₦airaland Forum

The amount spent on subsidising Premium Motor Spirit, popularly called petrol, rose to N1.16tn between January and November this year, the latest data from the Nigerian National Petroleum Company Limited show.

The data also revealed that NNPC’s remittances to the Federation Accounts Allocation Committee in the 11-month period dropped by N1.78tn.

In its report on funding performance between January and November 2021, which was obtained by our correspondent in Abuja on Wednesday, the oil firm said it had maintained petrol subsidy since the beginning of this year.

In the report, the NNPC referred to its subsidy spending as under-recovery, as it had repeatedly stated that it had no authorisation by the National Assembly to pay subsidy.

The latest funding performance data showed that while nothing was recorded as under-recovery of PMS/value shortfall in January, the oil company spent N25.374bn, N60.396bn and N61.966bn in February, March and April respectively.

In May, June and July, NNPC recorded under-recoveries/value shortfalls of N126.298bn, N164.337bn and N103.286bn respectively.



The oil firm said the under-recovery/value shortfall stood at N173.132bn, N149.283bn, N163.709bn and N131.4bn in August, September, October and November respectively.

The NNPC spends so much on petrol subsidy because for about four years running it has remained the sole importer of PMS into Nigeria. Other marketers stopped importing the commodity due to their inability to adequately access the United States dollar.

On remittances to FAAC, the funding performance report captured the projected monthly remittance as N122.767bn, but this target was never met for all of the 11 months.

It was also observed that the projected remittance by the company to FAAC for the 11 months combined was put at N2.30tn, but what was actually remitted was N522.203bn.

Hence, the national oil firm could not remit N1.78tn to FAAC to be shared among the three tiers of government in the country during the 11-month period.

The monthly remittances showed that in January, February, March and April, the NNPC remitted N90.86bn, N64.161bn, N41.184bn and nothing respectively to FAAC.

The national oil firm remitted N38.608bn, N47.162bn, N67.28bn, N80.03bn, N67.533bn, N14.85bn and N10.536bn to FAAC in May, June, July, August, September and November October respectively.


The debate around petrol subsidy has been intense in recent months, with state governors calling for its stoppage while labour unions kicked against plans to stop it.

The Governor of Kaduna State, Nasir el-Rufai, for instance, recently decried the high cost of fuel subsidy, which according to him, was not reasonable.

He said the Nigerian Governors’ Forum had met and agreed to back the Federal Government’s transport palliative scheme as well as halt the petrol subsidy regime.

El-Rufai had said, “This is why the Nigerian Governors’ Forum met and agreed to support the Federal Government’s social compact. Withdraw this subsidy by February.

“Use the N250bn per month that would have been lost between February and May to do this conditional cash transfer that would put money in the pockets of Nigerians and alleviate not only the cost of transportation but the 2-3 per cent job inflation that is expected when the subsidy is eliminated. We cannot sustain it. We cannot continue with it.

“I don’t want to predict what will happen when 35 out of 36 states cannot pay salaries of civil servants, or even have any money to run the government. We will not have enough money to pay salaries. Already, some states are building up arrears, even oil-producing states are struggling to pay salaries.”

However, operators in the downstream oil sector and as economic experts had said that while it was okay to remove petrol subsidy, the government must be cautious about its withdrawal.



The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, had said subsidy withdrawal was nice but might increase hardship when implemented.

He said, “The Federal Government is talking about removing subsidy but not talking about the adverse effects of the removal of subsidy. It will affect other commodities, the standard of living among the majority of citizens will be worse.

“And this is because if PMS rises to N365/litre, local transportation will be going for over N1,000 or thereabout and the standard of living and the cost of goods in the market will skyrocket. This will cause heavy inflation. So the NNPC has to look at the adverse effects of this move to remove subsidy.”

A renowned economist and Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, had also said the government must be tactical in handling the matter.

DAVE5:
You have strength to reply dimwits sha

mobilenewsnetwo:

https://www.youtube.com/watch?v=ZDqov7m6tVw

https://www.instagram.com/p/CXyAzTpthgj/?utm_medium=copy_link

ba7man:
I admit i was defeated.......By the aimless and unintelligent questions you were spewing.

ba7man:
This one is just chatting trash like a pry 2 kid.

ENIGMATIC2023:
World Bank, IMF, China and Abacha loot will do the magic. Sai Baba

Nigerians have not really suffered enough so 3rd term us sure.

fergie0o1:
https://www.nairaland.com/6900709/shatu-garko-wins-2021-miss#108599504



BBC Pidgin

Nemere2020:
https://dailytrust.com/breaking-senate-passes-n17-126trn-budget-for-2022

ba7man:
You talk as if the whole country wasn't aware police were already being killed before troops were ordered into the streets.

The Endsars clowns had already started using thugs to block major roads already creating hardship for citizens and the mission had changed to End Buhari.

What else were you guys expecting? A hug?

