The Ugly TRUTH about FUEL SUBSIDY in Nigeria and Tinubu’s Oil and Gas Plan

This video makes whole lot of sense. There is no way the Nigerian government can claim to be subsidizing every litre of petrol consumed in Nigeria by almost N400! The DSDP arrangement is trade by barter – NNPC sells crude oil to the designated refineries across the globe at an agreed price and gets back the equivalent in refined products. So where is the payment coming from? And where is the subsidy? That is why I have always maintained that stopping the subsidy payments should not translate to increase in the price of products. The DSDP, properly applied, should lead to reasonable prices of all petroleum products in Nigeria, not just petrol as was the case until the recent ‘removal’ of subsidy, which was actually a price hike to make life more difficult for Nigerians, as there was never any subsidy. What is the point of being an oil and gas producing country when we still have to buy the crude oil we use domestically at the same price as the international price? That is definitely a self inflicted injury! But like all things in the industry, this has been shrouded in opaqueness, and no amount of probe will unearth the monumental fraud that has been going on for years!