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Nairaland Forum / Nairaland / General / Politics / Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn (10563 Views)
Crude Oil Price: MAN Warns Of Hyper Inflation, Subsidy Hits ₦400, Diesel, ₦625 / NNPC Refineries Generate Zero Revenue, Pay Workers ₦69 Billion / NNPC Spends N1bn Daily, Petrol Subsidy Hits N19.37/Litre (2) (3) (4)
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Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Abagworo(m): 12:32pm On Dec 06, 2021 |
Logically we cannot force fuel to remain same price whereas every other commodity has trippled in price. Sardine that was 200 is now 600 while tomatoe that was 500 is now 1500 to 2500 depending on area. It is same with shoes, clothes, drinks and even pure water has quadripled from 5 Naira to 20 Naira but yet fuel must remain static. Let's deregulate once and for all so that no future government can give excuses. 3 Likes 1 Share |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Lush100(m): 12:32pm On Dec 06, 2021 |
Only this year, I have heard or read news from this same NNPC has defied logic. Today they have made profit for the first time Tomorrow they have made losses Next tomorrow under receovery The day after the next subsidy After that refinery is undergoing turn around maintenance Then you hear not one drip of oil has been refined. Thereafter oil is discovered in sokoto, Pls when will you guys start refining and selling crude oil which was the major purpose you were created. Pathetic 2 Likes 1 Share |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by prophetfire: 12:38pm On Dec 06, 2021 |
vanbonattel:. So set up be say Dem make money, chop am finish. Dem take biro write expenses sotey de money finish. So nothing to remit. God deyoooo. |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Nobody: 12:41pm On Dec 06, 2021 |
FarahAideed: It's more like we are spending an increasing amount of money left over after we have serviced the loans on subsidy, which forces us to take more loans to make up the deficit. (Whatever we spend on debt servicing does not matter). We even got into debt in part because subsidy costs are rising. Which is why Nigerians should have let your hero GEJ remove subsidy (I'm not joking here)...because by now we won't have had as much debt as we have now I don't like Buhari myself, but in 2014 , oil prices crashed. Meanwhile, our breakeven oil price(the price at which oil has to be for us before we can earn enough revenue to fund a budget that is not loan dependent) has been rising from $122 in 2012, to $139 in 2017 and $133 now. Oil prices have never broken above $90 since 2014, thus taking loans becomes inevitable. Which is why APC has failed...they came in with tales of how they would diversify the economy...with that supposedly in mind. Up till today, zero. Same for your party PDP. 2 Likes |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by tollyboy5(m): 12:42pm On Dec 06, 2021 |
DubaiLandLord1:Lol which subsidy was removed b4? 2 Likes |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Nobody: 12:42pm On Dec 06, 2021 |
Abagworo: EXACTLY. Someone from Obasanjo's government used a similar type of explanaton in 2006, and Nigerians abused him, including folks like me. Now we see the sense. |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by luizpippo(m): 12:52pm On Dec 06, 2021 |
Rexwalters1: You are not worried that a president who claimed that anyone talking about subsidy is a criminal, because as far as he is concerned nothing like subsidy, then he got in and claimed it is called under recovery, but in his bid to carry out his fathom removal, he suddenly seem to call it subsidy on daily basis. But you are more concerned about the father of someone you never voted for. Kwantinue Rex 2 Likes |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by FarahAideed: 12:54pm On Dec 06, 2021 |
backbencher: But we Nigerians already allowed Buhari completely remove Subsidy twice and. He will come back and say he is still paying it 2 Likes |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by luizpippo(m): 12:54pm On Dec 06, 2021 |
Faaavvv: Why do I have to rent and not buy outright? |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Germi9: 12:56pm On Dec 06, 2021 |
vanbonattel:I was shocked to see northerners heading NNPC oh 2 Likes |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by poiZon: 12:57pm On Dec 06, 2021 |
