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Nairaland Forum / Nairaland / General / Politics / Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days (12746 Views)
FG Removes Electricity Subsidy Quietly, Petrol In Phases / NNPC To Nigerians: Avoid Panic Buying, We Have 1.7bn Litres Of Petrol In Stock / Saraki: It’s Criminal To Say Nigerians Consume Over 50m Litres Of PMS Daily (2) (3) (4)
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Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Ojuntana: 8:15am On Jun 25, 2022 |
subsidywise18:Nobody is saying there's no smuggling. The question is the scale. Your links shows most of the smuggling is done with 25litre jerrycans which will be less than 50,000 litres per day overall. That's an infintesimal sum if you consider the amount of fuel we're looking for is over 30million litres. There are no big bosses involved in smuggling. It's a retail thing. The oil hawks are just using that to peddle false figures to loot our commonwealth. That's what the article just proved with verifiable facts and figures. 1 Like |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by treatise: 8:20am On Jun 25, 2022 |
Islie:Did they take into account those taken to Chad and Niger? |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by RepoMan007: 8:21am On Jun 25, 2022 |
That's average 65m litres a day. Block smuggling and watch it come down to 35m litres a day. Engage aggressive use of alternative energy and you have 20-25m a day range. Corruption is our main problem and not subsidy. Even if we remove subsidy corruption will only change hands and leave the masses worse off. |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by swissgoldenpro2: 8:23am On Jun 25, 2022 |
Okay good |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Nobody: 8:25am On Jun 25, 2022 |
tuoyoojo: My brother, subsidy is a scam. Subsidy is a fraud. The oil sector is a sector I know much about. That 2 billion reported will be actually 500 million or at most 900 million litres. The implications of subsidy is that it gives room for other subsidies within the oil supply chain management. Nigeria is dying gradually but people don't know. The poor are ignorantly complaining of high fuel price and they don't want further hike not knowing they are enriching few people. 1 Like 1 Share |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Nobody: 8:25am On Jun 25, 2022 |
Ojuntana: So, remove the subsidy, and the looting, smuggling and so on would stop. But because we want cheap fuel (it is why most Nigerians voted for Buhari in 2015), we provide an enabling environment for the smuggling and corruption. In a way, when you overlimit capitalisim's ability to operate...make a profit....corruption and wayo results. The rich big cats want free money..and they get the best of both worlds...smuggling and lying on stealing oil. |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Nobody: 8:32am On Jun 25, 2022 |
RepoMan007: The main problem is subsidy. Okonjo Iweala since 2015 said Subsidy should be removed. I know a lot about oil sector. 2 billion at time of fuel scarcity in some States. It is a deal. Your theoretical analysis cannot work in the oil sector for now. 1 Like |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by RepoMan007: 8:41am On Jun 25, 2022 |
babaolofin:There is nothing theoretical about replacing fossil fuel with renewables. It has been happening in nations smaller than Abuja in size. Subsidy, I insist, isn't the issue but corruption. Which is easier to smuggle between money in the hands of well connected looters and petrol in the hands of poor fuel vendors? It shows who you are and your interests. Get lost. |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Teenaira: 8:46am On Jun 25, 2022 |
tuoyoojo: I hate it when people say Nigerians are corrupt. Their is no corruption in Nigeria and if there is, it is very limited. What we have is pure NEPOTISM. Right now, we know the people that are sleezing us but we refused to stop them because they are untorchable. They are representing the powers that be. Infact, they can be said to be fronts to these power. So I don't see this as corruption. In corruption cases, it is either it is tough to find out how the frauds are perpetrated or those involved. In our own case, we know the issues and we also know those involved but we just refused to act. That can not be corruption. This is my submission. 1 Like |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Nobody: 8:56am On Jun 25, 2022 |
Another question I want to ask is about refined petroleum products imported from Niger Republic. About a year or two years ago when we were debating rationale behind the construction of railway line to Niger Republic, somebody said it is partly because of AGO and PMS from Niger Republic refinery. The person also said Nigeria has been importing fuel from Niger Republic. What percentage of the local consumption comes from Niger Republic? At what cost (CIF) is AGO or PMS from Niger Republic sold to Nigeria? 1 Like |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by SarkinYarki: 8:57am On Jun 25, 2022 |
