End the fuel subsidy. Devalue Naira. Start investing in Nigerians. Invest in schools, security, healthcare. Fix electricity and water.
Elect that guy Obina or something
Peter Obi - he seems the only sensible candidate - and get somone like Iweala from WTO to become the finance minister.
Zambia defaulted but they now have serious president who is fixing the country.

You cannot hide economic problems.

GeneralDae2:

We would do that but we import PMS for almost 200 million people and also pay subsidy again for same amount of people. When we clear just that single bottleneck then we'll do that.

Mkenya2019:
End the fuel subsidy. Devalue Naira. Start investing in Nigerians. Invest in schools, security, healthcare.
Elect that guy Obina or something
Peter Obi - he seems the only sensible candidate - and get somone like Iweala from WTO to become the finance minister.
Zambia defaulted but they now have serious president who is fixing the country.

You cannot hide economic problems.

Nah I support Nigerian central bank for not devaluing the naira again until we fix the bottlenecks. By December the first phase of the PortHarcourt refinery would begin refining 60,000 Barrels per day.

Then what purpose of the fuel subsidy. Use that money to fix electricity.

Beside refinery wont help - you will lose forex from crude oil equivalent to what you'll refine - what will help is selling more oil. At this rate with Nigeria oil production going down to 1.3M - Dangote will take half of it - slashing dollar earnings from crude by half.

The CEO of Financial Derivatives Company, Bismarck Rewane, is not as optimistic. He says whatever Nigeria gains in not using dollars to buy refined petrol is almost equivalent to what it will forfeit by giving up 650,000 barrels of crude daily that it can no longer sell and earn dollars from.

GeneralDae2:

Nah I support Nigerian central bank for not devaluing the naira again until we fix the bottlenecks. By December the first phase of the PortHarcourt refinery would begin refining 60,000 Barrels per day.

Mkenya2019:
Then what purpose of the fuel subsidy. Use that money to fix electricity.

Beside refinery wont help - you will lose forex from crude oil equivalent to what you'll refine - what will help is selling more oil. At this rate with Nigeria oil production going down to 1.3M - Dangote will take half of it - slashing dollar earnings from crude by half.

The CEO of Financial Derivatives Company, Bismarck Rewane, is not as optimistic. He says whatever Nigeria gains in not using dollars to buy refined petrol is almost equivalent to what it will forfeit by giving up 650,000 barrels of crude daily that it can no longer sell and earn dollars from.

Sure. But at least the currency would become more stable (because PMS and Subsidy together eat up so much of the forex) and we can focus on our non oil sector as well as gas exports by completing our gas infrastructures.
Gas exports half year already are at 3.81 Billion dollars and the Nigerian Government owns 49% of NLNG as well.
I don't agree with the devaluation of the naira just yet because it increases the cost of debt servicing overnight but I agree that subsidy must go.
Also India is a major exporter of refined crude and not crude oil and I think that benefits them more.

Mkenya2019:
Obaboon...oil revenues came to 3.5billion half year according to that site.
Revenues - IFRS - we have seen - 6.5 trillion Naira last year.
All the 36 states - collected 800B naira for H1 - so full year maybe max of 2 trillion.
Let even add Local Authorities to the equation - maybe another trillion
So max is about 9 trillion Naira.
If we use the black market rate - we are talking 12B dollars
If we use the official rate - about 20B dollars.
That is like Kenya -
Despite all that OIL and 200M naira.
THE ZOO

After overtaxing your people by slapping them with all manners of tax you are still at $20bn or less, same as Nigeria where you claim people don't pay taxes. Efforts are being made to widen the tax net, not to overtax like little India, but to bring into the loop sectors and people who have so far being left out. Oil economies usually have low tax to GDP ratio.

obaaderemi:
2.3 trillion ksh.... that's $19bn. You don't generate over $20bn like you said.

That's just tax revenue. Remember there are other sources of revenue as well outside taxation.

Mkenya2019:
Then what purpose of the fuel subsidy. Use that money to fix electricity.

Beside refinery wont help - you will lose forex from crude oil equivalent to what you'll refine - what will help is selling more oil. At this rate with Nigeria oil production going down to 1.3M - Dangote will take half of it - slashing dollar earnings from crude by half.

The CEO of Financial Derivatives Company, Bismarck Rewane, is not as optimistic. He says whatever Nigeria gains in not using dollars to buy refined petrol is almost equivalent to what it will forfeit by giving up 650,000 barrels of crude daily that it can no longer sell and earn dollars from.

Dangote will not be getting oil free because he is a Nigerian, use your head for once. And products from the Dangote refinery will be exported to get forex. Then forex spent on petroleum products import will be saved. Worry about kenya. and fuel supply going forward.

Wuoche:


That's just tax revenue. Remember there are other sources of revenue as well outside taxation.

So only Kenya have other sources of revenue outside taxation?

Wuoche:


That's just tax revenue. Remember there are other sources of revenue as well outside taxation.

