How are you all preparing for subsidy removal that will take effect from July 1st
The Cost of Fuel is estimated to be between 500 - 750 naira
Food will be expensive, transportation will increase by more than 50%. Every sector of the economy will be affected.

How are you preparing
Are you looking for a remote job now? Because you will likely spend your salary on transport
If you have a business, are you ready to reduce the amount of time you will use the generator
How do you plan cutting expenses on Food and cloth?

Nothing to prepare, only salary earners suffer it because as business's person , you sell what you buy period

The best and relative antidote to impending fuel subsidies removal is conversion of liquid assets (Naira) to $ Dolapo.
Every other things Will fall into place.
The Government target is N1000.00 to $1.
They are stupidly broke.
Devaluation is imminent
Higher denomination is coming
Floating of Naira is a condition tabled before the government by lenders.
We are in a government of confiscation.
Government seized unclaimed dividends money
Government seized dormant Naira and domiciliary account funds
Government seized Naira in the name of introducing new currency.
Government is seriously in debt.

Omo d crime rate no be here ooo.

Toosure70:
Nothing to prepare, only salary earners suffer it because as business's person , you sell what you buy period

It will afffect business people also
Are you selling everything in this world
You will also go to the market to get groceries ehn
The tomatoes, pepper, rice and yam and other essentials will be affected and you will buy them

And whenever things are going to be expensive like this, there's also the fear of some people hijacking or capitalising on the situation and making the commodities in their sector even more expensive for profit.

May God help us in this country...

Government knows the solutions to this subsidy removal but they are not ready to do it.

Our refineries are not working optimally ,yet we want to be importing refined oil products from abroad. This can't be sustainable. at the long run

Let's refined what we used daily locally by given more private sectors licences to operate

I am preparing very well. We will cross the bridge when we get there

Herkim:
Government knows the solutions to this subsidy removal but they are not ready to do it.

Our refineries are not working optimally ,yet we want to be importing refined oil products from abroad. This can't be sustainable. at the long run

Let's refined what we used daily locally by given more private sectors licences to operate

The only way private investors would refine fuel here in this country is if they can sell the PMS they produce at a price that can earn them enough profit to pay for refinery maintenance, crude oil, refinery upgrades and expansion, and decent staff salaries at the level that would prevent the staff from jakpa.

And that can be done if subsidy is removed. Once subsidy goes, the refineriey operators would be able to sell at a profit, and would be able to keep things working.

Government and people would enjoy too....improved taxes on new refineries.

mayor02:


It will afffect business people also
Are you selling everything in this world
You will also go to the market to get groceries ehn
The tomatoes, pepper, rice and yam and other essentials will be affected and you will buy them

You either suffer expensive prices now, or you keep on incurring debt from the subsidy paid and suffer it in the future.

Take your choice.

nairalanda1:


You either suffer expensive prices now, or you keep on incurring debt from the subsidy paid and suffer it in the future.

Take your choice.

The government have succeeded in convincing you to believe a lie
Instead removing subsidy, they should rather reduce the cost of governance
Check the reason for the subsidy removal, it is to finance the cost of governance
Instead the government to use the debts they have been incurring all these years to build a standard refinery, they were using it to finance governance expenses
Now subsidy is the ultimate sacrifice

mayor02:


The government have succeeded in convincing you to believe a lie

Man, I have been on this subsidy thing for years. Initially, I was pro-subsidy, then in 2011/12, I read more and woke the 'ell up.

Instead removing subsidy, they should rather reduce the cost of governance
Check the reason for the subsidy removal, it is to finance the cost of governance

1.I support reducing cost of governance, always have. Subsidy spending is a big part of the heavy duty cost of governance. Has been since 1973

2.Subsidy removal is to reduce our dependency on taking loans.

Here is how it works. In 2011 dec, fuel was n65, and the landing cost/production cost was N99. If we kept fuel at N65, the landing cost being N500 or more as at Spetember last year, that means that subsidy cost would have jumped from N34 in 2011 to N434 by Spetember last year

Then add the fact that fuel consumption is increasing year in year out.

Where do they get the money to pay for subsidy? Budget. And at the end, if fuel was N65, the amount we would have been spending on subsidy would have eaten our budget, plus we would be taking loans to pay for the budget and other loans incurred.

