Let's get one thing straight, the GEJ administration is lying about saving money from the removal of subsidy as there is no provision for fuel subsidy in the 2012 budget. As such, no money is going to be saved from unbudgeted subsidy. Unless they are going to tax Nigerians to save any money. In this sense the only way he can go back to N65 is if they re-'adjust the budget that have already been passed and then make provision for the subsidy in the budget.

I'm of the view that the President would not revert the fuel price. However, I sincerely hope he comes out to speak on having discussions with the House of Assembly and the Labour Unions before we start hearing loud chants for his impeachment!

Revert to what?

If he does that, I will remove my support for him.

No more free oil.

noblezone:

Revert to what?

If he does that, I will remove my support for him.

No more free oil.

why are u acting foolish

@LeoMax,

I appreciate your views about the subsidy removal. We all know and understand that removal of fuel subsidy will do us a lot of good in development of infrastructure within the country, but as you rightly said, the Nigerian government is a corrupt entity, as a long as nothing has been done or can be done to check corruption in the Nigerian system, we do not and will never trust the proper use of the funds that will be realized by the removal of fuel subsidy, it is simple. I understand that fighting corruption in Nigeria is like getting involved in a gladiator fight with a sword and shield. It is absolutely dangerous, but why do we have him as a leader, why did we elect him to lead us if he cannot lay down his life for Nigerians.

We talking about attracting FDI into the refinery business, I quite agree with the fact that this will attract FDI, but what will be the terms of operation?? If foreign refineries spring up in Nigeria because of the removal of subsidy which has prompted the sale of fuel at between 138 to 141 per liter what will be the terms of operation. Will our government force them to sale fuel as below 65 per liter as it should rightly be sold? OR will our government now fold their hands and allow them rob Nigerians??

I agree that FDI will definitely make prices come down, what is the guarantee, because here in Nigeria, things don’t work the way it should work. It is only in Nigeria that our govt spends money that is enough to build a new refinery in rehabilitating the old one and at the end of the day, it never works and no question is asked.

The billionaires we are talking about in the oil industry were all in front row during the town hall meeting anchored by Nduka of Thisday, our government knows these people no doubt, and they are all in the economic team of president GEJ. When you have such people in the economic team what do you expect. Most of these people are sponsors of PDP’s victory in the last election. You can see that even in our leadership cadre, we do not have a president who has the guts to tell Nigerians the truth, and in this scenario what I feel our president should do is to swallow the bitter pill and continue doing that, until we are able to build a refinery and revive the existing one. Who says we cannot have a 100% functional Nigerian refinery. That is where we are getting it wrong, we always believe that good intended projects will be hijacked by corruption, what have the past and present government done to stem the tide of corruption in Nigeria, if they had been able to do something in the past I am sure we would not be having these problems now.

We all witnessed what happened in the power probe by our house of rep member during the last administration, we all saw how the probe went, and today where are the culprits.

This is exactly the fear of Nigerians, “corruption” if our government can check corruption, every other infrastructure will fall in place with minimal cost for that matter. So that when a project is said to cost 10 million, it actually cost that 10 million. But right now, a project that cost 10 million, our government official will put up documents to tell us it cost 25 million. It is only in Nigeria.

whether he reverts or not, his presidency is weakened through the loss of the substantial public goodwill/support he enjoyed in the immediate aftermath of his election. whether through ineffectual response to boko haram or just the widespread impression of a man who is operating above his scale, the general public, including my gej-loving grandma, now believe he is a weak leader, who, although a 'nice' person, is not cut out to lead a country like nigeria. even my 10 year old niece feels sorry for him, as according to her, 'he's not strong enough.' that says it all. the president is simply unconvincing. on your specific question, it'll be a damaging humiliation for him to revert to 65 naira. what we are likely to get is some kind of face-saving fudge that goes halfway to pacifying the public in the interim whilst doing enough to keep okonjo on side.  subsidy will go eventually, but i can't support it until i see the government attacking official corruption, waste, and profligacy with the same zeal as its current unprovoked economic assault on the masses.

I don't think he will! and neither do I think he should! If he rescind on his decision, where would he get the subsidy money? 'Cus the money was not even included in the budget

117m naira for UPS at VP's lodge!! Haba!!

Same Lodge that's going to use another hundreds of millions to pay NEPA bills?

Same Lodge that's going to use another hundreds of millions to buy, service and fuel generators?


How much come be power supply for VP's lodge now? excess of 650m naira?

A big question here!

Is the subsidy actually up to 1.3 trillion??

