We Don see 99 so 100 na nothing.we must survive, bring it on.

tunwumi:
The currency will be stable as the loophole of subsidy payment will be blocked. But the main issue is the purchasing power within the economy as the price of fuel may be around 450-500.

Most Nigerian are unreasonable in commodity pricing, they are on the exploitation campaign. This is subject to a lot of uncertainty but the removal must be done. The government will have a lot of money at hand to spend with the removal.

We have to close mark the state governors as they will become wasteful due to surplus funds.

It will make a lot of sense if Dangote refinery can also come on stream. It will help to control the prices as transaction will be in niara.

This is how they talked about new naira notes redesign. Na suffer dey come again.

TUANKU:


Same way you were optimistic about the Buhari government.

Do they ever learn??
Don't mind them

blackpanda:


Even in south africa it's about $3 per liter (N2250)

22.5 Rand can never be 3 dollars. Petrol is like 550 Naira per litre in SA

Things would be really difficult for low income households.. poverty level in the country will likely rise.
It's those that have 4, 5 kids above I really feel for. Instead of doing family planning, they are busy giving birth like rabbits.

tunwumi:
Don't just believe everything you read. I can tell you stories the way I want you to see it.

Every economy depends on government spending and every government is run by politician, every politician has a skeleton to hide.

Even Saint America has many things to hide.


In all this, I just hope the lesser evil we are hoping for at least focus on something.

If you read my earlier comment you will see that we have some many questions to asked the STATE Governors.

Many of them are brain dead. They can't run a supermarket profitability.

before you start comparing nigerian politicians to their American counterparts what have you enjoyed in this country called Nigeria?the same America Nigerians are going to pastors and alfas so they can pray for them to obtain American visa is the same America your comparing our politicians to American politicians?so because Apc and buhari distroyed nigeria you now want to compare nigeria to america

Comprehension issue is observed in you. Mention 1 country in similar situation with Nigeria that have fuel subsidy regime. It is better to read and research to develop in wisdom and understanding that to comment mediocrity.

ChybuzzDD:


One gullible fellow spotted.

Is it today people like you started trusting Nigerian politicians?

You're either very young or new to Nigeria.

Surely, you'll be disappointed at the end, after realizing the money will be diverted to personal use while the people suffer for nothing.

There's no reason for a 3rd world country with about 133million poor citizens to completely remove subsidy when the rich western countries have one form of subsidy or the other for their citizens

I have enjoy the cheapest education in Nigeria.

Ykc2:
before you start comparing nigerian politicians to their American counterparts what have you enjoyed in this country called Nigeria?the same America Nigerians are going to pastors and alfas so they can pray for them to obtain American visa is the same America your comparing our politicians to American politicians?so because Apc and buhari distroyed nigeria you now want to compare nigeria to america

Bfly

Hyperinflation is a minimum of a 1,000% rise in goods and services in a given year.Subsidy removal can never make it hit such.

Hyperinflation is always caused by the excessive printing of money by the government to pay for goods and services. This isn't the case here. Nigeria has never suffered from Hyperinflation even during the Banangida years when this was common.

If prices rises, I doubt inflation would be more than 30%.

Subsidy removal would reduce the pressure on the foreign reserves which means the currency might appreciate in value at the black market

I prefer to use the black market value at the official exchange is not just artificially strong, it's also an audio rate as hardly anyone gets it at that rate except the very well connected. Making it market determined again will be a God send.

Practically all goods are priced at the black market rate. I feel the official and the black market rate will merge as around 600-650.

Once the exchange rate is market determined again (Buhari ended it), more forex will flow in and Naira denominated cards will resume international online purchases. It would be great if we could go back to the times of $1,000 daily spend!

Difrent:


Yes they could have those things because they dont waste billions on petrol subsidy....they instead have effective transport system thats affordable.
The moment we stop petrol subsidy, some of these things will become achievable

you are wrong.
welfare is a form of subsidy and the western nations have them aplenty.

Difrent:


Yes they could have those things because they dont waste billions on petrol subsidy....they instead have effective transport system thats affordable.
The moment we stop petrol subsidy, some of these things will become achievable

The more gullible and ignorant people like you talk, the more you annoy some of us.

What are you going to do with this subsidy money that you couldn't do with all the money from the oil booms over the years?

Do you know the kind of subsidies the Arabs who have this same oil as Nigeria enjoy?
I have worked in Arab and i know how these guys benefit from their own oil.

