We can’t afford to use electricity in my house because of the hike in electricity tariff, 1kw is 225 Naira. How can small scale industries cope with this tariffs and still government desires to create jobs for small business.

We only hear Billions on Trillions on news without affecting the citizens. Our mumu never too much.[/b]

hi[/quote]

So you are among the Nigerians that get 20 hrs plus of electricity daily?..and you will.come here, open your big mouth and say the govt is doing nothing

yoribo:


We can’t afford to use electricity in my house because of the hike in electricity tariff, 1kw is 225 Naira. How can small scale industries cope with this tariffs and still government desires to create jobs for small business.

We only hear Billions on Trillions on news without affecting the citizens. Our mumu never too much.

hi

So you are among the Nigerians that get 20 hrs plus of electricity daily?..and you will.come here, open your big mouth and say the govt is doing nothing

This is subsidy my friend

MasterTeeUSA:
Crude is sold in dollars...and PMS is received in dollars...like a swap with more crude for PMS. I am sure you hear landing cost and all...then NNPC begs the sale to N560 or so and marketers, the greedy ones sell for N800, N900 plus

adanny01:


The duo of Subsidy and fixed Forex was what kept our economy stable.

I still insist, these 2 were not the problem. If we make more money, than these 2 take, we will still be growing.

The rogue elephant had been the responsibility of government to deal with. What did they do, government just transferred the burden of corruption from is accounts in CBN to the accts of all Nigerians. Do you understand?

We need petrol, it's either government pay part we pay part or we pay all. Govt chose we pay all. How does it affect the corruption. As long as the money is paid, corruption continues.

What he ought to have done is to remove subsidy when dollar is not involved. When is that, when we extract our oil, refine it and make available at pumps, all locally. That was the way and it's still the only way.

Why do you think they don't want Dangote refinery to work. They want to continue to deal petrol in dollars. In dollars means that what we earn should be spent on petrol.

As long as we pay dollar for diesel, petrol, gas, fertilizer, lubricants and all other petroleum products there will be no positive effect of any economic policy.

Subsidy should have ended naturally with local production.

The entire money Tinubu thinks he saved is wasted through inflation. He has to pay more salaries now, all contracts have gone up. It's the same saying, "penny-wise pound foolish".

We told the people who listened that Nigeria's problem which is corruption is still there. Remove everything, remove every subsidy, if you don't fight corruption, we will be getting the same results. All the money that Tinubu had realised after removing subsidies from petrol and electricity, where is it? Where did it go? Just last week, he's trying to raise ways and means to 10% from 5% under Buhari so that he will be able to borrow more money for corruption and further plunge Nigeria deeper into debt

MasterTeeUSA:
Crude is sold in dollars...and PMS is received in dollars...like a swap with more crude for PMS. I am sure you hear landing cost and all...then NNPC begs the sale to N560 or so and marketers, the greedy ones sell for N800, N900 plus

Greedy what? This is the result when an irresponsible government abandon its job of protecting the citizens and leave them at the mercy of exploiters. The government that removed subsidy when we still had one month to enjoy it!

adanny01:


The duo of Subsidy and fixed Forex was what kept our economy stable.

I still insist, these 2 were not the problem. If we make more money, than these 2 take, we will still be growing.

The rogue elephant had been the responsibility of government to deal with. What did they do, government just transferred the burden of corruption from is accounts in CBN to the accts of all Nigerians. Do you understand?

We need petrol, it's either government pay part we pay part or we pay all. Govt chose we pay all. How does it affect the corruption. As long as the money is paid, corruption continues.

What he ought to have done is to remove subsidy when dollar is not involved. When is that, when we extract our oil, refine it and make available at pumps, all locally. That was the way and it's still the only way.

Why do you think they don't want Dangote refinery to work. They want to continue to deal petrol in dollars. In dollars means that what we earn should be spent on petrol.

As long as we pay dollar for diesel, petrol, gas, fertilizer, lubricants and all other petroleum products there will be no positive effect of any economic policy.

