Nigerian government officials are very wicked, this malaise didn’t start today from the turn of democracy all the governments have contributed to where we are today, it wouldn’t get better cos of accountability issues.

Thieves

Coolsat:
We may all end up loving this man called Bola Tinubu.

We don’t care whether you love him or hate him. Hatred and bitterness will not stop the Honey from being sweet. Your anger, hatred, bitterness, and conspiracy did not stop him from becoming President

Does this NNPC abi NNPCL have any record of sales, imports, amount paid or such things at all? They are always talking without specifics...

But, if I may ask, since NNPCL is now a private entity, why were they still acting as if they're a government establishment... Why do they still have leverage over others? Why the unnecessary advantages they enjoy?

Asiwaju's next policy should be focused on banks, then he should use about 4-5 politicians as corruption scape goats

Sisora:
I build investment website for 10k only or you can get the script for 5k and install it yourself.

All scripts work superbly.

I also build VTU website for 10k only or you can get the script for 5k.

I also build multivendor ecommerce websites like jumia or jiji cost 10k only or you can get the script for 5k and install it yourself.

vtu demo?

We are paying subsidy.

We are swapping crude.

Now we want to pay cash to import.

Meanwhile in other news, we are told that Dangote Refinery is capable of providing enough energy needs for the whole of west africa.

Silly people in government.

Everlastng:
They should have put everything in place before plunging the entire country into chaos

Don't blame them.

Blame the bulabarer who bulabered without considering the consequences of the bulaba

What kind of investment site be that

obinnanelson4:
If they have been engaging in crude swap for refined pms, why then is subsidy in the picture all these while. Or is it that i do not understand what swap means?

Crude swap does not impact transportation and distribution costs. Neither does it reduce the loss from fx sales. If Nigeria is producing less than 1.8bpd instead of its 2.5bpd allocation. It even dropped to 900,000 bpd at a time. If you are now using out of that same low production capacity for discounted refining swaps you have less fx income meaning lower reserves meaning low value vs USD meaning higher prices.

Meanwhile the lifting of petrol from depots is higher than domestic needs because there is a thriving market in smuggling.

All round subsidy cripples Nigeria and has been doing so since 1982. Meanwhile less than 100 people are multi billionaires as a result with another 5000 or so small scale jerry can smugglers mortgaging their future for naira windfalls with no real value.

Wait so we were swapping crude for petrol and then still claiming to pay subsidy? People need to be shot at firing squads

Bless Nigeria 🇳🇬

seunmsg:
As many importers as possible should be allowed to import petrol in as much as they can source their forex from the parallel market since there is no more subsidy. Once supply is increased and with Dangote refinery coming up next month, the price should go down.

You and I know supply can't lower the price of Petro, the only thing that can is international oil prices

garriAndsugar:

If dangote refinery was coming up next month why would the commander in thief remove subsidy this month when he can just wait one more month. Continue to believe governmental lies at your old age

How do you want him to finance the one month subsidy when such is not include in this year budget .... he has to do it anyhow

alimiadedayo1:

do u understand what you just read now..You cannot understand what you can't comprehend stop behaving like an illiterate

You have no brain 🧠

It's a welcome development.

Yampotatocarrot:
Does this NNPC abi NNPCL have any record of sales, imports, amount paid or such things at all? They are always talking without specifics...

But, if I may ask, since NNPCL is now a private entity, why were they still acting as if they're a government establishment... Why do they still have leverage over others? Why the unnecessary advantages they enjoy?

Asiwaju's next policy should be focused on banks, then he should use about 4-5 politicians as corruption scape goats

The answer to your question is subsidy. NNPCL has been funding subsidy because the FGN can't fund it. In consequence, they are the only importers. Take out subsidy and you can free up importation and lower prices.

I'm not his fan but I love him already! We need someone who understand economy and how it works.

Coolsat:
We may all end up loving this man called Bola Tinubu.

