Kenobus:
Nigerians are too gullible! Subsidy hasn't been removed from pms. They shd stop the lie! If subsidy is removed the price would be above N100. Think

in the first place, was there subsidy? It was an avenue for the cronnies of the last administration to steal from us because it kept increasing from hundreds of billions to a trillion plus under gej. Why was price of crude going down and what we were paying for subsidies kept increasing under gej ? Some marketers claimed they imported the products, bring it to our shore , document it, take it somewhere , sell it and come back to FG to pay them their subsidy claim. How much is kerosene selling now? No subsidy!

Kudos GMB.

Kenobus:
you are very correct. It is surcharge that is there. FG hasn't removed subsidy. The price of crude has come down, we are the one paying Fg subsidy now. If the price of crude goes up now, Nigerians would see the LIE!

you understand my brother ...some will not

Bobskylo:


we can only hear it in other to applause them..



but them wouldn't alert us with appropriate channel(s) to which it is or will be spent......


Nigeria is a failed state with barbaric questionable characters n activities

mumu a failed state and why are you still here pack your bag and live abeg... WANITE like you

lawydewy:


I believe you will be among those that will critise Buhari if he sacks Boro.(He hates south)

Boro is from where? (South south) I believe they will investigate the issue.

If that allegation is true! imagine they truth you with a position not up to year, the south south man is being accuse of corruption. If Buhari should appoint his loyalist from the North now, you people will start ranting marginalisation!!!!!!!!!!!

An average nigerian is not satisfy with his FATHER or his skin!

Why my father is average/poor?

why am not oyibo/ why God no create me put for america!?

#AmNot2015SocialMediaActivists!

Meet good elders to teach the 'in and out' of Nigeria.

my brother don't mind the wanite

Caseless:
my God! This is wrong. There was room for BUHARI to include expenses for subsidy in the MTEF he submitted , but he refused, rather, he opted to pay for the 430 billion he inherited from Jonathan and failure to pay that money on time led to the fuel scarcity late last year to early this year. In their projection for year 2016, the reduced the pump price by #0.5 but said " the price will be regulated based on the market price". What you should note is, crude sold less than #40 before Jonathan left office, did he reduce the pump price? And we were paying subsidies for a commodity that has fallen in price at the international market under Gej , no reduction in pump price and you think BUHARI does not deserve the credit? I'm disappointed.

a lot of what Buhari paid on assumption for was accumulated backlog under Jonathan's regime, including bank interest and losses from devaluation of the naira, yes under the subsidy regime the government pays all of that.

what have they done with all the money they claim to "saved"?

..............and neither the country experienced fuel scarcity nor high price in the products. This evidenced that subcidy is a scam.

lookandlaff:


when you go to school, call yourself educated, read an article where it expressly inferred that subsidies have not been removed but you still argue otherwise, why are we such educated illiterates? we go to school to learn facts but not to learn how to think.


did you not see this part in the article?

"the over recoveries from both PMS and HHK would be saved by the government and used to fund future subsidies if the need arose."


1. why would you be funding future subsidies if subsidies have been removed?

2. did you see any official announcement from the govt that they have abolished the subsidy regime?

3.) Did you read anywhere that the market has been deregulated?

4) So how can you remove subsidies when price is regulated what happens when the cost rises above the regulated price?

Bro I did not even bother reading the whole thing.I k ow we can never remove subsidy cos Nigerians are not ready for high Pump price yet.it would pay us to have proper working refinaries and import crude Oil from Kuwait.

Caseless:
in the first place, was there subsidy? It was an avenue for the cronnies of the last administration to steal from us because it kept increasing from hundreds of billions to a trillion plus under gej. Why was price of crude going down and what we were paying for subsidies kept increasing under gej ? Some marketers claimed they imported the products, bring it to our shore , document it, take it somewhere , sell it and come back to FG to pay them their subsidy claim. How much is kerosene selling now? No subsidy!

Subsidy payment was never the scam but the volume of what was paid for.we should try and understand this and also we should be able to criticise the govt when they are issuing such statements if true. I will challenge any body to tell us where the PMS was gotten from then we can check thier pump price plus VAT and convert to Naira let's see if it's below $0.50.the cheapest oil is in Kuwait. It cost roughly $8 to bring out crude from the ground there.We import most of our PMS from India who buys crude oil from us.is this not ironic?

lookandlaff:


actually the saving would still have been made even if Jonathan was still in government. Buhari did not remove subsidy, Oil prices fell to a level where we don#t have to pay subsidies. I'm very much in pro Buhari and against everything Jonathan stands for but Buhari can't claim credit for what he did not do, just as you can't blame him for the mess he inherited..but .he hasn't removed subsidies, there is just no need to subsidize at current Oil price levels. Wait till he stops importation of fuel then give him credit because the majority of our forex drain is spent on importing fuel.

