AlexBells:

Are you making all these authoritative remarks by the virtue of your team and then your handle of Edoairways does it have connection to what I think, anyway people have different economic approach and this is a democracy.

A second chance is what I would give if people are ready to retract their steps, you guys took Buhari's campaign promises to heart, but himself soon realise that he really had no idea and he is reverting to agenda of the previous administration

Don’t mind those mumus that believed all those politicking, he will bring price of crude oil down, he will make the dollar parallel to the Naira, he will restructure Nigeria? Mumus fool Nigeria that believed that for 1 second. No wonder they are on social media complaining, no senior secondary school common economic sense.

StaffofOrayan:


Everything!

I guess what he wrote must be too intelligent for you to comprehend?

FarahAideed:


What grade of petrol should I google in America..America has many grade of petrol at different prices the have grade 87 , grade 89 and grade 92 ( premium) ...The dirty petrol Buhari imports for us can't even be sold in the US because it's considered harmful and yet you want us to buy it at American price ...Do you know what the minimum wage in America is ? When are you going to tell Buhari to copy American minimum wage

They imported the dirty petrol for the poor people like yourself that cannot afford premium gasoline? You that can’t even refine your own oil & pay for the cheap imported fuel, you still want Government to subsidize it for you?

A beggar has no choice, least you forget Nigeria’s Bonny light sweet crude is amongst the best in the world, low sulfur, very easy to refine, premium gasoline in the United States. Just a pity it is for export for the benefit of the Oyibo man, cos the Blackman cannot afford what he produces.

AlexBells:

There is no greater time to remove subsidy than now, it does not make economic sense to remove subsidy when dollar price was low, it is when it is high that it makes practical sense to remove it, the country can afford to pay #50 for subsidy but #200 that's a hell no, once subsidy is removed, dollar price will come down becuase Nigerians would use less fuel and there would be really less dollar needs, apparently nothing would be a achieved if we keep listening to flimsy excuses like you are giving, it was affordable for the government when dollar was less priced at this point Nigeria can't borrow huge loans to finance subsidy, if you can't afford petrol, sell your generator and use the proceed to start farming it is that simple.

U’re a certificated dummy. New embryo economic student. I urge u to finish bsc then u can start participating in primary skul debate. Stop talking of high caliber national economy with ur zero senseless brain. Dumb azz .

sagio09:

U’re a certificated dummy. New embryo economic student. I urge u to finish bsc then u can start participating in primary skul debate. Stop talking of high caliber national economy with ur zero senseless brain. Dumb azz .

Keep quiet Humpty Dumpty, lazy minded youth, Nonsense Wailer.

Rexwalters1:
They imported the dirty petrol for the poor people like yourself that cannot afford premium gasoline? You that can’t even refine your own oil & pay for the cheap imported fuel, you still want Government to subsidize it for you?

A beggar has no choice, least you forget Nigeria’s Bonny light sweet crude is amongst the best in the world, low sulfur, very easy to refine, premium gasoline in the United States. Just a pity it is for export for the benefit of the Oyibo man, cos the Blackman cannot afford what he produces.

Buhari govt is not subsidizing petrol for any Nigerian , all they have done is criminally created over 60 million false litres of daily consumption which is being stolen and used to fund a certain war being waged against Nigerians .. every country including Ghana sell different grades of petrol at the pump for you to chose according to your vehicle engine spec or pocket but I. Buharis god forsaken Nigeria he imports dirty petrol and now wants to sell it at the price mid range petrol . All of you still supporting Buhari are just weak men who can't survive without licking ass ...Rex have you ever made money on your own ?

AlexBells:

If Subsidy is removed, petrol demand would reduce, there is no monopoly of petrol importers, Nigerians would enjoy similar price with what's obtainable in other countries without petrol subsidy, people would no longer need to put on the generator set to charge a cell phone, they can patronize mass charging centres and the number of cars would reduce on the roads, and less young people would go into fraud to afford a ride if they cant afford petrol, transport would almost remain the same just that more people would buy bicycles, better for the environment

You will know the real definition of crime once subsidy is removed.

