How did we get here?

All na change

Nbote:
All na change

The kind changi nigeria deserve true true

Ignorance is a disease.Does NNPC still payout subsidy to marketers? The way my no shoe C in C was doling out money to marketers.

Now the NNPC imports fully and then resale.cost of importing-cost of sale@145.if it is a loss,it is recovered against revenue due fg.if it is a gain,it is added to fgn revenue.how this amount to your alleged trillions i dont know.

However there is a tweak to it:

Under the subsidy regime of the Jonathan government, oil marketers were paid bogus amounts of monies to cover for their expenses to supply the country fuel and maintain the price at an affordable amount - this led to the enriching of a few and impoverishing of the country, as most of the oil marketers did not even make any deliveries to Nigeria but were paid billions of Naira. Some others took crude oil to Ghana and Benin Republic but where paid as well.

Under the new system which operates under the Buhari’s government, oil marketers do not receive money from government. Instead, NNPC bears the cost of the differential and takes the hit on their own balances by ensuring that the price of petrol remains at N145 regardless of the fact that the landing cost has increased in such a way to make the 145 unprofitable.

In this new arrangement - which is called UNDER-RECOVERY - the Nigerian consumers benefit and not the marketers. If this is not done, the price of fuel would shoot up and the President has said he would never allow that happen.

What the government is doing to put an end to this regime, which is in itself a short term solution - is to fix our refineries including encouraging private sector involvement.

Chief Financial Officer of NNPC, Mr. Isiaka AbdulRazaq, who traced the advent of the subsidy regime to October, 2003 when NNPC was directed by government to commence the purchase of domestic crude oil at international market price without a corresponding liberalization of the regulated price of petroleum products noted that the subsidy regime has changed.

He explained that under the Jonathan subsidy regime, NNPC and other suppliers of refined petroleum products were entitled to file subsidy claims to the Petroleum Products Pricing Regulatory Agency (PPPRA).

Mr. AbdulRasaq, however, noted that unlike oil marketers, under the under-recovery regime NNPC did not receive cash payment for subsidy claims as its claims were deducted out of cost payment to the Federation Account after due certification by PPPRA.

Some people Mumu no be small. Zone Bs

Hahaha , zombies will avoid this thread like EBOLA. Igbodefender, come and shout igbo presidency 2023. God forbid we continue in this bondage beyond 2019.

BUHARItesticles:
Hahaha , zombies will avoid this thread like EBOLA. Igbodefender, come and shout igbo presidency 2023. God forbid we continue in this bondage beyond 2019.

Your moniker makes you look incredibly stuupid. Pls chsnge it.

friendly advise

iAudio:
How did we get here?

The cost of importing the oil sky-rocketted as a result of the fall of $(something that was caused by the fool gej)

hope you are satisfied

profosa:
Ignorance is a disease.Does NNPC still payout subsidy to marketers? The way my no shoe C in C was doling out money to marketers.

Now the NNPC imports fully and then resale.cost of importing-cost of sale@145.if it is a loss,it is recovered against revenue due fg.if it is a gain,it is added to fgn revenue.how this amount to your alleged trillions i dont know.

SO WHO REGULATES THE BUYING AND SELLING PRICE AS WELL AS WHAT IS DECLARED AS PROFIT OR LOSS?
THIS IS AN OPEN CHECK FOR PRICE FIXING AND YOU KNOW WHAT? MASSIVE FRAUD!

the truth is there are 'factors' & 'variables' involved in arriving at any given condition.


the challenge we have is that pmb's social media clowns have always criticized based on face value without taking into consideration the attendant situations & variables involved in arriving at that condition...


but the moment their 'all or nothing' analogy is used against them, they begin to reason & explain how situations are different & the attendant variables, but when its GEJ's matter, they lose all sense of reasoning...


bottom line is that pmb paying more for subsidy with an increase in pump price can be explained logically, but if the same pmb & his fellow charlatans are not ready to listen to the logic inherent in previous administration, why should their own explanations on their 'incompetence, thievery & mismanagement' be rationalised by others?


clowns in power...

