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Nairaland Forum / Nairaland / General / Politics / IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy (24154 Views)
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Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Truckpusher(m): 11:27am On Apr 19, 2015 |
Buhari's first acid test,let's see how he satisfies the conscience of his free loading kinsmen. I'm waiting to see how the APC is going to react to this given their stand on the last subsidy protest that rocked the South West and the North when Jonathan removed some of the subsidy. Janjawiids like passingshot are now speaking as if they have water in their mouth. Una never che chomting. Cc Peppyluv2 4 Likes 3 Shares |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Sweetguy25: 11:27am On Apr 19, 2015 |
Curvinus: - It depends. Oil wells can belong belong to both government or private investors. - Subsidy is payment made to importers of petroleum products. Because of our inability to refine our own crude, we have no other option but to import petrol from foreign countries at a higher cost. The final consumers in Nigeria won't be able to afford this imported petrol so the government decided to subsidize the cost to make the pump price of petrol affordable to the "common man". - The government is interested in oil because the money coming from oil is big, "sweet" and easy. Agriculture cannot bring that kind of money in the next 20 years.
There's a bill called the PIB that seeks to privatize and deregulate the oil sector. It has been in the National Assembly for over five years now with no hope of passage.
It is not as easy as it sounds. Stats show that 60 percent of Nigerians live below a dollar per day. The amount or number of taxable individuals in Nigeria isn't much. Also, our tax structures in Nigeria aren't really efficient and effective. Besides, the federal government has decided to increase Value Added Tax to a higher percentage, this way almost everybody pays tax. Why should a landlord take N1.5m as rent per annum in the FCT and not pay a dime as tax? Why are the mai shai, the mai suya's and the likes not being taxed? No idea. Finally, how did GEJ get the alleged N2 trillion he spent on his re-election campaign? We better start making these things public if we wish to move forward. I don't believe that GEJ spent 2 trillion on his campaign. Thats an obvious lie. There are some kind of lies a reasonable person aren't supposed to believe, Just like the missing 20 billion dollars. Have a nice day. 1 Like |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Reference(m): 11:28am On Apr 19, 2015 |
Subsidies are purely political decisions. They have no economic benefit whatsoever. And since the incoming regime is tanked up with enormous good will an early strike at removal is vital before political capital ebbs away over the course of the next four years. Down with subsidies. Government has no business in business. |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Nobody: 11:31am On Apr 19, 2015 |
The politics of subsidy is very complicated. Many people don't understand the crux of the matter. The moment Buhari attempt to remove it, it will be the begining of the end of his government. 2 Likes 1 Share |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Nobody: 11:33am On Apr 19, 2015 |
Truckpusher:buhari won't even dare to remove the subsidy. Doing so will mark the beginning of the end of his administration. You see my ping? 1 Like |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by 9jamustchange: 11:34am On Apr 19, 2015 |
Why won't they rather advise him to make our existing refineries functional and build more refineries for domestic refining. They want him to put the cart before the horse. 2 Likes |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Jaypea98: 11:36am On Apr 19, 2015 |
steppin:Hush!!!!!! By the time GMB removes fuel subsidy you ll see the difference between his and that of GEJ...Olodo |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Jaypea98: 11:39am On Apr 19, 2015 |
