Minister of Finance, Zainab Ahmed, has called for the removal of fuel subsidy.

Ahmed said the retention was hurting the economy and impeding investments in human capital development.

The official spoke on Tuesday in Abuja at the launch of the Nigeria Development Update (NDU) 2022 report by the World Bank.

NAN quoted Ahmed explaining that if subsidy was not in the budget, there would be no need to borrow money to finance it.

The minister said N4.5 trillion spent on subsidies would have been invested in health and education.

“We are investing it in consumption, which is very wasteful. How many Nigerians own vehicles and generators that are benefiting from this subsidy?”, she quipped.

Ahmed recalled that subsidy removal was to take effect from June 2022, but was moved by additional 12 months to 18 months.

In his remarks, Anambra Governor, Charles Soludo declared that the scrap was long overdue.

The former Central Bank of Nigeria (CBN) Governor said if N3trillion is saved, each state of the federation could be given about N50 billion to fix roads.

“The Federal Government will still have some N1 trillion to use. If the country continues with the subsidy, the CBN will continue to need money.”

Soludo added that said subsidy can be brought down to the state level so that each governor decides the best way to go about it.

Atedo Peterside, Founder of Stanbic IBTC Bank, suggested an alliance by major presidential candidates.

Peterside urged them to work out an emergency deal concerning subsidies and save whoever wins from inheriting more issues.

The businessman said the time of a change of government is the best to work out a solution.

“Let us not just surrender and say we cannot do anything about fuel subsidy.

“The World Bank has done its bit; what needs to be done is by Nigerians to make one last push”, he stressed.

Source: https://dailypost.ng/Finance-minister-Zainab-Soludo-Peterside-advocate-fuel-subsidy-removal

It should go

1.It is chopping all the excess dollars we should be getting from the rise in oyel prices, on top of the debt we have to pay off due to 8 years of low oil prices from 2014.

2.It is stifling investment in the petroleum sector. If it costs over N300-400 to refine one liter of fuel, and one has to sell it at N165 per liter, why invest in a refinery.? The hardy few that are investing in refineries are taking a big risk.

3.We are essentially subsidising fuel not only for Nigeria, but for other African countries.If petrol costs N165 here, and N300 and above in all our neighbours, why won't people smuggle.?


Yeah, inflation. But the truth is, we don't have the money. Yes, politicans, but what we are spending on subsidisng petrol this year is more than what any pol can loot this year. And yes, Buhari, APC , PDP etc are bad leaders, and yes, I don't like them as much as you do.

Nigeria has spent 413 trillion naira on fuel subsides between 2006-19.That's money that could have been used for education, health, transport, etc etc. And the more the oil price rises, the more the cost of producing fuel rises, and thus the cost of subsidsing it.


P.S: Anyone interested in why subsidy should go, should read this...Fuel subsidies in Nigeria: they’re bad for the economy, but the lifeblood of politicians


PPS: By supporting subsidy removal....it does not mean i deny the existence of , or the negative effect of corruption on this country. So stop quoting me about how corrupt this government is. That government is corrupt does not mean we should throw away trillions on corrupt subsidy monsters. And yes, I don;t vote for APC, PDP, or any of them.

adenigga:
Minister of Finance, Zainab Ahmed, has called for the removal of fuel subsidy.

Ahmed said the retention was hurting the economy and impeding investments in human capital development.

The official spoke on Tuesday in Abuja at the launch of the Nigeria Development Update (NDU) 2022 report by the World Bank.

NAN quoted Ahmed explaining that if subsidy was not in the budget, there would be no need to borrow money to finance it.

The minister said N4.5 trillion spent on subsidies would have been invested in health and education.

“We are investing it in consumption, which is very wasteful. How many Nigerians own vehicles and generators that are benefiting from this subsidy?”, she quipped.

Ahmed recalled that subsidy removal was to take effect from June 2022, but was moved by additional 12 months to 18 months.

