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Expensive Diesel, Expansive Economic Crisis - Politics (3) - Nairaland

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Re: Expensive Diesel, Expansive Economic Crisis by Nobody: 9:38am On Jun 28, 2022
Tianamen1:
Dear Author,

Nigeria's current problems with inflation stem for decisions made in the last 12 years. Decisions such as GEJ not saving funds in the excess crude account, to Buhari not raising taxes on the rich and/or reducing recurrent expenditure (reduced compensation for public servants and reducing the number of MDA's)

Nigeria's future problems include the shift to renewables which is being hastened by the Russian invasion of Ukraine as you rightly noted.

Between 2011 and 2014, crude prices average over $110 per barrel and the local cost for a liter of petrol without subsidies in naira was about 140(the amount GEJ set it to before the subsidy protest). the increase in price of diesel isn't as a result of crude oil prices but as a result of the reasons I stated in paragraph 1.

As Milton Friedman said " inflation is always and everywhere a monetary phenomenon", so it is true that Nigeria is on a path to hyperinflation because it cannot focus on handling its macroeconomics issues.

You correctly identified the problem, but your solutions would not work.

Nigeria needs to raise taxes on imported goods such as cars, phones, building materials. Basically, tax things that rich people spend money on apart from food, to limit the demand for dollars within the country. This will aid the accretion of our foreign reserves and excess crude account, thus stopping the bleeding of the Naira.

The government should also consider reducing the cost of governance by reducing the number of MDA (implementing the Oronsaye report) and reducing public servants allowances and pay.

This is how to reduce the price of diesel.

The PDP blame game should stop pls.
Re: Expensive Diesel, Expansive Economic Crisis by incandescentena: 9:38am On Jun 28, 2022
I keep saying it. The managers of Nigerians economy have NO IDEA of what they are doing.

BTW Where is the so called "Buhari's economy advisory team"?including BISMARCK REWANE, SOLUDO, SARAH ALADE, SALAMI?

Buhari and his team has failed woefully

1 Like 1 Share

Re: Expensive Diesel, Expansive Economic Crisis by SIMONEKPA7: 9:39am On Jun 28, 2022
[quote author=Tianamen1 post=114212304]Dear Author,

Nigeria's current problems with inflation stem for decisions made in the last 12 years. Decisions such as GEJ not saving funds in the excess crude account, to Buhari not raising taxes on the rich and/or reducing recurrent expenditure (reduced compensation for public servants and reducing the number of MDA's)
Zombie pls remember, this is 2022. You are still blaming GEJ. Haba Guy
Re: Expensive Diesel, Expansive Economic Crisis by Mariezaza1(m): 9:39am On Jun 28, 2022
Tianamen1:
Jack005
Edoboy90
Penguin2


@Penguin2, I know you are being sarcastic, but would still respond. Obasanjo cleared our debt and saved a lot of money in our excess crude account. all the mistakes of the presidents before him were cleared off and Nigeria had a fresh start. the issues Nigeria is currently having is as a result of the presidents who came after Obasanjo.

Of the 4 presidential candidates, if things remain as there are, it is my belief that Emi lokan will win. Of these four, Peter Obi is by far the most competent. Of these 4, I am supporting Kwankwaso.
so you are supporting kwankwaso despite admitting that obi is the most competent? people like you are the reason why Nigeria is still where it is

1 Like 1 Share

Re: Expensive Diesel, Expansive Economic Crisis by bravehost4u(m): 9:40am On Jun 28, 2022
Tianamen1:
Dear Author,

Nigeria's current problems with inflation stem for decisions made in the last 12 years. Decisions such as GEJ not saving funds in the excess crude account, to Buhari not raising taxes on the rich and/or reducing recurrent expenditure (reduced compensation for public servants and reducing the number of MDA's)

Nigeria's future problems include the shift to renewables which is being hastened by the Russian invasion of Ukraine as you rightly noted.

Between 2011 and 2014, crude prices average over $110 per barrel and the local cost for a liter of petrol without subsidies in naira was about 140(the amount GEJ set it to before the subsidy protest). the increase in price of diesel isn't as a result of crude oil prices but as a result of the reasons I stated in paragraph 1.

