₦airaland Forum

The Federal Government is said to be owing marketers a total of N264bn (N164bn of this amount is the actual subsidy covering part of 2014 and the first two months of 2015).


According to the Major Oil Marketers Association of Nigeria, the remaining N100bn comprised accumulated interest on loans obtained by marketers from banks for petrol imports, and foreign exchange differentials occasioned by the devaluated naira.

The Petroleum Products Pricing Regulatory Agency states that about N832.06bn was paid as subsidy claim by the Federal Government to oil marketers in 2013 alone.For July and December 2014, the government paid N45bn and N166bn respectively.

The unpaid subsidy arrears coupled with rising interests and foreign exchange differential had made marketers suspend importation of petrol in February. This move resulted in the scarcity of petrol all over the country, and the scarcity, according to market sources, will persist till next week.

But the Federal Government expressed concern about the long queues of motorists at petrol filling stations in Lagos, Abuja and other parts of the country, and announced that a Sovereign Debt Note of N100bn had been issued by the Debt Management Office to settle part of the subsidy arrears owed oil marketers.

Dr. Ngozi Okonjo-Iweala, the Minister of Finance confirmed the issuance of the SDN through a statement issued by her Special Adviser on Communications, Mr. Paul Nwabuikwu.

The budget proposal of the Federal Government for 2015 made provision of N200bn for petrol subsidy, and with the realities on the ground, the amount has been eroded before the passage of the budget.

With oil marketers already claiming N264bn as subsidy arrears in February, it is glaring that the remaining N64bn might be taken care of in a supplementary 2015 budget or a substantive 2016 budget.

Before November 2011, the business of fuel importation into the country was an all-comers’ affair, resulting in manipulations and malpractices that swelled subsidy claims to about N2tn.

Petrol subsidy, in this context, is a form of financial support extended to Nigerians by the Federal Government with the aim of keeping the price of petroleum products low compared to what it would have been in a perfect market situation. Currently, the government claims to be subsidising the pump prices of petrol, kerosene and LPG. Diesel prices, however, had been deregulated.

A total of 128 companies were engaged in fuel importation in the old regime thus providing an opportunity for the abuse of the system.

The PPPRA later reduced the number of participating companies to 42 from 128 in the first quarter of 2012, before it was further reduced to 39 in the third quarter of 2012, terming the development a reformatory move.

The volume of imported products also dropped from 5.036 billion litres in the first quarter of 2012 to 4.20 billion litres in the third quarter. But due to growing concerns that the inability of these accredited importers to access credits from the banks could fuel another crisis in the system, the PPPRA later expanded the list to over 40 participating companies, since 2013.

Last week the Federal Government was said to be paying N1.38bn as subsidy on petrol within the country on a daily basis.

It is said to be paying a subsidy of N34.51 per litre of petrol, according to data from the Petroleum Products Pricing Regulatory Agency’s website on Friday.

Figures from the Pipelines and Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, show that Nigeria consumes 40 million litres of petrol daily; and with N34.51 per litre payable as subsidy, over N1.38bn is said to be paid as total daily subsidy on the product.

The PPPRA puts the product cost and freight elements of imported Premium Motor Spirit (petrol) at N94.46; with other cost items like traders’ margin, lightering expenses, NPA, financing, jetty depot thru put charge, and storage charge were put at N1.48, N4.16, N0.78, N1.34, N0.80, and N3.00 respectively.

READ MORE: http://www.naij.com/397185-fuel-subsidy-rises-to-n1-43tn.html

AFRICAN PROPAGANDA TELEVISION!

[size=16pt]A.I.T(A.P.T. INSTEAD) - AFRICAN PROPAGANDA TELEVISION![/size]

El-rufai has opened up in rebuttal against the unflattering video documentary Africa Independent Television (AIT) has been airing every night about the candidate of the All Progressives Congress, Genera Muhammadu Buhari.

Taking to his Facebook page, El-Rufai posted the following:

“Documentary: The Lies Of AIT/GEJ

AIT/GEJ Lied To Nigerians

1. Fela NEVER mentioned Buhari in $N2.8B scandal. He mentioned OBJ. AIT edited that part off.

2. Buhari did not expel Ghanians from Nigeria. Shagari of the NPN did. AIT made a FALSE assertion.

3. Gloria Okon did not disappear under Buhari it was under IBB and Dele Giwa was murdered for it.

4. GEJ went so low to bring Buhari’s daughters into politics. Can one use Dame’s inability to bear a child as a campaign issue?

5. Fela’s mother the GREAT Funmilayo Kuti died after OBJ Kalakuta in 1978 Buhari came into power in 1984.

6. All Politicians that was sentenced to prison by the 1984 Military Tribunal were found to either enrich themselves with public funds or diverted public funds. Non were convicted by fiat

7. GEJ and AIT went after Buhari’s late wife and daughter. How low and desperate can Jonathan get?

8. AIT/GEJ alleged that Buhari has been losing since 1999. This is a lie. Buhari’s first shot was in 2003. In 1999 Chief Olu Falae of ANPP/AD contested against Obj.

9. AIT/GEJ criticised Buhari for Heading PTF Board. Whereas, PTF is till date the most successful parastatal ever in Nigeria. Through PTF, the Amazon Dora Akunyili was known.