njays24:I really hate that thing called uranium |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Truckpusher(m): 11:44am On Apr 19, 2015 |
barcanista:I'm charging that shiit. I'm in the transit lounge ,ARIK airline deserve some flogging here my flight is 3:30 pm. Was up? Omo! If Buhari removes that subsidy , all his sponsors that are marketers who owns the party and at the same time bankrolled his election will double their price to make profit and these MUMUNIGERIANS must pay for their bad choice. You see why I've been laughing ? |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Nobody: 11:45am On Apr 19, 2015 |
TheGoodJoe: I'm trying to understand where ur coming from to no avail, did gej start subsidy? Hasn't it been on for decades now ? Subsidies have been around for many years now, but it keeps increasing as our population increases... In 20 years, our population more than doubled from 88 million to 170 million . We have 4 very old/dying refineries built in 1970s n 1980s Those countries ur talking about that enjoy subsidies have 20 working refineries n a population of 8 million people (Example is Libya), we are over 20 times more populated Dan dem so it ain't same, our own costs is whey more than theirs. Check our budgets as i said already, our capital expenditure annually is 400 billion naira for 37 states, but our recurrent is about 3.3 trillion annually...(1.1 being fuel subsidy)......All I'm trying to say is that if we invest 400 billion naira annually even for 1000 years, Nigeria will never grow Cuz our present need is much higher than that. GEJs fuel subsidy removal hinged on adding adding 1.1 trillion + 400 billion which = 1.5 trillion naira annually ... Investing that amount annually in various important sectors for the next 10 - 20 years will get us somewhere nice. Its not ideal to form opinions based on hatred n blame game |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by PassingShot(m): 11:56am On Apr 19, 2015 |
ttmacoy: If removing subsidies will make our refineries work, it should be ok with Nigerians. I agree that a clique of politicians benefit from the subsidy but it's not a justification to make the common man pay through the nose. It's the govt responsibility to ensure that the subsidy thieves are apprehended so that the ordinary citizen is not unnecessarily punished for misdeed of a few. 1 Like |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Nobody: 12:12pm On Apr 19, 2015 |
Truckpusher:Fine o. Lol, Buhari remove wetin? He won't try it walahi. If he does he will be frustrated by his own crooked people. |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Nobody: 12:14pm On Apr 19, 2015 |
Sweetguy25: Ur right about the 2 trillion, Total cost of general elections (from mayor to president) in the u.s is 1.2 trillion, how come gej alone spent 2 trillion don't mind dem. BTW - I'm glad to see pipo like u who r in the know. kudos 1 Like |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by calcal: 12:17pm On Apr 19, 2015 |
WE told you, WE will use any means to stop your development create social unrest for you. |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by sunnedee: 12:20pm On Apr 19, 2015 |
Shey dem don come again? IMF should take their concern and shove it up their a** Let them leave us alone. Their contributions to Nigeria's economic woes is what we are witnessing now. If the subsidy will be removed, it is the prerogative of our government. Not that of IMF or other western economic organization 1 Like |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by TheGoodJoe(m): 12:36pm On Apr 19, 2015 |
chuna1985: I am having a big problem getting your point. The reason why there was a massive jump in funds spent on Subsidies of petroleum products under GEJ is not because of Population. It was because of the corruption in the NNPC. Stem out the corruption in NNPC and we will have no problem with the Subsidies. The problem is not the Subsidy but the corrupt individuals giving a free hand to run the country down. There is no hatred and blame game here. GEJ did nothing to curb the corruption in the NNPC. |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by lacicrips(m): 12:37pm On Apr 19, 2015 |
From a redditor.
