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Nairaland Forum / Nairaland / General / Politics / Subsidy On Petrol Falls To N576m Daily (23771 Views)
Buhari Has Saved N1.4trn By Not Paying Subsidy On Fuel – Osibanjo / FG To Withdraw Subsidy On Fertiliser – Agriculture Minister / Subsidy On Petrol Rises To N9.09 Per Litre (2) (3) (4)
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Re: Subsidy On Petrol Falls To N576m Daily by Bevista: 11:46am On Oct 05, 2015 |
poiZon:So you accuse me of having no ideology and that I'm being motivated/driven by monetary inducement? You've got no idea who I am and what I stand for, so i will not join issues with you. 1 Like |
Re: Subsidy On Petrol Falls To N576m Daily by Burger01(m): 11:48am On Oct 05, 2015 |
gabbytabby:Baba must go for second term in 2019 by fire by force |
Re: Subsidy On Petrol Falls To N576m Daily by Facosco(m): 11:53am On Oct 05, 2015 |
DaBullIT: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? |
Re: Subsidy On Petrol Falls To N576m Daily by Olufemiolaolu(m): 11:54am On Oct 05, 2015 |
TonyeBarcanista:Chief wailer during ur ogogoro master reign was d law of economics in extintion? Shame on ur dead reasoning. Yeye |
Re: Subsidy On Petrol Falls To N576m Daily by Bevista: 11:54am On Oct 05, 2015 |
poiZon:PMB inherited a fractured system from your "hero", and he is doing all he can to restore sanity back. Yet you come here to vent vile vituperations against the man. Are the figures being reported the ACTUAL subsidy payment from official sources? The 40m figure which has been debatable was what was used by your fraudulent party to hoodwink Nigerians. Who knows, by the time a proper audit is done, we'll now see that we don't consume that much daily. No wonder PMB asked "Who is Subsidizing Who?" 3 Likes 1 Share |
Re: Subsidy On Petrol Falls To N576m Daily by LastProphet: 11:59am On Oct 05, 2015 |
PassingShot: Thank you for the advise to South East and Alaba shop morons on nairaland 3 Likes 1 Share |
Re: Subsidy On Petrol Falls To N576m Daily by Facosco(m): 11:59am On Oct 05, 2015 |
dekdek: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? |
Re: Subsidy On Petrol Falls To N576m Daily by UndespicableMe(m): 12:00pm On Oct 05, 2015 |
Hahahaha... There is going to be a trend... steady decline on monies spent on subsidy, we would see more PMS in the streets, and corruption in the oil and gas sector will dissapear like smoke. #CHANGE 2 Likes 1 Share |
Re: Subsidy On Petrol Falls To N576m Daily by DaBullIT(m): 12:29pm On Oct 05, 2015 |
Facosco: Na you tell am before he pay gas dividend to States for bailout? Servicom is your friend my name no be Buhari 1 Like |
Re: Subsidy On Petrol Falls To N576m Daily by dekdek: 12:32pm On Oct 05, 2015 |
Facosco: Ooo I see, months after oil price went down significantly and fortunately coincides with election period. Continue to deceive ursef. Besides, did subsidy amount fall at all? 2 Likes |
Re: Subsidy On Petrol Falls To N576m Daily by dekdek: 12:37pm On Oct 05, 2015 |
free2ryhme: Perfect sense to be honest. More witches and wizards needs to be hunted fast. |
Re: Subsidy On Petrol Falls To N576m Daily by amir02(m): 12:37pm On Oct 05, 2015 |
more development please #saibaba |
Re: Subsidy On Petrol Falls To N576m Daily by omo1010: 12:47pm On Oct 05, 2015 |
The only commendation that should go to PMB admin on this is accountability, ensuring that what comes in is what is being subsidised unlike previous era. However, Nigerians still pay high pump price, given the current price of crude oil. PMB admin should prioritise refining for local consumption especially now that value of crude oil is increasingly becoming intrinsic, the will eliminate subsidy and create employment. Long run plan should be ZERO crude oil exportation by capacity building in refineries and diversification of the economy. |
Re: Subsidy On Petrol Falls To N576m Daily by Teymanhenry(f): 1:10pm On Oct 05, 2015 |
anyone fighting corruption should not hook up with Obj...y is our president hooking up with him.,, I was thinking the ota farm will be collected because it belongs to the government not Obj..gradually we shall reach there |
Re: Subsidy On Petrol Falls To N576m Daily by LagosEconomist: 1:12pm On Oct 05, 2015 |
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. 1 Like 1 Share |
Re: Subsidy On Petrol Falls To N576m Daily by eph12(m): 1:14pm On Oct 05, 2015 |
