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Nairaland Forum / Nairaland / General / Politics / President Seeks To Cut Fuel Subsidies After Oil Decline (38006 Views)
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Re: President Seeks To Cut Fuel Subsidies After Oil Decline by bishopjoe02(m): 9:12am On Nov 21, 2014 |
bushdoc9919: what have the govt done with the money from the previous reduction in fuel subsidy, who is deceiving who, were are the buses, were are the investment, were are the benefits from the subsidy reinvestment fund. 4 Likes |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Gordieshegz(m): 9:12am On Nov 21, 2014 |
bushdoc9919: SUREP bus takes u to work everyday I guess...otherwise,u won't be vomitting the unexpected... 3 Likes |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Toks2008(m): 9:13am On Nov 21, 2014 |
chronique: You go school? No offense please because its like many Nigerians don't think. If the salaries of these political office holders are cut low and they stop stealing our money, there will always be more than enough to use as subsidy if there is anything like that. 4 Likes 1 Share |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Gistdutch: 9:15am On Nov 21, 2014 |
Please can you explain what led us into fuel subsidy in the first place.World over people pay taxes and they fill the impact but ours is an exception. Bro ,have you seat down to evaluate the consequencies of devalution of naira,tax increament ,VAT increament,fuel subsidy removal ,kerosene subsidy removal and PHCN tarrif increament in a country where social infrastructures are comatose.Think about the consequencies,think about the number of cottage companies that will fold up,think about unemployement,think about reduction in peoples purchasing power which will directly affect patronage, think about insecurity and increase in crime rate.Think about PRICES of goods and services going up INFLATION.PRICES OF COMMODITIES IN THE MARKET no dey look face wether you support fuel subsidy removal or not we will CHOP from the same market. Whynotthetruth: 3 Likes |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by darne(m): 9:16am On Nov 21, 2014 |
Jonathan MUST GO !!!!! THIEVES EVERYWHERE, I SEE THEM OCCUPY ASO ROCK AND STIL DECLARING TO CONTINUE ! SAY NO TO CLUELESS GOONS ! ![]() ![]() ![]() ![]() ![]() ![]() ![]() 1 Like |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Nobody: 9:17am On Nov 21, 2014 |
Collynzo9:world economics don't sound sensible. They will be selling higher so as not to make losses. You dont have an option than to buy because you don't have the facility to refine because you need it direly . You don't have an option than to sell your crud produced also because you need to generate income. You see the problem nigeria is facing. We have to sell crude at a lower price , and import higher simply because we don't have maximum means to refine here. So many countries produce crude , if you not selling the will buy from others. And if you are not buying their refined products their own citizens will buy. The refined product is one that has got better usage. 1 Like |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Nobody: 9:19am On Nov 21, 2014 |
Gordieshegz: And what I will say in response is that the fuel subsidy money must be used to improve power supply.....and thus spur us on the road to industries, and lessened dependence on oil. Because the real issue is....we are too dependent on oil |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by highmood(m): 9:20am On Nov 21, 2014 |
Yomieluv:an even with the oil boom years ago what have we benefited? Nigerians been complaining since 1960. Hope u are aware that some ppl are living fat on this subsidy payments yet the prices are not the same every where in the country and the ppl aren't benefitting from, even on the kerosene subsidy payments. Who are those gulping the payment? On issue of extending the emergency rule, some northerners are kicking against it and demanding for a change of tactics, why not the same been applied in the petroleum sector? Since the subsidy hasn't trickled down to the average man, then there should be a change pattern and remove it completely, let us face it once and for all. |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Abagworo(m): 9:21am On Nov 21, 2014 |
This man is a thief. There was no subsidy at all. The issue is that imaginary figures for stealing Nigeria was put in place immediately he became President that multiplied subsidy by 10 folds even when PMS was given 50% price increase from 65 to 97 Naira. Only the fools will fall for this bullsht. Subsidy was barely 200 billion when Jonathan became President. Then AGO and DPK were also subsidised. 4 Likes |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Whynotthetruth(m): 9:21am On Nov 21, 2014 |
SME1: Bro, no need for abuses yet...why run away when you seem very ignorant...wait a second, let me explain to you how and why they are right...if they don't remove subsidy, then we keep paying importers and putting pressure on the naira hence we grow other economies and force ours and naira to go down...Also, if we don't remove subsidy then, private sector will not invest in that sector because government is the one regulating prices...can you remember the time of NITEL? and how that sector was deregulated? Finally, so with subsidy we will keep regulating that sector thereby pushing away private sector investment and encouraging importation which kills our economy and creates jobs in those countries we are importing from who have functional refineries....is it clear now..? if you don't understand Nigeria and run to another country... you will still run back more confused cos the problem is not in Nigeria but in you...safe journey 1 Like |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Nobody: 9:22am On Nov 21, 2014 |
