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Nairaland Forum / Nairaland / General / Politics / My Friend Got Tired Making Money From Fuel Subsidy, Begged President To Stop It (60100 Views)
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Re: My Friend Got Tired Making Money From Fuel Subsidy, Begged President To Stop It by Pointnoire(m): 3:38am On Jun 28, 2023 |
In a sane country this is termed hearsay, you charge him to court and what exactly is the crime? Una too de overate this sane country line … the law is an ass oluseyiforjesus: |
Re: My Friend Got Tired Making Money From Fuel Subsidy, Begged President To Stop It by polygamist: 4:08am On Jun 28, 2023 |
Babatunjo: |
Re: My Friend Got Tired Making Money From Fuel Subsidy, Begged President To Stop It by caye(m): 8:18am On Jun 28, 2023 |
nairalanda1: So; Botswana, Ghana Egypt, Libya, Russia, Syria Saudi Arabia, Kuwait etc -------------------------- So, these countries with cheap fuel ( compared with their average standard of living) ; are not living on planet earth? How are they doing it? So, you mean to Tell me that it is normal for a OIL PRODUCING COUNTRY TO SPEND BILLIONS OF DOLLARS ON REPAIR OF REFINERIES, AND THESE SAME REFINERIES NEVER WORK, AND SALARIES ARE BEING PAID? ---------------------------------------- You ppl are evil. I hope you are in Europe or America. If so, may your evil Karma catch up with you: pesticide -filled foods LGBTQ lordship White pride race soldiers mass killings Nuclear war As you reduced your motherland to a slave plantation, may Mother Earth visit you in her fury |
Re: My Friend Got Tired Making Money From Fuel Subsidy, Begged President To Stop It by nairalanda1(m): 8:33am On Jun 28, 2023 |
caye: Can afford subsidies, especially since they have less than 3 million people, and earn enough to pay for 50 or more million. , Ghana Ghana has no subsides on petrol or any other thing. Ghana also has two working refineries since their refineries make a profit. Ghana also was a prime destination for smuggled Nigerian petrol
Ten years ago, yes, today, no. Subsidies have been phased out in Egypt. Libya, Produces about 1.8 barrels per day...and the revenue sustains 7million people....compared to Nigeria's 1.5million and 220 million. Also has a massive smuggling problem Russia, Has a diversified economy, and better tax regime...and even then fuel is more expensive than Nigeria anyway.
Cutting subsides since 2020. Economic issues Saudi Arabia, Kuwait etc Both Saudi (10million barrels plus massive income from religious tourisim) and Kuwait (5million barrels) have low populaitons, (40 million for Saudi, 4.5 m for Kuwait)...compared to Nigeria (1.5 million barrels a day, with 220 million people) so relatively have more revenue to pay for subsides. Try harder. -------------------------- Simple, they can afford it...because they have a higher per capita revenue than we do, due to low populaitons and higher oil revenue than we do. And diversified economies And as I said, some of these countries are cutting subsides, or removing them So, you mean to Tell me that it is normal for a OIL PRODUCING COUNTRY TO SPEND BILLIONS OF DOLLARS ON REPAIR OF REFINERIES, AND THESE SAME REFINERIES NEVER WORK, AND SALARIES ARE BEING PAID? Ever wonder why I regard all our governments, including this one as evil and bad? They do not diversify from oil. That is why I did not vote for APC, have never voted for PDP. We have to make more money to get subsides back...and that means being like Russia with its industrial economy, and like the Europeans with their high tax to gdp ratio...and like the USA an actively exporting industrial economy. Being an oil producer means nothing, when the money you earn is not enough, and when you gat corrupt leaders stealing large bits of it. One has to fight corruption, fight sloth and get more sources of money. Naija needs side hustle and better control of how money is spent, in simple terms. ---------------------------------------- What you think of me does not change facts on ground. pesticide -filled foods ? As you reduced your motherland to a slave plantation, may Mother Earth visit you in her fury For saying that subsides are not sustainable? Man, in 2012, GEJ wanted to remove subsides...because in 2011, we spent three times more on subsides than we did in 2010. If he had kept subsides, we would have ended up with the subsides eating our revenue for 2012...and that means there would have been no money for nothing. The same thing was happening npw. Subsidy costs for this year had already reached 75% of what we spent all of last year, and government still owes NNPC money on subsidy claims. We are servicing debts using 60% of our income. And you want us to pay for subsidy.....with which money? If we kept the subsidy we would have run out of money. And we would be paying for the thing with our revenue, plus loans plus money that does not exist. And the hole would have been growing. You don't need to support APC to realize that this is madness. The problem with subsides is that the cost of producing petrol keeps on rising and rising and rising and rising..which means subsidies rise with it, till it reaches a point where we can't keep paying for them. We are there right now. You don't have to like it man. |
Re: My Friend Got Tired Making Money From Fuel Subsidy, Begged President To Stop It by Matrixoba: 10:34am On Jun 28, 2023 |
In the economics of fuel in this country, Nigeria never sold at a loss when the refineries were producing. Have you even heard of the "Abacha miracle"? Subsidy was a leeway to steal the national wealth. We don't have accurate statistics of fuel consumed in this country, so how do we know the subsidy to be paid? It's simply a sham. It was never there in the first place. Again, we will continue to pay highly for the product since we continue to import. I will leave this conversation for the next 8 years. Then we can continue the analogy nairalanda1: |
Re: My Friend Got Tired Making Money From Fuel Subsidy, Begged President To Stop It by nairalanda1(m): 10:42am On Jun 28, 2023 |
Matrixoba: The same Abacha under whom refineries were depreciating? Plus keeping fuel at N11 fro years had a long term effect. Subsidy was a leeway to steal the national wealth. We don't have accurate statistics of fuel consumed in this country, so how do we know the subsidy to be paid? It's simply a sham. It was never there in the first place. If it was never there, then why are you complaining about its removal? If there was no subsidy, we would have been paying over N100 for fuel since 2011. If not higher self. Plus the looting from subsidy happens because it is at the end free money, and also when you fix prices of products, you foul up the profit motive ....and people would end up using underhand means to earn money. Again, we will continue to pay highly for the product since we continue to import.[/quote] Fuel costs money to refine and transport. It's not meant to be cheap man. Or how do you expect the refineries to make enough profit to fix things and pay workers? Ghana, Niger have refineries and no subsidy. And no corruption. And their refineries work. Only countries that can have subsidy sucessfully and have working refineries are countries like Libya who have populations below 10 million and produce more fuel than Nigeria. Or countries like Iran whose subsidies eat twice their oil revenue...and can live with high debt without complaining as a result. |
Re: My Friend Got Tired Making Money From Fuel Subsidy, Begged President To Stop It by Matrixoba: 3:31pm On Jun 28, 2023 |
As logical as your analysis, it's has some missing bricks. Despite their nonfunctional state, the refineries still have workers and huge money is expended annually on maintenance. No matter your appraisal, it pays more to refine than to import. That's where corruption creeps in. The elites know this very well. Subsidy is free money for leaders. It doesn't exists, so its removal is a sham. Anyways, I respect your opinion on the subject. nairalanda1: |
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