Fire on the mountain that's all I have to say

This gladden my heart. This government needs to do more in regards to economic reform.

It's continously determination to remain dovish in regards to double digit inflation is coming at a high price.

This has led to higher rates of inflation and the massive depreciation of the Naira The lower the value of the Naira, the higher the cost of supplying fuel at 600/litre.

The government is being dishonest when it says the subsidy is gone despite the contrary being true today.

Why would state governments be broke if money previously wasted on subsidizing petrol was now in their kitty?

With the way things are going, KAKI people might take over any moment

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Nice one

dre11:


https://punchng.com/gridlock-as-fuel-queues-resurface-in-lagos/

I noticed this yesterday night when i was back from work and i went to get fuel.

Most station were either closed or locked by 08:00PM. I was lucky to force my way into one of the stations which was partially opened and filled up my gallon plus a Tip off.

nairalanda1:


You should forget about the tribe. It has nothing to do with what is happening.

For over 5 decades, you have lived with the illusion that fuel is cheap. The illusion is breaking, and we are seeing what other African countries are seeing...that fuel is expensive. Very much so.

Tinubu is trying so hard to maintain the illusion. But as you can see cracks are appearing

It is time we all accepted fuel was never cheap in the first place. Maintaining the illusion has cost us billions of naira and four refineres.

So how many refineries is Tinubu planning on building or rebuilding since he removed subsidy, other than billions spent on building VP house, expensive luxurious cars for office holders, and private Yachet?

omoadeleye:



I don't know how some of you reason, we can even compare the size of your brain to that of a 2 year old baby.

How can you say that they're still teaching Peter Obi a lesson? Is Nigeria being run because of Peter Obi? Has Nigeria been run because of Peter Obi? Must every happenings in Nigeria based on Peter Obi now?

You people probably needs to visit a psychiatrist.

But your brothers from the West said Obi is the problem of Nigeria and that they must teach him a lesson. So you didn't see when your kinsmen said this?

Even your almighty bayo onanuga has linked the recent protest which happened in the north to obi and Atiku that they are the sponsors. I thought you guys are teaching Obi lessons?

G00dharddick:


Nothing will break the camels back.

They'll soon come and call you IPOB esn, hater of Yorubas and Nigeria!

The SW are enjoying Tinubu's presidency because they're still teaching obi lessons!

Yes, we are enjoying this administration and teaching the headless mob how the game is played. Una go cry Tire, because No Evidence

Paraman:
There was record to show FG was paying subsidy. Nigerians know how much we were spending on importing refined crude oil

Which record?
NNPCL claimed they were not paying subsidy

APCNig:


Yes, we are enjoying this administration and teaching the headless mob how the game is played. Una go cry Tire, because No Evidence

What is this one saying
Have you even eaten this morning

Agboriotejoye:

But the East also supported Jonathan unconditionally even though he was incompetent

GEJ incompetent? Abeg what will you call Tinubu's failure?

Do you know GEJ is 10million times better than Tinubu? Oga tell your Tinubu to take us back to the days of incompetent GEJ where people were enjoying and buying food and fuel extremely cheap.

Tinubu is the worst president Nigeria has ever had - Arewa

APCNig:


Yes, we are enjoying this administration and teaching the headless mob how the game is played. Una go cry Tire, because No Evidence

Yet your people are in the streets shouting ebi pawa oooooooooooooooo

Enemyofpeace:
I no go show you. You fit take bad luck block am for me

😢😢

The resurgence of fuel scarcity is due to the federal government mandating NNPC to transfer the sales of petroleum products to the Central Bank of Nigeria. Consequently, fuel at NNPC filling stations is not consistently paid for, leading to a resurgence of scarcity because there is no avenue for under-the-table deals.

Paraman:
You don start again

Oya, provide evidence the FG is subsidizing petrol

😆 🤣 😆

Oga that's the simplest thing to prove. Right now as I type this, the world price of petrol is $2.22 per gallon which is $0.54 per liter.

Source - any live market quote.

https://www.investing.com/commodities/gasoline-rbob

$0.54 = 792₦

The first thing Buhari & APC did on assuming power in 2015 was to make NNPC the sole importer of petrol in Nigeria. Other businesses were banned from importing.

