Good Job: I had being trying to draw same conclusions now i can boldly

"A father earning 120k suddenly gets his salary cut to 27k, it is bound to affect the children's allowances in many forms...especially if the father over the years ,squandered & willfully condoned bad friends touching his earnings(oil revenue) mostly & didnt really invest in other profitable ideas...what the govt is doing now are palliative moves pending when we drastically develop other viable & potentially lucrative sectors of the economy & stop the chronic dependence on crude oil- it is a curse!
The drop in revenue affects other OPEC members but they have other economic 'shock absorbers' which cushion the effect for them- we dont have, never had any tangible alternative over the years! This is what baba is trying to do as nigeria alone cannot control crude price!"....

"A father earning 120k suddenly gets his salary cut to 27k, it is bound to affect the children's allowances in many forms...especially if the father over the years ,squandered & willfully condoned bad friends touching his earnings(oil revenue) mostly & didnt really invest in other profitable ideas...what the govt is doing now are palliative moves pending when we drastically develop other viable & potentially lucrative sectors of the economy & stop the chronic dependence on crude oil- it is a curse!
The drop in revenue affects other OPEC members but they have other economic 'shock absorbers' which cushion the effect for them- we dont have, never had any tangible alternative over the years! This is what baba is trying to do as nigeria alone cannot control crude price!"....

These people can post nonsense! If there was any time to remove subsidy, it is during boom not doom. You remove subsidy in the days of plenty so that you can have avenue to save for rainy days. Maintaining subsidy in days of high crude price is very exorbitant and the cost ofrefined products itself would reflect that high price. Government then had to pay more for subsidy and thus reduced savings.

Only idiots say subsidy should be removed when people are groaning under hardship.

koboko69:
[s][/s]

Bro, u av made no sense...

Counter the claim!

Don't mind the monkey! I weep for Nigerian youths! Ignorant and generally opposed to logic and reasoning!

There are few justification here and now, under this helish economic condition. What is the average purcahassing power of the power? And what are the site effects of aggregate implications of this to the 80% Nigerians.

Anybody that is not supporting the removal of subsidy with present conditon Nigeria is into, is not a good Nigeria. Comparing it with the time Jonathan removed his own is also a lame exercise.
What we need to be doing now is to agitate for increase in wages.

Anoda wailing zombie spotted

uote author=hungryboy post=45562841]If he looks like a zombie, if he talks like a zombie,
If he sounds like a zombie, he is a zombie.

Even a Senator elected under the Apc platform(Shehu Sani) is against this move,

But a zombie being payed 10k per post is here defending it,

I no blame dem sha,
Hunger too dey Naija,

Make dem just dey hustle for dia daily bread.[/quote]

hazyfm:


Now you have a point. Let's protest for increase in minimum wage not petrol deregulation

Subsidy in Nigeria is a FRAUD

Now you believe subsidy is a fraud...what did you believe in 2012?
Hypocrites

Another major difference is: People did not Trust Leadership under Gej... But WE Trust d Leadership under PMB.

tete7000:
These people can post nonsense! If they was any time to remove subsidy, it is during boom not doom. You remove subsidy in the days of plenty so that you can have avenue to save for rainy days. Maintaining subsidy in days of high crude price is very exorbitant and the cost ofrefined products itself would reflect that high price. Government then had to pay more for subsidy and thus reduced savings.

Only idiots say subsidy should be removed when people are groaning under hardship.

Actually, there is no right time to remove subsidy....plus....you seem to forget that our revenue from oil has dropped from how it was in 2012....to less than 40$ today...hence....we dó not even have the cash to pay for subsidy anymore.

Unless you want us to take IMF loans to pay for subsidy.

Even back in 2012....most Nigerians lived under the poverty line...so subsidy removal would have affected them short term. (Long term...there would have been benefits...including lower prices for PMS...which is why even GEJ opponents like me backed subsidy removal then and now.).

Geniro:
What nonsense is this zombie saying ?

What nonsense is this buffoon saying?

The gullible Nigerians who fell for the snake oil pitch of this present administration have finally seen the scales fall off their very eyes . change does not necessarily connote progress.

plaetton:


Dear Sir,
It's either you have ZERO idea what fuel SUBSIDY is, or, you skipped elementary 6 arithmetic, or, you are a very disingenuous SAI BABA-ist.

