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Nairaland Forum / Nairaland / General / Politics / Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont (1288 Views)
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Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by deantimes(m): 8:29am On Sep 05, 2020 |
The Coalition of Northern Groups (CNG) says it will no longer tolerate the impunity of President Muhammadu Buhari’s administration. https://todaypoliticsng.com/price-hike-northern-coalition-threatens-to-protest-says-buharis-impunity-wont-be-tolerated-again/ |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Skyfornia(m): 8:30am On Sep 05, 2020 |
When I was little.. there's this saying in Igbo language 'Onye nna ya no na ala eze, anaghi eje oku nmuo' ( The person, whose father is in heaven will not go to hell), it means that if a man is rich and influential, it will surely show on his children. But looking at the northern part of Nigeria, one might start to doubt the saying above. The North has produced the majority of leaders in this country but poverty, insecurity, illiteracy and so on has built a mansion in that area. If Nigeria eventually divides, the north will start eating themselves as meal. But the funny part of it is that next election, they will still queue in multitudes to vote for a northern president. 2 Likes |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by SmartProf(m): 8:30am On Sep 05, 2020 |
Don't take this Northern coalition serious. Their loyalty will always swift back immediately they get spoken to in Arabic. Look at the NBA & how they are trying to divide it cos of a protest by some of their colleagues who never wanted the Kaduna gov to speak on moral grounds. Even if Buhari decides to do a third term, these same guys will still give him 2million votes plus Jara. 4 Likes 2 Shares |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by deantimes(m): 8:31am On Sep 05, 2020 |
![]() But we re-elected this man just last year, why are we complaining? 2 Likes 1 Share |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Nobody: 8:33am On Sep 05, 2020 |
I wonder where all the people protesting expect Nigeria to get money to pay to subsidse fuel to 90 per liter, when landing cost as well.as production cost is over 150 naira per liter. Or how people.expect us to keep paying 30 naira per kWh for power that costs over 50 naira per kWh Maybe they want Nigeria to keep taking loans And keep taking loans. (And yes, Buhari should have done more on raising income from solid minerals and agriculture which is what them Northern boys should be complaining about) |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by LibertyRep: 8:34am On Sep 05, 2020 |
The condemnation resonates in every corner of the country. If Gen. Buhari had not won in 2015, we would have thought we missed a Messiah. "If a deity cannot save people, he should at least leave them the same way he met them" - Yoruba Proverb I still can't believe President Buhari hasn't been able to fix a single refinery, six years into his administration. We were sold a dummy! 3 Likes 1 Share |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Racoon(m): 8:39am On Sep 05, 2020 |
It's still 3 years remaining but the next level is no more tolerable to them.Meanwhile some of our SW brethren will say this is the most impressive govt ever seen because of politics. 2 Likes |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Amotolongbo(f): 8:41am On Sep 05, 2020 |
kikero:Why were you not saying this in January 2012? 2 Likes |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by bishop4life(m): 8:42am On Sep 05, 2020 |
God knows I will never take this people too seriously. kikero: Are you trying to say subsidy has been serviced by loan? |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by olisaEze(m): 8:42am On Sep 05, 2020 |
kikero: Pls how did you arrive at these figures and why has the fixing of our refineries (which was an urgent campaign agenda) suddenly taken a backseat to borrowing to build railway lines that lead from Daura to Niger republic? I’m not trying to argue, just really want to learn. 3 Likes |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by ebuka440: 8:48am On Sep 05, 2020 |
Why are they protesting against the man that they voted into power by all means. It it was the time that GEJ was in power, they tongue wagging ceremony won't cease to continue. Northern coalition are a disgrace to all Nigerians. I swear, no Northern should be allowed to rule Nigeria again because they are insensitive and less educated to handle a complex country like Nigeria. Nigerians needs intellectuals from the East 1 Like |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by mamaafrik(m): 8:55am On Sep 05, 2020 |
I know that Jonathan will be laughing at us now.............,where are the foolish elders of 2012 #OCCUPYNIGERIA at Ojota,They have chopped dodo,they can say the truth again,ENI KUURE 1 Like |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Nobody: 9:50am On Sep 05, 2020 |
