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Nairaland Forum / Nairaland / General / Politics / IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs (16384 Views)
Stop Electricity Subsidy, IMF Tells FG / Why Tinubu Must Restore Fuel Subsidies Now - Farooq A. Kperogi / Return Of Fuel Subsidies Disturbing, IMF Tells FG (2) (3) (4)
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Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Faiththatworks(m): 1:52pm On Nov 20, 2021 |
Hmmmm,IMF............. They have advising Nigeria to remove subsidy since 1983,From the days of Major Gen Buhari in 1983 to Babaginda down to the present regime. IMF is obsessed with the removal of subsidy on all items in Nigeria not minding the resultant economic hardship. America is the biggest government in the world that subsidies its citizens,if Farmers don't sell enough or produce excess commodities,the govt will step in and mop the excess,if the student can't afford to pay his fees,the government provides a loan for them,and yet IMF will never ask the Us to stop subsidizing its students. IMF forced Obasanjo to stop subsidizing education and that's what led to the Ali must go crisis in 77,yet these people will never learn. I don't blame them though,Gen Buhari will never stop going cap in his hand to beg for more loans,like they say who who pays the DJ dictates the music,we can't have it both ways. God bless Nigeria 5 Likes |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 1:53pm On Nov 20, 2021 |
promisedire: On the other hand, keeping subsides is a nice way of getting into more and more debt and stifling job growth. Subsides work by government first setting the price of one liter of fuel (as an example) below the actual cost it takes to produce one liter of fuel To compensate for losses in the cost of fuel..government pays a subsidy that covers for the loss. The problem is, the cost of making that one liter of fuel, and transporting it , rises. So, government has to either pay higher to cover the increasing difference between government price for fuel, and actual production cost...or government reduces the amount spent on covering the loss...which means higher prices. And these subsides are paid for in part by loans...due to the volatility of the cost (It happens in the power sector) E get why IMF is telling us to remove it...they are tired of us taking loans from them to pay for subsides.. 2 Likes |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Faiththatworks(m): 1:54pm On Nov 20, 2021 |
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Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Ofunaofu: 1:56pm On Nov 20, 2021 |
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Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Raalsalghul: 1:58pm On Nov 20, 2021 |
funshint: Don't be surprised, they'll hearken to this advise. ![]() |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 1:59pm On Nov 20, 2021 |
atiku07: Well, companies have to make profit because if they don't, they won't be able to make enough money to fix and upggrade and expand things (which is why in the power sector...people still have to buy cable , for the discos because the discos are not making enough due to subsidy) Plus, if companies don't upgrade their services, they would go out of business. The truth is Naija is not yet ripe for those stupid advices by IMF. You want subsidy to go yet u have bad currency and a very low salary forgetting the fact you are a consuming nation and not a producing one, see ehn! u are wicked no be small. subsidy never waka small wey dem comot see where we are! inflation every where u all sit in comfort of diaspora or claiming experts consenting to some theoretical stupidity without looking at the realities on ground. 1.We have a bad currency because we spend a lot of our revenue on paying for subsides to cover the losses made from keeping prices low...meaning no forex to buffer the currency 2.Also we have a bad currency because the price of what we earn is never at a level that can sustain our large populaiton, and the same goes for agriculture and minerals. 3.We also import and import all things...even stuff we make...which makes us lose more and more forex...and thus gives us bad currency and inflation. Whereas if we remove subsides...not only would we save more money...we would attract more money because it would now be attractive to invest in Nigeria...more money flows in, economy benefits. See GSM. It isn't subsidised...so as a result...it is growing, jobs have been and are being created, and it is earning us a lot in taxes. 1 Like |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Sazzy07(m): 2:00pm On Nov 20, 2021 |
IMF should geddifeck, Everytime them and their careless advice. Even restructuring policy of the late 1980s that wrecked African economies still has rippling effect till now, you are still advicing. Na bad leadership for our side cause am, the day Africans begin to think for themselves we would never be the same. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by seborrhic: 2:02pm On Nov 20, 2021 |
There is wheat subsidy in the US. There are different forms of subsidies in other western,ultra capitalist countries;but they always come and tell us there shouldn't be subsidy for anything. Even just now in the UK with soaring gas prices,the goverment is subsiding it. They stopped telling the Chinese what to do when inspite of their socialist policies,they now have produced a mega mount of an economy,bigger than all western nations and soon to surpass that of the US. NO WESTERN Nation would not fall into instability if they see the kind of price rices happening in Nigeria. 3 Likes 1 Share |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:02pm On Nov 20, 2021 |
