The Landing price for PMS is 1250 naira and the pump price of PMS at the petrol stations is 920 naira with the difference of 330 naira which the subsidy cartels will charge the NNPC to pay on behalf of the Nigerian consumers as subsidy.
2023 data according to NNPC shows that Nigerians consumes 66, 000, 000 liters of PMS per day i.e let’s do the math to know how much the subsidy cartels get from NNPC daily for subsidy payment.
Overall cost ;
66, 0000, 000 litres x 1250 naira = 82,500, 000, 000 billion naira. Is what NNPC spend daily to buy PMS for Nigerian consumers.
With subsidy inclusion:
66, 000, 000 litres x 800 naira = 52, 8000, 000, 000 billion naira is what NNPC makes daily from selling PMS to marketers who now sales it to Nigerian consumers at 920 naira per litre.
Here is where devil is ; the actual litres consume by Nigerians because on paper it is 66, 000, 000 litres per day and that’s where Nigerian eyes should be on because that’s were the corruption begins that’s knowing the actual litres.
Now for how much the Federal Government pays through NNPC till date as subsidy;
Remember the difference was 330 naira per litre.
66, 000, 000 litres x 330 = 21, 780, 000, 000 billion naira everyday to cushion the landing price being transferred to consumers as pump price.
I urge President Asiwaju Bola Ahmed Tinubu to act like President Vladimir Putin of Russia did to save his country from the oil cartels that were destroying the Russian economy. He sacked all the managements in the oil export sectors, sacked all the managements of the maritime security, arrested lots of these oligarchs and made sure they were put into prison. And established a system that all Russians knows how many barrels of crude oil the country sales daily and what is being refined in the country with them using their mobile phones to monitor all these businesses involved in the oil sector. And after Saudi Arabia and Russia is the highest earner from crude oil and see how the monies being utilized to develop Russia with the best social programmes in their Country even with the sanctions the President still increased salaries of workers in the Country with also handling huge infrastructures projects like building entirely new cities from the war ravaged city seized from Ukraine.
Until Nigeria does this, the Country will still be seen as fantastically corrupt.
Aso Rock Villa
