1. If we produce 2.4 million barrels of crude per day and sell everything at $70 (Nigeria's budgeted price of crude) with the former exchange rate of #130 to the Dollar, that was in effect for a long period of time, we will make #7,971,600,000,000 (#7.9716 trillion).
2. If we produce 2.4 million barrels of crude per day and sell everything at $70 (Nigeria's budgeted price of crude) with the exchange rate of #160 to the Dollar, that is in effect now, we will make #9,811,200,000,000 (#9.8112 trillion).
3. The CBN Governor said the #1.43 trillion was for subsidy for January to September 2011 during the 'town hall' meeting. He did not say it was for the whole year of 2011, so three months are not accounted for in this amount. The FG is now bandying this figure as what they will make per year if subsidy is removed from PMS. January to September is 3/4 of a year, so this amount of #1.43 trillion is three quarters of the whole money. Invariably we can infer that the total money is in the tune of #1.906 trillion. Why is the Govt. now talking of dividing 1.43 instead of 1.9 trillion. They have never been truthful.
4. As a mother 2b, if armed robbers came to my house and are beating me to give them money, I will not tell them to go to my children's room to beat them and collect money from them. I'd rather, bear the beating for my children. The FG says they pay these amounts to those who bring in the PMS as subsidies and it is hurting them. Now the FG wants us to pay these same people, who they claim are corrupt, without bringing anyone to book.
5. The FG says in 24months the three existing refineries will be back to 90%. The FG also says if we continue paying subsidies, in 5years we will be broke. I say continue paying these subsidies for the 24months, while planning a phased removal of subsidy from that time or even complete removal of subsidy for PMS.
6. It is not weakness if a President does what the people want. It is folly if a President does what a very few want.
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