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Nairaland Forum / Nairaland / General / Politics / What Might Happen To Nigeria Currency After Subsidy Removal? (42804 Views)
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Re: What Might Happen To Nigeria Currency After Subsidy Removal? by LordAdam16: 11:18am On Apr 18, 2023 |
samsard: Yes, and everyone uses gas now because the kerosene subsidy was removed. If kerosene subsidy had been maintained, the penetration rate for gas will be much lower than it is today. The economic impact from the expansion of gas use will be muted. Look around you and notice how many jobs and the level of economic activity gas infrastructure has generated. Some commercial companies can now move off the national grid because of the buildout. The erstwhile cabals doing nothing but sending invoices to the FG and smuggling kerosene over the border to get double returns have turned their attention to more productive pursuits. And Nigeria saves at least $1b from not paying that subsidy. Gasoline will be similar. Transportation prices will surge initially, but that'll level off in time. And if we were a serious country, $5b of the $8b saved should be earmarked to secure a $90b low-cost facility (at an avg. of 2%) from a mix of international development banks to build out our grid on a build for transfer model. Where the government builds with these low interest facilities that only governments can access, then sell them at significant premiums to a mix of international and local investors. Rinse and repeat. The jobs and economic activity from such a scheme should supercharge our anemic GDP growth rate. Everyone benefits from this. The politicians, civil servants, regulators, banks, investors, operators can skim from the project and there'll still be a visible, impactful build out that changes the economic landscape. But this is Nigeria. We go out of our way to make things hellish. It's like our favorite national pastime. -Lord 2 Likes 1 Share |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by blaqtom(m): 11:19am On Apr 18, 2023 |
Divoc19:If our refineries are working we suppose pay subsidy? It’s just pure wickedness since 2015 we have been on this issue why did they not use that time to start building a refinery and repair the ones we already have to meet demands …… 1 Like 1 Share |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by SmallDick99(m): 11:22am On Apr 18, 2023 |
Tadadobe:What do u know about Austria? Nigeria is better than Austria right You don't seem smart; sorry! |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Tareq1105: 11:23am On Apr 18, 2023 |
Jokkarm2: Your points are valid. I would like to believe that Tinubu would be decisive. He's aware of many issues that are begging for answers. He's said it that he was prepared for the assignments. He said he was the most prepared candidate for the job. Let's take him for his words and see how he would achieve the goals of making a serious impact. My take is that Tinubu would not allow things to get worse than we have now by reason of the caliber of Nigerians he would assemble for the task of recalibrating the country economy and development. Tinubu that I know wouldn't sit back and be watching his players (Ministers & Heads of Agencies & Govt Appointees), he monitors and steps in when necessary. Also, Tinubu fires once an appointee fail to deliver. This is what is missing in Buhari government. Buhari hardly fire. Buhari would tell you what to do and he would just assumed you're on course. No monitoring of performance of Ministers DG CEO and other appointees. Obasanjo and Jonathan tried a lot on monitoring of government appointees and their performance. Buhari didn't do well here. He didn't rejig, Ministers became landlords in their ministries, some for 8 yrs while some for 4 yrs. No reshufflement of Ministers, no fear of being removed, thereby making them kings in their respective ministries. Tinubu would not take any of these. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by CodeTemplar: 11:23am On Apr 18, 2023 |
blackpanda:I checked but saw $1.86 a litre. Also do not forget our minimum wave is same as theirs. No bandits to interrupt wealth creation process for money. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Nobody: 11:23am On Apr 18, 2023 |
SmallDick99: Motherfuvcker. Austria na Better country to you? If no be inferiority complex dey suffer una. Austriae? You no even go Australia |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by nedekid: 11:24am On Apr 18, 2023 |