In his remarks, Anambra Governor, Charles Soludo declared that the scrap was long overdue.

The former Central Bank of Nigeria (CBN) Governor said if N3trillion is saved, each state of the federation could be given about N50 billion to fix roads.

“The Federal Government will still have some N1 trillion to use. If the country continues with the subsidy, the CBN will continue to need money.”

Soludo added that said subsidy can be brought down to the state level so that each governor decides the best way to go about it.

Atedo Peterside, Founder of Stanbic IBTC Bank, suggested an alliance by major presidential candidates.

Peterside urged them to work out an emergency deal concerning subsidies and save whoever wins from inheriting more issues.

The businessman said the time of a change of government is the best to work out a solution.

“Let us not just surrender and say we cannot do anything about fuel subsidy.

“The World Bank has done its bit; what needs to be done is by Nigerians to make one last push”, he stressed.

Source: https://dailypost.ng/Finance-minister-Zainab-Soludo-Peterside-advocate-fuel-subsidy-removal

IF THIS MINISTER IS WISE SHE SHOULD ADVISE THE FG TO REMOVE THIS SUBSIDY TOMORROW MORNING, BECAUSE AFTERALL, THE YOUTHS OF NIGERIA HAVE ALREADY RESOLVED TO BUY FUEL AT 600/litre UNDER A PETER OBI PRESIDENCY, SO I ASK WHY WAIT TILL 2023?
REMOVE THE DANG THING TOMORROW!

I think it's only for a matter of time..,

When they finish work at that their dangote refinery, them go commot subsidy....

One litre go cum be 400

Nigeria don finish..m

Let them continue the subsidy.

One person in this country stole 90 billion, with more stolen tens of billions discovered.

They’ll have more money to steal if subsidy goes.

Money no dey do them.

Soon N500 note will be worth N100

They should provide electricity and subsidise it.

With electricity, less fuel consumption. Demand will control supply and market price. Govt should also start pegging prices of consumables to not more than a certain % rice in a year.

All these classroom economics we have here.
Hmm

descarado:
They should provide electricity and subsidise it.

With electricity, less fuel consumption. Demand will control supply and market price. Govt should also start pegging prices of consumables to not more than a certain % rice in a year.

All these classroom economics we have here.
Hmm

Subsidy will be removed and you must pay your fair share in tax.
Quit being hypocritical.
I am sure if its Peter talkin about subsidy removal you will cheer.

slickbak:
Let them continue the subsidy.

One person in this country stole 90 billion, with more stolen tens of billions discovered.

They’ll have more money to steal if subsidy goes.

Money no dey do them.

Buhari should not remove it
Instead you will like Peter Obi to remove it, right?
Kai i wish i was Buhari.

It's 10 years already when Goodluck Jonathan mustered the political will to declare fuel subsidy removal, but as expected, opposition-sponsored resistance was built against what would have been a watershed in liberalizing the downstream petroleum sector, now we are back to whence we began ten years ago

Rastaramsey:
I think it's only for a matter of time..,

When they finish work at that their dangote refinery, them go commot subsidy....

One litre go cum be 400

Nigeria don finish..m

That will be in 2023 after the election under the next President. So choose wisely.

Vladigor:


Buhari should not remove it
Instead you will like Peter Obi to remove it, right?
Kai i wish i was Buhari.

Bro. All these men no get level. They can’t think of new industry, cos they’re hard for oil money.
Anyhow they go about it, they’d end up stealing

I have said it over and over let fuel subsidy be removed so that everyone can wise up in this country. We are a country of waste. Since i bought a vehicle with v6, i have been managing my movement. I don't do any kind waka. If no money is involved, I don't drive. And i finally saw an increase in my inflow.

With the removal, we can start talking about energy saving, large mass transit buses and trains.