Let me first of all say that I support SUBSIDY removal. I supported it during the Abacha years, I supported it during the Jonathan years, and I still support it, but for Genuine economic reasons, not for silly, upsidedown kindergarten logic that you have insulted us with here.

Fuel SUBSIDY, under any disguise, is simply equivalent to gathering several trillion Naira every year, and then setting it on fire to burn, burn and burn.
No better description.

Like I said , elementary 6 math skills are that is required to understand the logic of fuel SUBSIDY, something that Buhari claimed not to understand, and obviously didn't understand till now.

Fuel SUBSIDY is simply the difference, the negative difference between cost price( international cost price) of petroleum products, and , the government stipulated pump price that drivers pay at the fuel stations.

For example, if the cost and landing( bridging) cost of petrol is N140/l,but the government stipulated pump price is fixed at N86/l, it then means that whoever is making fuel available is losing the sum of N140(cost)- N86( selling price) = N56/l

Obviously, no one would do a business where they are losing a whopping N56 per litre.

So, the government, as part of social contract with the people, steps in to pay the difference of N56 in order to ensure that fuel is available at all times.

Are you following?

Now, since the price of petroleum products depends primarily on the international price of crude oil as well as our currency exchange rate, simple elementary school arithmetic should tell us that the SUBSIDY the government pays pee litre grows and widens as either the price of crude oil rises, or, the value of our currency falls.

Now listen carefully.
When the price of crude rises, as it did during the GEJ era, the SUBSIDY, the difference between cost price and pump price grew to an astronomical level, to the point where the government of the day had no choice than to break its social contract with the people by adjusting the pump price upwards to NARROW the very wide SUBSIDY gap.
Are you following?
It is usually a hard and politically charged decision, but this was common sense Economics.
The political pressure sooo great that government eventually settled for just half of what it sought.

And the money continued to burn, burn and burn.

But then,
A curious thing started happening last year.
The price of crude began to crash, crash and crash.
By simple elementary school arithmetic, it also meant that the fuel SUBSIDY gap began to NARROW, narrow and narrow , until it not only became ZERO, but actually went positive.

That's right.
I'm fact, as of last month or so, it was widely and repeatedly reported in the Nigerian media, and simple arithmetic concurs, that the federal government was making a whopping Profit of N10 or so per litre of petrol sold in Nigeria.

You get my drift sir?
Higher crude price = more SUBSIDY payments
Lower crude price = less or ZERO SUBSIDY payments.

Therefore your own arithmetic is null and void , simply because it failed to comply with the simple, immutable laws of elementary arithmetic.

Now, to the issue of the moment.

In as much as I support the removal of fuel SUBSIDY, the recent upward revision of the pump price of petrol to N145 is NOT, and I repeat, is NOT a SUBSIDY removal.

There was NOOooo SUBSIDY to be removed as of yesterday.

What the government did, which I still support, is that it raised the pump price of petrol for two main reasons:

1. To generate much much and desperately needed revenue to fund it's budget.
Bingo!!!
Does anyone still remember that the government has hopping from place to place desperately looking for funds to finance it's budget ?

2. To liberalise the fuel supply system by making it attractive to private sector dealers and importers.

Killing these Two birds with one stone would ensure the steady and competive supply of petrol , as well providing badly needed additional funds for the government.

The only problem I have is the FRAUD of calling it fuel SUBSIDY removal, which it is definitely NOT.

Apart from the needless invocation of didacticism I actually agree with you and I have been trying to educate people around that this is not a removal of subsidy per se.

1. FG cannot meet all FX requirements for importation of PMS so they have asked the marketers to source it for themselves. If the prevalent blackmarket rate of USD is 320N to 1$ then it means that at the official market rate of 199N to 1$ and when crude was 87N per litre, the conversion ratio means at blackmarket dollar rate crude should be sold at 141N. Hence the price cap of 145N.

2. The reason for doing this however is not to generate funds as you claimed. But to make the product ubiquitous and to forestall the motivation to smuggle the product across borders.

Honestly have being having these same reasons in mind since the increase, but I just don't have the time to waste on some sets of people who are occultic against the development of Nigeria.
1. Nigeria is not presently rich as we were in 2012 due to the drop in crude sales globally.
2. The level of corruption prevalent then wouldn't allow us give out the only thing we enjoy from the government to few cabals.
Lastly, you can't eat your cheese and still have it. If you support and masturbate over the actions of the NDA or whatever they call themselves (resulting to further decrease in revenue and reserve) then you should do same on subsidy removal and the new pump price and stop wailing.
The government is short of funds and forex to support subsidy.