Subsidy should have ended naturally with local production.

The entire money Tinubu thinks he saved is wasted through inflation. He has to pay more salaries now, all contracts have gone up. It's the same saying, "penny-wise pound foolish".

I don't think they make our economy stable. They only make living expenses cheaper for the resident. If it was stable, we won't have to borrow to fund the subsidy and fix dollar rate. Dollar was 700 in black market while official rate was 450. I don't know how this translate the economy.

If you are borrowing to sell cheaper petrol and dollars to the resident and you call it stable economy, then I don't know what your definition of stability is.

The fact is our woes started after obasanjo regime when we fixed the dollar rate we cannot defend.

The dollar rate should have changed immediately we started noticing weakness in our economy due to fallen oil price but the politicians don't want look bad and kept borrowing to mask the real issue on ground.

With exploding import dependant economy, lower oil prices and output, not even Jesus can fixed dollar at 400 and petrol at 180 in Nigeria

Itzlinda:



I don't think they make our economy stable. They only make living expenses cheaper for the resident. If it was stable, we won't have to borrow to fund the subsidy and fix dollar rate. Dollar was 700 in black market while official rate was 450. I don't know how this translate the economy.

If you are borrowing to sell cheaper petrol and dollars to the resident and you call it stable economy, then I don't know what your definition of stability is.

The fact is our woes started after obasanjo regime when we fixed the dollar rate we cannot defend.

The dollar rate should have changed immediately we started noticing weakness in our economy due to fallen oil price but the politicians don't want look bad and kept borrowing to mask the real issue on ground.

With exploding import dependant economy, lower oil prices and output, not even Jesus can fixed dollar at 400 and petrol at 180 in Nigeria

Yes dey do make a stable economy. Is it a coincidence that immediately fuel subsidy was removed, astronomical high inflation set in without control that has almost doubled in a year. Immediately after removal of subsidy, the black market FX put too much pressure on the Naira that the fixed rate (subsidy rate) couldn't be maintained so they had to remove that one too.

It's a ripple effect. I am sure you don't see the link between petrol and the economy. What is economy? Simply, the careful management of resources. The key word is resources. The biggest waste of our resources (dollars) is the importation of refined petroleum. What is subsidy? Simply, money by state or govt to keep commodities and service low. See the link by Google: In economic theory, subsidies can be used to offset market failures and externalities to achieve greater economic efficiency.

What has Tinubu done, he removed the very things that maintained the economy and left the market failures to continue wrecking havoc. To remove subsidy, you first end the market failure. What's is the market failure, local refining. Subsidy started when refineries failed, logically it should end when we start refining.

It's simple, how do we get petrol in Nigeria? With dollars. How do we earn dollars? Majorly from crude. Who is incharge of the up, mid and downstream, just one company called NNPC. It is fair to say what ever happens at NNPC, our economy depends on it. There are 3 major things at NNPC, crude, dollars and import of refined crude. All these are done in dollars without accountability. The bulk of the corruption is in NNPC crude deals and the import deals. The import deals consumes our dollar revenue. Only the balance gets to CBN and this is always little.

Imagine if you give a fraudulent car driver your car to use for commercial transport and remit pure profit. 95% of drivers in Nigeria will ruin your car in less than a year and you will still not recoup the investment. Fake repair bills, reckless driving etc. That is what NNPC is doing. Subsidy is not the problem, NNPC is the whole problem. See the problem; we sell crude and earn dollars, we send importers to go and buy refined oils, they go to CBN and get dollars at subsidized rate, they supply and NNPC pays them subsidy from the crude sales, before NNPC remits the rest to CBN. These importers earn double subsidy.

From the 3 major things NNPC is responsible, remove one and see how government revenue will increase. That thing is import of petrol, diesel etc. by producing locally. Both subsidy from CBN and NNPC are earn by the same people. Eliminate the corruption and everything about supply of petroleum products ends there. What remains is just earning dollars and it goes straight to CBN.

