$905 million in one month

Enyimbamercedes:
External reserves slipped but crude oil prices increased.

Where is the money? It’s going on the fake subsidy! The APC are building a war chest of funds and using the fake subsidy to funnel money from the NNPC!

Today they are claiming that petrol price is subsidized by about 118 naira. Multiply this figure by the fake daily consumption and you’ll know how much is stolen daily!

So let us remove the subsidy and end subsidy payments

Plus it does cost a lot to subsidse fuel. Add the fact that a lot of our subsidised fuel ends up smuggled abroad to neighbouring African countries where fuel costs N350 and above which adds to the cost.

Plus it prevents investment in new refineries ( unless you are.dangote and even then) and nmpc is spending money it could have used for new refineries on subsidy

Removing subsidy will end the corruption there as well.

Wahala

*.

sweetshisha:
Something is fvcking wrong with Buhari, Zainab Ahmed and Godwin Emefiele

Price of crude oil is relatively high

Crude oil price according to the budget is higher so we should have excess forex

Forex is not released to importers of many products


What the fvck is depleting our fvcking foreign reserves??!

Agbana

sweetshisha:
Something is fvcking wrong with Buhari, Zainab Ahmed and Godwin Emefiele

Price of crude oil is relatively high

Crude oil price according to the budget is higher so we should have excess forex

Forex is not released to importers of many products


What the fvck is depleting our fvcking foreign reserves??!

....igboho, and nnamdi kanu are the cause of the depletion...probably they used all the forex to capture and maim them...

Sirjamo the zombie
If you don't go to Dubai before Buhari leaves office or go for medical tourism in the UK or get a degree from a UK University before Buhari leaves office, it means you are a useless pawn on Buhari's chessboard. It means you are a total idiot and Buhari and his family are using you to cash out.

That will make you the most stupid bof all humans

Beancounter93:


So let us remove the subsidy and end subsidy payments

Plus it does cost a lot to subsidse fuel. Add the fact that a lot of our subsidised fuel ends up smuggled abroad to neighbouring African countries where fuel costs N350 and above which adds to the cost.

Plus it prevents investment in new refineries ( unless you are.dangote and even then) and nmpc is spending money it could have used for new refineries on subsidy

Removing subsidy will end the corruption there as well.

the same government intends to borrow over 3 billion dollars to have a stake in the dangote refinery..isn't the subsidy gibberish suppose to impede the borrowing? The government has no excuse...this government is the most incompetent and inept.. useless to the core..when the previous admin actually paid for subsidy ( same subsidy this present foolish administration claimed wasn't factual) we bought pms lower than what the market price is now.

What is happening.?. you can't explain the foolishness of this government away..

sweetshisha:
Something is fvcking wrong with Buhari, Zainab Ahmed and Godwin Emefiele

Price of crude oil is relatively high

Crude oil price according to the budget is higher so we should have excess forex

Forex is not released to importers of many products


What the fvck is depleting our fvcking foreign reserves??!

If the importers of many products were exporters of many products, you will naturally see Fx flowing into the country

Deltafirstson:



https://punchng.com/external-reserves-slide-further-lost-905-5m-in-june-cbn/

no sane investor will give you a dime. Na two years remain oh

Beancounter93:


1. Increasing subsidy payments as it is becoming more expensive to keep fuel at a cheap price with rising oil prices meaning increase in the cost of refining fuel. Then subsidy makes it unprofitable to refine at home because domestic refinreis cannot set their prices and thus cannot make a profit on refining petrol here.

2. Oil has not been as high as we want it . We should have had oil at $133 for a balanced budget not the $80 it is ( breakeven price)

3. Because oil has not been as high as we want it to be we have to borrow to keep our heads above water. Paying back our debts is difficult.

Recall that the oil price has been volatile since 2014. Atimes it has been as low as $24 and as high as $80. Meanwhile our breakeven oil price rose from $122 in 2012 to $139 in 2017.and now $133. When oil is not as high as you need it you take loans to cover the difference
And then you have to pay back the loans.

4. Tax level low. Our tax to gdp ratio is 6.1%. Only 30% of the taxable population pays taxes. As such we are far more dependent on oil for everything (A big reason why NNPC boss Kyari is so insistent on subsidy removal is because it is taking a big bite from government revenues...meaning that government cannot spend money on other things until it has fed the subsidy monster)


5. Corruption and stealing at all levels of government. Inflated claims. Looting..Round tripping. You know the drill.

6. Failure to diversify the economy. Nigeria in particular loses billions to illegal mining. Agriculture is not at the level we need it to be to be a big exporter. And government talks a lot but does nothing. Rice pyramids does not mean that Nigeria has displaced Brazil and Thailand as a major rice producer.

7. Buhari. ( before anyone calls me his supporter which I ain't)

8. Insecurity, boko etc which drives off investors

You are wrong. The guy you quote is correct.

By the time Hunger kill all those idiots still supporting this useless gornment their eyes go clear broke ass modafuckers..

And for all those miscreants who were quoting me in the other thread about Sunday Igboho una dey waste una time i no dey reply yeye quote/mentions .. Bloody broke ass retards in a useless Shithole Nigeria.

