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Nairaland Forum / Nairaland / General / Politics / FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo (20945 Views)
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Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by hybridblood07(m): 2:53pm On Jul 27, 2021 |
Thanks for your opinion Beancounter94: |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by zanshi: 2:55pm On Jul 27, 2021 |
Beancounter94: My take on all of these is that, the DISCO's don't want to put their money where their mouth is. If you bought a privatized power generating licensece or company from the goverment, you have to be able to make long term investment to gurantee stability, trust and reliabilty from subscribers. They probably thought this was some rent seeking arrangement where the monies gotten from subscribers would generate them profit and in turn help them make some smoke screen investment here and there. Also, electricity subscribers shouldn't be pushed to the wall with the excuse of increased tarrifs every year. Since 2015 when this government resumed office, there has been an increase in cost of kw/h. While i understand that this increases have to reflect operating cost, they also have to be reflective on year on year investment on the side of the DISCOS. To summarise, Nigerians should not be taken for granted. |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Laideabdulahi: 3:00pm On Jul 27, 2021 |
Beancounter94: This comment is so unbiased. Nice one |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by ThatPetiteChic: 3:15pm On Jul 27, 2021 |
All these back and forth arguments isn't the issue. The major problem in this country is bribery, corruption and selfish interest. We all know how much was spent on the refineries and electricity in the past 20yrs and nothing to show for it. The government subsidized fuel and electricity to help the masses yet many ogas at the top pad their expenses to increase the subsidies gotten from the government. Pipeline vandalism is still very rampant in the South-south. The foreign exchange is affecting all the sectors negatively. It's a big issue and we still hear of BDC operators getting dollar below the official rate. Lastly, insecurity. Food inflation should never get to this extent. Herdsmen, Bandits and Boko haram are terrorizing the country causing fear of farmers going to farm and destroying their properties. Discos lost millions in the North because of this, they lost a lot of properties to Boko and their goons. In my own opinion, removing subsidies right now isn't the best option. To reduce importation of food, let's deal with the insecurity and invest in farming. If food is cheaper, we can think of lifting the subsidies. |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Fourwinds: 4:45pm On Jul 27, 2021 |
jumper524:do you know PHCN do scam Nigerians... Even with the subsidies government claim is paying(that is if it is true)..imagine giving a place electricity for a cumulated period of one week yet bill them #8000 to #120000...how do they arrive at such cost |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Fourwinds: 4:50pm On Jul 27, 2021 |
jumper524: The one thing picked from your comment is the "maybe" conditional statement. You can free up every subsidy fund as much as you can but trust me, those freed up fund will still end up in one man's coffers as usual. Our problem big pass just subsidy |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Fourwinds: 4:51pm On Jul 27, 2021 |
Beancounter94: The one thing picked from your comment is the "maybe" conditional statement. You can free up every subsidy fund as much as you can but trust me, those freed up fund will still end up in one man's coffers as usual. Our problem big pass just subsidy |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Fourwinds: 4:51pm On Jul 27, 2021 |
OgundeleTeju: The one thing picked from your comment is the "maybe" conditional statement. You can free up every subsidy fund as much as you can but trust me, those freed up fund will still end up in one man's coffers as usual. Our problem big pass just subsidy |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Fourwinds: 4:52pm On Jul 27, 2021 |
okefranci: The one thing picked from your comment is the "maybe" conditional statement. You can free up every subsidy fund as much as you can but trust me, those freed up fund will still end up in one man's coffers as usual. Our problem big pass just subsidy |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by edoairways: 4:55pm On Jul 27, 2021 |
TheRareGem1:At the bolded, it is not true |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Fourwinds: 4:56pm On Jul 27, 2021 |
Beancounter94: My question is from the calculation the person you quoted gave, how will such a person survive with a deficit of #60000? |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Fourwinds: 5:01pm On Jul 27, 2021 |
osuofia2: Zombie |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Fourwinds: 5:11pm On Jul 27, 2021 |
Beancounter94: Who audited their account... DISCOs are lying...when government suggested a single account where customers are to pay in their electricity bills, they kicked against it because their evil deeds will be in the open |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Fourwinds: 5:21pm On Jul 27, 2021 |
PataAlhajaKeji: No common sense...crude language use by politicians... No empathy.... It shall never be well with all wicked politicians |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by armadeo(m): 5:35pm On Jul 27, 2021 |
So nepa sef get subsidy. Lol. |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Fourwinds: 5:51pm On Jul 27, 2021 |
TheRareGem1: Keep deceiving yourself.... How has the light improved when I still see a lot of people still using generators to power their businesses... |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Nobody: 6:03pm On Jul 27, 2021 |
