brandsoncharlie:

So buhari didn't know there's problem of fuel subsidy before he promised to build refinery??

Mumusaphire:
Die-sel, #625? Lol. And many irrelevant online miscreants supporting Putin.

backbencher:


Read my comments, where I blame Buhari and company...especially for his not removing it when he was in power

Also, most people back subsidy. I have been abused on this site beyond measure for supporting subsidy removal myself.

Hossannah:
how do they want businesses to survive in this country

Simran94:
And yet we keep blaming people that are leaving the country, SMH.

dettolgel:


My point is you guys always hide Buhari's misadventures by sliding in ills from the previous leader forgetting that no leader in the modern history of Nigeria made such a big fuss both outside and within powe like Buhari. So judge squarely alone without dragging anyone else into his mess.

MT:


There is inflation abroad right now. Pump rice has soared and it has spread across the spectrum. If you dont have valid residence permit, it is tough now because even Government cannot even help you to alleviate some of the burden.

Simran94:

That’s because of the Russia-Ukraine war

onyxo76:


i bought at 70 kobo back in 1992 ooo, suddenly abacha carried it to 3.25 ...we don suffer o

MT:


Same thing that this article is talking about. There will be biting inflation in Nigeria due to Russia-Ukraine war. The ripple effect of the war will be felt in every corner of the earth.

backbencher:


More like...politicans like Buhari took advantage of the people's anger in 2012 to ride to power on opposition to subsidy removal.

The truth is , most Nigerians oppose subsidy removal. Even me, I opposed it till my eyes were opened in January 2012. And I understood some stuff.

But, as you can see on nairaland, and even outside this site...suggest subsidy removal, and people will abuse you, call you Buhari supporter, curse you, accuse you of propaganda, etc etc....because you want the poor to suffer.

As if the poor are not suffering from the resulting budget deficits that come from increasing subsidy costs.

backbencher:


Yes, and this shows you did not read my comments.

For the record, and repeating myself...Buhari in 2015, should have removed subsides on petrol. By now we would have had more refineries coming up....more than the 6 we have. Instead he kept them, and kept on kicking the can down the road.

He also failed to diversify


But because I don't criticise him the way you do, you call me his supporter. That;s why I don't get you PDP and APC guys.

VaselineCrew:


Meeeen, naijas problems are many.

We need to drastically cut down our population and increase our productivity, because how can minimum wage still be N30,000 and people will give birth to 10s of children.

Then there are the criminals in government. If subsidy is removed, there would be a lot of money made available to build infrastructure and sure up our currency. Would you mind expensive fuel, if it means a dollar now goes for N150? In fact you won't even know it's expensive because the currency would be strong, so that N300 fuel would really look like N100 fuel.

However, we know how they steal everything and how their supporters support them to steal all. See Tinubu with bullion vans on election eve in broad day light, as he know no one can touch him. That is the kind of country Nigeria is, filled with BOLD THIEVES, BOLD BOLD THIEVES.

See when they were still collecting toll money from lekki epe, yet the road was trash. How could that be? How could it be that you drive on THIRD MAINLAND BRIDGE, a free road, yet that road has proper and brilliant lane markings, and all the street lights work, but then you pay N300 to pass lekki epe and all the lanes have all faded, plus darkness everywhere. They had stolen all the money, like everything. Think deeply about this, how much would it really have cost them to employ someone to mark lanes on that road and fix the lights? Maybe one days worth of toll collection? Maybe a weeks worth?

LasgidyPort:


What are you saying? How much is a litre of diesel or petrol in unsubsidized markets??

backbencher:


With the resultant deficits in the budget...and the fact that we cannot benefit from the oil


UAE has about 15 million people, and produces 2.4 million barrels of crude a day
Bahrain has less than 3 million poeple, and produces 1.6 million barrels of crude per day

As such they can fund their refineries, fund subsidy and have enough left over.