So right now NNPC buys petrol at ₦792. This is the FREE MARKET PRICE. Go on the internet, call the marketing department of any refinery in the world and tell them you want to buy a tanker load of petrol. That is the price you will get and that's what NNPC pays too. Like I keep saying when people shout PROVE IT....this is NOT a secret 🙄

If the price of fuel in Nigeria is less than ₦792, that means the Federal Government is paying subsidy.

I suspect the main method of paying this subsidy is via the regulated forex market.

SOLUTIONS -
1) for right now, open the fuel market. Allow anyone that wants to import fuel to do it.

2) Float the naira. I mean complete unfettered free float. As done in prosperous nations
https://www.investing.com/currencies/aud-usd

Subsidies don't work. They create all sorts of distortions and incentives for corruption. Price regulation suppresses productivity and creates scarcity.

For the record, any domestic refineries in Nigeria, public or privately owned, MUST sell at or near the prevailing world market price in order to sustain their business. So even if Dangote starts producing today he must sell at the free market price in order to keep the refinery operating efficiently. To sell at a lower price he must be paid a subsidy.

Good Luck to Nigeria.

todugo:

So how many refineries is Tinubu planning on building or rebuilding since he removed subsidy, other than billions spent on building VP house, expensive luxurious cars for office holders, and private Yachet?

If TInubu wants enough refineries, he would have to first liberalise the market, allow the market set the price of fuel, and yes, while we all would be paying N1200 per liter if that happens, it would provide incentive for more domestic refining to happen, as well as for NNPC to get its refineries working.

The thing about subsidy is, it promotes losses, corruption and massive stealing. On the other hand, allowing a company to run at a profit, a sector to run at a profit, promotes efficiency.

The concept of cheap fuel is an illusion. APC does not want to believe that...indeed, Tinubu's partial removal of subsidy was forced on him by circumstances, not because he wanted to. Fuel costs a lot to refine, much more if you are importing it.

sukkot:
they give danjuma oil well he turn billionaire overnight, dem give alakija oil well she turn richest woman in Africa overnight. It’s all profit bro don’t come and bobo us here. The oil is given freely by YAH. Black gold

Then you should run your businesses at a loss, since profit is evil.

nairalanda1:

The concept of cheap fuel is an illusion. APC does not want to believe that...indeed, Tinubu's partial removal of subsidy was forced on him by circumstances, not because he wanted to. Fuel costs a lot to refine, much more if you are importing it.

And this is the difference between APC and PDP that you won't deign to acknowledge.

PDP tried to abolish subsidies when Nigeria had the means to keep paying it. 😒 Because at that time at least the party was dominated or controlled by free market ideologues and the Presidents listened to them.

The real problem is that the APC is an Islamist feudal-socialist party. They can't ever bring themselves to allow people the FREEDOM to do what they want, they want to dictate and control everything.

Worse, most Nigerians have over the years developed and adopted the same socialist mindset. That's why they voted for APC in 2015. This is the result and you know what? That's perfectly OK, every people get what they deserve. This is what the Democrat Party want to do in the USA and they might get their way if enough people here start believing there's anything that can be gotten for free for life.

But Nigerians...how do you expect any institution to buy or produce a commodity at a higher cost and sell at a lower price? 🤔 Nigeria has been paying fuel subsidy since 1973...how much longer could it be sustained? Surely not forever! People please grow up!!!

Good Luck to Nigeria.

madridguy:
You can gas light any situation as you like, know this and know peace, Obi will never smell Aso Rock.

Your youths are deserting their land in Anambra. They are running away from Ihiala as the town is getting deserted day by day...

Ur brother is kukuma in power and u are now buying fuel 50 naira while Obi and Igbos are buying 800 naira. Ur town in Ondo, Ekiti are enjoying will Fulani herdsmen. The Obas killed in Ekiti were killed by Ipob and Esn. The Yorubas are now swimming in crude oil and buy bread cheaper than Igbos. Can we now rest?

Let them repair the refineries!!!.. How many times are we going to keep dwelling on issue of fuel scarcity. When are we going to revolt and drive these people out ffs.. We have the monies to repair and maintain these refineries or build new ones... If dangote can build his why can't a whole republic build for her country with all the money in the treasury. Abi which kind wahala be this.. I tire for our clueless govt

madridguy:
You can gas light any situation as you like, know this and know peace, Obi will never smell Aso Rock.

