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Nairaland Forum / Nairaland / General / Politics / Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal (11525 Views)
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Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by We4all: 2:15pm On Jun 15, 2022 |
And how much is embezzled daily? Sum it up and it won’t amount to the subsidies funds. |
Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by descarado: 2:38pm On Jun 15, 2022 |
Beremx:Nigeria is maintaining subsidy simply because of the North. Do you know that electricity tariff is subsidised up there. Currently, it's only the North that's benefitting from subsidy or are you benefitting? We all know what's going on. It's political cos it will make an average northerner sit up nd ask questions which their elite don't want. Subsidy money still goes into the hands of few who control this country so how are we benefiting? Inflation rises astronomically every month. Maybe, it wil make use start spending wisely cos an average Nigerian spends foolishly. |
Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by Nobody: 3:06pm On Jun 15, 2022 |
descarado: Actually, every Nigerian benefits from power tarrif subsidies. It's why every DISCO cannot make a profit. The subsidy monies they are paid barely covers their losses, and sometimes they don't even get paid. Without subsides, we would be paying above N80 per kwh for power. (See the PwC report on the liquidity challenges in the power sector, available online, link below). As it is, depending on your band, everyone pays for power between N49-71 per kwh. Link of the report P.S One of the Northern discos YEDC declared force maejure, and collapsed because low income meant they could no longer run a business. Government is looking for new buyers now. Below: tarrif regimes
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Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by TenQ: 4:32pm On Jun 15, 2022 |
subsidywise18:What you failed to factor in is the cost of production of goods in Nigeria: it is far much higher than most countries of the world. The cost of diesel per litre is aost N800 Multiple taxes you pay will close up your industries unless you know how to settle FIRS and other agencies. You generate your own power, produce your own water, provide your own security etc All in a country where insurance is a scam and lending rates of banks are up to 30%. Tell me why it is more profitable to manufacture pencils that import pencils from China at half the cost and not more stress? subsidywise18:Power generation had been poor because we depend on importation to service and maintain the Turbines and the Alternators! Our technological poverty is destroying this nation but our economic experts seem not to understand. Take for instance, transformer steel is the bedrock of electrical engineering. You cannot manufacture Transformers, Alternators, Electric Motors, Generators etc. Without these there is NO development. subsidywise18: Subsidy removal is subsidy removal whether full or partial. The problem is that they keep destroying the fundamental indeces of our economy and Rob citizens to pay up for the damages |
Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by Nobody: 4:39pm On Jun 15, 2022 |
TenQ: Because 1Tax income is too low to produce good enough supporting infrastructire..we rely on oil money which is not enough (and the looting makes things worse). 2.Power is subsidised to a point it is not profitable ...and thus they cannot pay for things that would improve generation, and suchlike. 3.We import. And it stifles job creation 4.Police has one tenth of what the NYPD uses to police 25 million people to police 200 million people. Power generation had been poor because we depend on importation to service and maintain the Turbines and the Alternators! Either way, government cannot set prices below the cost of producing power....and expect the companies to have the money to buy turbines..whether produced at home or abroad. Oga, you don;t get it. Government is setting the price of power at a price the sector cannot afford. As a result they lose money. Compare with GSM...GSM companies can set whatever price they want...and they have enough profit to import all their equipment, which they use to provide service. WOULD YOU WANT GOVERNMENT TO SET YOUR PRICE AS A BUSINESSPERSON (and I insist you answer this question).? Subsidy removal is subsidy removal whether full or partial. The problem is that they keep destroying the fundamental indeces of our economy and Rob citizens to pay up for the damages[/quote] So long as government sets the price, there is a subsidy. Don;t live in denial. I know And yes, the government is bad. I am telling you why they are bad. Setting prices for business is not good economic practice You want cheap, without any thought for how it is paid for. That is wishful thinking. Sorry, but it is wishful thinking. Good e'en. |
Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by TenQ: 4:50pm On Jun 15, 2022 |
subsidywise18:I will answer you by siting just one example you yourself raised. 1. Is Nigeria truely making profit from MTN, Airtel and 9mobile telecom industry? (I delibratly excluded Globacom) 2. Why is the Naira getting devalued everyday since independence? |
Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by Wwwq: 5:32pm On Jun 15, 2022 |
Hmmmm |
Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by Nobody: 5:40pm On Jun 15, 2022 |
