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:
Lol after gej lost
Am I the first to comment
They couldn't even allow me buy my first car sef. Lindaobserve
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
a.k.a EDWIN CHINEDU AZUBUKO said...
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Change is coming and we can feel it......
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***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.
Says who?
Nice that they are needing more ways to steal more money.
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Hmmm... please they shouldn't oo before fuel price becomes 200naira per liter.
That's okay, if it can help the economy.
Okay oooooo
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?
Removing subsidy while the masses suffer. No poor masses at heart!
Hmmmmmm
I concur.
Jesus is Lord.
K na
Fuck OFF!!!!!!
Lets here it from the incoming Govt.
The masses alway suffer from this kind of decisions they make.
Rellanaija.blogspot.com
This people are thief I don't trust NNPC!
The elections are over.I have been expecting this.
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
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
Noted
Thought we pay 97naira per litre cos they alredi removed the subsidy??
Na now dem wan remove am. Indecisive pple.
They did not know before? , the fear of buhari!
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.
Still on this topic?
#TeamBlessed#
NNPC has come again o !!!!!!!!!!!!
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?
now that they have started refunding stolen 1.4 billion dollars. cause and effect?
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?
True talk "And from our analysis, we look at it as something that should go because it is not sustainable".
Well. We should all know that removal of fuel subsidy will lead to increment in fuel price o!
naija we hail thee.. Linda observe
That should be one of GMB's worries.
Good suggestion, if only FG would take to it
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..
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.
so sad when you visit oloibiri and see nothing but abject poverty and no infrastructure. yet nnpc calls a lecture Oloibiri....terrible country!
Oga its hear not here
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.
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!
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!
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!
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!
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!
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.
Copy
and why was this not done or suggested earlier
You lot are funny! When GEJ removed it you guys wanted to tear him apart, limb for limb...
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
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
Tanx.
Silly mistake.
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