Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote

Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC - Business (2) - Nairaland

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Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by WorkTheTalk(m): 8:55am On Jul 21

“Africans are the only ones that can develop Africa” — Billionaire Aliko Dangote speaks on the challenges of building his refinery in Lagos.

pic.twitter.com/kF4pZ32aBl
— Instablog9ja (@instablog9ja) June 1, 2024

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by nairalanda1(m): 8:56am On Jul 21

Zionmdde:
I have said before keeping it shut sometimes pay

Dangote is buying crude at a cheaper rate, not only crude but I won't mention some others. Go and ask why IOCs and NOCs won't sell crude to him. Why is it only Nnpc's share of crude they are giving him

Stop speaking long grammar on what you know nothing about. Your likes keep defending dangote as per your savior, while the man is harvesting his trillions at the expense of the country's wealth

I don't care, Comrade Lenin. Things cost money. You can keep on crying and calling me APC supporter, and lord knows I don't like APC, but then again people who say that business people have to make a profit to keep their businesses running are apparently worthy of abuse from you!

LOL.

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Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by jaxxy(m): 8:58am On Jul 21

This their on and off naira for crude deal thats probably filled with corruptoon. undecided

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by Omalicious1: 8:58am On Jul 21

Islie:
https://punchng.com/oil-cargoes-meant-for-naira-for-crude-deal-supplied-to-dangote-nnpc/

I don't know why I find it difficult to trust NNPCL

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by Zionmdde: 9:00am On Jul 21

nairalanda1:
I don't care, Comrade Lenin. Things cost money. You can keep on crying and calling me APC supporter, and lord knows I don't like APC, but then again people who say that business people have to make a profit to keep their businesses running are apparently worthy of abuse from you!

LOL.

You just keep proving me right that you should keep it shut!! Who called you Apc supporter here?
Dangote should make reasonable profits. At the same time if crude is sold to him at subsidized rate, Nigerians should buy fuel at subsidized rate

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Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by Tareq1105: 9:00am On Jul 21

AderonkeOlaniyi:
Make we hear word! Which subsidy removal? Where are the benefits of the subsidy removal?

Ask your Gov.

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by nairalanda1(m): 9:00am On Jul 21

Enddy50ty:
Dangote the monopolistic billionaire that Nigeria has to constantly contend with.

If Nigerians had told the ojota crowd to keep quiet in 2012, by now there would have been competitors to dangote (and anyway, there are five or six other refineries, plus BUA is coming up too.)

There is a reason why people kept on telling you for over 40 years that subsidy had to go. Everytime, you guys said no. You always said no. As a result the only people that could build a refinery in nigeria privately were chaps like dangote who had the kind of collateral that would make banks and lenders happy to give them financing.

Had there been no subsidy since 1993, or even since 1980..., refineries would have sprung up since

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by DeOTR: 9:02am On Jul 21

sekeyso:
That's the lie the ruling elite sold to you. Fuel subsidy was never the problem but the incompetence of government in the management. Now the citizens are paying for it's government incompetence as with everything our government is managing.
Now that we're not paying subsidies, how has that improved anything? Instead the reverse is the case.
If you objective enough you'd know.

Subsidies breed corruption, irrespective of where it is applied.
You can't do better if you were in charge. Stop deceiving yourself.

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Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by DeOTR: 9:04am On Jul 21

chidiokay:
As much as i agree with you to a large extend, the presence of Dangote is why we can never have scarcity in Nigeria,

Now i understand Dangote better, Nnpc are playing smarrt, they expliot Dangote by supplying less crude to the refinery just so they would have more to export and recieve Dollar

here is the scam in Naira for crude ... they supply dangote e.g 15% crude and ploy buy 30% PMs

so Nnpcc n marketers are enjoying more of crude Dangote bought in $$ ..that is the scam dangote want to stop

if you supply me 15% crude in Naira, in return you must get 15% pms back in naira, what i buy in naira is what i supply in naira ...no more take advantage of naira crude

what ever reservations we have about Dangote, on a deep processing you will realize he is just a business man, is job is not to look out for Us when the govt you all vote are busy frauding the system

The government should just stop anything that looks like subsidy in that sector. The corruption there is deep rooted.