Azeebi:
There are few justification here and now, under this helish economic condition. What is the average purcahassing power of the power? And what are the site effects of aggregate implications of this to the 80% Nigerians.

Long term

1.Prices of fuel eventually fall due to competition (GSM comes to mind....when MTN sim cost N30000 at one point in 2001....dropped to N400 by 2005 because of competition....).

2.Government saves dollars.......and marketers have enough cash to get dollars at the parallel market...leaving government free to use its dollar reserves for vital projects.

3.Increased investment in the petroleum market leading hopefully to more jobs and more refineries.

Even back in 2012....most Nigerians won't have been able to afford GEJ's N140 per liter (later taken down to N97). That does not mean removing subsidy...whether in 2012 or now...was a bad decision.

Eruditor:


Apart from the needless invocation of didacticism I actually agree with you and I have been trying to educate people around that this is not a removal of subsidy per se.

1. FG cannot meet all FX requirements for importation of PMS so they have asked the marketers to source it for themselves. If the prevalent blackmarket rate of USD is 320N to 1$ then it means that at the official market rate of 199N to 1$ and when crude was 87N per litre, the conversion ratio means at blackmarket dollar rate crude should be sold at 141N. Hence the price cap of 145N.

2. The reason for doing this however is not to generate funds as you claimed. But to make the product ubiquitous and to forestall the motivation to smuggle the product across borders.

Good points....especially number 2.

A7:


Your minimum wage buddies are 0.5(reoccuring)% of the total population(1 million max). The combined Fg and states civil servants are at maximum 1.85% of the populace(fg:90,000 36 states: 3,240,000)

What will happen to the rest 98% of the populace?.

Do you know how much this subsidy of a scam is fleecing us of our common wealth? Do you know that Buhari inherited N600bn of subsidy debt from your hero?

Why did you not do this your smart calculation in 2012 before you shamelessly opposed the proposal for subsidy removal in that era?

Do you even have any decency to understand that if your wicked Nigeria Haters Congress had not manipulated some gullible nigerians into resisting GEJ's noble move in 2012 we would not have so soon been in this economic mess PMB has put us into?

Dis is a messed up write-up. U ddnt state d fact dat d past admin provided palliative measures n even raised d minimum wage. But d dullard u r defending had 2 remove d subsidy witout providing short-term palliative. Pls tel me wat has changed btw 2012 n now wit respect to d hardship d removal of subsidy will bring. Right action @ d wrong time I must say. Nigerians r alredy facing hardships b4 now n dis govt keeps compounding it. I dnt like d current NLC n TUC but I pray d Occupy Nigeria movement hapns so dat u get a taste of wat GEJ had. Buhari, Tinubu n Co eating their vomit since 2015AD. Wat a shameless n insensitive lot of a govt

koboko69:
Subsidy Removal under Jonathan;

Jonathans government announced the total removal of subsidy on Jan 1 2012.

The Facts;

1. Oil sold at 113 usd per barrel as at Dec 31st 2011

2. The exchane rate as at Dec 2011 was 1 usd to N 162.3

3. Jonathan's Predecessor actually dropped PMS price from N75 to N65 and was able to sustain subsidy whilst handling the amnesty program for repentant millitants till his early dismiss.

4. A more bouyant foreign reserve and growing ecomomy.

The government's major basis of total removal of subsidy was sighted as massive corruption. Rather than deal with the monster, the incompetence of the government was shifted to the masses. Many Nigerians were not ready to make the government have more money to loot, as subsidy was still sustainable at that time.

After the Occupy Nigieria protests, the price of PMS was revised to N97 per littre, with the promise of urban busses, building and rehabilitation of refineries e.t.c. It is interesting to note that the only partially successful programme after the subsidy removal was SURE-P because some Nigeirans benefitted from it without the "u must know someone" clause. Till the exit of Jonathan's government, we had no functional refineries, neither were new ones built.

Please note, Boko Haram was more like rag tag millitant as at the time of subsidy removal but later grew to a sophisticated, machine guns, tanks rolling millitant. So BH as an excuse is not tenable.

Subsidy removal under President Buhari.

