tnerro1:
Diesel is now 820 per liter due to no subsidy. What do you think will happen to fuel ? I don’t support subsidy but we should have functioning refineries before subsidy is removed.

So if you want to remove subsidy, no problem but fix all the refineries first so they work at maximum capacity.

And if you want to fix the refineries, you have to remove subsidy, so that they can run at a profit, which would pay for the fixing and continued maintenance.

Otherwise, if you sell fuel at N165 , when it costs N300 and more to make, how would the sector make enough money to pay for the fixing and maintenance. That means government would have to take money from other sectors to pay for the fixing, on top of the money being paid for subsidy, and cover up the resulting deficit with....you guessed it...loans.

I'll always remember when buhari said there's nothing like fuel subsidy. There's nothing politicians wont say when they're trying to deceive Nigerians in to any office I hate old men that tell lies thats why when I hear all these presidential candidates spewing trash promising us heavens it makes me resent them.
So they want Nigerians to buy petrol N600/liter on N30000 mimimun wage

Cantonese:


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.

You’re talking about waste, corruption and fraud, yet you have no knowledge that subsidy and NNPC are the biggest conduit for corruption, waste and fraud in the country.

Subsidy is why there’s no Forex for ordinary Nigerians and even though petroleum marketers gets USD from CBN at N419/USD.

They’re still paid subsidy of almost double the price on the little petrol they import.

subsidywise18:


And if you want to fix the refineries, you have to remove subsidy, so that they can run at a profit, which would pay for the fixing and continued maintenance.

Otherwise, if you sell fuel at N165 , when it costs N300 and more to make, how would the sector make enough money to pay for the fixing and maintenance. That means government would have to take money from other sectors to pay for the fixing, on top of the money being paid for subsidy, and cover up the resulting deficit with....you guessed it...loans.

Sell the refineries to private investors. NNPC can mediate and regulate the sector.

KaluwisxPRO:


Sell the refineries to private investors. NNPC can mediate and regulate the sector.

Private investors have to recoup investment

Can't do that under subsidy regimen which would force them to sell at a loss.

subsidywise18:


Private investors have to recoup investment

Can't do that under subsidy regimen which would force them to sell at a loss.

Obviously selling the refineries means removing subsidy, no private investor especially foreigner will invest in Nigeria refineries with subsidy still on play.

happney65:
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

You are a bastard, a bandit and a nitwit.
El zakzaky dat was pursuing a clear islamic extremist agenda and sponsored by islamic states. May every member of ur family die from the hands of those time bombs u are potraying as angels.
I was born in the north, raised in the north schooled in the north, infact am a notherner who have never been outside north. No to APC and PDP.
ABOKIonTHEBEAT.

Any attempt by the present administration to remove subsidy will become disastrous for their candidate and the entire citizens will instantly vote for another party!

This administration had almost 8 years to borrow funds to build at least 3 refineries..by now we would have been using at least two of them like Saudi Arabia who built two mega refineries in 3 years....!

Just look at what airlines are currently facing with d hike in aviation fuel all because the FG led by PMB refused to build refineries since they had discovered that most of our current refineries are moribund and not repairable!

Most of the individuals pushing intensely for a subsidy removal knowing the humongous impact it will have on the living condition of the citizens are those who can easily leave the country to another one or those speaking from another country!

No one is objecting the importance of subsidy removal....but what have the FG put up as a form of subsiding the humongous impact on the lives of Nigerians and the economy? 5k per month or doing the waiting game for dangote to start his refinery? Incompetent president! Smh

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


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.

What makes you think that if the subsidy is removed, the money would be to fund health sector, education, etc, etc? The corrupt subsidy is as corrupt as the people who are leading everything in Nigeria. The only thing that the common man benefit directly or indirectly in Nigeria is that subsidy.
And all their argument is that the money would be saved for bla bla bla, why not talk about building refineries back here at in Nigeria? Are supposed to importing oil? LET THE SUBSIDY BE, SAVING THE MONEY SIMPLY MEANS GIVING THEM MORE MONEY TO LOOT.

