KingThreatzz:


which government ever repaired your refineries?

But ur lord buhari promised nigerians one refinery per annum

Under-recovery, is that the new word? Continue!!!

If half of Nigerians go solar and are not depending on fuel. The government will drink their fuel themselves.. if half of Nigerians start driving electric cars the government will use their fuel to drink garri. We are too dependable on this fuel its too much lets find another source of power.. and leave this animals with the fuel

obembet:



Headliners.

God bless Nigeria

God go punish APC and PDP.

God go punish buhari and atiku.

Have a little respect. Don't quote me in this manner again.

Poorer neighboring countries pay the full market price for Petrol and they've not died.

Rice and many things are even cheaper despite a higher price for Petrol.

This I hope is not to score cheap campaign points.

Someone once said “No money no honey”. When you have money your wife calls you honey. When you don’t have money your wife does not call you honey. Money is a determinant of the love temperature in most relationships.

Read more at https://newkokoro.com/2018/12/24/why-do-women-distance-from-men-when-they-are-broke/

Peace

Parada:

This happens because as an Igbo PDP fraudster your brain as been wired not to believe the truth. How much subsidy did Buhari in his first year when crude prices were as low as $30/barrel ? Was subsidy paid for them or money was being generated ? The answer is why many of you Igbos are the truth but because you soul is sold to the devil you’d rather make hopelessly foolish comment to disparage the Buhari led government.

oghene!!!! The more you twist,the more you look numb.....

We are watching

Unfortunately most of u guys are not well informed of the issues and not willing to learn and understand. This govt runs a price modulation structure for PMS which is the only petroleum product yet to be deregulated. This structure fixes the price of the product and fluctuations either up or down will not change the retail price of the product. Under recovery is when the landing cost of the product exceed the pump price while over recovery is the other way round. Currently we are in under recovery and that margin is what reduced as international price of crude reduced. If price of crude reduces to $40/barrel we could see an over recovery and the excess goes into the govt acct. we were in over recovery for a period of time in 2016 when crude price traded at below $30.
Also the subside arrears being owed marketers are from the previous administration. This govt did not pay subsidy to any marketer because they could not import PMS when crude price increased as there was no provision for subsidy. NNPC bears the cost because it’s the sole importer of the product and this is borne by crude which was swapped for PMS.
The way out of subsidy is to fully deregulate PMS and market forces will dictate the retail price. This will bring hardship to the citizens of crude price increase to $80 and PMS is sold for over N250 per let.


Get knowledge and don’t be fooled.

Kudos, but why not bring it down to 100 so that under recovery will be 65 and the burden on Nigerians will reduce... Afterall FG was able to cope when under recovery rose to 80.. Except we are not truthful to ourselves if petrol return to 100 Nigerians will be less burden and a plus to government aswel

nwakibie3:


But ur lord buhari promised nigerians one refinery per annum

Your god Jonathan was president for 5 years and your refineries were stagnant.

in there campaign promises, apc promised to end fuel importation by building new refineries. they 're exhausting their hellish tenure, still talking about fuel importation. because of corruption, to build a modern refinery has also become a rocket science. its a shame that nigeria, a major crude oil nation still depend on fuel imports.

Useless government

ignant:
Until two weeks ago, these animals adamantly maintained that they are not paying fuel subsidy, rather "under recovery", which they claimed is not subsidy.

Until two weeks ago, Osibanjo in his typical criminal falsehood had always maintained since 2016 that Nigeria had stopped fuel subsidy and that billions had been saved.

This government is paying 200%-250% fuel subsidy for a product that costs 30% less.

The disturbing problem with this criminality is that since 2016, fuel subsidy payments have been done without appraisal, audit and approval by the national assembly via appropriation.

What this simply means is that this government has been spending hundreds of billions on fuel subsidy without statutory approval by the national assembly.

The implication of this criminality would have been alarming to any other nation, but no, Nigeria is just a shameful product of British criminality.

