nairalanda1:
If one has been following this thing for as long as I have, you would see that we are paying a subsidy.

1.APC apologists cry that fuel is not being subsidised...well it is. Landing cost was N720 as at October, now it is N1000..meaning subsidy costs rose from N20-140 to N300-420 per liter today. We are pushing ourselves into more debt so see where we are

2.IN 2012 january, landing cost was N99 per liter, now it is N1000. Fuel price was N97 per liter now it is N580-720.

Assuming Nigeria kept fuel at N97 per liter as some PDP apologists wanted , by now subsidy would have risen from N2 per liter to N920 per liter ...and note that fuel consumption has risen over the years.

We would have a debt that would make our current debt look like the pocket money you give your 10 year old.

See how much subsidy costs? But all of you, be it PDP or APC or LP, many of you want it.


Oya, come and get your fuel at N97....lol.


MOdified

I find it amusing some people think I support APC because of this comment. APC is still paying subsidy, meanwhile I oppose payment of subsidy....so apparently I am an aAPC supporter.

See, I don't get NIgerians. Someone is supporting something that is in opposition to the party in power, yet is a supporter of the party.

I pray God opens your eyes to see what I see, all ye who quote me, then you will understand there is a method to my madness.

Was there this rate of inflation during PDP?

MrMcJay:


Do you know that if that property worth 10M has appreciated by 100% to 20M, it is still a loss or someone converting from dollars.

That $12k he converted to Naira, if he wants to his 12k back, he needs almost 19M.

Isn't it better to leave the $12k in the bank than to buy a property here and the Naira profit isn't even up to the USD capital invested.

I'm actually expecting all these counters but I'm assuring you that the analysis up there is ideal.

I've been selling Estates to both home base and those abroad.

It's always nice to spread your treasures and real estate is one of the best options.

Akaegwu:
Was there this rate of inflation during PDP?

Not as high, but yes, there was inflation under PDP. People grumbled and japaed under PDP.

The thing is, APC took over , met the PDP Inflation, and instead of using the tools they had at the time to reverse the inflation, took loans and more loans to maintain the illusion. The result is what we are experiencing.

But if PDP had removed subsides in 2012 , yes, even in 2005, we would have been long since over the worst.

Franking:


You are such an annoying anarchist. No be you dey answer question left, right and centre as if na u know pass. Suddenly, u don't work there. Mtchew....

Do I work there?

tete7000:


And you think value of the land won't go up too?

The value of land do go up definitely and that's the advantage to the buyers.

Estates do adjust the price of house and building Projects to reflect the ongoing economic reality.

But the price of land increment do come as a result of developmental work within the Estate.

But in nut shell, price increase on land is an advantage to those who buy.

MT:


Your illustration is faulty.

That hypothetical property won't cost 10million naira, it would have been adjusted upward to reflect the reality on ground. So you might need more than 12,500USD to get the same property.

I'm actually expecting all these counters but I'm assuring you that the analysis up there is ideal.

I've been selling Estates to both home base and those abroad.

It's always nice to spread your treasures and real estate is one of the best options.

Until we diversify our economy (agriculture, education, health, mining) such that we can earn foreign exchange from them,nothing is going to change regarding our economy. Crude oil can no longer take care of us as a nation, unfortunately we no get side hustle. Successive govt/ regime failed to provide electricity, quality education, security. No nation can move forward without this 3 things.

The problem with this subsidy is that when govt claims they want to remove subsidy so they can "save" money to help the economy, does the average man on the street benefit the answer is No!!.

Before subsidy is removed, what are the buffers placed to act as shock absorbers for the ordinary man.

Where is the cheap mass transit system, where is the increase is salary, can the govt claim to used the money judiciously

Are our lives better for it now that the price was increased from 97 to 670. What direction is the country going to. Look at the spiralling inflation affecting the cost of goods

The govt better keep paying the subsidy and reduce their excess expenditure on themselves. The masses have made their sacrifices already. Now it's time for the govt to make theirs

They shldnt give us this crap. When their papa comot subsidy saying a particular set of people are the ones benefitting from it now he has thrown the whole country in serious hardship without having indepth thoughts before deciding. Polithiefians

iwaeda:

Yet they claimed , subsidy is gone. What a set of insincere leaders. Liars and falsehood spreaders.

