Penguin2:
867billion naira paid out as subsidy in 9 months alone.

I wonder if these claims are usually audited by independent auditors

.

It is true, which is why I don't like subsides, and why it should have gone

The cost of producing and transporting (to end user) of petrol is not static, thus, the cost of keeping it cheap is also not static, and keeps going up.

That's why oil subsidy must go.

Meanwhile this fuel subsidy issue is what we would have been done with for as far back as 2012 if not for Tinubu who mobilized his urchins to Ojota square to protest against that wonderful action that would have saved us from this mess.

Tinubu has done this country shege all in the quest for power.

But I curse him this day that that power he desperately seeks and has done dirty deeds and enter dangerous alliances for, will forever elude him till leaves this earth.

Rubbish!

True , Tinubu did use subsidy removal, along with Bubu for poltiricks, but the truth is, most Nigerians , then and now, don't want subsidy gone. Even supporters of GEJ.

i suggest you open a thread saying subsidy must go....you would get a lot of abuse and insult.

Nigerians love cheap fuel Tinubu and Buhari, like most politicians, took advantage of the anger of the people. Had they supported subsidy removal, they and GEJ would have been swept out of power, and replaced with politicians who would keep subsides.

I thought they said they recorded some profit? I'm beginning to get tired of these people... and the blind youths are still joking about it all. It's true they say, when the brain is bereft of any form of intellect through deprivation of information and the benefit of hindsight, then a comic generation in its most pitiable form is what we end up with.

backbencher:
.

It is true, which is why I don't like subsides, and why it should have gone

The cost of producing and transporting (to end user) of petrol is not static, thus, the cost of keeping it cheap is also not static, and keeps going up.

That's why oil subsidy must go.



True , Tinubu did use subsidy removal, along with Bubu for poltiricks, but the truth is, most Nigerians , then and now, don't want subsidy gone. Even supporters of GEJ.

i suggest you open a thread saying subsidy must go....you would get a lot of abuse and insult.

Nigerians love cheap fuel Tinubu and Buhari, like most politicians, took advantage of the anger of the people. Had they supported subsidy removal, they and GEJ would have been swept out of power, and replaced with politicians who would keep subsides.

Nigerians are used to pain. Doesn’t mean I support us being put through pain though.

But if not for those protests, in matter of one or two months, we would have gotten used to it and the clamour will die down. Take electricity tariff hike for instance, we shouted on top of our voices then but are we not quiet now?

So I blame Tinubu and Buhari who knew better than most uninformed Nigerians that removal of subsidy would have saved government a lot wasteful spendings and make funds available for other projects but they chose to play politics against national interest. Today they are champions of subsidy removal. Imagine such hypocrisy.

But in all I blame GEJ more for not standing his ground then and daring the consequence. But of course he was scared of losing reelection which he lost anyways.

backbencher:
That's because NNPC is running at a loss.

In 2016, Buhari in essence forced NNPC to subsides fuel out of its own money. The deficit we see is the result of such a policy.

The solution is simple. Remove the subsidy, allow the market control the price of fuel, and there would he huge profits to encourage refining fuel at home.NNPC would stop running at a loss.
But Nigerians, since the 1990's have been opposed to removal of subsidy because .....

All in all, price controls are bad for any economy.

P.S Daily trust of last week Thursday has a poster showing how subsides prevented NNPC from remitting 2.3 trillion naira to government. Very instructive.

Bros, NNPC is extremely corrupt. They aint the only national oil company subsidising fuel for its citizens. Rosneft of Russia, Aramco of Saudi Arabia. All do subsidies. Though it reduces thier profits. They are never in deficit...unlike NNPC dat has always being in the negative since the 1990's

Penguin2:


Nigerians are used to pain. Doesn’t mean I support us being put through pain though.

But if not for those protests, in matter of one or two months, we would have gotten used to it and the clamour will die down. Take electricity tariff hike for instance, we shouted on top of our voices then but are we not quiet now?

So I blame Tinubu and Buhari who knew better than most uninformed Nigerians that removal of subsidy would have saved government a lot wasteful spendings and make funds available for other projects but they chose to play politics against national interest. Today they are champions of subsidy removal. Imagine such hypocrisy.

But in all I blame GEJ more for not standing his ground then and daring the consequence. But of course he was scared of losing reelection which he lost anyways.

Yeah,but the thing is, try arguing for fuel subsidy removal in public (Lord knows I don't try that)...and you are basically asking to be beaten up in this country. It is an article of faith that we must have subsides.

I'm even surprised GEJ tried to somewhat completely remove subsidy..something hard men like Abacha and Obasanjo did not even attempt.

I suspect Buhari loves subsides though...(even the partial removal he did in 2015 was done under strong advice..same for the other ones he did).

All in all, the thing has to go. NNPC is now basically running on empty. That it hasn't collapsed under the funding of subsides, and rendering to Caesar that which is Caesar's is a miracle.

