why are we so foolish in this country. I mean our leaders .is it not better for us to borrow money and build modular refineries in every state. some if these loans are paid back after ten years or more gradually. then we sell refined products to many countries instead of only crude.at least most African countries will buy due to proximity. we make profits we have enough for our local consumption and also get a lot of byproduct from it.additionally save about 60 billion we spend on subsidy monthly. is it rocket science. is it not fractional distillation .I'm just angry

Solsix:
Nigeria is bleeding seriously

Some people are being empowered.

obailala:

It's not even about the stealing, it's simple logic; fuel cost more than N145 per litre, so if the pump price is fixed at N145, someone (govt) has to pay the difference.

The difference your beloved govt is paying is now far more than when it was 97 naira.

You didn't say anything about that.

Simplyleo:
Okay.

But if prices of imported petroleum products must be regulated, government intervention to cushion the effects of increased prices is inevitable, hence the subsidy. Without subsidy, the prices will soar.

Las las, nothing for online trolls.

Even after Mumu Buhari increase pump price by almost 100%?

Muhamadu Buhari supporters are as daft as Buhari

Bunch of oloriburuku

CSTR2:

The difference your beloved govt is paying is now far more than when it was 97 naira.

You didn't say anything about that.

You dey mind those cursed zombie?

Alexgeneration:
I thought your Lord and Saviour said subsidy is fraud.

Why is he paying now, or is he a fraudster?

Don't mind that one. Shame has made most of his fellow paid goons to stop posting or change moniker to become neutral commenters but he is still living in vuvuku land

CSTR2:

The difference your beloved govt is paying is now far more than when it was 97 naira.

You didn't say anything about that.

There's a simply economic explanation for that; when pump price was N97, the actual import cost was about N145. Now fuel sells for N145 but the actual import cost floats between N165 - N200. Oil prices and the exchange rate which has doubled (N160 - N305) are the core culprits why subsidy is still being paid despite the N145 pump price.

The above logic is only complex when we mix emotions and economics.

1nigeriamyfoot:

Even after Mumu Buhari increase pump price by almost 100%?

Muhamadu Buhari supporters are as daft as Buhari

Bunch of oloriburuku

1nigeriamyfoot:

You dey mind those cursed zombie?

The real daft 'Zon B' is the one who doesn't know that exchange rate which has doubled between 2012 to date will also double the import cost of fuel.

obailala:

There's a simply economic explanation for that; when pump price was N97, the actual import cost was about N145. Now fuel sells for N145 but the actual import cost floats between N165 - N200. Oil prices and the exchange rate which has doubled (N160 - N305) are the core culprits why subsidy is still being paid despite the N145 pump price.

The above logic is only complex when we mix emotions and economics.



The real daft 'Zon B' is the one who doesn't know that exchange rate which has doubled between 2012 to date will also double the import cost of fuel.

But you did not include the fact the prices of oil has massively dropped globally.
Landing prices have been highly exaggerated.
And that is just one reason.

And also the difference in exchange rate now does not rationally account for a whopping 2000% differentials in subsidy.

That is robbery.

CSTR2:

But you did not include the fact the prices of oil has massively dropped globally.
Landing prices have been highly exaggerated.
And that is just one reason.

And also the difference in exchange rate now does not rationally account for a whopping 2000% differentials in subsidy.

That is robbery.

What exactly increased by 2000% ? From what price to what price?.... Are you sure you understand the report you read?

Meanwhile regarding the currently fallen oil prices you talk of, in 2012 when exchange rate was N150-160/$ and oil price was ~$100, landing cost of imported fuel was N145. Now exchange rate has doubled to N305/$ but landing cost of fuel is still under N200. Can you not see that that is a result of the low oil price?

The calculation is wrong as the border closure has reduced our consumption

fulaniHERDSman:
If I say Nigeria is irredeemable, they will say one is unpatriotic.
Nigeria is finished!!!
If I have access to Nuclear weapon, I would have used it on Africa since.

Exactly my thoughts...

Why was ojota occupied again? Anyone that partake or encourages that ojota protest during GEJ administration and choose to remain silent now will be met with......... Idiots! Fools! Hypocrites!!!

obailala:

There's a simply economic explanation for that; when pump price was N97, the actual import cost was about N145. Now fuel sells for N145 but the actual import cost floats between N165 - N200. Oil prices and the exchange rate which has doubled (N160 - N305) are the core culprits why subsidy is still being paid despite the N145 pump price.

The above logic is only complex when we mix emotions and economics.