olisaEze: Keep in mind that our oil revenue is too low to sustain our population How comes? Our crude oil breakeven price, the price we need for us to earn enough cash to pay for a sustainable budget is 140 dollars per barrel according to Fitch. The last time oil was that high was briefly in 2008. Oil right now is at 40 dollars per barrel. It has not been above 90 dollars per barrel since 2014 even. That's why prices of fuel and power have to go up, Nigeria does not have the money to keep prices low. And that's why we keep taking loans.Because frankly speaking we are not earning the kind of income that would prevent us from taking loans ( and why I am annoyed with Buhari for not diversifying) (Figures for power were from Moghalu recent interview, figures for oil from various news reports over the years |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Nobody: 9:53am On Sep 05, 2020 |
bishop4life: More like we pay for subsides from our earnings and we take loans to cover the bits that if there was no subsidy we would have paid from for our earnings. (And as for power, part of the money used to subsidse power came from loans and grants, aka counterpart funding) |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Nobody: 9:54am On Sep 05, 2020 |
Amotolongbo: I was. And back then APC supporters were the ones calling me names (Wasn't on Nairaland then, so I can't prove it to you) |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Wiseandtrue(f): 9:55am On Sep 05, 2020 |
deantimes: @ bolded ![]() ![]() ![]() ![]() ![]() ![]() ![]() Keep it coming. This is one big issue everyone agrees on!!! 1 Like |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Amotolongbo(f): 10:33am On Sep 05, 2020 |
kikero:Says who? |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by olisaEze(m): 10:34am On Sep 05, 2020 |
kikero: I don’t know how Moghalu arrived at his facts, but if i may share a piece of knowledge with you, one major factor that determines the landing cost is the exchange rate. Given the high demand for foreign exchange accounted for by petroleum products’ importation, it is a potential destabilizing mechanism which underlies the domestic market. To avoid this pitfall and it’s effect on our poverty ranking, it should be of paramount importance that domestic refining is resuscitated, and not inundating us with debts on rail lines that are of no immediate economic effects on the average Nigerian. Nigeria stands out among OPEC members as the one who exports virtually all her crude and imports the bulk of refined products for domestic consumption. PS: It is important to note that there is no established mechanism for determining adjustments to prices, adjustments in government administered prices have tended to be in quantum leaps. The Petroleum Products Pricing Regulatory Agency (PPPRA) determines the Expected Open Market Price (EOMP) based on a template agreed to by the stakeholders within the framework of the agency’s governing board. Which has resulted on a number of occasions, in which announced prices have had to be rolled back. And also why corruption is rife within our nation’s oil sector. 1 Like |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Nobody: 10:46am On Sep 05, 2020 |
olisaEze: Yeah and that's why I don't back ppra setting prices. The thing is, setting the price of petrol is why we don't have working refineries, and the problem started under abacha by the way. When you set.prices of petrol, you drive away investment on new refineries since people aren't going to be spending money on building a refinery and selling petrol below the production cost ( and only getting the difference between the subsidised price and production costs). Unless your name is dangote and as such you have access to loans from banks who know that if worse comes to worse they can take over your cement business and recoup their loans. Also , under our subsidy regime, because we set prices for petrol and pay subsides, it incentivised people to lie about how much petrol they import so that they can get more subsidy money, or import fuel at subsidised prices and sell in Ghana or Mali or Benin where there is no subsidy and where petrol costs above 200 naira. Because if they sold petrol at subsidised prices they would be broke in a minute ( that's why Buhari in 2017 made Nnpc the sole importer of fuel, forced them to sell below the price of importation to keep prices low as they are, and then paid them subsidy or underrecovery to cover NNPC losses . Of course it still makes NNpc more the locus of corruption ) That's why regardless of what you have said, the problem is we are still selling fuel below the cost of producing and importing it. If we ended price controls bu PPRA, and also ended subsidy payments and instead allowed the market to set the price, sure we would be paying 250 and above per liter of fuel. but 1. More people would get into the refineries business since there is a profit to be made in Nigeria, not from importing 2. NNPC would be incentivised to make our refineries better since they now have to work for their money 3..In several years,price of fuel comes down 4. We get more jobs Same reasoning goes for power. And Moghalu is an economist who worked for CBN so he should know things 1 Like |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by olisaEze(m): 11:29am On Sep 05, 2020 |
