No matter the spin they are putting on it,the Government is gradually washing their hands off subsidy.

Wonder what took the government this long.It would have been an easier pill 2 swallow in june,2015,when the international price of crude oil was about the current range,but the naira was very strong @ about 220 naira to the dollar in the black market.


Fuel would have being sold @ around 80-90 naira band.Government would have enlightened nigerians that fuel(premium motor spirit) was now open to the market force of supply and demand. Labour would have had little reason to protest.

Nigerians won't have gone through the hardship of the past 5 months,since the naira went south against the dollar.I get angry thinkng about the endless manhours lost , struggling 2 buy fuel @ 120-150 naira most times.I actually bought fuel 250 naira from a fuel station @ d hinterland of lagos where I work.

Government can't go on with the sham called subsidy but the reason given for this new price is just suspect on all levels.

First, what exactly would nigerians foreign reserve domiciled at the central bank be used for,since we know that cost of importing PMS accounts for about 30-40% of the total amount spent on importing monthly;that should be around 2 billion 400 2 a 700 million dollars.The reserves is meant 2 cover the cost of importation into the country for @ least 6months,as it is the central bank is hardly releasing dollars 4 import.

Secondly,which parallel market is deep enough to fund this gap on a monthly basis.I knew how hard it was sourcing for dollars on the black..sorry, alternate market just 2 days before the announcement.My guess is the government is gambling on the international oil companies and repatriation of forex from diaspora


Thirdly,that brings us to that last public address where the minister 'bobo'-local parlanche for deceive-us that he had reached an agreement with the IOCs to sell forex to major marketers at the official band of 199 naira to import fuel.I guess that means the IOCs didn't come through and if any came through,that company would be regrettng that action bitterly now.It would mean it has been played for a fool;selling its dollars for 199 and the recipient(marketers) turning around to sell its products at a value that uses a band of 290 naira to a dollar as its cost component. .

Fourthly,what happens when the price of fuel if crude oil goes up 2 about 50-55 dollars-a strong possibility- in six months time and the naira definitely going south in the parrallel market due to increased demand and a definite two tier system of foreign exchange market that we have entered.would d price be 'modulated' upward,or we would stick with the present price and be back 2 square one-of long queues and wailing.

The minister is definitely trying his best under very difficult circumstances,but it is better to keep quiet than uttering political statements that would fall flat on its face in a short while-like saying that the price would fall in the next six months;there is no way that he can be sure of that and the failed april 7th date is still fresh in my memory.

Don't see the point in maintaining the official CBN rate of the dollar to the naira ,if even NNPC can't access the dollar at that rate,I wonder who would be benefiting going forward.Defnitely not the masses,cos we are suffering the consequence of devaluation already-buying fuel at the current rate and 2 tomatoes @ 100 naira.maybe the fat cats in the CBN,banks ,govt officials and the likes of Dangote(my mentor)

Enough of the bazaar of arbitrage already,the president should just go ahead and devalue the naira.though it won't address the major problem of acute shortage in supply of dollar in the system but it would discourage the corruption of banks charging parrallel rate when paying out and official rate when receiving money and lazy money making by bankers via arbitrage.Don't really care about the angle of foreign vultures(investors) with hot money.


There is never a best time for terrible policies like these,just hoping this is that period where it gets very worse b4 the silver lining .

I believe in the president,I am sure of the good intentions of the oil minister and I hold onto that belief that God won't abandon Nigeria at our very low point.

Say to the righteous that it shall be well and let's stock food @ home.

Wow. This is a very nice piece. The only issue I have with it is that I did not read it.

U missed out on a good read bro.