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Nairaland Forum / Nairaland / General / Politics / IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs (16628 Views)
Stop Electricity Subsidy, IMF Tells FG / Why Tinubu Must Restore Fuel Subsidies Now - Farooq A. Kperogi / Return Of Fuel Subsidies Disturbing, IMF Tells FG (2) (3) (4)
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Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:34pm On Nov 20, 2021 |
thebosstrevor1: No, ID, plus vouchers...shown at participating fuel stations (i guess it is like the food voucher system). We spent N2 trillion on subsides this year. That's money that could have gone elsewhere Finally before you quote me again...I have a question for you. You are selling coke at N100 per bottle, after buying from factory at N70 PER BOTTLE. Government comes in and tells you to sell the coke at N20 per bottle..the coke you buy at N70, and pays you a subsidy of N10 per bottle sold..meaning you lose N40 PER BOTTLE...WOULD you be happy? |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:35pm On Nov 20, 2021 |
backbencher: Have a good day, typing rubbish down |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:38pm On Nov 20, 2021 |
thebosstrevor1: Good afternoon. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Macgyver1: 2:40pm On Nov 20, 2021 |
To further improvish Nigerians ! Nothing like job creation. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by CyberHustle: 2:42pm On Nov 20, 2021 |
The complete removal of regressive fuel and electricity subsidies is a near-term priority, combined with adequate compensatory measures for the poor.The compensatory part is the big deal. Adequate compensatory measures for the poor will remain a mirage due to systemic corruption. 3 Likes |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by mudiana(m): 2:45pm On Nov 20, 2021 |
This country doesn't have steady power(electricity) . If the government fix power issue, businesses will flourish but if they don't fix it and still go ahead to remove fuel and electricity subsidy then SME's will suffer alot. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by adexpa(m): 2:47pm On Nov 20, 2021 |
The IMF advice is right in a saner/transparent system where everything works. You can not remove subsidy with the current minimum wage, the country with no subsidy works on minimum wage year in year out. The two bodies(nnpc/phcn) should be a total independent bodies. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by kadiri3(m): 2:53pm On Nov 20, 2021 |
Chieffoo007:and u believe this? smh |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Guyman02: 2:56pm On Nov 20, 2021 |
backbencher: I have worked on Govt projects and sat down as FG representative on meetings with these foreign experts that I can tell you all that you are conjuring doesn't work that way in Nigeria. Nothing much will change but more hardship for Nigerians, all those we will be creating millions of jobs from implementing IMF recommendations is nothing but arrant nonsense and balderdash 1 Like |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by wambosamuel1980: 2:56pm On Nov 20, 2021 |
This is satanic move by the IMF, we are going to resist such move next year. Buhari should kindly ask Jonathan how far during his regime when he tried to remove fuel subsidy. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nezan(m): 2:58pm On Nov 20, 2021 |
Government must operate with a human face, that is why it is even called democracy; Government of the people, for the people. At any point Government ceases to operate with a human face, it becomes autocratic. If you remove subsidy on fuel and electricity, how will the people cope with rising inflations? I will bet you that salaries will not be increased, even if there is any increase at all, it will be marginal and the inflation will erase any gain. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 2:59pm On Nov 20, 2021 |
Guyman02: On the other hand 1.We have spent over N1 trillion on subsides... 2.Oil revenue is not at the level where we can afford to be paying subsides...which means...we have to take loans (and the subsides in the power sector are partly funded by loans) 3.We don't have good refinereis because subsidies means that NNPC cannot make enough profit to pay for refinery repair, upgrade, and new refinereis, since all the money that would have gone there goes on subsidy. 4.Same for power. 5.At the end of the day, we spend more on keeping prices of petrol and power low...we end up taking more loans, since oil price is not high as we want it. 6.Did i mention that oil has to be at least $100 per barrel before we can see any benefit ? |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by sabreal: 3:00pm On Nov 20, 2021 |
Useless world powers! Give more jobs or give more businesses Its in their own interest. They want more profits for their economic agents They don't care what the consumers are going through to pay for what they don't enjoy. Consumers pay more. They don't get commensurate value for their money. No body is addressing the poor infrastructure for these products. They just want the poor the poor population to pay more and more. What their own people will not tolerate. Poverty driven policies . BeeBeeOoh: 2 Likes |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by wambosamuel1980: 3:01pm On Nov 20, 2021 |
BeeBeeOoh:Hahaha lets watch and see. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Advocate500: 3:03pm On Nov 20, 2021 |
Instead of the useless IMF to talk about excessive corruption in the system and how to curtail it,they are talking about subsidy removal as if that will change anything under this corrupt system. How do you saved without blocking the loophole under which our patrimony are stolen. Billions of loans collected under the guise of infrastructural development cannot be accounted for ,is now subsidy that will be utilized? IMF means the same thing to everything wrong with this country. 3 Likes 1 Share |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by jeffoe(m): 3:10pm On Nov 20, 2021 |
