nairalanda1:


So we keep the subsidy, and in a few years , when we are paying more than our revenue to keep the thing running, and really running out of money, you would he happy then.



So why did you guys support Tinubu in his misguided attempt to stop subsidy removal in 2012 then?

nairalanda1:


Yeah, but eventually, we would get increased domestic refining coming up, as all them license holders for refineries don't have a choice, but to start work.

It may lead to a reduction in prices, but the era of prices below 200 naira is over. Petrol costs money to refine. Government has been protecting us from high fuel prcies for 5 decades, and it has cost us too too much.

Godszilla:
Dangote, PH refineries, others won’t change fuel price – NNPCL

The local production of Premium Motor Spirit, otherwise known as petrol, by Dangote Refinery, Port Harcourt Refining Company and others in Nigeria is not going to change the pump price of the commodity, the Nigerian National Petroleum Company Limited has said.

https://punchng.com/dangote-ph-refineries-others-wont-change-fuel-price-nnpcl/

Gentle reminder in case you missed this earlier. Cheers

risos:
Subsidy petrol from Nigeria no dey profitable for neighbouring countries again, expecting that figure to reduce next month too

post=124281915:
Dearest Sane Nairaland members,
Sisi Yewande and Madam Ngo on behalf of All of us at [/b] are checking on you.

Times are hard
It is for the best future for us all.
No pain No Gain.
Guide your mental health.
Cut down on excesses and frivolity.
Keep joining us to pray for a better Nigeria 🇳🇬.
Slow and Steady we will get to the nation flowing with milk and honey.
A country of our dreams.
God bless you all.
God bless Nigeria 🇳🇬 🇳🇬 🇳🇬

We Love You all ❤️ 😍 💖


[b]Addendum : Enemies of Nigeria,
Skip this comment, it ain't for you.
Check the first line to see who it was addressed to.
If you do otherwise and quote to be negative or curse sane people here may you be miserable for life. (We will be talking to you in the language you understand going forward. )
Thanks and Cheers.

JIBO4REAL:


Yes it’s still smuggling to our neighboring country but it’s not more profitable as it’s used to be …

nairalanda1:


That is why I said in that quote you quoted that it may....not that it would.

Personally, I don't expect it to reduce prices to below N200. Or even 400. Maybe N450 and above. Maybe even higher.

Skyview01:


What exactly is the point of your post? Are you on drugs?

BabaCommander:


Meaning that domestic consumption has not fallen?

Or that the much talked about smuggling was negligible?

grandstar:


Did you read how much the government will save?

The subsidy isn't free. It impoverishes you. More money is spent on petrol subsidy than on health care, education and the military combined.

The subsidy also weighs down on the Naira, depreciating it. If it continued, I won't be surprised if the Naira hit $1-N1000 by early next year. Pat Utomi had already prophesied this year. A weaker Naira means less spending power for you.

Perhaps, make your car CNG powered.

Drsnives:
It will favor me and my family

Zupay:


After screaming SAI BABA for eight years!☹️

Godszilla:
So if the government cant subsidise energy,
what then can they subsidise for the citizens?

ets even ignore thats of citizens, every great country we have today basically was built on subsidised cheap energy that fuel powered their industrialization and production. So our govt wont subsidise fuel and diesel whats the alternative to power this our internal production dream?

God1000:
True, Our roads have become very empty because so many people cannot fuel their vehicles anymore

Is this dividends of democracy?

Believeintruth:


If you believe that crap propaganda ehnnn.l, I really pity you.

DMCY:


I’ll like to ask you just a question; Are the neighboring countries not part of the problem?

loswhite:
They are not. The problem is your corrupt politicians and ppl.at NNPCL.

nairalanda1:


Smuggling is a phenonenom that happens in all countries with explicit subsides on petrol like Nigeria.

Libya sells fuel at N14, and they can afford it, with a populaiton of 7 million and production of 1.7 m barrels per day. But that means that smuggling happens massively...to the point they are using air strikes to stop smuggler.

Yeah corrupt politicans and NNPC are part of the problem because subsidy=free government money-=corruption

loswhite:
I want subsidy to stop but the perfect time was 2012. A stronger naira back then and local refinery would have helped. Right now we are in a total mess

odigbosky:
During that fuel hike and no cash wahala I bought a 30,000 mAh power bank....what a saver

I have not bought fuel for my gen for over a month now...like I never buy fuel 500+

The little fuel in my gen was fuel from NnPc at 189 or so. I only on the generator when I want to blend..

