poiZon:
bevista, am suspecting u to be sen. ita enang. That man doesnt hv any ideology, he follows his stomach. Just like what obj said to ffk, i quote'give him money and he will sing for you'.

gabbytabby:


If the improvement in electricity that we have seen in my case in the last 2 weeks is to continue, we will surely be on the right path. I go even follow camp outside Duara home for baba to come for second term oh.

I don join the change and go slow train. Let wailers continue to wail.

I do hope that they will allow fashola to head this ministry.

DaBullIT:
I predict a response from chief wailer

Why Buhari shouldn't be praised for fall in subsidy cost by tonyebarcanista

TonyeBarcanista:

The fall in oil price means a reduction in the money payable on subsidy. This is simple economics that has NOTHING to do with the effort of Buhari. Is Buhari OPEC?

poiZon:

which also means that there is still corruption in the system. How r we sure 40million litres is expended daily? Which agency monitors this daily usage?
And also buhari said he doesnt understand what subsidy means, so why still pay for what doesnt exist?
Ikpa dakkada kpong edefend falsehood.
What we r clamouring for is outright removal of subsidy. Sofar that word subsidy exist, there will always be corruption in the system, cos the situation where refineries is being acclaimed to work in full capacity, and we are still importing 100percent of what is acclaimed to be used daily by nigerians which is 40million litres daily. So what is the refinery refining?

PassingShot:

The same way you guys shouted "too many lies from APC" when presented with facts prior to election. I guess you know how that denial of facts served you all.

Not many Nigerians are as foolish as you want people to believe. They wear the shoes and know where they pinch.

The earlier you all face reality, the better for your reasoning ability.

dekdek:


Protection seeker, actually it is simple economics because the General is in charge. When Jonah-daft was in charge, despite decline of oil price money payable on subsidy was never heard of to be declining yet u goons kept on succking his cocck without asking the right questions.

Facosco:
the reason for fall in subsidy cost is the reason why both federal government and some state governments can't embark on any developmental project while some can't pay their workers salary so we should praise buhari for these?

Facosco:
but am sure you were alive when he dropped the petrol price from #97 to #87 was it not as a result of oil price reduction?

free2ryhme:
this witch hunting make sense oo

DaBullIT:
I predict a response from chief wailer

Why Buhari shouldn't be praised for fall in subsidy cost by tonyebarcanista

TonyeBarcanista:

The fall in oil price means a reduction in the money payable on subsidy. This is simple economics that has NOTHING to do with the effort of Buhari. Is Buhari OPEC?

benpedro:
Too many lies from this government. They have actually lost their credibility

eph12:

Bros no vex o I just want to ask why you're always mentioning this barcanista moniker? I don't want to believe it's an obsession because he does not even reply you.

TonyeBarcanista:

The fall in oil price means a reduction in the money payable on subsidy. This is simple economics that has NOTHING to do with the effort of Buhari. Is Buhari OPEC?

LagosEconomist:
There should be no subsidies at all.

The central setting of prices is proof of the continued existence of corruption.

Young people should not play politics with the economy.

Read more if you want to more about this.

http://nairanotes.com/lead_story/lead-story-4/

The Nairanotes free market petrol price
[b]The Nairanotes free market petrol price shows what the free market price price of petrol in Nigeria should b e, if the government did not distort the market with current regulated price-setting regime.

Petrol or Gasoline prices in the United States (an example of a free and efficient market) are a good starting point. The petrol prices are made up of four components:

Crude Oil
Refining (Costs and Profit)
Distribution and Marketing (Cost and Profit)
Taxes
Currently (September, 2015), the open market petrol prices in the US range from about $1.90 to $2.50 per gallon, but removing taxes (which account for most of the variation), we have a tax-free price of about $1.50 per gallon. This translates to $0.396 or N78 per litre.

N78 is what we expect the open price of petrol to be based on current market conditions in an efficient and corrupt free setting, even when accounting for expected operating profits. As such the Nigerian citizen and consumer pays N7 per litre more than what the fair market, tax-free price of petrol should be. The daily national petrol consumption is estimated at between 30 and 42 million litres per day. Using the lowest estimate, it means Nigerians pays at least N210 million more than necessary per day due to the existing regulated and corrupt subsidy regime. Adding the N890 million that the government reports that it spends on subsidies daily (based on PPPRA’s pricing template result of N103 against the fair market price of N78)[/b], it means N1.1 billion naira is lost daily to corruption and inefficiency from petrol pricing, even with extremely low global crude prices.

Ignorance and lack of economic knowledge cannot be an excuse anymore. Failure to immediately end the subsidy regime amounts to complicity in the corruption in the sector. That will be a shame for a government that loudly touts its anti-corruption stance.

dekdek:


Protection seeker, actually it is simple economics because the General is in charge. When Jonah-daft was in charge, despite decline of oil price money payable on subsidy was never heard of to be declining yet u goons kept on succking his cocck without asking the right questions.

bjjbam:
With this kind of news, one doesnt even know either to rejoice or to be sad.

jpphilips:
Jonathan told us that instead of plugging the corrupt holes, we should accept Subsidy removal such that the corruption will be fed from our purse against the Government's. stvpid man!!

Ramsey247:

Subsidy has been on the downward trend since crude price started falling.
It is making headline todays because the govt has no better news.

obailala:


Between June and October, world oil prices fell from $65 to $48/barrel, but Nigeria's subsidy bill dropped from N2billion to N575million daily within this period, i.e. World Oil prices fell by 26% but Nigeria's subsidy bill dropped by 71%.

Now I think that is a major drop in the subsidy bill and no doubt, this is only due to a more prudent and responsible administration being in place.

A little mathematics, at N575 million daily, that would equate to about N210billion annually. Not too long ago in 2011, Nigeria paid N2.13Trillion for the same subsidy and after all the protests and exposes, Nigeria paid approximately N1trillion per annum for the subsequent years.

...and with some of these things, some would still beat their chests and ask what the CHANGE is. May God forgive us!

jpphilips:




You think that United S[/b]tates' free market [b]equals Nigeria's? the Purchasing power of $ equals Naira? Have you pause[b]d[/b] to ask where the products sold in America are sourced from and where Nigeria sources[/b] hers?
Believe this[b],[/b] and you are no different from the woman selling Kunu on my street. Even if you were created without a brain, you should have learnt to reason properly by association.