finallybusy:
This thread is a trap. It was set to expose the low literacy of Nairalanders. Lord knows ignorant opinions will flow like streams. People who have zero idea of comprehending write-ups will spew garbage in the comments section.

Godspeed as you wallow through idiotic vituperations.

Professor of Subsidizy Removal Analysis, educate us , don't messmerize us.

My take:

1. Whenever I see people mention Tinubu, it gives me an headache. Buhari removed subsidy ending June 2023 before he left. Even if PDP or LP won, the new president would still grapple with this mess. Everytime you queue for fuel or can't commute to your destination, call Buhari. We have not started feeling Tinubu's shege yet.

2. You either increase funds/resources by cutting cost or generating more revenue. This subsidy removal is cutting cost I.e. there is no saved funds anywhere that would be reallocated to improve other sectors; what the govt wanted to achieve is to reduce the need to borrow funds.

3. Nigeria's issues are multifaceted and subsidy removal actually does nothing for the common Nigerian. To improve our lot, we need friendlier economic policies to attract foreign investors and grow local ones, cut our over dependence on oil and tap into other sectors like agriculture, rebuild the power sector so that more businesses can be powered up, reduce the cost of governance, increase minimum wage, rebuild the health sector, stiffly punish corruption (we can introduce the death penalty to make everyone sit up), have a great maintenance culture, vote leaders without sentiments, enforce our labour laws to curb mischievous employers etc.

4. The govt is not been straightforward with this subsidy business (but when have they ever been? ) To understand the impact to our borrow borrow, we need numbers; how much is the actual landing cost? How much is the subsidy per liter? How many liters of fuel is imported on a monthly basis? How mich fuel is being consumed on a monthly basis? Is the landing cost going to change; if yes, what is the new cost? What is the impact of Dangote's refinery? All this information would help us appreciate the numbers they are throwing around.

Sasbet3737:
Bad timing

It's always bad timing, when is it nt going to be bad timing?

Buddha3:

The NNPC.

In economics, there's the concept of "balance sheet deficits" and "carry forward debts". Those are not the actual terms but I'm trying to simplify this conversation.

When Jonathan wanted to remove subsidy, daily consumption of fuel in Nigeria stood between 25 to 35million liters (if my memory serves me well). Fast forward to today, daily consumption is claimed to be well over 60million liters.

Translation? Nigeria is paying double the subsidy claims today than it was doing in 2012. Hence, NNPC is paying more as means of subsidy during importation. Conclusion? Federal Government has to repay everything NNPC always claim to spend on subsidising importation.

With the free fall of our economy since 2016, coupled with Oil theft and pipeline vandalism, FG and NNPC have made less from Oil sales, while subsidy claims have kept increasing at the same time, so at some point, even the NNPC was unable to pay subsidy from her own pockets while awaiting repayment from the FG. So they balance their books with deficits, FG has no money to repay, FG has to go borrowing money to repay NNPC and before that happens, NNPC must have already accumulated a 2 or 3months subsidy claim. I have not even factored in corruption and theft by NNPC staff and government officials.

See my brother, this issue is a giant web of corruption, thievery and deliberate sabotage of the commonwealth of the Nigerian people. It's a conversation I can detail for you in person but cannot type down, cause I have a fine knowledge of it, having worked in the oil sector at some point.

so the same government that is funding nnpc is the same government that is paying nnpc for subsidy. Wow. What magnificent nonsense. So government removing subsidy means they will stop paying nnpc, so how will nnpc pay to import fuel when the government isn't funding it?

The technicalities in all this reeks of fraud, very high level of fraud.

OgbeniOptional:
Regardless of who is removing this subsidy, either Bubu or Bat. Subsidy just need to go. One guy for my area went into bunkering and shit and the guy is a billionaire. Imagine u stole it and govt still pay subsidy on stolen commodity. Procrastinating on this subsidy will only give the beneficiary more time to lobby people in Govt. Buari tried to remove it many times but lobbying thieves won’t let it be. Also, people should downsize their cars, it’s crazy how 1 person can own more than 3 cars in Nigeria. People with minimum wage have no business with cars if we want to be honest with each other. I only want minimum wage to be nothing less than #100,000, open borders fully cuz I don’t understand how imported rice is cheaper than homegrown after border closure, cbn should use daily black market rate for exchange rate too and watch how exchange rates will go back

the only area i don't understand is how the exchange rate matter will help. Can you explain,please?

Yeah, my take is that the build up of the present price is corruption factors, e.g High Dollar rate is caused by round tripping, intentional frustration of workable refineries, doubtful veracity importation records. if we remove all these corrupt factors, you will discover that the said price will not have been too high as it is.