I ask again, the same NNPC that made sure not one of our refineries is service is the same NNPC blocking Dangote refinery from work. They want him to buy crude far from Nigeria at international rates so that when his products hit the market, it will be more expensive such that it will not be sustainable while they deceive us that it's cheaper to import.

Instead of subsidy, produce it. We have everything.

adanny01:


Yes dey do make a stable economy. Is it a coincidence that immediately fuel subsidy was removed, astronomical high inflation set in without control that has almost doubled in a year. Immediately after removal of subsidy, the black market FX put too much pressure on the Naira that the fixed rate (subsidy rate) couldn't be maintained so they had to remove that one too.

It's a ripple effect. I am sure you don't see the link between petrol and the economy. What is economy? Simply, the careful management of resources. The key word is resources. The biggest waste of our resources (dollars) is the importation of refined petroleum. What is subsidy? Simply, money by state or govt to keep commodities and service low. See the link by Google: In economic theory, subsidies can be used to offset market failures and externalities to achieve greater economic efficiency.

What has Tinubu done, he removed the very things that maintained the economy and left the market failures to continue wrecking havoc.

It's simple, how do we get petrol in Nigeria? With dollars. How do we earn dollars? Majorly from crude. Who is incharge of the up, mid and downstream, just one company called NNPC. It is fair to say what ever happens at NNPC, our economy depends on it. There are 3 major things at NNPC, crude, dollars and import of refined crude. All these are done in dollars without accountability. The bulk of the corruption is in NNPC crude deals and the import deals. The import deals consumes our dollar revenue. Only the balance gets to CBN and this is always little.

Imagine if you give a fraudulent car driver your car to use for commercial transport and remit pure profit. 95% of drivers in Nigeria will ruin your car in less than a year and you will still not recoup the investment. Fake repair bills, reckless driving etc. That is what NNPC is doing. Subsidy is not the problem, NNPC is the whole problem. See the problem; we sell crude and earn dollars, we send importers to go and buy refined oils, they go to CBN and get dollars at subsidized rate, they supply and NNPC pays them subsidy from the crude sales, before NNPC remits the rest to CBN. These importers earn double subsidy.

From the 3 major things NNPC is responsible, remove one and see how government revenue will increase. That thing is import of petrol, diesel etc. by producing locally. Both subsidy from CBN and NNPC are earn by the same people. Eliminate the corruption and everything about supply of petroleum products ends there. What remains is just earning dollars and it goes straight to CBN.

I ask again, the same NNPC that made sure not one of our refineries is service is the same NNPC blocking Dangote refinery from work. They want him to buy crude far from Nigeria at international rates so that when his products hit the market, it will be more expensive such that it will not be sustainable while they deceive us that it's cheaper to import.

Instead of subsidy, produce it. We have everything.

I agree. But if we are not borrowing to fund them. My argument is as long as we are borrowing to fund them. It is common logic that there will come a time when we cannot afford to borrow.

Even Sanusi has predicted exactly same scenario when we won't be able to afford the borrowing but everyone turn deaf ear because nobody wants hear the truth.

It was the same structure at nnpc that was funding subsidy despite the corruption, didn't you asked why are they unable to do it now.

Buhari already removed subsidy in the budget because it was unsustainable. Tinubu only came at the wrong time.

Both the candidates pledges to remove subsidy and float naira. Because they checked the finances and it's not possible to sustain.

The only way out for us if we want afford subsidy is to increase our daily production or we miraculously pray for crude oil prices to go up.

Petrol is not the only thing we import, there's medicine, wheat and other supplies.

I don't blame nnpc for disfunctional refineries. I blame political will from leaders.

Algeria with a lesser population has a 5 functional refineries.
What has stopped Nigeria from doing same?

Is nnpc above petroleum minister?

Nigeria is just corrupt country with everyone looking for his pocket only. As we collectively run the country dry. We are now looking for scapegoat to blame

Itzlinda:


I agree. But if we are not borrowing to fund them. My argument is as long as we are borrowing to fund them. It is common logic that there will come a time when we cannot afford to borrow.

