Atiku To Achieve N97/Litre For Petrol Is Impossible Says Keyamo

Atiku To Achieve N97/Litre For Petrol Is Impossible Says Keyamo

Atiku To Achieve N97/Litre For Petrol is Impossible Says F. Keyamo. The spokesperson of Mr. President, Festus Keyamo say is Impossible for Atiku To Achieve N97/Litre For Petrol.

Atiku To Achieve N97/Litre For Petrol Is Impossible Says Keyamo

Mr. Festus Keyamo Challenged Atiku Abubakar

As a matter of facts, Mr. Festus Keyamo challenged Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP), over his Petroleum claims of 97 Naira per litre.

Atiku Abubakar Claims to lower petrol pump price from 143 to N97/litre if elected as President in 2019.  As a matter of facts, H.E. Alhaji Atiku Abubakar will, “if elected President”, crash the pump price of petrol to N97 per litre.

However, there is no better evidence of desperation and phantom promises by the main opposition’s candidate than this statement,”. Furthemore, F. Keyamo says; there is no chance any President could sell the product for any price lower than what is been sold now.

Landing Price Petrol alone is N205/litre

As a matter of facts, the landing price alone is N205/litre. The international price of gasoline today has tripple. No supplier will ever contemplate any scheme that will deliver products at such ridiculous price. In like manner, those in the oil sector will ridicule him because is impossible. Looking at international prices, it will cost nothing less than N158 to procure a litre of crude oil. When you add the cost of refining, plus freight, finance and port charges (premium), there is no magic he could do.


Alhaji Atiku Abubakar is An Opportunism

Facts has show that Alhaji Atiku Abubakar is an opportunism of the highest order. In like manner, Nigerians are aware that higher crude oil prices will translate to higher government revenues.  A prudent administration will convert the resources to the benefit of the common man. This is exactly what Mr. President has done since he mounted the saddle in 2015. The President has worked out a transparent system whereby the whole subsidy regime and scam has been totally eliminated. There is no cash incentive or payment again to middlemen.

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Furthermore, Keyamo listed 20 reasons why Atiku’s claim is a political gimmick and simply impossible:

What obtained under the past government was the ABUSE of the subsidy regime.

  1. What obtained under the past government was the ABUSE of the subsidy regime.

  2. The system under the past Government was that independent marketers and all sort of persons were allowed to import petroleum products on their own, declare non-existent volumes of these products and get paid for these non-existent volumes.

  3. In addition, government would then pay them cash for the “loses” (subsidy) in selling at fixed market price.

  4. Under this old system, more than N3trillion was lost.

  5. However, when these independent marketers could no longer bring in products due to high prices of crude and make profit at the fixed market price of N145 to a litre, President Buhari refused to further raise the price of petroleum products beyond the N145 per litre. The President was also not prepared to go back to the subsidy regime. Therefore, President Buhari stopped the scam of overblown volumes and subsidy payments to middlemen.

  6. As a result, NNPC took full charge of getting products for consumption.

  7. Under this arrangement, NNPC would swap crude oil for the exact value of finished products in refineries anywhere the products are available around the world.

  8. Middlemen are only allowed to go and ferry the products and bring into the country and hand over to NNPC.

  9. NNPC will only then pay them for the cost of the logistics of bringing the products in (this is what is called premium).

  10. Even this cost of logistics is now subject to competitive bidding unlike before.

  11. In the past, marketers used to charge $86 per metric ton as cost of logistics (premium) to bring in products.

  12. Under Buhari’s regime when it was subjected to competitive bidding, the highest the government got was $7 per metric ton as cost of logistics to bring in products. More than N3billion has been saved by this bidding process.

  13. Having gotten the value of the crude oil back in terms of finished products, NNPC will now sell at government controlled price which is far lower than the landing cost.

  14. Presently, the landing cost is around N205 per litre, but government sells at N145 per litre.

  15. Therefore, Government just records a loss in NNPC instead of paying cash to middlemen. That loss it suffers is fully reflected when NNPC pays money into the Federation Account.

  16. This also further affects the money accruing to States monthly from the Federation Account.

  17. As a result, this loss that NNPC suffers, (which is recorded as cost of operation of NNPC) is fully subjected to scrutiny by the National Economic Council which also includes the PDP Governors and the Federation Accounts Allocation Committee (FAAC), which includes Commissioners of Finance from PDP States.

  18. If anybody alleges a scam in the process, then the PDP Governors and the States would also be involved because they are involved in jointly scrutinizing the records of NNPC at NEC and FAAC.

  19. No cash settlement for any under recovery is involved, therefore there is no basis for any subsidy payments which is the avenue for fraud.

  20. Therefore, it is true that Buhari is not paying subsidy to anybody.

From the above, what can you say? Is Atiku’s claim Right or Wrong? Send us your Comments or Contribution to hear your View. Nigeria is our own Country, your idea can save us all.

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