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


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.

Come back in exactly TWO years after the final subsidy removal and I hope you'll be able to tell us what Nigerians have gained!

It is only a stupid country that will have crude oil but choose to import refined petroleum. No one is thinking about this!

Uguruzik:

What makes you think that if the subsidy is removed, the money would be to fund health sector, education, etc, etc? The corrupt subsidy is as corrupt as the people who are leading everything in Nigeria. The only thing that the common man benefit directly or indirectly in Nigeria is that subsidy.
And all their argument is that the money would be saved for bla bla bla, why not talk about building refineries back here at in Nigeria? Are supposed to importing oil? LET THE SUBSIDY BE, SAVING THE MONEY SIMPLY MEANS GIVING THEM MORE MONEY TO LOOT.

At the end, Nigerians have to understand what a participatory democracy means.

Good morning

TenQ:

Come back in exactly TWO years after the final subsidy removal and I hope you'll be able to tell us what Nigerians have gained!

It is only a stupid country that will have crude oil but choose to import refined petroleum. No one is thinking about this!

Our refineries broke down in part because subsides made refining petrol at home unprofitable, leading to our importing fuel

Beremx:
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.

Utter nonsense - the money is already being looted, through the very subsidy scheme you are defending! What do you think is happening to all those "landing fees" charged by importers of refined petrol? Where do you think consumers in Benin, Togo and Cameroon get their smuggled oil from, in large part thanks to bribery of the Nigerian customs service? The worst part of the corruption that this subsidy scheme fosters is that its fiercest defenders are the very same gullible individuals who are its biggest victims, willingly forgoing clean water, basic healthcare, education funding, decent roads and so much more in the name of "cheap" petrol which is mostly illegally funneled to Nigeria's neighbors. I can see why Beninoise and Togolese love this setup, but the ordinary Nigerians who do so are as dense as rocks.

subsidywise18:


Our refineries broke down in part because subsides made refining petrol at home unprofitable, leading to our importing fuel

No sir!
Corruption and our procurement policies made our refineries non-functional.

A spare part of $10,000 is purchased at $800,000. How can such refinery make profit?
Intentional sabotage so that parts can be purchased will cause any company to run at a loss. Staff being paid in millions for producing NOTHING will kill any country!

Finally, when you are import dependent will destroy any nation

This is what you get when misfits get into office!




Even an unschooled personality knows that fixing our refineries, building new ones, in addition to the establishment of auxiliary modular refineries would practically ease out the unending issue of petroleum subsidy.




But because the swindlers, rogues and Petroleum Subsidy Gulpers Club(PSGC) won't left off their stranglehold of our common patrimony, they pretend not to know the solution.



A minister once said that it is much cheaper to import petroleum products than to produce locally, and I shook my head despondently.




Buhari who doubles as the Minister of Petroleum is not even aware of the happenings under his much cherished ministry!




What an all-round failure of a president!

subsidywise18:


At the end, Nigerians have to understand what a participatory democracy means.

Good morning

Most Nigerians seem incapable of understanding basic arithmetic - as in why subsidising petrol below what it costs to refine destroys the viability of local refineries - let alone that it is their duty as responsible citizens to pick their representatives based on how well they perform their oversight duties, instead of simply going by tribe and religion in hopes of eventually getting a slice of a supposedly free "national cake". That's why they feel free to blame their leaders for everything that goes wrong while refusing to acknowledge that they were the ones who selected these terrible leaders, who themselves were drawn from their midst. Functional illiterates with an entitlement complex and no sense of civic responsibility are shocked when the consequences of their own fecklessness rebounds on them in the form of a broken economy and rampant corruption.

TenQ:

No sir!
Corruption and our procurement policies made our refineries non-functional.

A spare part of $10,000 is purchased at $800,000. How can such refinery make profit?
Intentional sabotage so that parts can be purchased will cause any company to run at a loss. Staff being paid in millions for producing NOTHING will kill any country!

