{"id":14802,"date":"2020-05-22T10:10:50","date_gmt":"2020-05-22T10:10:50","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=14802"},"modified":"2020-05-22T10:10:59","modified_gmt":"2020-05-22T10:10:59","slug":"nigerias-fuel-subsidy-spending-hits-n10tn-in-15-years","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=14802","title":{"rendered":"Nigeria\u2019s fuel subsidy spending hits N10tn in 15 years"},"content":{"rendered":"\n
\"Increase<\/figure>\n\n\n\n

Oil marketers in Nigeria are ramping up the campaign for full liberalisation of the downstream segment of the oil and gas industry as Africa\u2019s biggest oil producer\u2019s expenditure on fuel subsidy<\/a> over the past decade and a half came to around N10 trillion.<\/p>\n\n\n\n

Major Oil Marketers Association of Nigeria (MOMAN), Petroleum Products Retail Outlets Owners Association of Nigeria, Depot and Petroleum Products Marketers Association of Nigeria and other stakeholders on Thursday reaffirmed the imperative of government actualising a policy shift that would empower private operators to oversee the key affairs of the sector themselves.<\/p>\n\n\n\n

\u201cIt is an industry that requires significant investment to improve service delivery and to generate employment, to help expand and grow the economy, especially at this very trying time.<\/p>\n\n\n\n

\u201cWe believe that full and total deregulation with appropriate standards and regulation in terms of consumer protection is the way to go. We believe that we need to work with the government to achieve this at the soonest possible time,\u201d said Adetunji Oyebanji, MOMAN\u2019s chairman at the Nigerian Petroleum Downstream Consultative Summit held online yesterday.<\/p>\n\n\n\n

\u201cAfrica\u2019s largest oil producer spends four times more money subsidizing fuel than building new schools, health centres and equipping new science labs,\u201d Bloomberg had reported sometime in September.<\/p>\n\n\n\n

He suggested that strategies could be deployed to forestall the possibility of overcharging end-users when market dynamics are allowed to govern products\u2019 prices.<\/p>\n\n\n\n

\u201cWe are all interested in the future of the country as stakeholders. But we need to make the right policy decisions at the appropriate time. Nigeria cannot, as we know, continue to subsidise fuel.<\/p>\n\n\n\n

\u201cOver the last maybe 15 years, we have spent close to N10 trillion subsidising fuel. This is just unsustainable in this environment, and I think posterity will not judge us properly if we don\u2019t take the right decisions; so we will continue to engage government.\u201d<\/p>\n\n\n\n

Timothy Okon, Managing Partner at Teno Energy Resources, believes however that government\u2019s subsidy outlay should be spent on education and health.<\/p>\n\n\n\n

\u201cBetween 2006 and 2018, Nigeria expended $63bn on subsidies. This is an enormous amount of resource for a country that needs to educate its young people, to build health centres, to create the basis for this economy and to create employment opportunities.<\/p>\n\n\n\n

\u201cThe key thing really is to have the political will to ease out of this current situation, and the ideal time is now when clearly oil prices are low.<\/p>\n\n\n\n

\u201cThings like education and health are quite fundamental if you want to redirect subsidies; those are the areas in which you build a more egalitarian society in the future.\u201d<\/p>\n\n\n\n

He went further to say: \u201cthe energy footprint of wealthy people is far greater than the energy footprint of the poor. So, subsidy is disproportionately skewed towards the wealthy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil marketers in Nigeria are ramping up the campaign for full liberalisation of the downstream segment of the oil and gas industry as Africa\u2019s biggest oil producer\u2019s expenditure on fuel subsidy over the past decade and a half came to around N10 trillion. Major Oil Marketers Association of Nigeria (MOMAN), Petroleum Products Retail Outlets Owners Association of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[21],"tags":[],"yoast_head":"\nNigeria\u2019s fuel subsidy spending hits N10tn in 15 years » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=14802\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=14802#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=21\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Nigeria\u2019s fuel subsidy spending hits N10tn in 15 years\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nigeria\u2019s fuel subsidy spending hits N10tn in 15 years » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=14802","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=14802#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Economy","item":"https:\/\/watchdogplusmedia.com\/?cat=21"},{"@type":"ListItem","position":3,"name":"Nigeria\u2019s fuel subsidy spending hits N10tn in 15 years"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a>","rttpg_excerpt":"Oil marketers in Nigeria are ramping up the campaign for full liberalisation of the downstream segment of the oil and gas industry as Africa\u2019s biggest oil producer\u2019s expenditure on fuel subsidy over the past decade and a half came to around N10 trillion. Major Oil Marketers Association of Nigeria (MOMAN), Petroleum Products Retail Outlets Owners Association of…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/14802"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14802"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/14802\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}