In my opinion. If it is done properly, it should improve the economy, the naira should also appreciate to about 200 to the $1. But as you know, this is naija with so many personal interest superceding that if citizens. Remove subdidy, open the importation of fuel to anybody interested in importing. Open the refining process to dangote and any other person that can build a refinary and operate at a profit. Petrol is a product just like any other item igbo traders import, if they will be competitive and make gain, allow them. If the big majors, otedola, Ifeanyi Uba, our SW business moguls that own hundreds of filling station can also source money to import, let them! Government business will only be to regulate the quality, standard of fuel imported. Infact there will be 3 quality of fuel, the cheapest being for older models cars while the expensive unleaded fuel for newer, high end vehicles. Let fuel stations determine their price. People will no patronize those with high prices. There will be competition. I assure you that naturally, price of petrol will fall within a year. If the local refinaries are cheaper, they will kick out the importers from the market. 1 Like |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Babastrong(m): 11:25am On Apr 18, 2023 |
[quote author=BigIyanga post=122586590] The poor will get poorer [ God doesn't think like men. He may enrich some poor amidst subsidy removal.] 1 Like |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by BRATISLAVA: 11:25am On Apr 18, 2023 |
blackpanda: This figure looks exaggerated. South Africa? |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by happney65: 11:27am On Apr 18, 2023 |
yesloaded: That is it. Reasons why I never supported Jonathan in his second term bid was because of this so called issue. Why is it difficult for the Nigerian government to fix our refinery and pushing their ineptitude to the people. Why? Subsidy removal on Diesel has made Diesel worst and made production very very high leading to inflation. Kerosene too has been removed and nobody even buys kerosene again sef due to the price. Yet you can't fix refinery to work na to push it to the people. The money they were wasting on the trains and stuffs shey they can't use it to fix power and our refinery. Just brace up, una go see shege. Buhari kuku knows what is at stake that is why he pushed it to the next administration. Sodiki ologbon. ![]() 2 Likes |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by happney65: 11:29am On Apr 18, 2023 |
blaqtom: Nooo, it is rocket science to build a refinery you know. Pure rocket science. ![]() 1 Like |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Aguogba(m): 11:32am On Apr 18, 2023 |
Dafresh:And people's votes count as well. 1 Like |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Hydroxide(m): 11:34am On Apr 18, 2023 |
How can one buy fuel to drive, buy fuel to run our businesses and fuel to power generator at hone since we are not having reasonable power supply? Omo, this country really cast. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Lvgirl: 11:35am On Apr 18, 2023 |
Divoc19: It will affect your business too..do you think hookup is immune to subsidy. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Oju4190: 11:35am On Apr 18, 2023 |
Difrent:Washing... Na today.....abeg talk another thing |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by thesolutions(m): 11:36am On Apr 18, 2023 |
Bfly:Subsidy is fraud against the poor and you are yet to see it. How many poor people have vehicles. The only thing that affects the poor from subsidy removal is relative increase in transport fare and foodstuffs that are not local to migrated poor. I really consider your scare monger about subsidy removal as a threat to Nigerians against supporting the removal of subsidy which I see as politically motivated. Our major concern should be to establish a working government that is working for every cadre of individual in the society. A government working on actually subsidizing transportation for the poor and not creating more amenities for the rich while the poor are driven away from the city because of high cost of living brought by their developmental agenda that is focused on beautiful cities rather than beautiful people. A government that is focused on investing hugely in refineries and actually running it effectively as an enterprise and not a civil service oriented business. A workforce that is more concerned about their beauties and official outlook can hardy give all it takes to establish a working enterprise. A government that is out for business. It annoys me to hear that governments do not run businesses. Nigeria government needs to be starved of taxes and duties so they know what leadership is all about. How can an unproductive government lead a productive nation. We should have government owned industries in fabrications, constructions and processing, working efficiently to solve both national and economic problems. We need much more from an effective government. But every government that has come are only working borrowed template from countries whose challenges are different from ours. 1 Like |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Philomath1212: 11:37am On Apr 18, 2023 |
When you go through a thread like this, you will get to know where actually Nigeria problem lies... The people... 1 Like |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by correctguy101(m): 11:43am On Apr 18, 2023 |
