President Tinubu’s asseveration on the subsidy indaba was supercalifragilisticexpialidocious – Hon Obahiagbon

Hon.Pat, much thanks for bamboozling us with your grammatical innocuous ( make I follow you blow grammar too), but, unfortunately, we all have been scammed to believe that government pays “subsidy” for fuel! THERE’S NOTHING, ABSOLUTELY NOTHING LIKE FUEL SUBSIDY! IT’S ALL SCAM. NO PENNY, CENT, DOLLAR, KOBO, SHISHI WAS PAID AS SUBSIDY SINCE THE PAST 8 YEARS!
Now, see the proof!
NNPC has an agreement with major oil exploration companies called Direct Sales Direct Purchase agreement (DSDP). Under this agreement, the NNPC ships crude at an agreed cost to overseas refinery. This cost is pegged to be the same with cost of production or extraction of the crude and it’s same with the cost of shipment also! Now, the Free on Board cost which is provided by the DSDP agreement also sees that delivery or shipment cost is also free! So, if NNPC sends out for instance, 1million barrels of crude for refining, it gets same quantity of refined fuel back, at no cost! NNPC even makes profits from shipping as it owns vessels that most times lifts crude.
Nigerian exploitation cost is $30 p/barrel, which is even at the high end as in some countries, it’s $5-10! So, at $30 a barrel, cost of shipment and landing is also $30. A Barrel has 170-180 liters, that means that cost of landing of one liter of refined will be about 18 – 19 cents which is about 80 naira!
Then, if there’s any subsidy, it should be removed from this landing cost and this would have made fuel to be about 60 Naira! But NNPC takes subsidy it didn’t pay, still sells the fuel at over 100% profit at 190 and yet, not remit the money to CBN! The theft and wickedness in NNPC under Buhari stinks to hell fire!
The trap for Tinubu is to remove the subsidy as Buhari didn’t put it in budget from June, then implode the country! But, the way out for him that would immortalize him is to expose the fraud (that’s if he’s not aware of the scam) and make ALL the companies that received the slush money to refund them! Buhari and Fulani managed NNPC plunged the masses of Nigeria into unprecedented poverty through theft!
Argue whatever you want, THERE HAS BEEN SUBSIDY PAID TO ANYONE!
And it behooves on Tinubu to expose the scam and return of the monies made to the thieves while prosecuting and jailing them for economic terrorism, else, he’s part of the scam, and Nigerians should COME OUT TO RESIST THE CONTINUED EXPLOITATION, IMPOVERISHMENT AND PEASANTIZATION!

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