bishopjoe02: The money from oil....even sans corruption is not enough. We are not a rich country. We produce as much oil as the UAE....and for 160 million people (the UAE has 8 million). Our road now lies with using the savings from the fuel subsidy to improve power supply.....and thus follow China and Japan down the road of industries....so that we will have the GDP that will enable us to spend money on the welfare programmes that Nigeria loves....and on subsidies galore. 1 Like |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by major466(m): 9:22am On Nov 21, 2014 |
GogetterMD:Perhaps you weren't following developments in the petroleum sector but the federal government over the years had recovered hundreds of billions of dollars from subsidy thieves. Most of them have been charged to court. Its left for the courts to prosecute them accordingly. You are right concerning our earning potential in gas. However, we must understand were we are coming from. Previous administration since 1970 failed to lay down the necessary infrastructure for the development of gas. The military government of the 1970s were instrumental to the establishment of NLNG (Nigerian Liquified Natural Gas) but some where along the line, the projects were not given the needed priority. Gas was abandoned because the government then felt that gas was not too important. That was the perception. Now we're paying the price for the neglect. In today's economic environment, it will cost billions of dollars to build and establish an extensive network of gas pipeline needed for gas development across the country. This is very expensive and way beyond the government to finance alone except through private sector partnership. The major stumbling block to this development is the failure of the National Assembly to pass the PIB Bill. |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Collynzo9: 9:23am On Nov 21, 2014 |
majekdom2:You are just making a very wild assumption. There are more than one source of buying refined petroleum products, there is now way they will be selling to us at a higher price despite the huge drop in the cost of crude oil, no level of voodoo economics can explain that. There is now way they are going to make any loss whatsoever, unlike here in Nigeria, the price of Petrol in those countries is determined by market forces, they sell according to how much they buy. Reduction in price only takes effect the moment they exhaust their old stock and buy new stock at a lower price. No loss whatsoever there. |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Nobody: 9:23am On Nov 21, 2014 |
deucelaw: Then stop complaining, get up.,....and get the accountable government you want. You do not have to vote PDP or APC.....for goodness' sake. |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Unemadu: 9:26am On Nov 21, 2014 |
Good move!!! I support subsidy removal |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Angelstartups(f): 9:28am On Nov 21, 2014 |
www.nairaland.com/1998269/what-economy-implication-oil-price#28075890 Hello, if you followed the link above, the report of fuel subsidy removal would not come as a surprise. And infact, its not a full removal but about half that was proposed. You could also see a proposed cut in capital expenditure through cuts in SURE_P. It's a good development when you identify a problem and acknowledge it and also begin to act to solving the problem(s). Nigeria must begin to conscientiously develop her areas of comparative advantage to become more productive and less dependent on a mono_product system. It may be interesting to note that this same crude oil for instance contribute only about 21,000 jobs directly and if you factor in Government employees (less than 750,000), you have a paltry 1.8% contribution to employment in Nigeria (Labor force is estimated at 55 million). Nigeria's area of comparative advantage is land and labour to a good degree and therefore, Government's fiscal policies, focus and drive should be towards sectors that can harness these 2 key factors of production: Agribusiness and Manufacturing. These will create more jobs, reduce unemployment,reduce insecurity, and position Nigeria to a multi_product economy. Regards. |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by sevule(m): 9:28am On Nov 21, 2014 |
I have ONE question to ask our incredibly CORRUPT government. What has SURE-P done with the funds that accrued from the partial lifting of fuel subsidy that was done early this year ![]() The answer is NOTHING!!!!!! Our government is so corrupt that they can not even account for the funds that was received from lifting of subsidy. I still remember the PTF which was setup when the then military government increased fuel prices. I actually saw roads that were built by PTF and my school's labs were renovated by PTF! And to think that this was during the military era which was supposedly corrupt. I can say that the JONATHAN administration is without doubt THE MOST CORRUPT government Nigeria has ever had!!! The sad truth is that subsidy should actually be removed but the sadder fact is that even if it is totally removed today, the money saved would enter the pockets of corrupt government officials Finally where are all the people that are quick to say GEJ till 2019 ![]() ![]() |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Nobody: 9:29am On Nov 21, 2014 |
Whynotthetruth:as long as we don't refine our products , the industry will keep having problems 1 Like |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by GogetterMD(m): 9:33am On Nov 21, 2014 |
major466:Who has been charged to court? Ifeanyi Uba? Femi Otedola? Obateru Akinrutan? BTW, where is the billions of dollars regained from the subsidy thieves and why was it not reinvested? 1 Like |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by jcflex(m): 9:34am On Nov 21, 2014 |
