Wednesday, 18 January 2012

Nigeria Fuel Subsidy; So Much Ado About Nothing - Bakare

Latest Subsidy News; Gov't Doesn't Need To Subsidize Fuel - Bakare

Pastor Tunde Bakare

Cost of subsidy borne by the government: In 2011 alone, government claimed to have spent N1.3 trillion by October – the bill for the full year, assuming a constant rate of consumption is N1.56 trillion. Consequently, the true cost of subsidy borne by the government is: Total cost of importation minus total borne by consumers, i.e. N1.75 trillion minus N807 billion = N943 billion.
Unexplainable difference: N617 billion. The Federal Government of Nigeria cannot explain the difference between the amount actually disbursed for subsidy and the cost borne by Nigerians (N1.56 trillion minus N943 billion = N617 billion)....

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