DubaiLandLord1:Make i tell u a story.. In our differnt houses if there is crisis in our finances, we cut down on some frivolous spendings. If we been dey drink beer like 3bottles, wefit cut am to 1bottle or ones in a week. It shows we r doing something so we won't crash before our very eyes. Cutting or removing subsidy isn't the problem, we have bigger problems at hand. How many ministers did buhari travelled with to dubai for party? 10. Excluding his aides, ten ministers to dubai to do what exactly? How much did buhari allocated for that VIP wing of asorock clinic? So buhari was informed that oil funds aint forth coming he still pack 10ministers to dubai on a private jet, who does that? Buhari wants us to cut the way we spend money but he isnt leading by example. You have femi adesina doing the same job garba shehu is doing, there is tolu ogunlesi doing the same thing bashir ahmed is doing..i don't even know the duties of that woman that after drinking kaikai she will come out and speak rubbish. The cost of governance is damn much, we should look into that. Those ministers and governors even directors in ministries won't be affected by fuel subsidy removal, they don't buy fuel. Their spendings for the year is budgetted and paid for by Nigerians. It is we that will bear the brunt of this. 6 Likes |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by zionstaar75: 1:00pm On Dec 06, 2021 |
Ofunaofu:did our refineries work in 16years of PDP?? |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Brushstrokes20: 1:01pm On Dec 06, 2021 |
Another Satanic achievement of the useless govt of self serving THIEVES AND BLOODTHIRSTY TERRORISTS! OGUN KILL any brainless zombie that quotes me to spit trash Pathetic bunch of miserable miscreants |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Vireani79: 1:04pm On Dec 06, 2021 |
Rexwalters1: Comprehension is truly a problem for u What this means is u made 4naira and have a liability of 4naira But no na Niger delta be ur problem Oloshi |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Nobody: 1:20pm On Dec 06, 2021 |
FarahAideed: Remove which subsidy? That he was still controlling pump price? If goverment is still setting the price instead of the marketer, subsidy still dey. 2 Likes |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by FarahAideed: 1:22pm On Dec 06, 2021 |
backbencher: Govt is still going to set this price , just watch |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by ComeToJesus: 1:31pm On Dec 06, 2021 |
BeeBeeOoh: Officially a failed state. That's doesn't stop the high profile profligacy currently going on under the fake 'holy holy' president. |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Ovamboland(m): 1:31pm On Dec 06, 2021 |
Firerising: 1. We keep using a larger part of our oil earnings to pay for subsidy. A point will be reached with our growing population, number of cars and generators, that our earning from crude sale will equal subsidy or be less. Then we will need to borrow to keep subsidy. 2. Incompetence, mediocrity, poor business model and corruption all combined to make local refining fail. Saudi Aramco, AdNoc, Etihad, Emirates are all thriving govt owned business because the use necessary talent and good model to run. 3. Cost of living will surely go up, wages will also increase. Things will rebalance as time goes on. No matter how hard you try you can't find staff on 3k monthly salary anywhere in Nigeria. 4. Price of fuel can't remain the same since we all know the price of the raw material is always changing. No matter who is president if there is no subsidy price of fuel can't remain the same for so long. Surely cant be 88 naira as crude oil is already over 150 naira a liter before you factor in the cost of a $15bn refinery like that of Dangote and what it will cost to operate and maintain, do TAM etc |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by ComeToJesus: 1:35pm On Dec 06, 2021 |
