Yksoul:
MY FRIEND POLITICIANS ARE THE SAME,DONT COME HERE AND STILL SUPPORT GEJ OR PDP,IF GEJ OR PDP WINS 2019 ELECTION THE WOULD INCREASE FUEL PRICE FROM #145 TO #200 MARK MY WORD.GO AND CHECK OIL PRICE RECORD,THEY APPRECIATE

You are another **** that has spoken again, politicians are not the same. Some have sense while others don't. A politician like GEJ is the man with sense, only that he had bad advisers and betrayals as company. PMB and his whole team of expertise lack COMMON SENSE. And they are gradually leading Nigeria to doom.

pwettyJasmine:



A lot is different now, the price of crude oil per barrel is different that on its own says a lot

good point.. The Govt. Should diversify the Econony why should a country like Nigeria depend only on oil. The govt of the day is nt serious.. The president, has nt evn visted 6 states in Nig.. We knw how many foreign trips baba has mde in 7months...

AtlanticBreeze:

please explain to us.. is that fuel is now at 86 naira where it was pegged or its is now hiked officially to 145 naira without subsidy removal.. Lets see who has the comprehension capacity

see your myopic faculty, you don't still comprehend you are been dribbled.

simply put, we just experienced price modulation rather than subsidy removal. let's hope it works out for the best. and i pray God saves us from economic hitmen... twas okonjo and diezani in d past. now i smell it on ibe kachikwu. The western world are lurking in the shadows waiting for our downfall and our govt aint sensitive enough.. #shame

Of course you should. When you have a very clueless and confused government, what do you expect their followers to be?

Pidggin:
Now, i am confused

Burger01:
Those IPOB and wailing mourners won't read and understand. Simple explanation is just way above their comprehension capacity... Shioorr!

I don't thk u understood it either. Fuel is now N145 official. Removal of subsidy in 2012 had fuel selling 4 N142/ltr. So did u understand anyrin other dan d current govt fixes price?

There's no longer wailing form

DropShot:
Sometimes, it's better to keep quiet instead of talking trash.

I understand his point but the explanation is needless.

Hummmmmmmm! D same demonic media was used 2 show yesterday government d exit door.

Hengineer:
Bros, the matter is just simple elementary english, I didnt have to smoke anything to understand this one.

It's like you have problems hence you're running round and round deceiving people.

Let me help you explain the politics better.

Osinbajo has a task as the head of Economic team to stimulate the Economy and restore investors confidence and the only fast and easy way to do it, is total deregulation and devaluation of the Naira to a realistic market value.

Why Buhari is sticking on his guns against total deregulation is not only about the removal of subsidy payment rather the "petroleum product equalization funds" that got to go with total deregulation which means the man in Kano got to pay a little bit more than the lady in Lagos State.

Putting one and two together, the Prof is looking for a way to balance the equation to the satisfaction of his boss, who would do everything possible to protect his constituency notwithstanding how much harm it does or brings to Nigerian people.

The subsidy may have tactically appeared to be removed because officially, the NNPC has adopted parallel exchange rate instead of the official N199 to allow for flat level capitalism thereby accommodating private competition.

The summary of what happened is that the subsidy wasn't removed but that Nigeria now accept quotations in dollars and by this adopting the parallel market exchange rate hence N145 per litre. The subsidy will be back as the maybe at $70 per barrel.

To buttress my point further, on 2nd May, 2016, the PPRMC announced that petrol will sell at N97 to N99 per litre without subsidy. The question becomes why N145? Yes, it N99 for official exchange rate of N199 to $1 but using the parallel market value, it became N145.

WE ARE FANTASTICALLY CORRUPT

WHILE THE APC GOVERNMENT IS TECHNICALLY CORRUPT.. LOBATAN

Ossy n bubu r confused maggots, they've seen d reactions of d masses r angry n some r threatening to go on strike so for this not to happen they now turn around to blab this nonsense. If they like they should explain from today to eternity nobody will beliv u.



#bestofafeather#

Nijeria jaga jaga

Another round of devaluation of the naira will compound the woes of First Bank Plc as over 50 percent of the lender’s spiralling non performing loans (NPLs) are dollar denominated, analysts at Ren Cap say.

