NNPC calls for fuel subsidy removal | Welcome to Linda Ikeji's Blog

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Thursday 23 April 2015

NNPC calls for fuel subsidy removal

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.

54 comments:

Davido's driver said...

Lol after gej lost

Anonymous said...

Am I the first to comment

Davido's driver said...

They couldn't even allow me buy my first car sef. Lindaobserve

BONARIO NNAGS said...

They shouldn't worry,Baba already has plans of removing the fuel subsidy.
It has failed to actualize its purpose.

~BONARIO~says so via NOKIA LUMIA

Unknown said...

a.k.a EDWIN CHINEDU AZUBUKO said...
.
Change is coming and we can feel it......
.
.
***CURRENTLY IN JUPITER***

Unknown said...

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.

Unknown said...

Says who?

Onomiroro Dono Okeh said...

Nice that they are needing more ways to steal more money.
Kindly click
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Unknown said...

Hmmm... please they shouldn't oo before fuel price becomes 200naira per liter.

Unknown said...

That's okay, if it can help the economy.

Manuel Kunmi said...

Okay oooooo

Unknown said...

Indeed "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".

I support d removal of subsidy but wht happen to d price of fuel after dat?

Unknown said...

Removing subsidy while the masses suffer. No poor masses at heart!

Unknown said...

Hmmmmmm

AQO said...

I concur.







Jesus is Lord.

Unknown said...

K na

Unknown said...

Fuck OFF!!!!!!
Lets here it from the incoming Govt.

Zamani said...

The masses alway suffer from this kind of decisions they make.


Rellanaija.blogspot.com

knowurway.com said...

This people are thief I don't trust NNPC!

Anonymous said...

The elections are over.I have been expecting this.

Anonymous said...

NOTE: 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

Anonymous said...

NOTE: 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

TAMARA SPLASH said...

Noted

King said...

Thought we pay 97naira per litre cos they alredi removed the subsidy??

Meg said...

Na now dem wan remove am. Indecisive pple.

Anonymous said...

They did not know before? , the fear of buhari!

ary said...

Thought 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.

Unknown said...

Still on this topic?



#TeamBlessed#

Anonymous said...

NNPC has come again o !!!!!!!!!!!!

Anonymous said...

How many times dem wan remove this thing sef? Is it until we start buying fuel at 200 p/l they will stop this madness?

Anonymous said...

now that they have started refunding stolen 1.4 billion dollars. cause and effect?

Anonymous said...

Wayorists. Thieves. 20 billion dollar thieves. As we dey so, with fuel price $62/barrel, subsidy dey for this 87 / 97 naira per litre???? Barawo?

Unknown said...

True talk "And from our analysis, we look at it as something that should go because it is not sustainable".

Akin' Odunsi @gr8akin said...

Well. We should all know that removal of fuel subsidy will lead to increment in fuel price o!

Frankie M. said...

naija we hail thee.. Linda observe

Unknown said...

That should be one of GMB's worries.

NaijaDeltaBabe said...

Good suggestion, if only FG would take to it

Unknown said...

How 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..

Anonymous said...

From 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.

From 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.

Anonymous said...

so sad when you visit oloibiri and see nothing but abject poverty and no infrastructure. yet nnpc calls a lecture Oloibiri....terrible country!

Anonymous said...

Oga its hear not here

La said...

This 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.

Unknown said...

Thief 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!

Unknown said...

Thief 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!

Unknown said...

Thief 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!

Unknown said...

Thief 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!

Unknown said...

Thief 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!

Anonymous said...

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.

Unknown said...

Copy

Subomi said...

and why was this not done or suggested earlier

Anonymous said...

You lot are funny! When GEJ removed it you guys wanted to tear him apart, limb for limb...

Anonymous said...

this 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

Anonymous said...

this 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

Unknown said...

Tanx.
Silly mistake.

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