NewStats: 3,261,485 , 8,174,136 topics. Date: Thursday, 29 May 2025 at 11:59 AM q5v3l

Contrary to popular knowledge that the federal government has expunged oil subsidy from the Nigerian oil and gas system, Vice President, Yemi Osinabjo refuted the claim, saying it was not true. Osinabjo said that what the government did was to withdraw the monopoly hitherto enjoyed by the Nigerian National Petroleum Corporation, NNPC to allow free market sales. He said that “at $40 a barrel, there isn’t much of a subsidy to remove.”

In a statement tilted “The Fuel Pricing Debate: Our story”, personally signed by him, the Vice President said that the decision to adopt a new measure was essentially informed by the non availability of foreign exchange for the independent marketers to import fuel. His Statement: “The Fuel Pricing Debate: Our Story

“Fellow Citizens: “I have read the various observations about the fuel pricing regime and the attendant issues generated. All certainly have strong points. “The most important issue of course is how to shield the poor from the worst effects of the policy. I will hopefully address that in another note. “Permit me an explanation of the policy. First, the real issue is not a removal of subsidy. At $40 a barrel there isn’t much of a subsidy to remove. “In any event, the President is probably one of the most convinced pro-subsidy advocates.

“What happened is as follows: our local consumption of fuel is almost entirely imported. The NNPC exchanges crude from its t venture share to provide about 50% of local fuel consumption. The remaining 50% is imported by major and independent marketers.

“These marketers up until three months ago sourced their foreign exchange from the Central Bank of Nigeria at the official rate. However, since late last year, independent marketers have brought in little or no fuel because they have been unable to get foreign exchange from the CBN. The CBN simply did not have enough. (In April, oil earnings dipped to $550 million. The amount required for fuel importation alone is about $225million!).

“Meanwhile, NNPC tried to cover the 50% shortfall by dedicating more export crude for domestic consumption. Besides the short term depletion of the Federation , which is where the FG and States are paid from, and further cash-call debts pilling up, NNPC also lacked the capacity to distribute 100% of local consumption around the country. Previously, they were responsible for only about 50%. (Partly the reason for the lingering scarcity).

: http://www.vanguardngr.com/2016/05/fuel-price-hike-fg-not-removed-subsidy-says-vp-osinabjo/

Apc govt talking from all sides of their mouth...Brother Yemi obasanjo abi wetin be ur name u, and Buhari are confused.. Naira haf fall yakata, dat one sef can open yansh 2 much...no employment,for the youth Police wei pple hate.,wonder if na ghost dey apply 10,000 slots available, total application recieved 8hundred thousand, plus not even 80thousand, almost a million chai..GOD COME TO OUR RESCUE, naija is sinking.. GEJ sorry i said those bad things against you..during ur regime u gave us 9fed unis, wc mai state chop 1... U gave ASUU 200BN FOR Infastructure 30bn for earned allowance no govt have, done that in the past even now that u have left, wish u were a strict leader, who was ready to step on toes..even though una chop things were better..

Now, i am confused

This present govt na clown govt. only say dia jokes no just dey funny.

See as pastor wan use my head. Me! Me!! No naow. Me wey don see d future since 2 yrs ago, come dey try save many zombie them with warning dem no gree hear truth. Dey feed dem lie abeg. If u cast as lie mohd don cast u giv oyegun d mic. See as vp turn spokesman to minster of petroleum.
Yeye country.

I am beginning to think Nigeriia is running a confused system of Goverment.

[size=13pt]Kai what did we do to deserve this Fraudulent APC Government.
They keep spreading falsehood and propaganda everyday.
The whole fuel subsidy removal is a scam, just watch how things will get worse in the coming weeks, by the time Buhari devalue the Naira next week.

Thunder fire APC with all their lies and deciet.
Thunder fire all APC zombies still ing this fraudulent Government anti people policies laced with rumors and propaganda.
[/size]

Pidggin:
Now, i am confused

you're not, your government is.

Those IPOB and wailing mourners won't read and understand. Simple explanation is just way above their comprehension capacity... Shioorr!

Sometimes, it's better to keep quiet instead of talking trash.

I understand his point but the explanation is needless.

Someone in d industry, told me that d govt is deceivng us. That this is not full deregulation and that d fed govt will deceive us, that they are paying some Lil subsidy (SCAM) into their pockets.

Well let's watch and see.

Okay...... Continue...... God dey .. ..

Confusion everywhere...If APC says "good morning nigeria" nigerians need to go outside to confirm if indeed its actually morning and not evening...SMH

These malicious and demonic media keeps twisting things just to make the people to hate this govt.

Pavarottii:
Someone in d industry, that d govt is deceivng us. That this is not full deregulation and that d fed govt will deceive us, that they are paying some Lil subsidy (SCAM).

Well let's watch and see.

They claim they've removed subsidy yet they are still fixing price...I just tire for the confussion

Story for the gods

Ah! Kiloshele?

Pidggin:
Now, i am confused

U r no more confused than I am

I want to believe this is an old news before the recent increment, if not, then we've been fantastically lied to.

fitzmayowa:


Confusion everywhere.

..If APC says "good morning nigeria" nigerians need to go outside to confirm if indeed its actually morning and not evening..

Vice President, Yemi Osinabjo refuted the claim, saying it was not true. Osinabjo said that what the government did was to withdraw the monopoly hitherto enjoyed by the Nigerian National Petroleum Corporation, NNPC to allow free market sales. He said that “at $40 a barrel, there isn’t much of a subsidy to remove.”

See breakfast for the wailers!

Why is this people doing this

Burger01:
Those IPOB and wailing mourners won't read and understand. Simple explanation is just way above their comprehension capacity... Shioorr!