Enyimbamercedes:
External reserves slipped but crude oil prices increased.

Where is the money? It’s going on the fake subsidy! The APC are building a war chest of funds and using the fake subsidy to funnel money from the NNPC!

Today they are claiming that petrol price is subsidized by about 118 naira. Multiply this figure by the fake daily consumption and you’ll know how much is stolen daily!

Bro, Buhari is a huge scam. I regret support him initially.

He has a scattered down the country. It is a pity.

sweetshisha:




Something is fvcking wrong with Buhari, Zainab Ahmed and Godwin Emefiele

Price of crude oil is relatively high

Crude oil price according to the budget price benchmark is higher so we should have excess forex

Forex is not released to importers of many products


What the fvck is depleting our fvcking foreign reserves??!


.

The cabal bro. They live on Forex. Or how exactly did you think Godwin got his second term

Beancounter93:


1. Increasing subsidy payments as it is becoming more expensive to keep fuel at a cheap price with rising oil prices meaning increase in the cost of refining fuel. Then subsidy makes it unprofitable to refine at home because domestic refinreis cannot set their prices and thus cannot make a profit on refining petrol here.

2. Oil has not been as high as we want it . We should have had oil at $133 for a balanced budget not the $80 it is ( breakeven price)

3. Because oil has not been as high as we want it to be we have to borrow to keep our heads above water. Paying back our debts is difficult.

Recall that the oil price has been volatile since 2014. Atimes it has been as low as $24 and as high as $80. Meanwhile our breakeven oil price rose from $122 in 2012 to $139 in 2017.and now $133. When oil is not as high as you need it you take loans to cover the difference
And then you have to pay back the loans.

4. Tax level low. Our tax to gdp ratio is 6.1%. Only 30% of the taxable population pays taxes. As such we are far more dependent on oil for everything (A big reason why NNPC boss Kyari is so insistent on subsidy removal is because it is taking a big bite from government revenues...meaning that government cannot spend money on other things until it has fed the subsidy monster)


5. Corruption and stealing at all levels of government. Inflated claims. Looting..Round tripping. You know the drill.

6. Failure to diversify the economy. Nigeria in particular loses billions to illegal mining. Agriculture is not at the level we need it to be to be a big exporter. And government talks a lot but does nothing. Rice pyramids does not mean that Nigeria has displaced Brazil and Thailand as a major rice producer.

7. Buhari. ( before anyone calls me his supporter which I ain't)

8. Insecurity, boko etc which drives off investors

You have come again

They haven't told us how many billions of dollars they spent to repatriate kanu back to Nigeria... Kanu and Sunday is their only problem... they used them to distract their zombies

sweetshisha:




Something is fvcking wrong with Buhari, Zainab Ahmed and Godwin Emefiele

Price of crude oil is relatively high

Crude oil price according to the budget price benchmark is higher so we should have excess forex

Forex is not released to importers of many products


What the fvck is depleting our fvcking foreign reserves??!


.

Our foreign debt repayment is done in USD. Increasing debt automatically translates to bigger repayments.

Over sabi and i too know government.....
The truth is staring at them but all they want is find a channel they can steal funds for 2023....bokoharam them no de cahsout from there again as the format done cast....

bayelsaowei:
the same government intends to borrow over 3 billion dollars to have a stake in the dangote refinery..isn't the subsidy gibberish suppose to impede the borrowing? The government has no excuse...this government is the most incompetent and inept.. useless to the core..when the previous admin actually paid for subsidy ( same subsidy this present foolish administration claimed wasn't factual) we bought pms lower than what the market price is now.

What is happening.?. you can't explain the foolishness of this government away..

Excplaining government away by exposing their refusal to remove subsidy?

Okay.

Your education was not a waste. More wisdom to you and your kinds, you expressed the real issues and I'll add 9;

9. Nigerians. Yes, we are most times our own problems because if care is not taken a Yahaya Bello, Atiku or Tinubu may be the next president and the rollercoaster goes on on because the good, the bad and the ugly (I don't care) citizens are caught in it.

Beancounter93:


1. Increasing subsidy payments as it is becoming more expensive to keep fuel at a cheap price with rising oil prices meaning increase in the cost of refining fuel. Then subsidy makes it unprofitable to refine at home because domestic refinreis cannot set their prices and thus cannot make a profit on refining petrol here.

2. Oil has not been as high as we want it . We should have had oil at $133 for a balanced budget not the $80 it is ( breakeven price)

3. Because oil has not been as high as we want it to be we have to borrow to keep our heads above water. Paying back our debts is difficult.

Recall that the oil price has been volatile since 2014. Atimes it has been as low as $24 and as high as $80. Meanwhile our breakeven oil price rose from $122 in 2012 to $139 in 2017.and now $133. When oil is not as high as you need it you take loans to cover the difference
And then you have to pay back the loans.

