ratiken:
Nice move
This means no subsidy by 2018.
With this, Private investors should can work with a timeline in establishing the local refineries and petrochemical outfits.

We are getting there.

ratiken:


All you insatiable unrepentant Nigerians...... what exactly do you want?
Take away subsidy...... they say NO
Budget for the subsidy. ... they say its too high
Plan a gradual stop to importation of oil products which eliminates the subsidy.... they say govt is shameless

98% of complaining Nigerians have no clue the way out of our current mess..... they fault every damn thing.

ratiken:


All you insatiable unrepentant Nigerians...... what exactly do you want?
Take away subsidy...... they say NO
Budget for the subsidy. ... they say its too high
Plan a gradual stop to importation of oil products which eliminates the subsidy.... they say govt is shameless

98% of complaining Nigerians have no clue the way out of our current mess..... they fault every damn thing.

2n2k:


@bolded. It is this kind of mis-interpretation that gets the hope of masses high and when such wrong hope is not met, they accuse government of insincerity.

Local refining of petroleum and subsidy are mutually exclusive and in no way related.

Subsidy arose because the cost to the pump of fuel is higher than the price the government/public think is affordable to the paying public and since the full economic cost of production and distribution must be paid, government cushions the effect hence, the subsidy.

In case of local production, the only cost that may not be incurred is the shipping cost of the refined products to nigeria and what is the percentage of that to the total costs? The savings from that may even be wiped out by higher cost of other variables.

Local production is highly desirable because it will generate employment, reduce pressure on forex, put our destiny in our own hands and remove the shame of being just raw materials supplier BUT it may not reduce the pump price of fuel to the level that most Nigerians wrongly envisage unless the price of crude crashes which is another sad story from another perspective.

If you read the OPs article well, while the FG promised local production by 2018, it did not say it will remove subsidy by 2018 because they are not related. If the government can summon the political will and damn all consequences, it should be able to remove the subsidy long before then even as early as after the elections. Subsidy is an internal nigeria arrangement, it does not concern the refineries (whether local or foreign) since the marketers must pay them in full before they can lift the products.

firstolalekan:
A'LOOTING WILL NEVER CONTINUA
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GEJ TILL 2015!
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E-VOTE STILL ONGOING.
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