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FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank - Politics - Nairaland 6h3o3h
FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank (15476 Views)
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| Omooba77: 4:02pm On Apr 10, 2019 |
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Oil sector productivity declined despite healthy prices Chineme Okafor in Abuja A World Bank report called the “Nigeria Biannual Economic Update” for 2018, which was released on Monday and obtained by THISDAY yesterday in Abuja disclosed that Nigeria spent N731 billion to subsidise petrol consumption in the year under review. The report, which is a product of the staff of the World Bank and tells of key developments in Nigeria’s economy in the recent past, summarises the staff’s assessment of likely economic outcomes in the short-to-medium term, given the policy developments; as well as highlights key short-term risks in the country It explained that within the year under consideration, Nigeria’s oil sector declined in its productivity, ending on 1.9 million barrels a day (mbd) production mark as against the government’s hope of 2.3mbd. Additionally, it stated that the Excess Crude (ECA), which provides the country some fiscal buffer, was virtually depleted even though prices of Nigeria’s Bonny Light blend was averagely $21 per barrel more than the oil price that was or budgeted for in the year. The World Bank had in November 2018 stated in another report titled: ‘Nigeria Bi-annual Economic Update for Fall 2018,’ that petrol subsidy deductions for 2017 full year was N107.3 billion, but its current report showed that N731 billion was spent in 2018 alone. According to it, most of the petrol volumes Nigeria spent money to subsidise in 2018 were inflated as daily consumption rose to 54 million litres per day (ml/d) from 40ml/d in 2017, ostensibly due partly to out-smuggling. “Oil and gas revenue collection increased in 2018 but remained below potential. Net oil and gas revenues retained in the federation grew by 73 per cent in nominal : as oil production remained stable, the increase has been driven by the oil price. https://www.thisdaylive.com/index.php/2019/04/10/fg-spent-n731-billion-to-subsidise-inflated-petrol-imports-says-wbank/?amp 1 Like 2 Shares |
| Nbote(m): 4:26pm On Apr 10, 2019 |
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Subsidy deductions for 2017 107billion... Subsidy deductions for 2018 alone 731 billion Mr Integrity at work.. Koolking: Oga not everyone have lost their common sense of reasoning... Nigerians now pay more for fuel but yet are paying overly more in subsidy claims but u somehow don't see anything wrong in it becos those who do are on d look out for negative news? There is more wrong with U dan with d govt 185 Likes 18 Shares |
| Omooba77: 5:59pm On Apr 10, 2019 |
Nbote:Nigeria is a peculiar country that defies logic 73 Likes 5 Shares |
| Re: FG Spent N731 Billion To Subsidise Inflated Petrol Imports - World Bank by Nobody: 7:08pm On Apr 10, 2019 |
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Rogues as leaders.... 40ml in 2017 / 54ml in 2018 36 Likes 6 Shares |
| Omooba77: 8:03pm On Apr 10, 2019 |
Esseite: When last have you filled your tank. Lalasticlala can tell how much Seun dey spend on fuel. 1 Like 1 Share |
| Omooba77: 8:35pm On Apr 10, 2019 |
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Subsidy higher than education, defence budget.
49 Likes 4 Shares |
| Kendumazy(m): 8:41pm On Apr 10, 2019 |
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Mheen! This subsidy thing, most Nigerian didn't understand it except the people wey dey chop the money. Make dangote quick with him refinery make this mysterious subsidy thing die by dangote refinery joor. USA Used Samsung s6 edge plus for sale. Check link https://nairaland.isosite.org/5116583/clean-usa-used-samsung-s6#77432444 8 Likes |
| maberry(m): 8:41pm On Apr 10, 2019 |
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Corrupt government
26 Likes 6 Shares |
| KingsCity: 8:42pm On Apr 10, 2019 |
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sad increased fuel price from N87 to N145 and increased subsidy too and then somebody says this government's biggest achievement is fighting Kwarapshon! 93 Likes 6 Shares |
| aolawale025: 8:42pm On Apr 10, 2019 |
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These money must have been looted
23 Likes 1 Share |
| opalu: 8:42pm On Apr 10, 2019 |
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Next level
15 Likes |
| Yemisi87: 8:42pm On Apr 10, 2019 |
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Inflated under the man of integrity.
