waterhouse071:
Nigerians are obviously not benefiting from the subsidy. Imagine the subsidized fuel is currently being diverted to neighboring countries by greedy marketers.

So by removing the subsidy Nigerian will benefit more..dude come one think straight.. the Subsidy is what is
keeping the prices low and fuel subsidies are a common practise in all developed countries
like the UK, France and Germany..UK are even going to increase more subsidies to the
Oil and Gas Sector to keep pump prices low

See like

http://www.theguardian.com/environment/2015/nov/12/uk-breaks-pledge-to-become-only-g7-country-increase-fossil-fuel-subsidies

Naughtysite:

Two weeks after Dangote issued a statement about his upcoming Oil refinery and how subsidy will benefit it, Buari CHANGEd his statement that " I have not seen enough reason to scrap subsidy "..

Pls state clearly where Buhari made this statement or simply state why you have chosen to dedicate your life to lying shamelessly.

The Sensible thing for any government to do is to fix the refinery and scrap the damn subsidy. Its a big hole in the pocket of the nation. It should be blocked asap. No gain, no pain!

Ephemmm:


"Despite last Friday’s attempt by the Organisation of Petroleum Exporting Countries, OPEC, during its 168th conference to maintain its production quota so as to stabilize the crude oil market, the price of the commodity slumped further to $37.89 per barrel on Monday from $38.09 on Friday".

The above refers. Nigeria experienced oil boom with $120 per barrel between 2011/12: how has our economy being diversified to cater for time like this? Why did we still experienced depletion of reserves during the past regime? Why did Nigerian Universities went on 11 months old strike, which was the longest in Nigeria history? Why did the past administration milked the unemployed youths during immigration exercise? Why did power sector not improved? What has been the effects of partial subsidy removal carried out by the last administration on Nigerian so far? Why did FG needs to borrowed to pay FG workers even till the end of the past administration? Why did Finance Minister said that Nigerian economy will face much difficulties till 2015 ends despite his World recognition?

Put sentiments apart! The fact is that this administration will face much problem in terms of finance than any other government.

watch as they call you a wailer!!

Naughtysite:
Imagine the comment, " If there is no subsidy, Nigerians will buy dollar at N500. Lets be sincere with ourselves.

January 2015 dollar equal to N200.

December 2015 dollars equal to N250.

There is still subsidy.

Asumming Naira devalues against dollar by N50 every year.

December 2016 dollar equal to N300.

December 2017 dollar equal to N350.

December 2018 dollar equal to N400.

December 2019 dollar equal to N450.

So why are we still keeping subsidy ? Are we just being bamboozooled by a superior economist/capitalist ?

Most Nigerians do not spend more than 10% of their monthly income on fuel. So i do not see how removal of petroleum subsidy will affect the exchange of Naira to dollar. Rather a robust Agricultural sector which will cut down on food importation and encourage local farmers is what will weigh heavily on the exchange rate of the Naira to dollar. I personally spend about 30% of my income on FOOD, and 10% on FUEL.

There are still Nigerians who live from hand to mouth who spend 50% to 70% of their monthly earnings on food. Fuel comes a far cry in their lives..

You were right bro

Ballmer:


Pls state clearly where Buhari made this statement or simply state why you have chosen to dedicate your life to lying shamelessly.

You dont have to insult me.

mysteriouspee:


Your analysis is very faulty, why do you assume that our currency will keep falling against the dollar? Are you saying our economic situation will only get worse? It's our exchange rate that keeps making petrol price soar. If sound economic policies are put in place, then it will be win win for us because prices of all commodities will drop.

You and i know that our economic situation is very volatile right now. Fuel is not our major waste pipe but Food.

Why is Bubu protecting subsidy ?

omohayek:


Where did you get that info from? I'm actually writing this in the UK, and can tell you that nothing could be further from the truth! On top of international fuel prices, the British government imposes hefty additional taxes on domestic fuel consumption, and the same is true in France, Germany and other European countries.

Only in dysfunctional countries like Nigeria and Venezuela will you find governments subsidizing the consumption of such a highly polluting product, rather than discouraging consumption through taxation.

Calm down dude...stop jumping to conclusions, the Fuel in the UK is subsidized @ Upstream, Mid Stream and Downstream
at the retail price. You are in the UK...you should know this..

Naughtysite:


You and i know that our economic situation is very volatile right now. Fuel is not our major waste pipe but Food.

Why is Bubu protecting subsidy ?

Yeah you right! Its corruption and bad leadership that is our problem. So if baba is prudent with what we have right now, then the mere N69B allocated for subsidy will not make us not reach our promise land.`

omohayek:


Where did you get that info from? I'm actually writing this in the UK, and can tell you that nothing could be further from the truth! On top of international fuel prices, the British government imposes hefty additional taxes on domestic fuel consumption, and the same is true in France, Germany and other European countries.

Only in dysfunctional countries like Nigeria and Venezuela will you find governments subsidizing the consumption of such a highly polluting product, rather than discouraging consumption through taxation.

