Despite the denial of ending subsidy on Premium Motor Spirit (PMS), indications have emerged that the Nigerian National Petroleum Company Limited (NNPL) is unable to pay oil traders $3 billion. x With surging crude oil prices, inflation and depreciation of the Naira, The Guardian had reported that about N1 trillion is being paid monthly to sustain the current pump price of petrol. Some oil traders have told Reuters that while the NNPCL is gradually clearing the backlog, over $3 trillion remains unpaid. The players said instead of the agreed 90 days, the payment is taking as much as 130 days. While NNPCL remains the sole importer of petrol, President Bola Tinubu, who had announced subsidy in his inauguration speech on May 29, 2023, backtracked through a subsequent announcement reiterating that the price would remain unchanged. The development has kept the pump price at a flat rate despite changes in market realities, including the crude price, which now sells for about $90 per barrel against the about $70 it was when Nigeria removed subsidy. Meanwhile, across most West African countries, the price of petrol now hovers between N1,400 and N2,000 per barrel. In Cameroon, a litre of PMS was N2,011; Benin Republic sells at N1,633. Togo offers it for N1,680, while the product goes for N1,500 in Ghana. It is N2,080 in Mali and N2,042 in Burkina Faso.



https://guardian.ng/news/petrol-subsidy-payment-pushes-nnpcls-fuel-import-to-3b/

We go dey alright las las.. Make govt dey lie dey go

The greatest undoing of the ruling elite is their tendency for propaganda, lack of transparency, pride, deception and pure wickedness. Nigeria leaders are so greedy that they can lie and spread propaganda to defend their apparent errors and foolishness at the expense of suffering and gullible masses

3.5 trillion Naira in just first quarter.. Tinubu na disaster

Omooba77:


Despite the denial of ending subsidy on Premium Motor Spirit (PMS), indications have emerged that the Nigerian National Petroleum Company Limited (NNPL) is unable to pay oil traders $3 billion. x With surging crude oil prices, inflation and depreciation of the Naira, The Guardian had reported that about N1 trillion is being paid monthly to sustain the current pump price of petrol. Some oil traders have told Reuters that while the NNPCL is gradually clearing the backlog, over $3 trillion remains unpaid. The players said instead of the agreed 90 days, the payment is taking as much as 130 days. While NNPCL remains the sole importer of petrol, President Bola Tinubu, who had announced subsidy in his inauguration speech on May 29, 2023, backtracked through a subsequent announcement reiterating that the price would remain unchanged. The development has kept the pump price at a flat rate despite changes in market realities, including the crude price, which now sells for about $90 per barrel against the about $70 it was when Nigeria removed subsidy. Meanwhile, across most West African countries, the price of petrol now hovers between N1,400 and N2,000 per barrel. In Cameroon, a litre of PMS was N2,011; Benin Republic sells at N1,633. Togo offers it for N1,680, while the product goes for N1,500 in Ghana. It is N2,080 in Mali and N2,042 in Burkina Faso.



https://guardian.ng/news/petrol-subsidy-payment-pushes-nnpcls-fuel-import-to-3b/

Subsidy is gone pronouncement from unprepared president. Propaganda at its peak. Many are now seriously pauperised by that unthought pronouncement. Irony is that SUBSIDY is still being paid by APC who derived nothing in telling the truth.

What is the need for all these lies then?

LegendHero read and cure your ignorance on petrol subsidy!

COMRADES, I always say this fact that no sane person still supports the evil ruling APC because Tinubu is brain dead
APC herself is garbage in garbage out
Can anything good comes from the evil APC? The answer is NO!

Ok. Let them remove the subsidy fully and let fuel price go to #2000. We will still abuse them. Ruling Nigeria is seriously hard. I don't know why these politicians always clamour and fight for it.

FreestuffNG Paraman Yarimo slytiger Seunmsg Madridguy what do you have to day?

You can't run a govt with propaganda

Hmmmmmmmm.....
I think we have to accept Subsidy is back,selling Petrol for Between 600-750 in Nigeria while Diesel is sold for 1500 in the same country shows that definitely there's subsidy payment on Petrol.
Asiwaju must pull all the stops to ensure the Dangote Refinery and the other Refineries start working latest by this Month.
I don't believe any Nigerian will want to hear we are still paying any form of subsidy despite the HARDSHIP.
God bless Nigeria.

Nlfpmod, we are still paying subsidy....

Despite the denial of ending subsidy on Premium Motor Spirit (PMS), indications have emerged that the Nigerian National Petroleum Company Limited (NNPL) is unable to pay oil traders $3 billion.

How?

If subsidy is still being paid, there shouldn't have been delay in paying oil traders or?

Meanwhile, comprehension issue should be taking seriously in Nigeria schools

Op. Write up is confusing. So many errors. 3Trillion dollars? West Africa, 1400-2000 per barrel? Also if NNPC is the sole importer, how are marketers being owed when NNPC could have absorbed the differential?

You can win via lies/propaganda but can never govern by same.

Fake news

Omooba77:
Nlfp.m.od, we are still paying subsidy....

If Govt is paying, who are those collecting it?

Tinubu is a FAILURE