Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ - Business (3) - Nairaland
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Remove Fuel Subsidy Now! World Bank Tells Buhari. / PART 1: NIGERIAN OIL INDUSTRY AND FUEL SUBSIDY: FACTS, MYTHS & HIDDEN TRUTH / Fed Govt To Remove Fuel Subsidy By New Year —aganga (2) (3) (4)
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| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by jason123: 10:23pm On Oct 25, 2011 |
Beaf:What do you propose as the prefect antidote?? Free quality health care? PTF?? Perhaps, subsidy of public transportation? Please, lets remove Kerosine subsidy and free mediocre education. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by emmatok(m): 10:29pm On Oct 25, 2011 |
manny4life: The-same way the "cartel" are busy manipulating cement prices every year. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by Beaf: 10:34pm On Oct 25, 2011 |
jason123: Education remains the best suggestion on that list. It will produce by far the highest bang per buck invested in the citizen. Free quality health would have been good, but no country can afford that without raising taxes through the roof. Subsidising public transportation is impossible in Nigeria. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by yemiprof(m): 10:41pm On Oct 25, 2011 |
I see a national doom in this whole fuel subsidy removal, if the price of fuel will increase, it will affect the life of every man negatively, inflation will rise. i wonder if the president has his thinking cap on |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by kenjudy(m): 11:14pm On Oct 25, 2011 |
 i hope it gets better, |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by doctokwus: 11:16pm On Oct 25, 2011 |
Subsidy removal at this point in time is political suicide.Those advising GEJ do not wish him well;there ar presently a lot of forces of destruction lurking in almost evry region of d country,waiting for sth to ignite them,fuel subsidy may jst b it,couple this wt d millions of unemployed,jobless people and u av an explosive mix. Yes,removal of fuel subsidy over time will help any economy,but in nigeria's case,d virtues being put up for its removal,viz,curb smuggling,make d industry more efficient,etc,may not b achieved,for d reason that d whole mess in d system comes frm a fundamental issue of inbuilt corruption.If d price goes up in nigeria,it wud reciprocally go up in neighbouring countries,bc it will always b easier to get it frm us no mata d cost,bearing in mind that they simply do not produce oil. Its an ill timed,potentially disintgrative,definitely destructive move for GEJ to make;previous heads of govt with stronger character and all d apparatus of state behind them barely succeeded in taking it up a few nairas,GEj doesn't av that strong a character or d full backing of all that he needs to see this true,he's being misled. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by LogicPower(m): 11:18pm On Oct 25, 2011 |
Remii: You just 'took it from my mouth', as some posters would say. Yes, it is quite reminiscent of IBB's era when his govt was under similar pressure from IMF/World bank to take their deadly concoction of the so-called 'structural adjustment programme (SAP), selling it as the only medicine for our country's economic malaise. Just like GEJ is doing now, his 'father' IBB was also then regurgitating exactly this kind of rubbish he had been spoon-fed by his Western masters, that there was "no alternative to SAP". Now, all those who naively thought that it was GEJ who had personally wanted the return of Okonja Iweala so desperately, or it was his own personal idea to give her so much powers and influence in determining the direction of his economic policies, must have realized that she was not brought back to Nigeria in order to serve the interests of ordinary Nigerians, to the detriment of the interests of her Western masters!. And as we all know, her all-powerful real masters in the West are so ruthless and mean when it comes to protecting and promoting their vested interests, hence they wouldn't give a hoot about the increased widespread hardships and sufferings such a measure is bound to cause to the ordinary Nigerians, who are already groaning under severe poverty and acute lack of functioning infrastructure. And since it would take the courage of a 'super-lion' or a 'super-general' to even try to resist the awesomely powerful forces of economic imperialism and neocolonialism, as represented by IMF and World Bank; and since our president lacks the courage of even an ordinary lion or an ordinary general, we should not expect him to even try to resist such a pressure from the West to remove the oil subsidy, no matter our outcry and outrage. We all remember how he was so full of pride and delight that he was praised by Obama and two African leaders at the last UN general assembly meeting. So Obama, Sarkozy, Cameron would only need to keep praising him, and he would gleefully look the other way, while Iweala dutifully implements their economic agendas, to their neocolonialist and imperialist benefits and to the detriment of our people and our nation. Fresh Air for us, ordinary Nigerians! And even FRESHER air for our children and grand children indeed! |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by gascoign1(m): 11:19pm On Oct 25, 2011 |