Buhari fraud |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Teenaira: 8:57am On Jun 25, 2022 |
KingOfTheDamned: Peter Obi own will be worst because we already know him to be a professional liar. He will just double the figures and blame the opposition, end of story. |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Olastep1(m): 9:11am On Jun 25, 2022 |
i use 0.00000001% of that 1 Like |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by ademolu719: 9:12am On Jun 25, 2022 |
This country should have been the best but we are stuck with bastard government officials with wicked citizensThis country should have been the best but we are stuck with bastard government officials with wicked citizens... |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Ojuntana: 9:19am On Jun 25, 2022 |
subsidywise18:You're still pushing the smuggling agenda after is been made clear that smuggling cannot account for over 30m extra litres of fuel being peddled by fuel importers in Nigeria. The subsidy is not the problem. Corruption is. US and EU have introduced subsidy to battle inflation since April this year. It shows that everybody wants cheap fuel not only Nigerians. The fact is, even if you remove subsidy today, as long as fuel is still being imported, bogus figures will still be pushed so as to increase access to Forex by the importers. 1 Like |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Nobody: 9:22am On Jun 25, 2022 |
Ojuntana: Removal of subsidy would make domestic refining profitable. It would also remove the price difference between us and other countries that makes smuggling and corruption and lying in the industry happen Ending bogus figures. Subsidy is fuelling the corruption by the way as well as the smuggling and lying. It has to go. You are.free to disagree with me. Modified US and EU fuel subsides go to the poorest of the poor...and the money comes from the taxes which they pay at higher rates than we do. Also, US and EU pay very high for fuel at the pump..higher than we do. We pay for subsidy for everyone, and we pay for it from oil revenue, not from taxes...and it causes our budget to go into deficit. Plus tax income or income from taxes is too low. Our tax to gdp ratio is 8% . In the US it is 34%. EU...40-46% in most of their countries. |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by tnerro1(m): 9:23am On Jun 25, 2022 |
We spend more to fuel our generators than our cars, if we had constant power, these figures will reduce by 50%.........fact |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Ojuntana: 9:34am On Jun 25, 2022 |
subsidywise18:Subsidy is not the reason we don't have domestic production. The US has always subsidised its oil and gas industry yet it has domestic refining. UK does not have subsidies until recently yet not much domestic refining exists there. It's a question of corruption in our oil and gas sector not just subsidy. Subsidy is not the reason Angola has overtaken Nigeria as Africa's top oil producer. It is corruption. Those who are advocating removal of subsidy without local refining capacity are also part of the corrupt enterprise 1 Like |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Enumerator(m): 9:41am On Jun 25, 2022 |
Foolish people, see as dem dey talk am as if we dey drink am ni Islie: |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Ojuntana: 9:46am On Jun 25, 2022 |
subsidywise18:This is interesting. You defend subsidy in countries that the citizens have better standard of living and condemn same in the poverty capital of the world where almost half of the citizen live on less than a dollar a day. And how do you know US subsidies go to the poorest of the poor? Can you show facts to back this up? US and EU do not pay higher for fuel than we do. In terms of comparative economic power, the citizens there can afford more fuel than we do and require less than we do. So who is paying more for fuel here? We should be better off if we pay for subsidies from oil receipts cause that means our tax receipts go fully into governance. Tax to GDP is low due to tax evasion by the rich not the poor. The poor in Nigeria are overtaxed!! 1 Like |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Nobody: 9:54am On Jun 25, 2022 |
Ojuntana: Yet, the price of petrol goes up when the price of crude goes up ...which is why they have enough profit to keep their refineries running. Here in Nigeria, we aren't that realisitic, and haven't been for decades. That's why we lost refining here. When crude was 70 dollars per barrel , fuel was N165. At 120 dollars per barrel it is still N165. That is nuts. Plus subsides are paid to the production arm in US and EU. NOT the downstream...as in Nigeria. They may subsidise fuel there...but not to the point where fuel costs less than the cost of production...which is what we are doing here in Nigeria..