Let's think out of the Box for a bit.don't you recon importing oil instead of PMS WOULD pay us more if we had working refinaries?

erico2k2:

Let's think out of the Box for a bit.don't you recon importing oil instead of PMS WOULD pay us more if we had working refinaries?

why would we import oil when we produce oil? let's stay in the box and fix the refineries so we don't have to import fuel and waste so much forex in the process, no outside the box thinking required just common sense and doing the basics.

erico2k2:

Subsidy payment was never the scam but the volume of what was paid for.we should try and understand this and also we should be able to criticise the govt when they are issuing such statements if true. I will challenge any body to tell us where the PMS was gotten from then we can check thier pump price plus VAT and convert to Naira let's see if it's below $0.50.the cheapest oil is in Kuwait. It cost roughly $8 to bring out crude from the ground there.We import most of our PMS from India who buys crude oil from us.is this not ironic?

It's always nice to read from a bright light in the sea of darkness, people talking stupidly about things they don't understand. I read one post where despite the article expressly saying saying there is currently no subsidy being paid, some leading light of the Nigerian youth actually posted here that "Nigerians are too gullible! Subsidy hasn't been removed from pms. They shd stop the lie! If subsidy is removed the price would be above N100. Think" and someone actually liked his post!!!!

There might still be a subsidy since the naira is subsidized.

The real value of the naira is around 230 based on forward prices.

If the naira was devalued to its true value, the cost price of petrol will rise by about 15% raising it to about 75.

Its best government deregulates the price rather than fix it. Tomorrow, if the crude oil prices rises to ordinary $40, there would be need to push up the pump price and riots will start!

grandstar:
There might still be a subsidy since the naira is subsidized.

The real value of the naira is around 230 based on forward prices.

If the naira was devalued to its true value, the cost price of petrol will rise by about 15% raising it to about 75.

Its best government deregulates the price rather than fix it. Tomorrow, if the crude oil prices rises to ordinary $40, there would be need to push up the pump price and riots will start!

In that sense yes, you could call that a backdoor subsidy but yes I agree with you, just deregulate the thing. I doubt there will be any rise in the pump price at $40 because of the current buffer, the real danger is in an official devaluation of the Naira, since we import PMS.

Caseless:
'children of hate aka wailers, what say you?'

How have u felt the so called saved money? Yet the ecomony is biting harder by d second. States r crying for bail out again.
Remain gullible!

Nigerians wer is our sense.... New government have disvalue our currency (naira) everything have raise in price... Now, d subsidy have been removed and same people are happy... If everything may increase in price, why worsen d case for us by removing d subsidy now? .
Nigerians, just wait and see, who knows if dat saving will not b channel to pay buhari rent @ aso rock....

lookandlaff:


It's always nice to read from a bright light in the sea of darkness, people talking stupidly about things they don't understand. I read one post where despite the article expressly saying saying there is currently no subsidy being paid, some leading light of the Nigerian youth actually posted here that "Nigerians are too gullible! Subsidy hasn't been removed from pms. They shd stop the lie! If subsidy is removed the price would be above N100. Think" and someone actually liked his post!!!!

Thank s apreciated. Now about thinking out of the Box re importation of crude do not forget this is what America had been doing g for ages not cos they do not have oil but it was too expensive to tap until now they found a cheaper way of doing it which is the technology of shale gas etc.So now people like Kuwait and soudi Arabia are getting the stuff off the ground for less than $10.it cost us $35 approximately. Now landing cost to lagos or PH or Warri cannot be more than $20?no spillage .no settlement no thieving. Add all that plus working refinaries what would you think the result would yield? ?This is the exact case with India and Nigeria.

erico2k2:

Thank s apreciated. Now about thinking out of the Box re importation of crude do not forget this is what America had been doing g for ages not cos they do not have oil but it was too expensive to tap until now they found a cheaper way of doing it which is the technology of shale gas etc.So now people like Kuwait and soudi Arabia are getting the stuff off the ground for less than $10.it cost us $35 approximately. Now landing cost to lagos or PH or Warri cannot be more than $20?no spillage .no settlement no thieving. Add all that plus working refinaries what would you think the result would yield? ?This is the exact case with India and Nigeria.