I understand we have this high figure because of the fraud and corruption in the downstream sectors.

I am just think, what could the actually subsidy figure be?

Any answer from Okonjo and Sanusi and Deziani.

liaslo++:

why are u acting foolish

That I am acting foolish is just your opinion.

Yet, my people have a saying' "What an elder would see while sitting down on chair, a child will never see even if he climbs the highest of the trees"

Subidy removal is a deadly blow to corruption. Corruption exists where there is access to free money. Now, no more free oil. Imagine, OBJ'S OANdo collected N228B just last year alone.

Stand firm Mr. President. No more free oil.

Why should he revert to N65? I am praying seriously that he revert not. When the protesters are tired they will look for cold water to take,

on a positive level, he may!!! Nigerians have spoken and it's democracy

lasinoh u must not be on nairaland, stick to ya fake america, piss-pie

I dont think so

@Stagger.

THANK YOU FOR THE BUDGET EXTRACTS.


That is the point of my previous posts.

a) Stagger, you have access to the Details of the National Budget BECAUSE PRESIDDENT JONATHAN REPEALED THE OFFICIAL SECRETS ACT last year.

Before then, sir, it was a CRIME punishable with Imprisonment for anyone to demand por disclose the details of ANY GOVERNMENT's (Federal, State or Local) budget.

b) Now lets us review and CUT THE CORRUPTION from the system using the BUDGET.
c) Do this for all government budgets.

Good work @Stagger.

Reverting to the old price will warrant a new budget that will hike the recurrent expenditure to about 80%, deficit spending could be about 4% percent and in the longrun, maybe 5 to 6yrs time the Nigerian govt will start asking for another Debt forgiveness. I believe he has gotten to a point of no return, If I were him, I will consider the rantings by Bakare and co as merely their preparation for 2015 Election. He is probably preparig the way for Buhari in 2015. Best economic policies most times run contrary to public opinions, if in doubt ask Obama.

How I wish the NLC will use this opportunity to ask for a drastic cut in the salaries and allowances of our public office holders rather than reversal t status-quo.

Like people have rightly pointed, he revert because there is no provision for subsidy in this year's budget.
But he can make amendments, cant he? Afteral the budget has not been passed yet.

Which brings up the issue: since this year's budget has not been passed, it means we are still using that of last year, FOR WHICH THERE WERE PROVISiONS FOR SUBSIDY.

Apparently the subsidy isnt actually included in the budget because it comes out of the excess crude account. That will probably explain why it was mismanaged soo much.

Nigerians must rise up and fight till the end, remember,you are not worthy to live if you do not have a cause worthy to die for, nigerians must make this cause a worthy one to die for.Those who have been shot downs by police remain my eternal heroes, All men will die someday, so it is best to die for a worthy cause.this cause is worthy.long live nigerians

gymer:

Why should he revert to N65? I am praying seriously that he revert not. When the protesters are tired they will look for cold water to take,

^
Another myopic poster

Tell me, i am sure u did not see the post below

989900:

117m naira for UPS at VP's lodge!! Haba!!

Same Lodge that's going to use another hundreds of millions to pay NEPA bills?

Same Lodge that's going to use another hundreds of millions to buy, service and fuel generators?


How much come be power supply for VP's lodge now? excess of 650m naira?

babestella:

A big question here!

Is the subsidy actually up to 1.3 trillion??

I understand we have this high figure because of the fraud and corruption in the downstream sectors.

I am just think, what could the actually subsidy figure be?

Any answer from Okonjo and Sanusi and Deziani.

@beaf,leomax and friends

get2abbey:

^
Another myopic poster

Tell me, i am sure u did not see the post below

@beaf,leomax and friends

Thank u sir,,,,,,,,,,was about pointing out staggers post to the mumu

@Beaf,Leomax and friends

the price of fuel (pms) is said not to be up to 60 naira per liter at apapa/ibafon depot. please can anyone verify?. in fact it is said to arrive ibafon depot at about 58 naira per liter, can someone please verify and let us know?? we want to know the truth about this subsidy, please OR is it just a slang people have used to divert our money into their pockets.

babestella:

the price of fuel (pms) is said not to be up to 60 naira per liter at apapa/ibafon depot. please can anyone verify?. in fact it is said to arrive ibafon depot at about 58 naira per liter, can someone please verify and let us know?? we want to know the truth about this subsidy, please OR is it just a slang people have used to divert our money into their pockets.

sista you have been asking this question on different threads but lets be reasonable- IF fuel is selling for anything below 135-137 ANYWHERE in this country do you honestly think anybody will buy it elsewhere for 130? even 65? Lets apply common sense and basic economic knowledge pls. If it exists market arbitrage will quickly eliminate that "cheap" price. Don't believe everything you here on this issue, some people don't even know what a subsidy is and they are getting worked up.