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Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by sucess001(m): 9:06am On Jul 21

nairalanda1:
LOL...the problem with the reporting is the belief that selling crude in naira means cheaper fuel prices at the pump.

When I saw people rejoicing at the naira for crude story, I just laughed and laughed and laughed.

One of the biggest mistakes that Gowon ever did was to introduce subsidy. Because it made us forget that things cost money. As a result now that it has gone (except for the dodgy NNPC subsides that they pay themselves to keep prices lower than the private sector)...Nigerians are suddenly waking up to the fact that things cost money.

Honestly, when you tell people that you have to pay market price for a product so that the people who are involved in bringing you the product can eat too, and live normal lives, they will call you APC supporter. As if APC has a monopoly on sane thinking economics (they do not, with all the corruption and the electricity subsidy that they introduced that does not work because they are running away from truth).

The fact is, naira for crude is just like me saying that putting lipstick on a dog makes it a Miss Universe contestant. No it does not. It just means that crude is sold in the naira equivalent of the dollar. Which can change anyway. But Nigerians want to do self deceit...and the press aids and abbets them in that.

We better wake up and stop believing that there is some magic money tree that can produce enough money to subsidsze fuel to N100 per liter. We lost four refineries because we used the money that would have paid for their upkeep and maintenance, and upgrade to pay for subsidy and for free government jamboree programmes like PTF and SUREP and later on NPOWER and whatever. There is no where in the world where anything is cheap. I will say it even if na Peter Obi wey remove subsidy, or Atiku. NOthing where anything is cheap. Either you accept that, or you keep quiet. It's effing effing life.

Senseless analysis. How are the other countries producing oil able to do it? Libya currently sells oil at 50 naira per litre... A. Country without a govt.

Just so you know, Nigeria sells the highest price of fuel of all oil producing countries. That's evil and anyone arguing in support is also evil

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by YesDaddyTill203: 9:07am On Jul 21

AderonkeOlaniyi:
Don't tell me, I already know.

Chinedu masquerading as someone that he is not is an old and tired modus operandi that ha I have been exposing since 2015.
I have been exposing frauds like you since you were still wearing diapers.
Kanni - - balls like you are scuuu-mmms of Mother Earth.

You gave a good description of yourself and your old man, well, well.

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by sekeyso(m): 9:12am On Jul 21

DeOTR:
Subsidies breed corruption, irrespective of where it is applied.
You can't do better if you were in charge. Stop deceiving yourself.

The average Nigerian mindset is in shambles, imagine the thought process of this one. So this is the best for us right, God forbid such.

Oga I can do far better than what you've in Aso rock now and we've many better alternatives. Support your failure in peace but assume that all of would settle for it.

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by nairalanda1(m): 9:14am On Jul 21

sucess001:
Senseless analysis. How are the other countries producing oil able to do it? Libya currently sells oil at 50 naira per litre... A. Country without a govt.

Libya also has about 8 million people and produces the same amount of oil as Nigeria, meaning their revenue is shared in essence among a population that is mimiscule in comparison to our 230 million people.

That is how they can afford to make fuel N50 per liter, and have running refineries, even with two competing governments in tripoli and benghazi.

Nigeria can't do that.

Just so you know, Nigeria sells the highest price of fuel of all oil producing countries. That's evil and anyone arguing in support is also evil

Actually that's not true. USA and Norway are nos 1 and 2 oil producers. They also sell fuel at a price that is way higher than Nigeria. Norway sells fuel at their currency's equivalent of N3112 per liter, despite having the capacity and finances to reduce their fuel prices to N200 per liter or less.