As Milton Friedman said " inflation is always and everywhere a monetary phenomenon", so it is true that Nigeria is on a path to hyperinflation because it cannot focus on handling its macroeconomics issues.

You correctly identified the problem, but your solutions would not work.

Nigeria needs to raise taxes on imported goods such as cars, phones, building materials. Basically, tax things that rich people spend money on apart from food, to limit the demand for dollars within the country. This will aid the accretion of our foreign reserves and excess crude account, thus stopping the bleeding of the Naira.

The government should also consider reducing the cost of governance by reducing the number of MDA (implementing the Oronsaye report) and reducing public servants allowances and pay.

This is how to reduce the price of diesel.
You succeeded in taking rubbish. All you spoke about is tax increase and income reduction in the midst of a dwindling household disposable income caused by inflation
Re: Expensive Diesel, Expansive Economic Crisis by Nobody: 9:40am On Jun 28, 2022
richiemcgold:
only if we can fix power supply problems, more than 50% of Nigeria's problem will be solved, including this diesel wahAla.

In my location here, we currently buy diesel at 1,050 naira. How do you expect business to thrive under such condition? This energy problem is making Nigeria too hard for everybody, including the rich folks. Power supply should be the main focus of the next president. Anybody that has no realistic plan to fix power should not be allowed to near aso rock at all.

I'll keep saying it, 24 hrs power supply will solve more than 50% of this country's problems. And that's apart from increasing productivity and reducing all these excessive demands for gas, petrol and diesel.

So how do we fix power supply then? With cost of power below the cost of production of it?

1 Like

Re: Expensive Diesel, Expansive Economic Crisis by Nobody: 9:42am On Jun 28, 2022
Icumsa45:


The PDP blame game should stop pls.

You did not see where he blasted Buhari.

1 Like

Re: Expensive Diesel, Expansive Economic Crisis by Nobody: 9:42am On Jun 28, 2022
Zico5:
The vote for Jagaban is not a vote for APC, it's purely a vote for individual who is capable of changing the fortune of this nation.
Pls how?
Don't fucking tell me that shitty story of how he built Lagos, cuz anyone that knows history without a tribalistic mindset knows it's all a lie.
How would he change Nigeria's fortune?
Was he not the one that "sold" Buhari to Nigerians?.
Is he not the one running the affairs of Lagos, osun etc, indirectly through Godfatherism?.
Is he not the one having "agberos" littered all over the streets of Lagos, remitting billions to him and making life unbearable for commuters, passengers and conductors?.

Have u even listened to his speech on how to revive the economy?. Those talks are so flawed that it would bury the economy totally.
Or is it how he and his family runs Lagos like a personal property, in one scandal or the other?.

You all claim he's educated and all, but an educated person that talks about employing 50 million youths and feeding them with agbado and the likes?. Even my cousin sis in primary 5 would come up with something better.
We all know how that of Buhari went. Spending half his tenure outside the shore of the country from one sickness to the other. Mere looking, Buhari is more fit physically than Tinubu. Y'all are trying to sell a sick octogenarian that lacks fitness and has no clue on how to save this country due to your sickening tribalism.

Well that has always been you guys nature, I m not surprised. As long money greases your palms once in a while. Nigeria is a mess and neither Atiku nor Tinubu can save it, both are just doing so for their own personal gains.

1 Like 1 Share

Re: Expensive Diesel, Expansive Economic Crisis by Nobody: 9:43am On Jun 28, 2022
SIMONEKPA7:
..

He did criticise buhari..read again.
Re: Expensive Diesel, Expansive Economic Crisis by Crafteck1: 9:43am On Jun 28, 2022
verygoodbadboi:
Diesel is sold at 820 per litter. God punish and other supporters of this bad government. To those supporters of BAT, God punish you too. Amen and Insha Allah

Amen

1 Like

Re: Expensive Diesel, Expansive Economic Crisis by KingsArome(m): 9:43am On Jun 28, 2022
Tianamen1:
Dear Author,

Nigeria's current problems with inflation stem for decisions made in the last 12 years. Decisions such as GEJ not saving funds in the excess crude account, to Buhari not raising taxes on the rich and/or reducing recurrent expenditure (reduced compensation for public servants and reducing the number of MDA's)

Nigeria's future problems include the shift to renewables which is being hastened by the Russian invasion of Ukraine as you rightly noted.