Nigeria has 211 million people and now produces 1.6 million barrels of crude a day. We can't fund subsidy without going into debt, and we don't have enough left over for refineries...in a way, we are using money for refining to subsidse fuel.




At the end, we end up going into debt to pay for subsides, plus we need to remove subsidy to attract investment..



Do you know that we need to borrow at least 3 trillion naira., if not more to meet subsidy demands this year? Do you know that we have been borrowing for years to meet up subsidy demands.? Who pays the debt, if not the poor graduates who earn N40000 yearly...plus in a way, we are in that position because subsidy means no investment, no jobs directly and indirectly., no extra money.

GAZZUZZ:


Nigerians do not have to pay ₦700 per litre for petrol

Dedicated oil wells can be assigned for local consumption (this will come at a cost) the crude from these oil wells can be channeled to the refineries (govt owned or private) the cost of refining paid. This arrangement will most likely arrive at current prices.

Refining crude is not rocket science, it is done successfully in the bushes in SS.

We do not have to pay the international price of crude oil for local supply when it's for local use.

backbencher:
.

So long as it guarantees profits, which guarantees more refineries, more jobs, and more government and forex savings, which means we may not end up paying that high for PMS...fine by me (and yes, it would eat up my salary as it is)



That's all right, so long as crude , and petrol refined from the crude is sold at a profit...which enables things like expansion of production to be paid for without pouring subsidy money into it.

I know you are into cars. If you imported a car at X price, would you sell it at Y price, lower then X , just to help poor Nigerians own a car.? Would you sell a Toyota camry 2013 at N200000 naira so as to help the poor own cars?




At the expense of our environment and our health. Remove subsidy, and they would have the money to upgrade their equipment so that reduced or zero soot.






On that we agree (US has a similar system)...but it does not mean that fuel would become N100 per liter or 40 per liter.

backbencher:
.

So long as it guarantees profits, which guarantees more refineries, more jobs, and more government and forex savings, which means we may not end up paying that high for PMS...fine by me (and yes, it would eat up my salary as it is)



That's all right, so long as crude , and petrol refined from the crude is sold at a profit...which enables things like expansion of production to be paid for without pouring subsidy money into it.

I know you are into cars. If you imported a car at X price, would you sell it at Y price, lower then X , just to help poor Nigerians own a car.? Would you sell a Toyota camry 2013 at N200000 naira so as to help the poor own cars?




At the expense of our environment and our health. Remove subsidy, and they would have the money to upgrade their equipment so that reduced or zero soot.






On that we agree (US has a similar system)...but it does not mean that fuel would become N100 per liter or 40 per liter.

GAZZUZZ:


I am sure you saw this sorry excuse.


https://www.nairaland

GAZZUZZ:


You noticed that the laws on who can refine crude is kept for a particular class.

Govt is not transparent.

Modular refineries are the solution, throw the licence open and provide an enabling environment .

backbencher:


What he said is simple....modular refineries cannot refine when government sets the price of the petrol they produce.

Basically, to apply the analogy to your interest....you import a car at a cost of N10 million and want to sell it at N11 million but government comes in and says you should sell it at N8 million.

Refineries, like other businesses, need profit to run. No profit, they crash.

GAZZUZZ:


Takes us back to govt.

Provide crude at regulated prices and allow refined fuel to be sold , a profit will be made .

GAZZUZZ:


Takes us back to govt.

Provide crude at regulated prices and allow refined fuel to be sold , a profit will be made .

backbencher:


That's the problem.

Regulated prices means prices below the cost of production , meaning PMS from the refineries would be sold at a loss.....meaning the refineries won't make the profit to run well.

If you are running a business, you do not want government regulating your price. Harsh truth......

backbencher:


That's the problem.

Regulated prices means prices below the cost of production , meaning PMS from the refineries would be sold at a loss.....meaning the refineries won't make the profit to run well.

If you are running a business, you do not want government regulating your price. Harsh truth......