And some ignorant Nairalanders would believe this nonsense.

profosa:
Ignorance is a disease.Does NNPC still payout subsidy to marketers? The way my no shoe C in C was doling out money to marketers.

Now the NNPC imports fully and then resale.cost of importing-cost of sale@145.if it is a loss,it is recovered against revenue due fg.if it is a gain,it is added to fgn revenue.how this amount to your alleged trillions i dont know.

What is the meaning of this mumbo jumbo?

Does this sound intelligent to you?

Deji7474:
However there is a tweak to it:

Under the subsidy regime of the Jonathan government, oil marketers were paid bogus amounts of monies to cover for their expenses to supply the country fuel and maintain the price at an affordable amount - this led to the enriching of a few and impoverishing of the country, as most of the oil marketers did not even make any deliveries to Nigeria but were paid billions of Naira. Some others took crude oil to Ghana and Benin Republic but where paid as well.

Under the new system which operates under the Buhari’s government, oil marketers do not receive money from government. Instead, NNPC bears the cost of the differential and takes the hit on their own balances by ensuring that the price of petrol remains at N145 regardless of the fact that the landing cost has increased in such a way to make the 145 unprofitable.

In this new arrangement - which is called UNDER-RECOVERY - the Nigerian consumers benefit and not the marketers. If this is not done, the price of fuel would shoot up and the President has said he would never allow that happen.

What the government is doing to put an end to this regime, which is in itself a short term solution - is to fix our refineries including encouraging private sector involvement.

Chief Financial Officer of NNPC, Mr. Isiaka AbdulRazaq, who traced the advent of the subsidy regime to October, 2003 when NNPC was directed by government to commence the purchase of domestic crude oil at international market price without a corresponding liberalization of the regulated price of petroleum products noted that the subsidy regime has changed.

He explained that under the Jonathan subsidy regime, NNPC and other suppliers of refined petroleum products were entitled to file subsidy claims to the Petroleum Products Pricing Regulatory Agency (PPPRA).

Mr. AbdulRasaq, however, noted that unlike oil marketers, under the under-recovery regime NNPC did not receive cash payment for subsidy claims as its claims were deducted out of cost payment to the Federation Account after due certification by PPPRA.

We would know everything when Buhari leaves.

Don't be in a hurry.

Whether it's under-recovery or over-recovery or middle-recovery everything recovered would one day be made open to all.

What we know now is that the amount of subsidy paid to make fuel sell at N87 per litre was far lesser than the amount being paid to make fuel sell for N145 per litre.

Also note that the law says that NNPC must remit all revenue to the Federation Account.

profosa:
Ignorance is a disease.Does NNPC still payout subsidy to marketers? The way my no shoe C in C was doling out money to marketers.

Now the NNPC imports fully and then resale.cost of importing-cost of sale@145.if it is a loss,it is recovered against revenue due fg.if it is a gain,it is added to fgn revenue.how this amount to your alleged trillions i dont know.

You need a refund of your primary education fees. The citizens were buying the product at N84 and now N145 almost 80% increase without any increase in their salaries/wage, and you've got the gut to defend failure.

Buhari has paid more subsidy than GEJ yet you call the man with lesser payment fraud, you're too blind to be alive.

seunmsg:
And some ignorant Nairalanders would believe this nonsense.

Subsidy on petrol rises 386% in a month to N1.4 trillion - Kachiku

https://www.premiumtimesng.com/news/headlines/264187-subsidy-on-petrol-rises-386-in-a-month-to-n1-4-trillion-kachikwu.html

Olodo government. See their mouth like "we are fighting kwarupshun"

Dis government don use Nigerians see front. 2019 Na change the changer

profosa:
Ignorance is a disease.Does NNPC still payout subsidy to marketers? The way my no shoe C in C was doling out money to marketers.

Now the NNPC imports fully and then resale.cost of importing-cost of sale@145.if it is a loss,it is recovered against revenue due fg.if it is a gain,it is added to fgn revenue.how this amount to your alleged trillions i dont know.

Bros please. What are you talking?

