tcr Banner

Buhari Government, Oil Subsidy Scam/Corruption and the Phantom of False Integrity

Posted On: Sun 14 Apr 2019 By Dele Ikeorha

President Buhari and his handlers in the APC successfully sold to Nigerians in 2015 the dummy of integrity but after nearly four years, it is becoming clear that the Buhari administration is the most corrupt regime in Nigeria's history.

 

Recently, the IMF called for the total removal of fuel subsidies which in it's own independent computation amounted in the words of Christine Lagarde to $5.2 trillion. In her words at the  2019 Article IV Consultation on Nigeria noted ,_I will give you the general principle. For various reasons and as a general principle, we believe that removing fossil fuel subsidies is the right way to go. If you look at our numbers from 2015, it is no less than about $5.2tn that is spent on fuel subsidies and the consequences thereof And the Fiscal Affairs Department has actually identified how much would have been saved fiscally but also in terms of human lives, if there had been the right price on carbon emission as of 2015. Numbers are quite staggering.

 

Between January and November 2018, Punch reports, the Nigerian National Petroleum Corporation spent a total of N623.16bn on fuel subsidy under its under-recovery arrangement. Although the corporation insisted that it was not paying subsidy on petrol as it had no parliamentary approval for such, it revealed through the document presented to Federation Account Allocation Committee in December 2018, that what the NNPC had incurred as under-recovery in 11 months was N623.16bn.

 

Since President Buhari presidency,pump price for petrol have stood at the zero subsidy price of 140-145 naira band hence NNPC has consistently affirmed  that it was not paying subsidy on petrol as it had no parliamentary approval for such, it revealed through the document presented to Federation Account Allocation Committee in December 2018, that what the NNPC had incurred as under-recovery another name for subsidy in 11 months was N623.16bn.

 

The truth is that whatever money was paid for any so called subsidy with the pump price at 145 naira per litre  has no justification as the Federal government at that price was making profit on the importation of petrol and taxing the Nigerian people heavily. To turn around and claim a non existent subsidy is fraud of the highest order and one of the scans waiting to blow to smithreens the already exploded Buble of integrity and non corruption as together with the embezzlement of loans represent looting of Nigeria's treasure worse than we witnessed under the Abacha eta or ilitary governance in 24 years.

 

As Christine Lagarde said,the figures or numbers are staggering. The Buhari government is a corrupt regime

 

Pastor Dele Ikeorha

Co National Coordinator

PDP SOCIAL MEDIA GROUP

Client Advert Image