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Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu - Politics - Nairaland

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Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by willywasco(m): 5:28pm On May 11, 2016
11 May 2016 | PRESS STATEMENT ON CURRENT FUEL SITUATION IN NIGERIA

We have just finished a meeting of various stakeholders presided over by His Excellency, the Vice President of the Federal Republic of Nigeria.

The meeting had in attendance the Leadership of the Senate, House of Representatives, Governors Forum, and Labour Unions (NLC, TUC, NUPENG, and PENGASSAN).

The meeting reviewed:

1. The current fuel scarcity and supply difficulties in the country.

2. The exorbitant prices being paid by Nigerians for the product. These prices range on the average from N150 to N250 per litre currently.

3. The meeting also noted that the main reason for the current problem is the inability of importers of petroleum products to source foreign exchange at the official rate due to the massive decline of foreign exchange earnings of the federal government. As a result, private marketers have been unable to meet their approximate 50% portion of total national supply of PMS.

Following a detailed presentation by the Honorable Minister of State for Petroleum Resources, it has now become obvious that the only option and course of action now open to the government is to take the following decisions:

1. In order to increase and stabilise the supply of the product, any Nigerian entity is now free to import the product, subject to existing quality specifications and other guidelines issued by Regulatory Agencies.

2. All Oil Marketers will be allowed to import PMS on the basis of FOREX procured from secondary sources and accordingly PPPRA template will reflect this in the pricing of the product.

Pursuant to this, PPPRA has informed me that it will be announcing a new price band effective today, 11th May, 2016 and that the new price for PMS will not be above N145 per litre.

We expect that this new policy will lead to improved supply and competition and eventually drive down pump prices, as we have experienced with diesel. In addition, this will also lead to increased product availability and encourage investments in refineries and other parts of the downstream sector. It will also prevent diversion of petroleum products and set a stable environment for the downstream sector in Nigeria.

We share the pains of Nigerians but, as we have constantly said, the inherited difficulties of the past and the challenges of the current times imply that we must take difficult decisions on these sorts of critical national issues. Along with this decision, the federal government has in the 2016 budget made an unprecedented social protection provision to cushion the current challenges.

We believe in the long term, that improved supply and competition will drive down prices.

The DPR and PPPRA have been mandated to ensure strict regulatory compliance including dealing decisively with anyone involved in hoarding petroleum products.

Thank you.
SIGNED

HONOURABLE MINISTER OF STATE FOR PETROLEUM RESOURCES


https://m.facebook.com/story.php?story_fbid=473905869466814&substory_index=0&id=448436902013711&refid=17&_ft_=top_level_post_id.473905869466814%3Atl_objid.473905869466814%3Athid.448436902013711%3A306061129499414%3A69%3A0%3A1464764399%3A-4871739331966776313&__tn__=%2As

15 Likes

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by yemmynoni: 5:41pm On May 11, 2016
Hmmmmm




Ka sha ma Dupe
I think Kachikwu and PMB are very smart. They make petrol scarce for one year then remove subsidy so, we are too tired to complain.

204 Likes 12 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by Nobody: 5:41pm On May 11, 2016
The statement was well worded. It was a euphemic way of announcing the removal of fuel subsidy. It is so disheartening that we would have long gone past this if today's proponents of subsidy removal had not opposed the policy four years ago. I hope Nigerians can see clearly how they were fed lies to stir up their anger against Jonathan.
It is the way to go, but Nigerians need to ask those who came up with the policy why they resisted the removal four years ago.
The APC must apologize to Nigerians, particularly families of those who lost their lives during the subsidy protests. It is the only way of showing contrition for misleading millions of people.

552 Likes 59 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by chikel2000(m): 5:41pm On May 11, 2016
Hmm, tot APC criticized GEJ for this. Just asking

155 Likes 13 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by Tolexander: 5:42pm On May 11, 2016
Na how many times this administration wan remove subsidy?

78 Likes 6 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by Nobody: 5:42pm On May 11, 2016
Sai Buhari

7 Likes 2 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by ufotty2001: 5:46pm On May 11, 2016
so this is the 40 naira per litre u people promised us

217 Likes 9 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by saintopus2: 5:48pm On May 11, 2016
What has Nigerians done to deserve this kwanuuu? We warned you guys never to vote in this government but you gus refused. Now see what you people have done?

68 Likes 7 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by cckris: 5:51pm On May 11, 2016
PDP is far better than APC

321 Likes 26 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by free2ryhme: 5:53pm On May 11, 2016
Mynd44 you dey form nairaland police abi

9 Likes 1 Share

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by Feraz(m): 5:54pm On May 11, 2016
Tolexander:
Na how many times this administration wan remove subsidy?
LOL!!! As many times as they can! grin grin

On a normal day, people like Gbawe would have written epistles on why GEJ is very wicked, heartless for not being honest with the citizens. I wonder what he will say now! undecided

108 Likes 12 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by Almajiri1: 5:55pm On May 11, 2016
This government is finished!

62 Likes 8 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by Nobody: 5:59pm On May 11, 2016
chai!

1 Like

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by onexile: 6:00pm On May 11, 2016
I have not seen a shameless country such Nigeria before!

