AntonVince:


Oh! So rising price of oil is a curse yet you lot endlessly vilified GEJ while harping on big earnings during his time? Did GEJ not pay more subsidy? So how did he manage to keep our economy afloat, with a single-digit inflation and a USD exchanging for N187?

Im sure USD wasn't 187 when he assumed office. So u have no pint. Rest

klawaaa:
What we export outweighs what we import. Nigeria is a blessed country with huge natural resources but these bastards called politicians won't allow us enjoy our natural privileges. That is why all of them are nursing longtime ambitions as if Nigeria is their career.

How is it more. Which is more profitable, crude raw materials or finished product

Urchman200:
i thought apc was blaming pdp for not saving when their was price boom? Why is price boom a cause for apc when Buhari and his supporters thought it was a blessing for Jonathan?

That's what I'm saying, failure to think critically. All y'all point of view is not more than apc versus pdp, gej vs buhari. You cant think outside that. Go and read my post very well before commenting

This government will still borrow, no amount of oil prices is enough for this administration.

danngnews:


You are defending failure and blaming anyone or anything but this government.

Is your more secured since Buhari took over government? Do you now buy food stuff cheaper? Do you now access cheaper health facilities?

Take umahi of ebonyi state for example, with one of the smallest allocation, he has been doing wonders in his state without blaming anyone.

Tell me one area of your life that have improved since Buhari took came to power.

You think I am defending the government because you do not understand my post at all.

And you did not read the line where I said...

Until we become an industrial economy,and start earning more of our revenue in tax, and stop relying solely on oil, we will forever be a borrower. Oil prices are never where we want them

Read the above, and then ask yourself if Buhari has taken any steps towards doing that. Once you have answered the question, you will see why I am not a Buhari supporter.

Good morning to you too.

i think we are agreed that Buhari is a bad leader, it is why he is a bad leader that we disagree on.

tit:
Won't you pay subsidy again for imported finished products?

A double-edged sword from a government that has failed to implement simple economic policies on energy security which should have been implemented before any other project.

More money in the hands of a total failure is a waste.

blackpanda:


That's what I'm saying, failure to think critically. All y'all point of view is not more than apc versus pdp, gej vs buhari. You cant think outside that. Go and read my post very well before commenting

oga your point of is neither here nor there, absorbing the current administration of blame doesn't make you rational thinker, wake up and criticise the current policy makers .

Fela said

How country go dey make money and country people no see money

It means : Stealing will now change hand! Oil theft and looting will go high now. The thief thief govt will be like

Urchman200:
oga your point of is neither here nor there, absorbing the current administration of blame doesn't make you rational thinker, wake up and criticise the current policy makers .

No sir. Wake up and think!

blackpanda:
The problem is that subsidy will wipe it off. As price of oil increases so does the price of importation of fuel. So it's not really a gain. This is why govt wanted to end subsidy. But the immediate pain on Nigerians will be too much.

Why was this not the case during GEJ's time? especially, considering the subsidies were larger during his time as in the prices at the pumps were lower

Urchman200:
i thought apc was blaming pdp for not saving when their was price boom? Why is price boom a cause for apc when Buhari and his supporters thought it was a blessing for Jonathan?

I guess they are feeling the heat and it's not easy for the stooges here to be talking from two sides of their mouths too.

Feelings79:
Why was this not the case during GEJ's time? especially, considering the subsidies were larger during his time as in the prices at the pumps were lower

It was, that's why even GEJ wanted to remove it.

Oil prices then were sky high under GEJ, so it took some of the edge off, but the amount of money wasted was too too high. To make matters worse, subsidy costs rose under GEJ, which resulted in petrol prices going down from N97 to N87, and which led us to lose money more and more

By 2014, we were taking loans to pay for worker salaries....plus by 2015, when GEJ was handing over, our forex reserves had gone down from 60 billion dollars to 32 billion dollars, and went down to 28 billion in the first 6 months of Bubu (compounded by drops in oil prices begining from 2014 april ), before he removed subsides temporarily, and reversed the decline...for a season.

Buhari that have been singing drop of oil price from $100 in 2014 to $30 in 2016 as an excuse for his failure won't say anything now o!

Oil has been selling above $60 since 2017 yet the APC keeps stealing our common wealth while blaming low oil prices.

As someone said above, what's the use of more money in the hands of thieving APC politicians?

backbencher:


It was, that's why even GEJ wanted to remove it.

