He explained the cost process and told the public that fuel subsidy in an oil-soaked country like ours, is nothing but corruption; a brazen theft of public funds. As to how we can determine the true cost of a litre of fuel, he worked it out brilliantly: “the cost of one barrel at the wellhead and then the cost of transportation to the refinery, the cost of refining it and its cost at the pump.
Her speech contains four main ingredients. First, that Buhari and his government accept the contrived fuel subsidy. Secondly, that the administration agrees with the IMF that fuel subsidy is like cancer which must be removed. Thirdly, that fuel price would be hiked. Fourthly, because Buhari loves poor Nigerians, he wants to cushion the effects of the price hike.The issue of ‘cushioning’ the effects, is a fraudulent old trick repeatedly played on Nigerians.
In fact, while the Buhari government had claimed that it was not paying subsidy and that it had thereby saved the country N1.4 trillion annually, in truth, it was paying about that amount as fuel subsidy. The price of one barrel of petrol at the depot gate is the sum of the cost of crude oil, the refining cost and the pipeline transportation cost. Refining costs are at $12.6 per barrel and pipeline distribution costs are $1.50 per barrel. The distribution margins are N15.49/litre or $16.58 per barrel. The true cost of one barrel of petrol at the Mobil filling station in Port Harcourt or anywhere else in Nigeria is, therefore, or $35.7 per barrel. This is equal to N33.
...and he has been paying it for four years! What does the law says about accomplice of fraud?
And also unending visitations outside of nigeria for medicals and sundry reasons also total wastage of our sarce resources by inec in that scam called elections is also a fraud
Buhari is just a master hold in lies. He present him self as angel in d beginning but now his full evil is out. He only fulfill one promise to naija. Baboon and monkey is now sucking in blood at d north. That's promise fulfilled
If fuel subsidy is a fraud,then the person who perpetrated it is certainly a fraudster.He must put aside his hypocrisy & do the right thing.
He is now the 'F' in fraud n fuel .
This government should be the one paying the subsidy,not the masses because the things are hard already for the common citizens
Let him do something about it, we will endure the hardship that will comes in fighting the cabal that are busy telling lies whiles cooking figures to there own gain-good leadership we need
The question is; what is he going to do about it?
ok
Nigerians are useless Buhari is running a military rule in democracy yet Nigerians kept dump and keep searching for food and drinks It is unbelievable the kind of things in Nigeria as human beings
Buhari Government said they have ended subsidy later we saw billlions and trillions
Well, if you think he is right, then why is he still paying, is he part of the froud?
Who is the fraud
Buhari is now part of that fraud called fuel subsidy interestingly he doesn't know how to handle the fraud he is into.
Yes. But removing subsidy right now is not the better solution. Refineries have to be working properly before talking on removing subsidy or not.
Funny people and funny country .. We are still observing fuel subsidy till now nothing has change
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