Which is fueled by subsidy. Force the industry to bring in fuel at N300 and sell it at N165...and act surprised when corruption happens? Also, when fuel was N145, NNPC claimed it would cost N165 if refined at home... Sell at a loss, run at a loss...subsody being around since 1973, and you get messed up refineries, plus a situation where out of 80 licences for refining at home, less than ten are operational...because no one wants to refine fuel at a loss. Subsidy is not the reason Angola has overtaken Nigeria as Africa's top oil producer. Erm, we are back to no 1. And no 7 in the world. Nigeria is now at 1.39 M bpd. Angola 1.15 bpd as at June 2022 Those who are advocating removal of subsidy without local refining capacity are also part of the corrupt enterprise 1.We have six private refineries coming on stream soon 2.If you want subsidized fuel from those refineries...that means forcing them to run at a loss, and not allowing them to set prices at a point where they would make enough profit to build and run and maintain refineries. |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Nobody: 10:06am On Jun 25, 2022 |
] Ojuntana: And they have a better standard of living because they don't bring in price controls on any sector of their economy.....meaning that all their industries run at a profit, which is invested in jobs and government charges taxes. We did the same in Nigeria...with GSM. Allowed them to set their price, everyone complained they were ripping us off....and at the end of the day, they made lots of money, which was reinvested in growing the sector...and eventually competition brought down prices. If you love subsidy, then allow government to set your price, and keep it below what you bought or made your goods for, and keep the price even when cost of producing those goods goes up...and pay you a subsidy that does not cover the resulting loss. You would love it because... And how do you know US subsidies go to the poorest of the poor? Can you show facts to back this up? Fuel vouchers...plus....prices of fuel have shot up with the rising cost of crude oil. US and EU do not pay higher for fuel than we do. In terms of comparative economic power, the citizens there can afford more fuel than we do and require less than we do. So who is paying more for fuel here? LOL....they do. THAT is why they can afford to refine fuel at home. The fact they earn more does not mean that they are NOT feeling the high cost of fuel...they are and they are feeling it well...with inflation Then they pay more taxes than we do. Cost of living is higher. At the end, they don't see that much of the money UK : 959 naira for a liter USA : 575 naira per liter. Meanwhile...Sierra Leone 573 naira Guinea: 578 naira...... Are the Sierra Leoneans and Guineans earning as much as an average USA, or EU citizen? Why are you supporting price controls...something you won't like if you were in private business. Price controls are a big reason why we don't have refineries, even power. If you want price controls in the petrol and power sector...then you should support price controls for everyone, including the traders, barbers, even farmers. Let farmers sell their yams at N100 a piece...to help the poor. We should be better off if we pay for subsidies from oil receipts cause that means our tax receipts go fully into governance.[/quote] Actually less than 30% of economically active Nigerians pay taxes to state and federal governments. 70& don't because...they are in the informal sector...ie poor. |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by henrimoto(m): 10:27am On Jun 25, 2022 |
tuoyoojo:dont doubt the figures. As for the numbers of cars and power generators in nigeria...hmnn.. My brother, leave your current location, waka round small, you go know whats up. |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Ojuntana: 10:40am On Jun 25, 2022 |
subsidywise18: Backbencher ![]() ![]() Always opening different monikers to spill the same debunked trash. Seems you've not been reading the news lately. States in the US are offering people checks to offset the pump price. So stop capping nonsense claiming US only subsidize production. Nigeria was subsidising production when our refineries were working for your info. It was it corrupt leaders who built refineries outside the country and some entered into agreements with Western refineries that systematically killed our refineries by refusing to approve maintenance for them. There reason no one is opening refineries in Nigeria is because it's easier to get dollars from forex all in the name of importing fuel and not because of subsidy. There's subsidy and dangote and Bua are building refineries. If govt left importers alone to import and then subsidize at fuel pump, you can be assured most of those importers will cease importing just as they have now. The importers (your ogas) and the govt are the problem not subsidy. |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Nobody: 10:52am On Jun 25, 2022 |
Ojuntana: In response.... I will be honest: although I can analyse from now till tomorrow how good and pleasant it would be to re-direct the $4bn subsidy to social services, the truth is that it is the poor that would be hit the most, at least in the short run. Transport and food costs will go up instantly. Yet, we cannot continue sinking N2tr into petrol subsidy yearly. It is unsustainable. The biggest challenge is how to wean us off subsidy. Ghana is also oil-producing but sells petrol at N459/litre. They automatically adjust the pump price as crude price changes. Are Nigerians poorer than Ghanaians? No. Now, this is the trick: Ghanaians, unlike us, were not brought up on petrol subsidy. That is our predicament. Entrenched From: The fuel subsidy dilemma by SImon Kolawole. Good morning. I have tried. But like the other subsidy and oil addicts, ye are more interested in labelling me an oppressor.
