designking:
NNPC and the Cabal wants it to continue. They will do everything to kill local refineries to ensure this subsidy money keeps coming.

Tinubu is not a reformer. Without reforming the NNPC, every other reforms will fail. How can you stop petrol subsidy and FX subsidy without probing and reforming NNPC?

/
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.

/

mrvitalis:
The fact that Tinubu paid over 5 trillion naira in subsidy without budget provisions and without telling Nigerians is treason

This is an impeachable offense

If labour Party are serious their members should raise an impeach against Tinubu...would it fly absolutely no...but let it be on record you did the right thing

How about PDP?

Tayorshd87:


It's like u didn't graduate or goto school at all .

because u are so dull ..

Why did u call him thif and fraud star now can't u read and understand what d OP is saying??

Landing price #1,170

Yet u are buying it at 600.

So is he not even trying to pity the masses to pay for the rest for each liter its citizens has bought 🤔

Now ask urself if he didn't pay again 🤔
.meaning petrol price will turn 1170 for Nigerians 😭

Indirectly will cause more hunger and hardship in the land ..


So is he doing good to us as at now or bad 🤔.

.ask urself

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.

They defend the naira occasionally when they sell dollars to bdc at a lower price

DaddyCoool:


Except Naira floating. They can't reverse that one because no forex to defend Naira!

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:


Except Naira floating. They can't reverse that one because no forex to defend Naira!

ajadematanle:
Now I know most of you that commented are empty headed and anti Nigerian. What’s your business if government is keeping quiet on subsidy. Once you’re getting fuel at N 568 you should be okay. Do you want to buy at N1200

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

tishbite42:

How about PDP?

Subsidy was passed in budget

There is no provision for subsidy in the 4 budget Tinubu is using

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!

malali:
GOVERNMENT IS FACING LOUDER CRITICS.

WHERE WERE THESE CRITICS WHEN BUHARI WAS THERE.

ITS HIGH TIME THE GOVERNMENT EXPOSES A LOT MORE PEOPLE.

GET A MINISTER OF INFORMATION , A PROFESSIONAL PERSON TO ENGAGE MISCREANTS AND OPPOSITION, YOUR LUKEWARM ATTITUDE WILL COST YOU. PEOPLE ARE JUST TALKING WITHOUT JURISDICTION ON THE ISSUE AT HAND.

THE GOVERNMENT IS PLAYING TOO MUCH DEFENSIVE WITH THE INFORMATION, SOMETIMES YOU NEED TO STRIKE FIRST AND STRIKE HARD.

BECAUSE CRIMINALS ARE COMING ONLINE TO PREACH RIGHTEOUSNESS

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.

mrvitalis:
The fact that Tinubu paid over 5 trillion naira in subsidy without budget provisions and without telling Nigerians is treason

This is an impeachable offense

If labour Party are serious their members should raise an impeach against Tinubu...would it fly absolutely no...but let it be on record you did the right thing

Someone with his sense is making sense, Buhari did this and get away with it and Tinubu is doing exactly the same thing.

ajadematanle:
Now I know most of you that commented are empty headed and anti Nigerian. What’s your business if government is keeping quiet on subsidy. Once you’re getting fuel at N 568 you should be okay. Do you want to buy at N1200

And you think the citizens don't have a right to know the truth?

Blazetrailer:
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.

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?

Tayorshd87:


It's like u didn't graduate or goto school at all .

because u are so dull ..

Why did u call him thif and fraud star now can't u read and understand what d OP is saying??

Landing price #1,170

Yet u are buying it at 600.

So is he not even trying to pity the masses to pay for the rest for each liter its citizens has bought 🤔

Now ask urself if he didn't pay again 🤔
.meaning petrol price will turn 1170 for Nigerians 😭

Indirectly will cause more hunger and hardship in the land ..


So is he doing good to us as at now or bad 🤔.

.ask urself

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?

mrvitalis:

Subsidy was passed in budget

There is no provision for subsidy in the 4 budget Tinubu is using

No
I'm talking about PDP senators calling for Tinubu's impeachment

DMerciful:
They defend the naira occasionally when they sell dollars to bdc at a lower price

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

coleon:

There's a saying that it impossible to support APC or this government and not be foolish and every trend I see online always corroborate that claim.
Tinubu and his cohort came out to boldly tell us there's no subsidy payment several times and now that the lie is being burst open you are here calling others foolish for calling out the government lies.
Have you ever seen any society that is built on fraud and deceit prosper, if Nigerians have been lied to by the government do we know how much fraud have been perpetuated in the process that they are covering?
Your own is that we should accept it like that irrespective of the fraud implications this portend for the government, you must have the same fraud in your DNA like the druglord you support in aso rock.

Very senseless people

tishbite42:

No
I'm talking about PDP senators calling for Tinubu's impeachment

Who cares about PDP

anigbajumo:



Someone with his sense is making sense, Buhari did this and get away with it and Tinubu is doing exactly the same thing.

Buhari always had budget provisions for subsidy stop lying

Tayorshd87:


It's like u didn't graduate or goto school at all .

because u are so dull ..

Why did u call him thif and fraud star now can't u read and understand what d OP is saying??

Landing price #1,170. Aridin agba. He said he removed openly and lawfully and returned the subsidy b

Yet u are buying it at 600.

So is he not even trying to pity the masses to pay for the rest for each liter its citizens has bought 🤔
🤔.

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.

Tayorshd87:


It's like u didn't graduate or goto school at all .

because u are so dull ..

Why did u call him thif and fraud star now can't u read and understand what d OP is saying??

Landing price #1,170. Aridin agba. He said he removed openly and lawfully and returned the subsidy b

Yet u are buying it at 600.

So is he not even trying to pity the masses to pay for the rest for each liter its citizens has bought 🤔
🤔.

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

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.

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:


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?

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

Blazetrailer:
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

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!

I thought they said they have removed subsidy. Scammers

Angelfrost:


E don reach like this?!!

You wake up and decide to submit your life to ritualists and organ harvesters!

It is well with you.

Lol…..
Calm, I no beg for money of food

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:


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!

Who noticed some of these Balance blue supporters are not on this thread, e no favors una and una family again

Mad country. Instead of making sure at all cost for Dangote to start producing they are busy frustrating the semi old man.