nairalanda1:
If they kept the subsidy...we would have eventually run out of money...and IMF would have refused to borrow us money anymore.

Then true suffering would start.

Dey there dey play as Tinubu and APC use our brains to play games.
Subsidy that was already removed seven years ago.

Subsidy removal: Tinubu backs Buhari, Falana condemns price hike
13th May 2016

A former Lagos State Governor and National Leader of the All Progressives Congress, Asiwaju Bola Tinubu, has described the decision of the President Buhari-led Federal Government to remove petrol subsidy as courageous.

The government, through the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Wednesday, announced the removal of the subsidy on petrol, pegging the upper limit at N145 per litre from N86.50k.

In a statement in Lagos on Thursday, Tinubu said though the decision was a difficult one, it would ultimately become beneficial to the generality of the people instead of enriching the pockets of a few Nigerians, who enjoyed the fraud of the subsidy regime.

https://punchng.com/subsidy-removal-tinubu-backs-buhari-falana-condemns-price-hike/?amp

LadyExcellency:
The cost (N500) in Nigeria 🇳🇬 is high.

Nigeria was selling at N195 and Benin Republic domestic fuel sold at CFA508 (N381), so the smuggler took that advantage to exploit Niger’s market, selling below our litre price. - Benin Republic Reports.

The actual price of petrol in Benin Republic is N381

No be to Dey go buy from Benin republic like this so.

Rayban25:


You're supposed to know that agbado cronies are just being mischievous they know what they are doing...don't waste your plenty grammar on those ones

You're right. But they're deceiving the gullible. They need to be countered.

Everlastingson:



Stop deceiving yourself. Your problem is criminality, not subsidy. Several countries of this world including Europe and America, Asian and Arab countries have petrol subsidies and are still far ahead of Nigeria. Again, your problem is fraud and stealing, not subsidy, and you know it. NNPC tells you that Nigeria consumes 60 Million litres of petrol per day and you agree and pay without verifying. They import 1 million litres and tell you they imported 100 million litres and you agree and pay subsidy on 100 million litres! Without verifying!!! How wicked and evil!! You know it's not possible to consume that much. But you consent and pay because you're involved in the crime. You know I'm referring to the Nigerian govt in my comment and not you as an individual. Stop swallowing the lies the FG tells you( unless you're one of them). Criminality, never subsidy, is the problem.

You just said it all. Insensitive government will feed idiots some lies to keep them poor and in hardship the idiots will buy it wholeheartedly.
I expected tinubu to begin with studying the paper work for this subsidy thing to understand how much is actually paid, for how many liters and the avenues of wastage, none of this was done.

LadyExcellency:


For your information, Libido is a natural phenomenon and hence has no source to blame. You make laws that help people exercise constraint.

You misunderstood the whole argument. Nobody is against removing subsidies from petroleum products. The actual prices are inflated as compared to our neighbours.

Both of you end up saying the same thing .

Corruption cannot be eradicated but can be reduced .
Libido can't be eradicated but can be reduced
Same thing.
Instead of reducing corruption, they removed subsidy which can create corruption.

Instead of reducing promiscuity, they removed the prick


Learn to read critically my friend.

AK481:


Both of you end up saying the same thing .

Corruption cannot be eradicated but can be reduced .
Libido can't be eradicated but can be reduced
Same thing.
Instead of reducing corruption, they removed subsidy which can create corruption.

Instead of reducing promiscuity, they removed the prick


Learn to read critically my friend.

U very correct!! Instead of government to deal with corruption aggressively they instead removed subsidy.

SUBSIDY REMOVED BUT CORRUPTION REMAINS =. MORE SUFFERINGS

LadyExcellency:
The cost (N500) in Nigeria 🇳🇬 is high.

Nigeria was selling at N195 and Benin Republic domestic fuel sold at CFA508 (N381), so the smuggler took that advantage to exploit Niger’s market, selling below our litre price. - Benin Republic Reports.

The actual price of petrol in Benin Republic is N381

fuel is 700 to 750 in Cotonou, I want to do a full thread on this on nairaland

Akwamkpuruamu:
Please compare the minimum wage and liveability conditions, HDI, PCI, CPI etc

And EFCC

wirinet:

The same as non alcoholic whisky.

Abeg what is non-alcoholic whisky?

abhosts:
Nigeria is a nation whose citizens can no longer enjoy the privileges of an oil-producing state because most of the Nation's resources have been plundered and mismanaged.

That's because we never earned enough in oil revenue to satisfy all of us.

We produce just as much oil as Libya and Qatar, and both Libya and Qatar have 8 million and 2 million approximately...compared to our 200 million people

We also produce about one tenth to one eight of the oil Saudi produces, and Saudi has 40 million people compared to our 200 million.

Plus, things that we should use taxes for...we use oil money for.

Note: I did not say there is no corruption. E dey well well...but what corruption does is make our already bad situation worse.

