Interesting: Buhari, Fuel and Refineries

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Let's do some thinking and talking.
Don't worry, I'll do the thinking while you do the talking.
Tomorrow, Monday 23rd October, 2017 would be the 530th day that the Buhari administration increased the petrol pump price from N87 to N145 per litre. As a country, we consume roughly 40 million litres of petrol per day. The implication of this is that from 11th May, 2016 (when the pump price was increased) to 23rd October, 2017, the consumption amounts to 21.2 billion litres. [That's simply 40 million litres per day multiplied by 530 days].
When you subtract N87 from N145, you get N58. Now, multiply that N58 by 21.2 billion and you will get N1.2296 trillion. Let me write it in full - N1,229,600,000,000.00 That is the EXTRA amount we have paid above the N87 per litre price.
When Buhari was campaigning to become president, we were told he had built refineries before and would build more refineries again. Every attempt to correct this fable was rebuffed. Today, however, after paying the government an EXTRA N1.23 Trillion, we still don't have the refineries and the dead ones are yet to come back to life. Fuel is still being imported.
What's more? When crude oil was $120 per barrel, we were buying petrol at N97 per litre. Now crude oil is $55 and we are buying at N145 per litre. If crude were $120 per barrel today would Buhari retain petrol at N145 per litre or move it to N300 per litre? Well, that's speculative.What's not speculative is that we have paid this government an extra N1.23 trillion in 530 days and they still have 583 days until May 29, 2019.
Over the next 583 days, we would add another N1.35 trillion to the N1.23 trillion already collected.
I don't want to ask what the government has done with the N1.23 triillion it has squeezed from us. I believe you don't want to ask either. But I want you to write it down somewhere that between May 11, 2016 (when fuel became N145 per litre) and May 29, 2019 (when Lying Mohammed would have made you give Buhari a second term); the cost implication of changing N87 to N145 would add up to N2.58 trillion. Actually, N2,582,160,000,000.00 It's NOT a small "change."
Keep the note somewhere for the next 583 days. Then after you might have voted in Buhari again for second term, after the swearing in, ask yourself whether N2,582,160,000,000.00 could have built a refinery or rejuvenated the four ailing ones.
Don't think, just talk.


Ibrahim Adams

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