chimkaire:
Mbok, is there gonna be holiday for that day and probably the remaining work days in that week

I don't mind

I think there's gonna be a holiday. is that awesome or what?

BoboYekini:
I think there's gonna be a holiday. is that awesome or what?

Awesome, really awesome. I don't wanna say more, I know you know

chimkaire:
Awesome, really awesome. I don't wanna say more, I know you know

Uhm...yea I think I know. Movies and cookies?

he was obviously sleeping during his Math lectures

Amitex:

Oga Jasper, your math is very SORRY. Please, go and ask for refunds.

This should have read:

"The official exchange rate is #199 per dollar while the parallel market exchange rate is #320 per dollar. This represents and increase of 61% (320-199/199 × 100 = 60.8%). This reflected exactly in the new price of petrol as it increased from #86.5 to an average of #145 which is an increase of 38% (145 - 86.5/86.5 ×100 = 67.6%)". The increase was 68% and not 38% as you are telling us.

To the topic, you are talking nonsense because subsidy has always resulted from the value of Naira versus $$. The government created the widest dual exchange rate on earth from inception. If they allowed $$ to take its proper value all the while, you would not have created a situation where u have a gap of 68%. Have you asked yourself in which economy world over operate a wide exchange difference of about 68%?

Please, stop trying to justify incompetence, mediocrity and cluelessness in governance!

samobaba:
Jasper Azualatam wrote:

THE FEDERAL GOVERNMENT DID NOT REMOVE SUBSIDY BECAUSE THERE IS NO SUBSIDY AT #86.5 PUMP PRICE OF FUEL

Before you go to protest against the removal of fuel subsidy by the Federal Government, be informed that the government did not remove any subsidy because there was no subsidy to be removed in the first place! So don't go and protest against what does not exist. Seek information and be informed.

This is what the government has done. The government has simply stopped giving foreign exchange to fuel importers and has asked them to source for foreign exchange through secondary sources.
Why has the pump price of fuel increased from #86.5 to between #135 and #145? This is specifically as a result of the difrence between the official exchange rate and the informal (parallel) market exchange rate. This is the simple mathematics.
The official exchange rate is #199 per dollar while the parallel market exchange rate is #320 per dollar. This represents and increase of 37% (320-199/320 × 100 = 37.8%). This reflected exactly in the new price of petrol as it increased from #86.5 to an averag of #140 which is an increase of 38% (140 - 86.5/140 ×100 = 38%).

There may be a gap in the dissemination of information to the public and it is totally regrettable and I am sure it will be taken care of, but I encourage Nigeians to seek the right information.
I have always insisted that there was nothing like fuel subsidy and I stand by that. The Federal government cannot continue to be the sole source of foreign exchange for the importation of fuel in the face of falling price of crude resulting in the depletion of our foreign reserve. It unsustainable and cannot satisfy the domestic consumption of fuel in Nigeria.

Nigeria gets foreign currency from the sell of crude and the price of crude has fallen by over 70%. This means that the government no long has enough dollars to give to fuel importers. A lame man shoud be able to understand this.

With the competition that will set in from the open market, it s expected that the pump price of fuel will naturally crash in time.

Please share and enlighten every Nigerian.

Jasper Azuatalam

Your mathematical analysis stinks. How on earth can a change from 86.5naira to (140 or 145) naira be 38% ? You have simply performed voodoo.

Whats this dude been smoking before this post. We will still be ojota whether he likes it or not, No need to waste your data on tryna talk us in

PapaBrowne:
Wish you understood the basics of economics.
The attendant consequence of marketers sourcing forex from the parallel market is catastrophic.
Simply put, the price of $$$ is going to exceed 500 Naira in a very short period and I'll explain why.

When the marketers hit the parallel market, a demand pull would be created and the price of $$$ would begin to rise. Two things would happen. 1)Genuine Forex users would begin to purchase more than they require so as to safeguard against high prices. 2)Speculators would flood the market to profit from the resultant volatility.

The consequences would be dire as the price of $$$ would become ridiculously uncontrollable. Prices of goods would keep going up. Terrible inflation.

We have a government in power without a single economist. The country is officially in trouble.

I don't even want to include the fact that more than half of our oil production has been shut in. The months ahead would require a new set of handlers(people with brains) to manage the impending catastrophe brought about by the ineptitude of Buhari and propaganda crew.

So, suffering never start. Wahala dey o. Won't we pray for an IBB among these brainless khaki boys to help send this dullard back to his Daura's herd? At least to provide an immediate relief before we decide whether to continue as one indivisible nation or not.

otokx:
Strike for many civil servants just indicate a well deserved holiday at home burning petrol to watch Channels TV.

You don't expect to get the real gist of unfolding events from channels, the second official private TV station (next to TVC) of APC. They have a way of downplaying stories not in favour of APC. I'd rather watch silverbird or AIT, or better still, monitor it online, thanks to Facebook & nairaland. I hope nairaland will not close threads relating to the event on that day, because I'm beginning to suspect partisanship.

Worreffa! As long as #1000 can't get yhu 10litres fuel and you'll collect change, dem won use English deceive us

otokx:
Strike for many civil servants just indicate a well deserved holiday at home burning petrol to watch Channels TV.

Abi oo my brother. Na so we go roll.

mohaMADbuari:




Thank God i was able to print a copy of this balderdash of a thread and used it to clean my nyash

Else I wouldn't have forgiven my self for viewing such a thread

PapaBrowne:
Wish you understood the basics of economics.
The attendant consequence of marketers sourcing forex from the parallel market is catastrophic.
Simply put, the price of $$$ is going to exceed 500 Naira in a very short period and I'll explain why.

When the marketers hit the parallel market, a demand pull would be created and the price of $$$ would begin to rise. Two things would happen. 1)Genuine Forex users would begin to purchase more than they require so as to safeguard against high prices. 2)Speculators would flood the market to profit from the resultant volatility.

The consequences would be dire as the price of $$$ would become ridiculously uncontrollable. Prices of goods would keep going up. Terrible inflation.

We have a government in power without a single economist. The country is officially in trouble.

I don't even want to include the fact that more than half of our oil production has been shut in. The months ahead would require a new set of handlers(people with brains) to manage the impending catastrophe brought about by the ineptitude of Buhari and propaganda crew.

You've raised good points, no doubt. But I do believe these points are not lost on the Federal Government. They know this could happen. The previous policy of giving forex to oil marketers would eventually drain the reserve and lead to the scenario you painted up there, anyway. They were faced with hard choices, and they took a hard decision. Rather than waste forex on oil marketers now and suffer later, why not use the forex to expand local refining capacity. In the short run, the effects could be unsavory. But when local refining of PMS is 100 percent, oil marketers would no longer need to source for forex and import fuel.