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Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by akbonus: 11:12am On Jun 25, 2022 |
FOOLISH GOVERNMENT ORDINARILY I WOULDN'T HAVE COMMENT ON SUCH USELESS AND STUPID CORRUPT STATEMENT FROM A REPRESENTATIVE OF THE USELESS GOVERNMENT IN THE NIGERIAN HISTORY.LET ME ASK THE GOVERNMENT IF THEY KNOW WHY WE CONSUME SUCH FIGURE EVEN IF IT IS TRUE. BECAUSE WE NIGERIANS KNOW THAT IT IS A LIE COMING FROM THE BIGGEST LIAR OF ALL TIME IN GOVERNMENT LIE MOHAMED, BECAUSE THEY ARE VERY CLUELESS AND DUMB THE REASON IS BECAUSE HALF OF THAT FIGURE GOES TO GENERATOR TO POWER OUR HOMES ,SHOPS,OFFICES,AND OUR SCHOOLS EVEN ASO ROCK IS POWERED BY A GENERATOR,WHAT A SHAME.THE LEADERS OF THIS COUNTRY ARE SO SO DISGUSTING AND ROTTEN,LETS GET OUR PVC I BEG JARE |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Ojuntana: 11:14am On Jun 25, 2022 |
subsidywise18:Mtcheew. They have a better standard of living because they run a manufacturing economy. The importers of fuel run at a profit in Nigeria! Let me see the fuel importer who will say he's running at a loss. What manner of lies is this? They make profit with minimal risk. I can be boldly say fuel importation and distribution business is the most profitable in Nigeria which is why we have so many oil tankers and fuel stations. It is also why no one is really thinking about domestic refining because the present arrangement is very profitable. We did the same in Nigeria...with GSM. Allowed them to set their price, everyone complained they were ripping us off....and at the end of the day, they made lots of money, which was reinvested in growing the sector...and eventually competition brought down prices.We have deregulated diesel and kerosene since 2009. Where is the reinvestment and has the price come down? Diesel and kerosene are nearing 1000 per litter after 12 years of subsidy removal with no diesel or kerosene refinery in sight. Instead, smugglers now smuggle both into Nigeria from Niger and Cameroon due to the fact they are cheaper there. See how it is now? If you love subsidy, then allow government to set your price, and keep it below what you bought or made your goods for, and keep the price even when cost of producing those goods goes up...and pay you a subsidy that does not cover the resulting loss. You would love it because...Nobody loves subsidy. But it will remain as long as there's no local refining capacity. Know this, know absolute peace. Even Buhari just bragged about subsidy to Western Nations and they couldn't say anything in response Fuel vouchers...plus....prices of fuel have shot up with the rising cost of crude oil.fuel vouchers is not only for the poorest. Except you mean the poorest can afford cars in the US which will mean they earn above minimum wage. Can Nigeria's poorest even afford a bicycle? Stop comparing apples with oranges abeg. LOL....they do. THAT is why they can afford to refine fuel at home. The fact they earn more does not mean that they are NOT feeling the high cost of fuel...they are and they are feeling it well...with inflationThey don't. What you'll do now is to go and convert the price of fuel to naira. But before you do that also convert the average wage over there to naira and check out how much they earn. Also factor in they only use fuel to power their vehicles, which they have other excellent and cheap means of transportation like rails, buses, waterways, air while most Nigerians can only afford road and also use fuel to power their homes, get water into their homes and even power offices, hospitals, irrigate farms and other daily activities. Cumulatively, you'll see that Nigerians use more fuel per activity and thus end up spending more than normal on fuel than their counterpart in those countries. Then they pay more taxes than we do. Cost of living is higher.They see the effect of the tax they pay in terms of good roads, security, power, education, at least basic education is free and quality in those places and health, while the average Nigerian has to pay through the nose to access these basic services and most are even poor and below standard. These shows that Nigerians pay more, get less ultimately experience higher cost of living and lower standard of living. Reason why japa is the order of the day! I didn't know you're praying for Nigeria to become like Sierra Leone and Guinea. The shame!! I can now see you don't mean well for us. First of, those countries don't have oil, are low income and HDI contries. We can only pray not to be at their level someday. Why are you supporting