FarahAideed:


Buhari govt is not subsidizing petrol for any Nigerian , all they have done is criminally created over 60 million false litres of daily consumption which is being stolen and used to fund a certain war being waged against Nigerians .. every country including Ghana sell different grades of petrol at the pump for you to chose according to your vehicle engine spec or pocket but I. Buharis god forsaken Nigeria he imports dirty petrol and now wants to sell it at the price mid range petrol . All of you still supporting Buhari are just weak men who can't survive without licking ass ...Rex have you ever made money on your own ?

Well I live in the west. Thesame fuel you call dirty (not premium) is sold for $1.6(I.e abt N700) in my city and it was $0.76 exactly 2yrs ago. No salary increase, no new palliative. Everybody just adjusts their lifestyle.
In 2012, I was in Ghana on an assignment and listened to their energy minister announcing petrol price and how it was arrived at. At the time the price was like 3 times naija price and my Ghanaian colleague only said I'll rather contact my guys to bring subsidized fuel from naija and sell here than pay that price. Since then I've been sold to removal of subsidy on fuel. Now naija subsidizes gas and electricity.
Whether Buhari, Jonathan or Atiku. Fuel subsidy must go. Jonathan paid about 400b at the start of his tenure when leaving it rose to 1.6T. No be juju be that!and it will continue.

AlexBells:

If Subsidy is removed, petrol demand would reduce, there is no monopoly of petrol importers, Nigerians would enjoy similar price with what's obtainable in other countries without petrol subsidy, people would no longer need to put on the generator set to charge a cell phone, they can patronize mass charging centres and the number of cars would reduce on the roads, and less young people would go into fraud to afford a ride if they cant afford petrol, transport would almost remain the same just that more people would buy bicycles, better for the environment

Your post is full of . misinformation and you conductuted zero research and only rely on beer parlour gist to formulate your believe about subsidy removal.

First, you have forgotten that NNPC had become the sole importer of fuel into Nigeria since 2017 as a result to find a lasting solution to importers corruption.

Nigeria is an oil producing country and the simple and basic economic principle is that international price exists when you export and should not apply to local production unless we are going to remain slave for ever to the Western world. The first step in achieving that is to start refining for consumption at local price and export the remaining at international market price. That should be the responsibility of government regulatory body and policy of government.


Now let look at your warp notion that removal of fuel subsidy will lead to reduced usage of the product shows your lack of knowledge in basic economic principle that place fuel as essential commodity in country where it remain the major source of energy since there's no electricity.

To understand this better, check the international price of the commodities and compare with the local price of the commodities where they are produces

1. Cocoa
2. Wheat
3 Sugar
4. Palm Oil
5. Gold

Now think of the consequences of fuel removal that is going to increase number of okada business that is daily leading to serious accident and turning our youth to handicap. Go to any hospital and see that the emergency section is saturated with victims of motorbike accident. Can the government, the health sector and the society deal with the consequences of increased handicaps of its people?

The quite by J F Kennedy was not meant to be in vacuum.
He simply means , after your country must have done the needful by providing the necessary basic amenities and securing of your life then think of what to do for your country .
Nigeria on the other hand has not helped the masses except a microscopic looting few

@AlexBells, you think selling off their cars will lead to a better life for Nigerians? You said people should patronize commercial phone charging centers, sell off their gens...do you think you made any sense with your points? Won't the transporters get higher demands beyond their ability to supply? So, you also think it's better for the FG to take away the little joy people have when they put on their "I-better-pass-my- neighbor" generator at night because you see it as a luxury?

Did your sponsor or whoever sat you down to brainwash you think of fixing existing refineries and/or building new ones as a solution at all? People wouldn't have felt this bad if he was removing the subsidy because he wants to divert the money to a good cause like the refineries. That way, there's hope of a better tomorrow. If they remove subsidy, even you cannot survive it!

I work well, my family is well off by all standards but I'm still scared of subsidy removal because I know the money will still be looted, it won't go back to federation account! You asked who will pay the loans if they don't remove subsidy; who borrowed to destroy the future of Nigerians? If he had borrowed to fix the refineries, by now we'll be doing better, we won't be flaring gas and buying same gas at cutthroat price! I don't blame you really, I believe you are just a paid agent!

BORROW TO WASTE. THAT'S SUBSIDY.

