theoldpretender:


I'm not defending Buhari.

The money he mentioned that GEJ paid does not include the debt that he left for Buhari, a debt which he was trying to avoid by raising fuel prices to 140 naira in 2012.

Nigerians forced GEJ to reduce to 97 then to N87. But because the cost of importing fuel jumped from 99 naira in 2012 to 121 in 2014, while oil dropped it became unsustainable.

By the time Buhari came around, landing cost was 132.We were selling fuel at N87. Oil was a5 30 per barrel. Buhari saw sense and remov3d subsidy by raising prices to 145. Subsidyy was gone till landing cost rose again to N150 and above... which is when Buhari brought subsidy again under the guise of under recovery.

At the same time, the naira value is falling due to falling dollar revenues from falling oil prices, which is why fuel is higher, so to speak.

And why cost of subsidy has gone up under Bubu, because the value of naira has gone down, meaning we need more naira than what we needed in 2013 for subsidy. Then there is an increase in vehicles, generators, etc...meaning we need more fuel, meaning more subsidy.

Ultimately my point is subsidy has to go. And it should have gone since 2012.

Not everything is PDP and APC. Both parties support subsidies . So do most Nigerians. It's hurting our economy

I feel u bros. I feel u

theoldpretender:


I'm not defending Buhari.

The money he mentioned that GEJ paid does not include the debt that he left for Buhari, a debt which he was trying to avoid by raising fuel prices to 140 naira in 2012.

Nigerians forced GEJ to reduce to 97 then to N87. But because the cost of importing fuel jumped from 99 naira in 2012 to 121 in 2014, while oil dropped it became unsustainable.

By the time Buhari came around, landing cost was 132.We were selling fuel at N87. Oil was a5 30 per barrel. Buhari saw sense and remov3d subsidy by raising prices to 145. Subsidyy was gone till landing cost rose again to N150 and above... which is when Buhari brought subsidy again under the guise of under recovery.

At the same time, the naira value is falling due to falling dollar revenues from falling oil prices, which is why fuel is higher, so to speak.

And why cost of subsidy has gone up under Bubu, because the value of naira has gone down, meaning we need more naira than what we needed in 2013 for subsidy. Then there is an increase in vehicles, generators, etc...meaning we need more fuel, meaning more subsidy.

Ultimately my point is subsidy has to go. And it should have gone since 2012.

Not everything is PDP and APC. Both parties support subsidies . So do most Nigerians. It's hurting our economy

Crude oil economics 101
So on point.