Even Sanusi has predicted exactly same scenario when we won't be able to afford the borrowing but everyone turn deaf ear because nobody wants hear the truth.

It was the same structure at nnpc that was funding subsidy despite the corruption, didn't you asked why are they unable to do it now.

Buhari already removed subsidy in the budget because it was unsustainable. Tinubu only came at the wrong time.

Both the candidates pledges to remove subsidy and float naira. Because they checked the finances and it's not possible to sustain.

The only way out for us if we want afford subsidy is to increase our daily production or we miraculously pray for crude oil prices to go up.

Petrol is not the only thing we import, there's medicine, wheat and other supplies.

I don't blame nnpc for disfunctional refineries. I blame political will from leaders.

Algeria with a lesser population has a 5 functional refineries.
What has stopped Nigeria from doing same?

Is nnpc above petroleum minister?

Nigeria is just corrupt country with everyone looking for his pocket only. As we collectively run the country dry. We are now looking for scapegoat to blame

Do you know exactly how much they earn from crude? Do you know exactly how much subsidy they pay? Why is it how much they borrow that they want to tell us? It doesn't add up.

I don't believe they borrow to pay subsidy. There is no way the entire money they earn from crude sales will be less than the what they spend on petrol. Who pays the subsidy, it is NNPC. It's not CBN or ministry of finance. They pay it even before remitting to CBN. Is the NNPC borrowing money? No.

So what's happening, subsidy is not their priority because of the huge bill. To convince you they tell you we borrow to pay it. They can't tell you they borrow to buy or maintain their private jets or estacodes. To do away with someone or something, just paint it black. They are not borrowing, period.

Take this anywhere, petrol and other refined petroleum produce is the biggest and most expensive things that consumes our FX. The fact that every commodity and service in this country depends on it should tell you what it can do do the economy. You use petroleum products to process the wheat.


The only blame I have for political leaders is the lack of political will. Otherwise, the blame is actually on all of us individually. All those in NNPC, are they not Nigerians. The importers, are they not Nigerians. The corruption is in every office in this country.

If the president makes a scapegoat of one or two people. People will think twice.

MR. PRESIDENT IS RIGHT. ATIKOBI DATTI ARE JUST WHIPPING PEOPLE'S EMOTION UNNECESSARILY.

ORISA37
MR. PRESIDENT SHOULD PLEASE TAG THE NAIRA AT N500 : $1 AND
TALK TO DANGOTE TO REGULATE FUEL AT N500 PER LITER.

adanny01:


Do you know exactly how much they earn from crude? Do you know exactly how much subsidy they pay? Why is it how much they borrow that they want to tell us? It doesn't add up.

I don't believe they borrow to pay subsidy. [b]There is no way the entire money they earn from crude sales will be less than the what they spend on petrol. [/b]Who pays the subsidy, it is NNPC. It's not CBN or ministry of finance. They pay it even before remitting to CBN. Is the NNPC borrowing money? No.

So what's happening, subsidy is not their priority because of the huge bill. To convince you they tell you we borrow to pay it. They can't tell you they borrow to buy or maintain their private jets or estacodes. To do away with someone or something, just paint it black. They are not borrowing, period.

Take this anywhere, petrol and other refined petroleum produce is the biggest and most expensive things that consumes our FX. The fact that every commodity and service in this country depends on it should tell you what it can do do the economy. You use petroleum products to process the wheat.


The only blame I have for political leaders is the lack of political will. Otherwise, the blame is actually on all of us individually. All those in NNPC, are they not Nigerians. The importers, are they not Nigerians. The corruption is in every office in this country.

If the president makes a scapegoat of one or two people. People will think twice.

Unfortunately petroleum isn't the only item needed to run the country. We need electricity, health and road other amenities. So if we continue paying subsidies it means less money to fund these infrastructure development.