First Bank has suffered a significant drop in profit caused by huge impairments on financial assets otherwise known as loan loss expense.

NPLs increased to 22 percent in the first quarter of the year, fuelled by exposure to the oil and gas.

This figure crosses the 5 percent threshold questioning the risk management strategy and portfolio management of the bank.

The bank’s risk assets managers failed to diversify or minimise risk and maximise return.

A possible devaluation of the currency is inevitable given the continued depletion of the external reserves and rising inflation.


“Another related asset quality concern is that 56% of the bank’s NPLs are FX, which implies that if devaluation occurs, coverage levels would fall, with the bank needing to set aside more naira earnings to cover these greenback NPLs. In light of this, it is quite difficult for us to get comfortable with a coverage ratio of 37 percent”, said analysts at Rencap.

Chai! And they say this man na Pastor o. Senior Pastor for that matter.

Pidggin:
Now, i am confused

Cc: MaziOmenuko

Jasper Azualatam wrote:

THE FEDERAL GOVERNMENT DID NOT REMOVE SUBSIDY BECAUSE THERE IS NO SUBSIDY AT #86.5 PUMP PRICE OF FUEL

Before you go to protest against the removal of fuel subsidy by the Federal Government, be informed that the government did not remove any subsidy because there was no subsidy to be removed in the first place! So don't go and protest against what does not exist. Seek information and be informed.

This is what the government has done. The government has simply stopped giving foreign exchange to fuel importers and has asked them to source for foreign exchange through secondary sources.
Why has the pump price of fuel increased from #86.5 to between #135 and #145? This is specifically as a result of the difrence between the official exchange rate and the informal (parallel) market exchange rate. This is the simple mathematics.
The official exchange rate is #199 per dollar while the parallel market exchange rate is #320 per dollar. This represents and increase of 37% (320-199/320 × 100 = 37.8%). This reflected exactly in the new price of petrol as it increased from #86.5 to an averag of #140 which is an increase of 38% (140 - 86.5/140 ×100 = 38%).

There may be a gap in the dissemination of information to the public and it is totally regrettable and I am sure it will be taken care of, but I encourage Nigeians to seek the right information.
I have always insisted that there was nothing like fuel subsidy and I stand by that. The Federal government cannot continue to be the sole source of foreign exchange for the importation of fuel in the face of falling price of crude resulting in the depletion of our foreign reserve. It unsustainable and cannot satisfy the domestic consumption of fuel in Nigeria.

Nigeria gets foreign currency from the sale of crude and the price of crude has fallen by over 70%. This means that the government no long has enough dollars to give to fuel importers. A lay man shoud be able to understand this.

With the competition that will set in from the open market, it s expected that the pump price of fuel will naturally crash in time.

Please share and enlighten every Nigerian.

Jasper Azuatalam

---------------

My thoughts: the denominator in the calculations should be 199 and 86.5 which would reflect a 61-62% increase in price.

Burger01:
Those IPOB and wailing mourners won't read and understand. Simple explanation is just way above their comprehension capacity... Shioorr!

Maybe IPOB mourns, the Nort h moans. but the truth remains that apc govt is playing a cheap game.

Burger01:
Those IPOB and wailing mourners won't read and understand. Simple explanation is just way above their comprehension capacity... Shioorr!

Maybe IPOB mourns, Nigeria moans and the truth remains that apc govt is playing a cheap game.

I thought this man was once a pastor? How did they induct him into lying? It's unbelivable

LadyExcellency:


It's like you have problems hence you're running round and round deceiving people.

Let me help you explain the politics better.

Osinbajo has a task as the head of Economic team to stimulate the Economy and restore investors confidence and the only fast and easy way to do it, is total deregulation and devaluation of the Naira to a realistic market value.

Why Buhari is sticking on his guns against total deregulation is not only about the removal of subsidy payment rather the "petroleum product equalization funds" that got to go with total deregulation which means the man in Kano got to pay a little bit more than the lady in Lagos State.

Putting one and two together, the Prof is looking for a way to balance the equation to the satisfaction of his boss, who would do everything possible to protect his constituency notwithstanding how much harm it does or brings to Nigerian people.