Can you pay 1000/liter?
If no, then u need to see psychiatrist if truly u want govt to be sincere by increasing pump price to 1000 for u to be satisfied

nairalanda1:
If one has been following this thing for as long as I have, you would see that we are paying a subsidy.

1.APC apologists cry that fuel is not being subsidised...well it is. Landing cost was N720 as at October, now it is N1000..meaning subsidy costs rose from N20-140 to N300-420 per liter today. We are pushing ourselves into more debt so see where we are

2.IN 2012 january, landing cost was N99 per liter, now it is N1000. Fuel price was N97 per liter now it is N580-720.

Assuming Nigeria kept fuel at N97 per liter as some PDP apologists wanted , by now subsidy would have risen from N2 per liter to N920 per liter ...and note that fuel consumption has risen over the years.

We would have a debt that would make our current debt look like the pocket money you give your 10 year old.

See how much subsidy costs? But all of you, be it PDP or APC or LP, many of you want it.


Oya, come and get your fuel at N97....lol.


MOdified

I find it amusing some people think I support APC because of this comment. APC is still paying subsidy, meanwhile I oppose payment of subsidy....so apparently I am an aAPC supporter.

See, I don't get NIgerians. Someone is supporting something that is in opposition to the party in power, yet is a supporter of the party.

I pray God opens your eyes to see what I see, all ye who quote me, then you will understand there is a method to my madness.

My brother, the issue here isn't even about subsidy, why was it in place from inception?

It goes to tell you that we as a country havent been patriotic from the get go.

nairalanda1:
If one has been following this thing for as long as I have, you would see that we are paying a subsidy.

1.APC apologists cry that fuel is not being subsidised...well it is. Landing cost was N720 as at October, now it is N1000..meaning subsidy costs rose from N20-140 to N300-420 per liter today. We are pushing ourselves into more debt so see where we are

2.IN 2012 january, landing cost was N99 per liter, now it is N1000. Fuel price was N97 per liter now it is N580-720.

Assuming Nigeria kept fuel at N97 per liter as some PDP apologists wanted , by now subsidy would have risen from N2 per liter to N920 per liter ...and note that fuel consumption has risen over the years.

We would have a debt that would make our current debt look like the pocket money you give your 10 year old.

See how much subsidy costs? But all of you, be it PDP or APC or LP, many of you want it.


Oya, come and get your fuel at N97....lol.


MOdified

I find it amusing some people think I support APC because of this comment. APC is still paying subsidy, meanwhile I oppose payment of subsidy....so apparently I am an aAPC supporter.

See, I don't get NIgerians. Someone is supporting something that is in opposition to the party in power, yet is a supporter of the party.

I pray God opens your eyes to see what I see, all ye who quote me, then you will understand there is a method to my madness.

a military guy in border state to another country told us two weeks ago while gisting that petrol smuggling to neighboring countries from Nigeria had begun again.That the smugglers get the 650naira fuel here and divert it to Niger republic and sell each litre for more than a thousand naira.That was when it becomes clear to me that something was wrong somewhere likely subsidy regime had began again.Another thing I noticed is that alot of filling station that were selling fuel suddenly stop selling again meaning they are the one involved in smuggling business to another country.all they need do is to bribe security guys at the border.We are in a complex situation

Yusufisraelj:


My brother, the issue here isn't even about subsidy, why was it in place from inception?

It goes to tell you that we as a country havent been patriotic from the get go.

IN 1973, due to the war between Israel and the arabs, oil prices went up, so the government brought in a subsidy on fuel...because the high oil prices made fuel become very expensive.

ozo13:
a military guy in border state to another told us two weeks ago while gisting that petrol smuggling to neighboring countries had begun again.That the smugglers get the 650naira fuel here and divert it to Niger republic and sell each litre for more than a thousand naira.That was when it becomes clear to me that something was wrong somewhere likely subsidy regime had began again.

Exactly.

nairalanda1:


IN 1973, due to the war between Israel and the arabs, oil prices went up, so the government brought in a subsidy on fuel...because the high oil prices made fuel become very expensive.

I know, but does it please logic that a country as rich as Nigeria and the vast oil reserves we have still imports fuel?

Shouldn't a government insist that we refine our own fuel and own the technology of refining?

It's really troubling and annoying.

A little study of the situation and why it persisted was because it was lucrative to few people to who had shares or kickbacks from the refining companies.

Yusufisraelj:


I know, but does it please logic that a country as rich as Nigeria and the vast oil reserves we have still imports fuel?

