or other country. This example is highlighted by the inability of the NNPC to give account of the actual quantities it refines daily. Therefore taking into consideration that Subsidy = Amount paid to PMS importers for difference between International Rates for Imported Refined and N65/litre. and the extent of problems 1, 2, and 3, it becomes easy to see why the true cost to Nigeria of the fuel subsidy may not exceed $100 -$150 million/ month. Once again, I put forward that ANYONE WHO CLAIMS THAT NIGERIA TRULY SPENDS $500 million ON FUEL SUBSIDIES MONTHLY IS A THIEF. Why do Nigerians need a fuel subsidy?? Do average Nigerians really benefit from a fuel subsidy?? Interesting questions. Let me rephrase that. Do average Nigerians benefit from buying PMS at N65/litre instead of N120, N130, or N140/litre ![]() I think a monkey can answer that. 1. The average Nigerian buys PMS to fuel his/her car i.e N500 daily. 2. The average Nigerian takes public transport in vehicles that use PMS at certain amount i.e N50 per trip. 3. The average Nigerian buys PMS to fuel his generator i.e N1000 daily. 4. The average Nigerian buys food (bread, vegetables, fish) which is transported across the country in Vehicles that use fuel. No subsidy equals 1. The average Nigerian needs PMS worth N1000 for his/her car daily. 2. The average Nigerian takes public transport at a new amount i.e N80 per trip. 3. The average Nigerian buys PMS to fuel his generator i.e N2000 daily 4. The average Nigerian buys food (bread, vegetables, fish) at a much higher price. it doesn't take a genius to figure out that the average Nigerian benefits significantly from the lower cost of PMS. It would be hard to find a Nigerian in Nigeria who wants the price of PMS to rise. It is a slap in the face of average Nigerians for ekt-bear and friends to claim that removing the subsidy will not have a tremendous negative impact on Nigerians. It is easy to sit in the U.S.A and claim that doubling the price of PMS in Nigeria will have no impact on the populace. Akin to saying an increase in gasoline prices in the U.S.A to $7/gallon today will have no significant effect on the populace. Does corruption allow unscrupulous individuals to benefit from the subsidization of PMS?? Yes. But why does the average Nigerian have to get shafted for this?? Why not tackle corruption instead?? Solutions. A. Ascertain the true quantities of PMS locally produced daily. B. Ascertain the true total quantities of PMS consumed daily nationwide. Subract A from B and arrive at the true quantity of PMS imported at international rates (This value will then be subsidized) By tackling corruption, the cost of subsidization can be brought down to no more than $100 million per month. Solution Part 2 - By bringing refineries to optimum operating capacity and building new refineries. Locally refined PMS can exceed Locally consumed PMS. Mythical Solution= Remove the subsidy and hope that the supposed $500 million/ month that is currently being used to compensate corrupt entities will translate into development and improvement for the average Nigerian. The question now remains, does increasing the burden on the average Nigerian guarantee the resolution of the problem?? PS: Problem 4: Overestimating the total nationwide PMS consumption allows fuel importers and the NNPC to further perpetrate fraud. Also, please note that selling locally refined PMS at N65/litre is still a profitable venture for the NNPC. |
marvel10:you probably have light and don't run gen in UK, you also use unleaded fuel as against the leaded fuel in nigeria you have good medicals and free schools, i spend as much money on my car as i do on my gen so there is no basis for comparision |
Nigeria's fuel leaded same price as America's unleaded fuel, this is an outrage. |
For people comparing Nigeria to America , they use unleaded fuel there and we use leaded fuel which causes a lot of health problems so there is no basis for comparison. Research and you will see the dangers of leaded fuel on a persons health |
If govt paid 400billion has subsidy in 2010, how did it jump to 1.3trillion in 2011. What about the fuel refined locally, will that also be sold at 141? Shouldn't govt take on this cabal and make them pay all the money they have stolen If we actually know how much fuel Nigeria consumes, why does the govt keep paying excess Subsidy to the cabal without confirming if the fuel was actually brought into the country. We all know that this people bring the fuel into Nigeria and discharge them to other ships on the High sea. Govt should start by bringing this people to book first |
