Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,194,721 members, 7,955,698 topics. Date: Sunday, 22 September 2024 at 01:10 PM

Subsidy Removal Is Fraudulent - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Subsidy Removal Is Fraudulent (491 Views)

Subsidy Removal Is Done Solely For Dangote / Edwin Clark: Using Southern Oil Money For Exploration In The North Is Fraudulent / Court Nullifies APC Congresses In Rivers State, Says It Is Fraudulent (2) (3) (4)

(1) (Reply) (Go Down)

Subsidy Removal Is Fraudulent by joyandfaith: 6:20am On Jun 01, 2023
Price of petrol in USA is $1 per litre. PPP factor for naira is around 0.4. FX rate $1=460 official. Black market is $760.
I believe price of fuel should be between #230 to #380 assuming that some importers get their forex in black market.
I think government should curb corruption and wastage in government before subsidy removal.

1 Like

Re: Subsidy Removal Is Fraudulent by nairalanda1(m): 6:32am On Jun 01, 2023
All the prices of fuel in the US are average. In the USA, prices of fuel vary from state to state.

Also, at the end of the day, until we get the refineries working, we have to import, meaning that fuel would still be a bit 'high'.

Also, the subsidy removal in itself is not illegal...it was signed into law as part of several reforms in the Petroleum industry, was set in stone when NNPC was privatised, and finally set in motion when Auntie Zaynab stated that government had only paid for subsidy for a limited time this year.

If you did not want subsidy removed, you should have asked your senator to oppose the reform law for the petroleum industry act in the first place.
Re: Subsidy Removal Is Fraudulent by Teddy0147(m): 6:49am On Jun 01, 2023
joyandfaith:
Price of petrol in USA is $1 per litre. PPP factor for naira is around 0.4. FX rate $1=460 official. Black market is $760.
I believe price of fuel should be between #230 to #380 assuming that some importers get their forex in black market.
I think government should curb corruption and wastage in government before subsidy removal.


Lol as far nor be obi remove am ….. na fraud…. Useless people

5 Likes 1 Share

Re: Subsidy Removal Is Fraudulent by donbachi(m): 7:05am On Jun 01, 2023
Government owned refineries should be working before removing subsidy.if they are working,fuel can go for 100 per litre.cos it's refined in nigeria.but, taking it to Venezuela will attract landing cost.so, they removed it or not.corruption has come to stay in nnpc.
Re: Subsidy Removal Is Fraudulent by MrAmbrose(m): 7:09am On Jun 01, 2023
NLC should discuss.
Re: Subsidy Removal Is Fraudulent by nairalanda1(m): 7:10am On Jun 01, 2023
donbachi:
Government owned refineries should be working before removing subsidy.if they are working,fuel can go for 100 per litre.cos it's refined in nigeria.but, taking it to Venezuela will attract landing cost.so, they removed it or not.corruption has come to stay in nnpc.

1.Fuel won;t become cheap because it is refined in Nigeria. There are things like taxes, haulage cost, cost of crude, refinery repair, refinery upgrade, new refineries, etc....that all add up. It can't be N100 per liter.

NNPC is now a private entity, which means, in theory, government won't be giving them money.

2.Venezuela's refineries are in a bad state....thanks to years of subsidy(yes, true). Plus,(I may be wrong here)...Venezuelan refineries refine sulphur rich oil of that country, not our sulphur light oil.

1 Like

Re: Subsidy Removal Is Fraudulent by donbachi(m): 7:15am On Jun 01, 2023
nairalanda1:


1.Fuel won;t become cheap because it is refined in Nigeria. There are things like taxes, haulage cost, cost of crude, refinery repair, refinery upgrade, new refineries, etc....that all add up. It can't be N100 per liter.

NNPC is now a private entity, which means, in theory, government won't be giving them money.

2.Venezuela's refineries are in a bad state....thanks to years of subsidy(yes, true). Plus,(I may be wrong here)...Venezuelan refineries refine sulphur rich oil of that country, not our sulphur light oil.
na woman wey dey see period,dey buy sanitary pad.as long as Nigeria keeps importing fuel.petroleum marketers will still be enriching themselves.
Re: Subsidy Removal Is Fraudulent by nairalanda1(m): 7:18am On Jun 01, 2023
donbachi:
na woman wey dey see period,dey buy sanitary pad.as long as Nigeria keeps importing fuel.petroleum marketers will still be enriching themselves.

Dangote refinery will soon be onstream, NNPC is also fixing all its refineries (now that domestic refining is now profitable)...and there are 4-5 other refineries, including a 200000 barrel per day refinery from Dangote's rival BUA.

Yeah, the marketers would win, either way. Removal of subsidy even benefits them more. But then that is business. People...from those who extract the crude, refine it, sell it, and ship it. which includes a lot of poor Nigerians...all want to be paid. Selling fuel at N40 does not pay them much.
Re: Subsidy Removal Is Fraudulent by joyandfaith: 7:20am On Jun 01, 2023
Teddy0147:



Lol as far nor be obi remove am ….. na fraud…. Useless people

Who is Obi?
Re: Subsidy Removal Is Fraudulent by blackmantis: 7:21am On Jun 01, 2023
If fuel sells for N100 smugglers would thrive.
Re: Subsidy Removal Is Fraudulent by realmiracleakab: 7:22am On Jun 01, 2023
Teddy0147:



Lol as far nor be obi remove am ….. na fraud…. Useless people
see mumu still de shout obi, thank God say you go follow suffer
Re: Subsidy Removal Is Fraudulent by Tianamen1: 7:23am On Jun 01, 2023
Tianamen1:
@nairalanda1

Please, has the government removed subsidies now or just increased the price Nigerians pay for fuel?

If subsidies have been removed now, is your position that subsidies will never be introduced again?

If you are not sure whether subsidies will be introduced again, what was the benefit of all the previous subsidy removals and what do you think the benefit of this removal will be?
Re: Subsidy Removal Is Fraudulent by donbachi(m): 7:27am On Jun 01, 2023
nairalanda1:


Dangote refinery will soon be onstream, NNPC is also fixing all its refineries (now that domestic refining is now profitable)...and there are 4-5 other refineries, including a 200000 barrel per day refinery from Dangote's rival BUA.

Yeah, the marketers would win, either way. Removal of subsidy even benefits them more. But then that is business. People...from those who extract the crude, refine it, sell it, and ship it. which includes a lot of poor Nigerians...all want to be paid. Selling fuel at N40 does not pay them much.
Nigeria need modular refineries or the government should work with the so called "kpofire" guys that refines locally
Re: Subsidy Removal Is Fraudulent by nairalanda1(m): 7:29am On Jun 01, 2023
donbachi:
Nigeria need modular refineries or the government should work with the so called "kpofire" guys that refines locally

Those guys also add to the environemntal problem that the Niger delta has, plus poor standard refineries are dangerous. We are lucky we haven't had any accidents yet.

Then again, there are at least 20 licences issued by NNPC for refineries. I guess now subsidy is gone, the holders would get to work.
Re: Subsidy Removal Is Fraudulent by Tianamen1: 7:35am On Jun 01, 2023
NAIRALANDA1, please answer my question. is this the subsidy removal you have been clamouring for?

Does this mean that subsidies will never be introduced again?

What is the difference between this removal and all the pasts removals that have occurred?

Should we expect a different outcome from this removal and why?

(1) (Reply)

See The Only Solution To Many Nigeria Problems / Read PBAT's "The Renewed Hope Manifesto". / President Bola Tinubu Returns Back To Nigeria From London. Video

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 26
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.