4. Tax level low. Our tax to gdp ratio is 6.1%. Only 30% of the taxable population pays taxes. As such we are far more dependent on oil for everything (A big reason why NNPC boss Kyari is so insistent on subsidy removal is because it is taking a big bite from government revenues...meaning that government cannot spend money on other things until it has fed the subsidy monster)


5. Corruption and stealing at all levels of government. Inflated claims. Looting..Round tripping. You know the drill.

6. Failure to diversify the economy. Nigeria in particular loses billions to illegal mining. Agriculture is not at the level we need it to be to be a big exporter. And government talks a lot but does nothing. Rice pyramids does not mean that Nigeria has displaced Brazil and Thailand as a major rice producer.

7. Buhari. ( before anyone calls me his supporter which I ain't)

8. Insecurity, boko etc which drives off investors

nairanaira12:
Sirjamo the zombie
If you don't go to Dubai before Buhari leaves office or go for medical tourism in the UK or get a degree from a UK University before Buhari leaves office, it means you are a useless pawn on Buhari's chessboard. It means you are a total idiot and Buhari and his family are using you to cash out.

That will make you the most stupid bof all humans

Alaye, even if na ogogoro, go and be selling now. Why is your life so miserable like this?

alizma:

You are wrong. The guy you quote is correct.

I would like a detailed response as to how I am wrong , instead of this comment.

Also, it is not a defence of the government . It is a critique of the government if you read it properly.

Criticising the government does not mean saying 'Buhari is bad' a 100 times a day, but why he is bad.

Devaluation loading....and the impending subsidy removal has not been factored in...
Folks, strap in and sit tight.

bayelsaowei:
the same government intends to borrow over 3 billion dollars to have a stake in the dangote refinery

.

Well, NNPC is a company, and is acting like one, and they are borowwing because they are spending their revenue subsidsing fuel (since Bubu made them do so in 2016)
Anyway, I want Dangote to say no to them. NNPC has no business near that refinery.

.isn't the subsidy gibberish suppose to impede the borrowing?

I know for them...

The government has no excuse...this government is the most incompetent and inept.. useless to the core

I happen to agree with that
.

.when the previous admin actually paid for subsidy ( same subsidy this present foolish administration claimed wasn't factual) we bought pms lower than what the market price is now.

The current admin is still paying a subsidy, otherwise, fuel would be costing anywhere from N300 to N400 per liter..as it does in our neighbours.

What is happening.?. you can't explain the foolishness of this government away..

I am not, and you know it. You just want to, like most Nigerians, buy fuel cheap.

And anyway, I have suppoprted subsidy removal since 2012, and both PDP and APC to me can go and suck lemons.

Beancounter93:


1. Increasing subsidy payments as it is becoming more expensive to keep fuel at a cheap price with rising oil prices meaning increase in the cost of refining fuel. Then subsidy makes it unprofitable to refine at home because domestic refinreis cannot set their prices and thus cannot make a profit on refining petrol here.

2. Oil has not been as high as we want it . We should have had oil at $133 for a balanced budget not the $80 it is ( breakeven price)

3. Because oil has not been as high as we want it to be we have to borrow to keep our heads above water. Paying back our debts is difficult.

Recall that the oil price has been volatile since 2014. Atimes it has been as low as $24 and as high as $80. Meanwhile our breakeven oil price rose from $122 in 2012 to $139 in 2017.and now $133. When oil is not as high as you need it you take loans to cover the difference
And then you have to pay back the loans.

4. Tax level low. Our tax to gdp ratio is 6.1%. Only 30% of the taxable population pays taxes. As such we are far more dependent on oil for everything (A big reason why NNPC boss Kyari is so insistent on subsidy removal is because it is taking a big bite from government revenues...meaning that government cannot spend money on other things until it has fed the subsidy monster)


5. Corruption and stealing at all levels of government. Inflated claims. Looting..Round tripping. You know the drill.

6. Failure to diversify the economy. Nigeria in particular loses billions to illegal mining. Agriculture is not at the level we need it to be to be a big exporter. And government talks a lot but does nothing. Rice pyramids does not mean that Nigeria has displaced Brazil and Thailand as a major rice producer.

7. Buhari. ( before anyone calls me his supporter which I ain't)

8. Insecurity, boko etc which drives off investors

It’s really hard defending buhari and his thieves sha, you will just be spilling rubbish like lai mohammed and co, dooh, my brother. Who no know book no know book. No Justification

tegrianonigltd:



It’s really hard defending buhari and his thieves sha, you will just be spilling rubbish like lai mohammed and co, dooh, my brother. Who no know book no know book. No Justification

Go and read my points again

1.So the bit where I point out Buhari's failure to diversify the economy counts as defence of him?

2.How about the bit where I point out his failure to raise income from taxes...which was by the way one of his promises that he failed to keep.

You better read my post again. I state why Buhari is bad.

Good am

Sirjamo:
Alaye, even if na ogogoro, go and be selling now. Why is your life so miserable like this?

Lolz.

Your own destiny doesn't deserve medical trip to London. Your own destiny is to defend those who spend your patrimony for medical trip to London.

Are you saying your destiny is that of a mental slave?

What a cursed destiny you have.

Make this money kukuma finish sef make all of us rest