FG proposes N2.5trn supplementary budget for fuel subsidy


…As NNPC distributes one billion Litres of fuel

…Scarcity persists in Ogun, Lagos, Abuja

…PMS now selling at N700 black market in FCT

Abimbola Abatta, Uthman Salami, and Ariemu Ogaga

The Federal Government on Tuesday sent N2.55trn supplementary budget  for fuel subsidy to the National Assembly for approval. However, the Nigerian National Petroleum Corporation Limited (NNPC), on Tuesday said, it is distributing one billion litres of safe Premium Motor Spirit (PMS), known as petrol, in its stock to various fuel stations nationwide. Mr. Adetunji Adeyemi, Group Executive Director, Downstream, NNPC disclosed this on Tuesday in Abuja while briefing newsmen.

Adeyemi said this would address the situation and restore sufficiency level above the national target of 30 days.

In a letter titled, “Submission Of The 2022 Appropriation Amendment Proposal,” President Muhammadu Buhari said the proposal was informed by the impacts of the suspension of the Petroleum Motor Spirit (PMS) subsidy removal.

He said 2022 Budget Framework has been revised to fully provide for PMS subsidy, noting that “an additional provision of N2.557 trillion will be required to fund the petrol subsidy in 2022.”

“Consequently, the Federation Account (Main Pool) revenue for the three tiers of government is projected to decline by N2.00 trillion, while FGN’s share from the Account is projected to reduce by N1.05 trillion. Therefore, the amount available to fund the FGN Budget is projected to decline by N969.09 billion,” he added.

Meanwhile, Nigerians have bemoaned the continued scarcity of Premium Motor Spirit (PMS) in Ogun, Lagos, and Abuja, particularly its adverse impact on daily activities.

This is coming on the heels of the importation of millions of adulterated fuel from Europe into Nigeria, which has consequently disrupted the country’s fuel supply system.

Following the development, the Nigerian National Petroleum Company (NNPC) Limited had ordered the recall of the contaminated fuel.

Findings revealed that many filling stations are battling shortage of petrol and the demand for fuel has skyrocketed.

Amid long queues, scores of motorists blocked the roads, causing a gridlock in a bid to purchase the available limited fuel.

In Abuja, our correspondent found out that PMS is selling for as high as N700/litre by black marketers.

Experts identify government’s failure as the reason for fuel shortage and tell Nigerians to wake from slumber

Reacting to the development, Oil and Gas Expert and Managing Partner, BBH Consulting, Barr Ameh Madaki, said the untamed fuel scarcity in major cities is a clear sign of Government’s failure and incompetence.

He said, “The unfortunate disruption of the supply chain of petroleum products is yet again a predictable sign of the failure of governance in Nigeria and the total absence of accountability.

“Nigerians are groaning under the yoke of the corruption and incompetence of a few people who chose to collude with suppliers of adulterated PMS to infiltrate the supply chain of the products, thereby causing huge loss of valuable man-hours and consequently, productivity of the National economy at a time the economy is in dire straits!

“The sad thing is that, like everything Nigerian, this will just pass and there will be no consequence management. Nobody ever faces any sanctions for their incompetence because the country and all its sectors are run incompetently.”

Recommending a way out, Ameh said the country should start seeing people get punished for incompetence.

“We should start seeing people punished for their incompetence. They all know what to do, but fail to do it because there is no sanction for infractions.

“Until big heads start rolling for passing Nigerians through pains due to deliberate incompetence and corrupt practices, we will continue to see a recurrence of situations like this,” he stated.

On his part, an Oil and Gas expert, Mr Nick Agule urged Nigerians to wake up from slumber and fight for their right to better life.

In his words, “It is actually very shameful for Nigerian officials including the GMD of the NNPC to come on TV and be talking of petrol importation when his four  refineries are lying in waste!

“But this shoddy state of affairs will continue so long as we Nigerians have refused to fight and have sat docile to take anything thrown at us! once we have our home, car, money in the bank, we care not again about the country but just our little corner! But if we continue like this, one day this boat will sink with all of us onboard.”