Buhari, 2019 and the Fuel Import Bazaaar At NNPC, By Samuel Ajayi

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ABUJA (Sundiata Post) Under Goodluck Jonathan, our daily fuel consumption picked at 33m litres. Even at that, Ibe Kachikwu, former NNPC boss, said that was fraudulent.

“Max should have been 25m litres,” he said.

Today, our daily consumption, according to NNPC official records, stands at SIXTY-FIVE million litres. What this means is that between 2015 and 2018, Nigerians have become so prosperous that there has been an almost HUNDRED PERCENT increase in fuel consumption.

Maikanti Baru, the new NNPC boss, has blamed the increase to activities of smugglers. He says our borders are too porous and this encourages fuel smuggling.

But this is what Zamfara governor, Yari, has to say about the astronomical increase:

“Many of our international partners are saying that even if we are feeding Nigeria, Cameroon, Ghana and Niger, we cannot consume more than 35 million litres per day. So, we are wondering where the 60 million litres is coming from.”

What exactly is going on? Very simple and here it is:

  • NNPC imports almost 90% of our fuel for local consumption.
  • It takes a percentage of its cash inflow to pay for this and since it sells at controlled price, it also takes subsidy to cover the shortfall.

  • The cost differential occasioned by road transportation from Lagos to say, Jos, is defrayed from the Petroleum Equalisation Fund, PEF.

Now the racket:

  • Some smart guys in NNPC round-trip by taking money for 65m but bringing in 35m. And still takes subsidy for the excess that is not imported in the first place.
  • The claim by the Customs boss and accolades by Buhari for same Custom make Bari’s claim suspicious.

  • Are you still asking how Buhari’s 2019 election campaign will be financed?

    Keep asking…

    Source: Facebook

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