Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,156,012 members, 7,828,554 topics. Date: Wednesday, 15 May 2024 at 11:18 AM

Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu - Politics (7) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu (19777 Views)

Tinubu Has Solution For Impact Of Subsidy Removal, Says Oshiomhole (Video) / NNPC Backs Tinubu On Fuel Subsidy Removal, Says No Need For Panic Buying (Video) / Buhari’s Government Has Recovered N1 Trillion Looted Funds – APC Leaders (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (Reply) (Go Down)

Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by gideonvalor98(m): 4:25pm On Aug 01, 2023
ArcSEMPECJ:


So how come about the Anambra State International Airport which you hate so much to see come to achievement?


So is obi that built it right? Olodo Rabata...una go just come online dey type rubbish with ya #200 worth of data

2 Likes

Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by grandstar(m): 4:25pm On Aug 01, 2023
kingi777:
Use the savings to refurbish our moribund refineries or build modular refineries in each state. Establish many compressed natural gas stations or other alternative fuels across states, cities and towns. Encourage solar powered electricity supply to support stability of normal conventional electricity supply across the country for at least 12 hours daily during day time eg 6am to 6pm.
Why is the President not even talking of solving the root problem of subsidy which is building refineries? I guess all these gimmicks is to prepare ground for the private refinery in Lagos to monopolise refining and sales of petroleum products so as to recoup the huge money they invested.

Why do people believe the myth that the root of the problem is the lack of local refining capacity. It isn't.

Local refining will make little or change in the price. The price is finished internationally. Meles Kyari has already said as much. Even Dangote said his price will reference the international price.

The government has proven to be a bad manager of refineries and you're asking that they refurbish the moribund refineries and build new ones.

What do you think will happen to the new ones government builds? They will obviously go the way of others. This is like going back to ones vomit. If new refineries are to be built, it should be by private operators.

One hasn't even considered the massive cost of building a refinery. A 100,000bpd refinery will cost at least $2bn. It is estimated to take between 5-7 years from conceptualization to finish construction. Is the nation to wait that long?

Also, the oil subsidy was discouraging investment in refining. Banks are reluctant to lend billions of dollars for the production of a product sold below its market price and fixed by the state. That is why the only private refineries (which are small) focus on diesel that has no subsidy and the price deregulated. Even the illegal refineries focus on diesel refining.

The only reason why Dangote and Bua were able to borrow funds was because they had their extremely profitable cement businesses they could use as collateral.

The oil subsidy was the problem. Upon its demise, the fuel smuggling ended. Even if they are smuggled, the government loses nothing at all as it is no longer sold below the market or purchase price.

Most importantly, the cost of subsidising petrol was no longer sustainable. This year alone, it would cost $10bn or about 2.3% of GDP. All of it will be borrowed, increasing the country's debt burden. The debt burden is already unsustainable. It was estimated that 96% of this year's government revenue will be used to service debt. The money was simply no longer there no matter how much anyone wants to live in denial.

The government has saved over a trillion Naira already and now, the private sector has started importing petrol into the country. Prior to this, it was only NNPC. It is now profitable to import by the private sector.

Expect the building of more refineries in the coming years.

2 Likes 1 Share

Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by gideonvalor98(m): 4:27pm On Aug 01, 2023
SpatialKing:


Stop commenting like an illiterate

See the location of Anambra state in terms of GDP...

Anambra beats Oyo and Osun as of 2017

Na you dey foolish. Why are you people still flooding lagos then. You GDP no impact your state well-being.

3 Likes 1 Share

Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by SpatialKing(m): 4:37pm On Aug 01, 2023
gideonvalor98:


Na you dey foolish. Why are you people still flooding lagos then. You GDP no impact your state well-being.


Why are your brothers from Osogbo, Oyo loading themselves in Lagos...

How come you guys are unable to develop another state in the SW go be like Lagos..

Ondo state has coastal areas
Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by 7upnigeria: 5:23pm On Aug 01, 2023
FairlyUSEDpussy:
Bros Tinubu dey play Oooo........

One trillion saved........but u left it to borrow 500billion for palliative........

Where did he borrow #500b. Any proof? This your statement is what will make me finally confirm if it will be proper for any right thinking human being to have any meaningful relationship with igbo people. If this is just hate news, I'll definitely support any xenophobia against igbo people and I'll also pass this to anybody I know, even my future generations.

1 Like

Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by Vitally123: 5:23pm On Aug 01, 2023
Yet citizens are suffering? So. where is the 1Trn saved? In whose hand is the saved 1Trn? Governments must be accountable at all times!
Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by Musisco01(m): 5:36pm On Aug 01, 2023
And we are still in this mess? Where is the money
Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by Hellonearth: 6:10pm On Aug 01, 2023
Story for the gods. Lieing machines
Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by Image123(m): 8:33pm On Aug 01, 2023
blowjohn:



It was close to 1 trillion:

https://www.premiumtimesng.com/news/headlines/610954-subsidy-removal-nigerian-govts-revenue-doubles-as-fg-states-lgs-share-n907-billion.html

Okay, 93billion naira is not small amount for any state but i will decide to get your point. You didn't tell how many refineries we'll need and how long it takes to build them too.