The only way we can pay for subsidy is if every Nigerian above the age of 21 pays taxes of 40-50% of our income, and even then it may not be enough.

The problem with subsidy is, the cost of production is not controlled by government. Even when we were refining fuel in this country, our zeal to make fuel cheap led to us forcing the refineries to run at a loss....which is why they are all messed up.

Instead the government to use the debts they have been incurring all these years to build a standard refinery, they were using it to finance governance expenses

The only way to build a refienry is to remove subsidy.

Subsidy means prices of fuel are set below the production price. When that happens, there are massive losses. The result...there isn't enough money to pay for refinery upkeep.

The subsidy paid is meant to cover for the losses. The problem is, we cannot effing predict how much the difference between the production price and the government price is going to be for a given year. Like for last year...government budgeted x for subsidy, only for Ukrainian war to shoot up prices of oil, and throw the whole budget into confusion. By July 2022, we had spent an equivalent amount of what we spent in 2021 on subsidy.

See the problem.

Now subsidy is the ultimate sacrifice

[/quote]

It is either we remove subsidy now, or we spend more than our budget subsidising fuel. This holds even if we close all leakages, get the exact amount of fuel we import into this country, or refine fuel at home. Refining fuel is borderline expensive, and selling it at a lower price is a nice way to sabotage domestic refining.

Only those basking in the euphoria of "election victory" will be caught unawares. I pity that north that poverty and insecurity have destroyed already

I dont know what NLC and TUC are still waiting for. Nigerians ought to have hit the street to protest this evil subsidy removal that BAT and the president are planning to do.

I dont know why you people always derive joy in puting nigerians in pain.

MXrep:
Only those basking in the euphoria of "election victory" will be caught unawares. I pity that north that poverty and insecurity have destroyed already

Even if Obi won, Obi would have removed subsidy. He called it a scam.

Atiku too had changed his mind from 2019...he too would have removed subsidy if he was the winner.

At the end, we have to stop throwing away money

nairalanda1:


Even if Obi won, Obi would have removed subsidy. He called it a scam.

Atiku too had changed his mind from 2019...he too would have removed subsidy if he was the winner.

At the end, we have to stop throwing away money

With subsidy removal, Igbos will take over fuel marketing. That's all I know

MXrep:

With subsidy removal, Igbos will take over fuel marketing. That's all I know

No need to bring tribe into this, plus everyone in fuel marketing would benefit, whatever the tribe. We would also get more refineries, so that Dangote won't have all the fun.

We should have done this since the 1980's. But we Nigerians all lied to ourselves that something that cost so much to produce can be sold at a cheap price. It can't.

Only if government would be sincere enough with the incentive measures. We just need to endure for the time being, the amount we are paying on subsidy are just ridiculous. We also need to watch our debt ceiling.

Herkim:
Government knows the solutions to this subsidy removal but they are not ready to do it.

Our refineries are not working optimally ,yet we want to be importing refined oil products from abroad. This can't be sustainable. at the long run

Let's refined what we used daily locally by given more private sectors licences to operate

Dangote refineries should be ready soon I think.

Both state and federal can invite genuine investors. The hardship shouldn't be long

Subsidy removal is ok and would have been better implemented before buhari threw the economy overboard.incidentally both those who support or oppose this government will feel the brunt.

Adjustment to general life style is the way out .
If you eat three times a day , you should be eating twice or once now.

if you have only one source of income you should start thinking of having two or more source of income.

If you have three or two cars ,park the rest and cut down to one .
If you hang out every day with friends, now you will be hanging out alone with one bottle. etc
if you have multiple girl friends now you need only one.

These are my experiences and i have already started implementation..
We will always triumph over this failed government

nairalanda1:


Man, I have been on this subsidy thing for years. Initially, I was pro-subsidy, then in 2011/12, I read more and woke the 'ell up.



1.I support reducing cost of governance, always have. Subsidy spending is a big part of the heavy duty cost of governance. Has been since 1973

2.Subsidy removal is to reduce our dependency on taking loans.