The subsidy may have tactically appeared to be removed because officially, the NNPC has adopted parallel exchange rate instead of the official N199 to allow for flat level capitalism thereby accommodating private competition.

The summary of what happened is that the subsidy wasn't removed but that Nigeria now accept quotations in dollars and by this adopting the parallel market exchange rate hence N145 per litre. The subsidy will be back as the maybe at $70 per barrel.

To buttress my point further, on 2nd May, 2016, the PPRMC announced that petrol will sell at N97 to N99 per litre without subsidy. The question becomes why N145? Yes, it N99 for official exchange rate of N199 to $1 but using the parallel market value, it became N145.

Madam, leave all these long epistles and let's focus on the dubiousness of the simple report. Vanguard claims that Osinbajo said subsidy hasn't been removed, but within the content of the report, nowhere does it show that Osinbajo made this statement; the statement is just a bloody lie and a figment of the imagination of the confused Vanguard reporter who has either created this false report out of his own ignorance or maybe for politically divisive purposes. If you doubt me, kindly go back and re-read the report and kindly point out where in the said report that the VP claims subsidy hasn't been removed?

Meanwhile regarding your last paragraph, I the true explanation is simple enough, but probably for political reasons, a lot have chosen to feign ignorance of the situation but you have explained it completely. Without subsidy, petrol shouldnt sell up to N100, but that is if forex is gotten at the official rate; we all know the arketers have now been pushed to the black market so I wonder why anyone is still asking where N145 came from.

amazon14:
I thought this man was once a pastor? How did they induct him into lying? It's unbelivable

When they say read and understand, you no go gree...

People have no problems understanding the VP. The real issue is the sincerity of this govt. If you read between the lines you will understand what I am saying. Believing that things will get better with Buhari in charge is like Believing that Arsenal will win the Champions League with Arsene Wenger in charge. Dollar will go as high as N400 very soon. How did we get to this situation? These APC guys were just bent on getting power from the ruling party, but they were not ready for governance. Budget Palaver, Delay in appointing Ministers, Senate Leadership Palaver. Some VVIPs would still get this Dollar from govt at official rate. Don't be surprised that the naira will be devalued next week. The more you look, the less you see. Cheers.

Hengineer:

Madam, leave all these long epistles and let's focus on the dubiousness of the simple report. Vanguard claims that Osinbajo said subsidy hasn't been removed, but within the content of the report, nowhere does it show that Osinbajo made this statement; the statement is just a bloody lie and a figment of the imagination of the confused Vanguard reporter who has either created this false report out of his own ignorance or maybe for politically divisive purposes. If you doubt me, kindly go back and re-read the report and kindly point out where in the said report that the VP claims subsidy hasn't been removed?

Meanwhile regarding your last paragraph, I the true explanation is simple enough, but probably for political reasons, a lot have chosen to feign ignorance of the situation but you have explained it completely. Without subsidy, petrol shouldnt sell up to N100, but that is if forex is gotten at the official rate; we all know the arketers have now been pushed to the black market so I wonder why anyone is still asking where N145 came from.

hedgesfun:


You guys need not get confused, in the first place the OP is wrong with the headline, there is no part of the story that says subsidy has not been removed, it only says the main issue about the price template is not basically based on subsidy removal, but based on the fact that the gov't or do I say CBN cannot afford to provide forex for importers, thus they 're asked to seek their forex wherever, bring fuel and sell, but with d condition that whatever you bring including your profit must not be sold above 145naira, thus if you can't get ur own at most 145 naira sales, then don't bother bring in.
I think it's a good idea really, cos to me if am in d opposition I'll just finance some of my peeps, bring in quality fuel and ensure I sell as low as 60naira and start propaganda against this present government.

Thank you.

Bamz:



Cc: MaziOmenuko

Jasper Azualatam wrote:

THE FEDERAL GOVERNMENT DID NOT REMOVE SUBSIDY BECAUSE THERE IS NO SUBSIDY AT #86.5 PUMP PRICE OF FUEL

Before you go to protest against the removal of fuel subsidy by the Federal Government, be informed that the government did not remove any subsidy because there was no subsidy to be removed in the first place! So don't go and protest against what does not exist. Seek information and be informed.