That's everything. PAYE, licenses and other levies.https://www.kra.go.ke/news-center/press-release/1752-kra-exceeds-revised-target,-records-highest-revenue-growth-in-history

GeneralDae2:

So only Kenya have other sources of revenue outside taxation?

They're not serious people.

So Dangote will be buying oil using dollars or Naira. The excitement about refinery saving forex is misplaced. It wont have any impact. You should be more worried about falling oil production. I think so far Angola and Algeria have overtaken you.

obaaderemi:
Dangote will not be getting oil free because he is a Nigerian, use your head for once. And products from the Dangote refinery will be exported to get forex. Then forex spent on petroleum products import will be saved. Worry about kenya. and fuel supply going forward.

obaaderemi:
That's everything. PAYE, licenses and other levies.https://www.kra.go.ke/news-center/press-release/1752-kra-exceeds-revised-target,-records-highest-revenue-growth-in-history

Stop your madness. Does that include what GOK get from shares it owns in companies such as Safaricom, KCB and other parastatals?

Wuoche:


Stop your madness. Does that include what GOK get from shares it owns in companies such as Safaricom, KCB and other parastatals?

Start with Safaricom. What does your government get?

Of 100B dollar debt - you have only 40B external debt - so the impact will be muted compared to know where average Nigerian is buying dollars at 730 while the fatcats like Dangote are getting it at 430. Nigerian are becoming poorer to enrich a few people.

Yes the focus should be on fixing production - by fixing securing pipelines - and oil producing areas - so more production can be ramped up.

Otherwise it appears your oil production is going down - as insecurity, leaking pipelines, stolen crude and years of lack investment come to bite

GeneralDae2:

Sure. But at least the currency would become more stable (because PMS and Subsidy together eat up so much of the forex) and we can focus on our non oil sector as well as gas exports by completing our gas infrastructures.
Gas exports half year already are at 3.81 Billion dollars and the Nigerian Government owns 49% of NLNG as well.
I don't agree with the devaluation of the naira just yet because it increases the cost of debt servicing overnight but I agree that subsidy must go.
Also India is a major exporter of refined crude and not crude oil and I think that benefits them more.

One would think the removal of the fuel subsidy was Ruto's doing.
Kenya is in the pocket of the imf.

We are not even doing 20% of tax to GDP - and therefore not overtaxing anybody. The only difference btw Kenya and Nigeria in taxation is VAT - your VAT is 7.5% - ours is 16% - otherwise PAYE Is the same and customs the same.

You just lose money in stupid fuel subsidy - that could earn you 10-12B dollars - money you can invest in security, education, health and basic goverment services to Nigeria - not subsidizing few people owning cars.

obaaderemi:
After overtaxing your people by slapping them with all manners of tax you are still at $20bn or less, same as Nigeria where you claim people don't pay taxes. Efforts are being made to widen the tax net, not to overtax like little India, but to bring into the loop sectors and people who have so far being left out. Oil economies usually have low tax to GDP ratio.

obaaderemi:
One would think the removal of the fuel subsidy was Ruto's doing.

Kenya is in the pocket of the imf.

I swear down and they are mocking Ghana.

From the listed companies alone - 15 or so that Kenya gov own - about 400M or 40B kshs. Safaricom brings in 200m in dividend. Kenya gov owns another 280 - maybe about 150 of them are commercial.

Nigeria has very little of SOES - apart from loss making (now profit) making NNPC.

obaaderemi:
Start with Safaricom. What does your government get?

Mkenya2019:
We are not even doing 20% of tax to GDP - and therefore not overtaxing anybody. The only difference btw Kenya and Nigeria in taxation is VAT - your VAT is 7.5% - ours is 16% - otherwise PAYE Is the same and customs the same.

You just lose money in stupid fuel subsidy - that could earn you 10-12B dollars - money you can invest in security, education, health and basic goverment services to Nigeria - not subsidizing few people owning cars.

You are not wise, RIP. Subsidy is necessary in poor countries otherwise you are asking for chaos. What is necessary is for government to ensure the subsidy is effective.

Fuel and Maize subsidy all went....it was a bad idea from get go. They were introduce this year for political reason as desperate Uhuru tried to bribe the public.

As regard IMF - we took 2.5B loan - Nigeria took even bigger one - and it comes with conditionalities.

I am glad we took it earlier than poor Ghana who are now desperate for it.

obaaderemi:
One would think the removal of the fuel subsidy was Ruto's doing.

Kenya is in the pocket of the imf.

Mkenya2019:
From the listed companies alone - 15 or so that Kenya gov own - about 400M or 40B kshs. Safaricom brings in 200m in dividend. Kenya gov owns another 280 - maybe about 150 of them are commercial.

Nigeria has very little of SOES - apart from loss making (now profit) making NNPC.

200m ksh is peanuts, RIP.
Nigeria's earnings from NLNG alone is greater than what your government can ever hope to get from all its SOES combined.

