Discover and read the best of Twitter Threads about #FixOurOil

Most recents (7)

@OpenFundingNG @BudgITng @akorive001 @MatthewTPage The first thing to do is prioritize passage of the PIB. Because this bill provides the framework for the commercialization of the sector. Saying we'll not privatize or commercialize is not an option. We must make effort to make d sector more accountable, transparent & profitable.
@OpenFundingNG @BudgITng @akorive001 @MatthewTPage The Minister of Petroleum spoke about increasing our production capacity to over 4m bpd. Well that will cost somewhere between $25 – $30 billion. How is that going to happen if not from investment capital? #GrowthForAll
@OpenFundingNG @BudgITng @akorive001 @MatthewTPage Secondly, sell the refineries. We already started on the path to full privatization of the downstream sector since 2003, so let’s finish it. Today, the refineries are operating at 10% capacity and the hope of the govt for local refining is based on the expected output from...
Read 6 tweets
Hello Nigerians, let’s talk about FUEL SUBSIDY!

• In 13 years, Nigeria spent at least N10 trillion on subsidy
• NNPC cabal possibly swallowed extra N11.8bn subsidy in June 2017
• Despite equalization subsidy, petrol is sold above N145/liter in some states

THREAD

#FixOurOil
Before we delve into the dilemma of Nigeria's subsidy regime, here's the country's profile:

#FixOurOil
At least N10 trillion has been spent on petrol subsidy from 2006 - 2018. This could fund the construction of 27,000MW of solar-powered electricity to create stable electricity.

Which would you prefer? Stable power supply or cheap fuel? Tell us in the comment section

#FixOurOil
Read 12 tweets
DID YOU KNOW?

- 84 entities were covered in the NEITI 2016 Oil & Gas Audit Report

- Unreconciled revenue amounted to $24.51 million in 2016

- $7.82 million was lost as a result of inconsistency in pricing methodology

It’s a THREAD.

#FixOurOil
Crude oil production dropped by 15.13% in 2016 in comparison to what was produced in 2015.

#FixOurOil
NNPC lifted 244.61 million barrels of crude oil in 2016.

#FixOurOil
Read 17 tweets
#Thread

NNPC sold 173.91 million barrels of crude oil in Q3 of 2018.

#FixOurOil
A total of $12.88 billion was made from the sale of crude oil in Q3 of 2018.

#FixOurOil
NPDC produced 11 million barrels of crude oil in Q3 of 2018.

#FixOurOil
Read 18 tweets
NNPC has stated that it is settling the current subsidy costs from $1.05 billion revolving fund, kept with CBN.

It stated that funds were sourced from the corporation’s share dividend in the Nigeria Liquefied Natural Gas (NLNG). #FixourOil
There has been enough explanations that the shares "owned" by NNPC in NLNG, are held on behalf of the Nigerian people.

Why is @NNPCgroup using funds that should accrue to the Federation account for subsidy? #AskQuestions #FixourOil
NNPC in its monthly reports also deducts funds for under-recovery (subsidy) before remittance to the Federation Accounts.

There are huge questions to be answered.

#FixourOil
Read 6 tweets
#Thread

NNPC claims it lost N111.42 billion worth of crude oil and products in its custody between 2015 - 2017. This is separate from the N427 billion it claimed as financial losses incurred at its corporate headquarters alone, CHQ within the same period.

#FixOurOil
NNPC paid N450 billion as subsidy to oil marketers without approval of the National Assembly. As a result, PMS 'consumed' JUMPED from 24.1m litres/day to a peak of 52.7m liters/day in March 2017. The extra, cheap fuel is sent out for sale neighbouring countries.

#FixOurOil
NNPC deducted N427 billion from Nigeria's crude oil revenue - without approval of the National Assembly @nassnigeria - to cover 'financial losses' at its corporate headquarters, CHQ alone between 2015 - 2017.

This is more than the 2018 budget for Health of N356bn.

#FixOurOil
Read 8 tweets
Join us at 12:00 pm as we discuss the Petroleum Industry Administration Bill @NRGInstitute @OSIWA1 #FixOurOil
What is the Bill meant to do? #FixOurOil
What is the objective of the PIAB? What is it meant to achieve? #FixOurOil
Read 27 tweets

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