By Discussing Africa
Last week the numbers were huge. We’re talking trillions of naira huge. The petroleum subsidy regime has been one of the biggest scam Nigeria’s public officials have committed against the rest of Nigeria. Whole future generations’ wealth has been systematically stolen through the Petroleum Support Fund scheme started in 2006 by former President Olusegun Obasanjo.
The scheme which was to insulate Nigerians from fluctuating global oil prices, and also help stabilize domestic utilization of the product, ended up exposing Nigerians to all manner of extortions. After government subsidizes the petrol, exporting companies were known to still smuggle petroleum products across Nigerian borders to neighbouring countries where prices were higher.
In 2006, the sum of N257 billion was expended on subsidy, N272 billion in 2007, N631 billion in 2008, N469 billion in 2009, N667 billion in 2010, and N2.105 trillion in 2011. In 2012 N1.355 trillion was expended, in 2013 N1.316 was spent, in 2014 N1.217 trillion, but with the coming of President Muhammadu Buhari in 2015, subsidy payment subsided to N654 billion and N24 billion in 2016.
Also before President Buhari, Nigeria declined in World Bank rankings on the ease of doing business. The ‘Presidential Enabling Business Environment Council’ set up by the president and headed by Vice-president Yemi Osinbajo, have broken that decade jinx. Nigeria has moved up 24 places in the global ranking, and was one of the top ten reforming economies in the world in 2017.
You can read more interesting mix of good and not so good news below:
Nigeria up 24 places in World Bank’s doing business report
Nigeria has moved up 24 places in the World Bank’s Doing Business report released last week and was also recognised as one of the top 10 most improved economies in the world. From last year’s 171st position, Nigeria is now ranked 145th. Impressive improvement, this should be good for the economy, except that it doesn’t yet reflect on Nigerians standard of living. – ThisDay
Nigeria spent N9 trillion on fuel subsidy in 10 years – PPPRA
The Petroleum Products and Pricing and Regulatory Agency (PPPRA) said that over N8.97 trillion has been expended on fuel subsidy under the Petroleum Support Fund scheme between 2006 and 2016. A breakdown of the figure saw it move from N257 billion in 2006 to peak at N2.105 trillion in 2011. It hovered in over a trillion naira between 2012 and 2014, but plunged to N654 billion in 2015 and N24 billion in 2016, under President Muhammadu Buhari. – Daily Trust
Nigeria lost over $100bn export revenues in 2 years – Awolowo
The Executive Director of Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo, said that Nigeria lost more than 100 billion dollars of national export revenues between 2015 and 2017 due to the crash in oil price. Such bad news! The good news is Nigeria will earn foreign exchange of over $1.3 billion yearly from cocoa by 2025, according to Awolowo. – Tribune
Justice Onnoghen: We have 1,124 ongoing corruption cases
A total of 1,124 corruption cases have been forward to the National Judicial Council for speedy trial in the proposed special corruption courts across the country. Chief Justice of Nigeria, Justice Walter Onnoghen, made the disclosure at the formal inauguration of the ‘Corruption and Other Financial Crimes Cases Trials Monitoring Committee’. That is 1,124 potential prisoners. – ThisDay
WARIF: 10,000 girls are sexually assaulted, raped daily
A non-governmental organisation, ‘Women At Risk International Foundation’ has condemned the high incidence of sexual assault, rape and human trafficking amongst girls and women across Nigeria, saying the country records 10,000 of the menace daily. WARIF founder, Dr. Kemi Da-Silver Ibru, said, “In Nigeria today, the statistics tells us that one in four girls by the time she reaches 18 would have experienced at least one form of sexual assault.” – ThisDay