President Tinubu should not come and tell us again that subsidy removal is not 100% removed because he president said Subsidy has gone..
It happened during GEJ regime.


Cost of governance. Another way Nigeria patrimony siphoned. Senates should scraped , unicameral is best way to go. The money budgeted for senator alone can be channelled to other sector. Ministerial appointment need to be reduced to minimal.

[quote author=OboOlora post=123507205]Tinubu’s supporters are daft and foolish just like their mentor!
Who implements a policy without plan B?

Even subsidy is a scam being used by some people to enrich their pockets, we all know Tinubu will look at how he can remove it but bring the enrichment to him and his cohorts.

More than 80% of the population currently live below the poverty line and you still expect people to buy fuel for 600naira? Does he know that fuel price (just like forex) determines the prices of all most all other commodities?

And if he’s relying on Dangote refinery to fulfill the daily consumption rate of fuel in the country, he’s matched up for doom.

Sometimes I think there are culprits in every govt whose sole plan is to ensure the current govt fails.

Amazing how people are just living with the pain, suffering and agony. No protests, just online ranting.

It is well with the black race!


You are so daft and dumb, in the last budget provisions for fuel subsidy was slated to end by June, no provisions beyond June, so tell me how is it Tinubu fault? Was he in government in the last 8 years, we he one of the law makers, how do you expect him to make provisions for new subsidy? Most of you are just kids , just sit here and type rubbish]

President BAT made a mistake with the pronouncement on the day he did - he committed errors of wrong timing, inconsideration, and ignorance/arrogance. For one, there is a provision for the subsidy in the 2023 budget up to June 30. An inspiring leader in his stead would have sourced for money to fund it, because in the absence of that the supposed unavailable money will still be counted as part of the year's budget expenditure in the end - so a few people have concluded arrangements on how to share the June subsidy money.

its long overdue!to me the country has three options! 1. remove oil subsidy. 2. seek for more loans. 3. increase on tax payment. WE MUST PICK ONE!!

Evergreen4:
The subsidy that was removed from kerosene, diesel and gas, what did they use it for. Subsidizing fuel is the only way we the common masses enjoy anything from the government if not the politicians share our common patrimony amongst themselves. Before removing subsidy, government should make thinks easier by fixing up refineries, ensure stable power supply and improve transportation by providing workable rail system. All the time our government keep comparing the price of fuel in Nigerian to the price of fuel in Saudi Arabia but they don't compare the rail way and stable power being enjoyed by the Saudi's. Government should continue paying the subsidy and reduce the cost of governance. Salaries and allowance of legislators should be reduced, the office of minister of state should be collapsed and if possible we should practice a unicameral legislature by scrapping the senate. If am this is done, they will save cost

God bless you sir!!! Many of the politicians are thieves.

I belong to the school that support it but not with just a pronouncement .
Subsidy thieves and their collaborators should be jailed for life.

Worriedwife:
It is good. The problem is we do not trust the government to plough back this money into the betterment of the country. That is why we would rather have subsidy as the only thing the common man gains from Nigeria

I beg to differ. Subsidy is for sure not the only thing the common man gains from being Nigerian. There are a host of other benefits we enjoy, for example, the freedom of misbehavior.

madridguy:
I stand with President Asiwaju Tinubu.

Explain what you understand by the whole subsidy issue. Discuss intellectually for once. Don’t always be a Zombie... always standing.... now Walking

My take is that power should've been improved before its removal.

tonididdy:


Why do you support the removal of subsidy?

Is it because you think an imaginary money will make your life better than it already is?
Or you trust the govt to use the money instead for insfrastructures?
Why exactly are you in support?

First subsidy has been a means of looting for all past administration.
I wish the money that will saved from subsidy removal is used for infrastructure and betterment of Nigerians. i.e Increase salary fortunately it will not happen. I just wish they are sincere.

Our problem is not subsidy removal, it is that by now Bola Tinubu and his children are eyeing another set of properties to buy in America, Europe and Middle East, businesses to buy up abroad, His lieutenants like Keyamo is already pricing another Mansion abroad. Subsidy cannot be removed for the money to be stolen and stashed abroad. Bola Ahmed Tinubu and his lieutenants are gang of Criminals, subsidy must continue at least that will be our only gain

I have always been an advocate for the removal of fuel subsidy and the deregulation of the downstream sector of our petroleum industry so I will not because of politics now condemn the policy the same way the hypocrites that are implementing it now did during the PDP years.

However given the direct impact that fuel prices has on all facets of our economy, a responsible government will address the human factor before going ahead to implement such a policy that will shake the very foundation of our economy and it is in thoughtless implementation that this new administration has failed Nigerians.