Oil prices then were sky high under GEJ, so it took some of the edge off, but the amount of money wasted was too too high. To make matters worse, subsidy costs rose under GEJ, which resulted in petrol prices going down from N97 to N87, and which led us to lose money more and more

By 2014, we were taking loans to pay for worker salaries....plus by 2015, when GEJ was handing over, our forex reserves had gone down from 60 billion dollars to 32 billion dollars, and went down to 28 billion in the first 6 months of Bubu (compounded by drops in oil prices begining from 2014 april ), before he removed subsides temporarily, and reversed the decline...for a season.

Typical Buhari stooges, blame GEJ but make excuses for Buhari for same scenario. Thank God we all are suffering the effects of Buhari misrule.

And what stop your government from giving us a functional refineries?

blackpanda:
The problem is that subsidy will wipe it off. As price of oil increases so does the price of importation of fuel. So it's not really a gain. This is why govt wanted to end subsidy. But the immediate pain on Nigerians will be too much.

We were where we where! I hope no blames on past administration again ooo. Hehehehe, I laugh in Roman Figures because there will be excess crude money to share.

For stealing abi

Minjim:



https://punchng.com/oil-soars-above-93-nigerias-revenue-prospects-brighten/?utm_source=telegram&utm_medium=social

If only we can refine what we consume here...we are the ones responsible for our problem..so how can nigeria spend more than the money used to build dangote refinery all these years and yet we cant refine what we need..at this current price we should av used it to improve our foreign exchange reserve to purchase things that would drive our own innovation..and not to purchase refined crude to power vehicles that was purchased with money most likely gotten from corruption and mismanagement

Mayeldah:


Typical Buhari stooges, blame GEJ but make excuses for Buhari for same scenario. Thank God we all are suffering the effects of Buhari misrule.

As usual, you missed the message.

For the record, Buhari too is a failure, and has shown in the last six years he cannot run the economy.

I have so much to tell you, but no, you don't like me saying bad things about your idol too, so, good afternoon.

Modifed...

For the record, I was trying to explain why GEJ wanted to remove subsides in 2012. But no, you missed it.

politicians will see money to loot, awon ole radarada

Oh

blackpanda:
The problem is that subsidy will wipe it off. As price of oil increases so does the price of importation of fuel. So it's not really a gain. This is why govt wanted to end subsidy. But the immediate pain on Nigerians will be too much.

how about the excess crude account, nobody is talking about that one now, what's the benchmark for last year and this year

The mumu in Aso Rock will
still complain

More loots for the lootocrats and locusts

backbencher:


1.Your 30 million is not true. We were consuming 40 million by 2014, and by now it is up to 80-90 million.

2.As an aside, a lot of the inflation in consumption comes from smuggling. Nigeria has pump prices at N163, while all our neighbours sell fuel above N350, oil producers like Niger and Chad included. And smuggled Nigerian fuel is a hit in all those countries...even as far as Ghana self.
(In my opinon, we are consuming 50 million-80 million. High populaiton , poor power supply are the reasons. )

3.We are still servicing debts from the loans we have been taking since 2009.....and we take those loans because ......oil prices are and have never been where we want them to be. Plus, the oil price crash from 2014 to last month too has been very terrible.

4.All these impact our available revenue

5.As cost of crude rises, the cost of producing fuel from that crude will rise...or there would be no money to pay the people who bring out our crude. (Once the cost of the raw materails rises, the product would rise).

Subsides cover the difference between the cost of producing crude and the cost at the pump. If we do not pay high enough, there would be losses, and the oil industry would collapse...unless the government allows pump price to increase to a level where it can pay subsidy easily.

So, it does not matter your calculations. rISING subsidy costs plus debt servicing eats it up.

The energy they are using to argue to and fro subsidybshould be used to set up refineries. Most businesses survive on fuel,if they solve power then we can begin to look at the subsidy thing.
We were promised conversion of our cars to gas from pms engine,have they started the conversion?

AK481:

The energy they are using to argue to and fro subsidybshould be used to set up refineries. Most businesses survive on fuel,if they solve power then we can begin to look at the subsidy thing.
We were promised conversion of our cars to gas from pms engine,have they started the conversion?

Well, if subsidy goes , people would feel free to invest in refineries, since the incentive of profits is there

backbencher:


Well, if subsidy goes , people would feel free to invest in refineries, since the incentive of profits is there

Like they are investing in diesel,kerosene and gas only refinery?