jeezybuck: MALLAM or ABOKI SANUSI OR WHATEVER, YOU WILL DIE IN A MYSTERIOUS WAY.

PLEASE FOR GOD'S SAKE WHY SHOULD YOU MAKE SUCH A REMARK? YOUR COMMENT TELLS SOMETHING ABOUT YOU , IT SHOWS YOU ARE................

If what I've read on this thread so far represents the minds of Nigerians then I weep for this country. Putting the cart before the horse will never help, plus the president corruption in the presidency itself. There are four refineries, we were told some are working at little capacity, what impact has that given in reduction of subsidy payments. Months ago the petroleum industry was talked about, now no one is talking about it anymore. This bill alone is what will attract investors and protect the oil producing areas, yet majority are blind to these facts and just saying subsidy should be removed because they are buying for 110/120. If subsidy is removed it will shoot up beyond 150 in case of scarcity like this and who bears the brunt The ordinary Nigerians who are suffering from the increase of 65 to 97 naira.

I'm fed up with this country, I don't know what we have done to deserve this.

They divided us on ethnic and religious grounds but they are united in looting up there, only God can judge

that's my grief, no one is talking about the billions allocated to maintain the refineries, if subsidy is removed Nigerians will suffer more but Fela already said it, SUFFERING & SMILING

mekaboy: NA CORRUPTION DEY KILL NIGERIA.

I THOUGHT THEY HAVE ALLOCATED SOME BILLIONS OF NAIRA TO REVIVE OUR REFINERIES.

OK MR JONATHAN, COLLECT THE SUBSIDY MONEY FROM OTEDOLLAR AND HIS GROUP, THAT MONEY CAN BE USED TO SUBCIDISE THE PRICE OF FUEL FOR THE NEXT 3YRS.

BY THEN, THE REFINERY WILL BE WORKING AT ITS MAX CAPACITY.

THEN REMOVE THE SUBS AND PEOPLE WILL BUY FUEL AT EVEN A CHEAPER RATR THAN WR IMPORT.

Removal of subsidy? Where is the subsidy because I don't seem to feel its existence,with fuel selling for over N120 a liter in Lagos and around N140/liter in Abuja I doubt if that failed Islamic scholar called Sanusi knows what he's talking about.

gp66: I am happy to see that most Nigerians are beginning to understand the market forces of DD and SS. I hv been advocating for d total deregulation of d downstream sector, but some blind men has been calling us names. Now we ar paying almost desame price when it was removed totally. Pls, when next subsidy is removed lets just thank GEJ and only folo up the SURE-P. I will appeal that we bear d hardship a little and reap d long run dividend. God bless Nigeria.

the man sure die

the petrol subsidy removal is an effort in right direction.it will help to remove the obvious inequality/discrimination that govt has so far shown to the poor.Petrol subsidy is something that govt placed to enrich the rich and further leave the poor to die.
Equally,the subsidy regime has successfully resisted the direct private investment in major sector in oil and gas industry.the removal of subsidy will help to attract investment in those sector and facillitate the effective management of oil/gas industry while creating enormous jobs..the petrol subsidy removal will help to cover the loop holes in oil/gas industry to great extent. The removal of petrol subsidy will increase the price of petrol but which will definitely reduce as time goes on. President Goodluck Jonathan has shown that he is a strong leader but is very cautious. I strongly support the removal of petrol subsidy.

Buying diesel powered cars would now make economic sense...

we should use the remaining 50% money for social security,1)every nigerian above 60years who is not working and does not have income, should receive 5000naira every month as pension,im ready to sponsor this bill into the national assemble and i need your support share this idea

DANILSA: WHEN I SAID THE SUBSIDY REMOVAL WAS RIGHT I WAS LABELLED A MEMBER OF THE 40 LAPTOP SCREW , THANK GOD NIGERIANS NOW SEE WHAT I SAW SINCE LAST YEAR, IT'S NOT LATE THOUGH LET KICK THIS GREEDY CABAL OUT OF THE ECONOMY AND SEE THE ECONOMY GROW

I remember you, January 2012. Yes I remember you. January 2013, I guess we will be 1000 Tablets Crew. Cos PetroSubsidy MUST go!