Finally, when you are import dependent will destroy any nation

Well such things as inflation happen because when you subsidize fuel you render the refinery incapable of makong a profit

Once that happens, goverment subventions become the major source of income.

And that encourages corrupt practices like price inflation among other things ( it's government money after all. Chop chop money). And since the money will always be there.
.

No subsides means that refineries can be run at a profit, which won't allow for that kind of price inflation or other forms of corruption. Eats into profitability.

subsidywise18:


Well such things as inflation happen because when you subsidize fuel you render the refinery incapable of makong a profit

Once that happens, goverment subventions become the major source of income.

And that encourages corrupt practices like price inflation among other things ( it's government money after all. Chop chop money). And since the money will always be there.
.

No subsides means that refineries can be run at a profit, which won't allow for that kind of price inflation or other forms of corruption. Eats into profitability.

Inflation in Nigeria is caused mainly because we run an import dependent economy. In other words we import virtually everything we consume. Our government is happy with this model because it is easy for them to generate money from Forex, import tax and custom's duty. This put pressure on our currency with respect to the dollar. Our economic experts seem not to understand this simple rule of economics: unfortunately, their big grammar have only plunged us into more economic woes!

This economic model is a disaster to Nigerians BUT our government is comfortable with it.

Your government cannot even think of an efficient TAX policy that will make ALL Nigerians pay equitable tax

Can we just remove ❌ this fuel subsidy for God sake.

TenQ:

Inflation in Nigeria is caused mainly because we run an import dependent economy. In other words we import virtually everything we consume. Our government is happy with this model because it is easy for them to generate money from Forex, import tax and custom's duty. This put pressure on our currency with respect to the dollar. Our economic experts seem not to understand this simple rule of economics: unfortunately, their big grammar have only plunged us into more economic woes!

This economic model is a disaster to Nigerians BUT our government is comfortable with it.

Your government cannot even think of an efficient TAX policy that will make ALL Nigerians pay equitable tax

Well most Nigerians love imports more than exporting. And yes, tax collection in Nigeria is poor

A reason why i support aubsidy removal is that it would make our refineries profitable enough to export refined products. More money and jobs and tax revenues

I think it's high time

subsidywise18:


And if you want to fix the refineries, you have to remove subsidy, so that they can run at a profit, which would pay for the fixing and continued maintenance.

Otherwise, if you sell fuel at N165 , when it costs N300 and more to make, how would the sector make enough money to pay for the fixing and maintenance. That means government would have to take money from other sectors to pay for the fixing, on top of the money being paid for subsidy, and cover up the resulting deficit with....you guessed it...loans.

I think This remover should be done with a human face, people are really suffering. If subsidy is removed at once , the Nigerian business man would forget about the refineries and concentrate on making huge profits by importing and selling at any price . It is when he has made so much money from the masses he will now think about setting up a refinery in Nigeria.My people in port Harcourt refinery said there is nothing wrong with the refinery, it’s just that corruption has refused to allow it to work cause some people in government are making huge profit from it not working

FG SHOULD NOT PUT THE CART BEFORE THE HORSE.

FUNCTIONAL REFINERY ... BEFORE SUBSIDY REMOVAL!!

FUEL SUBSIDY IS GOOD. AS LONG AS WE DO NOT HAVE REFINERIES WITH CAPACITY TO MEET OUR DAILY FUEL CONSUMPTION NEED.

tnerro1:


I think This remover should be done with a human face, people are really suffering. If subsidy is removed at once , the Nigerian business man would forget about the refineries and concentrate on making huge profits by importing and selling at any price . It is when he has made so much money from the masses he will now think about setting up a refinery in Nigeria.My people in port Harcourt refinery said there is nothing wrong with the refinery, it’s just that corruption has refused to allow it to work cause some people in government are making huge profit from it not working

It is not working because they are not being allowed to make a profit

That provides room for people to get as much of the governemt subventions used to run the refinery

Once you make a refineries run on subsidy, goverment would essentially fund them via subventions which would come whether the refinery works or not. Hence looting results

Remove refineries and they would have to work well because if they don't every one involved will lose money well well.

