Chief Joseph is a petroleum importer. He
imports 10 million litre of petrol at the of cost of
N95 per litre.
He report to the DPR that he has imported 15
million litres at the cost of N105 per litre,
requesting N30 subsidy per litre.
DPR sends Mr. Yusif a inspection and
monitoring officer, to measure and verify the
authenticity of the claims.
Chief Joseph offered Mr. Yusif a bribe of the
applied subsidy in liew of 1 million liters, which
Yusif reject instantly, requesting that of 3million
liters so that, it can comfortably go round to his
bosses.
Apparently they ended up agreeing on 2.5m
liters each. The deal is strucked, Mal. Yusif and
his Bosses ended up with N75,000,000 while
Joseph, the importer gain N400,000,000 on the
deal They jointly cheated the government the
sum of N175,000,000.
Finally Chief Joseph divert 75% of the product
to the black market and sell at N120 per liter to
the masses. Later the government will also pay
the cost of transporting 15 million liters to the
allocated filling stations across the country.
Thats exactly the case of petroleum subsidy in
Nigeria. So isn't it better for the government to
invest those savings of hundreds of Billions of
Naira wasted every year on subsidy, on life
touching projects?.