Niger republic, sells fuel at nearly 2000 naira per liter, and they are an oil producer.

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by sekeyso(m): 9:30am On Jul 21

nairalanda1:
If fuel subsidy was never the problem how did Venezuela lose 800000 bpd from the 1970's to the early 00's in refining capacity when they had no sanctions from the USA then and when they had fuel subsides galore.?

The thing with fuel subsides is, their cost can change with the changes in the oil prices. If oil prices go high, cost of subsidy can go high . So if government budgeted 5 trillion naira for subsidy in one year, and oil price increases that year push up subsidy costs to ten trillion or more, where is the money going to come from? Other parts of the budget. And keep in mind that we have to pay back loans and pay for other things too, and save some money, so that means that subsidy payments would come from other parts of the budget...like healthcare, education , and so forth..meaning more loans, and more debts.

Also, the vast majority of government revenue comes from oil. IN countries with fuel subsides, most of the money from subsides comes from taxing the populace, and the subsides do not cover every one in the first place. Oil rich countries like Libya and Saudi have tiny populations and produce far more oil than we do, that';s why they can make subsides work

And then the smuggling. SMuggling of subsidised fuel is done by everyone from the big man to the small man. THAT PUSHES SUBSIDY COSTS UP. At the end, government has to take more money to pay for subsidy from other sectors of the budget...more loans...debt.

And before you blast Nigeria for not dealing with smuggling..smuggling is persistent in Iran, was persistent in Libya, and in venezuela and saudi. Ghaddafi when he was alive used to bomb smuggliers with his airforce jets. The smugglers would just hide, and then resume when the coast was clear.

(Smuggling happens now, but not at government expense, that is the thing).

It is like you don't realize that this thing called refining petrol costs a lot of money. We also cannot build refineries from scratch, and if refinery breaks down, we have to bring in spare parts from abroad, and experts from abroad., and if it has to be upgraded, same story.

That is why countries that have consumption subsides always run into problem, unless the population is small enough to make it make sense.

Problem with subsides is simple. Say you bake bread, you expect to HAVE a production cost of N2000 per loaf, you got to sell it at N2800 a loaf to make it work. Government comes in and says you should sell it at N200 a loaf and pays you subsides of N2600 per loaf. Problem is that year, cost of wheat rose and so forth, and all of a sudden your production cost rose to N4000 per loaf. Would you still accept being paid N2600 per loaf meaning you lose N1400 per loaf, or would government have to start spending extra money ie taking money from other parts of the budget to make sure you don't lose business.

You guys have enjoyed subsidy for ages that you have forgotten that business works by a harsher set of rules.

See how you beautifully explained away the incompetence of your government in handling it's responsibility. Government all over the world have responsibilities to its citizens except Nigeria government. All you did was to absorb government of it's responsibilities which is one of the main reasons our government is brazen in it's neglect because citizens like you excuse it's laziness. Can't we copy nations where citizens demand the of their government for the least of the things we tolerate here? Are they better humans than we?
I'm still of the view that Nigeria government can still pay for subsides without breaking bank. The theft in government circle alone is enough to fund subsides.

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by nairalanda1(m): 9:38am On Jul 21

sekeyso:
See how you beautifully explained away the incompetence of your government in handling it's responsibility. Government all over the world have responsibilities to its citizens except Nigeria government. All you did was to absorb government of it's responsibilities which is one of the main reasons our government is brazen in it's neglect because citizens like you excuse it's laziness. Can't we copy nations where citizens demand the of their government for the least of the things we tolerate here? Are they better humans than we?
I'm still of the view that Nigeria government can still pay for subsides without breaking bank. The theft in government circle alone is enough to fund subsides.

Actually I have shown you the incompetence of your government.

The problem with subsides from a government point of view is simple.