For instance the PDP manifesto also planned to remove petroleum subsidy but to give a soft landing to the people, a drastic upwards review of the wage structure would have been implemented alongside the subsidy removal while $10 billion in soft loans would have been made available to SMEs to boost their businesses and cushion the effect of the removal of subsidy on the populace.

This will effectively recalibrate the economy from one focused on consumption to become one focused on productivity. This is also more far reaching than palliatives that are just temporary reliefs that are normally used to get the people to buy into draconian government policies.

Our government must learn to understand that governance is about the welfare of the people and not just making more money available in government coffers to spend as they please.

Odewaleadesoye:
President Bola Tinubu (GCFR) on Monday announced fuel subsidy was gone because there is no budgetary allocation for it after June.

What is fuel subsidy?

Fuel subsidies are a form of government intervention to reduce the cost of fuel by providing direct financial support to oil companies, and as such, subsidise the product to consumers (Nigerians). Nigeria is one of Africa’s largest producers of crude oil, and it relies heavily on this resource for its economic growth.

The 2023 budget proposed N2.557trn supplementary budget for fuel subsidy.

Now to the main reason for creating this thread: "What is your take on the Fuel Subsidy Removal?"

Personally I support this Subsidy Removal as it would free up resources for other sectors of the economy, money spent by the government on subsidy would be better spent on education, healthcare, infrastructure development, amongst other key sectors but only if the funds won't be looted by those in charge.

Let's read about your own personal take on the fuel subsidy removal.

The government don't care about the masses

Evergreen4:
The subsidy that was removed from kerosene, diesel and gas, what did they use it for. Subsidizing fuel is the only way we the common masses enjoy anything from the government if not the politicians share our common patrimony amongst themselves. Before removing subsidy, government should make thinks easier by fixing up refineries, ensure stable power supply and improve transportation by providing workable rail system. All the time our government keep comparing the price of fuel in Nigerian to the price of fuel in Saudi Arabia but they don't compare the rail way and stable power being enjoyed by the Saudi's. Government should continue paying the subsidy and reduce the cost of governance. Salaries and allowance of legislators should be reduced, the office of minister of state should be collapsed and if possible we should practice a unicameral legislature by scrapping the senate. If am this is done, they will save cost

If they kept the subsidy on kerosene, diesel and gas, the kind of debt that we would have had by now would make our current debt look like chicken feed. No, chicken change.

Odewaleadesoye:

if the funds won't be looted by those in charge.

You don't cut off the head to cure a headache.

You don't tell people you will buy them range rover and take away their shoes without giving them slippers to manage before the car comes.

we should have AT LEAST one fully working refinery before subsidy is taken away. until the government is ready to do so then let the subsidy bleeding continue.

chima47:
First subsidy has been a means of looting for all past administration.
I wish the money that will saved from subsidy removal is used for infrastructure and betterment of Nigerians. i.e Increase salary fortunately it will not happen. I just wish they are sincere.

So which has profited you directly?

Impossible wishes ?
Or subsidy equally 225 per liter?

…the only thing the people even in remote areas benefit from govt is the “myth” subsidy!
Tinibu will enrich himself because the govt is broke. The only real money they have is borrowed!

chima47:
First subsidy has been a means of looting for all past administration.
I wish the money that will saved from subsidy removal is used for infrastructure and betterment of Nigerians. i.e Increase salary fortunately it will not happen. I just wish they are sincere.

and the looting has stopped. right?

Look. there is a gap (no refinery) already. and as long as this gap remains then someone must pay for it. right now, the Nigerian people will pay 7 times for it and all the food and activities that cut across fuel lines.

tonididdy:


So which has profited you directly?

Impossible wishes ?
Or subsidy equally 225 per liter?

…the only thing the people even in remote areas benefit from govt is the “myth” subsidy!
Tinibu will enrich himself because the govt is broke. The only real money they have is borrowed!

Thanks, l don't argue truth. You are very correct.

In Nigeria, it's a big fraud.

madridguy:
I stand with President Asiwaju Tinubu.

I guess u buy ur fuel for N80 per litre?

Lovenorth:
It's good to remove fuel subsidy but appropriate measures must be put in to practice which include providing functional refinaries and ensure transferency and to be candidate I don't trust Nigerian politicians until I see it

Tell me why God no go bless u?

Am
Here to read

finallybusy:
This thread is a trap. It was set to expose the low literacy of Nairalanders. Lord knows ignorant opinions will flow like streams. People who have zero idea of comprehending write-ups will spew garbage in the comments section.

Godspeed as you wallow through idiotic vituperations.

The comment I was looking for. Most people on this site are barely educated or barely have the ability of critical thinking. They cant even argue logically without idiotic sentiments and emotions.