₦airaland Forum

David160:
Seyi Makinde will be pdp presidential candidate in 2027

Lizzysamuel:
Industry key player and CEO of Rainoil Limited, Gabriel Ogbechie, has claimed that the federal government has resumed the payment of the controversial fuel subsidy following the devaluation of the Naira in the foreign exchange market.

Ogbechie made this statement on Tuesday during the Stanbic IBTC Energy and Infrastructure Breakfast Session held in Lagos.

He pointed out that with Nigeria’s daily fuel usage at 40 million liters and the foreign exchange rate at N1,300, the government’s subsidy per liter of fuel falls between N400 and N500, culminating in a monthly total of approximately N600 billion.


“When Mr. President came May last year, one of the things he said is that Subsidy is gone. And truly subsidy was gone because immediately the price of fuel moved from 200 to 500 per liter. At that point truly, subsidy was gone.


“During that period, Dollar was exchanging for N460, but a few weeks later, the government devalued the exchange rate. And Dollar moved to about N750. At that point, subsidy was beginning to come back.

“The moment the two markets officially closed, officially the market went to about N1,300. At that point, that conversation was out of the window. Subsidy was fully back on petrol. If you want to know where petrol should be, just look at where diesel is. Diesel is about N1,300 and petrol is still selling for N600.

“So I can tell you for free that there there is at least N400 or N500 liters subsidy on petrol today. If you look at our daily consumption, say 40 million liters, and we’re spending N500 per liter, that is about N20 billion every day, N600 billion every month and 7.2 trillion yearly depending on how we look at it. So, subsidy is definitely back on petrol,” he said.

Furthermore, he said that NNPC being the only petrol importer in the country implies that there is an ongoing subsidy, as prices had to be fixed.

“And if you look at it, NNPC remains the sole importer of petrol in this country because there is subsidy on petrol so the price has to be pegged,” he added.

What you should know
Recently, the idea of reinstatement of fuel subsidy has been a contentious topic in public discourse, with several observers maintaining that the federal government has restarted the subsidy on petrol since its removal on May 29, 2023.

Earlier yesterday, the former governor of Kaduna State, Nasir El Rufai, said the federal government is spending more on petrol subsidy than before.

In addition, the Special Adviser to the President on Energy, Mrs. Olu Veŕheijen, said that the Federal Government reserves the right to pay fuel subsidy intermittently to cushion hardship in the country.

“The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.
“If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently and that, does not negate the fact that subsidy has been removed,” she said.
On its part, however, NNPC has insisted that no subsidy is paid to its account from the federal government.

Addressing the issue in August 2023, the GCEO of the oil firm, Mele Kyari, stated that the company is only recovering the cost of import, adding that the federal government hasn’t paid a subsidy since May.

“I told you there’s no subsidy whatsoever, we are recovering our full cost from the products that we import. We sell to the market, we understand why the marketers are unable to import. We hope that they do this very quickly and these are some of the interventions the government is doing. There is no subsidy.” Kyari said.

https://nairametrics.com/2024/04/16/fg-now-pays-about-n600-billion-monthly-for-fuel-subsidy-rainoil-ceo-ogbechie/

EKONGKING:
Useless advice from useless person

JAOS:
are nigerians buying petrol with dollar?
if naira is gaining why cant nnpcl reduced their diesel and petrol price?
sometimes i wonder how you guys survive being stup*d for some useless government

RichestMinds:
You don't have a sect to be a terrorist. What religion did you think Adolf Hitler was? Google it yourself.

Christians have committed more immoralities in this world. They introduced homosexuality, alcohol, slavery and so on.

Only Muslim Nations stands against these immoralities.

You see ehn. I'm a busy person and don't have time to chat.

Penguin2:
How many of it did he build and in how many locations?

I ask because if Obi puts together all the money he spent on all the boreholes he built, he would build 3 of this.

Again, your LG chairman could build a borehole with overhead tank because there’s light in Ketu. Is there light in interior villages of Sokoto?

I like the fact Peter Obi is giving you people headache and causing you sleepless night.

predictor1:
I live in Ibadan. The shop owners and market people here are very wicked.

Hoelujohn:
They are joking if it's the same obasanjo farms that is in Ota where I live. They have the best power supply in Ogun state if not even in Nigeria. I am sure they have nothing less than 23.5 hours per day.

yoruboid:
Will go below N900 by the end of April and by the time the refineries start to work and we stop importing PMS then the Aja Igboro that advised people to keep their dollars close will tell them to keep their handkerchiefs closer

Those people are just saboteur and Asiwaju will succeed

God bless Yorubaland
God bless Arewa land
God bless the Niger Delta

bolaad:
We currently have 30 tons, 40 Tons and 45 tons Chinese Tipping Trucks and Trailers for hire to transport Sand/Granite or any other items.