Here is how it works. In 2011 dec, fuel was n65, and the landing cost/production cost was N99. If we kept fuel at N65, the landing cost being N500 or more as at Spetember last year, that means that subsidy cost would have jumped from N34 in 2011 to N434 by Spetember last year

Then add the fact that fuel consumption is increasing year in year out.

Where do they get the money to pay for subsidy? Budget. And at the end, if fuel was N65, the amount we would have been spending on subsidy would have eaten our budget, plus we would be taking loans to pay for the budget and other loans incurred.

The only way we can pay for subsidy is if every Nigerian above the age of 21 pays taxes of 40-50% of our income, and even then it may not be enough.

The problem with subsidy is, the cost of production is not controlled by government. Even when we were refining fuel in this country, our zeal to make fuel cheap led to us forcing the refineries to run at a loss....which is why they are all messed up.




The only way to build a refienry is to remove subsidy.

Subsidy means prices of fuel are set below the production price. When that happens, there are massive losses. The result...there isn't enough money to pay for refinery upkeep.

The subsidy paid is meant to cover for the losses. The problem is, we cannot effing predict how much the difference between the production price and the government price is going to be for a given year. Like for last year...government budgeted x for subsidy, only for Ukrainian war to shoot up prices of oil, and throw the whole budget into confusion. By July 2022, we had spent an equivalent amount of what we spent in 2021 on subsidy.

See the problem.


It is either we remove subsidy now, or we spend more than our budget subsidising fuel. This holds even if we close all leakages, get the exact amount of fuel we import into this country, or refine fuel at home. Refining fuel is borderline expensive, and selling it at a lower price is a nice way to sabotage domestic refining.

Our leaders are crazy and stupid , if not they have years to plan for this subsidy removal but they did absolutely nothing and now they are about to remove the subsidy without anything on ground to make the removal less troublesome. .


They should have make electricity more stable and available for Nigerians and this would've reduced our dependency on fuel and would've also reduced the quantity of the fuel we consume in this country.


Why is it so difficult for our leaders to make our refineries functional or get investors to build functional refineries ?



We are now talking about subsidy removal but there's nothing on ground at all

nairalanda1:


No need to bring tribe into this, plus everyone in fuel marketing would benefit, whatever the tribe. We would also get more refineries, so that Dangote won't have all the fun.

We should have done this since the 1980's. But we Nigerians all lied to ourselves that something that cost so much to produce can be sold at a cheap price. It can't.

Any trade without government control will be overrun by Igbos. As oil relevance reduces, government will remove hand in many things and igbos will take over. Dangote refinery which enjoyed FG support will enjoy Monopoly but marketing will experience serious competition and those not familiar with a free market economy will go under. Igbos are the largest distributors of Dangote cement. FG control mining and gave him advantage in cement product but distribution is not controlled by FG, same thing will happen to fuel. Also note that Dangote tomatoes failed because FG could not control sale of fresh tomatoes which is the raw material. Erisco tomatoes killed Dangote tomatoes

helinues:
Only if government would be sincere enough with the incentive measures. We just need to endure for the time being, the amount we are paying on subsidy are just ridiculous. We also need to watch our debt ceiling.

You think Tinubu care about these things?

MXrep:

You think Tinubu care about these things?

Then why was he elected?

helinues:


Then why was he elected?

Elected by who? You think kebbi, zamfara, Jigawa, yobe backwards illterates that their governors rigged for Tinubu understand these things? Why did Tinubu fail in Lagos and Abuja?

mayor02:
How are you all preparing for subsidy removal that will take effect from July 1st
The Cost of Fuel is estimated to be between 500 - 750 naira
Food will be expensive, transportation will increase by more than 50%. Every sector of the economy will be affected.

How are you preparing
Are you looking for a remote job now? Because you will likely spend your salary on transport
If you have a business, are you ready to reduce the amount of time you will use the generator
How do you plan cutting expenses on Food and cloth?

Am thinking of how best to invest waiting for subsidy removal

MXrep:

Elected by who? You think kebbi, zamfara, Jigawa, yobe backwards illterates that their governors rigged for Tinubu understand these things? Why did Tinubu fail in Lagos and Abuja?

Follow me talk better thing bro. We have moved on from the election, focusing on the challenges ahead