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Nairaland Forum / Nairaland / General / Politics / Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers (10888 Views)
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Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by InvertedHammer: 4:18pm On Jul 23 |
designking:/ IAMHim1 will beg to differ. He is still reading a textbook written by a professor in Oxford University. I am sure when he is through, he will come out with a rejoinder that subsidy scam is the best thing that has ever happened to Nigeria. / |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by tishbite42: 4:26pm On Jul 23 |
mrvitalis:How about PDP? |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by tishbite42: 4:29pm On Jul 23 |
Tayorshd87:But he destroyed the little economy we were managing by saying that the subsidy is gone Why is he paying it now? Without provisions for it in the budget. Tinubu is a legendary thief. 1 Like |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by DMerciful(m): 4:33pm On Jul 23 |
They defend the naira occasionally when they sell dollars to bdc at a lower price DaddyCoool: |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by Blazetrailer: 4:47pm On Jul 23 |
Naira was devalued. Not floated. They thought it would return back to 800ish after they gambled. It has never worked. Thats why they are confused onnuts reversal. They are bleeped. DaddyCoool: 1 Like |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by caye(m): 4:54pm On Jul 23 |
ajadematanle: My dear friend, we are matured here...no need to be insultive. Do you REALLY understand what happened btw May 29,2023 & now? Tinubu said subsidy is gone. And that the money being aid for subsidy would henceforth be diverted into the economy. Then, diesel, kerosene, gas & petrol prices went up drastically, and ppls' savings and income went down drastically. Now, let's assume Nigeria was paying ₦100bill as subsidy in 2020-2023, by now, the subsidy money would / should have been put inside QUICK REPAIR of refineries, so that world market price of fuel doesn't affect our own local consumption. Example: Eggs in Nigeria is ₦200/ piece. But in America, eggs now may be close to $1/ pc ( that's a bit exaggeration, but ppl are complaining that egg prices is going up now). Now, that price in America is close to ₦1500/ egg. But despite inflation , we don't have ₦1000/ egg...YET. Because we have local production. BUT IF WE DON'T HAVE LOCAL PRODUCTION NKỌ́,...gbam! We now must import the egg from America ( let's assume America stands for world market) and pay ₦2500/ egg , if we want to eat egg. PROBLEM - you have to use diesel & petrol & gas in this economy - we now have to import all the fuel from abroad, when we have the basic mineral resource, which is crude oil - the crude oil has been sold without our knowledge by NNPC plc during Buhari's tenure - Nigeria thus have to pay AMERICAN PRICE ( not necessarily America price but world market price) for fuel - we have very low foreign exchange in Nigeria, compared to , say Namibia & Ghana, so it means less money flows into our economy but more of the less money is flowing out - why is more (of the less money) flowing out ? Importation of fuel + IMF/ world bank loan - the money is from the masses, so it means the masses pay more money to IMF & international fuel traders - so, the masses become poorer, because we have to pay more And there's no end in sight . Let me tell you another story. From 2015- 2024 today, in order to even pay basic salary, we have to borrow loans. Don't forget, there is something about loans: the borrowing period...then the period when the lender asks for his money. We have even borrowed money that the next 3 generation would have to pay for! And we are not even repaying the loans o! We are paying interests only. So, as example, we borrow from china to pay IMF interests ( not original principal loan amount ), then borrow from Portugal to pay Chinese interests ( not the original principal o), then finally borrow from Taiwan & use our UNTAPPED CRUDE FOR THE NEXT ( give or take) 3-4 yrs as collateral for a "mere" $3.3billion loan . This simply means that the " unknown lender" will take our crudeoil for 3 years, at say $70/ barrel, but if inside the 3 yes, the oil price increase lasan to $200/ barrel...( You know that we can quickly get more dollars fast since the price has increased), we can't renegotiate oh! The price calculation must stay at $70/ barrel, so the lender just smiles to the bank, while we weep and wail, because it is now season of plenty, but we can't enjoy the plenty, because the plenty is going to another person. ALSO, DON'T FORGET... WE STILL HAVE TO PAY interests to: IMF/ china/ Portugal and Taiwan o! *** China, Portugal, Taiwan are hypothetical examples **" Those loan payments are still going steadily and they are even shrouded in secrecy by NNPC & CBN. Who's paying them? Nigeria masses. Oh...the politicians are stealing btw 10-40% of the loans ( if we can believe Minister Chinasa ; the women affairs minister; check Sahara reporters news of yesterday 22/07/2024). We are in deep mess. Cc: MichaelSokoto, Beremx, Helinues, mannabbqgr1lls, AntiChristian, cococandy, ereluRolz , Nlfpmod, seun 1 Like |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by mrvitalis(m): 4:55pm On Jul 23 |
