AS the debate continued on whether the Federal Government was right over its insistence on fuel subsidy removal,

the House of Representatives on Saturday declared that it had not endorsed the proposal.

A statement issued by the spokesperson of the House, Hon Zakari Mohammed and made available to Sunday Tribune maintained that the issue of fuel subsidy removal had not been discussed by the House let alone endorsing the policy.

The statement read in part, "My attention has been drawn to Mr president's media chat where he was credited to have said that the National Assembly would endorse fuel subsidy removal. For the avoidance of doubt, we in the 7th Assembly have not endorsed subsidy removal because it has not yet been debated in the House.

"Hopefully the house will commence the debate when we begin to take on the 2012 budget after the Christmas and New Year break. Mr president's view on the National Assembly’s stand on fuel subsidy removal should be seen for all intents and purposes as his desire since our processes on the burning national issue has not been concluded.

"We assure Nigerians that as their true representatives, we shall continue to be on the same page with them on their dream of a better Nigeria. Similarly we wish our constituents happy Christmas celebration and a crime and violent free new year".

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Mr
written by Nnamdi, December 25, 2011

The Honorable may be speaking out of ignorance or selfishness. it is a shame if a man of his calibre will at this stage still claim ignorance of the good policy mr president is about to impliment. Agreed initially the policy might bring in pain but it will be followed by over all transformation of the nations economy. I expect that over 1million new jobs will be created if the policy is fully implemented. Honorable we expect more from people like you dont let us down. Have a meeting with Mr President I am sure he will educate you if need be. I am sure that after such meeting you will also see that you may need to make further inputs that will help fine tune the policy. The nation is really counting on you in this regards dont let us down.

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Oil subsidy
written by Henry, December 30, 2011

These are the crucial figures stated by Mr Agbon about Nigerian crude. Can we get an expert in this field to respond. He stated that qua iboe costs $3.50/bbl to find and develop the field and production/storage/transportation costs are $1.50/bbl. Thus, at $5.00 a barrel we can get the crude oil to the gates of PortHarcourt or Warri refinery. Add refining cost at $12.6 per barrel and pipeline distribution cost at $1.50 per barrel.Other costs are distribution margins at $15.7 per barrel. Total cost of producing ,refining,distributing(inc profit margins) a barrel of Qua Iboe crude in Nigeria is($5+$1.5+$12.6+$15.7)=$34.8 a barrel or 5568 naira at 160 naira to a US dollar. A barrel is 159 litres and as such the total price will be 35 naira per litre depending on the exchange rate you use. Can anybody debunk these figures.

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