**Spites on Nigeria**

58 Likes 4 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by Ohammadike: 6:01pm On May 11, 2016
Keneking:
Sai Buhari

Your zombiesm has no cure

101 Likes 9 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by ORACLE1975(m): 6:01pm On May 11, 2016
I don't believe in APC government again

59 Likes 7 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by Tolexander: 6:02pm On May 11, 2016
cckris:
PDP is far better than APC
And what makes one better than the other?

The differences between PDP and APC are similar.

Same bread, different label.

45 Likes 3 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by SweetGuy225: 6:03pm On May 11, 2016
How much will NNPC be selling a litre? Are we going to buy locally refined fuel from government refineries for 145 naira?

62 Likes 6 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by MarysMeal: 6:03pm On May 11, 2016
I don't know what is fuel subsidy - Buhari.

42 Likes 4 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by redcap: 6:04pm On May 11, 2016
My primary concern is exchange rate which Will eventually spike to above 400naira/$ in few weeks.

34 Likes 3 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by kodded(m): 6:08pm On May 11, 2016



undecided undecided






tonyebarcanista you see your life undecided undecided

14 Likes 4 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by MarysMeal: 6:09pm On May 11, 2016
Worst part is that my salary will not be increased embarassed

106 Likes 8 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by Nobody: 6:11pm On May 11, 2016
This government has betrayed Nigerians fulltime.

Spit on APC

66 Likes 11 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by jlinkd78(m): 6:14pm On May 11, 2016
The scam by this fiendish APC govt has become so humongous and legendary that they themselves can't even pretend about it again. I have always been a strong advocate of total subsidy removal cos I am convinced DAT in d end d interplay of demand and supply will stabilize prices cum availability and eventually drive investors in d direction of building refineries in Nigeria. It is painful DAT GEJ who saw this 4yrs ago was hounded, vilified and called unprintable names by this same actors who argued then that subsidy removal can only come up after refineries have started working at full capacity. These gladiators promised PMS cud sell at 40naira if voted in. A 67% increment (from 86.50 to 145 Naira per litre) can only come from an insensitive govt with a medieval economic mindset. Gej promised DAT with subsidy removal then when crude was above $100 we can buy PMS at 140 naira per litre so how come with crude less than $40 we are to be getting same product at 145naira. It is a universally known fact that when d cost of raw material is cheap (in this case d crude oil) , d tantamount price of d finished product will equally be more affordable. The most annoying part is DAT all those loquacious right activists have all activated their mute buttons, d state agents are intolerable to lawful protests and d zombies are congenitally fanatical. The govt is equally truthful by half cos u can't determine d selling price of a product when d marketers sourced their Forex as PMB can never stabilize d price of d dollar so this 145Naira upper threshold can't be sustained. The best d govt wud have done was to sell Forex to mkters @ official exchange rate and strictly monitor DAT it was used for payment of d exact qty of PMS being imported. Gej irked Nigerians with his new Yr 2012 broadcast but in this case d President never found us worthy of his state broadcast as his junior Minister has issued d fiat thru press statement on a day he is far away in d UK. Such a natnl policy direction?. When all d the critics of this wicked govt with intransigent spirit were being persecuted some were happy but now we know why.

122 Likes 15 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by Abagworo(m): 6:15pm On May 11, 2016
chikel2000:
Hmm, tot APC criticized GEJ for this. Just asking

APC was not in existence then. It was NLC

12 Likes

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by Yorubasgreat(f): 6:16pm On May 11, 2016
Buhari is Dullarpo-de-Santos!!

37 Likes 4 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by Akshow: 6:24pm On May 11, 2016
This govt is very insensitive to the plight of the suffering masses

8 Likes 2 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by potbelly(m): 6:24pm On May 11, 2016
*singing which way nigeria which way nigeria I want to know* PMS now at #145.. Transportation costs will rise, cost of food stuffs will rise, cost of products/services will rise. salaries will remain the same for some and for other coys downsizing will be the way out to cut the eventual rise in operating/production cost
Once again *singing which way nigeria which way nigeria I want to know*
APC = PDP - same wine different bottle

20 Likes

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by TheDavidAbraham(m): 6:25pm On May 11, 2016
The removal of subsidies of any kind is always a smart economic move. We must not be short-sighted, and give in to the pull of immediate gratification.

11 Likes 3 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by titiakins: 6:25pm On May 11, 2016
This is definitely one chance government


So what's good for the goose is not good for the gander?

APC can copy for Africa!!!
Copy Jonathan's ideas finish!
But bad at implementation
They are the type that when writing exams and you leave your sheet open for them to copy
They will copy plus your name


Shame!!!!

45 Likes 4 Shares

Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by holluwai(m): 6:26pm On May 11, 2016
Scampc
Re: Press Statement On Fuel Subsidy Removal In Nigeria, By Kachikwu by viviangist: 6:26pm On May 11, 2016
Tired of Nigeria -- set to Buy a Horse and convert my house to Solar Energy

9 Likes 2 Shares

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