Vice-President Yemi Osinbajo says the Nigerian National Petroleum Corporation (NNPC) bears the cost of fuel subsidy and not the federal government.

NAN reports that the vice-president clarified this on Monday while answering questions from journalists after visiting the Oando and Total depot in Apapa, Lagos.

“NNPC is trading in fuel; the federal government is not, at the moment, paying for any subsidy. NNPC is trading,” he said.

“If you are buying and selling fuel, you would have to be able to pay for it. So, it’s not a question of government provision for subsidy, the federal government, at the moment, isn’t paying any subsidy.

“And don’t forget that the way that the NNPC trades is that, in many cases, NNPC is actually giving fuel; there is 445,000 barrels of fuel.

“So really what you are seeing, in many cases, is more or less an exchange for PMS. So at the moment NNPC is paying the cost.”

While speaking at a press conference on Sunday, Maikanti Baru, NNPC group managing director, had said that the landing cost of petrol is now N171 as against the official retail price of N145.

TheCable had reported that this would mean that the federal government would have to pay N40.70 as subsidy on every litre of petrol imported to retain the retail price of N145.

https://www.thecable.ng/Osinbajo-nnpc-not-fg-bearing-cost-subsidy/amp?__twitter_impression=true

Nothing human beings will not hear or see from buhari/osibanjo government...

Space

because the Nigeria National Petroleum Corporation (NNPC) is owned by Bill Gates right?


clowns in power...

Very silly talk isn't NNPC a government agency?

Another one

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And that was how corruption became the official language of buhari's Vegetable govt.
If i tell you what is currently going on NNPC under the command of buhari d Vegetable, you will be shocked! What they are doing in oil sector is just to postpone the doomsday. The zoo will collapse under the watchful eyes of buhari.

Mahhhnnn. See what Pastor Osinbajo has been reduced to?

Ha Pastor Osinbajo . . . . The people who do you like this ehn . . . . God go judge them.
Who is NNPC representing in the oil sector if not the FG? That's like saying "I don't take a dump, my anus does"

Damn this is the most confusing thing i have heard this year ..Who are these people. What kind of Pastor makes such a concerted effort to lie? Anything that goes near Buhari becomes a failure ,now Osinbanjo is a failed pastor . Chai

I wish Pastor Osinbajo will just choose not to re-contest with the Daura man. APC has made mess of his good name

Terrible

rubbish

That's like me saying my father did not pay my school fees, I paid it myself from the savings account he set up for me.

dodelight:
I wish Pastor Osinbajo will just choose not to re-contest with the Daura man. APC has made mess of his good name

Exactly, this is how pathetic Buhari defenders look-in public while supporting him

I feel for Osibanjo. It's really not an easy job trying to defend the indefensible.

SalamRushdie:
Damn this is the most confusing thing i have heard this year ..Who are these people. What kind of Pastor makes such a concerted effort to lie? Anything that goes near Buhari becomes a failure ,now Osinbanjo is a failed pastor . Chai

All men and women of goodwill should pity Osibanjo.

And who controls the NNPC?

Lalasticlala Mynd44

Too many illiterates on this thread. All revenue generating agencies return a percentage to the federation account while they spend the remaining.

If the VP says NNPC is paying for it, then it's coming from their share of revenue generated.

Also the NNPC does crude oil swaps.


If you've worked in a big company, you'd know departments have budgets and they kind of spend it in different ways.

“And don’t forget that the way that the NNPC trades is that, in many cases, NNPC is actually giving fuel; there is 445,000 barrels of fuel.

“So really what you are seeing, in many cases, is more or less an exchange for PMS. So at the moment NNPC is paying the cost.”

So how did they arrive at N171, if they are exchange in Fuel for PMS.

AZeD1:
Too many illiterates on this thread. All revenue generating agencies return a percentage to the federation account while they spend the remaining.

If the VP says NNPC is paying for it, then it's coming from their share of revenue generated.

Also the NNPC does crude oil swaps.


If you've worked in a big company, you'd know departments have budgets and they kind of spend it in different ways.

Mr Know all,

Every agencies are supposed to remit all their revenue to the TSA.

I am confused...We are buying at 145 cos subsidy was removed,how come NNPC is still paying subsidy.

OBAGADAFFI:


Mr Know all,

Every agencies are supposed to remit all their revenue to the TSA.

Remit to the TSA and get it back in their budgets.

Lanretoye:
I am confused...We are buying at 145 cos subsidy was removed,how come NNPC is still paying subsidy.

Price of crude oil has gone up so naturally the price of it's derivatives would also go up.

AZeD1:
Too many illiterates on this thread. All revenue generating agencies return a percentage to the federation account while they spend the remaining.

If the VP says NNPC is paying for it, then it's coming from their share of revenue generated.

Also the NNPC does crude oil swaps.


If you've worked in a big company, you'd know departments have budgets and they kind of spend it in different ways.

My curiosity now is why would NNPC be this generous?

booblacain:


My curiosity now is why would NNPC be this generous?

Politics.
Cost of PMS as well as other things in this country are based on politics.

AZeD1:

Price of crude oil has gone up so naturally the price of it's derivatives would also go up.

But when the price was down the price of the derivative went up as well. So what is your justification for that?

amarilo:
But when the price was down the price of the derivative went up as well. So what is your justification for that?

Devaluation of the Naira.

Crude oil is traded in dollars. The price of PMS is affected by the cost of crude and the exchange rate.

This is economics 102.

not Jonathan and pdp again. now is nnpc not fg okay oooooo

Meaningless crap from APC. These APC peeps are worse than devil. They can twist any statement to favour them


Remember when the devil asked Eve, "Did God really say you should not eat If the fruits of this tree?, Are you sure he actually said that to you or Adam told you? "