Vote for GMB/APC for Change in Nigeria. PDP propaganda is distasteful and obscene. Should be condemned by all.

The AIT documentary on Buhari will not make him less popular. President Jonathan is still playing catch up…”


http://www.nigerianmonitor.com/2015/01/29/9-ways-ait-and-jonathan-lied-in-their-buhari-documentary-el-rufai/

Why did he leave PDP for APC? I think there should be more to this...

Former Governor of Anambra State, Chinwoke Mbadinuju, on Monday in Abuja defected from the Peoples Democratic Party to the All Progressives Congress.

The former governor, who could not hide his anger at the alleged shoddy treatment he and his supporters were subjected to by the PDP, said he was confident that Nigeria would fare better under an APC administration with Maj. Gen. Muhammadu Buhari(retd.) at the helm of affairs.

At a press conference to announce his defection in Abuja, the former said the Boko Haram menace was part of God’s judgment on Nigeria for embracing injustice instead of promoting justice and fairness.

He believed until the leaders gave justice and fairness its pride of place especially in national life, the insurgency would not abate.

http://www.punchng.com/news/ex-anambra-gov-mbadinuju-dumps-pdp-for-apc/

What is happening here ma?
http://africanspotlight.com/2012/01/18/pictures-flamboyant-livestyle-of-allison-maduekes-son-in-the-u-s/

http://dailypost.ng/2012/01/18/oil-minister-double-standard-photos-of-sons-private-jet-lifestyle/

Okirika is it not Dame Patience Jonathan's place? This is serious! Why all these? No! This is no politics at all! Can you just imagine what politics has degenerated into?

Presently, I think there is something fundamentally wrong with PDP as a party...the pillars are shaking! Where the founding fathers are leaving...Obasanjo, Gemade and now Abdullahi Babangida Muhammed...

"If the roots of a great iroko tree are giving way then, a great fall is imminent in the jungle"

Is this made in Nigeria rice? Poverty is a disease

boolet:
Anything goes in Naija. Stomach infrastructure et al.

...The number of people I am seeing here today are more than when GEJ visited Borno... Perhaps, they need Change here and not Continuity of Boko Haram...Who knows? Maybe INEC should reduce the 6 weeks postponement of Presidential Election to 1 week! What do you think about that?

Are you serious?

Former President Olusegun Obasanjo on Monday morning dumped the Peoples Democratic Party (PDP).
He handed over his PDP membership card to the Ward 11 leader in Abeokuta North local government, Alhaji Surajudeen Oladunjoye and instructed him to tear it.

Oladunjoye, who led about 350 members of the ward on a fact-finding mission at Obasanjo's residence, tore the card into shreds to the admiration of the party followers, some of whom also tore their cards.

Addressing newsmen in Abeokuta, the ex-president said if his involvement in partisan politics would stop him from having a better Nigeria, then he is ready to sacrifice membership of the PDP and become a statesman.

Obasanjo who was responding to enquiry on rumour to expel him from the party, directed his aide to get his membership card and few minutes later he was given, throw it away, declaring that "if this is why we cannot have the Nigeria we desire, I am no longer part of this."
Obasanjo who is a founding member of the ruling party ruled Nigeria from 1999 to 2007 for two terms of eight years. He had led the country as a military head of state from 1976 to 1979.

...Gemade left...Obasanjo leaving...The founding fathers leaving...There is something fundamentally wrong!

...no smoke without fire...maybe there is more to this than we think...maybe...

...Chineke...

Chai...if they knew it would end up like this...they would have stayed back at home...

Obasanjo tears PDP membership card in public. Why do you think he did that?

Former President Olusegun Obasanjo on Monday left his guests at his Hilltop mansion in Abeokuta with bated breath when he tore his Peoples Democratic Party membership card in their presence.

The guests, who are leaders of the PDP from Obasanjo’s ward around his former residence in Ita Eko, where he registered, visited the ex-president to express their concern with his recent utterances against the government of President Goodluck Jonathan and what he considered as the President’s role in the postponement of the general elections from February to March.

Obasanjo had alleged on Saturday that Jonathan had a “grand plan” to scuttle democracy in the country through the poll shift, accusing the President of trying to win the presidential poll “through hook or crook.”

The guests in Abeokuta had told the former Head of State that they had come to plead with him to stop his criticisms of the incumbent president.

They also informed him of the feelers that they were getting that the leaders of the party were planning to expel him from the party.

Obasanjo asked his guests if they were with their PDP membership card, which some of them produced.

He subsequently asked for his own, which someone brought to him.

He then directed the leader of the team to tear the card in shreds, telling the visitors that he was no longer a member of the ruling party.

The former president had last year resigned his membership of the party, when he was the Chairman of the party’s Board of Trustees, arguing that he could no longer be in the same party and be led in the South-West by someone he referred to as a confirmed drug baron.

http://www.punchng.com/news/obasanjo-tears-pdp-membership-card-in-public/

DSS Again...I thought it was Asari Dokubo's Computer they went after...Who they cry they see...When I here DSS what comes to mind is PDP...did I just type this...just thinking aloud anyway...

...humm...

SE FOR PRESIDENT "IT IS POSSIBLE 2019"