Shouldn't a government insist that we refine our own fuel and own the technology of refining?

It's really troubling and annoying.

A little study of the situation and why it persisted was because it was lucrative to few people to who had shares or kickbacks from the refining companies.

Subsidy means that government forces the petrol price down to be sold at a loss, and pays a subsidy to cover the loss.

No profit is made, and the refinereis cannot work well as a result. COrruption and sabotage is also encoruaged because subsidy means free money whether you produce or not.

The only countries that can pay for subsides from income from crude are either countries like LIbya with 8 million people and the same amount of crude we produce, and Saudi with 40million people and 10 times what we produce.

Twist4u:


A fool at forty.

You started well and ended poorly. Because like Oliver twist .... You are an APC Miscreant trying to rope PDP and LP into APC mess.that "They all said they will remove subsidy"

The first paragraph of the report hit the nail on the head very hard " Landing cost was due to deepening forex exchange rate"
Today exchange rate is 1$ =1,500, Feb 2024

under PDP regime 1999 - 2014, exchange rate range was between 1$ = 180 max.

Your permutation is null and void.

Because there's no way landing cost would have gotten to #1000 under a PDP economy with a rate of $1 = 180.

Buhari was a Tragedy

Tinubu is a confirm disaster.

APC should not have existed.

that guy is clown and de most foolish being on earth that should hv gone out of existence

Obi3icebaba:


You be bastard sir

Better bastarddddd o

nairalanda1:


Subsidy means that government forces the petrol price down to be sold at a loss, and pays a subsidy to cover the loss.

No profit is made, and the refinereis cannot work well as a result. COrruption and sabotage is also encoruaged because subsidy means free money whether you produce or not.

The only countries that can pay for subsides from income from crude are either countries like LIbya with 8 million people and the same amount of crude we produce, and Saudi with 40million people and 10 times what we produce.

"Subsidy means that government forces the petrol price down to be sold at a loss, and pays a subsidy to cover the loss."

how is that the meaning of subsidy?

how was subsidy responsible for refineries not making profit and for not working?

how is population the only criteria for paying subsidy?

are the lives of Nigerian politicians not subsidised?

Flier:
Nothing can stop it except naira is re-peg to less than 1000 to a dollar,we will probably end up like Venezuela in the next 6 months
Nothing is sustainable at the moment,we are shouting no light no light how can they use expensive gas to power plants ? We are in big trouble
Subsidies will get to a point where government won’t be able to afford it.there is going to be a revolt and military will take over and Nigeria may disintegrate.
To avoid this is simple,re-peg naira before it get out of hand

...and what annoys me the most.. tinubu has economic teams, special advisers why can't they advise tinubu to peg the naira?... what is the essence of having economic teams and special advisers

Zetty177x:


Pls let's tag the Minister of Finance on Twitter or Instagram. Tinubu need to unfloat what he floated.

Other president didn't float it, for this reason, which is a valid reason.

We should only float our currency, when it can compete.

Economics in real life is different from text book economics...we need to do what work for us and our people, this is why we have an economic minister, and economic team, to fashion solutions that fit our indegenous problems. IMF either does not care about Nigeria or is completely out of touch of the reality here, I find it absurd that only yesterday they adviced Nigerian government to remove electricity subsidies. IMF can not be using European template to advice us in Nigeria. In Europe they have good public healthcare, good subsidized public transportation, subsidized food, good social care, and some nations pay their citizens social security payments, IMF did not tell America to stop paying his citizens free salaries because America owes debt, up to the tune of 20trillion dollars.

In Nigeria there is nothing you can mention that the citizens enjoy... subsidies must come back, for us to boost our home economy, for Nigeria is sustained by the millions of small businesses that depends on cheap fuel, cheap electricity tarrifs to survive and thrive.

nairalanda1:


SOURCE

Next week will ve tough
This year coming will be more hardship for my fellow Nigerians so i encourage them to work hard and plant or rear animal they can use to subsidies their meal

To help most nigerians now is hard for me because when i warn them of their plot of voting they said they love what they got now they have to enjoy it peacefully all alone ....

This administration dont understand government at all evem the recent Baba own was a nightmare


And for those saying their is no money to construct refinary your answers will come in soon

junketer:
We don't like paying tax because we know there will be no result when we pay tax. Here that i am right now, people pay water bill, electricity bill, refuse collection bill, toll gates and all the other charges and they are happy to do it because all these things are made available to them. In nigeria, we pay toll gates for roads that are death traps, pay electricity that we never use. The government should make these things available first and people will pay for them.

