franchasofficia:
I want to go straight to the point.


President Bola Tinubu may have done the right thing in removing the petrol subsidy but he acted too premature in a haste to score a cheap mark, how? Tinubu wanted Nigerians to see him as a 'talk and do' President coming with immediate actions, so he erroneously thought announcing the removal of petrol subsidy in his inauguration speech would drive home his talk-and-do personality to all Nigerians.



How could Tinubu have removed the petrol subsidy with minimal negative impact on Nigerians? I will explain carefully below.


Buhari didn't add petrol subsidy to the budget, which means its been literally removed.


Tinubu should have waited until he fully assumed office as President, appointed some key cabinet members and set up an internal petrol subsidy removal committee among his most trusted and competent economic team. Setup a special Presidential taskforce on petrol subsidy removal and dispatch them to the 36 states with a duty to enforce the compliance of the removal when it will take effect.


Start consultation with necessary stakeholders like Labor, TUC, NURTW, etc. Start urgent implementation of cushioning packages like subsidized government buses in partnership with some reputable transport companies to cushion the effect of sudden increase in transport fare on civil servants and make adequate provision for subsidized agro and food transport to key markets in every state.


The subsidy taskforce will be tasked with the job of enforcing price control at petrol stations to ensure they don't sell beyond a certain price that will rip off Nigerians.


By this, the already imported and subsidized petrol already in the custody of petrol stations and petrol marketers will be sold out at the old price. So when the petrol importers approach FG for petrol subsidy for their next import, FG will turn them down that no more subsidy. By this time, let's say in 2 or 3 months time after his inauguration, Dangote refinery and other modular refineries would have started gradual petrol refining which would hit the market.




Tinubu cannot claim not to know about the Nigerian people's mentality of trying to make wealth from every difficult situation, so he and his advisers ought to have known that this would happen if he mentioned petrol subsidy removal in his inaugural speech, in that case, what plans or contingency did they put in place to cushion the negative effects?




He doesn't even have the national spread, hasn't appointed his own cabinet members, hasn't studied the NNPC account to understand the situation, haven't established any foot hold as President to light up such a catastrophic fire.




In his first day in office, Tinubu has scored a very big own goal that may take forever to equalize and normalize the match, let's watch and see how he handles the aftermath effect on food and commodity prices that will quadruple before weekend.




Nigerians should brace up.

franchasofficia:
Meanwhile, Nigerian politicians and leaders should understand that European, US, Canadian, Asian, etc countries do subsidize some things for their citizens. There are food stamps and federal government restaurants in most developed countries to ensure no citizen goes hungry, we don't have any of that in Nigeria.



These are all government subsidies done by developed countries cheering Nigerian leaders on to remove petrol subsidy the only subsidy every Nigerian benefits from directly or indirectly.



Instead of our leaders to focus on reimplementation of the subsidy on petrol to ensure it doesn't end up in the wrong hands and to tighten our borders to stop our subsidized petrol from being moved outside Nigeria to neighboring countries to be sold for individual profiteering purposes. Though I know Aliko Dangote, Dantata and co have a big hand in all this haste in petrol subsidy removal to help their new petrol refining business of which most of our corrupt politicians happens to be big investors in.




Let's watch and see

franchasofficia:
Meanwhile, Nigerian politicians and leaders should understand that European, US, Canadian, Asian, etc countries do subsidize some things for their citizens.

GeneralPula:
The previous government already removed subsidy bro..

NoToPile:
The point is all these will still have happened in 3 weeks time. Stations were already hoarding the product in their underground tanks to sell at expensive rate by June 31st, just ask fuel attendants even depots will store old stock and sell at the new price.


Well his statement just shifted the chaos forward by 3-4 weeks.

All these was bound to happen maybe 3 weeks later and it's just one thing 'Greed'.

baralatie:

Fg was paying subsidy on pms

GeneralPula:

Yes. They’re still paying it till now and they’ll still be paying till end of June!