I do not have in depth knowledge of the Oil industry but I do know a few things about shale and about economics. The only reason why Shale became attractive is because the high price of Oil made it economically viable even at a high extraction cost. At current costs many of these shale deposits become unattractive. I also know enough about shale Oil to know that the yeild on shale deposits reduce dramatically and quickly after the 1st extraction so ultimately shale Oil is unsustainable even at higher prices, Shale is the rage now because explorers are getting good yeilds and they haven't exhausted the more profitable initial yeilds from the wells, the more you frack, the more expensive it is to get more out of the land. Unlike conventional drilling where once you drill that's it, you can count on stable extraction rate for decades, with shale, you may identify a whole area as having shale but only a small portion give you good yield and it is quickly exhausted, reports say 70% of the viable Oil is extracted in the 1st year of drilling alone . I saw a chart that shows that expected production from a shale well in the Bakken tight Oil wells (shale) drops from 500 barrels per day at the beginning to 150per day after the 1st year of exploration to 25 barrels per day after year 5. Once you exhaust the good sands, there is a dramatic drop in yeild to the next best, so not only do you have to keep fracking and drilling new wells but the more you exploit the basin the less oil you get for your fracking and the more expensive the production cost for the lower yeild. The Saudi's know this and that is why they are prepared to play the long game, unfortunately countries like Venezuela and Nigeria who have wasted the boom years are more desperate are getting impatient.

On the issue of Kuwait and Saudi, the flaw with your thesis if I understand what you are suggesting is this: irrespective of your cost of production, everybody (whether you produce @ $10, $20 or $30) sells their Oil at the market price give or take a few dollars so why would you produce Oil that you sell @ say $35 only to buy the same oil back from Kuwait or Saudi @ $35 and incurr transport costs in the bargain? India has no Oil, so india has no choice but to import. We have crude, we have pipelines to our refineries, why would we import raw crude?

Give it to Fashola and stop disturbing me to pay high electricity bill...

After saving it you in turn fleece it via so rock rents, website upgrade and budget padding. What a fraudulent government we have today. APC is a fraud.

klassicview:
hypocrisy is when u protest in Lagos and Kano over fuel subsidy removal under GEJ and don't under PMB.

nonsense.!!! nonsense.!!! when GEJ subsidy removal took place., was it not #140/ litre now dis government removed it., many people didn't even notice it and yet they are still making gain... keep wailing

lookandlaff:



I do not have in depth knowledge of the Oil industry but I do know a few things about shale and about economics. The only reason why Shale became attractive is because the high price of Oil made it economically viable even at a high extraction cost. At current costs many of these shale deposits become unattractive. I also know enough about shale Oil to know that the yeild on shale deposits reduce dramatically and quickly after the 1st extraction so ultimately shale Oil is unsustainable even at higher prices, Shale is the rage now because explorers are getting good yeilds and they haven't exhausted the more profitable initial yeilds from the wells, the more you frack, the more expensive it is to get more out of the land. Unlike conventional drilling where once you drill that's it, you can count on stable extraction rate for decades, with shale, you may identify a whole area as having shale but only a small portion give you good yield and it is quickly exhausted. Once you exhaust the good sands, there is a dramatic drop in yeild to the next best, so not only do you have to keep fracking and drilling new wells but the more you exploit the basin the less oil you get for your fracking and the more expensive the production cost for the lower yeild. The Saudi's know this and that is why they are prepared to play the long game, unfortunately countries like Venezuela and Nigeria who have wasted the boom years are more desperate are getting impatient.

On the issue of Kuwait and Saudi, the flaw with your thesis if I understand what you are suggesting is this: irrespective of your cost of production, everybody (whether you produce @ $10, $20 or $30) sells their Oil at the market price give or take a few dollars so why would you produce Oil that you sell @ say $35 only to buy the same oil back from Kuwait or Saudi @ $35 and incurr transport costs in the bargain? India has no Oil, so india has no choice but to import. We have crude, we have pipelines to our refineries, why would we import raw crude?

Ok cool regards india. What do you say about China? They have Oil but still buy oil. Going back to Kuwait and Saudi. Cos thier overhead is so low they can afford to reduce the price per barrel of oil do t yoy think so?as things stand if the cost of a barrel falls below $30.we would be producing and selling g oil at a loss.So wo t it be better to produce for our do.e stick use only? or try to get it imported at a cheaper rate than our cost of production?if u where the FG and I come to you claiming I could land oil @$25 in Kaduna refinery. Wont you say go ahead?
I will try and get a chat of cost of production of crude in the best 20 countries as posted on wall street journal article.