Everlastingson:



Stop deceiving yourself. Your problem is criminality, not subsidy. Several countries of this world including Europe and America, Asian and Arab countries have petrol subsidies and are still far ahead of Nigeria. Again, your problem is fraud and stealing, not subsidy, and you know it. NNPC tells you that Nigeria consumes 60 Million litres of petrol per day and you agree and pay without verifying. They import 1 million litres and tell you they imported 100 million litres and you agree and pay subsidy on 100 million litres! Without verifying!!! How wicked and evil!! You know it's not possible to consume that much. But you consent and pay because you're involved in the crime. You know I'm referring to the Nigerian govt in my comment and not you as an individual. Stop swallowing the lies the FG tells you( unless you're one of them). Criminality, never subsidy, is the problem.

Please list the countries with subsidy on fuel..

The cost of living comparisons seem like from Google, not realities....Nigeria is still very cheap compared to many countries including those in North Africa

Everlastingson:



Stop deceiving yourself. Your problem is criminality, not subsidy. Several countries of this world including Europe and America, Asian and Arab countries have petrol subsidies and are still far ahead of Nigeria. Again, your problem is fraud and stealing, not subsidy, and you know it. NNPC tells you that Nigeria consumes 60 Million litres of petrol per day and you agree and pay without verifying. They import 1 million litres and tell you they imported 100 million litres and you agree and pay subsidy on 100 million litres! Without verifying!!! How wicked and evil!! You know it's not possible to consume that much. But you consent and pay because you're involved in the crime. You know I'm referring to the Nigerian govt in my comment and not you as an individual. Stop swallowing the lies the FG tells you( unless you're one of them). Criminality, never subsidy, is the problem.

1/Most countries do not have subsidy like we do. What they have is subsides in the form of tax incentives and so forth to their oil refineries and producers.
The subsidy we have is what is called an explicit subsidy, where the retail price of fuel is set below the cost of production and transport. As costs of production and transport rise, so do subsidy costs, which means that more and more money from budget is spent...,,meaning that either subsidy is partially removed, or we spend more than our earnings on subsidies eventually.

2.Many countries too are also removing subsides. Indonesia removed fuel subsides recently, as did Egypt.

3,Arab countries that keep subsides also earn far more in oil revenue per capita than we do....that is why Libya can afford hefty subsides. Libya produces 1.8m barrels to our .13 m barrles of crude a day.....and has 7 MILLIION people to feed compared to our 220 million people. Of course Libya can afford subsides. Qatar produces 1.8m barrels of crude per day to our 1.3million and has about 1.9m people...naturally they can afford to host world cup, and pay for subsides without breaking a sweat.(though they cannot pay migrant workers better).

Did u think with current hardship if it during GEJ nobody will even vote for him, upon that self he still lost. Tinubu got the midia and men around his narrative will be easily champion.

OlujobaSamuel:

To add to this.
In 2012, GEJ removed the subsidy then later went back to a partial removal, sure P was introduced to cushion the effect. However, sure P was poorly Abi corruptly managed, the subsidy cost kept increasing even beyond the previous cost beyond partial removal.
Bubu came, claimed subsidy has been removed, a new subsidy was introduced, that is, logistic and storage cost , which also kept increasing.
I actually think it's best we do away with it.
GEJ would have been the best person to remove it, 3things worked against him then; it was done during festive(new year day), the subsidy cost grew beyond imagination in less than few months under him, he do not have control of the party then(as the party would have put in effort in the media to protect the decision)

lizko:
Did u think with current hardship if it during GEJ nobody will even vote for him, upon that self he still lost. Tinubu got the midia and men around his narrative will be easily champion.

That's why I said he wasn't properly protected by the party. The party ought to have protected him by using media narrative to canvass in favour of the policy.

nairalanda1:


If they kept the subsidy...we would have eventually run out of money...and IMF would have refused to borrow us money anymore.

Then true suffering would start.

You still don't get it!

Most of the so called subsidy is a huge SCAM.

The high price of PMS is just to make us suffer and they feed fat. Don't let them confuse you.

The 2 options available are NOT: #500 OR subsidy.

There is another option of less than #500 without payment of subsidy.

nairalanda1:


Maybe. But at the end, it is still early days. Let's see what happens when

1,More importers come in
2.Domestic refining picks up again.

As it happened to cement Abi?

Dey play, just dey play.

ijustdey:


https://sunnewsonline.com/fuel-subsidy-removal-cost-of-living-petrol-rates-in-oil-producing-countries/

Ghana is N735 equivalent




We learn every day

seguno2:


Dey there dey play as Tinubu and APC use our brains to play games.
Subsidy that was already removed seven years ago.

bro I tire oo this subsidy of a thing u don't think Nigerians understand it and they been brainwashed by NTA TVC and Channels. They have removed subsidy during Jonathan's regime. They only lied. Didn't they remove subsidy from diesel and kerosene please what have they done with the money. I give tinubu 6 months if he doesn't do anything to mitigate the suffering on the masses then he is a wicked man like buhari.

hero2000:


As it happened to cement Abi?

