Watch former CBN boss, who is currently the Emir of Kano, Muhammadu Sanusi II speak on fuel subsidy removal in 2012.


https://www.youtube.com/watch?v=t7QDjzTTrag

http://www.metronaija.com/2016/05/video-what-sanusi-said-about-fuel.html

cc: lalasticlala mynd44

Hypocrise all of them

Every buhari actions is going a long way to prove that there is no integrity and truth among all the politicians working with him.

They all say one thing and quickly do the opposite.

Are u tired of life?
Do u need inspiration?
If yes; then go to any fuel station near u and shout "Sai Baba"

Lalasticlala mynd44 I was going to make a thread on this but found out someone did earlier. Kindly help us move to front page.
I have a shorter clip (about 8 minutes) but there's no point reposting it

In this debate, there we had Okonjo Iweala and Alison Madueke amongst others.

Summarily, Sanusi was warning Nigerians about the danger of subsidizing fuel.

He said "This government [Jonathan's government] can continue to pay this subsidy till 2015, it will not come down, but the next government will be sadled with a debt burden that it cannot maintain and the ***** situation will be nothing compared to where we are"

Well, we didn't listen to the real economists, we simply played into the hands of the politicians and were engulfed by the frenzy of the protest.

Even those of us who had never bought a litre of fuel didn't miss out from the protests.

Now, we are back to correcting the mistake we made 8 years ago and at a much more painful price.

The choice is ours!!

I would sometimes watch Sowore's videos and writeups making promises of how he would run the government if made president.
How he would pay 100k minimum wage... Bla bla bla..

And I will get scared if people will fall for this surreal promises just the way we fell for them in 2012.

Officialgarri:
Lalasticlala mynd44 I was going to make a thread on this but found out someone did earlier. Kindly help us move to front page.

In this debate, there we had Okonjo Iweala and Alison Madueke amongst others.

Summarily, Sanusi was warning Nigerians about the danger of subsidizing fuel.

He said "This government [Jonathan's government] can continue to pay this subsidy till 2015, it will not come down, but the next government will be sadled with a debt burden that it cannot maintain and the ***** situation will be nothing compared to where we are"

Well, we didn't listen to the real economists, we simply played into the hands of the politicians and were engulfed by the frenzy of the protest.

Even those of us who had never bought a liter of fuel didn't miss out from the protests.

Now, we are back to correcting the mistake we made 8 years ago and at a much more painful price.

The choice is ours!!

How many times will Buhari remove this subsidy? Next two weeks he will remove it again because the Naira must crash next week

GamalNasser:



How many times will Buhari remove this subsidy? Next two weeks he will remove it again because the Naira must crash next week

I will explain to you and many others.
On a Front page thread about two days ago, some people argued that why is there fuel hike since subsidy has been removed.
At first, one would first ask if these guys know the difference between Deregulation and Subsidy.
But I tell you that they are not totally wrong.
Infact, subsidy removal encourages competition and the lower the price the higher the demand.

Back to your question; in 2016, as part of his promises, Buhari removed fuel subsidy and price fell to about #86 naira from to #87. But trust marketers, just like cryptocurrencies, the price flew to #145

It was a shame to the government and they started subsidizing the fuel "quitely" i.e without formal announcement

However, GamalNasser doesn't work in the oil sector, and he doesn't like Buhari and 'luckily' EFCC says the FG spent #722 billion on fuel subsidy in 2018 alone!!

What!! Corruption!! there's no fuel subsidy!!

Indeed, there is still subsidy but to avoid backlash and due to shame, the government gave the NNPC approval to describe it as ‘under-recovery’ as part of its operational cost.
See image below
Don't be surprised that Fuel might go to #200/litre and then you hear the government talk about removing subsidy again.

Officialgarri:

I will explain to you and many others.
On a Front page thread about two days ago, some people argued that why is there fuel hike since subsidy has been removed.
At first, one would first ask if these guys know the difference between Deregulation and Subsidy.
But I tell you that they are not totally wrong.
Infact, subsidy removal encourages competition and the lower the price the higher the demand.