Average Nigerians like me will not benefit from subsidy removal because the money will be looted instead of using it to better the life of Nigerians. Also, fuel will be very expensive which will affect the price of goods in the market.

slickbak:

Bro. All these men no get level. They can’t think of new industry, cos they’re hard for oil money.
Anyhow they go about it, they’d end up stealing

True. Transition from oil dependency will result in excruciating suffering of the masses in the short-term (4-10yrs). Mass poverty. Even the rich will feel it.

Buhari is the best person to remove it since he's already in the bad book of everyone. Let the next President benefit from it.

I thought they said Subsidy is a scam? Today they pay more in subsidy than Jonathan did and we pay double the price of petrol during Jonathan government!
Seriously, anybody that is a friend with an APC supporter needs his conscience and sensibility checked! I don't even want to talk of some old shameless individuals disgracing their generations here because of 30k that cannot buy a bag of rice!

subsidywise18:
It should go

1.It is chopping all the excess dollars we should be getting from the rise in oyel prices, on top of the debt we have to pay off due to 8 years of low oil prices from 2014.

2.It is stifling investment in the petroleum sector. If it costs over N300-400 to refine one liter of fuel, and one has to sell it at N165 per liter, why invest in a refinery.? The hardy few that are investing in refineries are taking a big risk.

3.We are essentially subsidising fuel not only for Nigeria, but for other African countries.If petrol costs N165 here, and N300 and above in all our neighbours, why won't people smuggle.?


Yeah, inflation. But the truth is, we don't have the money. Yes, politicans, but what we are spending on subsidisng petrol this year is more than what any pol can loot this year. And yes, Buhari, APC , PDP etc are bad leaders, and yes, I don't like them as much as you do.

Nigeria has spent 413 trillion naira on fuel subsides between 2006-19.That's money that could have been used for education, health, transport, etc etc. And the more the oil price rises, the more the cost of producing fuel rises, and thus the cost of subsidsing it.


P.S: Anyone interested in why subsidy should go, should read this...Fuel subsidies in Nigeria: they’re bad for the economy, but the lifeblood of politicians

Please ask yourself whether it is subsidy that troubles the economy more or the massive looting going on everyday. They loot the economy, purchase the oil well and petroleum products, using the looted funds. The same people talk about subsidy removal after their stealing. Do you not see that they are getting richer by all methods?

This president promised to tackle corruption using every weapon available and everyone supported him. One day he said corruption was fighting back. The same president said that APC won Osun state by remote control. Today corruption has become worse under his watch.

“Subsidy is a scam” was one of their campaign points. If GEJ removed it, we would have been out of the woods by now. Today APC has changed the song.

The major challenge is corruption. Deal with corrupt politicians and the country will get better. Jerry Rawlings did it in Ghana and today Ghanaians enjoy their country.

Vladigor:


Buhari should not remove it
Instead you will like Peter Obi to remove it, right?
Kai i wish i was Buhari.

Yes ooo i hope it get to 10trn remember GEJ removed it but your dunce goons #occupyojota.

Subsidy is a scam according to buhari once upon a Time

rayvelez:

Yes ooo i hope it get to 10trn remember GEJ removed it but your dunce goons #occupyojota.

Exactly what i thought.
Now the hypocrisy is coming out.

Very good.

Subsidy?

This country eeh....na look we just dey look una

adenigga:
Minister of Finance, Zainab Ahmed, has called for the removal of fuel subsidy.

Source: https://dailypost.ng/Finance-minister-Zainab-Soludo-Peterside-advocate-fuel-subsidy-removal

Are we all Lagbaja's 200 million mumus on cruise control for ignorance?
How many times will they remove this subsidy? Bubu's corruption since 2015 will make Abacha look like a saint.

BeeBeeOoh:
The Federal Government said the deregulation of the downstream sector and eventual elimination of the petroleum products subsidy has removed its monthly burden of N15.4billion in 2016.