Let's say that, for the purposes of explaantion, that government budgets 4 trillion naira for subsidy. The problem is, subsidy costs can rise in these ways

1. Oil prices rise so high, that much of the new revenue has to go to pay subsidy costs

2. Also, smuggling rises so high that a lot of the money is lost by smuggling , and remember, most of the smugglers are small guys taking a 50 liter jerrycan of fuel across the border, not just the big tankers

3. Because refining is unprofitable in Nigeria, refineries eventually crash due to low money, thus we got to import fuel at high prices, which leads to more loss of fored

4. Either way the result is the same. DEBT....and more pressure on the naira, which worsens...inflation.

And keep in mind that the whole picture is complicated by the fact that we do not , I repeat, do not earn most money from taxes...as they do in saner climes.

If subsidy worked, our economy would have been so good for the last 54 years. As someone who has lived under many governments for those years, I can tell you in all honesty that our economy was godawful.

The truth is, the only subsides that work are production subsides, which is what happens now. COnsumption subsides do not work and are unsustainable long term. Subsides also work when the population is small enough to make it work.

Keeping subsides for fifty years is how our government wrekced four refineries, and also lost us billions in dollars of money that should have been used for schools, hospitals, roads, even public transport. That is the incompetence.

And this does not mean I don't regard the tinubu government as competent, it still does not fight corurption, which worsens our perception in the world, and drives off investors, AND it keeps a subsidy on electricity, which prevents the largely privatised sector from not only attracting investment, but it also prevents more powerful and saner international investment.

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by ariesbull: 9:51am On Jul 21

And you are telling huge lies ...every country enjoys subsidy even Saudi Arabia, USA etc

Stop these lies

nairalanda1:
It started when subsidy removal was proposed in the late 1980's and you guys said no. Here we are.

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by nairalanda1(m): 9:56am On Jul 21

ariesbull:
And you are telling huge lies ...every country enjoys subsidy even Saudi Arabia, USA etc

Stop these lies

1. Every country does not enjoy subsidy. All our african neighbours, poor as they are, do not enjoy fuel subsides (except probably Niger, and even their subsidy is limited). Angola even wants subsides out by 2028 self. It;s taking money from other government projects like schools, and health centers.

2. Saudi can enjoy a subsidy because they produce nearly ten times the crude we produce, for a population that numbers about 50 million people, so the percapita revenue is huge compared to nigeria

3. USA has two things we do not have, they are the world's largest producer, they also heavily tax their people, even to the point of exhaustion, and they also have a diversifed economy with a large enough manufacturing component. That's how they can afford subsides, and even then the subsides are for people who are very very very very poor. Not for everyone.

Infact, some states even add heavy tax on top of the fuel price (eg California) meaning fuel is expensive.

USA also does try to pay production subsides, and (if need be) release crude from its reserve, but at the end fuel is sold profitably.

It is the same thing in many European countries too. They pay for subsides with revenues drawn from taxes and they run diversifed economies.

(One reasn why I hate APC is that they don;'t even pretend to have a plan to diversify our economy. Or make us industrial. Abacha was evoul, but he had vision 2010, Gowon had the National development plans, at least.).

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by NaijaLandGuy(m): 10:00am On Jul 21

So much corruption in the oil sector

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by Originalsly: 10:01am On Jul 21

nairalanda1:
LOL...the problem with the reporting is the belief that selling crude in naira means cheaper fuel prices at the pump.

When I saw people rejoicing at the naira for crude story, I just laughed and laughed and laughed.

One of the biggest mistakes that Gowon ever did was to introduce subsidy. Because it made us forget that things cost money. As a result now that it has gone (except for the dodgy NNPC subsides that they pay themselves to keep prices lower than the private sector)...Nigerians are suddenly waking up to the fact that things cost money.

Honestly, when you tell people that you have to pay market price for a product so that the people who are involved in bringing you the product can eat too, and live normal lives, they will call you APC supporter. As if APC has a monopoly on sane thinking economics (they do not, with all the corruption and the electricity subsidy that they introduced that does not work because they are running away from truth).