The real daft 'Zon B' is the one who doesn't know that exchange rate which has doubled between 2012 to date will also double the import cost of fuel.

Odoyo ni e

Under whose nose does naira died a natural death?

Mumu Buhari met naira at 196/$ as at 2015 but plunged it to 365/$

Simplyleo:
Okay.

But if prices of imported petroleum products must be regulated, government intervention to cushion the effects of increased prices is inevitable, hence the subsidy. Without subsidy, the prices will soar.

Las las, nothing for online trolls.

You should have just explained the economic reason behind the monumental increase if not that you have noodles up there.

jahsharon:
It has decreased by 3000% since border closure

What's your source?

1nigeriamyfoot:


Odoyo ni e

Under whose nose does naira died a natural death?

Mumu Buhari met naira at 196/$ as at 2015 but plunged it to 365/$

Oh your argument is no longer "Buhari is stealing subsidy"? It has now shifted to "buhari is the one that crashed the Naira"? This is a typical example of what happens when emotions and foolishness is placed before logic.

Meanwhile when you and your countrymen have an inordinate appetite for imported goods, (including imported toothpick) in a country that depends on only one source of income (oil), the currency crashing at every oil price shock becomes inevitable especially when your useless leaders do not have the foresight and discipline to save sufficient funds in its foreign reserves. Buhari isnt the one who made Nigeria to depend only on oil, neither is he the one that forced you to kill all your refineries thereby spending 60% of its forex importing petrol and kerosene; PMB isn't also the one who depeleted the reserves making it impossible to defend the Naira when the oil crisis was critical.

FYI, the Naira's value has progressively devalued under every single regime. When OBJ entered, Naira was less than N80/$, when he left it was about N120-150/$. When GEJ entered, despite unprecedented oil income, Naira still crashed from N150/$ to N230/$ in the parallel market. The entire crash under GEJ happened in the last few months due to a sudden oil crash despite desperate efforts made using funds in the reserves to defend the Naira. The oil crash worsened and persisted after PMB took over and at the time he took over, the reserve was critically low to permit further withdrawals to defend the Naira. Only a fellow having boiled indomie in place of brain cells would have expected magic to have happened for the Naira not to crash... Nuff said!

Now quit blabbing out off point let's go back to the topic of discussion

DMerciful:
Nigerians especially the West and North hated GEJ because he is from a minority tribe. They hated the fact that GEJ was making institutional progress and they fear their rubbish legacy would be desecrated so they started unnecessary attacks through occupy lagos and malicious publications by Lagos-Ibadan press. This was done by the West under pretence that GEJ refused to give them speakership even though GEJ made effort to put Mulikat but was frustrated by Tinubu who chose Tambuwal for his people. While the North intensified Bokoharam, kidnapped their own children, Sanusi went on rambling of NNPC missing $20 billion which Price Waterhouse Corper audited and found nothing substantial. NNPC is still loosing money till tomorrow, subsidy has doubled and fuel price has also doubled, we have borrowed over 10 trillion yet the roads are bad, electricity bad, security and crime has become a disaster, there is general unhappiness in the country, electoral gains made by GEJ has been reversed, elections has gone back to pre 2007 when results were written in politicians bedrooms. In all honesty, the west betrayed the South for nothing!

What a lot of amnesiac nonsense! How did your beloved saint GEJ get elected in 2011 to begin with, if not for the support of those very people from the "West and North" who allegedly "hate" him "because he is from a minority tribe"? If GEJ won without Western or Northern support in 2011, why couldn't he repeat the feat in 2015, even with all the advantages of incumbency? It staggers the mind that at least 96 other knuckle-draggers thought such preposterous, baseless, tribalistic drivel worth giving a "like": with such attitudes being widespread, it's no wonder Nigeria is a basket-case ...

kingjoe:
why are we so foolish in this country. I mean our leaders .is it not better for us to borrow money and build modular refineries in every state. some if these loans are paid back after ten years or more gradually. then we sell refined products to many countries instead of only crude.at least most African countries will buy due to proximity. we make profits we have enough for our local consumption and also get a lot of byproduct from it.additionally save about 60 billion we spend on subsidy monthly. is it rocket science. is it not fractional distillation .I'm just angry

Well Bubu tried to avoid all of this by * cough* asking for private funding *cough* to truly give you refineries you'll be proud to call your own, but *cough* you guys refused to give him the money.

Gorge orwell's Animal farm

Same way they will collect rice subsidy

.

I am sure 96% of people reading and commenting do not understand the concept of subsidy and reason for the wailing about it.