thebosstrevor1: 1.Developed countries don't subsidize petrol and power like we do. A liter of petrol costs far more in the US and UK than it does in Nigeria.(and both of them are oil producing nations) 2.Where subsides exist, they are for the poorest of the poor...and they are paid out of tax revenue. Here in Nigeria we pay for subsides from our oil revenues...which is why we have forex issues...and from loans. Not from taxes. (And developed countries have tax to gdp ratios of at least 30% . Nigeria is at 6.1%. ) 2 Likes |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Okwyjesus(m): 2:03pm On Nov 20, 2021 |
funshint: The only give to country without self worth. Country always borrowing and country that don't think 1 Like |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by LZAA: 2:03pm On Nov 20, 2021 |
backbencher:But GEJ tried doing it and APCHEAT thugs staged protests ![]() Cc AfonjaConehead helinues Afamed 1 Like 1 Share |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by philkay(m): 2:09pm On Nov 20, 2021 |
How many times will Nigeria government remove fuel subsidies? |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:10pm On Nov 20, 2021 |
LZAA: Because politicians always take advantage of a good crisis to create havoc.(as you can see here, most Nigerians don't support subsidy removal...and Tinubu and Buhari took advantage of the anger to ride into power...even though they knew more than any other..especially Tinubu with his investments in the oil sector..how harmful subsidy can be. That's why politics is a game of cunny. A lot of cunny.) Me i was no fan of PDP, or even APC or Buhari...but 2012 was the year I recieved sense on subsidy matter...especially after a lot of government people under GEJ explained why it was harmful. Before 2012, i was pro-subsidy..and anti-IMF.. 2 Likes |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Cognitivereason: 2:11pm On Nov 20, 2021 |
Ur not in the system that is why ur thinking like this.... In short u don't even need to be in the system.. It common sense involving business. Nothing peculiar to Nigerian companies... Telecommunications industry is the most booming sector in Nigeria after oil and gas because obasanjo refused to subsidies it when it was luxury years ago... Although the services are not world class..but there are significant investment in that industry Dan power or oil and gas... At least anywhere u go in Nigeria.. If u go around Nigeria u should get average network availability from one of the 4 major networks because they are independent and are able to sustain the major companies that provide and maintain masts Ur not reasoning on a long term... Those policies recommended by IMF is what is needed for sake of tomorrow not even today...the more we keep ignoring it the more the cost of maintaining the old methods (subsidies) become high and the more we keep losing investment... Subsidies can not be sustained anymore ...it has nothing to do with European or Africa... Can't u see the glaring differences between power and petrol in ghana ,south Africa and in Nigeria Have u taken out time to ask ur self if they pay subsidies over there..the answer is No atiku07: 1 Like |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by casiello(m): 2:15pm On Nov 20, 2021 |
backbencher: Hi Backbencher, I want to understand something, does government subsidy prevent investment from flowing in? I want understand how the subsidy removal will bring in more investment basically. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:16pm On Nov 20, 2021 |
backbencher: They do. There is subsidies on agriculture in both America and Europe. In the United states for instance, petrol subsidies is around $20.5 billion annually, which is $14.7 billion in federal subsidies and $5.8 billion in state-level.incentives. Also, About 2.1 million farmers in the United states receive subsidies. 3 Likes |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:16pm On Nov 20, 2021 |
seborrhic: The Western countries also pay for their subsides with higher tax rates.(the US has a tax to gdp ratio of 34%, uk 33% , Nigeria, 6.1%) Nigeria? Our subsidy is paid for from oil revenue, which isn't enough, and is supplemented by loans (especially in power, where half the subsides are paid for via loans). Not from taxes. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:17pm On Nov 20, 2021 |
backbencher: You first claimed there is no subsidies in the United states, now you claiming they pay subsidies from higher taxation ![]() 3 Likes 1 Share |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by billyG(m): 2:21pm On Nov 20, 2021 |
God punish IMF!!!it only subsidy removal those economists know.let government make the refineries work first,create enabling environment to generate jobs first,improved on infrastructures, security,cut down on imports by using homegrown alternatives,improve on exports of finished goods...then you can remove fuel subsidy. I am not an economist ooo!just using common sense. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:21pm On Nov 20, 2021 |