kikero: I beg to differ on a few things you have stated here. In many countries of the world, the pricing of petroleum products is regulated in one form or the other. There are a number of reasons for this. First, the petroleum industry globally is not a competitive one. Rather, the industry is oligopolistic with a few major companies dominating the industry. Under such a market structure, some form of price regulation becomes necessary to protect consumers against oligopolistic and monopolistic exploitation. A second reason why petroleum products prices are widely regulated has to do with the nature of the products themselves and the important role they play in the economy and the lives of citizens. An unregulated price regime could lead to very high prices of the products, which the economy and, particularly, the poor may not be able to bear. Speaking on Ghana, prior to the 2003 reforms, importation of crude and refining were exclusively handled by the government through the Ghana National Petroleum Company (GNPC). Prices of petroleum products were heavily subsidized. In 2003, due to the heavy indebtedness of GNPC and near insolvency of the Tema Oil Refinery and under pressure from the IMF, a new pricing mechanism was introduced. The new pricing scheme which has come to be known as the Price Adaptation Mechanism involves the calculation of the ex-refinery prices using world market crude oil prices with mark-ups for insurance, transportation, suppliers’ commission, refining costs and other charges. A host of taxes and levies make up the other charges, depending on the specific product involved. These include Cross-Subsidy levy, Unified Petroleum Price Fund (UPPF) levy, Road levy, Social Impact Mitigating Levy, Exploration Levy, Energy Fund Levy, Debt Recovery Levy and Excise Duty. The cross-product subsidy and UPPF levies are particularly interesting in that they seek to provide cross products and cross regional subsidies respectively. From developed nations like Canada to India and South Africa, petroleum products are subsidized to mitigate a negative impact on their citizens. Nigeria is a case in point were the ruling class seeks to enrich itself at the expense of the average man. As for Moghalu, I would recommend the book 'Straight & Crooked Thinking' by Robert Thouless for u to understand that having a title or an impressive cv won’t stop a man from having a alternative agenda when interfacing with the public. 1 Like |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Nobody: 11:50am On Sep 05, 2020 |
olisaEze: 1. Developed countries don't have subsides for everyone. They have subsides for some people 2. Developed countries certainly don't subsidse power and petrol like we do 3. Again, we cannot be buying things at less than the cost we produce them. That's why we are seriously underdeveloped and why we don't have a strong private sector. |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Aflix(m): 12:02pm On Sep 05, 2020 |
kikero:Stop with this stupid excuse. Is Oil the only natural resource in Nigeria? |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Nobody: 1:02pm On Sep 05, 2020 |
Aflix: It may as well be,considering the way past and present governments and the people behave... Our problem is we look for resources to sell, not for what we can use those resources to create....which is why we are poor, and why we cant afford subsidies. |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by olisaEze(m): 2:37pm On Sep 05, 2020 |
kikero: As per your nmbr 2; Canada: New Brunswick, one of the federating regions, has an institutionalised framework for price regulation. This framework is enshrined in the Petroleum Products Pricing Act of 2006 which vests the regulation of the prices on a Board. Section 3 (1) of the Act provides as follows: The Board has authority (a) to set, and shall set the maximum wholesale and retail prices that a wholesaler and a retailer may charge for petroleum products, and (b) to set, and shall set the maximum margin between the wholesale price to the retailer and the retail price to the consumer of petroleum products. Section 4 of the Act defines the elements of the maximum price as follows: 4(1) For each type of heating fuel and motor fuel, the maximum wholesale price shall be the sum of (a) the benchmark price, as established or adjusted pursuant to sections 10 and 11, (b) the maximum wholesale margin, and (c) applicable taxation. 4(2) For each type of heating fuel and motor fuel, the maximum retail price shall be the sum of (a) the benchmark price, as established or adjusted pursuant to sections 10 and 11, (b) the total allowed margin, which is comprised of the maximum margin for a wholesaler and the maximum margin for a retailer, and (c) applicable taxation. 4(3) Delivery costs do not form any part of any margin under this section. 