TenQ: 1.Nigeria is not supposed to make profit from MTN and company. MTN and company are making enough profit to operate here...because they are not subsidised. In return we get jobs, direct and indirect, tax revenue, etc. 2.Because we are a resource dependent economy. Have been since independence. We sell raw materials whose prices we do not control. As a result we don't earn enough money, and have to borrow to make the difference. Associated looting...since most of our money comes from revenue from selling raw materials, not from taxes....looting is made easier...makes the matter worse. And yes, it annoys me to no end that Nigeria does not want to get off oil, and industrialize. I'm done here. |
Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by TenQ: 6:09pm On Jun 15, 2022 |
subsidywise18:1.MTN virtually collects money in Naira and the government has to convert the Naira to dollars which end up in South Africa economy! It's a net loss relationship even though we gain services and fringe jobs 2. I agree perfectly with you. However, Only the government can kickstart this industrial revolution. The business environment has to be made right. |
Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by efficiencie(m): 6:35pm On Jun 15, 2022 |
subsidywise18: But you haven't addressed the crux of my point. Why wasn't the subsidy shit so much of a problem during the military regime. As we speak even the uneducated now know of a subsidy thing and if anything happens to the fuel prices they know oh one subsidy crap must be involved. If we have been subsidising fuel since 1973 why wasn't it a killer phenomenon all through till 1999? Obasanjo entered and boom "subsidy" became a word used to terrorize people. I still say it. Democracy is absolute nonsense. No wonder the founding fathers of the US relied more on the collegiate system because pure representative democracy is just nonsense. Power will never reside with the people rather it will always reside in the hands of the few powerful who can make dumb decisions at will. We have the raw materials but we choose to export the raw material and import refined products based on a raw we have in abundance. Nothing spells madness more than what our leaders do with oil. |
Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by Nobody: 6:44pm On Jun 15, 2022 |
efficiencie:. It was a big deal back then. Eg in 1993, when IBB was told by Baroness Lynda Chalker to remove subsides. And Nigerians protested well well. Also back in the 1980'S there were campaigns for 'appropriate pricing of petrol'. Same arguments used then are being used now against it. As we speak even the uneducated now know of a subsidy thing and if anything happens to the fuel prices they know oh one subsidy crap must be involved. If we have been subsidising fuel since 1973 why wasn't it a killer phenomenon all through till 1999? It was. That's why there were partial removals throughout. In 1981, fuel cost 15 kobo, by 1994 it cost N5. It was putting pressure on the economy then. as it is now. (SEE BELOW image for a history of such partial removals) Obasanjo entered and boom "subsidy" became a word used to terrorize people. Because the chickens were comming home to roost. By 1999, it was costing us money to subsidise fuel, plus the refineries were not getting maintained on schedule...and that was from the 1990's...something was up. I still say it. Democracy is absolute nonsense. No wonder the founding fathers of the US relied more on the collegiate system because pure representative democracy is just nonsense. Power will never reside with the people rather it will always reside in the hands of the few powerful who can make dumb decisions at will. We have the raw materials but we choose to export the raw material and import refined products based on a raw we have in abundance. Nothing spells madness more than what our leaders do with oil. Well, right now it costs over N300 to refine one liter of fuel. Assuming we refine it here, subsidy means that liter has to be sold below N170 naira to the marketers. Would you build a refinery or own a refinery under those circumstances? That is what we have been doing for decades...and we are reaping what we sowed. BONUS READ Has the government tried to remove them? SAUCE
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Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by Veeryeasy(m): 7:20pm On Jun 15, 2022 |
Remove subsidy and increase minimum wage |
Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by CheapHomes1: 7:41pm On Jun 15, 2022 |
subsidywise18: with all you have been writing, you are saying that government has been paying subsidy and government has all this while been saying that it has been paying subsidy. who has government been paying the subsidy to? |
Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by CheapHomes1: 7:45pm On Jun 15, 2022 |
subsidywise18: who is collecting the power tariff subsidies? who and who is government paying the subsidies to? meanwhile, how many times has buhari increased electricity tariffs and what has been the effect on electricity supply and profit of discos? with all the estimated billing which is ripping off electricity consumers, how come discos arent making money? 1 Like |
Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by ironheart(m): 9:18pm On Jun 15, 2022 |
heendrix:your uselessness has no remedy |
Re: Finance Minister Zainab, Soludo, Peterside Advocate Fuel Subsidy Removal by Tundex911: 1:29pm On Jun 16, 2022 |
I just don't understand this country as a nation anymore.. |
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