thebosstrevor1: 1.Again the subsides are paid for via taxes. Nigeria pays for subsides via loans and our dwindling oil revenue...which has never been at a point where it can sustain us (as at 2019, we need oil to be at $133 PER BARREL to run a balanced budget). 2.Also, the subsides are paid to farmers to compensate them for losses sustained by competition from agricultural imports from foreign countries with cheaper labor costs.(like Nigeria , ironically). 3.Petrol subsides in the US go to the poorest of the poor...not to everyone. ( and it costs 407 naira per liter for fuel in the US. In the UK it is 807 naira...and the UK is an oil producer.) 2 Likes |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:22pm On Nov 20, 2021 |
PrinceOfLagos:If he follow dem advise now ! Na you go first create a thread on this forum shouting # The Evils of Bouhari # ![]() 1 Like |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:22pm On Nov 20, 2021 |
thebosstrevor1: Because you did not read my comment well They don't have subsides for everyone...just for the poorest of the poor. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by crazygod(m): 2:24pm On Nov 20, 2021 |
This is as simple as A B C. Get the freaking refineries working and produce our own petrol which will even create more jobs. But because of corruption, the govt will continue to Play politics with the economy. As a matter of fact, we have abundant sunlight in this country. What is stopping the govt in enhancing Solar energy as a source of electricity? This is just secondary school economics. ![]() 1 Like |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:26pm On Nov 20, 2021 |
backbencher: What are you writing down...keep making up stuff. 1.Subsidies and tax breaks are given to the oil companies to make them cheaper for Americans. 2. Subsidies are given to farmers in both america and europe to make their produce cheaper for export. 3.petrol subsidies goes to all the oil companies so that they can sell their oil cheap to all consumers 2 Likes |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:26pm On Nov 20, 2021 |
backbencher: Really, so you mean to say, poor people have their own stations for getting cheap oil ![]() ![]() 2 Likes |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Flier: 2:27pm On Nov 20, 2021 |
thebosstrevor1:They only want Nigeria to raise money to pay back the loans even if people are suffering Government can’t give job it makes no sense and it’s not done anywhere,government should fix ELECTRICITY and give more attention to small scale businesses,unemployment will be history in no time if this can be done Fuel subsidies should removed,it’s a scam |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by promisedire: 2:28pm On Nov 20, 2021 |
IMF conditions might have actually worked out in some of these western countries (No Doubt) but you see Africa economy is kinda unique! Especially Nigeria own; there are other important issues we should consider other than focusing on subsidies removal … subsidy removal in the long run will bring a positive effect � but ignoring the current realities will create impediment and further chaos economically which will certainly affect the goal of subsidy removal; Plus saying it will create more jobs now is a lie; it should ooo but it won’t, with the way Naija dey go so na lie …, we will pay more whereas we are earning little … we should just stop falling for some beautiful economic jargons which we have been blindly implementing on our economy and has failed to produce needed result 1 Like |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:28pm On Nov 20, 2021 |
crazygod: The refinereis don't work because of subsidy In order to keep fuel prices cheap...government since the 1980's has been forcing refineries to refine fuel at a loss, and to sell it at a loss..and marekters to transport the fuel at a loss. The money paid to cover such losses is called a subsidy. And because the cost of making a liter of fuel and transporting it is not static....the amount needed to pay for the subsidy rises year in year out. Government of course cannot afford to pay higher. Which means no profits made, and thus refinereis cannot be repaired on time, or upgraded when needed...so they fail. And here we are. The reason why you have GSM is because Obasanjo refused to subsidse it...despite people screaming about how the GSM companies were exploiting us...meaning they make enough profit to expand and upgrade services. 2 Likes 1 Share |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:32pm On Nov 20, 2021 |
thebosstrevor1: Not all Americans, some poor americans...and they are paid for by taxes. 2. Subsidies are given to farmers in both america and europe to make their produce cheaper for export. No, to compensate them for losses made when they have to compete with cheap imports. AND to compensate them for losses...plus they are paid from taxes, not from oil revenue 3.petrol subsidies goes to all the oil companies so that they can sell their oil cheap to all consumers No, they go to the poorest of the poor to help them afford petrol..and one has to qualify for it. Petrol prices in the US and UK rely heavily on the market price...not on subsides..plus with fuel at N407 in the US, AND n809 IN THE UK...that's not cheap. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Basicend: 2:33pm On Nov 20, 2021 |
funshint: It's not.their fault. They should post one IMF staff here to live in Lagis.and hear how much a river of yam is. . God, Thunder, electricity , fire go descend on IMF and destroy.them. Thunder fire them all.. . |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:34pm On Nov 20, 2021 |
Flier: Unemployment can't be a history, even if government pay attention to small scale businesses, employers will still employ those who they can pay salaries to. |
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