Nigeria Oil Subsidy

OIL SUBSIDY - QUICK FACTS BudgITh Tudoet AsYou Want IT Exchange Rate N155 to $1 Amount in Naira * Sources OIL EARNS... Refineries 294,000 4 25bn 72bn Number of Barrels per No of Total Loss by Amount offered by Transcorp for PH & Kaduna Refinery refineries in day demanded by Nigerians in 2011 Refineries in 2009 *NNPC Nigeria 21% 445,000 36bn 32m 96% Percentage of Foreign Exchange Earnings O 86% Percentage of Total of Govt Revenue Amount in 2010 Barrels per Day Nigeria's Four Refineries Installed Capacity Litres. Current Average Performance of refineries in 2010 93% Percentage of Investments Spent on Refineries Daily Petrol Consumption FOR Turn Around 34% Share of National GDP Manintenance Countries-& Refineries Cost Nigeria 18 615,000 bid id Kuwait India 580,000 750,000. b/d b/d Number of Private Refineries Licensed N4.4trn (Cost of three Proposed Refineries lin 2002 by NNPC) *BusinessDay Costs N930bn Costs N1.39trn 1trn 785bn 240bn 1.23trn 6m Number of Legal Private Refineries in Number of Amount in 2011 Budget Cost of Subsidies in 2011 lost jobs for Oil Subsidy Estimate of diesel Estimate 201o Oil Nigeria Importation in 2011 Subsidy due to oil importation N1.2trn N1.14trn 600,000 b/d 2.26m 147,000 Cost of Subsidies in 2011 Mahindra 2011 Capital Expenditure Refinery Cost Kilometers of Road Tractors Devaluation and Oil Subsidies Removal Consumer Prices N129.21 N79.70 Government Revenue Landing Cost of Fuel Per Litre *BusinessDay Cost of subsidy per Litre States, Federal & LGAS Oil subsidy -Who Benefits OR hoval Corruption Oil Importers Masses Govt Revenue Improved Society OIL SUBSIDY CYCLE Oil Subsidy Allowances, Security Votes & Aides Pump Price Taxes Taken by FG #ThinkingLoud Should the masses continue to pay for government Support Oil Leaves Nigeria lechar mobile officer 1. Pa ard Aalyst treati inefficiencies? Cheelal app l service vendar developers Pinaocial phce deer tatt rigge Acostast ptoner 2. How long will it take NNPC to build its proposed 750,000b\d refineries whose output will be enough to meet Nigeria's demand? Engineer 3. Can NNPC wholly import fuel in a transparent manner to Word cut out the cabal pending till when new refineries are built? It Out tatalers @budgitng yourbudgit.com BudgITh Budget As You Want T cost of refining + Shipping ------------ Import Taxes by SA Equivalent Import duties by FG