What IMF is saying is just common sense. Nigeria is going the way of Venezuela and Argentina. It is so glaring even with my basic knowledge of economics. Sane Countries that provide subsidy do it in social services like education, health, public transportation etc but this countries have very high taxation rate that can go up to 60% of ones income and the market determine the prices and not govt. Govt job is regulation which is to prevent any person from gaming the system or forming cartel unfortunately Nigeria is a member of the opec cartel. Govt should provide services to companies that would make then internationally competitive e.g High quality workforce, research, efficient service to bussines etc The Nigerian government first have to be completely transparent with it finances, With monthly information about who get what and the purpose it for. This would build citizen trust in the system and then gradually phase out subsidies maybe on monthly basis till it is completely removed. Labour union law should be modified to meet international best practice examples would be providing unemployment benefit for a fixed period of time if a union member loses is job. Build a robust citizen credit rating system and ensure that rent and other bills are paid monthly with one month deposit, govt should bare the cost of possible one month default and then retrieve it from the defaulter while putting that info on the person credit info which is available to everyone. I can keep going on and on State capitalism can only work in an authoritarian society and/or a very very transparent (less corrupt) society 3 Likes 1 Share |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by slimghost(m): 3:11pm On Nov 20, 2021 |
IMF of doom!!! |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Pidginboss: 3:11pm On Nov 20, 2021 |
How, where, when who |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by godisshit(m): 3:13pm On Nov 20, 2021 |
Ajala is a brainless, spineless fool and he will always do what his IMF masters tell him to do. funshint: |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by ladgentle(m): 3:13pm On Nov 20, 2021 |
Cognitivereason: Comparing the Telecommunication sector to the oil sector is not as straight forward as we think. Truly, the telecoms sector was not subsidized, but then again their products were not a necessity for Nigerians. If you couldn't afford it then, you stayed away. So you really cared less whether it was subsidized or not because you didn't have to use the products. But it is a different ball game with fuel. There is no running away from it. From providing power for your self to transportation, you have no choice but to use fuel. Not to mention the high cost of goods, as increase in transportation cost will be factored into the cost of production. Just like diesel, not many people use diesel, so the removal of subsidy was easily accommodated. With the lean disposable income of the average Nigerian, you are talking of fuel subsidy removal. Not only that, you want to also remove electricity subsidy when not everyone has been metered. And you are talking of curbing insecurity. Ok o 3 Likes 1 Share |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 3:15pm On Nov 20, 2021 |
jeffoe: Great post.! I would add 1.OPEC is not as strong as it used to be. More and more non-OPEC members are finding oil. 2.Right about state capitalism working in an authoritarian society..and they do that largely by keeping labour costs down (That's how many communist countries work..and it failed most of them) 3.What Nigerians fear about subsidy removal is food price increases. (That's why Obasanjo got away with not subsiding GSM...GSM does not directly affect food prices in the same way a potential increase in fuel prices would..) 4.Nigeria also subsidizes education and healthcare. 2 Likes |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by godisshit(m): 3:16pm On Nov 20, 2021 |
The simple truth is that they have spent the last 30 years destroying the energy sector under the guise of subsidy and now they want to push the financial implications of their mismanagement on the ordinary Nigerian. jeffoe: |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by SUGARCyprian247: 3:19pm On Nov 20, 2021 |
backbencher: Your first paragraph, why are they saving money for? To service loan or to loot?. Bro we are damned |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 3:21pm On Nov 20, 2021 |
AllahIsShit: Yes, subsidy was a bad decision, economically speaking. But every time government suggested complete subsidy removal..from 1993 to date, Nigerians have always said NO. (That's why even people like Abacha never contemplated subsidy removal totally). All government can do is to reduce subsidy payments from time to time when the cost of producing petrol rises. (which manifests as a price increase...and which means all is well, until the cost of producing a liter of fuel rises again)...ie periodic partial subsidy removals...which have happened several times for over 3 decades. Now we are a t a point where falling oil prices means it has to go....or we keep on taking more loans (which IMF doesn't want us to do, because they are tired of us doing so). 2 Likes |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by VeeVeeMyLuv(m): 3:22pm On Nov 20, 2021 |
Common op will u change the "tell" in your topic to "order" It supposed to be IMF orders Nigeria This is why some persons here keep on declaring that Nigeria is not yet independence, it is not a country! |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Nobody: 3:24pm On Nov 20, 2021 |
SUGARCyprian247: 1.We are taking loans for the simple fact that we are a resource dependent nation. Roughly spekaing....we earn money from selling raw materials and we import goods in excess of what we earn..and that was the position of things before oil came around.(We got away with it in the 1960's and 70's partly because we didn't have too large a number of people dependent on imported stuff. Now we do). 2.Savings are also needed to 1) buffer the value of the naira 2) pay for lots of things...loans, services, etc 3) have a reserve for the rainy day. 1 Like |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by awizyoro(m): 3:25pm On Nov 20, 2021 |
IMF has been the cause of Nigerian problems since the time of babangida... Remove subsidy and create job out of tin air... Awon weerey 1 Like |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Fourwinds: 3:27pm On Nov 20, 2021 |
backbencher: You are a typical demonic Nigerian politician..... People buy transformers, poles etc for their community, did NEPA ever considered those facilities as community facilities? All the money saved from looting , no government has ever accounted for it . now you want me to believe that when subsidies go ,everything will fall in place...to me ,you just wrote jargons. Paper jargons as usual 3 Likes |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by adamsmith914: 3:28pm On Nov 20, 2021 |
PrinceOfLagos:Ignorant Wailers if the President listens to IMF & removes the subsidies you will be @ the front of the queue, yeh help us o, President Buhari wants to kill us in Nigeria? Hypocrite. |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by Poanan: 3:29pm On Nov 20, 2021 |
backbencher: How many has the the subsidy removed so far in electricity attracted? |
Re: IMF Tells FG To Remove Electric And Fuel Subsidies, Give More Jobs by adamsmith914: 3:30pm On Nov 20, 2021 |
Fourwinds:Nothing like NEPA it belongs to Private companies, Eko Electric, Ikeja Electric, Bedc, ibedc & co, same people like you that are here on Nairaland. 1 Like |
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