1. Oil price selling below 40usd per barrel

2. Exchange rate of N197-N199 to a dollar and N320 to a dollar in the parallel market.

3. An ailing economy, with limited FOREX, and dwindling reserves.

The major reason for the total removal of subsidy by the current government is because of scarcity of Forex and an ailing economy. NNPC could not sustain solely importing petroleum products, and there is not enough Forex to give major oil marketers to handle the importation of petroleum products. It should also be noted that the present government have been able to tackle corruption to a fault in the oil industry.

The oil Marketters have now been given the liberty to source forex from other sources to import fuel which is the major reason for the high price hike.

The current government have made moves which will see the price of PMS drop in the nearest future. For the first time in years we have the Warri, Kaduna, and Port Harcourt refineries working together but some misguided youths amd miscreants in the name of avengers have decided to keep sabotaging the efforts of the present government.
There are also moves on ground to build more refineries.

In my opinion, the deregulation of the lower stream sector is right on track at this time and I stand with Buhari on this.

For now i see no reason why this government should not be supported, as they still have more than 2 years to deliver. Should the government not meet up to expectations before next elections, then Nigerians can't take their anger to the polls.

God Bless Nigeria.

koboko69:
Subsidy Removal under Jonathan;

Jonathans government announced the total removal of subsidy on Jan 1 2012.

The Facts;

1. Oil sold at 113 usd per barrel as at Dec 31st 2011

2. The exchane rate as at Dec 2011 was 1 usd to N 162.3

3. Jonathan's Predecessor actually dropped PMS price from N75 to N65 and was able to sustain subsidy whilst handling the amnesty program for repentant millitants till his early dismiss.

4. A more bouyant foreign reserve and growing ecomomy.

The government's major basis of total removal of subsidy was sighted as massive corruption. Rather than deal with the monster, the incompetence of the government was shifted to the masses. Many Nigerians were not ready to make the government have more money to loot, as subsidy was still sustainable at that time.

After the Occupy Nigieria protests, the price of PMS was revised to N97 per littre, with the promise of urban busses, building and rehabilitation of refineries e.t.c. It is interesting to note that the only partially successful programme after the subsidy removal was SURE-P because some Nigeirans benefitted from it without the "u must know someone" clause. Till the exit of Jonathan's government, we had no functional refineries, neither were new ones built.

Please note, Boko Haram was more like rag tag millitant as at the time of subsidy removal but later grew to a sophisticated, machine guns, tanks rolling millitant. So BH as an excuse is not tenable.

Subsidy removal under President Buhari.

1. Oil price selling below 40usd per barrel

2. Exchange rate of N197-N199 to a dollar and N320 to a dollar in the parallel market.

3. An ailing economy, with limited FOREX, and dwindling reserves.

The major reason for the total removal of subsidy by the current government is because of scarcity of Forex and an ailing economy. NNPC could not sustain solely importing petroleum products, and there is not enough Forex to give major oil marketers to handle the importation of petroleum products. It should also be noted that the present government have been able to tackle corruption to a fault in the oil industry.

The oil Marketters have now been given the liberty to source forex from other sources to import fuel which is the major reason for the high price hike.

The current government have made moves which will see the price of PMS drop in the nearest future. For the first time in years we have the Warri, Kaduna, and Port Harcourt refineries working together but some misguided youths amd miscreants in the name of avengers have decided to keep sabotaging the efforts of the present government.
There are also moves on ground to build more refineries.

In my opinion, the deregulation of the lower stream sector is right on track at this time and I stand with Buhari on this.

For now i see no reason why this government should not be supported, as they still have more than 2 years to deliver. Should the government not meet up to expectations before next elections, then Nigerians can't take their anger to the polls.

God Bless Nigeria.

You just failed a simple exam. Why do we have differences in the exchange rate between the two government? If oil price is 40 or there about, and the landing cost is high, what sense? what led to the imbalance forex? Why do we have liquidity issues currently in our banking system. Why do we have a balance Forex during the last administration and a controlled one now, when it should be floated? Your reasons are too vague to be harnessed

Wrong!!!!!!
The difference is:Buhari started with fuel scarcity, so that when he removes the fuel subsidy, Nigerians will be too weak and tired to complain.

dunkem21:
E be like say the name " Zombies" don dey pepper Xombies


Very soon, dem go begin ban person wey call person Zombie ..

Let's go ..Joro jara joro .. Zombie

Old man ipob

Are all chinedus Igbos

Almajiri1:
Look who's talking about trust. Buhari in the last 10 months singlehandedly murdered TRUST in our national life. You want me to show you the disconnect between buhari words and actions?

u mean trust with Igbos?

koboko69:
Subsidy Removal under Jonathan;

Jonathans government announced the total removal of subsidy on Jan 1 2012.

