and as there has been
.. historically and currently ..
a lot of published material related to
Nigeria Oil & Gas
an approach that we can adopt here
regarding doing a post on Petroleum Subsidy
is an approach that
encompasses material on the matter on the internet
as such material can
readily be
■ referenced
■ referred to
■ googled
■ browsed to
■ surfed to
in any case,
as at date today 25 February 2024
that i update this post initiated on 29 November 2023
the subject matter
of
FUEL SUBSIDY
also referred as
PETROLEUM SUBSIDY
in general Nigeria conversation parlance
seems to be,
to all intents and purposes,
both
a SETTLED MATTER
and a SETTLED ISSUE.
by this,
Linda Caicedo ohbee nm ( obi m ) ( obim ),
i mean that
while there are
rumours and speculations
here and there
rumouring that and speculating that
the FUEL SUBSIDY a.k.a PETROLEUM SUBSIDY
was removed and then put back
… i.e to say that
the FUEL SUBSIDY a.k.a PETROLEUM SUBSIDY
is still in place and active
it would seem to be
that
the OFFICIAL POSITION of Nigeria Administration
on the subject matter is
that
the FUEL SUBSIDY a.k.a PETROLEUM SUBSIDY
■ has been removed
■ has been totally removed
■ has been completely removed
■ has been finally, totally, completely, and fully removed.
Linda Caicedo ormahleechar nm ( omalicha m ) ( omalicham ),
it is only due pragmatic procedure
for the ordinary citizen world-wide
to
adopt, accept and go by
the OFFICIAL POSITION of (any) Administration world-wide
on any and all issues
whenever
there may be or seem to be
a divergence
between
rumours and speculations
and
the OFFICIAL POSITION of Administration
on issues.
therefore,
rumours or no rumours,
speculations or no speculations,
it is and will be taken as given
that
in the country Nigeria
the FUEL SUBSIDY a.k.a PETROLEUM SUBSIDY
■ has been removed
■ has been totally removed
■ has been completely removed
■ has been finally, totally, completely, and fully removed.
that understanding
necessarily draws attention and observation to
how and if the removal
of
the FUEL SUBSIDY a.k.a PETROLEUM SUBSIDY
■■ may have impacted or may have not impacted
on
Nigeria Residents and the Nigeria Economy
■■ may in the emerging future impact on
or
may not in the emerging future impact on
Nigeria Residents and the Nigeria Economy.
Linda nnmah nm ( nma m ) ( nmam ),
at a guess
this sort of discourse
may best be left to
▼ the knowledgeable
▼ the erudite
▼ the informed
▼ classes and studies in Management, Economics, Finance, Administration, etc
which groups
by their very circumstance
may be best suited
to
provide meaningful x-ray and linked empirical data.
it may suffice for us at our blog
to simply observe that
from some commentary
in some media
it would seem that
there is and has been
■■ an increase
in the costs ( and prices ) of goods and items
e.g
food .. rice, garri ( historically a Nigeria staple ), etc
■■ an emergent and continuing increase
in the costs ( and prices ) of goods and items
e.g
food .. rice, garri ( historically a Nigeria staple ), etc
and
it is in this area
that
.. not being initiates and insiders privy to the workings of
the Petroleum Sector
and
therefore not knowledgeable as to the many? measures
Administration has taken to stabilize / sanitize the Nigeria National Economy ..
the ordinary folk on the streets rumour that
they hope that Administration has taken a look at
or
will in future that a look at
some? of the invoicing? in the Petroleum Sector
as this may, if positively done,
have some impact on
halting or reducing
the incidence of
upwardly spiraling costs and prices
of goods and services
witnessed
or
being witnessed across the Nigeria Economy
Linda Caicedo nnkeh nm ( nke m ) ( nkem ),
perhaps this point is best elucidated
by
referencing an incident
in Nigeria
back in the day circa 2012
i.e 2024 – 2012 = 12 years ago
linked to invoicing in the Petroleum Industry
it would appear that
in circa 2012
the Administration of Nigeria
took a look at the matter of Petroleum Subsidy
with a view to
ending it.
according to media reports
at the time :
“Nigeria subsidizes fuel
and
Nigeria took a look at the United States Dollars $6.7 billion
Petroleum Subsidy was costing Nigeria at the time
and
found that United States Dollars $1.4 billion of this
was fraudulent
and decided not to pay the Petroleum Subsidy”
Linda ormahleechar nm ( omalicha m ) ( omalicham ),
i remember that period with some degree of finite-ness
as
i was
following the Champion Lawn-Tennis Player Serena Williams
via the internet
at the time
all the way from here in Nigeria, Western Africa, Africa
and
i sort of .. seemingly .. automatically? .. noted interesting events that occurred
around the period(s) she was playing her matches around the world
whether in
Australia .. Brisbane International, Australian Open
USA .. Sony Ericsson Miami, Charleston, Emirates Series, US Open
Spain .. Mutua Madrid Madrelina
England .. Wimbledon, London Olympics 2012
Italy .. BNL Internazionali D’Italia
or
any where else in the world at the time
e.g
in Monterrey where she played Lawn-Tennis on frozen ice
rather ill-advisedly ???
barely days/weeks or weeks after recuperating from the stress
to her ankle, foot and leg in Brisbane and Melbourne.
