The Nigerian National Petroleum Corporation, NNPC, has called for the removal
of payment of subsidy from petroleum products in Nigeria. Speaking at the
2015 Oloibiri Lecture Series and Energy Forum organized by the Society
of Petroleum Engineers in Abuja today April 23rd, the Group
Coordinator, Corporate Strategy and Planning,
NNPC, Mr. Timothy Okon, said subsidy on petrol creates uneven
distribution of revenue, round tripping and unnecessary carry-over of
funds from one year to another in a manner difficult for the Federal
Government to control. He added that continuous payment of subsidy is
not sustainable.
"So, from the technical analysis made, it is obvious that
subsidy is real. And from our analysis, we look at it as something that
should go because it is not sustainable,” he said.
He said since
the federal government has no direct control
the prices of crude oil, the fluctuation in oil prices creates some
instability in the Nigerian economy which in turn affects negatively the
nations revenue generated from petroleum products.
Lol after gej lost
ReplyDeleteTrue talk "And from our analysis, we look at it as something that should go because it is not sustainable".
DeleteGood suggestion, if only FG would take to it
DeleteThief people, bcos dey are now repaying the unremitted money dey stole together with Alison dey want Nigerians to now bear the cost. God pass dem, na only dem go shit wetin dem eat. I no fit shit wetin another person eat. Mcheeeeeeew! Linda take note!
DeleteCopy
DeleteAm I the first to comment
ReplyDeleteThey couldn't even allow me buy my first car sef. Lindaobserve
ReplyDeleteHow would u buy a car when u practically live in LIB.. That's why am pleading with her to always assist u jobless guy that patronizes her blog to pay Atleast your house rent..
DeleteThey shouldn't worry,Baba already has plans of removing the fuel subsidy.
ReplyDeleteIt has failed to actualize its purpose.
~BONARIO~says so via NOKIA LUMIA
Now u say Baba has plans of removing fuel subsidy. I remember a lot of people in the newly elected government seriously protested against it when GEJ wanted to remove fuel subsidy am watching to see what these same people will do now that Buhari is proposing it.
DeleteYou lot are funny! When GEJ removed it you guys wanted to tear him apart, limb for limb...
Deletea.k.a EDWIN CHINEDU AZUBUKO said...
ReplyDelete.
Change is coming and we can feel it......
.
.
***CURRENTLY IN JUPITER***
No everybody is acting holy! Where were you when GEJ and Alison Madueke and co where sharing all the money? Well! In a nutshell...seems the incoming Pre-Elect will mitigate corruption in our country.
ReplyDeleteSays who?
ReplyDeleteNice that they are needing more ways to steal more money.
ReplyDeleteKindly click
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We Are But a People
Hmmm... please they shouldn't oo before fuel price becomes 200naira per liter.
ReplyDeleteThat's okay, if it can help the economy.
ReplyDeleteOkay oooooo
ReplyDeleteIndeed "subsidy on petrol creates uneven distribution of revenue, round tripping and unnecessary carry-over of funds from one year to another in a manner difficult for the Federal Government to control".
ReplyDeleteI support d removal of subsidy but wht happen to d price of fuel after dat?
Removing subsidy while the masses suffer. No poor masses at heart!
ReplyDeleteHmmmmmm
ReplyDeleteI concur.
ReplyDeleteJesus is Lord.
K na
ReplyDeleteFuck OFF!!!!!!
ReplyDeleteLets here it from the incoming Govt.
Oga its hear not here
DeleteTanx.
DeleteSilly mistake.
The masses alway suffer from this kind of decisions they make.
ReplyDeleteRellanaija.blogspot.com
This people are thief I don't trust NNPC!
ReplyDeleteThe elections are over.I have been expecting this.
ReplyDeleteNOTE: Merry bet do not usually pay out hen you win, they will hang your money and keep posting you when you call them..this is true
ReplyDeleteNOTE: Merry bet do not usually pay out hen you win, they will hang your money and keep posting you when you call them..this is true
ReplyDeleteNoted
ReplyDeleteThought we pay 97naira per litre cos they alredi removed the subsidy??
