Say no to subsidy. THE REFINERIES MUST BE FUNCTIONAL

FERNANDEZISBACK:

They have borrowed and borrowed and borrowed but nothing really practical to show for it..
My condolence goes to Nigerians in Nigeria In advance..I hope you guys fight for your right not just sit and watch your so called leaders toy with your country's future..

They are borrowing , in part, because you guys want cheap fuel

In 2020, LANDING cost of fuel, at the height of covid was N120-125 per liter. Now, that landing cost is N282....AND rising.

Meanwhile, fuel pump price has gone up from N124 per liter at covid to N163 now.

Government has to pay the difference between N282 and N163 to ensure fuel stays at N163.

And that's where the money that would have built refinereis goes to...subsidy...to keeping the petroluem industry from collapsing.

And as the cost rises, the money will come from other sectors of the budget...so we have to take loans to make up for it.

Ten years ago, we ran through our earnings and our forex reserves to pay for the same subsidy.

See the problem. ?

There is no such thing as cheap fuel.

backbencher:


They are borrowing , in part, because you guys want cheap fuel

In 2020, LANDING cost of fuel, at the height of covid was N120-125 per liter. Now, that landing cost is N282....AND rising.

Meanwhile, fuel pump price has gone up from N124 per liter at covid to N163 now.

Government has to pay the difference between N282 and N163 to ensure fuel stays at N163.

And that's where the money that would have built refinereis goes to...subsidy...to keeping the petroluem industry from collapsing.

And as the cost rises, the money will come from other sectors of the budget...so we have to take loans to make up for it.

Ten years ago, we ran through our earnings and our forex reserves to pay for the same subsidy.

See the problem. ?

There is no such thing as cheap fuel.

You are a funny boy seriously..
What concern fuel with borrowing unnecessarily?

Help2020:

Your condolence should go to all Nigerians including you. Do you really think you can stay in another man's land for ever?

Nigerians in Nigeria....
You folks are responsible for what's going on in your country..

DannyXpress:
I just have one question

Who is going to repay all these loans back after this man leaves office...?

i will

Wareva

treesun:
According to the bank, central bank financing and fuel subsidy regime tend to adversely affect investments in human and physical capital.

Keep borrowing, don't stop Buhari

FERNANDEZISBACK:

You are a funny boy seriously..
What concern fuel with borrowing unnecessarily?

Basically, as the cost of refining fuel increases, the cost of subsiding it increases.(In June 2021, landing cost was N232, now it is N282, and rising)

Meaning government has to find money to pay for the subsides, meaning that the money would come from other parts of the budget. Money meant for say health, education sports, etc...would now be spent on subsides.

Meaning government has to take loans to replace the money taken from health, education, infrastructure, etc....to fund subsides.

It's that simple.

And because the subsidy money just covers the losses in the petroluem industry, it does not leave much for new refinereis, or repairing exisiting ones, which is how we lost our old refineries in the first place

Simples, old bird.

Useless IMF

Dreal1247:
Say no to subsidy. THE REFINERIES MUST BE FUNCTIONAL

Yes, by removing the subsidy, the industry would be able to make the money needed to make the refineries functional and working.

backbencher:


Basically, as the cost of refining fuel increases, the cost of subsiding it increases.(In June 2021, landing cost was N232, now it is N282, and rising)

Meaning government has to find money to pay for the subsides, meaning that the money would come from other parts of the budget. Money meant for say health, education sports, etc...would now be spent on subsides.

Meaning government has to take loans to replace the money taken from health, education, infrastructure, etc....to fund subsides.

It's that simple.

And because the subsidy money just covers the losses in the petroluem industry, it does not leave much for new refinereis, or repairing exisiting ones, which is how we lost our old refineries in the first place

Simples, old bird.

They shouldn't have been complaining when the price was too low based on your theory

Me I don't know why the masses are insisting on this fuel subsidy sef

Let's just let this thing go we will survive it

backbencher:


Basically, as the cost of refining fuel increases, the cost of subsiding it increases.(In June 2021, landing cost was N232, now it is N282, and rising)

Meaning government has to find money to pay for the subsides, meaning that the money would come from other parts of the budget. Money meant for say health, education sports, etc...would now be spent on subsides.