Why is that of Nigeria different?
The simple answer is corruption!
Now, will this corruption go away simply because subsidy has been removed?

blackpanda:


Even in south africa it's about $3 per liter (N2250)

will you buy fuel at 2000 naira in Nigeria just asking

Blackdeewhy:
Till this very moment, I find it difficult to know that an average guy in Rivers state boil/ produce petrol from crude oil (bunkering).

Yet our federal government CAN'T to make life easier for it's citizens.

Can somebody please explain to me?

If those bunkerers paid the market price for crude oil, they'll have no business to talk of.

fr3do:


The bread and tomatoes you buy is sold by people who use petrol.
Bicycle or not,.e.go reach everybody.

tell him he is ignorant

1Alex:
My own na to buy bicycle now and keep., because fuel will be regarded as gold after subsidy removal.

After the removal, the prices of bicycles will triple.

I wish to buy a bicycle, that is the alternative.

jkpbestseries:
Why not build our own refinery if an individual can

A serious-minded government would have rehabilitated old or built new refineries before thinking of removing subsidy but they are dumb as always. If you want to do something that would have far reaching effects on the people, putting in place things that would cushion the effects would be the right way to go but the fire- brigade approach is their way of doing it. Anyway,Good luck to the government and Nigerians.

Dafresh:

All those advance countries have stable electricity, good health care system good roads everyone is equal

They wouldn't have gotten there with such policies like using a large fraction of it's revenue to pay for people's petrol.

Thunder from hell destroy your generation awon tax increase collector

Tianamen1:
the naira usually crashes within 6-12 months after fuel prices have been adjusted in the past. I expect the naira to further crash, leading to the reintroduction of under-recovery/subsidy. we keep repeating the same actions over and over again, yet each time we expect different results.

the world bank has told us to remove subsidies. they have also said we should increase taxation. if subsidies are removed and tax collections are increased, the naira should not fall. if however, our leaders only remove subsidies and do not increase taxation, the naira will certainly collapse again as it has done every time subsidies have been removed.

ChybuzzDD:


The more gullible and ignorant people like you talk, the more you annoy some of us.

What are you going to do with this subsidy money that you couldn't do with all the money from the oil booms over the years?

Do you know the kind of subsidies the Arabs who have this same oil as Nigeria enjoy?
I have worked in Arab and i know how these guys benefit from their own oil.

Why is that of Nigeria different?
The simple answer is corruption!
Now, will this corruption go away simply because subsidy has been removed?

these are the type of people that are the helm of affairs in Nigeria, they are stupid unintelligent, irrational corrupt to the bone marrow, they are the presiding over our afairs, and wouldn't let go

In theory: In the medium term the naira is bound to gain value against the dollar for two reasons.

Due to high inflation with the consequent reduction in consumption across board (consumption which is predominantly of foreign goods and services).
Drastic reduction in the national demand for foreign exchange of which petroleum products is about the highest due to right sizing of demand and supply.

In the long term however, things are more uncertain. Many local industries are bound to fold up and foreign import substitution may impact for demand on forex leading to a surge in exchange rates. With gasoline going at those rates many local producers will just not be competitive anymore.

Difrent:


Yes they could have those things because they dont waste billions on petrol subsidy....they instead have effective transport system thats affordable.
The moment we stop petrol subsidy, some of these things will become achievable

Make una dey there dey play. Una just dey play with Nigeria and Nigerians. Shay na petrol subsidy hold Nigeria federal government from achieving any sensible thing since 1960(especially the ones since 1999)? With all the trillions wey Nigeria government done control for this country since 1960( especially the ones since 1999), subsidy or no subsidy, Nigeria suppose done pass this stage wey we dey so.

I just dey laugh most of una wey think say una sabi too much. Subsidy removal or no subsidy removal, nothing will change. Subsidy removal will not make any difference in Nigeria, the government will still embezzle the money just as they have always done from day one.

Nor be fuel subsidy hold Nigeria from having those good things, but embezzlement of public fund made for them. And if those embezzlement nor stop, removing of subsidy or not will still not make any difference.

tunwumi:
The currency will be stable as the loophole of subsidy payment will be blocked. But the main issue is the purchasing power within the economy as the price of fuel may be around 450-500.

Most Nigerian are unreasonable in commodity pricing, they are on the exploitation campaign. This is subject to a lot of uncertainty but the removal must be done. The government will have a lot of money at hand to spend with the removal.

