AZeD1:

Revenue generating agencies don't get an allocation, they generate their own money. If you don't understand this, then you can't understand what the VP is saying.

Have you ever seen the budget for NNPC or CBN?

LOL,

You mean FIRS and Customs dont get allocations?

http://www.pulse.ng/news/local/buhari-president-sends-2016-budgets-of-nan-nnpc-36-others-to-nass-id5282978.html

https://www.businessdayonline.com/senate-passes-n152bn-2017-budget-firs/

What's the difference between NNPC and FG. Pastor Osinbajo stop covering up for this people

AZeD1:

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

when d price of crude oil was lower, what did we have?

AZeD1:

You are assuming NNPC is paying cash. You do realise they could be paying via crude oil right?

For the last one month, NNPC has been the sole importer of PMS . The NNPC does crude oil swaps.

The VP is a lawyer, he knows not to say anything that can't be defended in the law courts.

Yes I believe the VP meant crude oil swap for petroleum products. But if crude oil worth 1 billion is swapped for petroleum products worth 700 million, how is this different from paying cash? Is this money not supposed to be used by the government in other sectors and to fulfill campaign promises?

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


clowns in power...

My thought too. Buharists yaf landed us in deep shit.

kaystick86:
What's the difference between NNPC and FG. Pastor Osinbajo stop covering up for this people

Don't mind those liars

hegelian:

if fg is not the owner of NNPC then who owns it?? please simple and direct answer? abi its owned by ghost?if fg is not the owner of NNPC why is it the responsibility of the president to appoint the GMD and why is the GMD reporting to the FG head(i.e the president)..why is the minister of petroleum the board chair on the NNPC??anwers we need bro...dont dull

Dude you need to understand the concept of legal entities.

Mike Adenuga owns Globacom. Saying Globacom paid for something is not the same thing as saying Mike Adenuga paid for that thing.

The FG is the largest shareholder of the NNPC. The FG is not the same thing as the NNPC.

eph12:

When the price of crude oil went down, the price of fuel went up too

Because we were not earning enough dollars due to crude falling, the naira value fell, and the price of PMS went up.

By the way, I am beginning to understand part of the reason why GEJ did not save....when he was forced to reverse his subsidy removal, dipping into the reserves became inevitable to keep subsidy costs up. ...because we were importing fuel heavily, and prices were lower because of high dollar inflows then.

We must deregulate

...and to think that this was a pst turns politician with such a silly comments.

NNPC is own and manage by private entity , l almost forgot.... You can fools some but not everyone always.

Govt of deceit by the deceit without iota of sincerity...

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.

And if their revenue target is #10B and they generate same, but are to pay #1B for subsidy, will they still remit the generated amount, or the difference to accommodate the subsidy payment.

In your analysis, they will remit the #10B generated, may be share their staff members AK47 to go steal the #1B for the subsidy payment. Anu mpam.

OBAGADAFFI:


LOL,

You mean FIRS and Customs dont get allocations?

http://www.pulse.ng/news/local/buhari-president-sends-2016-budgets-of-nan-nnpc-36-others-to-nass-id5282978.html

https://www.businessdayonline.com/senate-passes-n152bn-2017-budget-firs/

Has the Budget for NNPC bring passed for this year?


You need to understand how revenue generating agencies work in Nigeria.

AZeD1:

You are assuming NNPC is paying cash. You do realise they could be paying via crude oil right?

For the last one month, NNPC has been the sole importer of PMS . The NNPC does crude oil swaps.

The VP is a lawyer, he knows not to say anything that can't be defended in the law courts.

I think you are shooting yourself more in the feet, if NNPC is the sole importer of PMS, why the scarcity, does it mean the government and it's agency are part of the grand conspiracy to ensure there is fuel scarcity?

If the NNPC, is the sole importer, why blame petroleum marketers?

If the government does swapping as alledged, why are we still paying for subsidy sicne it's a kind of trade and batter transact.

Osibanjo has lied many times in the past, he has said things that contradicted what his masters have said even including the chief lair in the information ministry, so Osibanjo has lost all morals remaining in him since he joined the government, so don't go there...

THIS GOVT. IS SO FULL OF COMEDY. EVEN PROF. OSINBANJO HAVE BEEN REDUCED TO THE FACT THAT HE NOW DEFENDS THE TRUTH.

SO @ 145 WE ARE STILL PAYING SUBSIDY. THIS IS HELL ON EARTH THE SAME PPL WHO FORCED JONATHAN NOT TO INCREASE FUEL PRICE AT THE DETRIMENT OF THE THE CABALS. NOW HAVE CREATED MORE ROOM FOR THE CABALS THEM SELVES.

THIS GOVT. IS THE MOST INCOMPETENT EVER EVEN ABACHA IS BETTER THAN THESE FOOLS. I JUST PITY WHO EVER THROWS HIS SUPPORT BEHIND THE IDIOTS AGAIN.