This is what the government has done. The government has simply stopped giving foreign exchange to fuel importers and has asked them to source for foreign exchange through secondary sources.
Why has the pump price of fuel increased from #86.5 to between #135 and #145? This is specifically as a result of the difrence between the official exchange rate and the informal (parallel) market exchange rate. This is the simple mathematics.
The official exchange rate is #199 per dollar while the parallel market exchange rate is #320 per dollar. This represents and increase of 37% (320-199/320 × 100 = 37.8%). This reflected exactly in the new price of petrol as it increased from #86.5 to an averag of #140 which is an increase of 38% (140 - 86.5/140 ×100 = 38%).

There may be a gap in the dissemination of information to the public and it is totally regrettable and I am sure it will be taken care of, but I encourage Nigeians to seek the right information.
I have always insisted that there was nothing like fuel subsidy and I stand by that. The Federal government cannot continue to be the sole source of foreign exchange for the importation of fuel in the face of falling price of crude resulting in the depletion of our foreign reserve. It unsustainable and cannot satisfy the domestic consumption of fuel in Nigeria.

Nigeria gets foreign currency from the sale of crude and the price of crude has fallen by over 70%. This means that the government no long has enough dollars to give to fuel importers. A lay man shoud be able to understand this.

With the competition that will set in from the open market, it s expected that the pump price of fuel will naturally crash in time.

Please share and enlighten every Nigerian.

Jasper Azuatalam

---------------

My thoughts: the denominator in the calculations should be 199 and 86.5 which would reflect a 61-62% increase in price.

Best explanation so far. Thank you.

confused government

Skills10:
People have no problems understanding the VP. The real issue is the sincerity of this govt. If you read between the lines you will understand what I am saying. Believing that things will get better with Buhari in charge is like Believing that Arsenal will win the Champions League with Arsene Wenger in charge. Dollar will go as high as N400 very soon. How did we get to this situation? These APC guys were just bent on getting power from the ruling party, but they were not ready for governance. Budget Palaver, Delay in appointing Ministers, Senate Leadership Palaver. Some VVIPs would still get this Dollar from govt at official rate. Don't be surprised that the naira will be devalued next week. The more you look, the less you see. Cheers.

Oh yes, the nation has been successfully blackmailed into devaluing, I will not be surprised if PMB eventually succombs and devalues. But then, how will that help anyone?

Forget all these blame games you keep throwing around, appointing ministers a day after handover could not have made any wonderful economic difference as much as no wonders have been performed since the past 5 months that the ministers have been appointed. Nigeria is in for major trouble as long as forex continues to be in short supply; and oh yes, with petrol marketers now storming the blackmarket, a dollar may sell for 450 soon. But the fact remains, it is not Buhari's fault that forex is scarce today, just as it is not his fault that global oil prices have crashed and remained low. But if you like, feel free to keep blaming...

shotuns:



Best explanation so far. Thank you.

But the point still remains... we are in a country where things are not in proper order. It's a Nigerian factor not politically inclined.

Those decisions were not well planned. The common man doesn't give a hoot whether the plot is to ease the pressure of fx sourcing for the government or whether subsidy (which may not have existed) was removed.

There is a clear impact: the hike.

What did they think? People would be happy about it and praise the administration. These guys need courses in emotional intelligence and the rest.

My question: what is the government doing to alleviate the masses' pains in the spate of these developments?

This is what people should be asking other than arguing politics.

see confusion.this people can kill sombody o,i think i ll stop opening any thread on politics,don't want to die of hbp,

MisterGrace:
These malicious and demonic media keeps twisting things just to make the people to hate this govt.

Forget the media... What me i know is, I bought fuel this morning at 145 naira per litre. If that isn't subsidy, removal, then we are in even bigger trouble in this country.

Something needs to b done abt d lingering scarcity fast!

MisterGrace:
These malicious and demonic media keeps twisting things just to make the people to hate this govt.

Maybe. But it wasn't a problem when the same media was used to promote the 'change' agenda during election time.