ifebosco: we should use the remaining 50% money for social security,1)every nigerian above 60years how is not working and does not have income should receive 5000naira every mount as pension,im ready to sponsor this bill into the national assemble and i need your sopport share this idea

ifebosco: we should use the remaining 50% money for social security,1)every nigerian above 60years how is not working and does not have income should receive 5000naira every mount as pension,im ready to sponsor this bill into the national assemble and i need your sopport share this idea

ifebosco: we should use the remaining 50% money for social security,1)every nigerian above 60years how is not working and does not have income should receive 5000naira every mount as pension,im ready to sponsor this bill into the national assemble and i need your sopport share this idea

YOU ARE TALKING ABOUT THOSE THAT ARE 60 YEARS. WHAT ABOUT THE YOUNG ONES THAT WILL DIE OF HUNGER.BEFORE 30YRS.

WELL UNLESS WE SEE OTEDOLLAR AND HIS GANG IN PRISON , ANY ATTEMPT TO REMOVE SUBSIDY WILL FAIL.

oh ye supporter of subsidy removal, why did you quote the only part that favours your stand?

citizenisb: http://www.thisdaylive.com/articles/nigeria-s-external-reserves-hit-2-year-high/127506/

He noted that the amount in the ECA was $8 billion as at October 3 and had been projected to grow to $10 billion by the end of this year.
Sanusi, who also represented the Coordinating Minister for the Economy and Finance Minister, Dr. Ngozi Okonjo-Iweala, said was that eventually, subsidy on petroleum products would be removed, even though he acknowledged that it was difficult removing 50 per cent of it at the beginning of the year.

According to him, “there have been concerns about the unsustainable subsidy regime and we now have a taskforce and a number of importers are now being investigated for subsidy payments that do not relate to importation of petroleum products.

“In 2011, over N2 trillion was paid as subsidy for importation of petroleum products .This has come to about N888 billion in 2012. Ultimately, this subsidy will have to go. It is difficult to remove, but the government was able to remove 50 per cent this year- it is a major, major achievement, especially for the fact that for a long time no one could remove the subsidy.”

he Nigeria’s external reserves have increased to a two-year high of $41.662 billion as at Tuesday, October 9, this year, the Central Bank of Nigeria (CBN) has revealed.

The CBN Governor, Mallam Sanusi Lamido Sanusi, said Thursday at the Nigeria Investment Forum (NIF) in Tokyo, Japan, that the reserves had accreted from $41.510 billion, which it closed on Friday, October 5, representing an increase of $152million within two working days.
The last time the external reserves rose to $41.51 billion was in April 2010.

The NIF was one of the supporting events of the 2012 Annual Meetings of the IMF and the World Bank Group. It offers an opportunity for Nigeria to engage her major development partners and prospective foreign investors, who are desirous of, either initiating or continuing discussions with the country’s senior government officials and business leaders.
Sanusi, who enthused that external reserves were now staying above $40 billion mark for the first time in two years, attributed the build-up to the swelling of excess crude proceed account (ECA) as a result of high oil prices as well as closure of fiscal leakages and stable exchange rate.

He noted that the amount in the ECA was $8 billion as at October 3 and had been projected to grow to $10 billion by the end of this year.
Sanusi, who also represented the Coordinating Minister for the Economy and Finance Minister, Dr. Ngozi Okonjo-Iweala, said was that eventually, subsidy on petroleum products would be removed, even though he acknowledged that it was difficult removing 50 per cent of it at the beginning of the year.

According to him, “there have been concerns about the unsustainable subsidy regime and we now have a taskforce and a number of importers are now being investigated for subsidy payments that do not relate to importation of petroleum products.
“In 2011, over N2 trillion was paid as subsidy for importation of petroleum products .This has come to about N888 billion in 2012. Ultimately, this subsidy will have to go. It is difficult to remove, but the government was able to remove 50 per cent this year- it is a major, major achievement, especially for the fact that for a long time no one could remove the subsidy.”

Sanusi spoke alongside the Minister of Trade and Investment, Mr. Olusegun Aganga; President, Manufacturers’ Association of Nigeria (MAN), Mr. Sam Ohuabunwa; Group Executive Director, Gas and Power, Nigeria National Petroleum Corporation (NNPC), Dr. David Ige; Minister of State for Power, Mr. Darius Ishaku; Managing Director, Bank of Industry (BOI), Ms Evelyn Oputu; and Director-General, Bureau of Public Enterprises (BPE), Ms Bola Onagoruwa, amongst others.