The fact is, naira for crude is just like me saying that putting lipstick on a dog makes it a Miss Universe contestant. No it does not. It just means that crude is sold in the naira equivalent of the dollar. Which can change anyway. But Nigerians want to do self deceit...and the press aids and abbets them in that.

We better wake up and stop believing that there is some magic money tree that can produce enough money to subsidsze fuel to N100 per liter. We lost four refineries because we used the money that would have paid for their upkeep and maintenance, and upgrade to pay for subsidy and for free government jamboree programmes like PTF and SUREP and later on NPOWER and whatever. There is no where in the world where anything is cheap. I will say it even if na Peter Obi wey remove subsidy, or Atiku. NOthing where anything is cheap. Either you accept that, or you keep quiet. It's effing effing life.

Let's reason this ... you're basically saying Nairra for crude cannot reduce the price of the pump... the price depends on the international price of crude because Dangote has to eat. Is he buying local crude at the international price but in Naira instead of dollars? If yes ... then the price at the pump will be the same regardless if he pays in Naira or dollars ... if he gets local or imported crude. If he buys in Naira at a cheaper price than the international price ... then the price at the pump will be cheaper and Dangote will be making the same profit .. he will still be eating.

@ topic. Listen carefully to what the FG is saying .... and what Dangote is saying. The FG is saying it has been supplying Dangote with all available oil .... does that mean the amount of oil that was agreed to? ... or does that mean the oil they' have that he can get? If I made an agreement with you ... to supply you with 10 bags of rice per month ... ,but I'm only giving you two .... but then I tell the world I been supplying you with all the rice available ... am I not being deceitful? This is exactly what is happening here.

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by ufotunang: 10:03am On Jul 21

These are the results of voting an incompetent president into power.
It's a pity

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by nairalanda1(m): 10:10am On Jul 21

Originalsly:
Let's reason this ... you're basically saying Nairra for crude cannot reduce the price of the pump... the price depends on the international price of crude because Dangote has to eat. Is he buying local crude at the international price but in Naira instead of dollars? If yes ... then the price at the pump will be the same regardless if he pays in Naira or dollars ... if he gets local or imported crude. If he buys in Naira at a cheaper price than the international price ... then the price at the pump will be cheaper and Dangote will be making the same profit .. he will still be eating.

@ topic. Listen carefully to what the FG is saying .... and what Dangote is saying. The FG is saying it has been supplying Dangote with all available oil .... does that mean the amount of oil that was agreed to? ... or does that mean the oil they' have that he can get? If I made an agreement with you ... to supply you with 10 bags of rice per month ... ,but I'm only giving you two .... but then I tell the world I been supplying you with all the rice available ... am I not being deceitful? This is exactly what is happening here.

Look, stop listening to what dangote and goverrment say about this thing. The fact is, there is nothing that can bring down the market price of crude and by extension fuel. Crude for naira was just another APC government lie to attempt to calm people down. That's why I laughed at the whole thing when it was proposed.

Lipstick on a frog does not make it an Italian supermodel with long damask colored hair.

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by Gboss247(m): 12:01pm On Jul 21

Zionmdde:
You just keep proving me right that you should keep it shut!! Who called you Apc supporter here?
Dangote should make reasonable profits. At the same time if crude is sold to him at subsidized rate, Nigerians should buy fuel at subsidized rate

Crude sold to Dangote at Subsidized rate?
Who is paying the subsidy?

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by bdon123(m): 2:04pm On Jul 21

Nnpc is still playing games till date.they are not supplying this refinery half d crude it needs becos they hav collected loans wit future production.they should come out n say d truth ...like we dont hav crude to giv refinery as per agreement

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by Zionmdde: 2:05pm On Jul 21

Gboss247:
Crude sold to Dangote at Subsidized rate?
Who is paying the subsidy?