The Facts;

1. Oil sold at 113 usd per barrel as at Dec 31st 2011

2. The exchane rate as at Dec 2011 was 1 usd to N 162.3

3. Jonathan's Predecessor actually dropped PMS price from N75 to N65 and was able to sustain subsidy whilst handling the amnesty program for repentant millitants till his early dismiss.

4. A more bouyant foreign reserve and growing ecomomy.

The government's major basis of total removal of subsidy was sighted as massive corruption. Rather than deal with the monster, the incompetence of the government was shifted to the masses. Many Nigerians were not ready to make the government have more money to loot, as subsidy was still sustainable at that time.

After the Occupy Nigieria protests, the price of PMS was revised to N97 per littre, with the promise of urban busses, building and rehabilitation of refineries e.t.c. It is interesting to note that the only partially successful programme after the subsidy removal was SURE-P because some Nigeirans benefitted from it without the "u must know someone" clause. Till the exit of Jonathan's government, we had no functional refineries, neither were new ones built.

Please note, Boko Haram was more like rag tag millitant as at the time of subsidy removal but later grew to a sophisticated, machine guns, tanks rolling millitant. So BH as an excuse is not tenable.

Subsidy removal under President Buhari.

1. Oil price selling below 40usd per barrel

2. Exchange rate of N197-N199 to a dollar and N320 to a dollar in the parallel market.

3. An ailing economy, with limited FOREX, and dwindling reserves.

The major reason for the total removal of subsidy by the current government is because of scarcity of Forex and an ailing economy. NNPC could not sustain solely importing petroleum products, and there is not enough Forex to give major oil marketers to handle the importation of petroleum products. It should also be noted that the present government have been able to tackle corruption to a fault in the oil industry.

The oil Marketters have now been given the liberty to source forex from other sources to import fuel which is the major reason for the high price hike.

The current government have made moves which will see the price of PMS drop in the nearest future. For the first time in years we have the Warri, Kaduna, and Port Harcourt refineries working together but some misguided youths amd miscreants in the name of avengers have decided to keep sabotaging the efforts of the present government.
There are also moves on ground to build more refineries.

In my opinion, the deregulation of the lower stream sector is right on track at this time and I stand with Buhari on this.

For now i see no reason why this government should not be supported, as they still have more than 2 years to deliver. Should the government not meet up to expectations before next elections, then Nigerians can't take their anger to the polls.

God Bless Nigeria.

Oil was $103 in Dec 2011. Don't misinform people.

ZOMBIE ALERT ooo. DON'T GET INFESTED.

#providing an explanation for the self - serving actions of Buhari led administration.

OrlandoOwoh:
I've come to realize that GEJ/PDP supporters have not come up with any reason, whether plausible or otherwise, why the removal of subsidy, as they're wont to make us believe, is wrong. Their only objection is because when GEJ attempted it in 2012, it's resisted. Na wa for una o.

u guys r so hypocritical, senseless n to cap it a certified zombie. so umean after reading d op's article u still dont make meaning of it?

first in2012 when gej wanted removing fuel subsidy, price of crude was 110dollsper barrel, then the economy was booming, states were not struggling to pay salaries, price of commodity was cheap, alsothe intending price was 141 naira per litre. now fastforwardto 2016, oil price is 44 dolls per barrel, most states r struggling to pay salaries, economy is on downward slope, priceof good r on the high side, exchange rate at black mrket Is on thehigh side n the new pump price is 145nairaper litre. bros do u really understand what u read?
or u r justifying the zombiesm in u?

hazyfm:


Now you have a point. Let's protest for increase in minimum wage not petrol deregulation

Subsidy in Nigeria is a FRAUD

the right answer there, am loving this debate.

LoJ:

How far Prof Plaetton? My days are sunnier when I can see your writings. Always very educative. This is the best post I've read here on the issue of Subsidy removal.

Thank you man.

Quakertellicus1:


Actually, there is no right time to remove subsidy....plus....you seem to forget that our revenue from oil has dropped from how it was in 2012....to less than 40$ today...hence....we dó not even have the cash to pay for subsidy anymore.

Unless you want us to take IMF loans to pay for subsidy.

Even back in 2012....most Nigerians lived under the poverty line...so subsidy removal would have affected them short term. (Long term...there would have been benefits...including lower prices for PMS...which is why even GEJ opponents like me backed subsidy removal then and now.).