There should be a block button on Nairaland please. We need to safeguard our mental health because some monikers here serve us brain damaging threads regularly.

backnbeta:
@AlexBells, you think selling off their cars will lead to a better life for Nigerians? You said people should patronize commercial phone charging centers, sell off their gens...do you think you made any sense with your points? Won't the transporters get higher demands beyond their ability to supply? So, you also think it's better for the FG to take away the little joy people have when they put on their "I-better-pass-my- neighbor" generator at night because you see it as a luxury?

Did your sponsor or whoever sat you down to brainwash you think of fixing existing refineries and/or building new ones as a solution at all? People wouldn't have felt this bad if he was removing the subsidy because he wants to divert the money to a good cause like the refineries. That way, there's hope of a better tomorrow. If they remove subsidy, even you cannot survive it!

I work well, my family is well off by all standards but I'm still scared of subsidy removal because I know the money will still be looted, it won't go back to federation account! You asked who will pay the loans if they don't remove subsidy; who borrowed to destroy the future of Nigerians? If he had borrowed to fix the refineries, by now we'll be doing better, we won't be flaring gas and buying same gas at cutthroat price! I don't blame you really, I believe you are just a paid agent!

Subsidy removal is not about emotions, it is one thing that makes Nigeria irredeemable in corruption, they did not subsidize food, have you died of hunger?, they did not subsidize clothes are you walking naked?, I believe in my country men and once subsidy is removed you will realise that necessity is the mother of invention

You need not panic, first mass charging centre will go big and big people can invest in it, they would deploy solar becuase using gasoline would make the overhead cost more, such charging stations would also charge our electric cars, more indigenous electric car companies would emerge and Tesla would either eventually set up a facility for their electric cars in Nigeria

People are scared of change, I understand the panic but Nigerians are being robbed big time with subsidy, eventually the I better pass my neighbours, if I were the one would all be recalled in exchange for a subsidized solar panel that Nigerians can pay for within the space of four years all the I better pass my neighbours generators would be dismantled, melted and the components parts used to produce other things.

Don't panic Buhari have no idea really but he do also have hard hearing which is very good thing in a time like this, let him remove the subsidy first

Whobedatte:
The quite by J F Kennedy was not meant to be in vacuum.
He simply means , after your country must have done the needful by providing the necessary basic amenities and securing of your life then think of what to do for your country .
Nigeria on the other hand has not helped the masses except a microscopic looting few

By the time John F Kenedy made that statement, America was passing through a very trying Time of cold war and economic misfortune, Nigeria is not the only country where terrible things happens, Your life must not be perfect before you make contributions

AlexBells:

If Subsidy is removed, petrol demand would reduce, there is no monopoly of petrol importers, Nigerians would enjoy similar price with what's obtainable in other countries without petrol subsidy, people would no longer need to put on the generator set to charge a cell phone, they can patronize mass charging centres and the number of cars would reduce on the roads, and less young people would go into fraud to afford a ride if they cant afford petrol, transport would almost remain the same just that more people would buy bicycles, better for the environment

Do you have sense or just being plain stupidd? Do you know what price determinant factors are? Inflation? The effects of these your Oluwole analysis will have on the economy?

Sometimes it is best to keep shut and thought a fool, than to speak and remove all doubt! After reading your write up again, I can confidently say you’re just a waste on the geographic space!

They should first ensure that our refineries are working.
If our refineries are working no one will be talking about subsidy

nairaman66:


Do you have sense or just being plain stupids? Do you know what price determinant factors are? The effects of these your Oluwole analysis will have on the economy?

Sometimes it is best to keep shut and thought a fool, than to speak and remove all doubt!

Well, I didn't declare myself a Socrates, even fools are entitled to their opinions especially in a Democracy that's why you are talking here, apparently,

Ofunaofu:
They should first ensure that our refineries are working.
If our refineries are working no one will be talking about subsidy

Our refinery don't need to work, if fact Nigeria is one of the few countries that prioritise government refining crude, let them give more modular refineries license to operate, people like Dangote should be on some kind of hot sit and if he misbehave he should spend at least 3 months in jail, and everyone else trying to inspire monopoly of any sort, including Athur Eze

AlexBells:

Well, I didn't declare myself a Socrates, even fools are entitled to their opinions especially in a Democracy that's why you are talking here, apparently,

It is an insult to mention Socrates in your sentence! Now I understand why we have fools and destitute in our society today. You guys bring a lot of comic relief!