WHAT PRACTICALLY HAPPENED IS THAT BUHARI FORCED UNTOLD HARDSHIP ON THE CITIZENS BY NOT COMING ON BOARD WITH A GAME PLAN. FORCE PRICE ON ESSENTIAL COMMODITY TO INCREASE BY AND AVERAGE 200% WHILE DOLLAR STRENGTHEN AGAINST THE NAIRA SO THE FULL BENEFIT OF THE SUBSIDY WAS FULLY ADJUSTED TO WHAT IT WAS PRESUMED TO BE.
TOMORROW THOSE BMC WOULD WANT TO GIVE US REASON TO VOTE IN THIS INCOMPETENT FOOL FROM THE JUNGLE.

JONATHAN WHOLE CORRUPTION IS FAR MORE BETTER THAN INCOMPETENCE. SO FAR THE ONLY THING THEY HAVE DONE IS TO RECOVER LOOTED FUND WHICH IS GOOD BUT PLEASE WE HAVE LOST A MANY TO MUCH TO CONTINUE. WE MUST CHANGE THIS SET OF INDIVIDUAL.

FUNNY ENOUGH HIS CREW IS FILLED WITH HIS RELATIVES THAT MAKES IT TOTAL HARD FOR HIM TO RUN A COMPETENCE TEST ON OR START LAYING OFF MINISTERS WITH LOW PERFORMANCE INDICES.

IT IS RATHER LATE FOR US TO COMPLAIN EVEN THE OPPOSITION ARE NOT VIABLE ENOUGH.

THOSE WHO SOLD THIS ILL ADMIN TO THE PUBLIC STRUGGLE TO DEFEND THEM AND CANT GO BACK TO THIER VOMIT. HAHAHAAHHA WE ARE DOOOOOOOMMMMMMMMEDDDDDDDD

9jakohai:


Because we were not earning enough dollars due to crude falling, the naira value fell, and the price of PMS went up.

By the way, I am beginning to understand part of the reason why GEJ did not save....when he was forced to reverse his subsidy removal, dipping into the reserves became inevitable to keep subsidy costs up. ...because we were importing fuel heavily, and prices were lower because of high dollar inflows then.

We must deregulate

This was obvious then to those that cared to understand what's really happening. We just wanted GEJ out which was understandable but Buhari was elected for the wrong reasons.

Until we become self reliant in things that consume our forex like petroleum products, electronics, clothes and shoes, we'll never move forward. When GEJ wanted to remove subsidy I was in support, same with Buhari because it has to go. But both present and past administration has shown they don't know what to do next.

Buhari has to go come 2019 for our children sake period

eph12:

Yes I believe the VP meant crude oil swap for petroleum products. But if crude oil worth 1 billion is swapped for petroleum products worth 700 million, how is this different from paying cash? Is this money not supposed to be used by the government in other sectors and to fulfill campaign promises?

The NNPC is a black box that has been running at a loss for a very long time. I think the NNPC only generated a profit in the time of Ibe Kachikwu.

The NNPC reserves an amount of crude oil produced for internal consumption. That amount can be increased or decreased as the NNPC deems fit.

AZeD1:

Has the Budget for NNPC bring passed for this year?


You need to understand how revenue generating agencies work in Nigeria.

Is the FIRS no longer revenue generating agencies?

By logic if revenue generating agencies don't get allocations.

Why is the FIRS getting budget allocations.

Why is President Buhari including NNPC in the Yearly Budget Proposal?

9japrof:



I think you are shooting yourself more in the feet, if NNPC is the sole importer of PMS, why the scarcity, does it mean the government and it's agency are part of the grand conspiracy to ensure there is fuel scarcity?

If the NNPC, is the sole importer, why blame petroleum marketers?

If the government does swapping as alledged, why are we still paying for subsidy sicne it's a kind of trade and batter transact.

Osibanjo has lied many times in the past, he has said things that contradicted what his masters have said even including the chief lair in the information ministry, so Osibanjo has lost all morals remaining in him since he joined the government, so don't go there...

Other importers stopped importing because the FG refused to increase price. That's why there is scarcity.

Osibanjo lying is not my business.

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


clowns in power...

He just indirectly told you that NNPC has been sold. probably to themselves. So he is right. lol

AZeD1:

Dude you need to understand the concept of legal entities.

Mike Adenuga owns Globacom. Saying Globacom paid for something is not the same thing as saying Mike Adenuga paid for that thing.

The FG is the largest shareholder of the NNPC. The FG is not the same thing as the NNPC.

