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Nairaland Forum / Nairaland / General / Politics / Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS (21951 Views)
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Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by Jesusloveyou: 4:32pm On May 08, 2016 |
FLYFIRE:gej suppose to have start the repair of refineries before annoncing subsidy removal, as u can see, pmb has met that condition |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by Jesusloveyou: 4:47pm On May 08, 2016 |
Feraz:hahahahahaha, u ipod yoot wan use laugh kill me, so gej completed TAM in 2016 and he annonce subsidy removal in jan-2012, he left aso villa in 2015. any how u interprete it, God bless pmb |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by KBrown: 5:46pm On May 08, 2016 |
amazingspiderma: The problem with the last administration was that they were paying subsidy for non-existent fuel import. That's why nothing could be saved. Nigerians got it wrong when they blocked GEJ from removing the subsidy. Now that even those who opposed it then have realized the need to remove it, we should just allow. It's the only way to encourage private investors to come in and sell at reasonable prices. Soon, the market will be flooded with refined products and prices will come down. This is the path of wisdom. 2 Likes |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by finessey: 10:56pm On May 08, 2016 |
Oma307: No! He can remove the subsidy and give the marketers license and autonomy to operate on their own so there be competition in the sector. 1 Like |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by gbengaadeleye12: 10:58pm On May 08, 2016 |
For every litre of petrol, FG is pays subsidy of N12.88 to the private markets, N12.62 to NNPC for selling below the expected open market price. As at last check the EOMP of petrol is N99.38 per litre for independent and major oil marketers and N98.62 per litre for retail outlets belonging to the NNPC.At the peak of the slump, the federal government recorded over-recovery in terms of prices of petrol about 10billion. That is subsidy for just 16 days at a consumption rat of 50million litres per day. About 85% of Nigerians buy petrol above the approved pump price of ₦86/₦86.5 per litre. On average Nigerians spend ₦176 per litre. So who is enjoying the subsidy? Definitely not the average Nigerian 1 Like |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by OdiriEboh: 11:24pm On May 08, 2016 |
[quote author=gbengaadeleye12 post=45443139]For every litre of petrol, FG is pays subsidy of N12.88 to the private markets, N12.62 to NNPC for selling below the expected open market price. As at last check the EOMP of petrol is N99.38 per litre for independent and major oil marketers and N98.62 per litre for retail outlets belonging to the NNPC.At the peak of the slump, the federal government recorded over-recovery in terms of prices of petrol about 10billion. That is subsidy for just 16 days at a consumption rat of 50million litres per day. About 85% of Nigerians buy petrol above the approved pump price of ₦86/₦86.5 per litre. On average Nigerians spend ₦176 per litre. So who is enjoying the subsidy? Definitely not the average Nigerian [/quote I believe that is the most vital question. Who is enjoying the subsidy? Currently I buy a litre of fuel in Warri, Delta state at #150 which is above the official pump price. So that means the marketers are charging subsidies twice (collecting from the Govt and from me directly). I believe the majoy problem we have is that there's no clear definition of what subsidy actually means, we need a better explanation pertaining the benefits or not of either continuing with the subsidy regime or not but to be honest, I believe that it should be removed so that we Marketers can now import and sell directly, this will allow competiton to come into the downstream sectory allowing market forces to the determine the price just like we have in the telecom sector. Govt's role should be to set the necessary guidlines for optimum operation. Truthfully, this has gone beyond Party politics, it is not an APC/PDP issue. Remember, doing the recent fuel scarcity, most of us bought fuel at #200 & above. Also remember that there was scarcity even when the Govt paid subsidy of 12 and above. 1 Like |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by obailala(m): 12:14am On May 09, 2016 |
yaki84:Some people are so damn confused, they even begin to think others are confused. Who removed subsidy? |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by yaki84: 8:28am On May 09, 2016 |
obailala: what is price modulation? chai...... zombiesm is badt. |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by obailala(m): 9:42am On May 09, 2016 |
yaki84:if zombeism entails comprehending some very basic details, then I'm glad to be a zombie. But what are you?... NNPC says it is modulating price, your brain interprets it as "subsidy has been removed." Then you turn around to say they are confused; and I ask, who is confused? |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by yaki84: 9:55am On May 09, 2016 |
obailala: bobo ibe kachikwu said they r no more paying subsidy that what they r doing is price modulation. stop trying hard to confuse me. am not dunce nor semi literate. subsidy regime is no more so buhari talking subsidy is foolish of him. where r they gettig money to pay subsidy? who budgetted for subsidy? is subsidy in 2016 budget? was subsidy in 2015 budget? so the answer is nom where r they getting the funds to fund subsidy? crude price is 44dolls per barrel, lastmonth it was btw 38 n 40, we all know crude price determines the price of pms n other petroleum products. the higher the price of crude the higher the price of its by products. so now why subsidise price of fuel when price 8f crude fell to almost 20dolls per barrel? how much r they subsidizing fuel per litre? where r they getting funds to pay for this subsidy? lastyr they categorically told nigerians they cant afford to pay subsidy anymore, they came up with price modulation. pump price was restructured to 86.50naira from 87naira. abeg...... stop am o |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by ritahot(f): 10:18am On May 09, 2016 |
myhotbrain: Jobless Zombie. Incoherent mum.u |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by obailala(m): 10:31am On May 09, 2016 |
yaki84:Haha... someone suffering from a total lack of basic comprehension skills is here calling someone else foolish. Kachikwu said FG wasn't paying subsidy at a point, but he did not say the subsidy regime has stopped. The laziness of Nigerians to read is probably the reason you didn't get the full message; you must have read the title (typical of Nigerians) where it said "Fg not paying subsidies" and then jumped into conclusions that subsidy had been stopped. This is the little bit of information you failed to read or comprehend; fuel landing price was lower than the fixed price of N87.5, so as Nigerians paid N87.5, the extra amounts paid by Nigerians per litre was deducted and saved by the FG. The plan was that if the landing cost exceeds the fixed N87.5 (as it is today), the FG would pay the excess (subsidy) out of the money it had saved when the prices were lower than N87.5. So at no time did Kachikwu tell you that subsidy regime has been stopped, he only said subsidies were not being paid at the point when oil prices were much lower. |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by kolaish(m): 10:52am On May 09, 2016 |
With this news going around, NIGERIANS SHOULD PREPARE FOR ANOTHER SIX MONTHS OF FUEL SCARCITY. |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by asha80(m): 12:11pm On May 09, 2016 |
obailala: kolaish: http://www.premiumtimesng.com/news/headlines/203099-nigeria-set-fully-deregulate-downstream-petrol-sell-n100-litre.html 1 Like |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by omohayek: 1:05pm On May 09, 2016 |
asha80: Let us hope that this is true, and that Buhari doesn't get cold feet at the last minute. |
Re: Buhari Moves To Remove Fuel Subsidy, Begins Consultation With NASS by OdiriEboh: 3:08pm On May 09, 2016 |
asha80: I believe that discuss like this should not degenerate towards petty name calling. What we have is not a party issue but a Nigerian issue since the issue faced are not faced by members of one political party alone but by all Nigerians. Whether we like it or not, we cannot continue with this subsidy regime again based on the constant increase of Subsidy payment and the fact that the supply aspect of the deal has always fallen short of the amount spent from 2006 till date. |
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