Excepts from President Muhammadu Buhari's speech on fuel subsidy removal in 2012....rough translation. Please listen to the video message to digest properly.
1. I don't understand what Nigerian economist and members of government of their definition of saying that they are subsidizing Nigeria of their oil well, who is subsidizing who?
2. The Nigerian oil industry, petroleum industry was developed with Nigerian content, in fact, most of the expertise are Nigerians if you go into the field.
3. Nigerian content, its Nigerian oil which i understand Nigerians should tell Nigerians is the cost of ....... in the oil well and the cost of transportation to the refineries, the cost of refining it, its cost and the pump.
4. IF ANYBODY SAYS HE IS SUBSIDIZING ANYTHING, HE IS A FRAUD. so, when these people told me about subsidy, who is subsidizing who?
5. But there are so many fraud as i said, but i don't talk about it BUT THE DAY I WILL TALK ABOUT IT, I WILL ASK A PETROLEUM ECONOMIST TO COME AND TELL ME WHO IS SUBSIDIZING NIGERIAN OIL, WHO OWNS THE OIL?
6. We have 4 refineries, with the capacity of 480 thousand barrels in a day, BECAUSE OF CORRUPTION, THEY HAVE ALLOWED THESE REFINERIES TO BECOME SO INEFFICIENT, THAT I DON'T THINK THEY CAN PRODUCE HALF THEIR CAPACITY.
7. Now, instead of taking the balance of what should be refined inside to refine outside as we used to..... what of the turnaround maintenance when i was in the petroleum hardly Nigerians know, because, we negotiate with the oil companies and we say ok, Nigeria is loosing let me say 200,000 per day, you bring the refined products to us, you take the rest of it we don't need, and then you called it subsidy? its Nigerian crude? We asked them to take commission for they are refining.
8. But when our refineries, we built 3 more refineries, it used to be one in Port Harcourt, we built another one in port Harcourt, 150,000 with the other 250,000, Warri, 100,000, Kaduna, 100,000, and we are supposed to be adequate.
9. IF YOU ARE TAKING 250,000 BARRELS TO BE REFINED OUTSIDE, ALL YOU HAVE TO DO IS TO PAY THE FEE FOR THIS REFINING AND YOU BRING YOUR OWN OIL AND SELL IT, AND PEOPLE SAY THEY ARE SUBSIDIZING, WHO ARE THERE SUBSIDIZING?
10. Like I said earlier, I need a petroleum economist who will explain to me this question of SUBSIDY. ITS PURE FRAUD AND CORRUPTION
https://youtu.be/YmG_dYY7YRA
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