₦airaland Forum

The Northern Nigeria Petroleum Company Limited is just a Special Purposed Vehicle used by the Oligarchs to loot Niger Delta Oil/Gas money.

Can we move the HQ of NNPC to Niger Delta States like Rivers, Delta or Akwa Ibom?

Subsidy halted your remittances and profits...!

But, I can bet my annual salary that the same subsidy didn't stop you kleptomaniacs from enriching yourselves.

boxypane:
No single analytics. You just buried your country.

How did I?

Nbote:
They have leveraged and used oil we produce to collect loans. We are owing in advance

you didn’t bother to read at all……hmmm

Danisaint112:
We all saw this coming,
The signs were everywhere,
We knew what Nigeria needs at this point is someone disciplined to tackle with the corruption related issues facing Nigeria heads on,
We know who have that track record,
We know who is fast (god speed),
We know who had a better character (thinks before he talks and act),
We know who didn't have any form of complications with his school certs,
We know the race he came from and we all know they have an unending record of not tolorating nonsense,
Yes we knew the better candidate.
Yet we decided to opt for tribal and religious propaganda because of an event that happened over 5 decades ago.

When things like this happen one would begin to wonder, do we all really want the progress of Nigeria or we are just pretending and don't really mind stuffering and smiling for hope of selfish gain from a tribalistic tribal ruler?

Pathetic I must say. With what I have seen and also saw during the last election, I'm off the opinion that, if Nigeria can not work than let her end.

Football can't just be the only thing uniting us as a country, that's unity engulfed in pretence (fake love) and holding on to sinking ship is sheer stupidity.

That person you think you knew , you don’t even know him very well . Go and check his 8 years tenure in A state , you will see that he’s not the kind of person Nigeria needs at the moment . Na tribalism dey cover your eyes . 🤦‍♂️

CandidAdmin:
In layman's terms?

Btw, why is Buhari walking free?

lol even buhari no knw say him dey waka free

Bla bla bla

So how much are u remitting now?

TheBillyonaire:
The Northern Nigeria Petroleum Company Limited is just a Special Purposed Vehicle used by the Oligarchs to loot Niger Delta Oil/Gas money.

Can we move the HQ of NNPC to Niger Delta States like Rivers, Delta or Akwa Ibom?

so that militants will continue with the bombing and kidnapping…….most of you guys lack thinking ability.

nairalanda1:
(TIme to defend NNPCL...hope they send my usual N20000 to the account...need to pay for the relative's admission, lol).


ON a serious note.

NNPCL Is right. Subsidy did prevent them from making a profit.

The problem with subsidy on petrol is that when the government sets the price too low, it pays a subsidy based on what it thinks the resulting loss from selling petrol would be. THE PROBLEM IS, with rising oil prices, the losses are greater than what subsidy can cover.

IN 2022, oil prices rose a lot. That meant that subsidy costs for NNPC rose way beyond what they and the government expected. If NNPCL Had kept on remitting money then, they would have collapsed and declared bankruptcy.

For comparison..in 2019, subsidy costs were below N3 trillion. IN 2022, subsidy costs rose to 10 trillion naira. And as KYari has pointed out, government does not pay them all that money....because debt servicing, and so forth was eating up a lot of our revenue.

IN 2010, GEJ wanted to remove subsidy, because he had his eyes opened . Most of you opposed him then. If you had let him remove subsidy (and he should have been allowed to), by now NNPCL would have made a profit.

See why subsidy is evil.

You can abuse me, but at the end, sell things at a profit, and no wuru wuru would happen. Sell things at a loss, and you make it impossible for NNPC to even pay its share to Caesar.

Maize be unto thee

Keme4Real:
Bla bla bla

So how much are u remitting now?

see senseless question?

Throwback:
No wonder subsidy has to go and CBN has to takeover.

So you actually believe the news that CBN will be selling oil now
Dude!!

aylagos:
so that militants will continue with the bombing and kidnapping…….most of you guys lack thinking ability.

Not true. Abuja is the city of kidnappers and bandits now.

