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NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre - Politics (2) - Nairaland

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Crude Oil Price: MAN Warns Of Hyper Inflation, Subsidy Hits ₦400, Diesel, ₦625 / Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn / NNPC Spends ₦10 Billion On Comatose Refineries In April (2) (3) (4)

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Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by dynicks(m): 12:16pm On Nov 21, 2019
shocked
Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by illiteratepmb: 12:16pm On Nov 21, 2019
Rogues. Someone promised to scrap subsidy payments. #pmb #barawo #ole

5 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by Frankiss44(m): 12:16pm On Nov 21, 2019
Victory2222:
I taught we were to subsidy has being removed. When fuel increase from 97 to 145 naira shocked

Na the format the yahoo Boys for Aso Rock throw give us that year be that.. grin

4 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by Josh44s(m): 12:17pm On Nov 21, 2019
codedguy1:
They are prepping us for the kill.

One morning just like the border closure we go wake up see pump price at N175 per litre and people will still come and justify why that will make Nigeria grow. grin

Thank you so much for this comment. You sabi forecast bro. #resepct

Abeg help forecast 1000 sure odds this weekend.

3 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by klax(m): 12:19pm On Nov 21, 2019
Hahahahaha apc plus buhari are working.

Nigeria ain't seen anything yet by the time apc and Buhari finish with Nigeria their eyes will clear wella.

It will hit 20Billion daily in the next 2 years una senses go format wella.

3 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by AerialMapper: 12:23pm On Nov 21, 2019
The scam here is on the daily consumption figures! 55 million liters daily?? No problem.

Let us see whether the land border closure and directive by customs to stop supply to stations within 20km of the borders will have any effect on this daily consumption figure!

2 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by JONNYSPUTE(m): 12:24pm On Nov 21, 2019
hemucology:
Reading comments
.. Same here. I'm tired of talking.

2 Likes 1 Share

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by Nobody: 12:28pm On Nov 21, 2019
madridguy:
Useless liars
grin

2 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by poiZon: 12:29pm On Nov 21, 2019
U can't see seunmsg for this kind thread.
Nigerians esp those ones from that side r full of hypocrites.

3 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by Nobody: 12:31pm On Nov 21, 2019
But the same people called subsidy payment under jonathan a scam. What do we call this one na, after they begged us in 2015 to allow them remove subsidy and use the proceeds to build paradise? Association of Perpetual Criminals ( APC)

4 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by uwabuwa888: 12:31pm On Nov 21, 2019
When pms was 65 naira ..the country uses 35million litres per day..now the price is 145 naira, the country uses 65 million litres per day ..
This government is disproving the law of demand...

When the economy is booming in 2012 the quantity of pms supply was 35 million litres per day..now the economy is down, the supplies of pms increase to 65 million per day.. this government is disproving the law of supply..

One thing good about this country is...the people have the will to leave better life, but the leaders are blinded by their greed... forgetting where there's a will there's a way...

Time shall tell..

4 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by ud4u: 12:32pm On Nov 21, 2019
Subsidy

I thought APC alleged that there was noting like subsidy during Jonathan regime

3 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by lukui: 12:33pm On Nov 21, 2019
middle men always smiling to the bank. if you know you know!!!

1 Like

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by obailala(m): 12:34pm On Nov 21, 2019
Victory2222:
I taught we were to subsidy has being removed. When fuel increase from 97 to 145 naira shocked
Wiseandtrue:
The official removal of fuel subsidy which led to the increment of fuel pump price from N87 to N145

Then the continuity in paying the SAME SUBSIDY is a testament that Buhari is fantastically corrupt!!!

Argue with facts!!!
Subsidy was removed when landing cost was N145. But now the landing cost is N145+N19.37 (due to marginal increase in oil price) but you still pay the same N145 per litre; how?

Meanwhile the only enormous scam here is how Nigeria can be said to be consuming 55 million litres of petrol pre day.
Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by RedEagle: 12:36pm On Nov 21, 2019
This is what Nigerians want, I hope we are happy.