Meaning government has to take loans to replace the money taken from health, education, infrastructure, etc....to fund subsides.

It's that simple.

And because the subsidy money just covers the losses in the petroluem industry, it does not leave much for new refinereis, or repairing exisiting ones, which is how we lost our old refineries in the first place

Simples, old bird.

Ok it's your country so that's your issue..

Lovenorth:

They shouldn't have been complaining when the price was too low based on your theory

Well, when oil prices were low in 2020, subsidy was no longer paid, and the fuel was allowed to run accroding to the market...meaning that fuel cost N124 when the price of one barrel of oil was $24

But at the end, the problem was that government was not earning enough money in the first place....so it was easy to stop paying subsides. But our loan taking and so forth continued...because oil prices were to low..to pay for subsides and everything else.

And now that oil prices are rising..we have to pay for all the loans we took

There is a reason why I don't back APC or PDP....and the reason is lack of diversification.

FERNANDEZISBACK:

Ok it's your country so that's your issue..

So,you should have no issue if subsidy goes.

Price controls...which is what subsidy entails...is a nice idea...but at the end you have to pay everyone involved in bringing that liter of fuel to you...and subsidy means you shortchange everyone in the name of 'cheap fuel for the poor'

As much as i don't like Bubu, GEJ or any of the past leadership, if any one of them had removed subsides, I would have been happy with them for that.

backbencher:


So,you should have no issue if subsidy goes.

Price controls...which is what subsidy entails...is a nice idea...but at the end you have to pay everyone involved in bringing that liter of fuel to you...and subsidy means you shortchange everyone in the name of 'cheap fuel for the poor'

As much as i don't like Bubu, GEJ or any of the past leadership, if any one of them had removed subsides, I would have been happy with them for that.

Seems you are smart..you should tell your present president this thing here..
Take care of your country..

FERNANDEZISBACK:

Nigerians in Nigeria....
You folks are responsible for what's going on in your country..

Dude,I probably left Nigeria before you. Left 2013

Help2020:

Dude,I probably left Nigeria before you. Left 2013

Haha that's not even up to 30yrs tho..
Well since you ain't in Nigeria then no issue..go Back to Nigeria and develop it if you are concerned a lot..

Fairmedia:

Pity yourself fool...die there mumu slave.

Keep enjoying your country..

FERNANDEZISBACK:

Haha that's not even up to 30yrs tho..
Well since you ain't in Nigeria then no issue..go Back to Nigeria and develop it if you are concerned a lot..

For sure. 90percent of my investment are in Nigeria.

FERNANDEZISBACK:

Seems you are smart..you should tell your present president this thing here..
Take care of your country..

Our leaders know, but most Nigerians don't want subsidy gone. (So also, did Buhari, until his eyes were opened by Kalichukwu and Emefiele in 2015)

Many Nigerians are so pro-subsidy that even if you explained and explained...like I do on this site...they will accuse you of harming the poor.

So, subsidy stays because most people want it.

Help2020:

For sure. 90percent of my investment are in Nigeria.

Then why are you not in Nigeria?

Let them give me 5b Naira from the borrowing so I won’t bother about news again

backbencher:


Our leaders know, but most Nigerians don't want subsidy gone. (So also, did Buhari, until his eyes were opened by Kalichukwu and Emefiele in 2015)

Many Nigerians are so pro-subsidy that even if you explained and explained...like I do on this site...they will accuse you of harming the poor.

So, subsidy stays because most people want it.

I really hope you guys find a solution to your problems cos it's getting too much..

Fairmedia:

Die there, no one wants a dumb immigrant here, you are a waste.

You don't need to tell me..

Buhari don finish Nigeria completely, I pity the next government and the unborn generations

FERNANDEZISBACK:

You don't need to tell me..

An immigrant doing menial jobs abroad is insignificant...live your small life there. We need inventors, business men, industrialists, enterpreneurs here to grow this economy. Stop feeling fly over minimum wage.

FERNANDEZISBACK:

I really hope you guys find a solution to your problems cos it's getting too much..

You should run for office.You have the answers now. We would vote for you.

Good morning.