Linda nnmah nm ( nmah nm ) ( nmam ),
that period was
January 2012
and it remains easy to remember
because
on January 4, 2012
Serena had a severe injury in her match at Brisbane
which had
a very negative effect on her ultimate performance and ultimate results
at
the Brisbane International Lawn-Tennis Competition 2012
and
at
the immediately subsequent
Melbourne, Australia Australian Open Lawn-Tennis Competition 2012
as my memory serves
… and if my memory serves correctly …
the events at the time
included that
on 1 January, 2012
the then President of the Federal Republic of Nigeria,
His Excellency Dr. Goodluck Jonathan
gave a nation-wide broadcast Presidential Broadcast
in which
among the issues addressed
he announced the REMOVAL OF PETROLEUM SUBSIDY.
Linda nm,
the reaction(s)
to the announcement of
the REMOVAL OF PETROLEUM SUBSIDY
were crystal
and crystal-clear
and are on record in the public space.
there were protests
and
there were industrial actions
staged in protest
against
the REMOVAL OF PETROLEUM SUBSIDY.
this happenstance is note-worthy as
.. according to rumours ..
some very powerful entities and some very influential entities
who
at that time 2012
had key influence in the protest(s)
against
the REMOVAL OF PETROLEUM SUBSIDY
which protests
at the time
caused the circa 2012 Nigeria Administration to
back off
i.e
back down
on the
FULL REMOVAL OF PETROLEUM SUBSIDY
as the then 2012 Nigeria Administration
eventually
allowed
some degree of
PETROLEUM SUBSIDY
to REMAIN IN PLACE
have been in Administration
since the current circa 2023 / circa 2024 period
and
are RESOLUTE PILLARS
of the current FULL REMOVAL OF PETROLEUM SUBSIDY POLICY.
Linda nm,
the opinions
and
the level of understanding
of the individual homo sapiens
can and do .. sometimes .. change over time.
however,
it is usually to the greater advantage of the general good
when .. and if .. powerful entities and influential entities
possess the appropriate requisite knowledge
at the appropriate times
as their powerful influence
is
pivotal
when strategic decisions and strategic directions
concerning the generality
are
( being ) embarked on.
Linda ohbee nm ( obim ),
perhaps if
those powerful entities and influential entities
who fought so hard and so successfully
against
the FULL REMOVAL OF PETROLEUM SUBSIDY
in 2012
had possessed the
▲ requisite insight
▲ requisite understanding
▲ requisite knowledge
then
i.e
2023 – 2012 = 11 years ago
2024 – 2012 = 12 years ago
the matter of
FULL REMOVAL OF PETROLEUM SUBSIDY
would have been settled 12 years ago
.. without hullabaloo ..
and Nigeria
and
the parts of Negroland Africa
that operate on Petroleum Products linkable to Nigeria
would have long ago
… i.e within the intervening 12 years period …
adjusted
▲ economically
▲ socially
▲ socio-economically
to
any or all or most issues linkable to
FULL REMOVAL OF PETROLEUM SUBSIDY
there were also personal consequences
for at least one member of the then 2012 Nigeria Administration
as at least one member of that Administration
.. in this instance,
Her Excellency Dr. Mrs. Ngozi Okonjo-Iweala ..
suffered personal reprisal attack as
her biological mother — then over 80 years of age —
was kidnapped
and
according to rumours
kept without food and water
.. at 80 years and above ..
for 5 whole days
with the kidnappers
demanding
▼ the placing back of PETROLEUM SUBSIDY
▼ the resignation of the Finance Minister
▼ the public announcement of the resignation of the Finance Minister
Linda nm,
material related to these events
are still online
and available on the internet
as at today February 2024
and
▲ the interested internet-surfer
▲ the interested reader
may google them
if she/he so wishes.
Linda ormahleechar nm ( omalicha m ) ( omalicham ),
if we were to take a look at
the rumours circulating among some ordinary folk on the streets
rumouring that
they hope that Administration has taken a look at
or
will in future that a look at
some? of the invoicing? in the Petroleum Sector
as this may, if positively done,
have some impact on
halting or reducing
the incidence of
upwardly spiraling costs and prices
of goods and services
witnessed
or
being witnessed across the Nigeria Economy
my response
would be that
the OFFICIAL POSITION of Administration
is that
PETROLEUM SUBSIDY
■ has been removed
■ has been totally removed
■ has been completely removed
■ has been finally, totally, completely, and fully removed
and therefore
since
PETROLEUM SUBSIDY
■ has been removed
■ has been totally removed
■ has been completely removed
■ has been finally, totally, completely, and fully removed
invoicing?