FreelanceRebel:
Don't be a lie telling person. Nobody lose anything. People who do business on Twitter are using VPN. The only business that lose is Twitter and Government.

mfm04622:
A

Thank God eye witnesses are still alive!
When did "protesters" attack Orile Police Station? Was it before the soldiers were deployed or after? The attack and arson committed by "protesters" at Orile were "peaceful"?
The Orile arsonist were also protesters! That was what always happens. If protest is prolonged, it will be highjacked and turn violent! In fact, it was the Orile incidence that led Lagos State Government to declare a curfew. That curfew was a lawful order by a lawful government. Disobedience of a lawful order is a crime. Are criminals peaceful?
There are reports and videos of protesters armed with guns and shooting at security agents. That is peaceful?
Even at the Toll gate, the moment there was disturbance of free flow of traffic by protesters, the protests stopper being peaceful! Or is it that you don't know what peace mean?
If you want to have a peaceful protest, you won't disturb anybody. That is what makes it peaceful. The moment you disturb anybody or business, you are no longer peaceful

KingOfAmebo:
"Have they been paying taxes to the Nigerian Government? NO, So, how is Nigeria loosing the money they never earned in the first place? This reporter should be given a hard knock on the head". - Village People Spokesperson

chudez0147:
DamnNigga
Isoright!!

The money they gained when it wasn't ban , we didn't feel the impact. So I ask , what difference does that make ??

ba7man:
Can people see why it's hard discussing with half brained people on the internet?

I'm talking about how destructive people used Twitter to spread fakenews and nearly destroy the nation........... just look at what this doofus replied with.

ba7man:
Can you compare burning cars in Festac by Okada riders and burning Lagos down by Twitter coordinators and fakenews specialists??

Dyt:
2123 New COVID-19 Cases, 101 Discharged And 4 Deaths On December 21


https://www.facebook.com/100064649291568/posts/277908071040834/



https://m.facebook.com/story.php?story_fbid=277908557707452&id=100064649291568

ba7man:
Please, go learn to read and comprehend and stop asking me daft questions.

SharpestWriter:
It is possible cos Twitter is the fastest growing advertising medium in the world. Marketers have been able to tap into its value by sharing customised content, campaigns and loyalty programs on the platforms to engage more customers and generate income.
*******************
For your ghost writing services. Send a DM
*******************

fergie001:
SIGNED
Dr Shuaib M.L. Belgore
Permanent Secretary
22 /12/2021

ba7man:
The nation has been more peaceful since the Twitter ban.

No idiot can use the platform to spread fakenews, incite the public and coordinate widespread destruction like it was done during Endsars protest.

It's the same clowns that used Twitter to propagate their trash that are still complaining.

Use VPN and spread your filth anongst American audiences now.

PrinceOfLagos:
Twitter is doing fine without Nigeria

most Nigerian businesses depends on Twitter to survive ...

Na only Nigerian government dey talk about Twitter...
Twitter no get time to discuss Nigeria matter

Nigeria’s economy has lost N499.32bn to the shutdown of Twitter since it came into effect on June 4, 2021.

On June 4, the Federal Government announced the suspension of Twitter after the social media platform deleted a tweet by the President, Major-General Muhammadu Buhari (retd.). Telecommunication companies had on June 5 blocked access to Twitter after receiving a directive from the Nigerian Communications Commission to that effect.

According to the NetBlocks Cost of Shutdown Tool, Nigeria’s economy loses N104.02m ($250,600) every hour to the ban on Twitter. It has been 4,800 hours (200 days) since the social networking site was blocked.

While giving his Independence Day speech, Buhari hinted that the ban would continue until Twitter registered in Nigeria, had a physical presence, and representation.

Recently, the Minister of State for Labour and Employment, Festus Keyamo, said Twitter had agreed to the nation’s conditions for the suspension to be lifted.

Keyamo, who is also a member of the committee set up to engage Twitter over its suspension, said, “The reason why the President took that step is to recalibrate our relationship with Twitter and not to drive them away from our country.

In a The PUNCH report, a financial planner, Kalu Aja, had said, “The Twitter ban raises a narrative about doing business in Nigeria, and it’s not a good narrative.

“Specifically, Twitter and social media allow Small and Medium-scale Enterprises and sole proprietors with zero marketing budgets but a smartphone to build and communicate a brand promise.”

seunmsg:
Why can't EFCC or the AGF apply to the Appeal court to vacate the perpetual injunction shielding Odili from prosecution since 2007? I still can't understand why the injunction has not been vacated since then.

Kwanza:
https://www.thecable.ng/just-in-reps-raise-2022-budget-by-n735bn-to-n17-13trn/amp
Mynd44
Lalasticlala

Ovamboland:
I can tell you for free that for every one tech guy getting job offer abroad, there are 5 guys whose only option is desert crossing.
Stable power will stimulate industry and jobs that will reduce such demeaning existence for our youths due to limited choices.

I'm not trying to stop anyone with genuine job offer from relocating.

sulaak:
According to news media, that deal has been cancelled.

There was an issue about local content by the Nigerian government, since the German government was providing the majority of the funds (like the Chinese deals) Siemen was reluctant to share 40% to local Nigerian organisations.

Ovamboland:
Goodbye, thousands don't have that privilege, their option is desert.

With power available for industry and jobs created, those youths have better chance working and developing skills here. What skill will they learn sweeping roads and shoveling snow?

Ovamboland:
You don't know anything.
If there are abundant respectable jobs in Nigeria, nobody will stop you if you still want to cross desert to go and hiding in Europe as illegal alien