Your youths are deserting their land in Anambra. They are running away from Ihiala as the town is getting deserted day by day...

let's suffer so that we can teach that Obi lesson

kenrisma535:
Let them repair the refineries!!!.. How many times are we going to keep dwelling on issue of fuel scarcity. When are we going to revolt and drive these people out ffs.. We have the monies to repair and maintain these refineries or build new ones... If dangote can build his why can't a whole republic build for her country with all the money in the treasury. Abi which kind wahala be this.. I tire for our clueless govt

The problem is NOT refineries or where the fuel comes from.

The problem is the RULES under which the products are sold.

Even if Nigeria builds 1,000 fully functional refineries, there will be scarcity and corruption if the government insists on controlling the price of fuels in Nigeria.

The real solution is FREEDOM.

Good Luck to Nigeria.

madridguy:
Yes, we in Lagos are shouting hunger, Kano and Minna are protesting but guess what, we know the people the hunger is dealing with seriously... We know the people selling their children due to hunger but come online to shout billionaire

Adult in baby body, crying helplessly. Your comment shows how emotional you're, lacking defensive mechanism hence sounding like a total clown and a toddler . Lmoa

nairalanda1:


You should forget about the tribe. It has nothing to do with what is happening.

For over 5 decades, you have lived with the illusion that fuel is cheap. The illusion is breaking, and we are seeing what other African countries are seeing...that fuel is expensive. Very much so.

Tinubu is trying so hard to maintain the illusion. But as you can see cracks are appearing

It is time we all accepted fuel was never cheap in the first place. Maintaining the illusion has cost us billions of naira and four refineres.

Fuel is N40 in Iran that has been under Western Sanctions for close to 40 years.

Maybe you should readjust your statement to mean fuel was never cheap in Nigeria and not "fuel was never cheap"

dre11:


https://punchng.com/gridlock-as-fuel-queues-resurface-in-lagos/

The opposition parties must be sponsoring this

ndi eri ri eri

G00dharddick:


GEJ incompetent? Abeg what will you call Tinubu's failure?

Do you know GEJ is 10million times better than Tinubu? Oga tell your Tinubu to take us back to the days of incompetent GEJ where people were enjoying and buying food and fuel extremely cheap.

Tinubu is the worst president Nigeria has ever had - Arewa

GEJ is not better than Tinubu. GEJ is was very incompetent and indecisive. GEJ benefitted from working with people like Iweala and Sanusi but as a president, he was fvcking incompetent

Them wan take style increase fuel price.

ReubenE:

Fuel is N40 in Iran that has been under Western Sanctions for close to 40 years.

Maybe you should readjust your statement to mean fuel was never cheap in Nigeria and not "fuel was never cheap"

That is one dude that has been highly discredited by smarter dudes on this platform
Even he knows he has no leverage

grandstar:
This gladden my heart. This government needs to do more in regards to economic reform.

It's continously determination to remain dovish in regards to double digit inflation is coming at a high price.

This has led to higher rates of inflation and the massive depreciation of the Naira The lower the value of the Naira, the higher the cost of supplying fuel at 600/litre.

The government is being dishonest when it says the subsidy is gone despite the contrary being true today.

Why would state governments be broke if money previously wasted on subsidizing petrol was now in their kitty?

State govts are broke?

Agboriotejoye:


That is one dude that has been highly discredited by smarter dudes on this platform
Even he knows he has no leverage

I have argued with him on several occasions that subsidy is not really our problem but the culture of stealing and profligacy in our political environment.

More money made available in Nigeria means more money available to steal and not necessarily more money for development as long as stealing is not curtailed.
Subsidy has been removed supposedly for over six months but Nigeria has gone from bad to worse despite the argument for "making more money available". Subsidy has been removed but Nigeria is still borrowing upon borrowing to the point we now even borrow with crude oil upfront.

Look at the 2024 budget, it reeks of profligacy because there is more money. Almost all the line items are inflated and many others absolutely unnecessary because there is more money supposedly because of subsidy removal.

Nigeria government has spent more than enough money in Turn Around Maintenance (TAM) of our refineries in the last 20 years, money enough to build new 4 refineries but the refineries they did the turn around maintenance are still not working till date. So anybody that believe removing subsidy with build hospital, build roads and other blahblahblah is just being delusional as subsidy does not stop government from doing any of those things if they really want to do them.
It is true that subsidy removal will make more money available for government expenditure and it is good. But Tinubu and Buhari has proven to us that subsidy is not really our problem as most government apologists make it seem. Tinubu has grounded this country despite subsidy removal and stealing has spiked after. Again he's still amassing loans...