Make una dey try understand issues small before venting.

When govt says no more fuel subsidy, they simply mean this:

NNPC IS IMPORTING PMS THEMSELVES, NO LONGER PAYING THE DIFFERENCE TO THOSE THIEVING PRIVATEERS WHO BRING FAKE INVOICE TO REAP WHERE THEY HAVE NOT SOWN.

Shey you understand now?

Oya, go back to your closet to look for other reasons to berate your govt.

Parada:



This happens because as an Igbo PDP fraudster your brain as been wired not to believe the truth. How much subsidy did Buhari pay in his first year when crude prices were as low as $30/barrel ? Was subsidy paid or money was being generated ? The answer is why many of you Igbos hate the truth because your soul is sold to the devil n you’d rather make hopelessly foolish comment to disparage the Buhari led government.

Hahahah,zombie chai E pain am,go die, the very day way your mouth no call Igbo you go die,goat,like father like son

author=Parada post=74138497] . This is how some hopeless Igbo go about lying against every other Nigeria soon they will claim everyone else hates them. This one is here lying shamelessly like a typical PDP Igbo yet Osinbajo categorically stated on the VP debate that Nigeria can not stop paying subsidy for now. This is how they lied to two million foolish ones hopeless Ojukwu led to their early graves.[/quote]

BMC zombie, enjoy your 5k jobless Louth.

bakinswo:
Unfortunately most of u guys are not well informed of the issues and not willing to learn and understand. This govt runs a price modulation structure for PMS which is the only petroleum product yet to be deregulated. This structure fixes the price of the product and fluctuations either up or down will not change the retail price of the product. Under recovery is when the landing cost of the product exceed the pump price while over recovery is the other way round. Currently we are in under recovery and that margin is what reduced as international price of crude reduced. If price of crude reduces to $40/barrel we could see an over recovery and the excess goes into the govt acct. we were in over recovery for a period of time in 2016 when crude price traded at below $30.
Also the subside arrears being owed marketers are from the previous administration. This govt did not pay subsidy to any marketer because they could not import PMS when crude price increased as there was no provision for subsidy. NNPC bears the cost because it’s the sole importer of the product and this is borne by crude which was swapped for PMS.
The way out of subsidy is to fully deregulate PMS and market forces will dictate the retail price. This will bring hardship to the citizens of crude price increase to $80 and PMS is sold for over N250 per let.


Get knowledge and don’t be fooled.

Do market forces determine d prices of kerosene & diesel which are deregulated?

It is supposed to drop now. Oil price is about 51USD now. So it's no magic. Tell us another story uncle. It is a bad news for us being an exporter of crude.

lexy2014:


Do market forces determine d prices of kerosene & diesel which are deregulated?

Yes, which is why the prices of diesel and kerosene is not fixed.

好的

Thus is a good development. PMB is really working. Corruption nearly kill thus country. Thank god for PMB/OSJ

grandstar:
Poorer neighboring countries pay the full market price for Petrol and they've not died.

Rice and many things are even cheaper despite a higher price for Petrol.

neighboring countries like Ghana and Togo give quality public primary education to their people. tell your government to be responsible for its people. when you want to build a house the first step is to draw a blue print and dig the foundation on the land. the first step to increase the productivity in a country is to develop your peoples abilities through education. what is the average class size in our government schools. a government that wants to diversify and does not take mass education seriously is an irresponsible government.

obaataaokpaewu:
This was because when price of crude oil rises, the under-recovery on product price also rises.