Now u know that dangote refinery was initially supposed to be less than 14 billion dollars before the issue of forex and all came in.


Besides, nobody is saying we shud build refineries the size of dangote own which is about the largest single train refinery in the world.

Dangote refinery costs $20 billion, that's a lot of money to use as an example. How many barrels per day refinery do you suggest to be built?


Frm Google, one can build a refinery for less than 5 billion dollars.


So what's stopping us?




Unfortunately, refineries are not built on Google, otherwise many of our billionaires should have built them, right? For example, like you said, Dangote's refinery cost him far more than expected and it's still not ready/finished.
As far as i remember, the refinery was supposed to be built in Ogun state but it was not possible. Refineries are not shops or plazas that you just wake up and build because you have money. There are many factors to consider, like why millions are being spent on the government refineries without success. Refineries can't work in Nigeria until subsidy is removed, that's the first step.
Refineries buy crude oil at normal global market prices, then refine them at high cost and maintenance before selling. How does a refinery operate or make gain or sell when it produces at maybe 650/litre and his importing competitors are being subsidized to sell for 250/litre? Having a thousand refineries doesn't reduce the cost of fuel significantly, it only removes scarcity. It's removal of multiple exchange rates that MAY drive down dollar rates. If a dollar is say 150naira, refineries can buy crude oil apparently cheaper (same amounts dollar) and compete with importers that don't import at different unfair dollar rates. The two steps Tinubu has taken are the first steps(though painful) for people to confidently build refineries and they will make profits and work.
Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by blowjohn(m): 8:56pm On Aug 01, 2023
Image123:


Okay, 93billion naira is not small amount for any state but i will decide to get your point. You didn't tell how many refineries we'll need and how long it takes to build them too.



Dangote refinery costs $20 billion, that's a lot of money to use as an example. How many barrels per day refinery do you suggest to be built?




Unfortunately, refineries are not built on Google, otherwise many of our billionaires should have built them, right? For example, like you said, Dangote's refinery cost him far more than expected and it's still not ready/finished.
As far as i remember, the refinery was supposed to be built in Ogun state but it was not possible. Refineries are not shops or plazas that you just wake up and build because you have money. There are many factors to consider, like why millions are being spent on the government refineries without success. Refineries can't work in Nigeria until subsidy is removed, that's the first step.
Refineries buy crude oil at normal global market prices, then refine them at high cost and maintenance before selling. How does a refinery operate or make gain or sell when it produces at maybe 650/litre and his importing competitors are being subsidized to sell for 250/litre? Having a thousand refineries doesn't reduce the cost of fuel significantly, it only removes scarcity. It's removal of multiple exchange rates that MAY drive down dollar rates. If a dollar is say 150naira, refineries can buy crude oil apparently cheaper (same amounts dollar) and compete with importers that don't import at different unfair dollar rates. The two steps Tinubu has taken are the first steps(though painful) for people to confidently build refineries and they will make profits and work.

Nice assertion. I see ur points, but I belive ist cos government has been partial. Av been hearing about granting of licences but how come no one has been able to get the right to build a refinery?

Dangote cannot be the only man capable or credit worthy .

There are many billionaires in dollars in this country.
Mayb their money isn't legit or something so they are scared efcc will go after them.

But I get ur points.

1 Like

Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by Ilekokonit: 11:04pm On Aug 01, 2023
President Bola Tinubu on Monday said the Federal Government of Nigeria has saved N1tn in the two months since the removal of the petrol subsidy.

Before Teflon Don can declare 1 Trillion Naira savings, only God knows how much he has stolen for himself just like he has been stealing in Lagos since 1999 till date.

I said it before he was sworn in and I still believe that give Tinubu just 2 days in charge of the Nigerian Treasury and he will be richer than Nigeria and now that he has been in charge for 2 whole months, I shudder to think how much Tinubu has stolen from our collective patrimony.

Based on his Looting (past and present) in Lagos, I've never trusted and will never trust Tinubu near anything called Public Purse.
Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by ArcSEMPECJ(m): 12:00am On Aug 02, 2023
gideonvalor98:


So is obi that built it right? Olodo Rabata...una go just come online dey type rubbish with ya #200 worth of data

You must not buy a data worth of 200G before we know you are from Yaba left....

Which savings was used to construct the International Airport?

Did you hear what the past Governor Obiano said about how the International Airport funding was raised?

I know you hate all he said anyway.....because it is linked to Peter Obi and talks good about him , assuming it talked bad of his character, you could have reminded me about it.......

Your hatred for IGBOS won't stop them from doing good for Tinubu and his full armies of zombies like you to emulate .....
Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by Nobody: 1:55am On Aug 02, 2023
αυ∂ιο ѕανιиg, ∂єγ ρℓαγ
Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by patomberekpe(m): 4:29am On Aug 02, 2023
Tinubu you didn't save anything from subsidy, That is the money from the masses you collected their money with hardship
Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by spacespeed: 5:15am On Aug 02, 2023
Ilekokonit:


Before Teflon Don can declare 1 Trillion Naira savings, only God knows how much he has stolen for himself just like he has been stealing in Lagos since 1999 till date.

