Nigerian House of Confusion

HOUSE OF REPS FUEL SUBSIDY PROBE:
Farouk Lawan: What is Nigeria’s daily fuel consumption?
Diezani: 52million Liters
NNPC: 35m liters
DPR: 43m liters
PPPRA: 24M liters
Okonjo: 40M liters
Farouk Lawan: What was the subsidy for 2011?
Dieziani: 1.4Trillion
Okonjo: 1.3Trillion
CBN: 1.7Trillion
Farouk Lawan: Can we have the KPMG REPORT?
Okonjo: I have to go through the report first
Diezani: I have not seen the report
Farouk Lawan: What is the production capacity of our local refineries?
NNPC: 30%
PPPRA: 20%
DPR: 13%
Diezani: 15%
Farouk Lawan: Does Nigeria pay subsidy on locally refined Products?
Diezani: It depends
NNPC: The lay man cannot understand how it’s done
PPPRA: Yes
DPR: No
Farouk Lawan: Why is Kerosene still scarce?
Diezani: Because its use by the aviation industry as aviation fuel
NNPC: Because there is no subsidy so NNPC overstretched its resources
PPPRA: it’s not properly deregulated
Farouk Lawan: what is the balance in the subsidy accounts?
Diezani:It’s a virtual account
NNPC: There is no account in existence as the lay man will look at it
PPPRA: The account is a technical one
CBN: There is no account with us for subsidy
Okonjo: The account exists but not with a bank.

Author: Adedeji Olowe

Adédèjì is the founder of Lendsqr, the loan infrastructure fintech powering lenders at scale. Before this, he led Trium Limited, the corporate VC of the Coronation Group, which invested in Woven Finance, Sparkle Bank, Clane, and L1ght, amongst others. He has almost two decades of banking experience, including stints as the Divisional Head of Electronic Banking at Fidelity Bank Plc. He drove the turnaround of the bank’s digital business. He was previously responsible for United Bank for Africa Group’s payment card business across 19 countries. Alongside other industry veterans, he founded Open Banking Nigeria, the nonprofit driving the development and adoption of a common API standard for the Nigerian financial industry. Beyond open APIs, Adédèjì works deeply within the fintech ecosystem; he’s the board chairman at Paystack. Adédèjì is a renowned fintech pundit and has been blogging on technology and payments at dejiolowe.com since 2001.

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