This increase in pump price of fuel is the subsidy payment Buhari claims FG is paying.We are indirectly paying subsidy not the FG as claimed.

Nnpc has not remitted money to federation account.Nnpc is broke,if you ask why,they tell you that it is used to subsidize the product. Subsidy is a scam,remove subsidy and peg pms at a stable price. The minister of petroleum pmb promised us a refinery how far??

inoki247:
lol dem wan turn Nigeria to Ghana weh dem like spending Dollar pass dere local currency....

Most African currencies are worthless because we do not rely on manufacturing for earning revenue.

Countires like Japan, China and in the good old days Germany, have strong currencies because they are reliant on manufacturing, which means they can set their prices of what they sell, and earn a lot of dollars.Currency buffered.

Countries like Nigeria, Ghana and Malawi export raw materials, whose prices are set by a central amorphous body somewhere in London or Paris or New York, and said prices never ever favor us. So, we don't earn dollars, and we end up with weak currencies...no dollars to buffer the currency.

Above is also why we are short on dollars all the time.

Revolution2022:
This increase in pump price of fuel is the subsidy payment Buhari claims FG is paying.We are indirectly paying subsidy not the FG as claimed.

No, FG is and always has been paying subsidy.

Right now, NNPC is bringing in fuel at over N500 a liter. We buy it at N180 per liter. The difference is paid by FG as subsidy to NNPC, and to transporters as a means of keeping the price of fuel equal everywhere (otherwise prices would be differing from state to state..as in India)

Who in his right Sense will vote this useless and hopeless APac into power again? This is sad, very sad development

Kobonaire234:


Yes, NNPC is broke because they bring in fuel at N510 as at last month, and sell the same fuel at N148...

Now tell me, can any company sustain that for ever and ever? Is that not craxy economics? Selling at a loss.

Government used to bail them out, except that the money we are earning from oil IS NOT ENOUGH. Even if we stopped stealing of crude, and stopped robbery and so forth....we are not earning enough from oil to sustain a nation our size. (And this is why APC has failed, why we should have voted in someone else in 2019 and why we should not vote for tinubu in 2023. No diversification , NO money)

Our leaders and public servants have all failed us..but why can't they just refine it in Nigeria? If militants can refine in the bushes why can't government refine in Niger?

260/Litre against 250...Yesterday.

Wahala no dey finish sha..

Hobbiton:
Our leaders and public servants have all failed us..but why can't they just refine it in Nigeria? If militants can refine in the bushes why can't government refine in Niger?

1.Because the money we would have used for refineries is being used to pay for subsides.

2.Because in times past, refineries did not earn enough money for their upkeep because subsidy regimen meant they had to sell at a loss to keep everyone happy. They had no power to increase their prices if they wanted to pay for maintenance and upgrades (forget TAM money, na scam really).

3.Because since subsidy money was coming in whether the refinery worked or not, it was easier to sabotage them. Subsidy meant that free government money was coming in (if there was no subsidy, the refineries would have to work for NNPC to make a profit or even any money)

4.Because no investor is going to come in and invest in refinery when you are refining fuel above N200, and you have to sell that same fuel below 180 naira, or even less because 'subsidy'. People are not that altruistic enough.

Nigeria was never ready for independence

spencekat:
I have been frowning at this nonsense of paying in dollar while transacting with NPA or NIMASA here in Nigeria.

Even when clearing your goods from the airport, Nigeria customs collects their duties in dollars and it’s charged per kg

This country is sinking so fast than we can imagine. I just can’t believe a sane person should vote this current party to power again.

Let’s change them with all sense of seriousness. If the voted party fails, we change them too to a new party, till we get capable hands to stir the sheep of the Nigerian state

God bless Nigeria

Those paying in dollars and those demanding payment in dollars should be arrested.

This country na legend.

If Nigeria was a person, he would be the most stupid person that ever lived

DennisEche:
Lets change our currency to dollar since oga Emefiele de confuse

Emefiele that is busy packing Nigeria's money for himself, he is even borrowing The fed govt their own money that belongs to the govt as loans.
somebody will steal your money and borrow it to you as loan and then you owe the person your own legitimate money and still pay back with interest.
Isn't that madness? Emefiele will die a horrible death for what he has done to the innocent People of this country.

Is the dredging of river down south in order to enable mother vessels supply products more efficiently not more important than the road constructed to Niger republic?

Kobonaire234:


1.Because the money we would have used for refineries is being used to pay for subsides.

2.Because in times past, refineries did not earn enough money for their upkeep because subsidy regimen meant they had to sell at a loss to keep everyone happy. They had no power to increase their prices if they wanted to pay for maintenance and upgrades (forget TAM money, na scam really).