I need someone to educate me on the emboldened, when price of crude oil rose up-to $100+, price of PMS was below #100 but now the price of crude oil is below $100, the price of PMS is #145. And I read that the price of subsidy (under recovery) keeps going up every year/budget. Is it that the current admin is importing more volumes of PMS compared to the previous admin or what? Isn't that an indictment on/of the current Minister of Petroleum?

oil is sold in US dollars and the Naira has fallen in value since then. all in all, it is both GEJ and PMB fault. our leaders are clueless in managing our economy

trillville:


neighboring countries like Ghana and Togo give quality public primary education to their people. tell your government to be responsible for its people. when you want to build a house the first step is to draw a blue print and dig the foundation on the land. the first step to increase the productivity in a country is to develop your peoples abilities through education. what is the average class size in our government schools. a government that wants to diversify and does not take mass education seriously is an irresponsible government.

Togo being a francophone country "may" have quality public schools but I'm sure a majority of the eligible kids are out of school because these schools won't be free!

Whether these countries have good schools or not is irrelevant

More money is wasted on fuel subsidy than is spent on education health and defense combined!

If this waste can be spent on education alone I am sure the quality of education will improve

Anyway primary and secondary school education are the responsibility of the state governments and not the FG so each state is to be held responsible for the quality of education given to their wards

The fuel subsidy also discourages investment in the downstream sector of the economy because investors are discouraged by price controls on products.

With the money we have in this country the government can't simply repair our refineries. You have the crude oil but still you are importing to sell to your citizens. Why not stop all this shits.

grandstar:


Togo being a francophone country "may" have quality public schools but I'm sure a majority of the eligible kids are out of school because these schools won't be free!

Whether these countries have good schools or not is irrelevant

More money is wasted on fuel subsidy than is spent on education health and defense combined!

If this waste can be spent on education alone I am sure the quality of education will improve

Anyway primary and secondary school education are the responsibility of the state governments and not the FG so each state is to be held responsible for the quality of education given to their wards

The fuel subsidy also discourages investment in the downstream sector of the economy because investors are discouraged by price controls on products.

Merry Christmas.
Most of what you just typed is the faulty thinking of the PDP and APC governments. In fact, I can say most older elitist Nigerians share this common view with you and that is why Nigeria will never progress until you guys are booted out of government.

First of all, our fuel subsidies are mainly as a result of the fall in the value of the naira and not fluctuations in the prices of oil. When Obasanjo was president, oil sold for 70 dollars and yet fuel was 65 naira. Today of is selling for 50 dollars and the federal government is paying subsidies.

Why is the naira constantly falling? Too many unproductive workers purchasing foreign goods which do not add productive value to Nigerians.

How do you correct this?

By reducing government workers, raising taxes and using the saved funds for social investments such as mass education, healthcare or low cost housing.

If the government fires workers and does not use the savings on social programs, the economy will go into a recession. What is wrong with Nigeria is that we are not using our revenues in an efficient way. The only way out of this mess is for the government to refocus its priorities from paying government workers to providing social services to all Nigerians.

This is how you stop the naira from falling and how you reduce the subsidies. We are having systemic issues. This isn't a head ache that panadol will solve. Nigeria is having acute malaria and its treatment is not necessarily by building refineries or any other nonsense plan these old men have come up with. Even if Dangote's refinery were to open next year, petrol may still be expensive. The advantage in local refining is that in theory, it should reduce the pressure on our foreign reserves. If all petrol in Nigeria is gotten through swap deals, then there may be absolutely no difference refining crude oil here or abroad.

Your point about state governments and federal government job on education is semantics. All that needs to be changed is the law. All government have three basic functional requirements every other thing they do is Jara. These are Education, Healthcare and Security. Even electricity is a non functional requirement and only adds value to these three priorities. As you can see , both the federal and state governments in Nigeria are complete failures as they do not even attempt to handle any of these issues.

Fuel subsidies are as a result of an unfocused unserious government that lacks ideas and fails to put the right people in place. If the government removes the subsidy, the economy will just spiral out of control and people will certainly protest. The government is not doing anybody any favour but preserving its elitist way of doing things.

Finally, please google Education in Togo. Quality Primary Education has been free since 2008 and the country is moving forward.

This country is a Scam!!!