Faiththatworks:
Nairaland is really becoming the birthplace of intellectual deficient Nigerians. I'm aghast at the opinion of some individuals on this platform, that's supposed to be the flagship of Nigerian intellectual discourse online.
Yesterday there was a report of Asiwaju ordering the NNPCL to vet all the sales of Crude-Oil from the CBN,and the response from Nairaland showed there's a big problem with Some Nigerians online.
The insults, criticism and bile spilled yesterday actually made me believe majority of online Nigerians are actually educated illiterates.
To the story,I have been wondering how Nigeria survived under Baba Buhari,I'm sure even in 2021, NNPCL didn't remit any revenue cos of COVID.
I ask again where did Baba Buhari get the money to run Nigeria from 2020-2023,I'm sure Mr Emefiele was just printing trillions of Naira and sending to the Federation Account.
And we wonder why the Naira won't fall to 2000 to a Dollar, seriously we need to tell ourselves the truth in Nigeria.
Nigeria is a very very broke country with almost Zero revenue,we are in massive debt as a result of decisions made by previous governments.
We must stop all the unnecessary bickering and support the government in Power to succeed,we don't have a choice if we want Nigeria to prosper.
God bless Nigeria......

In 2022 from Feb to March 2023, crude oil was between $80 - $100 a barrel. But Nigeria did nor benefit because some ghosts were stealing crude oil under the nose of the c in c and minister of petrol. A position held by one incompetent buhari and you wonder why Nigeria is like this. Even when the world came out of covid in 2020 and 2021. Crude oil was above 60 dollars. You should ask buhari why Nigeria was not meeting its opec quota

TheBillyonaire:
Not true. Abuja is the city of kidnappers and bandits now.

this your comment shows that you still a teenager m.

Themanleshey:
That person you think you knew , you don’t even know him very well . Go and check his 8 years tenure in A state , you will see that he’s not the kind of person Nigeria needs at the moment . Na tribalism dey cover your eyes . 🤦‍♂️

How you ignored all the good attributes and jumped to his 8 yrs tenure, is really baffling.

If you have never gone, or never lived in his state then keep shut for this discussion is not for your kind.

If you know the state of things before he arrived the state you won't be saying shit. Man gave his best and his people saw him for it.

All Hail buhari...lets go..

fuckingAyaya:
Buhari really buried this country alive.

His sole purpose of contesting in the first place was to loot through nnpc since ibb did not allow him enjoy much previously because of his hypocrisy.

You see,the Big Thief,called the NNPC!
Ask them a simple question- When did Nigerian Government Stopped the Subsidies?
29th May, 2023!
So, what happens between that time - Is NNPC saying,for 5-6 Months,they did nothing and is that not part of the Accounting year book,in that Organisation?
Indeed,the GMD of NNPC and his top
Cronies, should be fired,for this is nothing than hiding Fraudulent transactions- in Not remissions of Forex and Naira- Funds ,as they failed woefully to Accounts for the Money received and paid to NNPC during the Months before the Suspension of Subsidies by the Federal Govt!

Faiththatworks:
Nairaland is really becoming the birthplace of intellectual deficient Nigerians. I'm aghast at the opinion of some individuals on this platform, that's supposed to be the flagship of Nigerian intellectual discourse online.
Yesterday there was a report of Asiwaju ordering the NNPCL to vet all the sales of Crude-Oil from the CBN,and the response from Nairaland showed there's a big problem with Some Nigerians online.
The insults, criticism and bile spilled yesterday actually made me believe majority of online Nigerians are actually educated illiterates.
To the story,I have been wondering how Nigeria survived under Baba Buhari,I'm sure even in 2021, NNPCL didn't remit any revenue cos of COVID.
I ask again where did Baba Buhari get the money to run Nigeria from 2020-2023,I'm sure Mr Emefiele was just printing trillions of Naira and sending to the Federation Account.
And we wonder why the Naira won't fall to 2000 to a Dollar, seriously we need to tell ourselves the truth in Nigeria.
Nigeria is a very very broke country with almost Zero revenue,we are in massive debt as a result of decisions made by previous governments.
We must stop all the unnecessary bickering and support the government in Power to succeed,we don't have a choice if we want Nigeria to prosper.
God bless Nigeria......

Good morning Sir. You’re spot on. Sometimes I read comments and I just ponder, feel robbed of my intellect and knowledge. We need a platform of educated professionals where we can discuss intellectually that’ll will metamorphose into solutions for this great country.

Amen to your prayer 🙏

Who was the minister of a petroleum then?

Hopelessness is a disease for every country!
God forbid!

Under Buhari.

Same thing that Diezani Alison-Madueke did under Goatluck.

Tinubu has put a head to that.

Useless Vagabonds

Different tales from NNPCL . From when they makes no profit to when the profit is looted by the president and his gangs at d detriment of Nigerians.


It's better they bring back subsidy and make no profit

They remitted nothing because they were producing one million barrels per day as against 2.2 millions per day done by Goodluck Jonathan administration.