price controls...something you won't like if you were in private business. Price controls are a big reason why we don't have refineries, even power.Lies. Price controls do not exist in the section because importers and marketers do not own the factor of production so they're not at liberty to set price. If govt should hands off petrol importation, how many of those importers can import without letters of credit from govt? None!! What you're advocating is simply for them to play the Shylock middlemen by eating their cakes and having it. If they don't want price controls, let them move to refining. If you want price controls in the petrol and power sector...then you should support price controls for everyone, including the traders, barbers, even farmers. Let farmers sell their yams at N100 a piece...to help the poor.If govt is footing the bill of the production and distribution costs if the commodities, then why can't the govt be at liberty to determine the price? I'll wholeheartedly so support that. Actually less than 30% of economically active Nigerians pay taxes to state and federal governments. That's a lie. Nigerians pay tax by providing their power, security, water, road, schools by themselves. Govt can't abdicate its responsibility and still expect citizens to do theirs. That's double taxation. Besides, the biggest tax defaulters are the big men in the corridors of power. A certain industrialist had his head office sealed years back for owing FIRS in excess of N4bn. A certain former female senator and wife of one of Nigeria's former military generals once got waiver to import luxury goods free of charge. A former VP's company in charge of some ports refused to pay royalties and licensing fees for a good number of years. A former Senate president got into a row with customs because he wanted waiver for import duty on a luxury SUV he imported. I can go on and on. The rich are the biggest tax defaulters in Nigeria not the poor. Most petty traders and artisans pay association dues and local government taxes in most states of Nigeria. Mind you, according to Nigerian tax laws, such businesses that make profit of below a certain amount, or no profit at all are exempt from taxes, same with small businesses less than five years. Unfortunately, most of them don't even know this and they end up paying while the rich know so the tricks and even default outright just cause they can!! |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Ojuntana: 11:27am On Jun 25, 2022 |
subsidywise18:Tell Simon kolawole that kolewerk. The $4bn will not be directed into any social services. It will be looted, or at best, ploughed into Nigeria's overbloated public service. Nigerians can't understand why a resource that is cheaply and readily available on our lands should be so expensive. We don't understand why marketers and importers want to get free dollars from our forex to import fuel, then sell fuel at the forex price they never struggled for. Basic economics: price is decided by demand and supply. Distribution should not decide price. It leads to price gouging and exploitation. I insist, if marketers and importers want to determine price, then let them free our forex from fuel importation, get forex by themselves and then they can fix prices as they want. They can't be feeding from govt and still expect the citizens to pay them for feeding from govt. That's crazy!! Besides, you failed to explain why the subsidy removal policy has failed with diesel and kerosene so far? Or is there price controls in those two? And no. You're not an oppressor. You're just a propagandist, mouthpiece for the oppressor. Adios ![]() ![]() |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by lomprico(m): 11:38am On Jun 25, 2022 |
Why won't they when there is no electricity. 2/3 or more of that consumption is done by generators. |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Deepthoughts: 11:45am On Jun 25, 2022 |
Islie:Even though everything about petrol in Nigeria appears dubious,the real problem is our very weak n unstable currency the naira,as long as it keep fluctuating we shall continue to experience price fluctuaton,supply difficulties n scarcity even if we are to refine our crude locally, perhaps Nigeria should go In to agreement with the USA to have a fix rate of the naira to the dollar n some other accompanying benefits. 1 Like |
Re: Nigerians ‘Consume’ 2bn Litres Of Petrol In 28 Days by Lacash: 11:45am On Jun 25, 2022 |
Islie:Reason why they’ve been denying us electricity…Awon Olofo ![]() |
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