tishbite42:Subsidy was passed in budget There is no provision for subsidy in the 4 budget Tinubu is using 1 Like |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by Tee99(m): 4:59pm On Jul 23 |
At current exchange rate, that would be over $5bn per year. Add this to the billions non functioning refineries are gulping year after year. What a waste! 1 Like |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by Electorate: 5:20pm On Jul 23 |
malali: What is this one saying bayi? Your comment doesn't even correlate with the topic na...I thought the government lied or keeps lieing that subsidy is gone, who now pays the difference between landing cost of N1,117 and deport price of N530? Do the maths. 1 Like |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by anigbajumo(m): 5:29pm On Jul 23 |
mrvitalis: Someone with his sense is making sense, Buhari did this and get away with it and Tinubu is doing exactly the same thing. |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by RoyalUc(m): 5:41pm On Jul 23 |
ajadematanle: And you think the citizens don't have a right to know the truth? 1 Like |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by DaddyCoool: 5:41pm On Jul 23 |
Blazetrailer: Since we both lived through it let me define the terms and you tell me which Nigeria did: DEVALUE: the exchange rate is fixed. Central bank lowers a currency's value, giving it a FIXED value relative to a specific standard, such as a stronger currency (say, US $) FLOAT: the govt allows a currency's value to fluctuate freely in financial markets based on supply and demand. Which do you think we did? |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by RoyalUc(m): 5:47pm On Jul 23 |
Tayorshd87: You don't have shame. When the subsidy was not removed how much was fuel? And what were the prices of commodities and transportation like before? Ok, now that your Tinubu is doing us the favour of secretly paying for the subsidy, what positive impact have that had on the economy? Have the prices of things returned to where they were before he became President? 1 Like |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by tishbite42: 5:48pm On Jul 23 |
mrvitalis:No I'm talking about PDP senators calling for Tinubu's impeachment |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by DaddyCoool: 5:48pm On Jul 23 |
DMerciful: But not nearly to the extent they were doing before. Naira is essentially floating. If they could go back to defending it as b4 they would. But they CAN'T 1 Like |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by RoyalUc(m): 5:51pm On Jul 23 |
coleon: Very senseless people 1 Like |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by mrvitalis(m): 6:08pm On Jul 23 |
tishbite42:Who cares about PDP |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by mrvitalis(m): 6:08pm On Jul 23 |
anigbajumo:Buhari always had budget provisions for subsidy stop lying |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by Choiceone1: 6:09pm On Jul 23 |
Tayorshd87:Aridin agba. He removed subsidy openly and lawfully then he now reintroduced d subsidy at our back unlawfully which is an impeachable offence and he keeps deny it meanwhile b4 he removed d subsidy we were buying fuel #200/liter with less dan 200b subsidy every month after removing is now #700/liter . Now that the subsidy is back we are now paying #700b subsidy which means he has worsen d situation and destroyed it . They are giving u people fake hope because they know wat they are doing. 1 Like |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by Choiceone1: 6:15pm On Jul 23 |
Tayorshd87:Aridin agba. He removed subsidy openly and lawfully then he now reintroduced d subsidy at our back unlawfully which is an impeachable offence and he keep deny it meanwhile b4 he removed d subsidy we were buying fuel #200/liter with less dan 200b subsidy every month after removing is now #700/liter . Now that the subsidy is back we are now paying #700b subsidy which means he has worsen d situation and destroyed it . if he wants to help the country he should return it back to 200/liter |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by gigfx: 6:35pm On Jul 23 |
Baba God likes Nigeria so much that he decides to be paying the subsidy for us, because Emilokan people will tell u subsidy is not included in the budget. 1 Like |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by Blazetrailer: 6:58pm On Jul 23 |