**** what is their to read? That suddenly CBN can't provide Fx for fuel importation when the likes of Dangote, Aisha Buhari and other bourgeois are messing with our Fx.. By the time Nigerians will realize that GEJ was the best thing that happened to Nigeria, PMS will be sold for 200, dollars will be exchanged for 500. I just don't like youths that cannot ruminate.

Burger01:
Those IPOB and wailing mourners won't read and understand. Simple explanation is just way above their comprehension capacity... Shioorr!

please explain to us.. is that fuel is now at 86 naira where it was pegged or its is now hiked officially to 145 naira without subsidy removal.. Lets see who has the comprehension capacity

Burger01:
Those IPOB and wailing mourners won't read and understand. Simple explanation is just way above their comprehension capacity... Shioorr!

You are an idiot, what is there to read? That suddenly CBN can't provide Fx for fuel importation when the likes of Dangote, Aisha Buhari and other bourgeois are messing with our Fx.. By the time Nigerians will realize that GEJ was the best thing that happened to Nigeria, PMS will be sold for 200, dollars will be exchanged for 500. I just don't like youths that cannot ruminate. I thought your messiah Buhari is now petroleum minister, they even claim that our four refineries are now providing 70% of our local consumption? Lying govt.

Can someone explain in clear what the VP is offering.
If the hike is as a result of none access to forex, does it mean that the more dollars rises at the parallel market, the more the price of PMS shoots up? I don't even understand again.

[size=16pt]What The F is this news? [/size]

Ikpu nwanyi ajadu, agbaa oku.


APC, see una lives.

We don enter am, no amount of complaints will save us from these sets of confused and incompetent fellows.

2019 is what I look up to,


@ the mean time, they have succeeded in wasting 4 solid years for all of us.

Vanguard is confused.

shadelek:
Contrary to popular knowledge that the federal government has expunged oil subsidy from the Nigerian oil and gas system, Vice President, Yemi Osinabjo refuted the claim, saying it was not true. Osinabjo said that what the government did was to withdraw the monopoly hitherto enjoyed by the Nigerian National Petroleum Corporation, NNPC to allow free market sales. He said that “at $40 a barrel, there isn’t much of a subsidy to remove.”

In a statement tilted “The Fuel Pricing Debate: Our story”, personally signed by him, the Vice President said that the decision to adopt a new measure was essentially informed by the non availability of foreign exchange for the independent marketers to import fuel. His Statement: “The Fuel Pricing Debate: Our Story

[b]“Fellow Citizens: “I have read the various observations about the fuel pricing regime and the attendant issues generated. All certainly have strong points. “The most important issue of course is how to shield the poor from the worst effects of the policy. I will hopefully address that in another note. “Permit me an explanation of the policy. [size=13pt]First, the real issue is not a removal of subsidy. At $40 a barrel there isn’t much of a subsidy to remove.[/size] “In any event, the President is probably one of the most convinced pro-subsidy advocates.

“What happened is as follows: our local consumption of fuel is almost entirely imported. The NNPC exchanges crude from its t venture share to provide about 50% of local fuel consumption. The remaining 50% is imported by major and independent marketers.

“These marketers up until three months ago sourced their foreign exchange from the Central Bank of Nigeria at the official rate. However, since late last year, independent marketers have brought in little or no fuel because they have been unable to get foreign exchange from the CBN. The CBN simply did not have enough. (In April, oil earnings dipped to $550 million. The amount required for fuel importation alone is about $225million!).

“Meanwhile, NNPC tried to cover the 50% shortfall by dedicating more export crude for domestic consumption. Besides the short term depletion of the Federation , which is where the FG and States are paid from, and further cash-call debts pilling up, NNPC also lacked the capacity to distribute 100% of local consumption around the country. Previously, they were responsible for only about 50%. (Partly the reason for the lingering scarcity).[/b]

Read more at: http://www.vanguardngr.com/2016/05/fuel-price-hike-fg-not-removed-subsidy-says-vp-osinabjo/

[size=16pt]What exactly is it with Vanguard and distortion of information?.... How do the words of the VP above translate into this title Vanguard has just published?[/size]

These guys at Vanguard have proven and re-proven themselves to be anarchists knowing that Nigerians only read titles before airing their opinions. Meanwhile these exact same words by the VP were reported by almost every other media house (including Vanguard) in the past 3 days, but fast-forward to Saturday, Vanguard now thinks the exact same words deserve a new interpretation and title.

This was the same Vanguard that heard Buhari say in a campaign:
"It is not good for the 1 dollar to exchange at N230"

And the next day Vanguard reports:
"I will make N1 = $1"

Now the VP says subsidy removal isnt the main cause of the hike, but rather, the high exchange rate is responsible since marketers now have to source forex at the parallel market.

But of course, Vanguard has a better interpretation of the above simple statement:
"FG Has Not Removed Fuel Subsidy"

Jesus Christ... What have Nigerians done to deserve these set of mad confused people as rulers?

MaziOmenuko:
Can someone explain in clear what the VP is offering.
If the hike is as a result of none access to forex, does it mean that the more dollars rises at the parallel market, the more the price of PMS shoots up? I don't even understand again.

Exactly... The masses will bear the cost of more increase in dollar

tayebest:







See breakfast for the wailers!

This was just Vanguard being dubious with their interpretations and titles, knowing that Nigerians are too intellectually lazy to read beyond titles.

Any person with the most basic comprehension skills can see clearly that the words of the VP has no single link with with the title.

quote author=MisterGrace post=45602552]These malicious and demonic media keeps twisting things just to make the people to hate this govt. [/quote]I think the time may just be right to close down Vanguard, the rate at which they distort stories to serve whatever agenga they have is scary.