CLEAN : Deal reached to end crippling Nigeria fuel crisis

The video discusses the concerns of oil merchants in Nigeria who fear financial losses if the new government does not honor commitments. They aim to maximize profits before the new administration under Buhari takes over. The oil importation process is partly fraudulent, with merchants importing and falsely declaring products, leading to significant financial losses for the country. These fraudulent activities are likened to banditry.

Why were petroleum merchants worried about the new government?

• They feared losing their jobs.

• They were concerned about not receiving their payments.

• They thought the new government would increase taxes.

• They were worried about environmental regulations.

What strategy did the merchants adopt before the new administration took over?

• They reduced their prices.

• They stopped importing petroleum.

• They tried to extract as much profit as possible.

• They invested in renewable energy.

What is the nature of petroleum importation in Nigeria?

• It is entirely legitimate.

• It is a mix of legitimate and fraudulent activities.

• It is completely fraudulent.

• It is mostly for domestic use.

How do some importers commit fraud in the petroleum industry?

• By importing low-quality products.

• By selling products to unauthorized dealers.

• By claiming to import products they never bring in.

• By overpricing the products.

What is the impact of fraudulent activities on Nigeria's economy?

• It improves international trade relations.

• It causes significant financial losses.

• It leads to a surplus in the budget.

• It has no impact on the economy.