I said it before he was sworn in and I still believe that give Tinubu just 2 days in charge of the Nigerian Treasury and he will be richer than Nigeria and now that he has been in charge for 2 whole months, I shudder to think how much Tinubu has stolen from our collective patrimony.

Based on his Looting (past and present) in Lagos, I've never trusted and will never trust Tinubu near anything called Public Purse.

1 Like 1 Share

Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by Tundex911: 7:57am On Aug 03, 2023
1trill naira abi dollars??

Awon weyrey gbogbo
Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by gideonvalor98(m): 11:13pm On Aug 03, 2023
ArcSEMPECJ:


You must not buy a data worth of 200G before we know you are from Yaba left....

Which savings was used to construct the International Airport?

Did you hear what the past Governor Obiano said about how the International Airport funding was raised?

I know you hate all he said anyway.....because it is linked to Peter Obi and talks good about him , assuming it talked bad of his character, you could have reminded me about it.......

Your hatred for IGBOS won't stop them from doing good for Tinubu and his full armies of zombies like you to emulate .....


Iku pa e omo OBIFOOL...dey deceive yourselves...GULLIBLE GENERATION

1 Like

Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by gideonvalor98(m): 11:15pm On Aug 03, 2023
SpatialKing:



Why are your brothers from Osogbo, Oyo loading themselves in Lagos...

How come you guys are unable to develop another state in the SW go be like Lagos..

Ondo state has coastal areas

Non of your southeast states can withstand any state in southwest. Is not only lagos you flooded. All southwest states are flooded you WANDERERS OF LIFE....SCAVENGERS!

1 Like

Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by SpatialKing(m): 11:18pm On Aug 03, 2023
gideonvalor98:


Non of your southeast states can withstand any state in southwest. Is not only lagos you flooded. All southwest states are flooded you WANDERERS OF LIFE....SCAVENGERS!

Of course that's why we are one Nigeria I can decide to relocate to your hometown and there is nothing you can do about it...

Is there anything wrong with Nigerians moving to other region to stay?
Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by gideonvalor98(m): 11:29pm On Aug 03, 2023
SpatialKing:


Of course that's why we are one Nigeria I can decide to relocate to your hometown and there is nothing you can do about it...

Is there anything wrong with Nigerians moving to other region to stay?


The Nigeria you call zoo? Is BIAFRA not appealing to you anymore? You think yorubas are joking when we say enough of you guys dirty dirty lives in our region? Una go run when we start using different policies to stiffle you in our land. Let's pass the law first, then you'll know yorubas has got big STAKE IN NIGERIA... I hope you're are aware how we formed AMOTEKUN?

Yorubas have had enough of you...this time around we mean business...and y'all will forever regret it.
Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by SpatialKing(m): 11:57pm On Aug 03, 2023
gideonvalor98:


The Nigeria you call zoo? Is BIAFRA not appealing to you anymore? You think yorubas are joking when we say enough of you guys dirty dirty lives in our region? Una go run when we start using different policies to stiffle you in our land. Let's pass the law first, then you'll know yorubas has got big STAKE IN NIGERIA... I hope you're are aware how we formed AMOTEKUN?

Yorubas have had enough of you...this time around we mean business...and y'all will forever regret it.

Hahaha 🤣
Help your people suffering first
See your people trekking everyday because of hardship caused by their son..

Help your people first before you deal with Igbos
Is not Igbos that increased fuel ⛽ price
Hahaha c@ward like you

AKA we will teach Igbos a lesson 🤣🤣🤣🤣🤣😜😜😜😜

If you are looking for people to deal with start with Niger Republic those guys don't even have iota of respect for your Yoruba president they even named him Ebola 🤣🤣😂😂
Re: Over N1 Trillion Saved Since Subsidy Removal, Says Tinubu by ArcSEMPECJ(m): 10:16am On Aug 04, 2023
gideonvalor98:


Iku pa e omo OBIFOOL...dey deceive yourselves...GULLIBLE GENERATION

Hahhahahhahahhahhaha......Google it brol

You used the slogan " Peter Obi doesn't have vision, that's why he was busy saving money than utilizing it in his tenures"....as a campaign against him ...

The same you is telling us now that , Tinibu has saved 3 trillion Naira in the FEC purse....

Why are you talking and enforcing from different mouth piece

Iku pa e omo onye eriri eri TINUBUFOOL..... EVIL PROPAGANDA GENERATIONS

(1) (2) (3) (4) (5) (6) (7) (Reply)

How CBN Exceeded Approved Waiver To Employ Buhari, Ministers’ Relatives / Buhari Approves 164.8m For Rescued Chibok Girls studying At AUN. Nigerians React / "Collect APC Money In Jesus Name And Vote PDP" - Dino Melaye

(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. 56
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.