Between 2011 and 2014, crude prices average over $110 per barrel and the local cost for a liter of petrol without subsidies in naira was about 140(the amount GEJ set it to before the subsidy protest). the increase in price of diesel isn't as a result of crude oil prices but as a result of the reasons I stated in paragraph 1.

As Milton Friedman said " inflation is always and everywhere a monetary phenomenon", so it is true that Nigeria is on a path to hyperinflation because it cannot focus on handling its macroeconomics issues.

You correctly identified the problem, but your solutions would not work.

Nigeria needs to raise taxes on imported goods such as cars, phones, building materials. Basically, tax things that rich people spend money on apart from food, to limit the demand for dollars within the country. This will aid the accretion of our foreign reserves and excess crude account, thus stopping the bleeding of the Naira.

The government should also consider reducing the cost of governance by reducing the number of MDA (implementing the Oronsaye report) and reducing public servants allowances and pay.

This is how to reduce the price of diesel.

Do we really need diesel if the country generate electricity? or why are we not talking about that?
Re: Expensive Diesel, Expansive Economic Crisis by Nobody: 9:49am On Jun 28, 2022
verygoodbadboi:
Diesel is sold at 820 per litter. God punish and other supporters of this bad government. To those supporters of BAT, God punish you too. Amen and Insha Allah

I am not here to defend buhari. I never voted for the guy. I also am not going near any party or movement with Tinubu and atiku and obi.

Diesel is high because GEJ deregulated it in 2013. And he did so because it chopped our money subsidizing it.

We don't have enough forex to buffer our naira because low oil prices from 2014 to 2021 affected our forex earning, and made us borrow to keep our heads above water. And because we had to pay billions to subsidise petrol otherwise it would have cost 500 naira now.

And yes i blame apc for not diversifying the economy. The fault is ultimately theirs
Re: Expensive Diesel, Expansive Economic Crisis by airminem(f): 9:50am On Jun 28, 2022
Flier:
Diesel price has nothing to do with bad governance,it’s because of RUS/UKR war
petro should be around 700 naira per litre by now if there was no subsidy on it
But another word it’s the failure of Nigeria as a whole because we shouldn’t be importing diesel
Failure of the economy lies on the govt

2 Likes

Re: Expensive Diesel, Expansive Economic Crisis by Nobody: 9:51am On Jun 28, 2022
KingsArome:


Do we really need diesel if the country generate electricity? or why are we not talking about that?

Power is in a bad state because the government subsidizes power which makes it difficult for discos and GENCOS to set their prices above what it costs to produce that power so that they can make a profit to pay for the much needed improvements.

Remember government has largely privatized power
Re: Expensive Diesel, Expansive Economic Crisis by vanunu: 9:52am On Jun 28, 2022
richiemcgold:
only if we can fix power supply problems, more than 50% of Nigeria's problem will be solved, including this diesel wahAla.

In my location here, we currently buy diesel at 1,050 naira. How do you expect business to thrive under such condition? This energy problem is making Nigeria too hard for everybody, including the rich folks. Power supply should be the main focus of the next president. Anybody that has no realistic plan to fix power should not be allowed to near aso rock at all.

I'll keep saying it, 24 hrs power supply will solve more than 50% of this country's problems. And that's apart from increasing productivity and reducing all these excessive demands for gas, petrol and diesel.

Buhari should not have been president, those that voted him into power are nothing but ideoots and foools, the buhari's useless administration should have started the second national electricity grid instead of the gas pipeline he is building from from kogi state to Kano.
Re: Expensive Diesel, Expansive Economic Crisis by Nobody: 9:54am On Jun 28, 2022
Flier:
Diesel price has nothing to do with bad governance,it’s because of RUS/UKR war
petro should be around 700 naira per litre by now if there was no subsidy on it
But another word it’s the failure of Nigeria as a whole because we shouldn’t be importing diesel

Subsidy on fuel for decades is a big reason why we dont have refineries.