Let's no forget, all these are Buharis fault. While oil wells were drying in Niger Delta because of stoppage of exploration and expansion of wells,

nairalanda1:
(TIme to defend NNPCL...hope they send my usual N20000 to the account...need to pay for the relative's admission, lol).


ON a serious note.

NNPCL Is right. Subsidy did prevent them from making a profit.

The problem with subsidy on petrol is that when the government sets the price too low, it pays a subsidy based on what it thinks the resulting loss from selling petrol would be. THE PROBLEM IS, with rising oil prices, the losses are greater than what subsidy can cover.

IN 2022, oil prices rose a lot. That meant that subsidy costs for NNPC rose way beyond what they and the government expected. If NNPCL Had kept on remitting money then, they would have collapsed and declared bankruptcy.

For comparison..in 2019, subsidy costs were below N3 trillion. IN 2022, subsidy costs rose to 10 trillion naira. And as KYari has pointed out, government does not pay them all that money....because debt servicing, and so forth was eating up a lot of our revenue.

IN 2010, GEJ wanted to remove subsidy, because he had his eyes opened . Most of you opposed him then. If you had let him removthe e subsidy (and he should have been allowed to), by now NNPCL would have made a profit.

See why subsidy is evil.

You can abuse me, but in the end, sell things at a profit, and no wuru wuru would happen. Sell things at a loss, and you make it impossible for NNPC to even pay its share to Caesar.

MadamExcellency:
They remitted nothing because they were producing one million barrels per day as against 2.2 millions per day done by Goodluck Jonathan administration.

Let's no forget, all these are Buharis fault. While oil wells were drying in Niger Delta because of stoppage of exploration and expansion of wells,

And even then, at the end, it is still the fault of 50 years of subsidy.

The palava is subsidy causes, over time, losses in money, and that affects everything...exploration included.

There is a cold reason why your hero GEJ wanted to remove subsidy, and why a few of us, including people like me who were critical of him, for once opened our eyes, and saw reason with him.

Profit is the lubricant of growth.

Agboriotejoye:
Maize be unto thee

perfect response

nairalanda1:
And even then, in the end, it is still the fault of 50 years of subsidy.

The palava subsidy causes, over time, losses in money, and that affects everything...exploration included.

There is a cold reason why your hero GEJ wanted to remove subsidy, and why a few of us, including people like me who were critical of him, for once opened our eyes, and saw reason with him.

Profit is the lubricant of growth.

If Buhari concentrated exploration in the Niger Delta instead of Northern Nigeria, by now we will be clocking 3 to 4 million barrels per day leaving room for more foreign exchange and crude swap if needed. The tribalism of the North is to be blamed not subsidy. Remember, Egypt, Iran and Angola are still paying subsidies while increasing their outputs.

MadamExcellency:
If Buhari concentrated exploration in the Niger Delta instead of Northern Nigeria, by now we will be clocking 3 to 4 million barrels per day leaving room for more foreign exchange and crude swap if needed. The tribalism of the North is to be blamed not subsidy. Remember, Egypt, Iran and Angola are still paying subsidies while increasing their outputs.

At the end, if subsidy had gone in 1993, a lot more independent exploitation of oil would have taken place in both the North and SOuth, and we would have gone even higher than just 4 million bpd.

That is my point ultimately.

Profit attracts investment like sugar attracting ants.

nairalanda1:
And even then, at the end, it is still the fault of 50 years of subsidy.

The palava is subsidy causes, over time, losses in money, and that affects everything...exploration included.

There is a cold reason why your hero GEJ wanted to remove subsidy, and why a few of us, including people like me who were critical of him, for once opened our eyes, and saw reason with him.

Profit is the lubricant of growth.

look ehh when it comes to nnpc no put mouth if you don't know jack about how they ran that cesspit under buhari administration. Infact It got to a point there came a clique that called themselves adamawa boys. Everything was illegal.......

Bizibi:
look ehh when it comes to nnpc no put mouth if you don't know jack about how they ran that cesspit under buhari administration.

Sorry, young man, but I talk when i wish to talk.

Plus, what I said is right.

If it makes you cry because what I say means higher fuel price, then cry. I can't do nothing about it.

PLus, NNPC Has always been a cesspit(You have forgotten Yakubu and the cash in the cesspit, DIezani, and a host of other issuses going back to the 1980's). When you bring in subsidy, and curb profits, as has been done for over 50 years, wuru wuru and mago mago results.

Lol