The already collapsed economy is leading to collapse further, Na die we dey o |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by ektbear: 11:22pm On Oct 25, 2011 |
Really? How much per year is spent by the US on steel and cotton subsidies? And what % of the GDP is the US spending (keep in mind the US has a 14 trillion dollar economy)? I'd be surprised if the US even spends even $20 billion a year on steel/cotton subsidies. Which is almost a rounding error relative to GDP |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by ektbear: 11:32pm On Oct 25, 2011 |
http://www.guardian.co.uk/global-development/poverty-matters/2011/may/24/american-cotton-subsidies-illegal-obama-must-act The US government continues to subsidise its cotton farmers – $24bn (£15bn) over the past 10 years – despite the World Trade Organisation ruling some of these subsidies illegal. And when the WTO backed Brazil's case that the subsidies were damaging, the US government simply offered to pay subsidies to Brazilian farmers too. So $2.4 billion in cotton subsidies per year, let's say. So roughly 0.017% of GDP spent on cotton subsidies. Nigeria's GDP is what, $220 billionish? Equivalent amount of subsidies would be $37 million a year. If we spent that little on fuel subsidy, I don't think either of the two sides would even care if it stays or goes. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by 1025: 11:58pm On Oct 25, 2011 |
fuel subsidy is not up to 1% this pdp led govt is looting from our public funds on daily basis. is jonathan not aware of all those stealing our funds? can't he make an emergency law to recover all these funds stolen by his wife and other criminals in pdp. nebukkadenezza became so powerful in babylon that God turned him in an animal and was mearnt to feed on weeds. jonathan must watch the type of hardship he is introducing into this useless jungle of a country. proverbs 29:2 says; when the wicked is in authority, the people mourn but when the righteous is in power, the people rejoice. senseless nigerians will still not see any reason to avoid pdp even when they have proved to be total failures. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by http(m): 12:00am On Oct 26, 2011 |
This is Iya Sikira analysis of Fuel subsidy removal. The economies in Book is different in Reality especially in Nigeria where everything, i mean everything is connected to Fuel. 1. Increase in fuel will lead to increase in Transport fairs. 2. Increase in Transport fairs will lead to increase in in food, raw material for industries. 3.Increase in fuel will lead to increase in services that needed electricity since Nigeria is in Darkness. 4. Increase in fuel will lead to increase in Housing since landlord will have to pay more for anything; i see alot of homeless people, chei! Iya Sikira is already considering going to Ghana since Naija don finish. Just consider your daily routine and tell me how Fuel is not involved in it. Presido, like someone said before; You might probably be the Last Nigerian President if u don't reconsider this I.d.i.o.t.i.c move that is shaking your head. A word is enough for the wise.  |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by cap28: 12:02am On Oct 26, 2011 |
when all else fails use scare tactics to convince the masses that there is no other way out. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by manny4life(m): 12:08am On Oct 26, 2011 |
jason123: I am in no way advocating for removal of subsidy without relating or better yet compensating approach. In other words, what I'm saying is the removal should accompany other measures like building up refineries or at least granting mass licenses to the average Nigerian to import fuel. This in fact will cause aggressive competition amongst importers, and the "cartel" like scenario will be removed. Another thing we have to look at is the inflation and exchange rate; this is a very important factor to why the average Nigerian will suffer the brunt of this policy. If our Naira value was strong on the international front, it will drive the cost/price low; however, with skyrocketing inflation in double digits, and unstable currency, the sky is the limit (downfall). emmatok: Cartels are not encouraged in ANY economy; that is why we have the Dept of Justice and maybe any sister agency such as Commerce or whatever to intervene. Since he cannot fight the cartels, well you can check them if you grant everyone license "without restriction" to import. If the average man with $10,000 can import 5,000 gallons of petrol without restriction, there will be fierce competition. Cartels would not work NOT IF the government is supporting it. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by stmarc32(m): 12:59am On Oct 26, 2011 |
Fresh air in its finest form, I can see those supporting Iweala when she was appointed have gone silent, Fresh air pt 2 and 3 on the way |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by akbahbah(m): 1:21am On Oct 26, 2011 |
What do you xpect from a dullard that can not think with his brain. He's being taken advantaged of by some smart guys that know how to use dullard to achieve what they want. 1.2trillion Naira is not a small money to share o my people. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by Tyche(m): 3:41am On Oct 26, 2011 |
Jonathan! Jonathan!!! Jonathan!!! How many times did I call you? He who the gods wants to destroy, they first of all make mad. Is this not a sign of that? |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by BabaEleko(m): 4:57am On Oct 26, 2011 |