Elsueno:


Bros, NNPC is extremely corrupt. They aint the only national oil company subsidising fuel for its citizens. Rosneft of Russia, Aramco of Saudi Arabia. All do subsidies. Though it reduces thier profits. They are never in deficit...unlike NNPC dat has always being in the negative since the 1990's

1.Russia is a corrupt country mind ...and even then, they earn a lot of revenue from industrial exports that enables them to fund any subsidy

2.Saudi produces ten times more oil than we do, has more oil reserves than we do, and has a population of 40 million people...and as such have enough cash for subsides...and even then...they are losing money.(ARAMCO anyway is run as a joint venture with the Americans anyway..and has a lot of expat staff).

backbencher:


Yeah,but the thing is, try arguing for fuel subsidy removal in public (Lord knows I don't try that)...and you are basically asking to be beaten up in this country. It is an article of faith that we must have subsides.

I'm even surprised GEJ tried to somewhat completely remove subsidy..something hard men like Abacha and Obasanjo did not even attempt.

I suspect Buhari loves subsides though...(even the partial removal he did in 2015 was done under strong advice..same for the other ones he did).

All in all, the thing has to go. NNPC is now basically running on empty. That it hasn't collapsed under the funding of subsides, and rendering to Caesar that which is Caesar's is a miracle.

That’s it!

Subsidy has to go. It must go.

We can’t be claiming oil producing country while the money made from the oil keeps going away through the same pipeline it was drilled. It’s pathetic.

About most Nigerians’ aversion to subsidy removal, I blame it on lack of information and orientation. If people are properly informed of the gains that subsidy removal would bring, they’d be less antagonistic to it.

But we’ll, with the signing of the PIA to law, a deadline has been set for final subsidy removal which I trust Buhari to keep to. There would be momentary pain, yes, but we would be better off in the long run.

aremuforlife:

How has that stopped fheir performance?
NNPC is now incorporated, they can also benefit on tax cut to construct roads, I don't see anything bad in that, except if don't really understand what is happening

Corruption typified. How many people are fixing same roads. I saw Ilorin -ogbomosho we have been told Suku bond will be used to fix there again. Lies can expiry,

Who is the Minister of Petroleum Resources



Where is the audio profits declared some weeks ago



If Nigeria's biggest economy cash cow is in deficits....What positive news do you expect from other sectors

Who is the minister of petroleum sef? I just dey ask!!! At least we can't say oga need diamond boxers...

backbencher:


1.Russia is a corrupt country mind ...and even then, they earn a lot of revenue from industrial exports that enables them to fund any subsidy

2.Saudi produces ten times more oil than we do, has more oil reserves than we do, and has a population of 40 million people...and as such have enough cash for subsides...and even then...they are losing money.(ARAMCO anyway is run as a joint venture with the Americans anyway..and has a lot of expat staff).

Bros u haven't said anything, NNPC has less than 7k staffs, Aramco 60k staff, Rosneft 300k staff, NNPC pays less than those companies, we even have less number of cars than those countries. Even generator, how many people have it in this country?. I also agree subsidy should go. But I assure u, dat will not change anything in NNPC. They will still be running on deficit. Personally, I think NNPC is the epitome of corruption in Nigeria.. politics comes a distant second

No wonder Atiku told us he.would privatized the thing and we were shouting hue and cry... Nonsense organization...

Ok

Who cares oil is becoming a diminishing portion of the Nigerian economy in general due to the recent massive investments in infrastructure and rail to other ECOWAS members.

backbencher:


Because no one, and I repeat, no one, wants subsidy gone.

Even GEJ when he tried to remove it, some of his loyal supporters thought he was mad.

The honest truth is that subsidy, and all the corruption therein , remains because Nigerians want cheap fuel. in FACT, IF buhari decides to spend more on subsidy, and cut fuel prices to N20 PER LITER as a result, people would hail him as the greatest leader in Nigerian histroy (despite his poorly performing government).

If government removed subsidy truthfully in 2016, instead of the lies they told...by now, fuel would be above N400 per liter. That's poltically expensive, and that's why APC , nor PDP, nor any other party wants subsidy to go.

Please educate me sir. If petrol is to be sold at #400 now if subsidy is removed, what would it have been sold when crude was around $130 per barrel. I sincerely don't understand the maths. I know the last govt was paying subsidy buy it wasn't this high.

Simeon88:


Please educate me sir. If petrol is to be sold at #400 now if subsidy is removed, what would it have been sold when crude was around $130 per barrel. I sincerely don't understand the maths. I know the last govt was paying subsidy buy it wasn't this high.

Probably sold at a lower price as the value of the naira would have improved due to the higher dollar inflow from higher oil prices. But it won't be probably below N200.

The N400 cost I put out there is an estimate. Especially as we aren't earning much from oil and thus not enough dollars to improve the naira value.

The GEJ government was keeping oil prices low by spending a large chunk of our Forex funding subsides. This was impacting government spending and was the reason why GEJ wanted subsidy gone so that we could benefit better from the higher income we had from crude even though it would have meant higher fuel prices .