Aganga told the Japanese investors and others from other countries present at the forum that it was better for them to invest in the Nigerian economy now because doing so another time might be too late.
He said with all the growth indices and benefits inherent in the economy, especially in terms of high returns on investment, there was no better time to invest in the economy than now.

According to him, the days of talking about potentials were gone, Nigeria is an investment destination.
Aganga alluded to the 2012 World Economic Outlook (WEO) launched last Tuesday, which reported that seven of the fastest-growing economies were in sub-Saharan Africa, including Nigeria and the downgrading of the developed countries.
Similarly, he pointed out that investments were currently finding their ways into the economy as a result of the crisis in the Eurozone which has also been predicted by the WEO report to grow at zero per cent in 2013.
Speaking on behalf of the organised private sector (OPS), Ohuabunwa testified that Nigerian manufacturers had never had it so good in a long time.

“I think for the first time, we are seeing the impact of reforms. Some critical areas have been affected. There has been reduction in infrastructure deficit. We are not spending as much money as we used to spend on diesel and if the current situation continues for some time, there will be reduction in the cost of goods produced in the country. “Another area that the organised private sector has suffered is funding and the BOI has been able to provide the needed funding.”

In his contribution, Ige, who represented the Minister of Petroleum, Mrs. Diezani Alison-Madueke, spoke about the opportunities for discerning investors in the gas industry.
He said enormous gas reserves of 187 trillion cubit feet abounded in the country with gas current gas wells production of 7.8 billion cubic feet per day (bcf/d).

According to him, 3.2 bcf/d (41 per cent) of production for export as liquefied natural gas (LNG); 2.5bcf/d (32 per cent) for re-injection and other operational usage; 1.2 bcf/d (15 per cent) for gas flaring; and 0.9 bcf/d (12 per cent) for domestic consumption by power and industries.He noted that the gas growth agenda of the government translated to 1.8mm barrel of oil equivalent per day (boe/d) industry, which is potentially within top three in Africa. This, he said, was an unprecedented platform for investment opportunities.

Besides, Ige, while talking about the gas to power initiative, said the Federal Government’s efforts in power were targeted at meeting a projected 3 bcf/d of gas demand by about 37 existing and proposed power plants which have a collective potential to generate about 12 Gigawatts (GW) of electricity by 2015
He disclosed that by the end of this year, government would have added enough gas to support a 30 per cent expansion in power generation capacity compared to the level it was at the beginning of the year.

I was vehemently in suport of d removal of fuel subsidy last year even wt d whole occupy nigeria bull shit.
Some elites jst took advantage of angry/hungry/ignorant nigerianz to stage dt protest.
I suported it not becos i trusted d Govt. Bt becos of d benefitz/advantages dt comez naturally wt such a move. Foreign investorz may come & manage/build refineries and this will in turn create job opportunities 4 d teeming league of d unemployed. If NLC/TUC had said remove d subsidy & add it to our salary.. I will suport. If they had said remove d subsidy & use it 4 social wellfare packages, i will suport bt to come out and say a CAPITAL NO to removal of fuel subsidy pointz to d fact dt we want to maintain d status quo and we are not ready to leav where we are.

uzomagic: Of course. It is high time. The issue has been over flogged. It is a gateway to deregulation.
If subsidy goes, private refineries will start because there's nothing else attractive about importation.
When these private refineries become fully operational, there will not be any more stories of PENGASSON. and oil marketers conspiracy. The price of fuel will also come down drastically. Competition will ensure product availability and employment.

I do not mean to be rude or anything but how exactly does removing the subsidy equate to development of private refineries? If I were to build my refinery in Nigeria as it is today, can't I still simply collect subsidy payments from the fg? I support subsidy removal but only after the refineries have been repaired and are fully operational. You can not put the cart in front of the horse.

pheesayor: oh ye supporter of subsidy removal, why did you quote the only part that favours your stand?

Dat whole post u quoted pointz to d fact d Removal of fuel subsidy/deregulation is d answer..

sunkoye: let them remove fuel subsidy but subsidize staple food. then am Good!

...they will never do that because the poor will benefit abit.they will seek for the one that will give more than 80percent benefit to the rich.