46 Likes 2 Shares |
| sammyj: 8:42pm On Apr 10, 2019 |
  This is the handy work of Atiku foreign lobbyists since this report is coming from a foreign bank
7 Likes |
| BusinessHub1: 8:42pm On Apr 10, 2019 |
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These guys are criminals, hardened ones. I trust one demonic short evil who claim pastor to come and give us another version of this. Pastor from pit of hell. 57 Likes 5 Shares |
| Muyiwaipere(m): 8:46pm On Apr 10, 2019 |
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is like this people think we don't know the value of money again..... na so Dem come dey tell us say we need 50billion naira to build national library ....... well I don't have there time now...I am in sifia pains ...Barca is trashing us in OUR own hauz 4 Likes 1 Share |
| nymphomaniac(m): 8:46pm On Apr 10, 2019 |
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If the report is true and a precise version of what is actually happening, then this is a classic case of robbing Peter to pay Paul. Let's see how long it lasts.
10 Likes |
| Ftfdva: 8:46pm On Apr 10, 2019 |
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Hyg
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| soberdrunk(m): 8:46pm On Apr 10, 2019 |
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Dangotes refinery is estimated at "12 Billion dollars", 731 billion naira= over 2 BILLION dollars, I weep for Nigeria.......!!!
15 Likes |
| Arysexy(m): 8:46pm On Apr 10, 2019 |
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Buhari is pyting kwarofshan
15 Likes 1 Share |
| whatmoreng: 8:46pm On Apr 10, 2019 |
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next level in action
17 Likes 1 Share |
| israelmao(m): 8:46pm On Apr 10, 2019 |
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Previous Level and Next Level put together.
11 Likes 1 Share |
| maberry(m): 8:46pm On Apr 10, 2019 |
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Nigerians will only know the monumental corruption of this current government when they loose power Till then let the ignorant ones amongst us wallow in their ignorance 40 Likes 2 Shares |
| chibu4u2(m): 8:46pm On Apr 10, 2019 |
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Wakanda fuckery is this? Mtchewwww. 5 Likes 1 Share |
| three: 8:46pm On Apr 10, 2019 |
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. The reason Nigerians are being roundly deceived by this government is the millions of naira spent on online and traditional media. This subsidy under recovery farce is not news, they have paid handsomely to handle public relations and messaging. FRAUDS STEALING WITH INTEGRITY since 1976 . 30 Likes 4 Shares |
| SimplePlan34: 8:46pm On Apr 10, 2019 |
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Ok
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| 0taPiaPia(m): 8:46pm On Apr 10, 2019 |
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Have nothing to say 
4 Likes |
| Ayoswit(f): 8:46pm On Apr 10, 2019 |
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K
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| Teewhy2: 8:47pm On Apr 10, 2019 |
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This country Nigeria the more you try to reason it, the more you get confused.
4 Likes |
| maberry(m): 8:47pm On Apr 10, 2019 |
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Nigerians will only know the monumental corruption of this current government when they loose power But until then let the ignorant ones amongst us wallow in their ignorance 15 Likes |
| olas24u(f): 8:48pm On Apr 10, 2019 |
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Seems world Bank is cooking some new poverty forever policies ,they keep involving themselves yet the people have never smelt prosperity,with all their recommended policies.
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| Bossontop(m): 8:48pm On Apr 10, 2019 |
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And to think some pipu wee still come and be shouting mr incorruptible, mr saint, mr "i dey slow but i nor dey loot" ........hahahaha Na small small d truth go dey comot [img]https:///media/3-18-2018/Mgd9b8.gif[/img] 18 Likes |
| daddytime(m): 8:48pm On Apr 10, 2019 |
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Hmmm...there's nothing like subsidy...any subsidy is fraud.. That was the chorus we were served with before power changed hands... I those days wey we dey play monkey post...some people go dey shout "I go play..I go play"...put them for game...na yawa you go see.. EFCC and SARS are busy terrorising boys with dreadlocks...what armed robbery or financial crime is greater than this...? 5 Likes |
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