We have to close mark the state governors as they will become wasteful due to surplus funds.

It will make a lot of sense if Dangote refinery can also come on stream. It will help to control the prices as transaction will be in niara.

But why can't Nigeria build her own refinery

Mr Economist where did you learn this from?? When Goodluck wants to removed it why did Buhari, Tinubu and APC were against it. Every country in the world have one or two forms of subsidy for it citizens. Obamacare is a heath care subsidy. Subsidy is a good thing when d country is poor. What thy d Goodluck probe shows is money is been given to marketers who are not bringing oil into the country. And that trend continue bcs nobody went to jail

Tianamen1:
the naira usually crashes within 6-12 months after fuel prices have been adjusted in the past. I expect the naira to further crash, leading to the reintroduction of under-recovery/subsidy. we keep repeating the same actions over and over again, yet each time we expect different results.

the world bank has told us to remove subsidies. they have also said we should increase taxation. if subsidies are removed and tax collections are increased, the naira should not fall. if however, our leaders only remove subsidies and do not increase taxation, the naira will certainly collapse again as it has done every time subsidies have been removed.

the problem is not removing subsidy but removing the remnants of subsidy. Buhari removed subsidy and we later had another subsidy to pay and today we are still talking of removing another subsidy. Its like this subsidy is a cancer

Difrent:
We will adjust with time. One thing you can never take away from Nigerians is resilience.
All those advanced countries our people rush to have dumped petrol subsidy decades ago...

U talk like a animal.
What is the minimum wage in Nigeria and what is the minimum wage is USA

Difrent:


Yes they could have those things because they dont waste billions on petrol subsidy....they instead have effective transport system thats affordable.
The moment we stop petrol subsidy, some of these things will become achievable

It is not the subsidy that prevented those thing from being in place. Even with subsidy, the money spent on power by past and current administrations was enough to generate enough power for Nigeria. Corruption is the bane of Nigeria's problem. If you remove subsidy, you only make more money for Buhari and his hypocritical liars to steal. Enough has been budgeted on turn-around maintenance without any positive outcome. Refineries are not working, ordinary elections they couldn't successfully conducted despite wasting billions of naira and you are here talking as if it is subsidy being paid that prevented Nigeria from moving forward.

If fuel sells at 750/litre, everybody will feel it, most people will end up using their money to buy fuel to power generator, cars, and companies will be affected because we don’t have stable electricity. In countries where the fuel price range from $1/litre above, they have 24hrs lights and only need fuel for their cars and machinery/equipments..

tunwumi:
Comprehension issue is observed in you. Mention 1 country in similar situation with Nigeria that have fuel subsidy regime. It is better to read and research to develop in wisdom and understanding that to comment mediocrity.

I won't be dragging comprehension superiority with one of the myrmidons of the corrupt and dirty Nigerian politicians.

Why are you focusing only on petrol subsidy??

That's the only one Nigeria can afford for her own citizens.

The western countries are not members of OPEC, but they have other forms of subsidies for their own citizens.

Free health is a form of subsidy. Can your Nigeria be able to offer that to her own citizens?
If petrol subsidy is the only one it can afford, then so be it. There's no reason yet to stop it.

Difrent:
We will adjust with time. One thing you can never take away from Nigerians is resilience.
All those advanced countries our people rush to have dumped petrol subsidy decades ago...

Oga. The increasing crime rates does not agree with your postulation.
Just say 'I' will adjust. You may look inwards, but others 'less endowed' will look sideways for survival and prey on their neighbors.
The statistics are clear.
This is what leadership looks at, the bottom line, the most vulnerable in society.

blackpanda:


Even in south africa it's about $3 per liter (N2250)

weldone dey compare price with other countries

Difrent:
We will adjust with time. One thing you can never take away from Nigerians is resilience.
All those advanced countries our people rush to have dumped petrol subsidy decades ago...

u will adjust, how as d adjusting so far Abeg dey type with sense

Of what relevant for this your comparison. Everything is working in South Africa. Good road . Better health services. Stable electricity. Low unemployment for citizens. Above all, better living conditions. All this things doesn't exist in Nigeria. Common to put already existing refineries in working condition. Buhari and his useless APC has refuse to do the needful for 8years.
A country that nothing is working. Some unthinkable and unknowledgeable fools are thinking of removing subsidy

blackpanda:


Even in south africa it's about $3 per liter (N2250)