Unless you are Dangote and bua, a refinery with subsidy on petrol is a potential loss making refinery. And even then you can just simply export and not sell to Nigeria
Re: Expensive Diesel, Expansive Economic Crisis by SouthSouth1914: 9:57am On Jun 28, 2022
Penguin2:


You are right.

But it actually from Tafawa Balewa.

That man should have saved 1964.

Nigeria would have been eldorado by now.

Eghu!

Very nonsense guy with inept analysis, stupidly writing trash from his small brain!! The decrepit state this current government has led us was absolved in his oluwole analysis!
Re: Expensive Diesel, Expansive Economic Crisis by Snitch24(m): 10:01am On Jun 28, 2022
richiemcgold:
only if we can fix power supply problems, more than 50% of Nigeria's problem will be solved, including this diesel wahAla.

In my location here, we currently buy diesel at 1,050 naira. How do you expect business to thrive under such condition? This energy problem is making Nigeria too hard for everybody, including the rich folks. Power supply should be the main focus of the next president. Anybody that has no realistic plan to fix power should not be allowed to near aso rock at all.

I'll keep saying it, 24 hrs power supply will solve more than 50% of this country's problems. And that's apart from increasing productivity and reducing all these excessive demands for gas, petrol and diesel.

Bro you just wrote out my mind
All other theories above is not visible with the current economy structure
Alot has happened this past years
And the people are the problem
We see alot of errors and choose to ignore then when the effects come we blame the people we elect our self
In my own point of view there's never been a free and fair election ever since I became sane
Re: Expensive Diesel, Expansive Economic Crisis by Zico5(m): 10:04am On Jun 28, 2022
Maryjane001:

Pls how?
Don't fucking tell me that shitty story of how he built Lagos, cuz anyone that knows history without a tribalistic mindset knows it's all a lie.
How would he change Nigeria's fortune?
Was he not the one that "sold" Buhari to Nigerians?.
Is he not the one running the affairs of Lagos, osun etc, indirectly through Godfatherism?.
Is he not the one having "agberos" littered all over the streets of Lagos, remitting billions to him and making life unbearable for commuters, passengers and conductors?.

Have u even listened to his speech on how to revive the economy?. Those talks are so flawed that it would bury the economy totally.
Or is it how he and his family runs Lagos like a personal property, in one scandal or the other?.

You all claim he's educated and all, but an educated person that talks about employing 50 million youths and feeding them with agbado and the likes?. Even my cousin sis in primary 5 would come up with something better.
We all know how that of Buhari went. Spending half his tenure outside the shore of the country from one sickness to the other. Mere looking, Buhari is more fit physically than Tinubu. Y'all are trying to sell a sick octogenarian that lacks fitness and has no clue on how to save this country due to your sickening tribalism.

Well that has always been you guys nature, I m not surprised. As long money greases your palms once in a while. Nigeria is a mess and neither Atiku nor Tinubu can save it, both are just doing so for their own personal gains.
I don't need to argue with u. Statistics is showing clearly that u guys are not serious. With the way u are shouting Peter Obi up and down, u still could not register for PVC. In Ur mind now Peter Obi is the only one that can lead this country to the promise land. It will clear from Ur eyes soon.
Re: Expensive Diesel, Expansive Economic Crisis by Ezeh0505: 10:05am On Jun 28, 2022
Tianamen1:
Jack005
Edoboy90
Penguin2


@Penguin2, I know you are being sarcastic, but would still respond. Obasanjo cleared our debt and saved a lot of money in our excess crude account. all the mistakes of the presidents before him were cleared off and Nigeria had a fresh start. the issues Nigeria is currently having is as a result of the presidents who came after Obasanjo.