For those saying the government should have waited, should also know that the previous government did not make provision for subsidy beyond June. So if government had allowed subsidy to continue then it will have to source for the money to pay for it, as it is not captured in the budget beyond June

SalamRushdie:


You and I know supply can't lower the price of Petro, the only thing that can is international oil prices

Companies will shave margins and evolve more efficient logistics. Before globacom did anyone know that per second billing was possible?

Competition spurs innovation. Right now NNPC has a monopoly on importation.

Funny enough, BAT APC want to use money from fuel subsidy for white elephant project.
Fuel subsidy total removal can cause the price of fuel to get as high as N10000, this is because of the high cost of production, caused by bad government in APC

Islie:


https://leadership.ng/nnpc-to-discontinue-crude-swap-targets-cash-payments-for-petrol-imports/

The obi.dio.ts is not happy that President Tinubu is doing wonderful things and hitting the ground running

The Obi.dio.ts should join the NLC/LP in the coming strike action, we want to see something

obinnanelson4:
If they have been engaging in crude swap for refined pms, why then is subsidy in the picture all these while. Or is it that i do not understand what swap means?

Abeg Helep me ask dem. NNPC is saying they are swapping crude for petrol with foreign refineries and at the same time saying they are paying N3 trillion subsidies on the same petrol. How that makes sense to anyone beats me.

Who is the current Minister of Petroleum Resources? Never mind it doesn't matter since it's a position automatically reserved for who occupies Aso Rock.
Nevertheless, I'm glad that a Southerner in the mold of Tinubu will have a considerable say in it's running.
I believe Tinubu(out of his sense of proportionality) will attempt to restructure Nigeria in terms of resources.

seunmsg:
As many importers as possible should be allowed to import petrol in as much as they can source their forex from the parallel market since there is no more subsidy. Once supply is increased and with Dangote refinery coming up next month, the price should go down.

Subsidy and FX deregulation go hand in hand BUT the problem here is dangote is yet to begin operations...

If marketers have access to FX then yes they can easily import on their own... after all we have them importing AGO

The issue now is "what is the accurate spread" because if IPMAN or MOMAN form cartel they can arbitrarily fix prices.

alimiadedayo1:

do u understand what you just read now..You cannot understand what you can't comprehend stop behaving like an illiterate

Make illiterate stop to they behave like illiterate? Ha b like you like trouble o😂

seunmsg:
As many importers as possible should be allowed to import petrol in as much as they can source their forex from the parallel market since there is no more subsidy. Once supply is increased and with Dangote refinery coming up next month, the price should go down.

He be like say at this rate, japa people go dey return to Nigeria ooo

CodeTemplar:
So many things wrong with this country. How does govt know they(NNPCL) are not pumping excess crude out in return of favour abroad?

These are the things that have been destroying our economy

Islie:


https://leadership.ng/nnpc-to-discontinue-crude-swap-targets-cash-payments-for-petrol-imports/

Nice one, stop the swap and pay in "Naira" cash. Putin did it and it appreciated their currency against dollars. Ours will work too if corruption is not attached.

PlutoChief:
I'm not his fan but I love him already! We need someone who understand economy and how it works.

Some one that understands economy is not able price energy in relation to wages of its citizens.
Just in one week, electricity prices increase by 30%, fuel prices increased by 200% but wages remained stagnant with minimum wage still at N30,000. Is that how economy works?

obinnanelson4:
If they have been engaging in crude swap for refined pms, why then is subsidy in the picture all these while. Or is it that i do not understand what swap means?

There is money value of the exchanged goods to balance for the books. its not simple trade by barter.

Assumptions for calculation sake
1 barrel of crude is $100
1 litre of petrol is $2
You can get 150 litres from each barrel

x NNPC gives Trafiguara 1 barrel of oil
x Finished cost of 1 barrel turned to petrol is $300
x Trafigura will only provide 50 litres of petrol to NNPC for every barrel
x On NNPC books they now have $100 worth of petrol (50 litres) instead of the $100 they should have received for the crude
x They sell the 50 litres to the public at a subsidised $20
x The govt still has to make up the $80 shortfall

That is SUBSIDY