Deji7474:
However there is a tweak to it:

Under the subsidy regime of the Jonathan government, oil marketers were paid bogus amounts of monies to cover for their expenses to supply the country fuel and maintain the price at an affordable amount - this led to the enriching of a few and impoverishing of the country, as most of the oil marketers did not even make any deliveries to Nigeria but were paid billions of Naira. Some others took crude oil to Ghana and Benin Republic but where paid as well.

Under the new system which operates under the Buhari’s government, oil marketers do not receive money from government. Instead, NNPC bears the cost of the differential and takes the hit on their own balances by ensuring that the price of petrol remains at N145 regardless of the fact that the landing cost has increased in such a way to make the 145 unprofitable.

In this new arrangement - which is called UNDER-RECOVERY - the Nigerian consumers benefit and not the marketers. If this is not done, the price of fuel would shoot up and the President has said he would never allow that happen.

What the government is doing to put an end to this regime, which is in itself a short term solution - is to fix our refineries including encouraging private sector involvement.

Chief Financial Officer of NNPC, Mr. Isiaka AbdulRazaq, who traced the advent of the subsidy regime to October, 2003 when NNPC was directed by government to commence the purchase of domestic crude oil at international market price without a corresponding liberalization of the regulated price of petroleum products noted that the subsidy regime has changed.

He explained that under the Jonathan subsidy regime, NNPC and other suppliers of refined petroleum products were entitled to file subsidy claims to the Petroleum Products Pricing Regulatory Agency (PPPRA).

Mr. AbdulRasaq, however, noted that unlike oil marketers, under the under-recovery regime NNPC did not receive cash payment for subsidy claims as its claims were deducted out of cost payment to the Federation Account after due certification by PPPRA.

I don't understand. Are you saying that presently the subsidy is now being paid by nnpc instead of the FG?

What is hard to understand here?. We are paying more because the Naira is lower. The fraud under PDP is in the doctored figures and fake declarations.

Deji7474:
However there is a tweak to it:

Under the subsidy regime of the Jonathan government, oil marketers were paid bogus amounts of monies to cover for their expenses to supply the country fuel and maintain the price at an affordable amount - this led to the enriching of a few and impoverishing of the country, as most of the oil marketers did not even make any deliveries to Nigeria but were paid billions of Naira. Some others took crude oil to Ghana and Benin Republic but where paid as well.

Under the new system which operates under the Buhari’s government, oil marketers do not receive money from government. Instead, NNPC bears the cost of the differential and takes the hit on their own balances by ensuring that the price of petrol remains at N145 regardless of the fact that the landing cost has increased in such a way to make the 145 unprofitable.

In this new arrangement - which is called UNDER-RECOVERY - the Nigerian consumers benefit and not the marketers. If this is not done, the price of fuel would shoot up and the President has said he would never allow that happen.

What the government is doing to put an end to this regime, which is in itself a short term solution - is to fix our refineries including encouraging private sector involvement.

Chief Financial Officer of NNPC, Mr. Isiaka AbdulRazaq, who traced the advent of the subsidy regime to October, 2003 when NNPC was directed by government to commence the purchase of domestic crude oil at international market price without a corresponding liberalization of the regulated price of petroleum products noted that the subsidy regime has changed.

He explained that under the Jonathan subsidy regime, NNPC and other suppliers of refined petroleum products were entitled to file subsidy claims to the Petroleum Products Pricing Regulatory Agency (PPPRA).

Mr. AbdulRasaq, however, noted that unlike oil marketers, under the under-recovery regime NNPC did not receive cash payment for subsidy claims as its claims were deducted out of cost payment to the Federation Account after due certification by PPPRA.

Even when the facts are painted in white you are still forming color blindness with your usual incoherent analysis like village headmaster

When this govt leaves office in 2023... The kind of corruption that will ooze out

Naija which way

Blackfire:
When this govt leaves office in 2023... The kind of corruption that will ooze out

Then shut it till then

Deji7474:
However there is a tweak to it:

Under the subsidy regime of the Jonathan government, oil marketers were paid bogus amounts of monies to cover for their expenses to supply the country fuel and maintain the price at an affordable amount - this led to the enriching of a few and impoverishing of the country, as most of the oil marketers did not even make any deliveries to Nigeria but were paid billions of Naira. Some others took crude oil to Ghana and Benin Republic but where paid as well.