Kindly call or Whatsapp Nuel Ella Ventures on 09031524399 or 08029060994 for more information.do you have tankers,someone need it to move red oil from ondo to onisha

Depriest2020:
Igbo people get Lagos IGR? How? Can they take it to their state? Or the Yorubas are using them to generate high IGR for Lagos state.

snowball11:
It's not just the uneducated yorubas but also the educated once.

I remembered vividly while running an msc program in one of the South western University; i was confronted by some of my coursemates that i am igbo! I said, no, i wasnt igbo! And i asked them how they came to the conclusion that i was igbo. I was stunned by their response. They said since i wasn't hausa and obviously, i wasn't yoruba, then i should be igbo! I was at that point imagining how daff those guys were! In a country of more than 250 tribes, their warped brains could not informed them that the whole nation can not just be divided into 3 tribes only! Msc with this your English ,I think the school that gave you n c e should be locked and the provost should be persecuted

Confused people!

Moneyboyz:
Early last year I was motivated to start a beer distribution business, I did my research bought the land and constructed the building.

Unfortunately for me, I didn't know someone is selling just few blocks to where I acquired the land. Although the competitor was a small scale but I do not want to compete because there is also a coke/pepsi depot right next to it.

I've decided to go into manufacturing but I'm not sure what I could do. I need ideas and possible the required capital that would start it.

Please no pure water factory suggestions.

Thank you.

Ilelabayour:
These items are for sales and in good working conditions.

Sewing machine #85,000
5000VA stabilizer # 8,000
Generator # 82,000
40 inches hisense TV #80, 000
Contact 0 8 0 6 9 1 2 4 4 1 7

GauRanTor:
Dial *346# or *785# and then follow instructions. Or download the the NIMC App and put your NIN number there to check.

But I doubt it has been validated cos when I did mine I paid #5k before it was validated.

Goodluck...

MzansiCoolio:
We don't have to go abroad like you do - our country and league are world-class 🇿🇦🏆 How do we envy a japagerian playing in a relegation zone in our own league? Sometimes the things you say as Nigerians are so brainless🇳🇬👎🏾

guobe:
I initially intended gifting 10,000 naira to five people but I feel it will go round to more people if I gift 2,000 naira to 25 people.
If you were earlier successful in the earlier 20,000 naira gifted recently to guys please dont participate as I will ignore you.
Please if you really don't need it allow people that need it to get it.
The country is currently very tough but God got our back.
Thanks and may God bless us all as I will commence distribution of the 2,000 naira to 25 people soonest.

MzansiCoolio:
We're not the ones who were having heart attacks 👎🏾🇳🇬😂

Did you notice SA fielded an entire squad of locally based players except one from Al Ahly, and still came 3rd at Afcon? 🇿🇦🏆🏆🏆🏆

Anambra1stSonTV:
Igbos control trade in Nigeria and beyond, most hustling tribe in Nigeria, go to different markets across the country you see them hustling, no time lazing around or protesting, during Endsar westerners were looting people's businesses such nonsense didn't happen in the East, during COVID we saw how hunger was raving havoc in west many of them were looting and eating rats such didn't happen in the East

okoloto:
But why is it that it is only in the north and south west that we see complains and riots? Does it mean the hardship is not in the south east too?

Fineman2:
https://www.pulse.ng/lifestyle/why-is-nigeria-so-hot

Nicepoker:
Una don finish? Oya tell us who advised Aina to kick his own aiming at the stands.

AOB1:
Am not surprised, his father has already made way for him when they were young.

For those of you that did not know what am talking about, FEMI OTEDOLA father is a former governor of lagos state so don't be surprise if any governor son becomes a billionaire in Nigeria

Buharism101:
If only people would study theology with an open mind, study all religions in comparison to Islam... Then they would know that Allah is the one and only true God!

Fighttillvictory:
Gosh the words of the judge shows a deep hatred and is unprofessional. Why don't he ask the pastor why he didn't pay brideprice even the bible that he read does not approve half union. I don't support the woman fully but dat judge shouldn't be in court with that kind of hatred

ChristisGod:
This lady is my subordinate at work
We share same office space
I am her boss.
She has always thought that I am interested in her by her comments although I am not
I haven't done anything to suggest interest in her
Once, she said she thinks I am interested in her but I am unable to say it. I rebuked her.
Anytime she misbehaves and I admonish her, she will be making insinuations that I will never get to sleep with her
I reported this habit to my boss, but she denied ever doing stuff like that
Meanwhile, she occasionally wound make that insinuation.
I am not on talking terms with her at all because of her misconducts and this attitude.

How do I stop this nonsense?
Why is she consistently doing this when I have never expressed interest in her?

Please advise