If he has any balls (which I doubt), he should stick to his guns. You can already see the strike crumbling. Nigeria will be great again when the dust finally clears.

He should in the meantime(he should bring it down to say N90 or so) .Subsidy removal is inevitable and it would be foolish for anyone to hope that it stays for the rest for the rest of the year.
However,it should be suspended for as long short as it it will require to adequately sensitise the populace on the negatives of the subsidy regime(the abuse of it by oil marketers who milk hundreds of millions of naira from the regime,for products not delivered and the attendant toll on the federal reserves).(i)Government should prosecute everyone that had anything to do with the refineries terrible state,and all those involved in the abuse of the subsidy regime(even if just to make a show of the whole thing,Nigerians love shows and the attendant scandal and negative image will shut the thieves up unlike now that they're are free to raom the streets and finance the so-called anti-subsidy removal protest.
They should start to build more refineries and produce locally,power supply should be improved remarkably,the rail system must work well,they must reduce the cost of governance drastically at all levels(I watched with disdain as those clowns in the lower house sat and said the things most ignorant Nigerians needed to hear;to wit;FG should revert to N65  per litre,without saying anything they will do as personal sacrifice,even if it will be scratchingly palliative in the long run,for instance I'm aware each senator collects N500 million per annum for constituency project,a very unconstitutional provision and the reps collect a little less than that.Now multiply 500 million by 108 and say 400 million by 774 and you will know the level of looting we're talking of.)Also the lawmwkers should cease to be involved in any form of contract awards and other channels of looting should be plugged.At the executive level,all those long list of indolent aides should be whittled down;from the president to the ministers,no need for those 50-vehicle entourage for president,VP,senate president and speaker;I could go on and on,but the government and lawmakers should do more in self sacrifice and be more transparent whilst other measures are taken,then the subsidy can be removed.
The only snag here is that we have no time as subsidy ewas not provided for in the 2012 budget,so just like the nursery rhyme; what we need to do,we should do quick
(iv

Omo goodluck stubborn oh, another issue to ponder is why there are no serious protests in the south east and south south,at least I even heard warri boys dey vex,ppl keep complaining of government's incompetence in the south east, why can't the people occupy their state government's and they keep complaining.Occupy nigeria is not just a movement targeted at jonathan,but the entire corrupt system of governance.

It should never be reversed to N65. I however will recommend that he brings it down to N100 with a clear statement that come April 1 when the effects of some of the planned paliatives would have been evident, the price will move to the fully deregulated price.

Even Labour knows that reverting to N65 is not realistic when all our surrounding neighbours do not sell below N175.

he doesnt need to subsidise the fuel for the cost to be cheap- he simply needs to introduce tight regulations that will make fraud impossible- maximise the output of the useless refineries we currently have. strike a deal with some private investors to refine fuel abroad in exchange for more crude

the subsidy was just a quick way out of the govts incompetence without the masses complaining. it also produced an avenue for them to steal

i also do not believe in this useless cabal people keep mentioning as if nigeria has any sort of sophisticated mafia

fish them out and throw them in guatanamo! nonsense! kmt

"Occupy nigeria is not just a movement targeted at jonathan,but the entire corrupt system of governance".

No,occupy Nigeria is a follow follow concept that only exists in the cyber and BB world.It's wishy-washy and has no real relevance and impact in Nigeria

The question everybody ought to ask is If I were to be President Jonathan
what will I do?
I will say that Mr President has done a spectacular thing that no Government
in Nigeria has done. What is this spectacular thing is freedom of Information.
This Issue has given Nigerians the great opportunity to air their view.

Yes, Nigerians have spoken, what next should be done is for Government to look into
the  Executive Earnings deeply and still do a cut. Look into the Legislative allowances and
do a cut.  The Government need to do this because, the Executive enjoy Free Light, Free Transport of which they don't pay for the so called fuel. They don't pay for housing, they have health insurance and what have you

Enhance the salaries of workers salaries, and increase the availability of buses. Finally the Government must be up on his heel to see that all that he says He will do with this excess must be done.

On the side of Lab our I commend their effort and appeal to Lab our to return to work since they have spoken.
It is one thing for some one to speak and another thing to listen to explanation.
Let us be careful less we shoot our selves.