LOL!! Very easy to spot those who listen to government nonsense without necessarily doing their research and then coming online to exhibit their lack of congruence To start with, all academic and contemporary research works have shown that it us suicidal for developing countries or economies to float their currencies, especially, when they are going through economy challenges like high inflation, recession, low productivity, etc. You can read that on your own if you are up to it Back to your points below. According to CFI and other international literature on foreing exchange policies, a fully floated currency is the one where: 1. There is free entry of currency and free exit if currency with very minimal regulations 2. The Reserve bank( in our case the Central bank) does not participate in the market, it only acts as a regulator . 3. Prices are determined by markets forces only and no restriction on the participants in the market Going by the above, please see the contradiction in your own government's floating 1. Tell me if there is free entry or exit of curre cy in Nigeria. Attempt to move your money from a domiciliary account in Nigeria and come and hear all the restrictions on the amount, limits of transfer and all the documents you will need to complete before you can move your funds 2. CBN sells to Black market at a particular fixed rate and those are expected to sell at a fixed rate......in a fully floated market(this is the most hilarious....just imagine Federal reserve Bank in the US of Bank of England selling a portion of their foreng reserve a t a fixed rate and come back to explain whither) 3. The CBN banned certain participants(crypto and other electronic participants) but called it floating where all participants can partake Anyways, the world bank and IMF had called it out as "systemic devaluation" and nothing more than that. Something should have given you a hint when in January 2024, CBN and the FMDQ came out and said there was a system glitch in the way they were calculating the exchange rate and hence the naira was overvalued in the exchange rates used from June 2023, so it was further devalued then. Think bro, think deeper...they are using your heads DaddyCoool: |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by Teymanhenry(f): 7:13pm On Jul 23 |
Until there is a national protest and the so-called cabal are dragged to the mud, beaten to a pulp or worse, nothing will change in Nigeria. Imagine these people are doing everything possible to kill Dangote refinery because they fear he will sell petrol at cheaper prices. Surely the devil only exist in the heart of men |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by DaddyCoool: 7:32pm On Jul 23 |
Blazetrailer: See all this long epistle to camouflage something so obvious. Who is talking about "fully floated"?Simple: what action did the Nigerian government take that drove down the value of the Naira? They substantially stopped defending the Naira. THAT'S IT!! They, to a great extent, let market forces determine the value of the Naira (that's called foating NOT devaluation). And since the Naira was overvalued, it came crashing down! |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by Eyakuare: 7:58pm On Jul 23 |
I thought they said they have removed subsidy. Scammers |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by goodyvin02(m): 9:01pm On Jul 23 |
Angelfrost: Lol….. Calm, I no beg for money of food |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by Blazetrailer: 9:09pm On Jul 23 |
LOL Gosh!!..its obvious you are shallow in reasoning You still haven't got. Let me type it in caps, maybe it will sink in deeper. NAIRA WAS DEVALUED DELIBERATELY BY THE NIGERIAN GOVERNMENT TO ATRRACT FOREIGN INVESTORS UNDER THE GUISE OF FLOATING!! World Bank and IMF called it out in March 2924(that's if you read independent and objective news sources though) that the Niherian government DEVALUED their currency deliberately. All it her nonsense about floating is gibberish. I'm done with a dumbo like you though. Same set of people never believed the Nigerian government was still paying fuel subsidy, something that was called out by IMF as far back s November 2023....just a few months after ut was claimed " subsidy is gone" DaddyCoool: |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by Omenapounds: 10:09pm On Jul 23 |
Who noticed some of these Balance blue supporters are not on this thread, e no favors una and una family again 1 Like |
Re: Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers by deavicky(m): 10:15pm On Jul 23 |
Mad country. Instead of making sure at all cost for Dangote to start producing they are busy frustrating the semi old man. |
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