Of the 4 presidential candidates, if things remain as there are, it is my belief that Emi lokan will win. Of these four, Peter Obi is by far the most competent. Of these 4, I am supporting Kwankwaso.
this is beautiful but I don't know how beautiful it is because obj have the power to remove subsidy but what did he do you blame GEJ, what of our electricity he spend so much amount of money what is result you blame GEJ but form EFCC to stop his oppositions he use our money that belong to me and you to bribe people for his third terms every country wipe away dept or can I tell us here how he paid Germany , USA or Swiss and world bank. My advice here is may not continue to blame orders for failures, if you want to blame people like Yoruba's and northern
Re: Expensive Diesel, Expansive Economic Crisis by Nobody: 10:07am On Jun 28, 2022
Sad that on this site someone makes a comment and is met with abuse.

1 Like

Re: Expensive Diesel, Expansive Economic Crisis by Festy4u(m): 10:07am On Jun 28, 2022
emmabest2000:
Buhari will handle..... INSECURITIES
Osibanjo will handle.... ECONOMY

That was them in the office in 2015 grin


And, o boy! Didn't they handled it so well! grin

1 Like 1 Share

Re: Expensive Diesel, Expansive Economic Crisis by okoroemeka(m): 10:11am On Jun 28, 2022
richiemcgold:
only if we can fix power supply problems, more than 50% of Nigeria's problem will be solved, including this diesel wahAla.

In my location here, we currently buy diesel at 1,050 naira. How do you expect business to thrive under such condition? This energy problem is making Nigeria too hard for everybody, including the rich folks. Power supply should be the main focus of the next president. Anybody that has no realistic plan to fix power should not be allowed to near aso rock at all.

I'll keep saying it, 24 hrs power supply will solve more than 50% of this country's problems. And that's apart from increasing productivity and reducing all these excessive demands for gas, petrol and diesel.
you are taking it too far,just 12 hrs of steady reliable light everyday will solve 50% of our problems

2 Likes 1 Share

Re: Expensive Diesel, Expansive Economic Crisis by anonimi: 10:15am On Jun 28, 2022
kingyakos:
This trash has never been in premium time archives.

An hypnotized person will never recognize the truth no matter how bright it is

https://www.premiumtimesng.com/news/98281-anambra-governor-peter-obi-in-brewery-ownership-scandal.html

Because you asked for it. cheesy
Hopefully the PT link cures your hypnotism. grin

1 Like

Re: Expensive Diesel, Expansive Economic Crisis by Nobody: 10:26am On Jun 28, 2022
Zico5:

I don't need to argue with u. Statistics is showing clearly that u guys are not serious. With the way u are shouting Peter Obi up and down, u still could not register for PVC. In Ur mind now Peter Obi is the only one that can lead this country to the promise land. It will clear from Ur eyes soon.
Oh, spare me that stale talk.
What has any of your old recycled corrupt politicians done if not to worsen the whole situation?. Tinubu is not one either to lead this country to any promise land.

By the way bro, come back to reality. The worst is yet to hit us. Nigeria is going to no promised Land at this rate. Brace up, even naira to Dollar would hit 1500 soonest since we all don't want to have sense.

2 Likes 1 Share

Re: Expensive Diesel, Expansive Economic Crisis by RepoMan007: 10:29am On Jun 28, 2022
Tianamen1:
Dear Author,

Nigeria's current problems with inflation stem for decisions made in the last 12 years. Decisions such as GEJ not saving funds in the excess crude account, to Buhari not raising taxes on the rich and/or reducing recurrent expenditure (reduced compensation for public servants and reducing the number of MDA's)

Nigeria's future problems include the shift to renewables which is being hastened by the Russian invasion of Ukraine as you rightly noted.

Between 2011 and 2014, crude prices average over $110 per barrel and the local cost for a liter of petrol without subsidies in naira was about 140(the amount GEJ set it to before the subsidy protest). the increase in price of diesel isn't as a result of crude oil prices but as a result of the reasons I stated in paragraph 1.

As Milton Friedman said " inflation is always and everywhere a monetary phenomenon", so it is true that Nigeria is on a path to hyperinflation because it cannot focus on handling its macroeconomics issues.

You correctly identified the problem, but your solutions would not work.

