JUST IN: Pinnacle Oil Boss Dickerman Explodes, Says Tinubu’s Government Still Paying About N1 Trillion On Fuel Subsidy Monthly

The Chief Executive Officer, CEO, and Managing Director of Pinnacle Oil and Gas Limited, Robert Dickerman, has revealed that the Nigerian Government still pays one trillion naira every month for petrol subsidy....READ FULL ARTICLE

The Managing Director/CEO of the company, Mr. Robert Dickerman, disclosed this while speaking during a panel session six, on Nigeria’s Downstream Forum at the just-concluded Nigeria International Energy Summit (NIES) in Abuja.

Related Post  JUST IN: A man collapsed at the petrol station after receiving a call stating all his 3 children were not his

He said there is still a massive subsidy, which explains why the product remains cheap, thus encouraging smuggling to neighbouring countries.

He said:

“Nigeria has a long history of allocating resources to oil and gas production at the expense of most other economic and social programs. To balance this, there has been a long-standing policy to mitigate consumer costs via palliatives such as fuel and food subsidies.

Related Post  Iwuanyanwu Response to the demolition of N11bn property belonging to Prince Nicholas Ukachukwu by FG

“But one of the net effects of oil money is underinvestment in local production, manufacturing and other value-added activities that could generate foreign currency through exports.

There has also been a large underinvestment in the maintenance and upgrade of existing infrastructure including electricity, roads, health care, water, waste, education and financial infrastructure such as consumer credit.

Related Post  'They warned me never to speak about the president' - Notorious cyber troll on 'abduction' ordeal

“As a result, we have a huge negative trade deficit, except for crude oil and Liquefied Natural Gas, LNG, and our banks are not sufficiently capitalized to support significant new capital programs...READ FULL ARTICLE

Be the first to comment

Leave a Reply

Your email address will not be published.


*