Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,162,512 members, 7,850,768 topics. Date: Wednesday, 05 June 2024 at 08:39 AM |
Nairaland Forum / Nairaland / General / Politics / Buhari Is Right; Fuel Subsidy Is A Fraud. (22836 Views)
Deregulation: Brace For N750/litre Petrol When Subsidy Is Removed, Stakeholders / NNPC Petrol Price Without Subsidy Is ₦400/Litre – Marketers / Peter Obi: Fuel Subsidy Is Organized Crime (2) (3) (4)
(1) (2) (3) (4) (Reply) (Go Down)
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by lilianofentse(f): 3:56pm On Apr 23, 2019 |
Jonathan553:see above 2 Likes |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by KingLennon(m): 3:56pm On Apr 23, 2019 |
Debramaye:Do you have reading problems? 1 Like |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by Philinho(m): 3:57pm On Apr 23, 2019 |
Goodluck first said so and the same bubu kicked against it. hypocrite |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by Earthkumy(m): 3:58pm On Apr 23, 2019 |
Islie: Buhari should be ready to go to jail then for being part of the fraud called subsidy |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by RexTramadol1: 3:58pm On Apr 23, 2019 |
Milk dem dry syndrome Make I just get chance change everything for once! |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by blackpanda: 3:58pm On Apr 23, 2019 |
[s] CalabarPikin:[/s] first of all this has nothing to do with the topic secondly converting naira to dollar is very silly cos we dont spend US dollars in nigeria Stick to the topic pls 2 Likes |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by Cletus77(m): 3:58pm On Apr 23, 2019 |
ClearFlair:Is this the latest programming? What of Buhari that supported Sharia across Nigeria? |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by Nobody: 3:59pm On Apr 23, 2019 |
Onyeedum:You can say that again. He who is prepared for the worst and gets the worse won't be hit hard but he who hopes for the best and gets the worse will cry his eyes out. 1 Like |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by sunnyside16(m): 3:59pm On Apr 23, 2019 |
and a bigger fraud under him and his mediocres |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by blackpanda: 4:00pm On Apr 23, 2019 |
[s] SluttanSlayer:[/s] you wailers are now tired to fake news, its now to be predicting woes for yourselves |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by Nobody: 4:02pm On Apr 23, 2019 |
Tundexxy: Thank you...Same format they used in 2015 to lie to us and increased fuel price from 86 to 145.....Now they are claiming they ddnt remove what they actually said they removed because they want to tell us it's time to remove it again... Wow...Yahoo boys are rulling us 2 Likes |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by lomprico(m): 4:03pm On Apr 23, 2019 |
Buhari is a fraud! |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by 1miccza: 4:04pm On Apr 23, 2019 |
If Buhari knew Subsidy was a fraud , why is he still following the same path, his hands are also too dirty to behold.. |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by Yemiwhite: 4:04pm On Apr 23, 2019 |
Buy Mikano generator with Perkins or Yorc engine to power your business,house etc........ Call 09036129233 |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by blackpanda: 4:05pm On Apr 23, 2019 |
Joromi12: the last time private companies were allowed to import we remember how they messed up the entire system with their fraudulently round-tripping, manufacturing figures from thin air and importing fake dangerous products. Not again! |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by asawanathegreat(m): 4:06pm On Apr 23, 2019 |
Some of our leaders are scammers |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by Nobody: 4:06pm On Apr 23, 2019 |
blackpanda:agreed but let the money flow . This current nnpc one how u wan track am na. |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by Nobody: 4:09pm On Apr 23, 2019 |
1miccza: Because if he removed it, ie allowed marketers to set the price of the fuel they would sell...and stopped paying subsidies....price of fuel would shoot up to N200 and above, leading to protests and nationwide revolt. So, Nigeria keeps on paying for a scam because dealing with the scam is too politically expensive....even though subsidy removal is the best idea. GEJ tried it in 2012...Nigerians rioted., it was reversed. |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by Nobody: 4:09pm On Apr 23, 2019 |
ClearFlair:And the saint you supported have wrecked the economy and are planning to cause more hardship |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by sunnyprof: 4:11pm On Apr 23, 2019 |
Many people Buhari dont know anything ..... keep deceiving yourselves. Buharia knows more than what most of our Fathers know about Nigeria and even have more information now than anyone else. As a president he can extract facts from sources you don't have access to. let be careful how we talk. YOU CALL HIM MUMU AND HE STILL RULING YOU ....... you must be more mumuish then 1 Like |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by Nobody: 4:11pm On Apr 23, 2019 |
