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Teachable Moment for Buhari: modern economy is not run by ‘body language’

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Long Kerosene Queues

Reports that our refineries operated at 10% Capacity in August and recorded N31.7bn Loss indicates that these refineries are not listening to someone’s ‘body language ‘! 

Despite earlier claims of robust performance by the management of Nigeria’s three refineries in Port Harcourt, Warri and Kaduna, the refineries actually recorded average capacity utilisation of 10.04 per cent, according to the monthly financial and operations report of the Nigerian National Petroleum Corporation (NNPC) for January to August 2015.

The report corroborated the statement by the Group Managing Director of the state-run oil firm, Dr. Ibe Kachikwu, in recent weeks that contrary to claims by past management shortly after President Muhammadu Buhari assumed office, the refineries were operating at sub-optimal levels.

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Long Kerosene QueuesLong Kerosene Queues [and above]

“I have tried to teach you some basic economic lessons adapted to the Nigerian environment given our more than 50 year history of Nigerian Govt managing commercial enterprises. You have claimed variously that once Buhari becomes president the refineries will function properly. So what is going on? It is even getting worse! As you keep ‘fixing the refinery’, paying ‘subsidy’ and most buying fuel at market rate. A modern day economy is NOT run by ‘body language'”== Joe Attueyi

“As I saw these Nigerians making efforts to buy kerosene at the “AP” petrol station directly opposite the British High Commission in Maitama this evening, I thought of something. In opposition, you can tell Nigerians that the “billions ” meant for kerosene has been stolen and people will not react. However, as a Party in power, if you tell them that kerosene is now available at N50, they will rush to the nearest gas station with their kegs to buy. So, in power, you do not need propaganda but serious governance.” == Obunike Ohaegbu 

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According to the monthly financial and operations report of the Nigerian National Petroleum Corporation (NNPC) for January to August 2015, which was obtained exclusively by THISDAY: during the eight-month period under review, the three refineries operated at a total loss of N31.682 billion, with Kaduna refinery accounting for the highest loss of N26.183 billion, while Warri and Port Harcourt refineries made losses of N8.496 billion and N8.057 billion respectively.

While Kaduna refinery recorded losses throughout the eight-month period, Warri and Port Harcourt refineries recorded profits in some months within the period under review.

The Kaduna refinery operated at a loss of N5.111 billion in January; N2.673 billion in February; N2.260 billion in March; N3.045 billion in April; N2.595 billion in May; N2.662 billion in June; N3.847 billion in July and N3.990 billion in August.

But Warri refinery recorded profits of N4.668 billion and N79 million in the months of January and July, respectively, but recorded losses in February (N1.390 billion), March (N1.338 billion), April (N1.753 billion), May (N1.288 billion), June (N1.532 billion) and August (N1.195 billion).

Port Harcourt refinery also recorded profits of N705 million in March, N557 million in July and N5.045 billion in August. The refinery, however, operated at a loss of N1.497 billion in January, N1.705 billion in February, N1.437 billion in April, N1.713 billion in May and N1.705 billion in June.

The NNPC report blamed “combined factors of low crude oil supply due to vandalised pipelines, plant preservation cost to maintain plant integrity and rehabilitation/turn around maintenance work” for the deficit months prior to August.

Also within the eight-month period, 439 million barrels of crude oil and condensates were lifted by all parties in the country, with the federal government accounting for 166 million barrels, while the international oil companies (IOCs), Nigerian independents and Nigerian Petroleum Development Company (NPDC) lifted 261.5 million barrels, the report showed.

Also included in the total figures by all the parties was 11,280,081 barrels lifted under the Modified Carry Agreement (MCA) with the IOCs for the repayment of debt arising from government’s inability to meet its cash call obligations in the joint venture operations.

Crude oil lifted on behalf of the federal government for the eight-month period was on account of the NNPC and the Federal Inland Revenue Service (FIRS).

In July for instance, 63.7 million barrels was lifted by all the parties and of this volume, 25.2 million barrels was lifted on behalf of the federal government.

The 25.2 million barrels comprised 17.4 million barrels lifted on account of the NNPC and 7.8 million barrels lifted on account of FIRS.

However, the 17.4 million barrels was broken down to 15.4 million barrels and 1.9 million barrels for the domestic and export markets respectively.

“At an average oil price of $51.97 per barrel and exchange rate of N195, domestic crude oil lifted by the NNPC was valued at $805,220,701 or the naira equivalent of N157,782,872,917 for the period.

“Remaining crude oil lifted for export was valued at $108,916,802.23 at an average price of $56.76 per barrel. The total value of crude oil lifted on the account of NNPC in July was thus $914,136, 873,” the report added.

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Other Body language failures: 

Further indications that ‘body language seems not to be working are reports that Two female suicide bombers on Saturday reportedly killed 12 people in Dar village in Madagali Local Government Area of Adamawa State and that power generation and distribution in the country are again sliding.

Boko Haram has intensified its use of multiple suicide bombers to inflict maximum casualties, with secondary explosions detonated as people rush to help victims of the initial blast.

At least 34 people were killed in a wave of attacks on Thursday night and Friday morning on the outskirts of Maiduguri, while last month 117 died in explosions in the Ajilari Cross area of the Borno State capital.

Of the six suicide attacks in Nigeria this month, four have been in Maiduguri, killing at least 48 and injuring 99.


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