Yes, Nigerians are poor. But would you operate at a loss, assuming you are a businessman just because Nigerians are poor?

That's life

ChoCho54:
The only reason I was reading comments. I thought nobody would ask ooo.

My dearam tire,
Anytime they want to do increment, they say they are removing subsidy

The question here is not about removing the subsidy, the question is, will they manege the subsidy money well?
Won't they loot the money and the poor masses will now be the one to suffer it and prices of goods will increase more.

Am afraid this present currpt government can not manage subsidy money rather they will still loot it, since one person can still 170B naira what of other Minister's who know how much them will now loot.

subsidywise18:



Oga, the way you people assume I support corruption or deny its effect because I say remove subsidy.

Change that assumption, then we can talk


I do not support corruption or deny its effect. And I am annoyed that you think so.

Good morning. Read my point again. You are thinking you are defending the poor, and yes I get it...but subsidy is driving us into more and more problems, and even fuelling the corruption you speak of.

Then you did not read my comment patiently. I have not opined by anyway that you supported corruption. Do not misunderstand me. I simply aired my view on the negatives of corruption.

You can proceed to discuss with me if you so desire.

subsidywise18:


Well most Nigerians love imports more than exporting. And yes, tax collection in Nigeria is poor

Nigerians do not have much alternatives either from the consumption point of view or production point of view.

We do not produce yarns for weaving clothes, so we import all our clothes and clothing materials. We have iron ore, yet we import our pins, needless and sewing machines. We import all our chemicals including cooking salt.

Nigerians don't have alternatives due to bad governance!

subsidywise18:


A reason why i support aubsidy removal is that it would make our refineries profitable enough to export refined products. More money and jobs and tax revenues

Experience has shown us all that corruption will take up any money saved.

What had been the results of all subsidy removals that has been done till date?
Can you honestly point to one?

These excuses for removal are baseless and vexatious by our Minister and governor. What happens to local refining of our crude oil. They money use for subsidy can build a new refinery but no. It's subsidy and embezzlement.
God will judge them All.

TenQ:

Nigerians do not have much alternatives either from the consumption point of view or production point of view.

We do not produce yarns for weaving clothes, so we import all our clothes and clothing materials. We have iron ore, yet we import our pins, needless and sewing machines. We import all our chemicals including cooking salt.

Nigerians don't have alternatives due to bad governance!

Well, it isn't government that would produce the consumer items, it is people. And as someone said here elsewhere...people aren't interested in setting up industries.

Also, for industries to run well, you have to set up small scale industries that would build the components...for the big industries.

But when people aren't interested in doing that, buteither want to import or to get government job.....

Also, power supply is poor because power has been subsidised to the point where it cannot make a profit.

Experience has shown us all that corruption will take up any money saved.

What had been the results of all subsidy removals that has been done till date?
Can you honestly point to one?

Subaidy removals in the past, are partial removals (It took me some time to understand this, so I am not defending government...I had the same question over 12 years ago).

At some point it becomes difficult for government to maintain petrol at price A, so, they reduce the amount they spend subsidising petrol , and this manifests as a rise in prices to price B., which government subsidises to. Once it becomes diffiuclt to stay at price B, rinse and repeat.

That's been happening since the 1970's. It's why petrol no longer costs 15 kobo per liter, like it did in 1981.

So long as government sets the price, there is a subsidy.

Strategy to steal more money, who are you guys deceiving? The accountant general of federation only him stole more than N170 bn, you can imagine how many others that have not been caught stole.

God will punish you people for impoverishing Nigerians before you leave this earth and after.

The subsidy they removed for diesel and kerosene what are they using it for. Imagine we are buying diesel for over 700 today with high prices of goods and services. If dem won remove subsidy make dem first open all our borders.