FG is not subsidising fuel ; subsidy is a mere concept which makes too many flawed assumptions in how it is calculated and only exists in the pages of anti-govt newspapers and minds of wailers.

Fact: Subsidy is a theoretical concept introduced by corrupt govt of Thief Obasanjo to justify the hiking of fuel price.

Question: Is there any provisions for subsidy in any of Buhari's budget proposals? No!

Question : Did Abacha ever talk about the concept of subsidy?

obailala:

There's a simply economic explanation for that; when pump price was N97, the actual import cost was about N145. Now fuel sells for N145 but the actual import cost floats between N165 - N200. Oil prices and the exchange rate which has doubled (N160 - N305) are the core culprits why subsidy is still being paid despite the N145 pump price.

The above logic is only complex when we mix emotions and economics.



The real daft 'Zon B' is the one who doesn't know that exchange rate which has doubled between 2012 to date will also double the import cost of fuel.

Guy, NO.
The daft one here is the one whom is so blind to understand that if Otedola, Ifeanyi Ubah and other subsidy criminals made so much monies and was knocked out by NNPC to be the sole importer, volume shouldn't have doubled.
You try to give reasons for the increase in cost but not the outrageous and "outside the curve" quantity.
In $ the current govt is paying over 200% is it not a cause for questions?
And still borrows everyday.
I just dey watch us for this country.
If our govt can be sincere for just 4yrs, this country will change for good.

Simplyleo:
Okay.

But if prices of imported petroleum products must be regulated, government intervention to cushion the effects of increased prices is inevitable, hence the subsidy. Without subsidy, the prices will soar.

Las las, nothing for online trolls.

Really?? You de think of your children at all?

obailala:

Oh your argument is no longer "Buhari is stealing subsidy"? It has now shifted to "buhari is the one that crashed the Naira"? This is a typical example of what happens when emotions and foolishness is placed before logic.

Meanwhile when you and your countrymen have an inordinate appetite for imported goods, (including imported toothpick) in a country that depends on only one source of income (oil), the currency crashing at every oil price shock becomes inevitable especially when your useless leaders do not have the foresight and discipline to save sufficient funds in its foreign reserves. Buhari isnt the one who made Nigeria to depend only on oil, neither is he the one that forced you to kill all your refineries thereby spending 60% of its forex importing petrol and kerosene; PMB isn't also the one who depeleted the reserves making it impossible to defend the Naira when the oil crisis was critical.

FYI, the Naira's value has progressively devalued under every single regime. When OBJ entered, Naira was less than N80/$, when he left it was about N120-150/$. When GEJ entered, despite unprecedented oil income, Naira still crashed from N150/$ to N230/$ in the parallel market. The entire crash under GEJ happened in the last few months due to a sudden oil crash despite desperate efforts made using funds in the reserves to defend the Naira. The oil crash worsened and persisted after PMB took over and at the time he took over, the reserve was critically low to permit further withdrawals to defend the Naira. Only a fellow having boiled indomie in place of brain cells would have expected magic to have happened for the Naira not to crash... Nuff said!

Now quit blabbing out of point let's go back to the topic of discussion

But same govt almost imported grass from Brazil and your oga and his colleagues keeps packing away our dollars for foreign medicals.
You absolutely have a very weak point.
Yes it is wrong to import like Naija does but have our leaders led by example?
Even their wears are all foreign and they keep traveling abroad always.
No be abroad Zahra & her siblings go school?
Cos rice is the common man's food?
Can we start import restriction from ostentatious goods?
Criminal elites

obailala:

Oh your argument is no longer "Buhari is stealing subsidy"? It has now shifted to "buhari is the one that crashed the Naira"? This is a typical example of what happens when emotions and foolishness is placed before logic.

Meanwhile when you and your countrymen have an inordinate appetite for imported goods, (including imported toothpick) in a country that depends on only one source of income (oil), the currency crashing at every oil price shock becomes inevitable especially when your useless leaders do not have the foresight and discipline to save sufficient funds in its foreign reserves. Buhari isnt the one who made Nigeria to depend only on oil, neither is he the one that forced you to kill all your refineries thereby spending 60% of its forex importing petrol and kerosene; PMB isn't also the one who depeleted the reserves making it impossible to defend the Naira when the oil crisis was critical.