[size=16pt]Nigeria is ripe for revolution.[/size] |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by monkeyleg: 5:58am On Oct 26, 2011 |
Failure to tackle corruption is leading to the collapse of our society, Goddy should close his mouth if he has nothing sensible to say as usual |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by Nobody: 7:33am On Oct 26, 2011 |
I dont even know what to say. An 'economy' with no alternative means of transport, like railways, terrible roads,poor housing, is what u want to deregulate. D normal outcome after a year will be 'govt sets up a committe to investigate d mysterious dissapearance of about N630billion from N1.2trillion 'saved' from fuel subsidy removal'. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by kayalla(f): 7:43am On Oct 26, 2011 |
Do we Nigerians always have to sit and swallow watever they dish to us, why cant we take any action towards this, do we have to wait till the masses starts suffering? once its done its done. we better plan on how to forcefully stop this ridiculous proposal! , and i tot someone was proposing ''Revolution" |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by juman(m): 7:57am On Oct 26, 2011 |
Certainly removing Fuel Subsidy is taking right step at the right direction. This shows how serious and determined the government to make Nigeria great. Nigeria cannot afford to be spending huge percentage of our budget on subsidy. kenjudy: Yes it will get better. Instead the government will have more money to spend on other areas in developing the country. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by brainpulse: 7:58am On Oct 26, 2011 |
What do we expect from this dullard that calls himself president, he's bound to fail how? He invited all the cartels, godfathers, clique of those through the years have destroyed our economy as his economy team, is that not a failure in all sector. Dangote, otedola,deji etc were part of the barons that have monopolies and control our economy through the years and this insane man called them again has his economy team. He should be crucified and stoned to death. what advice do these ones want to give him? dangote that wants to be the richest man in the world knows he will do that, is it not at the expense of nigerian people? |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by brainpulse: 8:02am On Oct 26, 2011 |
Why is it the oil he has concentrated on? he is a dude, dullard and dumb. Why not concentrate on agriculture, industries etc. this man is not even thinking of opening more industries but only oil, oil and oil. this man is a failure. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by juman(m): 8:03am On Oct 26, 2011 |
^^^^^ Mr. President is sincere. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by Demdem(m): 8:24am On Oct 26, 2011 |
i could still remember some years ago when the govt of OBJ wanted to increase the price of petrol (and even deregulated diesel), the govt promised us some palliative measures and even promised to channel many of those funds to FERMA for the maintenance of roads etc Little did we know that the palliative measures there were referring to was for them and DEMDEM. One idiota on this thread is now talking about another set of palliative measure, infact went further by saying that such are secret and presently not in the public domain bla bla bla so that the press wont distort it. can u imagine, these guys think we are dumb. Nigerians should honestly avoid Morons like this. I am not against subsidy to be honest, i just think the timing is wrong. lets increase our production capacity, decrease drastically a very bloated government to free more funds, tackle NNPC etc Honestly, a lot of channels where money is constantly being wasted can be shut to free up funds needed for infrastructure before this proposed subsidy. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by renewnaija(m): 8:31am On Oct 26, 2011 |
juman: You must be a politician or a hyprocrite or maybe you are affliated with one of these. If you were a business man or a consumer of any sort, then u wud know that that money will never get to the people. Kindly tell us how the govt will deal will ripple effects of inflation since in your right mind 'Nigeria cannot afford be bla bla bla.' |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by otyworld(m): 8:48am On Oct 26, 2011 |
I do not understand why someone thinks: that when you remove subsidy, increase licenses to import petrol, that will cause competition and that will automatically drive the cost down. Diesel is completely deregulated, enter a fuel station check for yourself what is happening to diesel. Now that sounds like stupidity to me, to start importing. For Christ sake, it takes 2years plus 1 yr of planning plus about N20billion or less to build a refinery. I have been involved in building an NGL plant in Nigeria here, I know what I am talking about. Nigeria has the capability of building 3 refineries at the same time. Brazil has 13 refineries. It would makes more sense to cut down on govt overhead and tackle corruption, which is the fundamental issue here. But the clueless GEJ, with his thieving, conscienceless, and parasitic adviser wants to do it backward because it benefits them. Why should we follow what the IMF has to say? IMF has never developed economic