ReplyDeleteNa now dem wan remove am. Indecisive pple.
ReplyDeleteThey did not know before? , the fear of buhari!
ReplyDeleteThought they had removed that?! It will be good though to remove the monopoly of oil from a group of hands to make it lore accessible.
ReplyDeleteStill on this topic?
ReplyDelete#TeamBlessed#
NNPC has come again o !!!!!!!!!!!!
ReplyDeleteHow many times dem wan remove this thing sef? Is it until we start buying fuel at 200 p/l they will stop this madness?
ReplyDeletenow that they have started refunding stolen 1.4 billion dollars. cause and effect?
ReplyDeleteWayorists. Thieves. 20 billion dollar thieves. As we dey so, with fuel price $62/barrel, subsidy dey for this 87 / 97 naira per litre???? Barawo?
ReplyDeleteWell. We should all know that removal of fuel subsidy will lead to increment in fuel price o!
ReplyDeletenaija we hail thee.. Linda observe
ReplyDeleteThat should be one of GMB's worries.
ReplyDeleteFrom a political point of view: GEJ has now decided to do what he should have had the guts to do many months ago before the elections but because he needed to score cheap political points he even further reduced the price of fuel to the derailment of the economy. Now that he has lost he is now able to make the truth public since there is nothing to left to loose.
ReplyDeleteFrom an economic point of view: Nigeria really needs to remove oil subsidy. First and foremost the subsidy creates some kind of monopoly and that is why the oil marketers have so much control and can dictate to the Nigerian Market. If the subsidy were to be removed the price of fuel would rise immediately and yes Nigerians will feel the immediate pinch but once many players(marketers) enter the field the prices will definately crash and then the law of supply and demand will now operate effectively.
Having said this, for majority of the importation problems to go away we need to build refinaries.
so sad when you visit oloibiri and see nothing but abject poverty and no infrastructure. yet nnpc calls a lecture Oloibiri....terrible country!
ReplyDeleteThis government is so dishonest and angry at their loss. Why was the subsidy not removed before the elections? Why was there ten naira reduction on the pump price before elections? Fools. They simply needed to use the subsidy payments to steal more with their faceless and some well known subsidy robbers to fund the election. Remove it and let us have peace of mind. Wicked souls.
ReplyDeleteThief people, bcos dey are now repaying the unremitted money dey stole together with Alison dey want Nigerians to now bear the cost. God pass dem, na only dem go shit wetin dem eat. I no fit shit wetin another person eat. Mcheeeeeeew! Linda take note!
ReplyDeleteThief people, bcos dey are now repaying the unremitted money dey stole together with Alison dey want Nigerians to now bear the cost. God pass dem, na only dem go shit wetin dem eat. I no fit shit wetin another person eat. Mcheeeeeeew! Linda take note!
ReplyDeleteThief people, bcos dey are now repaying the unremitted money dey stole together with Alison dey want Nigerians to now bear the cost. God pass dem, na only dem go shit wetin dem eat. I no fit shit wetin another person eat. Mcheeeeeeew! Linda take note!
ReplyDeleteThief people, bcos dey are now repaying the unremitted money dey stole together with Alison dey want Nigerians to now bear the cost. God pass dem, na only dem go shit wetin dem eat. I no fit shit wetin another person eat. Mcheeeeeeew! Linda take note!
ReplyDeleteand why was this not done or suggested earlier
ReplyDeletethis country is so funny, when gej proposed removal of subsidy all the apc chieftain including femi falana and dino plus all the musicians in lagos were protesting in gani park at ojota. why are they now proposing the removal? all this fools make the gej administration unbearable una do well
ReplyDeletethis country is so funny, when gej proposed removal of subsidy all the apc chieftain including femi falana and dino plus all the musicians in lagos were protesting in gani park at ojota. why are they now proposing the removal? all this fools make the gej administration unbearable una do well
ReplyDelete