This was me who use to fill my 25 litre at NnPc for like 6k.

The day my last fuel go finish and I buy fuel 500.

I go come here come cry...for now my power bank day rescue me.

leokid866:
because Jonathan had nothing else to offer, he and his cronies like diezani had emptied the nation's coffers and where looking for money everywhere, and they thought let's remove subsidy....there was no buffer or plan set in place and it made no sense since oil was st 100$ per barrelat the time......none of the nations refineries were working and though Dangote had taking off he was still years from been viable......people are more willing to bear the situation now cause the current administration has promised Dangotes refinery will be up and running before the end of the year and we can all see them making moves to cushion the effects including speaking with trade and labour unions.......under jona trade and labour asked him to at the very least meet with them once so they can plan it properly jona refused which was what made labour get angry and join the protest......jona had absolutely no plan for what was to come next after the subsidy removal....Jonas wastefulness was what led the nation into a recession cause there was nothing left to work with when the new government took over.

nairalanda1:


Smuggling is a phenonenom that happens in all countries with explicit subsides on petrol like Nigeria.

Libya sells fuel at N14, and they can afford it, with a populaiton of 7 million and production of 1.7 m barrels per day. But that means that smuggling happens massively...to the point they are using air strikes to stop smuggler.

Yeah corrupt politicans and NNPC are part of the problem because subsidy=free government money-=corruption

grandstar:


I don't know what crappy propaganda you're talking about.

Forecasting is based on knowledge. You put in or apply the variables or fundamentals available and it helps you in predicting.

If you see a 14 year girl around flirty dressed around boys all day, you can predict that she would soon get pregnant or commit an abortion (in case protection isn't used)

You have people who make money from economic or financial forecasting. George Soros made a $1b by predicting accurately that the British pound sterling could not stay within the ERM in 1992.

I wrote off the economy within a 30 days of Buhari assuming office in 2015 when he started fixing the exchange rate. I knew the economy was doomed and the "lost decade" under him proved me right.

The reason why you do not believe government statistics is because we leave in a "low trust sociwty.". People poo poo or look with cynicism anything that government says. There simply is little or no trust.

Even if you don't believe, do you own findings and be sincere. Most people want a narrative that pleases them and not the truth.

nairalanda1:


Smuggling is a phenonenom that happens in all countries with explicit subsides on petrol like Nigeria.

Libya sells fuel at N14, and they can afford it, with a populaiton of 7 million and production of 1.7 m barrels per day. But that means that smuggling happens massively...to the point they are using air strikes to stop smuggler.

Yeah corrupt politicans and NNPC are part of the problem because subsidy=free government money-=corruption

Godszilla:
The following countries subsidise petrol prices
Iran
China
India
Korea
Luxemburg
Mexico
Slovenia
Sweden
Turkey
USA
Etc about 39

Simple Google search will give you this. Subsidy is not the problem its the corruption and mismanagement.

"The Environmental and Energy Study Institute estimates direct subsidies to the fossil fuel industry in the US amount to $20bn per year - 80% of which goes towards oil and gas.

On top of this, the US provides a number of tax breaks to the fossil fuel industry to encourage domestic energy production."

China and India have been increasing investment in renewable energy - but they remain amongst the world's largest public financiers of fossil fuels, spending tens of billions of dollars every year by subsidising both their production and consumption.

Saudi Arabia and Russia have long-standing policies of subsidising fossil fuel consumption through low energy prices, because of vast natural resources of oil and natural gas

nairalanda1:

As for Nigeria, we were paying for explicit subside....ie subsides paid to cover the losses resulting from selling fuel way below its productive cost...from oil income. Not from taxes or from revenue from manufacturing and exporting manufactured goods...or from other sources of income...just oil. And we don't even earn enough oil money to begin with for a nation our size.

Godszilla:


You just basically explain mismanagement here that's not the subsidy?but the process n implementation. Correct me please

“Measurement is the first step that leads to control and eventually to improvement. If you can’t measure something, you can’t understand it. If you can’t understand it, you can’t control it. If you can’t control it, you can’t improve it.”

Zupay:


After screaming SAI BABA for eight years!☹️

FacilitatorLekk:

We are...he gave you a realistic breakdown of how that figure of 28% reduction was reached

Zupay:


For not being sycophants and not screaming SAI BABA?🙄