.. whether fraudulent ? or genuine ..
does not matter
as any and all invoices presented
.. whether fraudulent ? or genuine ..
will not be honored or responded to.
however,
▲ as a mere academic exercise
▲ as a mere intellectual exercise
if
… theoretically …
… hypothetically …
there were to exist a situation
somewhere in the world
wherein
A COUNTRY does NOT remove PETROLEUM SUBSIDY
and for whatever reasons best known to that country
goes ahead to
inform
… or mis-inform …
■ the general citizenry of that country
■ the general international world public
that
PETROLEUM SUBSIDY
■ has been removed
■ has been totally removed
■ has been completely removed
■ has been finally, totally, completely, and fully removed
then
… theoretically …
… hypothetically …
if
there is a COMPONENT of the BILLING
that is FRAUDULENT
and this FRAUDULENT COMPONENT is extracted and NOT PAID
then
the AMOUNT of MONEY such a COUNTRY spends on PETROLEUM SUBSIDY
( while
informing
… or mis-informing …
■ the general citizenry of that country
■ the general international world public
that
PETROLEUM SUBSIDY
■ has been removed
■ has been totally removed
■ has been completely removed
■ has been finally, totally, completely )
would be REDUCED
by a FACTOR i.e an AMOUNT
DIRECTLY PROPORTIONAL
… in CASH TERMS …
to the FRAUDULENT COMPONENT of the PETROLEUM SUBSIDY BILLING
and
this REDUCTION
if
it is SIZEABLE in REAL TERMS
should
translate
… in a well-managed Economy …
to
▼ a REDUCTION in,
for example,
the PUMP PRICE of GASOLINE i.e PETROL
and
▼ a COLLATERAL LINKED REDUCTION in,
for example,
the costs and prices of goods and services in that Economy.
in any case,
this
▲ is a mere academic exercise
▲ is a mere intellectual exercise
and
should not concern us in the instance of NIGERIA
where
the OFFICIAL POSITION of Administration
is that
PETROLEUM SUBSIDY
■ has been removed
■ has been totally removed
■ has been completely removed
■ has been finally, totally, completely, and fully removed.
Linda ohbee nm ( obi m ) ( obim )
it will suffice to say,
▲ as a mere academic exercise
▲ as a mere intellectual exercise
that
if
… theoretically …
… hypothetically …
there were to exist a situation
somewhere in the world
wherein
A COUNTRY does NOT remove PETROLEUM SUBSIDY
and for whatever reasons best known to that country
goes ahead to
inform
… or mis-inform …
■ the general citizenry of that country
■ the general international world public
that
PETROLEUM SUBSIDY
■ has been removed
■ has been totally removed
■ has been completely removed
■ has been finally, totally, completely, and fully removed
then
… theoretically …
… hypothetically …
the Administration of such a COUNTRY
would have
REAL ISSUES pertaining to CREDIBILITY
… internationally …
… locally …
if the TRUE REALITY ON GROUND were to be
… in any way or manner …
DEMONSTRATED EMPIRICALLY to the WORLD PUBLIC.
so much for mere academic exercises.
and
so much for mere intellectual exercises.
Linda nm,
the critical thing
is
the observation that
it would seem that
there is and has been
■■ an increase
in the costs ( and prices ) of goods and items
e.g
food .. rice, garri ( historically a Nigeria staple ), etc
■■ an emergent and continuing increase
in the costs ( and prices ) of goods and items
e.g
food .. rice, garri ( historically a Nigeria staple ), etc
as
Linda ohbee nm ( obi m ) ( obim ),
ACROSS BOARD INCREASES
in the costs ( and prices ) of goods and items and services
in an economy
tend to have
■ collateral effects
■ linked effects
■ collateral impacts
■ linked impacts
such as,
for example,
( among many linked effects ) :
▼ DECREASE in the PURCHASING POWER of the NAIRA
by way of illustration,
it seems that as at APRIL 15 2023
the cost of ONE PAINT-BUCKET measure of GARRI = N800
and
that as at FEBRUARY 15 2024
the cost of ONE PAINT-BUCKET measure of GARRI = N2,500
what this means
is that
what N800 could buy
10? months ago
N2,500 is needed to buy the same quantity of food stuff ( GARRI )
so,
in REAL TERMS,
in this 10? months period
the PURCHASING POWER of the NAIRA
has DECREASED by
N2500 / N800 = 312.5 %
▼ DECREASE IN
.. and in some instances COMPLETE EROSION ..
of the DISPOSAL INCOME
of INDIVIDUALS and HOUSEHOLDS
▼ ETC, ETC, ETC
[ TO BE CONTINUED ]
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