Nigeria needs to raise taxes on imported goods such as cars, phones, building materials. Basically, tax things that rich people spend money on apart from food, to limit the demand for dollars within the country. This will aid the accretion of our foreign reserves and excess crude account, thus stopping the bleeding of the Naira.

The government should also consider reducing the cost of governance by reducing the number of MDA (implementing the Oronsaye report) and reducing public servants allowances and pay.

This is how to reduce the price of diesel.

How much is Buhari saving now that oil prices are high? Learn to criticize with some balance.
Our structure is a demonic one where the things that reverses bad economic fortune are stifled. That's why from one administration to the other as time progresses, things are on a downward slope and only the rate of that slope varies according to performance of the leaders.
All the top oil producing countries practically own their oil assets and make good use of those assets for jobs and earnings. Ours is a different story. Instead where are being brainwashed to believe that refinery can only work when privately owned.
Re: Expensive Diesel, Expansive Economic Crisis by Nobody: 10:39am On Jun 28, 2022
verygoodbadboi:
Diesel is sold at 820 per litter. God punish and other supporters of this bad government. To those supporters of BAT, God punish you too. Amen and Insha Allah

Is it Buhari that made diesel to be sold at 850 per litre? No. Nigeria cannot afford to pay subsidy on Diesel. Nigeria cannot peg dollar to naira rate, it is a bad economic theory. Demand and supply must be allowed to regulate exchange rate. Government can only work on factors controlling the forces of demand and supply of foreign currencies.

Until we can produce locally most of the things we consume, we shall continue to have this type of problem.

Nigerians rejected Obasanjo 3rd term. Obasanjo is a Messiah to Nigeria. There could be other Messiah, but till date, Obasanjo is a Messiah. If the 3rd term had been allowed, Nigeria would have gone far. Refineries that were privatised would have been functioning well and other refineries would have been built. IPP which Obasanjo started which was suspended for almost 3 years and later haphazardly implemented would have been successfully completed.

Dangote tried. He is a man of Courage. You cannot carryout such a gigantic refinery project under duress and tension.

Yaradua came and reversed the sale of refineries Obasanjo fought to sell. If those refineries have been left in the hands of Private sector, the Diesel crises we are having today would not have been there. It would have impacted on the economy and generates millions of jobs directly and indirectly.

Now, whenever there is energy crisis, Dangote will be under tension. As I have said, the only option for Dantata family and Dangote is to work for Tinubu to win Presidential Election. Dangote himself knows Tinubu's Presidency is a done deal for the completion of that Refinery. Many people hate Dangote, they never wanted that refinery to be completed. Against all odds, Tinubu will support that project for completion.

Nigeria would overcome her problems.

3 Likes 1 Share

Re: Expensive Diesel, Expansive Economic Crisis by Ojuntana: 10:39am On Jun 28, 2022
Tianamen1:
Jack005
Edoboy90
Penguin2


@Penguin2, I know you are being sarcastic, but would still respond. Obasanjo cleared our debt and saved a lot of money in our excess crude account. all the mistakes of the presidents before him were cleared off and Nigeria had a fresh start. the issues Nigeria is currently having is as a result of the presidents who came after Obasanjo.

Of the 4 presidential candidates, if things remain as there are, it is my belief that Emi lokan will win. Of these four, Peter Obi is by far the most competent. Of these 4, I am supporting Kwankwaso.
Are you aware crude oil has crossed $100 since beginning of this year. Where is Buhari's savings
Re: Expensive Diesel, Expansive Economic Crisis by AlphaTaikun: 10:39am On Jun 28, 2022
Re: Expensive Diesel, Expansive Economic Crisis by Ojuntana: 10:44am On Jun 28, 2022
This opens Nigeria up to sup­ply-side shock, especially during global crisis, and Nigeria is not im­porting enough diesel to meet local demand, which invariably forces the price of diesel up

Subsidywise18 aka backbencher where's your massive investment in diesel?
It's been over ten years since subsidy was removed from diesel and handed over to importers and marketers.

You're now Subsidywise20. Oya com and explain why the profits being made from diesel has not been invested into refineries and jobs.

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