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Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Nobody: 12:38pm On Apr 19, 2015 |
The insiders are quiet, why the outsiders run their mouths. Interesting times lie ahead! Cc Truckpusher cc barcanista! |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Sweetguy25: 12:42pm On Apr 19, 2015 |
TheGoodJoe: How sure are you that the huge cost of subsidy payments are because of corruption? |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by TheGoodJoe(m): 12:50pm On Apr 19, 2015 |
Sweetguy25: What else? These suppliers are given contracts and few people monitor their transactions. The jump in price under GEJ was too much. The only explanation was that something fishy was going on. That was one of the main reason I was against GEJ's reelection. |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by cap28: 12:51pm On Apr 19, 2015 |
Sweetguy25: why do you say that we have no other option but to import refined oil. This is my understanding of how the process works in NIgeria: Nigeria produces oil via the oil multinationals for both internal and external consumption. 445,000 barrels per day are allocated to internal consumption and it is to be forwarded to the domestic refineries. This is not part of the country’s OPEC oil quota of over 2.5 million barrels per day. http://www.marxist.com/nigeria-not-a-kobo-increase-in-fuel-price.htm So in other words all NNPC and their collaborators are doing is selling refined crude oil which was sold to them at a discount back to the Nigerian populace at a profit in collaboration with their multinational collaborators. So I would like to know where is the so called subsidy? This is an excerpt from an article written in 2012 so the oil prices will need to be adjusted to reflect the fall in oil prices. |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Nobody: 12:55pm On Apr 19, 2015 |
TheGoodJoe: There is nothing else left to say, But always remember dese words As long as we keep subsidizing n keep recurrent expenditure @ 70% - 80%, we will keep getting worse. cheers |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by gp6liveth(m): 12:57pm On Apr 19, 2015 |
Subsidy must go. People don't know the good plans Gej have for Nigerians when he remove it. I concur, subsidy must go for we to enjoy the dividend of competition through deregulation. Only those that wants to be fed without looking for who to feed will allow subsidy to stay 1 Like 1 Share |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by TheGoodJoe(m): 1:00pm On Apr 19, 2015 |
chuna1985: As long as we wage a full war against Corruption on NNPC and Petroleum marketers, we can enjoy Subsidies. |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Nobody: 1:01pm On Apr 19, 2015 |
9jamustchange: Built Refineries with which money Bro, An average refinery costs 5 billion dollars and our revenue is quite low. Our total budget is about 22 billion dollars... A 1,000 megawatt plant is over 6 billion dollars, our total annual budget can only generate 4k megawatt Do d maths |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by TheGoodJoe(m): 1:01pm On Apr 19, 2015 |
gp6liveth: Which good plan did GEJ have? Lies. If GEJ had good plans, the money he spent on Private Jets, Arming Militants and the money from his so called Subsidy removal was enough to build a refinery in this country. |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by cap28: 1:03pm On Apr 19, 2015 |
gp6liveth: Deregulation means increase in prices as market forces will now dictate prices, this is why your electricity costs are higher, this is the thing many of you simply don't understand. Privatisation of entities formerly owned by govt does not equate to lower prices and improved quality. Your govt has colluded with multinational corporations to take over the running of all sectors of your govt and they are only doing so because these things are money spinners, there are no labour laws which regulate how these corporations can treat workers and their only objective is to make profit at any cost. Keep advocating for something that you do not understand! |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Nobody: 1:05pm On Apr 19, 2015 |
TheGoodJoe: lol... Go n check all corruption indexes for the last 10 - 20 years China has always been at the top section as very corrupt nation n yet in that same period they moved to become a very powerful world power n within reach to usurp the united states before 2030 |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by TheGoodJoe(m): 1:09pm On Apr 19, 2015 |
chuna1985: We built refineries in this country in the past when Crude Oil sold below its current rate. GEJ ran a government that sold crude for over $100+ a barrel. So leave all these no money talk. GEJ and his government had no interest in building refineries and he allowed corruption grow in every part of his government. 1 Like |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by Nobody: 1:14pm On Apr 19, 2015 |
TheGoodJoe: Lack of knowledge which is the major national problem in Nigeria has a very strong grip on you. Since 2012, GEJs government has been building 3 refineries in Lagos, Kogi n Bayelsa, their name us green field refinery initiative . make out time n investigate, Also look for knowledge. ...... D refineries are being built with part of sure P funds 1 Like |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by TheGoodJoe(m): 1:19pm On Apr 19, 2015 |
chuna1985: For how long now. I repeat, if GEJ wanted to set up Refineries, it would have been done. Why build three? Why not get a working refinery. Please, the idea that rrefineries could not be set up because of the subsidies is a lie. 1 Like |
Re: IMF Advices Nigeria To Remove All Forms Of Fuel Subsidy by TheGoodJoe(m): 1:20pm On Apr 19, 2015 |
chuna1985: The Chinese are moving forward because they are waging a strong war against Corruption. A war against corruption does not stamp out corruption but give the country a chance too grow. |
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