If the cost of your product is 100naira
You sell to others at 130naira
And sell to me at 110naira

Who is paying for the subsidy?

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by Hangulsaram: 3:46pm On Jul 21

nairalanda1:
LOL...the problem with the reporting is the belief that selling crude in naira means cheaper fuel prices at the pump.

When I saw people rejoicing at the naira for crude story, I just laughed and laughed and laughed.

One of the biggest mistakes that Gowon ever did was to introduce subsidy. Because it made us forget that things cost money. As a result now that it has gone (except for the dodgy NNPC subsides that they pay themselves to keep prices lower than the private sector)...Nigerians are suddenly waking up to the fact that things cost money.

Honestly, when you tell people that you have to pay market price for a product so that the people who are involved in bringing you the product can eat too, and live normal lives, they will call you APC supporter. As if APC has a monopoly on sane thinking economics (they do not, with all the corruption and the electricity subsidy that they introduced that does not work because they are running away from truth).

The fact is, naira for crude is just like me saying that putting lipstick on a dog makes it a Miss Universe contestant. No it does not. It just means that crude is sold in the naira equivalent of the dollar. Which can change anyway. But Nigerians want to do self deceit...and the press aids and abbets them in that.

We better wake up and stop believing that there is some magic money tree that can produce enough money to subsidsze fuel to N100 per liter. We lost four refineries because we used the money that would have paid for their upkeep and maintenance, and upgrade to pay for subsidy and for free government jamboree programmes like PTF and SUREP and later on NPOWER and whatever. There is no where in the world where anything is cheap. I will say it even if na Peter Obi wey remove subsidy, or Atiku. NOthing where anything is cheap. Either you accept that, or you keep quiet. It's effing effing life.

Oga shut up, is not only in Nigeria that government subsidize some commodities, there is always ways which government make things easy for their people, the case of Nigeria is fuel subsidy. That is the only thing the poor masses are gaining from the government. How do u even expect level 1 civil servants who earn 70-100k with children to survive with high transportation cost which affect cost of commodities.

Re: Oil Cargoes Meant For Naira-for-crude Deal Supplied To Dangote – NNPC by nairalanda1(m): 3:55pm On Jul 21

Hangulsaram:
Oga shut up, is not only in Nigeria that government subsidize some commodities, there is always ways which government make things easy for their people, the case of Nigeria is fuel subsidy. That is the only thing the poor masses are gaining from the government. How do u even expect level 1 civil servants who earn 70-100k with children to survive with high transportation cost which affect cost of commodities.

The harsh thing is that places where government 'makes things easy for their people' are the same places where government is also forcing those same people to pay taxes at rates that if tinubu were to charge them here, people would riot and will protest in ways that will shock you. You go see a united Nigerian revolution in short.

That is how they are able to afford subsides.

Nigeria cannot afford subsides. Even without corruptiuon , even with Peter Obi in charge, even with God in charge. Our revenue for this year is about 60 trillion naira..ie budget. If we was to have a subsidy that worked, government would need to remove half or more of that budget and put it on subsidy. No corruption, no inflation of figures, that is what is needed to pay for subsidy, and you know how they will replace that money in the budget? Take new loans...which means debt.

You have to face the reality in life that because something is cheap does not mean somebody is paying for it. We paid for subsidy with billions of dollars in monies that could have been used for other things like new schools, hospitals, roads, even railways. We also lost four refineries, because government ran them at a loss to pay for subsidy

And if you want to call me a tinubu supporter, just know that I have supported subsidy removal since 2011, and regard this government asa failure, so don't go there, this is no defence of any government

Sorry oga, but there is no free lunch. Even those countries with subsidy, it is either they are oil producers with tiny populations, or they charge high tax rates for everyone, and the more you earn, the more your tax goes up. ANd in many of those countries, subsdies are not for every tom and harry, it';s for the very very very poor people. One naira above the government poverty standard, and you have to buy fuel at 'normal prices'.