Beancounter94: My apologies, but what you said about Nigerians under paying is incorrect, elec tariff has been increased severally by this administration, Discos have been getting subventions since 2014 from the CBN, in effect they re being subsidized. If you sell of an asset, you re not supposed to be responsible for its upkeep. The Discos IMO have not done enough to justify their existence, its better the privatization be reversed, cos govt is broke. The stoppage of forex to BDC is a pointer, that the govt is going broke. Increasing elec tariff for impoverished citizens won't improve the economy. |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Lifted2000: 6:12pm On Jul 27, 2021 |
Enough is enough. It is time the Generations Companies, Transmission Companies and Distribution Companies take care of themselves. |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Nobody: 6:15pm On Jul 27, 2021 |
quentin06: 1Apology accepted 2.The thing about tariff increases is that it is government doing the increase, not the DISCOS themselves....plus the subventions are meant to cover any losses they get from not charging cost reflective tarrifs....and anyway CBN pays half, the other half is paid by lending agencies and some other countries. When government controls prices, they keep prices below the production cost well well. Or else, we would be paying N100 or more per kwh since 2014, and by now everyone and his daughter would be doing serious re-enactment of the Aba riots of 1929.... Summary...government keeps tarrifs below the actual cost of production, and CBN along with lending agencies pays a fixed subvention which in principle covers the resulting losses...in practice it doesn't (GENCOS have to buy gas in dollars...not in naira) 3.Reversing the privatization has been considered by this government some two years ago. And the Minsiter of Justice told them that they could be sued to gehenna and back by the angry investors for reversing the thing....in other words, government would have to pay lots of cash to reverse privatization. No thanks. (Let's not even talk about how it would scare off investors...Venezuela and Zimbabwe went a nationalizating...and while it was good for a while, many investors got scared off) 4.And the fact is, we are not earning enough dollars from oil. Between 2010-14 oil was above $91 and as high as $130. Since Buhari took over, oil has been as high as $80 and as low as $20. Then we need oil at $133 per barrel to even earn a decent sum of money to live without borrowing. The surprise is that government is still selling to BCD'S (up till today I thought they had stopped since!) |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by toyinid78: 7:07pm On Jul 27, 2021 |
daddytime: |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by FarmTech(m): 9:00pm On Jul 27, 2021 |
jumper524:. And how much will be looted? |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by egopersonified(f): 10:34pm On Jul 27, 2021 |
Subsidy is not our problem. Almighy America subsidizes ordinary milk. |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by nedekid: 10:53pm On Jul 27, 2021 |
jumper524:So all the subsidy that has been scrapped over the years nko? Was subsidy not scrapped when fuel was ₦85? Point is scrap subsidy today and raise fuel price to ₦500, in the next few months you will have a reason to remove subsidy again because of inflation. Truth of the matter is that we are paying a price for incompetence. The easy way is to pass it on to the populace, increase prices ie remove subsidy. We have heard the same stories of monies saved from subsidy used to develop other sectors, no one us a kid here, we know that is more stories. |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Lostchild(m): 11:11pm On Jul 27, 2021 |
TheRareGem1: People like you re one of the.main reason why I desire to leave Nigeria How has electricity improve for the last 16 years? Havr you been living in Nigeria for the last 16 years? I ask because I am not sure |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Nobody: 7:56am On Jul 28, 2021 |
Beancounter94: There is nothing wrong with reversing privatization, south African still nationalizes its power sector, last I checked they generate over 40mw of electricity, so screw investors. You need to look at the type of foreign investors we need as a country, we need the ones who invest part of their profits here in Nigeria not speculators, not people who buy national assets at rock bottom prices and over price their services, kill off local businesses. The decision by CBN to stop selling to BDCs was taken yesterday. On the oil issue FG needs to implement full deregulation, hands off oil production like it did in telecoms. Ask yourself why did privatization of telecoms work? Because competent brands were allowed to run it. If competent hands like GE electric ran PHCN instead of cronies, we would be discussing something else. Have a blessed day. 1 Like 1 Share |
Re: FG To End ₦30 Billion Monthly Electricity Subsidy Next Year — Osinbajo by Nobody: 8:06am On Jul 28, 2021 |
zanshi: These people are not investors, they re speculators, they buy things at rock bottom prices via related party transactions to make super profits, they don't invest in the assets they acquire, they just milk them for all they re worth and dump them to another unsuspecting person, move to another place and repeat the same thing. They re like locusts! Mention one significant infrastructure built by any disco in any state of Nigeria. At times its either spirited individuals or communities that buy transformers, erect poles to connect to a grid. They don't follow FGs directive on mass metering, why? They re not in the business for the long haul, they just want to make as much doe as they can. They lack competence in managing power companies and obtained loans at outrageous interest rates because of greed, this is the crux of the matter. We re forced to pay high tariffs because owners of discos can't pay off the loans they obtained to buy the discos. 1 Like 1 Share |
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