FarahAideed:


Buhari govt is not subsidizing petrol for any Nigerian , all they have done is criminally created over 60 million false litres of daily consumption which is being stolen and used to fund a certain war being waged against Nigerians .. every country including Ghana sell different grades of petrol at the pump for you to chose according to your vehicle engine spec or pocket but I. Buharis god forsaken Nigeria he imports dirty petrol and now wants to sell it at the price mid range petrol . All of you still supporting Buhari are just weak men who can't survive without licking ass ...Rex have you ever made money on your own ?

The main reason why we have inflated figures of petrol is simple

Smuggling across the border.

Fuel costs N165 here, and over N300 in the rest of West Africa. As a result, people smuggle fuel to other African countries and have been doing so for years. Customs is trying, Buhari even tried the iron treatment of total border closures (and it worked for a while...consumption levels went down)..but the truth is, once people know you can make a profit selling fuel across the border, you can only stop them if you stop subsidizing it.

Again, if you want to stop smuggling, you have to totally remove subsides.

The same thing is happening in Venezuela. Fuel costs the equivalent of N40 per liter...and meanwhile it costs far more in all their neighbours. As a result, Venezuela loses $18 billion yearly due to smuggling.

Ttalk:


Your post is full of . misinformation and you conductuted zero research and only rely on beer parlour gist to formulate your believe about subsidy removal.

First, you have forgotten that NNPC had become the sole importer of fuel into Nigeria since 2017 as a result to find a lasting solution to importers corruption.

Nigeria is an oil producing country and the simple and basic economic principle is that international price exists when you export and should not apply to local production unless we are going to remain slave for ever to the Western world. The first step in achieving that is to start refining for consumption at local price and export the remaining at international market price. That should be the responsibility of government regulatory body and policy of government.


Now let look at your warp notion that removal of fuel subsidy will lead to reduced usage of the product shows your lack of knowledge in basic economic principle that place fuel as essential commodity in country where it remain the major source of energy since there's no electricity.

To understand this better, check the international price of the commodities and compare with the local price of the commodities where they are produces

1. Cocoa
2. Wheat
3 Sugar
4. Palm Oil
5. Gold

Now think of the consequences of fuel removal that is going to increase number of okada business that is daily leading to serious accident and turning our youth to handicap. Go to any hospital and see that the emergency section is saturated with victims of motorbike accident. Can the government, the health sector and the society deal with the consequences of increased handicaps of its people?

The guy is a dysfunctional being. I wonder how someone can come up with a load of crap single handedly. The guy’s commitment to dishing out gibberish is astounding!

Buccalcavity2:


Well I live in the west. Thesame fuel you call dirty (not premium) is sold for $1.6(I.e abt N700) in my city and it was $0.76 exactly 2yrs ago. No salary increase, no new palliative. Everybody just adjusts their lifestyle.
In 2012, I was in Ghana on an assignment and listened to their energy minister announcing petrol price and how it was arrived at. At the time the price was like 3 times naija price and my Ghanaian colleague only said I'll rather contact my guys to bring subsidized fuel from naija and sell here than pay that price. Since then I've been sold to removal of subsidy on fuel. Now naija subsidizes gas and electricity.
Whether Buhari, Jonathan or Atiku. Fuel subsidy must go. Jonathan paid about 400b at the start of his tenure when leaving it rose to 1.6T. No be juju be that!and it will continue.

Exactly.

That is the thing that Nigerians need to understand.

But we are all sold on the idea of cheap fuel...

nairaman66:


It is an insult to mention Socrates in your sentence! Now I understand why we have fools and destitute a in our society today. You guys bring a lot of comic relief!

Mentioning Socrates, shouldn't be an insult, Socrates did not come for the wise but so that the fools maybe salvaged, now that I had introduced you to socrates, go and fool around no more.

AlexBells:

Mentioning Socrates, shouldn't be an insult, Socrates did not come for the wise but so that the fools maybe salvaged, now that I had introduced you to socrates, go and fool around no more.