3.Because since subsidy money was coming in whether the refinery worked or not, it was easier to sabotage them. Subsidy meant that free government money was coming in (if there was no subsidy, the refineries would have to work for NNPC to make a profit or even any money)

4.Because no investor is going to come in and invest in refinery when you are refining fuel above N200, and you have to sell that same fuel below 180 naira, or even less because 'subsidy'. People are not that altruistic enough.

so basically the occupants of Nigeria can't afford fuel at it's natural Price after production without subsidy

Kobonaire234:
Greedy people...but it is understandable...

They have to pay the suppliers in dollars...hence they collect in dollars.

A time will come when we face reality, and remove the thing called subsidy totally.

Really? Greed is understandable?

What does subsidy have to do with this one?

Why should they pay in dollars, business that is being done within the territory of Nigeria? Only Naira is allowed to be spent in Nigerian territory.

Stop being ignorant

Hobbiton:
so basically the occupants of Nigeria can't afford fuel at it's natural Price after production without subsidy

Eggsactly

Can we just change our currency to dollar?

Kobonaire234:


Yes, NNPC is broke because they bring in fuel at N510 as at last month, and sell the same fuel at N148...

Now tell me, can any company sustain that for ever and ever? Is that not craxy economics? Selling at a loss.

Government used to bail them out, except that the money we are earning from oil IS NOT ENOUGH. Even if we stopped stealing of crude, and stopped robbery and so forth....we are not earning enough from oil to sustain a nation our size. (And this is why APC has failed, why we should have voted in someone else in 2019 and why we should not vote for tinubu in 2023. No diversification , NO money)

There is a reason why subsidy must go. When you sell at a loss to help the poor....all sorts of funny things happen. Subsidies are by their nature unsustainable and niduses for corruption and stealing.




LOL...it won't reduce the production cost at all! . That is what the NNPC boss drew attention to last month. Costs of producing fuel are going up because green energy. The time when we could send our crude to be refined in substandard refineries in Europe is ending...we either do it the standard way or else...

Anyone willing to quote me should ask himself why we are not queueing for rice, beans and oil. Thank you..

We are not queuing for rice, beans and oil because there is no cartel hoarding it to make unreasonable gains.
We once had rice scarcity in Nigeria between 2020-2021 when rice importation was banned and a cartel emerged from the scarcity that came with it. It is the reason price of rice is sky high today
But it is not just about queuing. It is about sabotaging the economy by oil marketers. Even if subsidy is removed, only few among them have the wherewithal to import fuel without govt support.

HuhHuh...

spencekat:
Not understandable at all.Why will I pay NPA provisional bills or NIMASA 2% surcharge and Sea Protection Levy(SPL) in dollar when my vessel move just from Lagos to either Portharcourt or Warri to discharge her petroleum product?

Don't mind him. He's a mouthpiece for saboteurs and oil thieves ruining our economy

Kobonaire234:


Eggsactly

our problem as a nation is big fa

Mystic216:
It’s even better
Since CBN & FG wants to be madt
Very soon boys will only be spending dollars in the street and market

I swear. As everything be dollar, make we kuku dey spend dollar

Nigeria is finished. If the country fails to get Peter Obi in 2023, then its all over. The rot in the system is unbelievable.

NNPC is broke. They are not remitting money to the federation account, and they don’t have money to pay suppliers. They can’t deny this. If they deny, just ask them to bring their stock record for November, December 2020, November, December 2021 and this year.”

How can NNPCL be broke when they have budgets for roads and other public infrastructures?
Is there any doubt we run a deeply retrogressive structive of chaos in Nigeria?

Agbegbaorogboye:

We are not queuing for rice, beans and oil because there is no cartel hoarding it to make unreasonable gains.
We once had rice scarcity in Nigeria between 2020-2021 when rice importation was banned and a cartel emerged from the scarcity that came with it. It is the reason price of rice is sky high today
But it is not just about queuing. It is about sabotaging the economy by oil marketers. Even if subsidy is removed, only few among them have the wherewithal to import fuel without govt support.

oligarchy disguised as capitalism through corruption.

Islie:


https://dailytrust.com/fuel-scarcity-marketers-pay-in-dollars-to-transport-products-within-nigeria-rep/

Nigerians suffering Nigerians ... The parody of life

Islie:


https://dailytrust.com/fuel-scarcity-marketers-pay-in-dollars-to-transport-products-within-nigeria-rep/

Maybe when we all start spending dollars, the exchange rate will become $1 in America to $1 in Nigeria. Such nonsense.

this is exactly what will happen next year, in the course of trying to solve a problem, CBN will be creating another bigger problem, if they go ahead with the planned withdrawal limit and cashless policy, many transactions in Nigeria will be settled in dollars or foreign currency thereby driving the dollar rate high. although i don't expect the policy to last beyond the election period, it is more of a political policy rather than an economic one

A very misleading heading. Tanker chartering / Vessels market are international in nature and as such are billed and paid for in USD. The highest you can get is a payment split - USD/Naira payment and that will be from a local vessel owner who really loves you