FYI, the Naira's value has progressively devalued under every single regime. When OBJ entered, Naira was less than N80/$, when he left it was about N120-150/$. When GEJ entered, despite unprecedented oil income, Naira still crashed from N150/$ to N230/$ in the parallel market. The entire crash under GEJ happened in the last few months due to a sudden oil crash despite desperate efforts made using funds in the reserves to defend the Naira. The oil crash worsened and persisted after PMB took over and at the time he took over, the reserve was critically low to permit further withdrawals to defend the Naira. Only a fellow having boiled indomie in place of brain cells would have expected magic to have happened for the Naira not to crash... Nuff said!

Now quit blabbing out of point let's go back to the topic of discussion

The way you guys support evil in your country is thrilling, honestly.
Imagine what you typed up there.
Reserve dropped?
Oga balance our debt with reserve as at today?
That's why volume of oil bring subsidized doubled in 5yrs even with border closure?
But same govt almost imported grass from Brazil and your oga and his colleagues keeps packing away our dollars for foreign medicals.
You absolutely have a very weak point.
Yes it is wrong to import like Naija does but have our leaders led by example?
Even their wears are all foreign and they keep traveling abroad always.
No be abroad Zahra & her siblings go school?
Cos rice is the common man's food?
Can we start import restriction from ostentatious goods?
Criminal elites

GenBuhari:
I am sure 96% of people reading and commenting do not understand the concept of subsidy and reason for the wailing about it.

FG is not subsidising fuel ; subsidy is a mere concept which makes too many flawed assumptions in how it is calculated and only exists in the pages of anti-govt newspapers and minds of wailers.

Fact: Subsidy is a theoretical concept introduced by corrupt govt of Thief Obasanjo to justify the hiking of fuel price.

Question: Is there any provisions for subsidy in any of Buhari's budget proposals? No!

Question : Did Abacha ever talk about the concept of subsidy?

Lol
Funny you,
Subsidy is now NNPC's responsibility.
They make the money and pay subsidy as well, then remit the balance to the govt.
So PMB isnt paying subsidy?
Omo, make una see brain ooo!
Kai! Una no go kill person for this country

I beg where Simplyleo, doemelo, seunmsg, mannabqgrills, etc dey?

clarocuzioo:
I don't know what is subsidy, has turned to pay the highest subsidy in the history of this country.

Why did they increase the price @first these guyz are scam.....

clarocuzioo:
I don't know what is subsidy, has turned to pay the highest subsidy in the history of this country.

That is how scammers roll

Cherez:

Guy, NO.
The daft one here is the one whom is so blind to understand that if Otedola, Ifeanyi Ubah and other subsidy criminals made so much monies and was knocked out by NNPC to be the sole importer, volume shouldn't have doubled.
You try to give reasons for the increase in cost but not the outrageous and "outside the curve" quantity.
In $ the current govt is paying over 200% is it not a cause for questions?
And still borrows everyday.
I just dey watch us for this country.
If our govt can be sincere for just 4yrs, this country will change for good.

The truest daft one is the person who reads A, understands it as B, and begins to throw insults based on his obviously poor comprehension skills. FYI, nowhere in my post did I mention or defend anything about the increased quantity of consumption, that is another kettle of fish. Learn to look before jumping to conclusions like a frustrated wife.

I have always said it that increasing consumption 'quantity' is the only area where there is no explanation and obviously fraudulent; if people were smart in Nigeria, that's the only area the arguments should be focused on, not the "fuel is N145 so are we paying subsidy?" shallow question which people always raise on these threads.

Next time if you want to know my opinion, ask me! before you run ahead of yourself assuming you know what my opinion is.

By the way, you said the current govt is paying over 200%. 200% of what exactly? Where do you cough out these figures from?

Cherez:


But same govt almost imported grass from Brazil and your oga and his colleagues keeps packing away our dollars for foreign medicals.
You absolutely have a very weak point.
Yes it is wrong to import like Naija does but have our leaders led by example?
Even their wears are all foreign and they keep traveling abroad always.
No be abroad Zahra & her siblings go school?
Cos rice is the common man's food?
Can we start import restriction from ostentatious goods?
Criminal elites

The only descriptions I made about our leaders in my earlier post was that our leaders were 'useless'; I didnt exclude anyone, I wasn't holding brief for anyone, I never praised anyone in my post. So you cant blame me for your poor comprehension of my point of view.

I was only explaining the reason why Nigeria was still paying subsidies even though pump price had been increased to N145. After mentioning the Naira value crash being the primary reason subsidy was still being paid despite N145 pump price, someone dropped a crude political explanation as the reason for the Naira crash. My last comment which you quoted was me trashing the fellow's shallow Apc vs Pdp political explanation.