@op, subsidy is FRAUD and not A FRAUD |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by ushafe(m): 4:15pm On Apr 23, 2019 |
Nigeria currency can't buy anything in Africa
|
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by Nobody: 4:15pm On Apr 23, 2019 |
1StopRudeness: In 2015..it cost N132 to import one liter of fuel into the country. Nigeria was importing most of the fuel it consumed, and still does. We were selling the fuel at N87 per liter. At the same time, oil prices ...crude oil was at $30 per barrel and dropping. (Note...we need oil to be at $140 to run a balanced budget. It's our break-even price. Russia is $99, Saudi $78, Kuwait $45) No money to subsidize fuel, our treasury was running on empty, our reserves were dropping...and there were fuel queues because most makreters were running at a loss. Based on advice, the government raised prices to N145....above the landing price of N132. That ended the need for subsidy, and ended the queues. When landing price rose above N150.(in part thanks to a rebound in oil prices, but not enough to get dollars to rebuffer the naira)..that's when government made NNPC the sole importer of fuel, and forced them to use their money to pay 'underrecovery' (though govt too is paying)...ie subsidy by another name. NB: I am not defending Buhari or APC. I believe that if GEJ had been allowed to remove fuel subsidy, we would have seen benefits as early as 2014....with increased investment, etc.) 1 Like |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by blackpanda: 4:18pm On Apr 23, 2019 |
Joromi12: nnpc is under the control of Govt and it audits nnpc periodically. Thats sure better than a fraudulent criminal sitting somewhere, doing nothing and just packing home Billions |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by J2381: 4:19pm On Apr 23, 2019 |
This is a bad mess we find ourselves. Every government that occupy Asokoro Rock only care for themselves. |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by eeby1983(m): 4:36pm On Apr 23, 2019 |
tactius:you should tell them to build more refineries before jettison fuel subsidy |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by 1miccza: 4:37pm On Apr 23, 2019 |
tactius: The truth is, let no partisan politician or foot soldier to a politician deceive you, as long as we are not producing and refining our oil, our best option remains subsidy, the only alternative to Subsidy is ensuring that our refineries are in top shape and these leaders will not allow this because it's their meal ticket.. The marketers will continue to fleece the nation dry until we do the right thing.. |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by miketayo(m): 4:37pm On Apr 23, 2019 |
fairfora: He is a fraud too, we never heard fuel subsidy till Jonathan, Buhari was right then, but he is just as corrupt as Jonathan, subsidy is just used to make extra money for politicians |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by LordAdam16: 4:44pm On Apr 23, 2019 |
The writer is high as a kite. Where on this planet is crude oil sold for $5? Cost of extracting it alone in Nigeria is on average around $25/barrel. So who'd sell at a loss. All these economic illiterates just wake up, take a pen, and start writing BS. Just look at the silly arithmetic done. Who's the chimp editor who let this go up without fact-checking? -Lord 3 Likes |
Re: Buhari Is Right; Fuel Subsidy Is A Fraud. by Nobody: 4:46pm On Apr 23, 2019 |
1miccza: Well, the problem is, government does not have funds to build new refineries. If they did, GEJ would have built 3 new ones by 2015. He won't have even disturbed Dangote at all.(Buhari cannot build new refineries because oil prices have been too low to make much of anything). If subsidy goes, the marketers benefit. They get sky high profits from selling fuel above the imported price. They also eventually would be inspired to create new jobs, and invest in things...like refineries. Foreign investment would come in because they can now make profits from selling fuel above production price.(Dangote, by the way, won't reduce prices. Upon all the loans he took to build his refinery...) NNPC is not building new refineries because they are spending the money they could have used for that on....you guessed it...subsidy. Subsidy means that you sell below the production or import price, and government pays you the difference. That's why marketers engage in sharp practices like lying about what they import, or selling fuel in Benin or Niger...where it costs N290 or more...because it is the only way to make a healthy profit...of sorts. |
Akeredolu Procures Another Set of Motorcycles, Trucks To Fight Insecurity (pics) / Arzika Tureta Is Dead (Sokoto Commissioner) / Terrorist Threats To Kidnap Buhari Laughable - Lai Mohammed
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 45 |