SME1:
GEJ and his allies have obviously GONE MAD!!! And dat idiot could publicly open his smelling mouth to say d furl subsidy will create jobs for indigenes of other countries. Feeding dogs real meat while d citizen chew bones AGAIN!! Lord Pls let me get my visa ready soon. No hope for dis country anymore!!

Whynotthetruth:



Don't you think you are the slowpoke? Why leave the substance of the message to crucify the messenger even when the messenger has good intents and seems far better than you;his critic...

majekdom2:
the refined product sells in dollars not naira.

Gistdutch:
Bro,please am all hears tell me how micro and macro economic works and the fiscal and monetary policies you talk about. Thank you

slytubadth:
how ds man take bcome president b4?

signz:


I suggest you Google mini modular refinery. It's being used in other countries. Technology has changed everything.

Please read this http://businessdayonline.com/2014/02/modular-refineries-test-the-idea/#.VG7pvvMo_Fo

bushdoc9919:
Was expected

Thing is, we are wasting money on a bottomless pit called Fuel subsidy. It has been subject to a lot of abuse and stealing.

I guess the money saved can now be used for Power, Railways, and education as well as health.

Well Nigerians.....looks like the era of cheap fuel is over. And this is one PDP policy that I won't be criticizing......because, unfortunately, it is the right thing to do.

Modified at 7.58: We must spend the saved money from the removal of fuel subsidy on improving power....so that we can no longer be dependent on oil....and instead...be doing industrial development, industrial development!

And no longer have a dutch diseased economy....the true problem of Nigeria..

APContherun:
People who ask what the govt is doing about fighting corruption needs to understand that the best and sure way to do so is block all avenues that lead to corruption. Cutting fuel subsidy is a sure way to reduce corruption in that sector, it may hurt in the short run but eventually everything will balance out.
But as has been said the President must have to carry the labour unions and civil society organisations along in the implementation of this policy but I doubt the unions will see reasons for it and it will be 1st Jan 2012 all over again.

AZeD1:

So what has that go to do with my post?

Juicypunny:
WET FANTASY

I SAW A HOT DUDE I REALLY LIKE. I LOVE THEM HOT MEN NOT CUTE GUYS.
WHEN I SAW HIM AND STARTED FANTASIZING ABOUT GETTING LAID WITH HIM.
IN LESS THAN FOUR MINUTE, MY PANTIES BECAME WET.

LADIES, SHARE UR FANTASY.

NOBODY SHOULD SEND ME A PM. I AM NOT A WH.ORÈ

hizaya61:
Yeepa sp mogbe oooooooo, I go eat two sure today for golden chance lotto. Who fit give two sure make I play am with school fee

majekdom2:
you really don't understand. Oil prices dropped in those countries because they don't import... That's so easy to comprehend. We produce about 2 million barrels/ day ...which sells at a lower price. You will be importing not at the price the company you importing from sells to their citizens but at a different price. Ok which has to go up.Brent crude oil was averaging just under $109 a barrel for the first six months of the year, and by September it was down to about $95 for the month.

It was at $85.23 a barrel in early Asian trade on Tuesday, meaning that refiners that bought cargoes as recently as September are sitting on losses of about $10 a barrel relative to current spot prices.

The price of refined products in Asia has mirrored the drop in crude, with Singapore gasoil dropping from $110.15 a barrel on Sept. 30 to $98.10 on Monday.

This means that a refiner who paid September prices for crude but is selling products at current prices is staring at substantial loss which has an effect on the export.

bushdoc9919:
Was expected

Thing is, we are wasting money on a bottomless pit called Fuel subsidy. It has been subject to a lot of abuse and stealing.

I guess the money saved can now be used for Power, Railways, and education as well as health.

Well Nigerians.....looks like the era of cheap fuel is over. And this is one PDP policy that I won't be criticizing......because, unfortunately, it is the right thing to do.

Modified at 7.58: We must spend the saved money from the removal of fuel subsidy on improving power....so that we can no longer be dependent on oil....and instead...be doing industrial development, industrial development!

And no longer have a dutch diseased economy....the true problem of Nigeria..

IBROHIM:
good intentions? Hab my brother! Compare the amount paid on subsidy between the two years 2010 and 2011 and come back to tell me who is responsible! Imagine 400+ billion against 1.8 trillion the following year and you say Jonathan is no thief!

Collynzo9:

My guy let us sort this out once and for all.
The price of crude oil fell from about $110 in January to $79 precently, that is an almost 30% fall.
The exchange rate of Naira to dollar rose from about N162 in January to N176 presently that is a 9% percent fall in the value of naira.

So there is still a very huge difference, the cost of importing and subsidizing petroleum products is supposed to reduce by far.

morningsta:


Removal of the oil subsidy remains the only valid option for us without any doubt. My concern however is that whatever is saved from removal of oil subsidy is very likely to end up in some private pockets or accounts. I am in full support of the removal but only after our local refineries are fully operational at 100%. Many Nigerians can't afford oil at dollar rate especially with the naira loosing value on a daily basis.

majekdom2:
you really don't understand. Oil prices dropped in those countries because they don't import... That's so easy to comprehend. We produce about 2 million barrels/ day ...which sells at a lower price. You will be importing not at the price the company you importing from sells to their citizens but at a different price. Ok which has to go up.Brent crude oil was averaging just under $109 a barrel for the first six months of the year, and by September it was down to about $95 for the month.

It was at $85.23 a barrel in early Asian trade on Tuesday, meaning that refiners that bought cargoes as recently as September are sitting on losses of about $10 a barrel relative to current spot prices.

The price of refined products in Asia has mirrored the drop in crude, with Singapore gasoil dropping from $110.15 a barrel on Sept. 30 to $98.10 on Monday.

This means that a refiner who paid September prices for crude but is selling products at current prices is staring at substantial loss which has an effect on the export, hence we be paying more for import subsidy. The percentage change has only to effect in the internal operations in the country. Dunno if I am right to use the word " internal economies of scale " in economics.