Fourwinds:
nonsense.!!! nonsense.!!! when GEJ subsidy removal took place., was it not #140/ litre now dis government removed it., many people didn't even notice it and yet they are still making gain... keep wailing

Grow up and do not embarass yourself nothing like subsidy was removed read again this time slowly and make sure you read the whole article.
Then comment. Mitcheew

Achuwa1:
The same subsidy Jonathan wanted to remove & hell was let loose ,,,,,,,
. So labour no longer kicking against subsidy tht they used to do during other previous regime.,,,,
. Is tht why apc e-rat are making noise ,when crude is selling as low ad below $30 & u are buying @ a rate higher than what is obtainable even in developed countries tht ur currency is shrinking to..
u ppl haven't seen notn yet,until crude prices will go high b4 u will know wat u ppl did by not wailing when the subsidy was removed..
pls remind the cow from duara tht u call ur president tht the hardship is becoming unbearable coz its itching..
he has plunged Nigeria into economic recession & oshiomole,amaechi,co,.,,should be held responsible for our woes now coz they are the ones tht sued previous govt. to court to share the ECA money tht the govt. wanted to save for rainy days,,,am surprised those ppl are still in this present govt.

when d subsidy was removed., did u notice any change....did fuel price increase.? was it same with GEJ removal. I. need answers

erico2k2:

Grow up and do not embarass yourself nothing like subsidy was removed read again this time slowly and make sure you read the whole article.
Then comment. Mitcheew

subsidy had been removed ok.! u go back and read carefully...did u not read how d government gain had steadily increase from January till now

Fourwinds:
when d subsidy was removed., did u notice any change....did fuel price increase.? was it same with GEJ removal. I. need answers

That's the more reason you should know this govt is a scam no sub5side has been removed as at now if not the cost would have shot up

erico2k2:

That's the more reason you should know this govt is a scam no sub5side has been removed as at now if not the cost would have shot up

u can not deceive me ok.!!! have u heard any marketer(s) complaining about subsidy payment recently as dey use to wail during GEJ regime... or u think d likes of Otedola,, Ifeanyi Uba etc wouldn't have been complaining by now.... open ur eyes bros

Fourwinds:
subsidy had been removed ok.! u go back and read carefully...did u not read how d government gain had steadily increase from January till now

No offence .but do you realy know what subsidy means?

erico2k2:

No offence .but do you realy know what subsidy means?

let me ask u a question. have u heard any marketer(s) shouting of subsidy claim recently likes it was a kind of music in d days of GEJ. tell me have u heard about Otedola or Ifeanyi Uba and d rest wailing over unpaid subsidy

Fourwinds:
u can not deceive me ok.!!! have u heard any marketer(s) complaining about subsidy payment recently as dey use to wail during GEJ regime... or u think d likes of Otedola,, Ifeanyi Uba etc wouldn't have been complaining by now.... open ur eyes bros

If you are importing garri @N2000/bag and the government says they want you to sell @N1500. That diffrence of N500 is the subsidy. Now if govt now says hey we are going to stop paying tjat N500 and you can sell at whatever price.
My question to you is will the price of garri be
A remain same?
B cost same?
C cost more?
I hope this is simple enough to let you understand. If You don't then I realy dont know how much lower I can go.

erico2k2:

If you are importing garri @N2000/bag and the government says they want you to sell @N1500. That diffrence of N500 is the subsidy. Now if govt now says hey we are going to stop paying tjat N500 and you can sell at whatever price.
My question to you is will the price of garri be
A remain same?
B cost same?
C cost more?
I hope this is simple enough to let you understand. If You don't then I realy dont know how much lower I can go.

u don't need to tell me all dis..I know what subsidy look like ok... now let's go back to GEJ's regime...when d price of oil was above $100/ barrel oil., d government said it was paying subsidy...don't forget d same time we were favour by d rise in prices of crude oil...so I expect d government to save for d famine ok...dat government was desperate to remove d subsidy because it spent extravagantly through corruption...so we were subsidizing thieves dat EFCC is chasing today...now to d recent... when d price of oil started dropping., we have little or no saving... d effect was unpaid salary in most states of d federation toward d tail end of GEJ government...now in dis present govt.. all marketers are well scrutinized and product seen before government pay..since deir is a drop in crude ., d money for import and other logistics were also affected....infact d price of petrol id around #70... dis govt may be wise for leaving it at #86.50 because of any sharp change