IBROHIM: my broda, let take it from this angle, is it only petroleum we have in this country. so why is it that FG is directly involve in the industries. why dont we have ministry of limestone, ministry of charcoal, ministry of iron ore and the likes. Either FG or state, they have not thing to do with the industry, eithe downstream or upstream, all they need do it have agency to regulate the industry, that all. my broda, this is why the gaint company in the world the likes of shell, Total, BP, Cnpc, chevron have refuse to build refinery in our country, instead they exploit our crude at chicken change, that our leader are fighting over, and make alot of gain after refining, we provide job for them indirectly, why our own economy is sinking. the Government cannot run a business successfully without sentiment. therefore. what they only need to do is to provide rules and regulation. then the oil gaint will have faith in our economy and invest building refinery, it will be dificult for them then to transport our crude to their various country and import the refine product back to us. |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by major466(m): 9:34am On Nov 21, 2014 |
bushdoc9919:Removal of fuel subsidy is the best plan we got but unfortunately, the same Nigerians that are clamoring for change will be the same set of people to oppose these move. The question now is Are we ready for development? |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Whynotthetruth(m): 9:35am On Nov 21, 2014 |
Gistdutch: Bro, you are really confused and unfortunately, I don't have the strength to type all those explanations for you here...but what's social infrastructure to you? All the infrastructure that you enjoy currently, how do government fund them? where do the money come from? what cottage industries will fold ![]() ![]() |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Nobody: 9:38am On Nov 21, 2014 |
Collynzo9:read thru my earlier quote of you. You still don't understand.which ever source you need to buy for is going to sell perhaps higher .they bought the refined crude they selling to you now at a higher price from you earlier.They cannot sell lower that's the effect of the change. The refined crude we buying is not the one sold last week or last month. Read up on crude and refined products transportation. Now get this clear, your crude is useless except it is refined. You can't put a raw crude to run your vehicle. If you don't buy their products they will sell to their citizens but you have got to sell your own crude to generate income and if you don't sell they will buy from other countries. Bro , the price of fuel didn't change because the government fixes the price and that's why we have this problem now. If we refining there would be competition , and thus we could have a different story. 2 Likes |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Nobody: 9:40am On Nov 21, 2014 |
major466:oh thank God you seethe failure of the PIB . With the IOCs pulling out of projects do you think the industry will not crash. There are better decisions and policies the government can make to better this situation.... Not subsidy. 1 Like |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by THUNDER4real(m): 9:41am On Nov 21, 2014 |
micolaj:Are you having mentals? I asked you a question to give a simple answer,. go and examine your mental status. |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by major466(m): 9:46am On Nov 21, 2014 |
GogetterMD:That's why it's important to follow developments going on around the country. Your questions clearly suggest that you are not fully aware of going ons in the energy sector. I can't tell you whether the people you mentioned are charged to court. You can do the investigation yourself. |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Nobody: 9:47am On Nov 21, 2014 |
jcflex:oh very good. Have we have not bothered to ask ourselves why these IOCs are not key players in the downstream.the only IOC that runs filling stations is TOtal. I have not seen shell or chevron, whereas they are key players in this sectors abroad. |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Whynotthetruth(m): 9:48am On Nov 21, 2014 |
majekdom2: That's the truth...But how do we go from here... ![]() |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Nobody: 9:48am On Nov 21, 2014 |
major466:oga , if the salaries of these senators and all can be slashed , if they see these cabals go to jail. I tell you Nigeria will embrace this subsidy removal full time. 2 Likes |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Collynzo9: 9:52am On Nov 21, 2014 |
majekdom2:What exactly is your point? Is the crude oil they bought at a higher price supposed to last forever? What have they been selling to their customers then? The drop in Prices of petroleum products in US and other places wouldn't have come to effect if the marketers had not exhausted their previous stock bought at the former price. By the way, this cut is subsidy is meant to take effect from next year, would we still be buying at a high price by then? Assuming crude oil prices do not suddenly go up. |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Whynotthetruth(m): 9:53am On Nov 21, 2014 |
majekdom2: Bro, whatever sector anyone chooses to play in doesn't matter much...what matters is this; DEREGULATION of that DOWNSTREAM SECTOR... once done...investors will rush in and compete while government regulates their activities to protect the masses... 1 Like |
Re: President Seeks To Cut Fuel Subsidies After Oil Decline by Agnesgrace(f): 9:55am On Nov 21, 2014 |
ehehehehehe ehehehehehe ehehehehehe............................ God will help his children in this country. 1 Like |
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