Okija_juju:


[b] Dont be short sighted.. The military you are advocating are the ones that f`ucked us up to this point.. The importation of fuel started since way before civilian rule.. We have no money.. Salaries must be paid, roads must be built, Next year, food must be imported and in extra-large quantity, HEALTH CARE must be subsidized, The Armed Forces must be eqipped, Security needs a shiit load of money,other projects must be financed, our debt must be re-paid.. Yet we are wasting billions on subsidizing fuel for the middle - upper class, paying amnesty to criminals and financing the largest association of irrelevant thugs ever seen in this country (THE SENATE & REPS).

Dont encourage the government to invest in refineries.. the ones that they already have are all falling apart. Let them sell them off, deregulate the downstrem and act as a monitoring body to check quality and other stuff like that... Let what happened in telecomms happen in Oil & Gas.. NITEL was so screwed up that the companythat bought it couldnt even ressurect it from the grave..

Okija juju supports the removal of Subsidy from fuel & Education.. [/b]

Until this very day nitel has not being privatized. What fg simply did was to deregulate the market allowing private individuals to set up telcos. The fg since 2005 I believe gave out licenses to private investors to build refineries and till this day very few have done any work. Why must we always sell our national treasures cheaply? Why must we always be shortsighted in our policy making? Looking at the western world today is it not clear that a mixed economy heavily skewed towards capitalism always leads to the complete annihilation of the middle class?

Is Nigeria the only country subsidizing fuel? how come in Nigeria, it's stalling development but in other countries, the citizens get more largess?

Nigerian and their ignorance.... Subsidizing pms is not ideal but for now, it should stay. If subsidy is removed, pms will sell for 250 Naira.
For those shouting demand and supply theories or telecomms privatisation please stop showing your ignorance.
1)Demand and supply only works where you have a serious anti trust/regulatory agency.
2)Crude oil market which directly affects the price of pms is controlled by international politics not economics.
3)Refining as a business has very little profit margins hence the closure/ sale of lots of refineries in the last few years


Point number 3 might not be valid in Nigeria because of point no 1 which also means the masses will still be fleeced.

trillville:
I do not mean to be rude or anything but how exactly does removing the subsidy equate to development of private refineries? If I were to build my refinery in Nigeria as it is today, can't I still simply collect subsidy payments from the fg? I support subsidy removal but only after the refineries have been repaired and are fully operational. You can not put the cart in front of the horse.

Something dat has been a problem over the yearz, u want Jonathan to fix it wt magic wandz. Kindly ask yr self y diz refineriz av nt workd over d yearz? If dey arnt working and efortz to make dem work has/will be(en) sabotaged, wht ar the optionz available to make us peregrinate? Do we remain d same or try wht has veva been done b4? Wht are d oddz and advantagez of xo doing?

warrior01:
most filling stations in lagos sell pms btw 110-120 unless you don't really live in lagos

Bullcrap!! From Marina to Lekki to Surulere - I have never bought for more than 97.5 naira. Unless something has changed since Sunday.

honeric01: Is Nigeria the only country subsidizing fuel? how come in Nigeria, it's stalling development but in other countries, the citizens get more largess?

Give us an example of an oil producing country dt subsidizes oil importation.

trillville:
Until this very day nitel has not being privatized. What fg simply did was to deregulate the market allowing private individuals to set up telcos. The fg since 2005 I believe gave out licenses to private investors to build refineries and till this day very few have done any work. Why must we always sell our national treasures cheaply? Why must we always be shortsighted in our policy making? Looking at the western world today is it not clear that a mixed economy heavily skewed towards capitalism always leads to the complete annihilation of the middle class?

You have shallow knowledge of business on a national scale. Government has no business in Business. You are right about Government issuing out Licenses to private venture capitalists to build refineries, but you refuse to question why these private investors 'refuse' to build the refineries. Let me educate you my friend, no sane businessman invests in a country that her government is subsidizing on the sector she is privatizing, its foolhardy. Reasons are price fixtures, lower costs etc. Government must end subsidy for anyone to inject funds for profit into the sector, there are no assurances that prices will not go up, but there is a guarantee that competition drives prices down. There are case studies in Nigerian telcos sector, soon in Electricity Sector and Insha Allah, the Petroleum Sector after deregulation which must start first with subsidy removal. Without subsidy removal, deregulation on that sector cant even begin, not to mention function.