Unless you opined that we should ignore building bridges and fund cheaper energy and dollar. I may agree with you on that.

I believe some of the money we are borrowing building bridges absolutely needles and what has crashed the economy.

Progress is measured by economic indices not length of roads or number of bridges constructed.

It is your level of progress that determines what infrastructure you can afford to build without your economy crashing down.

Buhari came with his infrastructure campaign and crash the economy leaving us with humongous debt to service.

My anger was Nigerians should have occupied the roads when these lootings were done and bad policies were implemented, not now that we are seeing the culminating effect.

Northerners did not protest for Buhari with all his atrocities, it's now that yoruba is in power for less than one year that they want protest

Itzlinda:


Unfortunately petroleum isn't the only item needed to run the country. We need electricity, health and road other amenities. So if we continue paying subsidies it means less money to fund these infrastructure development.

Unless you opined that we should ignore building bridges and fund cheaper energy and dollar. I may agree with you on that.

I believe some of the money we are borrowing building bridges absolutely needles and what has crashed the economy.

Progress is measured by economic indices not length of roads or number of bridges constructed.

It is your level of progress that determines what infrastructure you can afford to build without your economy crashing down.

Buhari came with his infrastructure campaign and crash the economy leaving us with humongous debt to service.

My anger was Nigerians should have occupied the roads when these lootings were done and bad policies were implemented, not now that we are seeing the culminating effect.

Northerners did not protest for Buhari with all his atrocities, it's now that yoruba is in power for less than one year that they want protest

You still do not get my point.

Subsidy came because of the failure of NNPC. Check the definition of subsidy. Don't you think all these palliatives, CNG kit is just a waste of resources that can never make an impact on the current state of the economy.

Yes petroleum is not the only thing needed to run a country. But it's the biggest single item expenditure in Nigeria. It is also one item that every one uses one way or another. Petrol is the one single item that the entire economy depends on (remember, we are generator republic). The price of petrol determines garri in the market. What product has that coverage? Non. That means it can cause inflation. Price of wheat can not cause inflation but petrol, diesel, fertilizer, electricity can. All these are petroleum products or dependent in the case of electricity. These are the candidates for controling the economy and keeping goods and services low, hence, subsidy. Don't tell me Buhari removed subsidy, it was just a trap for Tinubu and Tinubu didn't use an economic team to see a picture of the implication. He could have reintroduced it if he knew where he was heading. He went in blindly, first hr in office.

One thing for sure is in our income is majorly from one thing, petroleum. This income is shrouded in secrecy. The accounts of NNPC is for the president's eyes only.

What I am talking about is income and expenditure. Our major income is in dollars, our main major expenditure (petroleum) is in dollars too, that's very inconvenient if you ask me. Unfortunately, the books of this dollars is a secret. NNPC is the sole income receiver of Nigeria's income and they have the sole responsibility of the biggest expenditure. Do you get the point. What is left is what CBN gets and that is what is public. Every thing about NNPC is a secret. A lot of stealing is going on there. But what they are telling us is that we need to suffer because they are not making enough money. Believe it at your own peril.

To make NNPC more accountable is to remove that expenditure from NNPC and they will not steal so easy.

The ultimate point I am making is that Petrol was N195 when Tinubu took over, inflation was 18% dollar was N450, today fuel is N820 and inflation is 34%, dollar is N1,500. The single thing that drove all these is petrol.

Now we are paying N820, the economy is in shambles but he has saved N9trillion. The problem is that the value of 9trillion today is about N4.5trillio n before he became president. There for the subsidy removal just took Nigeria backwards and his ability to provide those other things like electricity, infrastructure, education etc has not changed despite have more money.

It's like this, you have a salary of 100k in 2022 and a bag of rice is 10k, you can afford it right. But inflation took the price of rice to 90k in 2024 but you salary is still 100k. Can you afford a bag of rice?

Just as we can't afford things the government will also have to pay more for the things they used to do cheap. Are we moving forward? No. It's called penny wise pound foolish.