We marched at Ojota in 2012, with Tunde Bakare and others to ensure this fuel subsidy remains and continues to drain money we should use for other things or don't have

2 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by codedguy1(m): 12:44pm On Nov 21, 2019
overall90:


you know the drill.
but these people said that the daily PMS consumption have dropped due to the border closure and so it's expected that the daily subsidy payments should drop but it seems that the reverse is the case.

You dey reason am like normal person. These people are not normal.

They will soon tell you the border closure has enabled millions of Nigerians to buy cars hence the increase in the amount of subsidy grin

4 Likes 1 Share

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by Olugbanko: 12:54pm On Nov 21, 2019
mrvitalis:
We should not only reomove fuel subsidy petroleum should be taxed 70 naira per litre
Diesel should tax 120 per litre
Kerosene should be tax free

This what countries like Cameron ,kenya even Ghana are doing
I decide not to call you what you exactly are! But more polite,use your brain for once!

2 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by obailala(m): 12:55pm On Nov 21, 2019
Wiseandtrue:

Was landing cost not there when it was sold for N87

Shuooooooo

Why didn't Buhari talk about this landing cost during GEJ regime because he was strongly opposing it due to the untold hardship it will bring to the citizens then

So what has changed What manner of hypocrisy is this
You talked about arguing with facts, I'm not arguing with you; I'm just giving you very simple information.

Nigeria imports almost every drop of petrol it consumes from abroad. At the time when the fixed pump price was N87, the total cost of getting the petrol to your stations was about N145 so the govt covered the additional cost of about N58 (i.e. subsidy) for you to be able to buy it for N87. When govt said they removed subsidy and fuel price jumped to N145, the govt simply stopped paying the additional N58 (a.k.a subsidy was stopped). But with the government still fixing the pump price at N145, things are bound to change if import cost increases.

Now due to increase in oil price, the total cost to get the petrol to your stations is now about N164. For you to be able to still pay N145, it means the govt is currently covering the additional ~N19 (a.k.a subsidy). I think this explanation is fairly easy to understand.

1 Like 1 Share

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by mrvitalis(m): 1:00pm On Nov 21, 2019
Olugbanko:

I decide not to call you what you exactly are! But more polite,use your brain for once!
It takes someone with above average knowledge in economics to understand me ...so not surprised u don't
Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by affable4(m): 1:01pm On Nov 21, 2019
Please why can't we refine crude oil on our own= corruption.

Rice that we cant produce enough, we ban the importation and still import petroleum products that we can produce in excess.

Mtchhhhheeeeeeeeeew

1 Like

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by Nobody: 1:03pm On Nov 21, 2019
codedguy1:
They are prepping us for the kill.

One morning just like the border closure we go wake up see pump price at N175 per litre and people will still come and justify why that will make Nigeria grow. grin

Well, that means we should keep on trhowing away trillion of naira on a subsidy project that is open to corruption, and makes it easier for smugglers to smuggle fuel across the broder, and sell for a profit.

If Niger, Benin, Ghana, and Cameroon can pay N300 per liter and above, so can we. Let's use that subsidy money for better things.
Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by Nobody: 1:06pm On Nov 21, 2019
poiZon:
During gej regime which was tagged the most corrupt in all indices by western media, fuel consumption daily was 30million litres.
But the so called man of integrity has put his daily consumption to 60million litres.
Infact nigeria is confusing....
The more things change the more they remain the same if not worse.

So you expect fuel consumption to remain static over 5-8 years??

In trhe last 5-8 years, people have bought more cars, bought more generators..because power supply is bad and you know it., started businesses, and so on

So why won't fuel consumption go up from 30million to 60 million per day?

Unless it is still the year 2013 and no one told me??

Oil subsidy must go.
Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by Nobody: 1:10pm On Nov 21, 2019
Victory2222:
I taught we were to subsidy has being removed. When fuel increase from 97 to 145 naira shocked

That's because the landing cost in 2016 was at N132 per liter, while we were selling it at N87. At the same time, crude oil prices were at an all time low of $32 per barrel. There were queues all over the place because government could no longer afford to pay the difference of N50 per liter.

So Government supposedly removed subsidy by taking the price to N145. Meaning they no lonmger had to pay any cash....until the landing cost went above N145...to what it is today.