DaBullIT: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. |
Re: Subsidy On Petrol Falls To N576m Daily by Sibrah: 1:18pm On Oct 05, 2015 |
TonyeBarcanista:No, but Buhari is partly responsible and oil price is partly responsible too. Weighing the two factors responsible i will say Buhari 80% and oil price is 20% responsible because oil price was virtually hovering around the $50 dollar mark before Buhari came in. |
Re: Subsidy On Petrol Falls To N576m Daily by Tonnierichy(m): 1:21pm On Oct 05, 2015 |
benpedro:And ur a girl ooo....see aw messed up you are!! |
Re: Subsidy On Petrol Falls To N576m Daily by DaBullIT(m): 1:38pm On Oct 05, 2015 |
eph12: You dey stalk me ni? |
Re: Subsidy On Petrol Falls To N576m Daily by jpphilips(m): 1:41pm On Oct 05, 2015 |
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!! 1 Like |
Re: Subsidy On Petrol Falls To N576m Daily by jpphilips(m): 1:48pm On Oct 05, 2015 |
TonyeBarcanista: |
Re: Subsidy On Petrol Falls To N576m Daily by jpphilips(m): 1:51pm On Oct 05, 2015 |
LagosEconomist: You think that United states free market equals Nigeria's? the Purchasing power of $ equals Naira? Have you pause to ask where the products sold in America are sourced from and where Nigeria source hers? Believe this 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. |
Re: Subsidy On Petrol Falls To N576m Daily by Ramsey247(m): 2:07pm On Oct 05, 2015 |
dekdek:Subsidy has been on the downward trend since crude price started falling. It is making headline todays because the govt has no better news. |
Re: Subsidy On Petrol Falls To N576m Daily by Nobody: 2:25pm On Oct 05, 2015 |
bjjbam:u should not rejoice because we should not be paying at all. |
Re: Subsidy On Petrol Falls To N576m Daily by Nobody: 2:31pm On Oct 05, 2015 |
jpphilips:And from whose purse are u feed corruption now? |
Re: Subsidy On Petrol Falls To N576m Daily by dekdek: 2:46pm On Oct 05, 2015 |
Ramsey247: Bring out the subsidy decline figures during Jonah-daft time as it is done now and save me all these eediocy. 1 Like |
Re: Subsidy On Petrol Falls To N576m Daily by ceejay4real(m): 2:48pm On Oct 05, 2015 |
For me o! Subsidy is a huge waste and a CONDUIT 4 so much financial SCAM! Let the government abolish it once & for all. These billions could be put 2 better use. PERIOD! |
Re: Subsidy On Petrol Falls To N576m Daily by Ovaiegbe(m): 2:56pm On Oct 05, 2015 |
obailala: You are right to talk about subsidy protest arising from the removal of subsidy (so an open market can determine the price of oil products). However, when you make comparison, please state all the facts. "A little mathematics, at N575 million daily, that would equate to about N210billion annually (with Brent selling at $48). 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 (with Brent sellint at $110!) for the subsequent years." You are convenient selective in your use of data for the purpose of your argument. In 201, the then opposition's claim was that subsidy was a fraud(probably still is). Question is, 1. Is the fraud still going on? 2. Despite falling oil price, do we still need to pay subsidy? |
Re: Subsidy On Petrol Falls To N576m Daily by LagosEconomist: 3:04pm On Oct 05, 2015 |
jpphilips: No point discussing economic matters with someone whose grammar does not suggest a successful completion of primary school. The same slowpoke looks down on the woman selling kunu on his/her street. Get some general education and maybe then you might gain the tools to engage in higher levels of learning and reasoning. If a topic of discussion is beyond you, just read the contribution of others. Maybe you might learn something. If you have any portion of the 'brain' you so proudly proclaim, you would read this very slowly, and rush to apply it in ways that would do you some good. 1 Like |
Re: Subsidy On Petrol Falls To N576m Daily by Iyoma2(f): 3:08pm On Oct 05, 2015 |
Hmmm The Honey moon is over everything fast falling, Electricity supply, security, change has varnished, even Frobe is gradually dying down. What is visible now is Travels. |
Re: Subsidy On Petrol Falls To N576m Daily by Iyoma2(f): 3:09pm On Oct 05, 2015 |
Hmmm The Honey moon is over everything fast falling, Electricity supply, security, change has varnished, even Frobe is gradually dying down. What is trendy now is Travels. |
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