Research and check the UK Govt Energy Websites..its all there

See link below for a recent article...Remember that the UK, France and Germany are Welfare States..
If you live in the UK you should know this...

http://www.independent.co.uk/news/uk/politics/uk-government-pays-6bn-a-year-in-subsidies-to-fossil-fuel-industry-a6730946.html

We need a press statement from the FG reaffirming their position that they will not remove the subsidy.

beginers:
interesting.

All developed Countries ie UK, France, Germany etc subsidize "Critical Economic Sectors" ie Energy, Education, Health, Housing
this is necessary for stability and growth.

See Link below - The UK Subsides is Fuel

http://www.independent.co.uk/news/uk/politics/uk-government-pays-6bn-a-year-in-subsidies-to-fossil-fuel-industry-a6730946.html

talktrue1:
At $38, I dont even know why we are still buying fuel at N87

If u see buy for 87 sef! E no good?

martinosi:


Calm down dude...stop jumping to conclusions, the Fuel in the UK is subsidized @ Upstream, Mid Stream and Downstream
at the retail price. You are in the UK...you should know this..

No, I don't know this at all. The closest the UK comes to any kind of subsidies for fuel is tax breaks for oil prospecting in the North Sea, not direct subsidies to consumers:

https://en.wikipedia.org/wiki/Fuel_tax#United_Kingdom
http://www.independent.co.uk/news/uk/politics/uk-government-pays-6bn-a-year-in-subsidies-to-fossil-fuel-industry-a6730946.html

Where's the evidence for your claim?

martinosi:


All developed Countries ie UK, France, Germany etc subsidize "Critical Economic Sectors" ie Energy, Education, Health, Housing
this is necessary for stability and growth.

See Link below - The UK Subsides is Fuel

http://www.independent.co.uk/news/uk/politics/uk-government-pays-6bn-a-year-in-subsidies-to-fossil-fuel-industry-a6730946.html

Don't you know the difference between tax breaks for oil companies to encourage more oil exploration, and subsidies to ordinary people to consumer more fuel? They are not the same thing at all!

Ephemmm:


"Despite last Friday’s attempt by the Organisation of Petroleum Exporting Countries, OPEC, during its 168th conference to maintain its production quota so as to stabilize the crude oil market, the price of the commodity slumped further to $37.89 per barrel on Monday from $38.09 on Friday".

The above refers. Nigeria experienced oil boom with $120 per barrel between 2011/12: how has our economy being diversified to cater for time like this? Why did we still experienced depletion of reserves during the past regime? Why did Nigerian Universities went on 11 months old strike, which was the longest in Nigeria history? Why did the past administration milked the unemployed youths during immigration exercise? Why did power sector not improved? What has been the effects of partial subsidy removal carried out by the last administration on Nigerian so far? Why did FG needs to borrowed to pay FG workers even till the end of the past administration? Why did Finance Minister said that Nigerian economy will face much difficulties till 2015 ends despite his World recognition?

Put sentiments apart! The fact is that this administration will face much problem in terms of finance than any other government.

how many months is it now since after inauguration. Keep blaming d previous administration

RockMaxi:




I can't believe my eyes that people like you still exist with this sentimental and uninformed mindset about subsidy under GEJ.

Hypocrite! So fuel subsidy under GEJ is different from fuel subsidy under PMB?
That was how PMB said there's nothing like fuel subsidy, yet he approved the payment

omohayek:


Don't you know the difference between tax breaks for oil companies to encourage more oil exploration, and subsidies to ordinary people to consumer more fuel? They are not the same thing at all!

Subsidies are built into everything in the UK system...thats why you dont Buy a loaf of bread at Tesco or Asda for £5
lets not overstress the issue...if you gave me millions in grants, subsidies and tax incentives to produce
oil..why will i not be able to charge a low price at the pump...come on be real

omohayek:


No, I don't know this at all. The closest the UK comes to any kind of subsidies for fuel is tax breaks for oil prospecting in the North Sea, not direct subsidies to consumers:

https://en.wikipedia.org/wiki/Fuel_tax#United_Kingdom
http://www.independent.co.uk/news/uk/politics/uk-government-pays-6bn-a-year-in-subsidies-to-fossil-fuel-industry-a6730946.html

Where's the evidence for your claim?

The UK is a Welfare State. everything is subsidized...

In 2009 PMS was sold for 25 Naira within OBJ's administration it was increased to 65 Naira or there about then towards the end of his 2nd tenure he geared up to 87 Naira bl4 Gej came in. So my question is, was subsidy in existence then when Nigerians bought it at a minimized n control prize? If it was then why the introduction in the first place but if it wasn't then something is fishy. Sincerely our leaders are playing mind games with the masses because I see no reason why Nigerians should buy PMS more than 20naira ,importation of refined products whereas we have the money to put our refineries in order. Now the Apc lead Govt is preparing our minds to buy PMs at rate of 100naira per litre against their promise. Look at the budget for 2016 and so much money for subsidy....no plans for the unemplyed youths as they promised....infact any reasonable Nigerian should know that these our leaders are the same irrespective of their party affliation.honestly the messiah hasn't come yet and the messiah is Nigerians by speaking the truth at all cost for the benefit of all without been party partisan. May God help us all

martinosi:


The UK is a Welfare State. everything is subsidized...