Mr Man stop exposing your ignorance....and when globacom commit fraud or treason who will be prosecutedthe fiinance director abi?? when innoson motors was accused why was the owner arrested and not the general manager why did we blamed gej for the stealing that happened under NNPC and GEJ for the rot in aviation at the time?chief the more you talk, the more look somehow so just keep it..i will be using your point to knock you without brinong any other point from outside eventhough there are plenty of examples

we go just dey hear new things from you guy..imagine FG is not the owner of NNPC

https://www.premiumtimesng.com/news/231610-budget-osinbajo-responds-to-senate-ultimatum-directs-nnpc-others-to-comply.html


The acting president, Yemi Osinbajo, has issued an executive order outlining the timeline and procedure for government offices to submit their yearly budgets, less than two days after the Senate demanded offices comply with the relevant fiscal law within two weeks.

The Senate had on Wednesday asked Mr. Osinbajo to ensure the submission of the budgets of 31 government establishments, including the Nigerian National Petroleum Corporation and the Nigerian Ports Authority.

Section 21 of the Fiscal Responsibility Act demands that proposed revenue and expenditure of the mostly 31 revenue-generating and state-owned companies be submitted to their supervisory ministers not later than end of August of each financial year.

Lawmakers have for years accused powerful agencies like the state oil firm, NNPC, of non-compliance.

The Senate said the executive had breached the law “year in year out”, and issued a two-week ultimatum for compliance.

OBAGADAFFI:


Is the FIRS no longer revenue generating agencies?

By logic if revenue generating agencies don't get allocations.

Why is the FIRS getting budget allocations.

Why is the President Buhari including NNPC in the Yearly Budget Proposal?

Buhari only put NNPC in 2016 budget and that's because the Senate has been fighting against arbitrary spending by revenue generating agencies.
This has been going on since time memorial.

AZeD1:

Other importers stopped importing because the FG refused to increase price. That's why there is scarcity.

Osibanjo lying is not my business.

Exactly

You can't import as an independent marketer at 171 and be forced by nnpc to sell at 145.!

Another reason to deregulate. Let nnpc sell at n145, others can set their prices

D govt is jus a bunch of comedy, y re dy sti talkin about subsidy wen subsidy has ben remove over two yrs ago, what has dy don with d money, [color=#990000][/color]

AZeD1:

The NNPC is a black box that has been running at a loss for a very long time. I think the NNPC only generated a profit in the time of Ibe Kachikwu.

The NNPC reserves an amount of crude oil produced for internal consumption. That amount can be increased or decreased as the NNPC deems fit.

Really? Internal consumption that will be enough to subsidize for over 100 million people? You don't have enough info to defend your stand.

OBAGADAFFI:
https://www.premiumtimesng.com/news/231610-budget-osinbajo-responds-to-senate-ultimatum-directs-nnpc-others-to-comply.html


Lawmakers have for years accused powerful agencies like the state oil firm, NNPC, of non-compliance.

The Senate said the executive had breached the law “year in year out”, and issued a two-week ultimatum for compliance.

This part here is what I have been trying to tell you.
Do you know why they can flout the law, because they make money unlike non revenue generating agencies that need money to be given to them.

I am not arguing for the legality of what the agency are doing, I am saying when the VP says that NNPC not the FG is paying for the subsidy, he knows what he is saying.

AZeD1:

Other importers stopped importing because the FG refused to increase price. That's why there is scarcity.

Osibanjo lying is not my business.

THEY STOPPED because FG WANTED TO HIDE THE FACT.

WHAT IS THE FACT IN QUESTION= THE PUMP PRICE INCREASE AS NAIRA DEPRECIATED(WHICH WAS THE GROSS NEGLEGENCE OF THE BUHARIMETRIC)

AND NOW THE ORDINARY MAN HAVE TO PAY FOR IT

eph12:

Really? Internal consumption that will be enough to subsidize for over 100 million people? You don't have enough info to defend your stand.

What is my stand?

9jakohai:


Exactly

You can't import as an independent marketer at 171 and be forced by nnpc to sell at 145.!

Another reason to deregulate. Let nnpc sell at n145, others can set their prices

Dude I'm all for deregulation.

hegelian:

Mr Man stop exposing your ignorance....and when globacom commit fraud or treason who will be prosecutedthe fiinance director abi?? when innoson motors was accused why was the owner arrested and not the general manager why did we blamed gej for the stealing that happened under NNPC and GEJ for the rot in aviation at the time?chief the more you talk, the more look somehow so just keep it..i will be using your point to knock you without brinong any other point from outside eventhough there are plenty of examples

we go just dey hear new things from you guy..imagine FG is not the owner of NNPC

Innoson motors wasn't accused, Chukwuma Innoson was the one accused.
If you don't understand the concept of Legal entities, I can't help you.

AZeD1:

You are assuming NNPC is paying cash. You do realise they could be paying via crude oil right?

For the last one month, NNPC has been the sole importer of PMS . The NNPC does crude oil swaps.

The VP is a lawyer, he knows not to say anything that can't be defended in the law courts.

when GEJ said stealing is not corruption, he was right in the legal sense. However his statement was insensitive and foolish.

This isn't about being right based on the law. Logically, Osinbajo is trying to justify an unjustifiable position.

AZeD1:

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

does it then mean that deregulation remains the only solution?