of any nation; otherwise all the nation of the earth will be developed. IMF only does one thing: impoverished further the people of any nation. Why can't Nigerian govt use their head? I have been hearing about deregulation of the downstream sector for God knows how long. What have they been doing about it all these years? Why now? With the peanut call minimum wage? The govt is just being dishonest about the subsidy removal. Check out the Statistic I came across below: “Among oil-producing countries in the world, Nigerians pay about the most for petrol. While Nigerians currently pay about $1.64 for fuel per gallon, Venezuelans pay only 18 cents per gallon, Iranians pay just 37 cents per gallon, war-ravaged Libyans 54 cents, Saudi Arabians 48 cents, Qataris 72 cents, Bahrainis 78 cents, Turkmens (citizens of Turkmenistan) 72 cents, Kuwaitis 87 cents, Omanis $1.17, , Yemenis $1.32, etc. Only citizens of the United Arab Emirates pay slightly higher than us for petrol at $1.78 per gallon. The standard of living in all of these countries is light-years higher than Nigeria’s. They have better social safety nets for their poor. The Nigerian government wants to raise the fuel price to about 141 naira per litter at the very minimum, which adds up to $3.6 per gallon." Support NLC to say no to Fuel Subsidy Removal or submit to incremental but sure death!!! Know that if the Fuel subsidy is removed, Nigerians will be paying for corruption, inefficiency, mediocrity and plain stupidity; which what the present GEJ govt exemplify. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by Demdem(m): 8:59am On Oct 26, 2011 |
otyworld: I agree with u. what we have now isnt competition, instead we have a cartel where the vast majority are in the ruling party. |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by Benzora(m): 9:04am On Oct 26, 2011 |
Trash!!! This guys definitely don't have the capacity to think. The economy has long collapsed for over 130 million Nigerians since the PDP took over government in 1999. This is nothing new this totally deranged government is saying. Let them plug the holes of corruption and they can save up to 3 trillion naira annually and use that for infrastructural development. I absolutely can't understand why these band of thieves that call themselves PDP don't want to support the use of the proceeds of the Excess Crude Account to fund development but will rather they share the money as usual and use it to fund their wicked excesses and then place more hardship on the masses by removing an artificially created subsidy just because they imagine no one can stand up to them. Hear me, we must and will resist any attempt by these idiots to add to the hardship that they have already placed on us. We voted you Jonathan as President, if you don't know what else to do to move us forward, we prefer it that you resign rather than remove the fuel subsidy otherwise we will give you the Ghadafi treatment. Let those who have ears hear!!!! |
| Re: Failure To Remove Fuel Subsidy Will Lead To Economy Collapse – GEJ by Gbawe: 9:12am On Oct 26, 2011 |
All talks of "palliatives" is distractive and aimed at the sort of deciet that will allow the GEJ government to get its ways. Look at all the 'bombs' he has now dropped on Nigeria yet never spoke about before the elections , directly confirming his duplicitous nature, e.g "leaner Government not possible" in the most expensive and most ineffectively bloated democracy in the world !!! How many Nigerians would have voted for GEJ if he said 7 year single tenure would be his first major initiative while other more pressing issues are ignored? How about the directive that the home of corruption (NNPC) , now mired in so much corruption and transparency controversy, "turn" around our refineries in the next 24 months? One thing common with all the above is that they are entirely self-serving and the opposite of what is required !!! It is obvious everything is being done to suit GEJ and his AGIPs rather than ordinary Nigerians. This subsidy removal will be no different and the greatest hint of this is how GEJ ,defying deafening advice home and abroad, is absolutely refusing to put the onus of sacrifice at the feet of his overfed AGIP buddies and their army of wastefully surplus minions employed in lucrative and often duplicated Government job ripe for a massive cull !!!!! Also, inhuman initiative like this is not surprising considering it is what we can expect from a man who takes advice from monopolistic and oligarchic capitalists 'money hoarders' in his economic team. Ezekwesili was still warning against this the other day and pleading with the Government to "urgently" cut recurrent expenditure. If the average Nigeria was politically savvy, then they will bury the GEJ Government over this issue. Him and his overfed AGIPs, bleeding the nation dry from one Government to the next, refuse outrightly and callously to take a cut of any kind yet they wish to place the burden of sacrifice at the door of poor Nigerians. Abeg , we are wasting time here. Let them push through the subsidy so I can see if Nigerians are the weakest people God created . Most Dictators pushed out recently never attempted anything this hideously wicked yet folks wanted them out . Let us see if Nigeria is totally finished as far as our folks having backbone when pushed way, way too far. |
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