Blackdeewhy: What explanation do you still want? You already know the answer to your question. From the FG to the LG, they've been totally of no usefulness to the country. That's why I get angry when I see eediots online fighting themselves over being from one region or the other, forgetting that no matter your region, your local leaders are as guilty as the FG. 3 Likes |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by tunwumi: 11:43am On Apr 18, 2023 |
I challenge you to mention anywhere in the world that have cheaper education than Nigeria. I said it earlier, wisdom come with researching not to just comment on bitterness. Well it depends on which divide you are, I believe and hope for a better Nigeria. It is possible ChybuzzDD: 1 Like |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by tunwumi: 11:44am On Apr 18, 2023 |
isio1: You can value what you have until it's no more. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Dchair2: 11:45am On Apr 18, 2023 |
tunwumi: A lot of money to re-loot you mean? What really have they done with the one they had at their disposal |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by dbestuncle: 11:46am On Apr 18, 2023 |
tunwumi:As much as we have agreed that we need to remove fuel subsidy, what have they said will be a palliative measures for the economy. The mumu arrangement of shaing the borrowed $800million for 10million households 5,000 naira per month is the kind of dumb things that they do. Our Governments are not and they have never been sincere with us if not eith all the noice about repairing the refineries we are still where we are till now |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Gajagojo: 11:47am On Apr 18, 2023 |
There is no subsidy in Togo and our other neighbours. All the presidential candidates said they will remove it 3 Likes |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by nnamdi640: 11:49am On Apr 18, 2023 |
Divoc19:They are not different from what they are before, looting will only increase and nothing to show for it will be the case. Thinking that Nigeria politicians most especially those APC politicians will make things better for the masses is just a mirage. Is it Gandollar the man with ATM machine on his body or Apkabio the looting devil or Orji the looting Maradona, Tinubu himself Mr bullion vans is their father in looting. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by tfelicityk(m): 11:51am On Apr 18, 2023 |
Go and have rest of mind, the two Accountants and Economists elected wii profound solution to it soon as they resume their respective offices. 😁😁😁😁😁 |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by tunwumi: 11:51am On Apr 18, 2023 |
Ogbeniomo: I don't agree with this. If we remove subsidy, private business will be able to float refinery. It is only in Nigeria a refinery what was built with government funds, get free crude allocation to refine, employee salaries paid by government will run at loss. It can't foot it operating cost. This is same with telecom and power. So, government has no business running business. Government should focus on sound policy 1 Like |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by CodeTemplar: 11:52am On Apr 18, 2023 |
nedekid:Corruption knows no limit because it is driven by greed. The case of Dangote and Ibeto is classic example of how local production and contribution do not solve integrity issues. Today there is local production but we are buying cement higher than countries that do not produce it. 2 Likes |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by dbestuncle: 11:52am On Apr 18, 2023 |
This kind of comparison is very insane. Let's try and be very logical 1. Do we have the same package interms of education? 2. Tell me the ratio of the income of those places compared to the cost of their education. 3. Nothing in Nigeria is costly when converted in other currency of first world countries so does it mean it is actually cheaper. That's same way prices of fuel per litter is compared and ours look very cheap where as the cost burden on us here is more than it is in the countries where it was higher than ours. tunwumi: |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by tunwumi: 11:54am On Apr 18, 2023 |
This comment is very interesting. The main issue is why palliative when it will disappear to ghost. Instead the fund should go to infrastructure like road, bridges, hospital, and industrial infrastructure for development. dbestuncle: |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by tunwumi: 11:56am On Apr 18, 2023 |
How many Nigerian from the low valued Nigeria education are doing well and even competing with the so called package education Why am I educating you self? Abeg pack well dbestuncle: |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by COMPAQ(m): 11:57am On Apr 18, 2023 |
blackpanda: Haba, not true. It's about $1.27 per litre which is circa N930 Naira. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Electorate: 11:59am On Apr 18, 2023 |
Difrent: You mean the suffering and smiling type of resilience that has kept Nigerians in chains for years with little or no progress.? |
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