Don't say that, I've been abroad and a lot of the bills paid there are also paid here. Remember that a lot of people there get things on credit that's why the bills are huge. Everything here is cashed based. My friends complain whenever they are in Nigeria that the basic things are very expensive. Do you know how much an average Nigerian spends on petrol and we still have to pay light bills. So please tell me the bills they pay that we don't pay over here. Yes they pay tolls but the alternatives are as good as the tolled roads. In my opinion, the bridge should be tolled instead Afterall it is an entirely new project. [quote][/quote] |
If the project started in 2009 and is 80% complete now, Why is the date for completion dec 2012 |
naptu2:I think this bridge should be tolled instead of lekki epe expressway. |
http://www.vanguardngr.com/2010/08/lekki-epe-road-lcc-issues-users-guide/ don't be deceived, they are two seperate roads |
Kobojunkie:http://appablog./2008/06/18/nigeria-afdb-approves-us-85-million-for-lekki-toll-road-project/ please check this link and comment. This was written in 2008 http://www.lcc.com.ng/ |
Akainzo:why not call your friend and comfirm |
Akainzo:that is not true construct a new road and toll, nobody will complain don't repair and toll the only existing road while walling up the other alternatives e.g shoprite road that was there before |
Kobojunkie:well that's nigeria for you, they govt is used to the people taking whatever they are given so they don't believe anyone will stand against them for long and unfortunately that is always what happens how do you justify paying taxes, insuring your car, spending money daily on generator to light your house, sandfilling your street to get home and now tolling the only viable road to your house, remember there is no tax refund in naija |
Akainzo:you just said it all the airport -ikeja bye-pass is an alternative, the alternative road was tolled. |
Akainzo:the money is going to a private company not the government we contribute money for transformers, poles and even wire before we have light, we sand fill the roads in front of our houses before we can get home we provide our own water, we pay phcn bills though we have no light now we have to pay before we get home and before we can drive our children to school. why was the toll gate not placed on ozumba where the renovation began, why where all other alternate routes fenced off by Lcc why was the coastal road they signed up for not constructed. why did the govt pay for the construction of bourdillion road why did't they use ppp for orile badagry road which is much more expensive |
1. Lcc signed an agreement to construct a coastal road from ahmadu bello way to epe and the road was to be tolled 2. Rather than construct the new road they signed, they decided to renovate the lekki- epe expressway which was cheaper for them 3. They renovation started from ozumba mbadiwe road but they decided to place the toll after oriental hotel instead. tinubu owns oriental and he is the chairman of lcc, wake up and stop enriching one man. http://g.co/maps/vrhpu |
dayokanu:Dayokanu, surulere, ikoyi and other roads have also been renovated but are not being tolled. |
baksonlee:120 per trip 7200 per month 86,400 per year Now multiply by 200,000cars 17,280,000,000.00 generated annually For 30years to a privately owned coy for a road that Costs 50billion. Haba |
dayokanu: |
Lasg can as well stop collecting taxes and toll all roads |
endmoll:So you mean becos someone can afford a suv he should be made to pay tolls what about the other newly constructed roads in other parts of Lagos why were they not tolled after all people have SUVs in those areas too if govt wants to impose tolls it should be done everywhere Ikoyi, VI, Banana Island, surulere, festac, Lagos island |
[quote author=Akanbi_edu link=topic=827167.msg9799011#msg9799011 date=1324323670]N150 is too small sef for SUVs, shior.[/quote]Politicians steal all the money for development and people have to pay huge amounts for Medicals, school fees, petrol to run their generators, taxes, tenement rates, you have to buy water, you pay for security, and now tolls to get back home. Nothing is free in Nigeria. Pls get ur facts before posting in sensitive comments. 105,000 is too much money to pay on tolls. |
Orikinla: |
2AMLasgidi:Bouradillon road were all the politicians and megarich stay was repaired but the road was not tolled, if you feel it is fair for a family whose children school in Victoria Island to pay a toll of N480 daily just for school runs then there is something wrong with this country, by the way, in addition to taxes , i also pay an annual tenement rate to lagos state govenment. |
Ola one:In the uk, the the people don't have to pay school fees for young children and they have free medical services we don't have that over here so don't compare nigeria to uk |