Sealeddeal: the petrol subsidy removal is an effort in right direction.it will help to remove the obvious inequality/discrimination that govt has so far shown to the poor.Petrol subsidy is something that govt placed to enrich the rich and further leave the poor to die.
Equally,the subsidy regime has successfully resisted the direct private investment in major sector in oil and gas industry.the removal of subsidy will help to attract investment in those sector and facillitate the effective management of oil/gas industry while creating enormous jobs..the petrol subsidy removal will help to cover the loop holes in oil/gas industry to great extent. The removal of petrol subsidy will increase the price of petrol but which will definitely reduce as time goes on. President Goodluck Jonathan has shown that he is a strong leader but is very cautious. I strongly support the removal of petrol subsidy.

Sorry - you think the rich will suffer more than the poor if subsidy is removed? LWKMD!! The only reason we are underdeveloped is we are a corrupt nation!! GEJ is NOT A STRONG LEADER!!

A-ZeD:
Nigerian and their ignorance.... Subsidizing pms is not ideal but for now, it should stay. If subsidy is removed, pms will sell for 250 Naira.
For those shouting demand and supply theories or telecomms privatisation please stop showing your ignorance.
1)Demand and supply only works where you have a serious anti trust/regulatory agency.
2)Crude oil market which directly affects the price of pms is controlled by international politics not economics.
3)Refining as a business has very little profit margins hence the closure/ sale of lots of refineries in the last few years


Point number 3 might not be valid in Nigeria because of point no 1 which also means the masses will still be fleeced.

PMS cannot sell 4 #250 per liter. Itz betwn #140/#160.
Eventhou it will sell 4 #250 per liter, is it not beter removed than maintaind. Weigh d variablez on a scale taking our peculirity in2 consideration and see which is best!

They will keep dropping this news items because they fully understand that the average Nigerian home and abroad only knows how to debate endlessly without taking actions, be it sustained protest or revolution.

All our BBM fones, NL, Twitter, FB, 99.3 TALK FM, SMOOTH, and others are primarily for endless debates on national issues.

They should go ahead and remove the subsidy, if it even exists in the first place. After that, will they have any other thing to remove??

Billyonaire: I remember you, January 2012. Yes I remember you. January 2013, I guess we will be 1000 Tablets Crew. Cos PetroSubsidy MUST go!

You were registered on NairaLand on 7th June, 2012 yet you could remember vividly, someone being called a 40 member crew. Hmm... like Billionaire like Beaf.

torhuke:
Give us an example of an oil producing country dt subsidizes oil importation.

LOL is this a question? gosh, google is your friend. you think Nigeria is the only country subsidizing oil?

Standing5:
You were registered on NairaLand on 7th June, 2012 yet you could remember vividly, someone being called a 40 member crew. Hmm... like Billionaire like Beaf.

Chei, someone has been viewing my profile and background info. Congratulations!

torhuke:
PMS cannot sell 4 #250 per liter. Itz betwn #140/#160.
Eventhou it will sell 4 #250 per liter, is it not beter removed than maintaind. Weigh d variablez on a scale taking our peculirity in2 consideration and see which is best!

Why is it better removed? Stop using the economics of the west for Nigeria because we are different. I said i'm not a fan of subsidy but as it relates to Nigeria, i support it for now. My reason, All major pms importers are pdp members (not literally) which means they can fix the price and our government would do nada.

torhuke:
Something dat has been a problem over the yearz, u want Jonathan to fix it wt magic wandz. Kindly ask yr self y diz refineriz av nt workd over d yearz? If dey arnt working and efortz to make dem work has/will be(en) sabotaged, wht ar the optionz available to make us peregrinate? Do we remain d same or try wht has veva been done b4? Wht are d oddz and advantagez of xo doing?

The main reason why the repair of the refineries have never worked is public sector corruption as far as I am concerned. The private sector is also as corrupt if not even more than the public just that it takes more time for people to see. U have a strong point, but in the end we will probably be back to square one again if we do not deal with the corruption issue. Many individuals who have robbed this country blind are still at their jobs. Not only should they have lost their jobs by now, they should also be in jail cells.

but of course subsidy removal is the only thing they will do, what happens when oil prices increase? If our refineries aren't working yet, government shouldn't remove subsidy.

torhuke:
Dat whole post u quoted pointz to d fact d Removal of fuel subsidy/deregulation is d answer..