Your unpopular gov is afraid of fuel subsidy riots? Consumption subsidies are not sustainable. You're a zoo because your gov is basically broke thanks to such subsidies.

You subsidize inputs - never output. Fuel subsidy doesnt exist in almost all African countries. It's just the Zoogeria that does that.

That 10B is money you can use to hire teachers, nurses, police men and buy equipment - and that social spending is what not only grow the economy - but also invest in the future of the people.

obaaderemi:
You are not wise, RIP. Subsidy is necessary in poor countries otherwise you are asking for chaos. What is necessary is for government to ensure the subsidy is effective.

Mkenya2019:
Fuel and Maize subsidy all went....it was a bad idea from get go. They were introduce this year for political reason as desperate Uhuru tried to bribe the public.

As regard IMF - we took 2.5B loan - Nigeria took even bigger one - and it comes with conditionalities.

I am glad we took it earlier than poor Ghana who are now desperate for it.

It still boils down to the same thing. There's nothing imf will do to Ghana that they'll not do to little India. They forced you to remove fuel subsidy completely. If a litre of petrol retails for$1.5 now, ordinary Kenyans like you and your brothers here will become poorer. Kerosene will go up to over $1, your mother's in the villages will have to resort to more usage of firewood. No matter how you view it, little India is in a bigger trouble than either Nigeria or Ghana.

Learn to distinguish DIVIDEND and TAXES.

NLNG is not owned by Nigeria gov.
It's own by NNPC(49%)
Which has never remitted any divided to Nigeria gov in it's 45 years of history.

What you earn from NNPC and NNLG is taxes and royalties.

Safaricom bring in 600M dollars in taxes - and further 200M in dividend (for 35% ownership kenya gov has).

In short Nigeria gov probably get ZERO dividends from all its SOES.

obaaderemi:
200m ksh is peanuts, RIP.
Nigeria's earnings from NLNG alone is greater than what your government can ever hope to get from all its SOES combined.

obaaderemi:
Start with Safaricom. What does your government get?

$200M as dividend.

People should go solar and electric if they dont like petrol prices. Otherwise it's a middle class problem. I doubt if people still buy Kerosene in Kenya. I havent seen kerosene being sold in years now.

What Ruto is proposing is for us to use firewood in charcoal with modern cookstoves. Why do we have to import LPG gas. We also will invest in electric motorbikes.

obaaderemi:
It still boils down to the same thing. There's nothing imf will do to Ghana that they'll not do to little India. They forced you to remove fuel subsidy completely. If a litre of petrol retails for$1.5 now, ordinary Kenyans like you and your brothers here will become poorer. Kerosene will go up to over $1, your mother's in the villages will have to resort to more usage of firewood. No matter how you view it, little India is in a bigger trouble than either Nigeria or Ghana.

Mkenya2019:
Learn to distinguish DIVIDEND and TAXES.

NLNG is not owned by Nigeria gov.
It's own by NNPC(49%)
Which has never remitted any divided to Nigeria gov in it's 45 years of history.

What you earn from NNPC and NNLG is taxes and royalties.

Safaricom bring in 600M dollars in taxes - and further 200M in dividend (for 35% ownership kenya gov has).

In short Nigeria gov probably get ZERO dividends from all its SOES.

Which has never remitted any divided to Nigeria gov in it's 45 years of history.

This is false. It only stopped remitting to Government account from February this year.

Tanzania
Zanzibar

Mkenya2019:
Your unpopular gov is afraid of fuel subsidy riots? Consumption subsidies are not sustainable. You're a zoo because your gov is basically broke thanks to such subsidies.

You subsidize inputs - never output. Fuel subsidy doesnt exist in almost all African countries. It's just the Zoogeria that does that.

That 10B is money you can use to hire teachers, nurses, police men and buy equipment - and that social spending is what not only grow the economy - but also invest in the future of the people.

Don't be stupid. It's not about fuel subsidy riots. It's about the people. Nigeria is a poor country. Removing subsidy abruptly like little India has been forced to do by its owner, imf, will only create more problems. Maybe only Nigeria can afford that in Africa. That's not the problem but the corruption associated with it.

Tanzania
Dar es salaam

Taxes or DIVIDEND. Dividend can only be remitted annually if NNPC decide to do so after declaring PAT (Profit after Tax). It appears for two years they have made profit - they have chosen to retain all that profit - and re-invest. So Nigeria SOES are bringing zero dividends to Nigerians.

GeneralDae2:



This is false. It only stopped remitting to Government account from February this year.

Mkenya2019:
Learn to distinguish DIVIDEND and TAXES.

NLNG is not owned by Nigeria gov.
It's own by NNPC(49%)
Which has never remitted any divided to Nigeria gov in it's 45 years of history.

What you earn from NNPC and NNLG is taxes and royalties.

Safaricom bring in 600M dollars in taxes - and further 200M in dividend (for 35% ownership kenya gov has).

In short Nigeria gov probably get ZERO dividends from all its SOES.

I think you should give up, RIP. Your brain has overheated.