The Vice President, Prof. Yemi Osinbajo who spoke at the Ministry of Petroleum Resources (MPR) year-end scorecard presentation and Joint Venture (JV) cash call signing in Abuja yesterday it would fetch about $15billion worth of investments for the oil and gas sector.

http://www.dailytrust.com.ng/news/business/subsidy-removal-fg-saves-n15-4bn-monthly-says-osinbajo/176210.html

They should not make the Price of fuel more expensive for common Nigerians, we deserve better on our Father Land.

ClimaxHerbalixt:
Imposition should never be the way forward rather they should look for what will benefit their party in winning.

Benmob:
Nice from him, don't listen to all diz northerners,that want to used it to cause religion fight

The Point is who is the Core-Northern Muslim? That is it! Whenever you hear about core Northern Muslim, we all knows it refers to Fulani Muslims of the North. I as a Yoruba Muslim based in the North and I can categorically confess to you that Hausa Muslims are extremely tired and frustrated with the shenanigans and Enslavement by the Fulanis who are just about 6% of Northern Muslims. Go and watch the Video of the El Zazaki Hausa Muslim Movement, look at how they took their Battle for Hausa Liberation from Fulani Enslavement to Abuja and were still massively gunned down at Fulani Buahari order. Do you think they as the majority are still happy with their Fualni Master and Killers?! Do you think they are fools?! You think they are enjoying being enslaved on their Ancestral Father Land?! 75% of Northern Population are Hausas, and they are Solidly immovably behind Tinubu. In fact, they are the ones that tenaciously fought underground against Fulani Adamu Plan to enforce another Fulanis Concensus Candidate on the Party. The ever outspoken Fulanis only joined the unstoppable massive Moving Train and spoke out to when they have seen that it is completely impossible to erase the Love for Tinubu from the hearts of Northern Majority.
So, next time some talk about Fulani North, they should not get inspiration from their Anus but from their Brain to know that Both we Yoruba Muslims and Hausa Muslims are tired if being manipulated to hate our Blood Brothers just because difference in Religion. That old Deceitful card has been over played by Fulanis, it doesn't fly anymore. We are alive now! The true Greatness of Nigeria regardless of Religious differences is what all of us are after. Fulanis have stagnated this Country enough. Nigeria shall soon become truly Great and respected Globally.

Personally, I still Love Fulanis, and I look forward to us all seriously joining hands with all Original Nigeirans under Tinubu's Administration with Focus for making Nigeria truly Great. Are Fulanis proud of the current shamesful State of Nigeira when The travel to USA, Dubai, etc. Under their long watch for years, why haven't they made Nigeria to become like one of those wonderful Countries?! Change is the only Constant thing. I know some new Generation of Fulanis too that are becoming true Progressive and want a better truly Glorious Nigeria that we can all be Proud of. If Fulanis mindset can be and should be rechannelled to see all Nigeirans recregardless of Religion as their own Brothers and Sisters. Together, we shall all make Nigeira Great! One Love.

Wow

No ways. Price of diesel is over N800 and still climbing. Removing fuel subsidy means we might buy a liter of fuel for N1,000 before December. Govt should keep on paying till they build refineries or pay till the world comes to an end.

Inflation is already in double digits with more super hyper Inflation expected next year. Wetin go happen next year will be imaginable.

Yet some people are still claiming Yoruba Lokan. Yoruba wayre wo. Mind you I am yoruba before you come with your tribal nonesense

ironheart:
I have said it over and over let fuel subsidy be removed so that everyone can wise up in this country. We are a country of waste. Since i bought a vehicle with v6, i have been managing my movement. I don't do any kind waka. If no money is involved, I don't drive. And i finally saw an increase in my inflow.

With the removal, we can start talking about energy saving, large mass transit buses and trains.

Your point is just as senseless as urself...so cuz you don't move out if money isn't involved, everyone should also stay at home if money is not involved??

how bout advocating for the repair and the proper functioning of our local based refinery?? most dwellers in rural Ijaw region refine fuel themselves and sell at a very cheap price, but what is ur government doing to them?? killing em instead of employing their ideas into making things easy for Nigerians

Buhari is the worst thing that happened to Nigeria after independence.