4(4) Notwithstanding that a maximum margin is set for a wholesaler and a retailer, if the wholesaler and the retailer agree in writing, they may apportion the total allowed margin between them in such manner as they see fit. As indicated above, the Board is vested with the power to determine and adjust the benchmark price for each product. While section 10 of the Act deals with the establishment of the benchmark price, section 11 deals with its adjustment. This is an example from a province in Canada. I’ll not bore you with details from countries like India, Iran and South Africa but implore you to search it out for yourself, so you can see how we’re being shortchanged in Nigeria by a most incompetent administration who would have you believe that they’re doing us a favor with petroleum subsidies but won’t fix our refineries. The crux of the matter is that these countries have a model for calculating domestic prices after subsidizing. We on the other hand just peg price to appease the importers and their political backers not caring about the end users. After all, the end user has no choice but to purchase or watch his business die! That’s the reason for the outcry. That’s d reason why a Moghalu will never get my vote inspite of his CV, because patriotism is not supporting an insensitive government that would rather see hardworking Nigerian businesses die off than cutback on extravagant spendings and medical tourism for mundane ailments. The country is hard enough already with no one speaking for the common man. |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Tianamen1: 2:54pm On Sep 05, 2020 |
Kikero, you are clearly an intelligent person. I don't think anyone wants to argue with you. In fact, many of us had similar views to yours in the past, but we now understand that our country is dying because the same failed ideas have been regurgitated over and over at us. Olisaeze told you to read a book for more knowledge. I advised you the other day to watch an interview for more knowledge. We may be both wrong, but what if we are right. Seek knowledge so you can contribute more meaningfully to making this country great. In your write up, you never talked about the effect of the exchange rate on electricity and petroleum prices. This was my core message to you the other day. You mentioned diversifying into agriculture and mining. Such ideas are 19th century ideas, a countries biggest resource is its people and investing in its people education is the only path to prosperity. Israel has no natural resources, but is an information technology giant. Norway has more crude oil per capita than Nigeria, yet it taxes its people heavily to ensure quality education and health care is provided to all its citizens. Consider APPLE Computers which is worth more than Nigeria. One man's idea. Nigeria has a continent to conquer. A continent begging for Nigerian flavored goods and services as our music and movies have already proven. All we need is increased productivity and without the poor having quality basic education, this is impossible as the labor cost for quality workers is too high. Only big companies like banks and insurance firms can pay quality workers so most businesses collapse within a few years because the founding entrepreneur is overburden by all the duties necessary to establish a successful business. The other day, you mentioned socialism. Please is the United States a capitalist or a socialist nation? Why does the US give food stamps to its poor. I know I am ranting. I still have a lot to learn, but you certainly do too. |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Nobody: 2:57pm On Sep 05, 2020 |
Tianamen1: And a big reason why the poor don't have good quality basic education is because we spend more on corrupt subsidy regimens than we do for education The reason why a lot of poor people have phones, after David Mark said phones were not for the poor was because Nigeria did not subsidse GSM phones |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Charmingrascal(m): 2:57pm On Sep 05, 2020 |
Buhari is devil incarnate. |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Tianamen1: 3:12pm On Sep 05, 2020 |
kikero: Fact: Subsidies in Nigeria are very bad and the government should not be paying subsidies. Fact: Our Exchange rate continues to fall in value because of the frivolous spending by public and Civil servants. Result: the poor masses have to pay more for basic amenities. Fact: the government chooses to subsidize basic amenities to keep the people from protesting the hardship caused by its failure to keep the Naira's value stable. My Opinion: Removing subsidies without increasing taxes on the rich and restructuring the civil service will lead to untold hardship and probably another civil war |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Nobody: 3:19pm On Sep 05, 2020 |
Amotolongbo: Says me. And I am telling the truth |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Amotolongbo(f): 6:05pm On Sep 05, 2020 |
kikero:Don't be decieved o |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Nobody: 6:48pm On Sep 05, 2020 |
kikero: U can use the trillions APC used in feeding kids via WiFi to do that + all the money they looted |
Re: Price Hike: Northern Coalition Threatens To Protest, Says Buhari’s Impunity Wont by Parisian: 8:53pm On Sep 05, 2020 |
If Nigerian senators can be the highest paid in the world then Nigeria can afford to reduce fuel price. If Nigerian politicians can steal billions of dollars yearly then Nigeria can afford to reduce electricity tarrif. If there's money to steal, then there's money for good things also. kikero: 1 Like |
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