Going by your analogy, you don't have right to demand good standard of living in an environment you do not contribute your own quota.

femicyrus:

Can you pay 1000/liter?
If no, then u need to see psychiatrist if truly u want govt to be sincere by increasing pump price to 1000 for u to be satisfied

Do you know what deregulation means. Go and wash your head. If you remove subsidy it means market forces determine the price.

nairalanda1:


Honey or sugar?

"Subsidy means that government forces the petrol price down to be sold at a loss, and pays a subsidy to cover the loss."

how is that the meaning of subsidy?

how was subsidy responsible for refineries not making profit and for not working?

how is population the only criteria for paying subsidy?

are the lives of Nigerian politicians not subsidised?

nairalanda1:




The only interest I rerpesent is to argue that Nigeria needs to change its economic ways.

I don't support APC, I am not a supporter of your PDP, they are both the same to me.

Subsidy is wrecking our economy. You cannot have it both ways.

I would rather have you respond to the other critical issues in my submission than you saying "your PDP"

Is subsidy the reason for the growth in the landing cost like you made it appear in your lead post?
Will removing subsidy reduce the landing cost?

Instead of you to be talking about the forex debacle that is largely responsible for the growth in subsidy since 2015, you are obsessed with subsidy subsidy.
Is subsidy the reason inflation is at a record high

iwaeda:


Do you know what deregulation means. Go and wash your head. If you remove subsidy it means market forces determine the price.

That is what you people keep hiding behind.
Market forces!

Dollar, market forces!
Petrol, market forces!
Food inflation, market forces!

Too blind to see that wicked corrupt forces are responsible for all these woes

They get richer while you blame market forces with empty stomach.

Go and google it.
Petrol landing cost in Nigeria today is about N1000.

How come you still buy at a lesser price if there is no subsidy according to your deregulation story

Go and see the doctor I recommended immediately you realize your error from Google search

MT:


The bolded is a lie.

I was in Nigeria sometimes and the electricity was relatively stable. I heard people complaining that the amount charged on their meters was finishing quickly. What did they do? They started bypassing the meters.

Most of you cant pay for the so-called "enjoyment" you covet in the western world.

Na so so complaints. If not, go ask your peeps abroad how they are complaining about bills taking large chunks of their salaries.

You even talk of "social support", do you know how much UK government collects from each citizen monthly as National Insurance. If Nigeria government starts to implement that, you will all cry to high heaven or you think it is the UK or Canada Government that is making provision for the social support system?

I already knew you don't live in Nigeria.
How many bills can someone earning even 100k ($65) pay monthly?

oyeb15:



You don't understand what u are talking about . Can u tell me what brings dollars down. It's your internal production and economy. Tinubu messed them up by removing subsidy and dollar will keep going up. Even if u use d whole national budget to pay subsidy and your economy boom and dollar crashed, is it not better.

Don't argue with that fellow,he doesn't know anything. He is saying subsidy is killlling our economy,but Nigerians were doing better then than now. Since the emergence of Tinubu about 80% of Nigerians are complaining and suffering,does that not tell you that something is wrong? What good has subsidy removal done? When you see anybody supporting what is bad please avoid them,they are like plagues,there is nothing you can say or do to convince such people,they are one of our problems.

Akaegwu:
Was there this rate of inflation during PDP?

The way that guy talks you will know he is benefitting from APC,i am sure he will find a way to defend the question you just asked. Just ignore him. The only thing he will say is that subsidy is wrecking our economy. Just imagine that mentality,so now that subsidy is gone has problem of Nigeria reduced? No. Tinubu promised to fix refineries in 6 months,so have the refineries started operation? No. He still wants to remove subsidy on electricity to afflict more pains and hardship for the people. He also increased vehicle papers' renewal and you are telling me such a person has plans for the nation. It's only a foooolish animallll that will say Tinubu has visions for this country. Tinubu is heartless that's why people don't want to protest,because they know he won't listen to anybody. The worst situation is having a leader who doesn't have human feelings,Jonathan removed subsidy,people protested and he returned it back,that's a sign of a good leader with human sympathy because he felt the pains and he doesn't want further bloodshedddd. Do you think Tinubu cares about bloodshedddd,he doesn't mind if everyday diessss,does such a person deserve to be a leader? No...