You have some points but the issue here is we are comparing two different points in time. A time when we could have removed subsidy, save ourselves attendant high subsidy cost and because our revenue base was high, offer ourselves opportunity to save. Compare to now when we struggle to survive, and pay less on subsidy. I will prefer the first option.
I have issue with pro apc who always come here to rub it on our face that it is because of Jonathan's profligacy they resisted his subsidy removal. I wish that was stated in any of their reasons then but no!, all I saw was that subsidy removal would bring hardship then. If subsidy removal would bring hardship then why not now? This purely is apc hypocrisy, they lie about everything and distort facts. They play with minds of Nigerians that are too shallow to follow logic.
If apc and Nigerians resisted subsidy removal under Jonathan with bigger revenue base citing hardship as their only reason, their is no reason they should come now, wish the hardship away and tell Nigerians that subsidy removal is best for our lives.

People will claim subsidy under Jonathan was high and was this fraudulent. If the price of crude was high is is it not logical that the subsidy also increases? Buhari has been in government for one year, in the period of low oil price, let him publish how much he has paid so far on subsidy and then we compare and also extrapolate to see how much we will pay when price goes up. By the way, I am still wondering why a litre of fuel has to go up to N145/l despite the prevailing low crude prices.

hazyfm:


Now you have a point. Let's protest for increase in minimum wage not petrol deregulation

Subsidy in Nigeria is a FRAUD

ar we in d best position to tell him Wat to do? den define as clueless baba.

[s]

Quakertellicus1:


Long term

1.Prices of fuel eventually fall due to competition (GSM comes to mind....when MTN sim cost N30000 at one point in 2001....dropped to N400 by 2005 because of competition....).

2.Government saves dollars.......and marketers have enough cash to get dollars at the parallel market...leaving government free to use its dollar reserves for vital projects.

3.Increased investment in the petroleum market leading hopefully to more jobs and more refineries.

Even back in 2012....most Nigerians won't have been able to afford GEJ's N140 per liter (later taken down to N97). That does not mean removing subsidy...whether in 2012 or now...was a bad decision.

[/s]

See, I don't know where you guys invent your economic theories from. But common sense tells me that neither deregulation nor devaluation will guarantee sufficient dollar supply.

The majority of dollars in circulation here comes from CBN through crude export proceeds. And fuel import is the largest consumer of this forex.

So when you deregulate you are simplly in effect skyrocketing the demand for dollars. And the anticipated foreign direct investments you hope to attract with devaluation is not going to come with speed. Folks are going to be way too sceptical to invest. Or how do you trust a govetnment that made hardcore forex policy reversals at least 3 solid times in less than 1 year?

Foreign investors are not fools. So they are likely to wait this out.

And if no FDI comes quickly in the midst of low oil prices and subsidy removal three things are likely to happen.

1. Naira will get weaker, and the gap between the official rate and the parallel market will become wider.

1. The external reserve until bleed untill nothing or little is left.

2. Say hello to another era of essential commodities where you cue for hours to buy fuel and everythig else.

This govt. and its supporters tho. God help us all.

koboko69:
So far, the the only reason so far given by the wailing wailers for not supporting the removal of subsidy is simply because "Tinubu" and "Fashola" were against it when Jonathan removed it. Most of these people were also amongst those who protested against the removal back then. But as it is today, its a game of looking for any opportunity to attack Buhari.

mynd44 and lalasticlala

It is said what an elder sees while sitting down a child cannot see while jumping up. APC and their old people are like children now to Jonathan. GEJ saw this fuel subsidy issue as one of the greatest problem in Nigeria and the damage it's doing to our economy but Buhari and his APC followers claimed Jonathan has done the worst. I don't blame then because they were ignorant and their intention to take over power from PDP blocked their brains from understanding simple arithmetic.

Mr Poster, GEJ removed subsidy then because some cabals were enriching themselves from it, government was spending so much money on it still marketers sabotage and force govt to increase fuel prices everytime. So fuel subsidy was removed then to give many including those marketer opportunity to source and import fuel on their own and sell according to how they bought but nobody must sell above N140/litre.

If that was allowed then ,by now there would've been serious competition among oil marketers and prices of PMS would've been as low as btw N60 and maybe N80 depending on the marketer.
The problem is that many Nigerians including Buhari and co did not even know what fuel subsidy was all about untill now.