By July 1, subsidy ends finally..

franchasofficia:




How could Tinubu have removed the petrol subsidy with minimal negative impact on Nigerians? I will explain carefully below.


Buhari didn't add petrol subsidy to the budget, which means its been literally removed.


Tinubu should have waited until he fully assumed office as President, appointed some key cabinet members and set up an internal petrol subsidy removal committee among his most trusted and competent economic team. Setup a special Presidential taskforce on petrol subsidy removal and dispatch them to the 36 states with a duty to enforce the compliance of the removal when it will take effect.


Start consultation with necessary stakeholders like Labor, TUC, NURTW, etc. Start urgent implementation of cushioning packages like subsidized government buses in partnership with some reputable transport companies to cushion the effect of sudden increase in transport fare on civil servants and make adequate provision for subsidized agro and food transport to key markets in every state.


The subsidy taskforce will be tasked with the job of enforcing price control at petrol stations to ensure they don't sell beyond a certain price that will rip off Nigerians.


By this, the already imported and subsidized petrol already in the custody of petrol stations and petrol marketers will be sold out at the old price. So when the petrol importers approach FG for petrol subsidy for their next import, FG will turn them down that no more subsidy. By this time, let's say in 2 or 3 months time after his inauguration, Dangote refinery and other modular refineries would have started gradual petrol refining which would hit the market.




Tinubu cannot claim not to know about the Nigerian people's mentality of trying to make wealth from every difficult situation, so he and his advisers ought to have known that this would happen if he mentioned petrol subsidy removal in his inaugural speech, in that case, what plans or contingency did they put in place to cushion the negative effects?




He doesn't even have the national spread, hasn't appointed his own cabinet members, hasn't studied the NNPC account to understand the situation, haven't established any foot hold as President to light up such a catastrophic fire.




In his first day in office, Tinubu has scored a very big own goal that may take forever to equalize and normalize the match, let's watch and see how he handles the aftermath effect on food and commodity prices that will quadruple before weekend.




Nigerians should brace up.

baralatie:

It will not end🚴🚴🚴🚴

GeneralPula:

Buhari has ended it bro.

They didn’t include subsidy payment into Nigeria budget as from July..

Okoroawusa:
Subsidy is gone. The previous government has removed it already

baralatie:

If the ex president did not end it in his tenure,is it another person's tenure he will end it without the consent of the current president 🤔

GeneralPula:

You still don’t get it..

Buhari and National Assembly already passed 2023 budget without subsidy payment..

Which date is it ending officially? June 30!

So until June ending, fuel marketers would still be buying subsidized fuel! It has already been subsidized for them!

baralatie:

Do you know that the administration has already cashed in all loans and gotten extra loans as per the same budget.
The current president has powers with the current national assembly to amend the budget to reflect,to solve current realities on ground 🚴🚴🚴🚴🚴

GeneralPula:

Oh yeah..

Are you suggesting subsidy shouldn’t be removed?

baralatie:

I am suggesting president Tinubu should not put his government into unnecessary problem by falling into traps set by his predecessor

GeneralPula:

Hmm..

I guess this was why he made the procurements, just to observe the reality of what will happen..

Now that he’s seeing reality, let us wait & see what happens..

baralatie:

He should wait when the effect and pressure of naira dollar exchange rate kicks in
🏇🏇🏇🏇

GeneralPula:

I’m sure you know there’s nothing he can do now, right?

For you to be able to alter the budgets, you’ll need the National Assembly. I think the 10th National Assembly election is this coming june..

baralatie:

The president still has powers to act on the budget for the next six months!🙄🙄🙄

GeneralPula:

Without National Assembly?

baralatie:

Welcome to executive powers of Mr President
🇳🇬

GeneralPula:

I doubt it’s possible to pass a budget without National Assembly

baralatie:

🚴🚴🚴🚴
The president has statutory powers to run his executive budget for 6 months without the approval of the assembly for 6 months.