Dey play, just dey play.

u dey mind that one too much channels and TVC will not allow him reason critically investors nikan ko sabinus ni. With the high rate of insecurity and tax ratio imbalance couple with incessant power supply he dey talk of investor

LadyExcellency:


Our current prices are inflated compared to our neighbour's official cost of petrol.

Cutting the peñis and sealing the vargîna is not a solution to curb high libido.

The government is not governing through various agencies that are required to do their jobs of stopping the abuse of social welfare hence they want them removed. The ultimate aim of any government is to make life easy and dreams achievable for the citizens.

Mr Libido are you against removing the subsidy or the method?

So Obi and other candidates who said they'll remove the subsidy was going to cut your prick abi?

Can you tell me why subsidy that was removed in Nigeria is now affecting neighboring countries?

I wonder when Goodluck wanted to remove same subsidy if he was cutting prick and opening toto.

Anything to fault the government is all good for you. Continue.

hero2000:


You still don't get it!

Most of the so called subsidy is a huge SCAM.

The high price of PMS is just to make us suffer and they feed fat. Don't let them confuse you.

The 2 options available are NOT: #500 OR subsidy.

There is another option of less than #500 without payment of subsidy.

1.Subsidy always has some element of scam in it...hey it is free oil money after all(and when there is free money, okay as the good book says where the body is, the vultures gather)....and yes, stealing happens, which is part of the reason why it has to go.

2.HOWEVER...the above is not the main reason why it has to go.

The main reason is, as I have said earlier...the cost of producing fuel. Marketers have to charge a price that enables them to sell fuel at a profit and pay everyone down the line including the fuel producers.

The problem is, the cost of refining fuel, and the amount consumed in this country is rising year in year out...even when you remove smuggling, fake claims, stealing and so forth. That in turn causes a rise in subsidy year in and out....which means that we have to spend a large chunk of our budget paying for it.

In 2021, we had already budgeted for subsidy for 2022....then in February, Ukraine happened. Prices of oil went up....cost of production went up, and then we ended up spending more and more of the parts of the budget for other things....on paying for subsidy. Note that we are also servicing debts from the past up till now. To pay for other things .;;we had to take more loans.

Eventually, a point is reached where you stop corruption, stop stealing, stop smuggling, and the cost of keeping fuel cheap has risen way above our revenues...at which point we are borrowing to pay for subsidy and everything else.

When that happens, we are in deep trobule...and that is where we are right now.


3.Finally, marketers now have to pay for transport costs, taxes and so forth. Under subsidy they did not pay for that,...part of the subsidy costs went to transporters so that their transport costs stayed low enough to prevent them from sustaining losses transporting petrol to end user from the port. Now that is gone.

Why do we subsidize?we are oil producing but has no working refinery we sell out and then go to buy so do u expect not to pay more?if u allow modular refineries to work,have a refinery working at full capacity do u think we won't be paying less?so let's get it fixed gradualy oil will be less to buy not even when the world is gradually turn to low emissions

hero2000:


As it happened to cement Abi?

Dey play, just dey play.

If you were selling bread that cost you N1000 to make one loaf at N1200 a loaf, would you agree to government telling you to sell that loaf at N200 to help the poor? While they compensate you with N500, meaning you lose N300?

Be serious.

nairalanda1:


If they kept the subsidy...we would have eventually run out of money...and IMF would have refused to borrow us money anymore.

Then true suffering would start.

What led to borrowing of money?
Was Nigeria created with deficit?
There was a time we gained from oil. How come we now run shortage on oil?
Same with other sectors?
Will it not be wise for FG to tackle corruption massively, reduce birthrate and other sane reforms to arrest the dwindling economy?

Padipadi:

What led to borrowing of money?
Was Nigeria created with deficit?
There was a time we gained from oil. How come we now run shortage on oil?
Same with other sectors?
Will it not be wise for FG to tackle corruption massively, reduce birthrate and other sane reforms to arrest the dwindling economy?

We borrow..(note, I am not excusing bad government or defending anyone)...because we rely on oil for most of our earnings, and oil prices are never where they should be for us to earn enough from it.

When oil prices are too low, we have to borrow. (eg during the covid period, where oil fell to below 30 dollars a barrel...which meant we had to borrow. Not the first time it has happened).

That is why every government we have had in Nigeria is not good. What Nigeria needs is to be a manufacturing nation, a productive nation, not a exporter of oil alone. Governments don't know how to fix that.

We also have this bad habit of using oil to pay for everything..including things that should be paid for by taxes.

This comparison makes no meaning when you put it side by side other economic indices.

If they can catch and close those smuggling the oil selling it out as black market,that money alone can pay each Nigerian indigene 20k every month,the question is will tinubu do it

There is an opportunity to pursue electric buses, chargeable from solar... Not going to be easy but the costs are beginning to make sense compared with fuel

Libya is heaven on earth..if not for the mistake gadafi made ....now the place is heavily unstable ...even at that cost of living is low