Chinomnso Awazie, (LinkMoment).
According to Punch News reports titled: “FG returns petrol subsidy, retains official pump prices,” it says:
“The Federal Government on Saturday recommenced the payment of subsidy on petrol as it subsidised the commodity by N5.84 for every litre of premium motor spirit consumed in Nigeria. Subsidy on petrol was stopped in January after the review of the pricing template of the product by the government. It also announced that the current official pump prices of petrol would remain at N86 per litre when purchased at filling stations run by the Nigerian National Petroleum Corporation and N86.5 per litre when sold at outlets operated by other oil marketers.” – PUNCH NEWS.
Meanwhile, President Buhari was caught on video tape in April, 2015, during a prepared press briefing, calling this same fuel subsidy a fraud. Below is the text of the video, the ones I could hear! In some places, I couldn’t make out what he was saying. WATCH …
Buhari said, “if any body said he is subsidizing anything he is a fraud.”
“Who is subsidizing who? The Nigerian oil industry was developed with Nigerian capital. In fact most of the expertise are Nigerians, if you go into the field. It’s Nigerian *#$%^, it’s Nigerian oil, what I understand Nigeria should charge Nigerians is the cost of one barrel in the well head, and then the cost of transportation to the the refinery, the cost of refining it, and it’s cost at the pump.
“IF ANYBODY SAYS HE’S SUBSIDIZING ANYTHING, HE IS A FRAUD!”, Buhari declared.
“So all this people talking about subsidy, WHO IS SUBSIDIZING WHO? There’s so much fraud in corruption as I explained that I don’t talk about it. But the day I will have to talk about it, I will ask the petroleum economists to come and tell me who is subsidizing Nigerian oil. Whose oil is it?
“We have four refineries, with za capacity of 480,000 barrels per day, that’s if they are in “*&^$. Because of corruption, they have allowed those refineries, you know, to become so inefficient, that I don’t think they produce half their capacity.
“Now, instead of taking za balance of what we refine outside to be refined outside, and we used to, when there is a turn around maintenance when I was in petroleum, hardly Nigerians know. Because we negotiate with oil companies, we say okay, Nigeria is using say 200,000 barrels per day, take 200,000 barrels per day, you refine it, you bring the refined products to us, you sell the rest of things we don’t need, and then we got the subsidy as Nigerian crude.
“We ask them to take commission for what they have refined. But when our refineries, we built three more refineries, it used to be one in Port Harcourt, we built another one in Port Harcourt, 150,000, with &^%&^ 250,000, Warri own 100,000, Kaduna own 100,000, and there are supposed to be any &%^, now if *&^^^%% we are taking 250,000 to be refined outside, all we have to do is pay the fee for this refining and we bring our own oil and sell it.
“And people say they are subsidizing, who are they subsidizing? I don’t understand and I need the petroleum economist who will explain to me this question of subsidy. IT’S SHEER FRAUD AND CORRUPTION.” – President Muhammadu Buhari.