Back to your question; in 2016, as part of his promises, Buhari removed fuel subsidy and price fell to about #86 naira from to #87. But trust marketers, just like cryptocurrencies, the price flew to #145

It was a shame to the government and they started subsidizing the fuel "quitely" i.e without formal announcement

However, GamalNasser doesn't work in the oil sector, and he doesn't like Buhari and 'luckily' EFCC says the FG spent #722 billion on fuel subsidy in 2018 alone!!

What!! Corruption!! there's no fuel subsidy!!

Indeed, there is still subsidy but to avoid backlash and due to shame, the government gave the NNPC approval to describe it as ‘under-recovery’ as part of its operational cost.
See image below
Don't be surprised that Fuel might go to #200/litre and then you hear the government talk about removing subsidy again.

I understand deregulation and contrary to what you think I actually had a five year stint in the upstream oil sector before I left ... I have always been against subsidizing petroleum products especially by poor countries like Nigeria who can put that money into something better butt question was based on Buharis Inability to be able to sustain a stable pump price because of his very bad leadership. There are two ways the price of fuel can change now and one is that international price of crude oil goes up a d 2ndly if the Naira falls and all these can be attributed to Buharis bad leadership which can't stabilize the naira because of his very bad policies and his inability to fix our refineries , I mean we are are major producer and exporter of crude and so if we get our downstream midstream right our pump prices should not be affected by international price of crude ... In a single week Buhari increased Electricity , fuel , import Tarriff and opening the international airspace so by Wednesday the naira will crash except the govt pads it and when that happens Buhari will either have to increase the pump price again or secretly start another round of subsidy while at the same time buffering the Naira artificially with Forex we don't have ... Buhari is a very bad leader trust me and he can never get it right

Officialgarri:
I would sometimes watch Sowore's videos and writeups making promises of how he would run the government if made president.
How he would pay 100k minimum wage... Bla bla bla..

And I will get scared if people will fall for this surreal promises just the way we fell for them in 2012.

This idea that there are no better ways of fixing the country, but settling for the status quo... is pure fallacy. How come all the polictrickians with contrasting views on how to fix the country have failed?

One of the main issues is the hypocrisy & lies of PMB, this administration & it's minions/praise singers.

Deregulating the downstream sector of the oil & gas industry is something that should have bee n done a long time ago, but those in power today sponsored some gullible masses to pressure the government into reversing itself.

The big question now is that if in 2012 you kicked against removal of subsidy or denied it's existence ala PMB, why are you now implementing it? Especially at such a critical & trying period...

The minister of petroleum has not even deemed it fit to sensitise Nigerians on the matter (that's probably because he keeps getting exposed for the insensitive fraud that he & his cronies are).

Even the VP who is always quick to shout about how this administration cares for the common man is suddenly deaf, dumb & daft...

That said, what is really going on is that fuel is still being indirectly subsidized, albeit for the northern part of the country...

How?

There is no way that fuel bethered in Lagos should cost same or similar to fuel transported from Lagos to say Kano, Sokoto or borno...

The further up north, the more expensive fuel would be.

So in essence, fuel can actually be sold at say #85 in Lagos, #90 in Oyo, #110 in Benin, #130 in Enugu... But as you go further north, it can raise to #170 in Benue, #200 in Katsina, #270 in Sokoto & #300 in Borno...

So what government is simply doing now is that it is making the south subsidize fuel for the north to give some level of price parity...

If this government has truly deregulated the down stream oil sector, then it should allow the internal forces of demand & supply condition pricing just as it claims external factors affect it.

One way to reduce fuel prices is to review/remove some associated costs...

Equalisation & Bridging costs have to go (#8+);

NPA charges has to reduce;

Berthing & demurrage charges has to be cut down;

Review the Forex policy...

These are some of the things that can reduce fuel price in the interim...