Under the new system which operates under the Buhari’s government, oil marketers do not receive money from government. Instead, NNPC bears the cost of the differential and takes the hit on their own balances by ensuring that the price of petrol remains at N145 regardless of the fact that the landing cost has increased in such a way to make the 145 unprofitable.

In this new arrangement - which is called UNDER-RECOVERY - the Nigerian consumers benefit and not the marketers. If this is not done, the price of fuel would shoot up and the President has said he would never allow that happen.

What the government is doing to put an end to this regime, which is in itself a short term solution - is to fix our refineries including encouraging private sector involvement.

Chief Financial Officer of NNPC, Mr. Isiaka AbdulRazaq, who traced the advent of the subsidy regime to October, 2003 when NNPC was directed by government to commence the purchase of domestic crude oil at international market price without a corresponding liberalization of the regulated price of petroleum products noted that the subsidy regime has changed.

He explained that under the Jonathan subsidy regime, NNPC and other suppliers of refined petroleum products were entitled to file subsidy claims to the Petroleum Products Pricing Regulatory Agency (PPPRA).

Mr. AbdulRasaq, however, noted that unlike oil marketers, under the under-recovery regime NNPC did not receive cash payment for subsidy claims as its claims were deducted out of cost payment to the Federation Account after due certification by PPPRA.

For this your blabbing, NNPC is the one stealing this much!

osagix:
THIS IS SERIOUS

[color=#000099][/color]
Seriously serious. Sometimes ago they said there was nothing like subsidy, now they increased the price and embezzle more money. Adabi a da o o o.

profosa:
Ignorance is a disease.Does NNPC still payout subsidy to marketers? The way my no shoe C in C was doling out money to marketers.

Now the NNPC imports fully and then resale.cost of importing-cost of sale@145.if it is a loss,it is recovered against revenue due fg.if it is a gain,it is added to fgn revenue.how this amount to your alleged trillions i dont know.

If the FG is subsidizing the cost of fuel, who are they paying to?

Ballmer:

Then shut it till then

We don't have to wait till then

Deji7474:
However there is a tweak to it:

Under the subsidy regime of the Jonathan government, oil marketers were paid bogus amounts of monies to cover for their expenses to supply the country fuel and maintain the price at an affordable amount - this led to the enriching of a few and impoverishing of the country, as most of the oil marketers did not even make any deliveries to Nigeria but were paid billions of Naira. Some others took crude oil to Ghana and Benin Republic but where paid as well.

Under the new system which operates under the Buhari’s government, oil marketers do not receive money from government. Instead, NNPC bears the cost of the differential and takes the hit on their own balances by ensuring that the price of petrol remains at N145 regardless of the fact that the landing cost has increased in such a way to make the 145 unprofitable.

In this new arrangement - which is called UNDER-RECOVERY - the Nigerian consumers benefit and not the marketers. If this is not done, the price of fuel would shoot up and the President has said he would never allow that happen.

What the government is doing to put an end to this regime, which is in itself a short term solution - is to fix our refineries including encouraging private sector involvement.

Chief Financial Officer of NNPC, Mr. Isiaka AbdulRazaq, who traced the advent of the subsidy regime to October, 2003 when NNPC was directed by government to commence the purchase of domestic crude oil at international market price without a corresponding liberalization of the regulated price of petroleum products noted that the subsidy regime has changed.

He explained that under the Jonathan subsidy regime, NNPC and other suppliers of refined petroleum products were entitled to file subsidy claims to the Petroleum Products Pricing Regulatory Agency (PPPRA).

Mr. AbdulRasaq, however, noted that unlike oil marketers, under the under-recovery regime NNPC did not receive cash payment for subsidy claims as its claims were deducted out of cost payment to the Federation Account after due certification by PPPRA.

What u don't understand is that under GEJ, the money flows through the marketers to the general populace and there was plenty for everybody to share but under APC, the money flows through few individuals in the NNPC to their offshore accounts and there was recession, inflation, hunger and lost of jobs in the country