author=poiZon post=108261860] Make i tell u a story.. In our differnt houses if there is crisis in our finances, we cut down on some frivolous spendings. If we been dey drink beer like 3bottles, wefit cut am to 1bottle or ones in a week. It shows we r doing something so we won't crash before our very eyes. Cutting or removing subsidy isn't the problem, we have bigger problems at hand. How many ministers did buhari travelled with to dubai for party? 10. Excluding his aides, ten ministers to dubai to do what exactly? How much did buhari allocated for that VIP wing of asorock clinic? So buhari was informed that oil funds aint forth coming he still pack 10ministers to dubai on a private jet, who does that? Buhari wants us to cut the way we spend money but he isnt leading by example. You have femi adesina doing the same job garba shehu is doing, there is tolu ogunlesi doing the same thing bashir ahmed is doing..i don't even know the duties of that woman that after drinking kaikai she will come out and speak rubbish. The cost of governance is damn much, we should look into that. Those ministers and governors even directors in ministries won't be affected by fuel subsidy removal, they don't buy fuel. Their spendings for the year is budgetted and paid for by Nigerians. It is we that will bear the brunt of this. [/quote] Well thought. Well spoken. The hypocrisy is alarming. Having five sycophants on payroll doing the same job is a testimony of the lack of restraint in frittering the resources of our dear nation. |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Ovamboland(m): 1:36pm On Dec 06, 2021 |
uchdavinci: Check what it is costing Dangote a private investor to build a refinery, over $15bn. If you think it is easy do a project worth 60-70% of your annual income and tell us how easy it is to continue your lifestyle, pay rent, school fees, debt repayment, other commitments eyc |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by CSTRR: 1:36pm On Dec 06, 2021 |
Ovamboland:Not necessarily OPEC. Libya has recently overtaken Nigeria as the largest producer of oil in Africa. It has nothing to do with OPEC. Nigeria is just badly run even compared to Libya. 1 Like |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Ofunaofu: 1:40pm On Dec 06, 2021 |
zionstaar75:So because it didn't work we should continue on that trajectory Why was APC voted in, is it not to correct this anomaly |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by chloride6: 1:45pm On Dec 06, 2021 |
This is nonsense... Why is the NNPC paying subsidy from FAAC? |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Nobody: 2:07pm On Dec 06, 2021 |
FarahAideed: If they are, then there is still a subsidy, and they haven't removed it If they aren't, and prices differ from place to place, then there is no subsidy. |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by nedekid: 2:25pm On Dec 06, 2021 |
DubaiLandLord1:When they remove it, in another 6 months they will tell you cost of importation is 600 and they are paying 200 subsidy. That it has to be removed and fuel should be 800 per liter. It reminds me of that felas song of a man that was saving to buy radio. |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by RolexOfGeneva(m): 2:26pm On Dec 06, 2021 |
Rexwalters1:You must be a very foolish person to believe this lie. Asides crude oil, Nigeria produces and exports nothing, that is why our Naira gets weaker by the day- because of our overdependence on crude oil. |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Vistra40: 2:27pm On Dec 06, 2021 |
DubaiLandLord1: Perhaps you want the APC to witness a catastrophic loss in the next elections |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by nedekid: 2:33pm On Dec 06, 2021 |
poiZon:Well said. The same analogy applies to the accumulation of loans by this regime. Instead of cutting cost, you take the easy way out, swallowing loans! As parents from the east will tell their overspending kids those days, "don't be like Hausa that will eat all today and say allah will provide for tomorrow" 2 Likes |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by tctrills: 2:43pm On Dec 06, 2021 |
Rexwalters1:The way you boys mention people's fathers is a poor reflection of upbringing. Can't you make your point if you have any instead of talking about his father? |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Nobody: 2:58pm On Dec 06, 2021 |
Zero revenues from oil export, the oil they hope to pay back loans with A country gone to dogs |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by SeaTrade(m): 3:03pm On Dec 06, 2021 |
vanbonattel:So you think bunkerers steal 600,000bpd? I'm just going to assume you were being sarcastic. |
Re: Nigeria Records Zero Revenue From Oil Export As Subsidy Hits N199bn by Ovamboland(m): 3:05pm On Dec 06, 2021 |
FarahAideed: Who is servicing the $63bn debt Jonathan handed over in 2015? You people are not smart at all, just making noise to disturb the peace. 1 Like |
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