You know nothing about Socratic methods! You are an impostor without basic knowledge of economics. Go back to school and stop disgracing your friends abs family!

nairaman66:


You know nothing about Socratic methods! You are an impostor without basic knowledge of economics. Go back to school and stop disgracing your friends abs family!

Socratic method don't quite apply to mordern country running, I only mentioned Socrates because of your egoism, calling someone a fool for holding an opinion does not look like what a wise person would do

FarahAideed:


How many times will he go for the real deal ? . Last time he said it was the real deal so much there has been no subsidy in our budget so what subsidy is Buhari removing ? Are you not tired of being decieved by Buhari?

Okay, round about the time that report was prodced, oil prices had fallen to $24 per barrel.

This had two effects.

1.No money to pay subsidies, so government removed them

2.Cost of production fell...due to falling oil prices

3.Due to international lockdowns and the like...people were not buying petrol like they used to, so prices came down to try to make as many people buy petrol for something.

Buhari has never totally removed subsides. What he did twice before 2020 was simple. Partial removal of subsides. The clue that he was lying was that the government was still setting the price of fuel, and the price of fuel was still equal all over the country. Had subsidy gone completely, the prices of fuel would have varied from place to place, and would have been higher.

Every government has partially removed subsides, from Shagari era...which is why we aren't paying the 15 kobo per liter we paid for fuel in 1981 now. They do it when the revenue from crude is too low to maintain the previous subsidised price.

As an example..in 2012, when GEJ increased prices from N65 to N97, the actual price of petrol was N99. By 2016 , the actual price of petrol had shot up to N132, and the pump price was N87, meaning subsidy costs had gone up from N2 per liter to at least N50 per liter. Meanwhile, revenues from crude had crashed , due to oil prices dropping from $120 in 2012, to $40 in 2015/16. Thus prices were increased to N145 per liter...ending the subsidy...till oil prices rose again, and the actual cost price of fuel reached N180 by 2018 and N256 now.

sagio09:

U’re a certificated dummy. New embryo economic student. I urge u to finish bsc then u can start participating in primary skul debate. Stop talking of high caliber national economy with ur zero senseless brain. Dumb azz .

You just rubbished me with foolishness, bravo oh you really rubbished my arguments with even greater foolishness, did you just ramble or counter my arguments lol, abeg go and revoke your fees from whichever school you attended, you were obviously ripped

AlexBells:

You just rubbished me with foolishness, bravo oh you really rubbished my arguments with even greater foolishness, did you just ramble or counter my arguments lol, abeg go and revoke your fees from whichever school you attended, you were obviously ripped

Oga, good morning

You have done well, but the thing is, most of the people abusing you are doing so because they don't want subsidy to go, since it means higher food prices., as well as higher prices for most other stuff.

The truth is subsidy has to go. I wish we did it in 2012 when oil prices were sky high and when we could have at least used the high revenue to paper the cracks till things improve.

If subsidy does not go, Dangote and anyone else setting a refinery is either going to sell at a loss,and fold up, or export the stuff abroad...

Prayfortheworld:

You will know the real definition of crime once subsidy is removed.

You don't threaten anyone with crime so that the right thing shouldn't be done, if you do the crime get ready to do the time, worst case, the chair would be kicked off criminals feet with rope in their head, even criminals would be happy if the right thing is done,

No body would stop those with criminality in their blood they are citizens too, and as far as they keep to stealing mangoes, day old chicks and occasional stealing of cigarettes, they would be good, should they step up, the repercussions would be timely, painful and more

backbencher:


Oga, good morning

You have done well, but the thing is, most of the people abusing you are doing so because they don't want subsidy to go, since it means higher food prices., as well as higher prices for most other stuff.

The truth is subsidy has to go. I wish we did it in 2012 when oil prices were sky high and when we could have at least used the high revenue to paper the cracks till things improve.

If subsidy does not go, Dangote and anyone else setting a refinery is either going to sell at a loss,and fold up, or export the stuff abroad...

There is never a best time to introduce good change, people would cry eventually let it be done now so that people will regret why they did not support it in 2012, if you fail to do it today people will regret why it was not done in 2021 when it becomes reality that 2029 would be worse than 2021 If we fail to do the right thing, no kind of economic development can wipe off the serious negative impact of subsidy, unless it is removed every other thing could be stagnant