I don't see how the UK's provision of a welfare state supports the maintenance of a corrupt fuel subsidy system that mainly benefits well-connected marketers, affluent urbanites and skillful smugglers. The two things have nothing to do with each other: if anything, abolishing the fuel subsidies would free up funds to provide the poorest Nigerians with real welfare services like basic healthcare and free education for their children.

christconscious:
Sincerely our leaders are playing mind games with the masses because I see no reason why Nigerians should buy PMS more than 20naira ,importation of refined products whereas we have the money to put our refineries in order.

But this is precisely why the refineries are never in order - because under a subsidy regime it's more profitable for marketers, fuel smugglers and the elites who protect them to encourage vandalism. Abolish the subsidies and it would no longer make sense to vandalize refineries; it would be more profitable to create new ones, instead of booking easy profits by filing fake invoices for imported fuel and selling the difference in Benin and Cameroon.

But how can he remove what he doesn't know about?? It's was the same APC dat led a massive #OCCUPYEVERYWHERE# dat almost crippled the nation and even termed it a scam. . For almost one month now d same nigerians have been buying fuel at no less than #150 a litre while the govt is still blaming marketers, marketers are blaming central bank and vice versa. Since dey have promised us change, the best option like someone already said is to pay off the marketers and scrap the thing once and for all or for the NNPC should look for a way to import fuel themselves since they have sworn to play politics with our refineries. I wonder how and why Nigerians have suddenly gone dumb and numb at the same time.

1shortblackboy:
When oga Jona wanted to remove d subsidy. D misinformed illiterates were protesting. Make una continue

look at this zombie, Jonathan's removal of fuel subsidy will yield additional Dasukis and Dog-pig-sis

The old man in aso rock should remove this subsidy thing and give out licenses to local and international invesors to float refineries.

makizee:
I agree, we cannot continue to spend trillions of naira on so called subsidy while critical infrastructures continue to fail, with the cheap price of oil, the price of pms is not expected to be up to 100 naira. the time is now

My bible told me dat hypocrites won't make heaven if u re among those dat participated in dat occupy Nigeria bullshit nd u re here saying shit jst expect thunder soonest

1shortblackboy:
When oga Jona wanted to remove d subsidy. D misinformed illiterates were protesting. Make una continue

They said they don't trust him that's why they protest

Jonathan have been vindicated, say no to fuel subsidy removal not anymore, we will ocupy Nigeria starting from the south south!

yakbauer:
I'm with the world Bank on this one, in my opinion as rightly supported by some NL members, fuel already sells at N120-N150 per litre in most parts of the country. But a few years ago when the govt (GEJ) removed d subsidy in diesel, most of us protested and held the country to ransome, I think it's because we didn't understand the economics behind the subsidy removal, now AGO sells for N108-N115 per litre around the country (I stand to b corrected), this is because market forces (competition) has crashed the price.
Same should be replicated with PMS and DPK (good thing there are clear signs DPK will b deregulated) so now all the govt has to bother with is value for money, just like the telecoms industry.
Many ppl esp the masses have never bought Kerosene for N50, yet a handful of ppl have made billions from the yearly budget the govt pays to subsidise it.
Nigeria does not need to have fully functional refineries to remove subsidy, all they need do is allow the so-called marketers import the product and sell to d masses, with control on quality and transparency, if that happens, masses will just drive to d outlet with the best deal to buy white product. Hence they'll b forced to crash prices.
Don't get me wrong, these products will start with high prices before it stabilises (say 2-5 yrs) but I blv it'll stabilise faster coz of the rate of consumption in Nigeria. Over time say 5-10 yrs, when refineries can produce white products that's enough for domestic consumption, then we gradually phase out these independent marketers.
I feel the govt WASTES too much on fuel subsidy, have we ever paused to imagine what would've happened if education and health sectors were subsidised?
In my opinion every Nigerian deserved access to subsidised health care and education, but not every Nigerian must have a car or run a generator.
I'm not a PDP supporter, but if there's any longterm initiative that GEJ administration conceived right it was SUBSIDY REMOVAL.
Again this is my PERSONAL OPINION

I bought 25 litres of diesel for 3k

mysteriouspee:
If Oil prices keep slumping, then subsidy will eventually end itself. If oil price is at its lowest now($38) and subsidy is removed, based on this article, the price of petrol would be at most N100. What about if oil price increases to $76 in a year or two, Petrol will jump to N200 without subsidy. So who would be able to afford it? You guys would start clamouring for subsidy. Right now, the amount allocated for subsidy next year is just N69B a little above half of the budget of the Legislature. The way subsidy works is that as oil price increases, subsidy would also increase. What we should fight is excessive spending and corruption not remove what the masses should enjoy. Just $35B was used to pay subsidy in 4 years meanwhile the previous administration embezzled more than that. So why do we keep hammering on subsidy when corruption is our major problem? Food for thought.....

Provide proof were $35B is missing? Do you know how much that is?