At that point, government brought back subsidy.

If you understand how subsidy worked, you would have seen that government was lying when they said subsidy must go. So long as government is setting the price...there is a subsidy. That's why I did not believe the lie.

1 Like

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by gozmok1(m): 1:13pm On Nov 21, 2019
"What is Subsidy?" .... Buhari 2014
"Subsidy is a way of enriching the pockets of PDP" ..... Tinubu 2014
"Occupy Lagos" .... Femi Falana and Co. 2012
2019 ... We are still buying fuel for N145 per litre and even paying for subsidy in billions too...... Who is fooling who?
Jonathan was clueless but this APC and Buhari are so dumb to the core that they even performed worse than what they criticized in 2014/2015.... Nigerians will get sense by force before 2023

6 Likes 1 Share

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by onatisi(m): 1:13pm On Nov 21, 2019
the beginning of another fuel price increase grin grin grin
Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by Nobody: 1:14pm On Nov 21, 2019
princealexndre:
Naija needs to wake up, so they are still thinking of subsidizing fuel

Because if they remove subsides, the price of fuel would shoot up to as high as N200 or more per liter...leading to hike in costs of food, and goods and services...leading to inflation and possible economic crisis.

On the plus side, since people can now make profits, investors would flow in...leading to more jobs and more refinereis.(More people would be ready to build Dangote type refinereis.

At the end of the day, the country would benefit...but it would take a very long time. Nigerian governments don't have that time.

Plus, recently in Ecuador, the government removed fuel subsides...and there was fire on the streets. Government reversed the decision. Iran too is trying to remove 50% of subsidies, and even the government's explanation that it is all going for welfare projects isn't stopping protesters.
Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by wonder233: 1:14pm On Nov 21, 2019
Buhari's worshippers will carefully avoid this news. You won't see stuffs like "wailers", "children of hate", and their other trademark phrases.
The most that could happen will be one unfortunate die-hard worshiper attempting to justify this charade of a government with an opening line like this "16 years of.... "

1 Like

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by sapientia(m): 1:15pm On Nov 21, 2019
Who is ready to fix Nigeria?

Who?

Anyone?
Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by wonder233: 1:15pm On Nov 21, 2019
A buhari worshiper spotted
Kanade21:


Because if they remove subsides, the price of fuel would shoot up to as high as N200 or more per liter...leading to hike in costs of food, and goods and services...leading to inflation and possible economic crisis.

On the plus side, since people can now make profits, investors would flow in...leading to more jobs and more refinereis.(More people would be ready to build Dangote type refinereis.

At the end of the day, the country would benefit...but it would take a very long time. Nigerian governments don't have that time.

Plus, recently in Ecuador, the government removed fuel subsides...and there was fire on the streets. Government reversed the decision. Iran too is trying to remove 50% of subsidies, and even the government's explanation that it is all going for welfare projects isn't stopping protesters.

2 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by gozmok1(m): 1:15pm On Nov 21, 2019
buhari is a dirty terrorist , buhari and APC said fuel subsidy is a scam. God bless GEJ. The elites in this country owe GEJ an apology. Despite the massive increment in the price of fuel, the fuel subsidy will still gulp 450 billions. I wonder what the members of APC are thinking now. PDP might be corrupt but things are not this hard. Who knows, may be God is punishing us for all the insults against GEJ.

2 Likes

Re: NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre by codedguy1(m): 1:22pm On Nov 21, 2019
Kanade21:


Well, that means we should keep on trhowing away trillion of naira on a subsidy project that is open to corruption, and makes it easier for smugglers to smuggle fuel across the broder, and sell for a profit.

If Niger, Benin, Ghana, and Cameroon can pay N300 per liter and above, so can we. Let's use that subsidy money for better things.

That's where the problem is. Nobody trust these guys will use the saved subsidy money for anything positive.

Damn if we do damn if we don't. All the ones that they have saved from under recovery as they call it, recovered loot from Abacha and supposed corrupt people, can you pinpoint what they have done with it? Do you even know how much was recovered.

1 Like

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