malali:
If the government removes anymore subsidy at this current point.

They will be kicked out before next elections.

Tinubu that is seeking advice from dick and Harry at the moment, won't mind so far it sounds good in his ears.

nairalanda1:


Oil price increases. Plus some debt relief

We don't have those advantages now, so we have to improve tax to GDP ratio ( at 10 percent it is too low for a nation out size), and also find alternative sources of income. Diversification.

And even then eventually we do what the strong nations do. Industrialized and export manufactured goods and services

We don't control oil price do we?
And no one is in the mood to give any debt relief presently.
Diversify again! Hmmmm
Let's hope we can do what strong nations do

nairalanda1:


Subsidy has not gone. Never did go. And it is still there on power.

Deregulation is the answer. Other African countries like us have light 24/7 because they pay far higher than we do, and yes I checked.

Obasanjo you admire did not control prices of GSM. See how his wise decision has made it grow. And yes back then they told him he was making poor Nigerians suffer

Now don't be dishonest. Subsidy was removed in May and remained till October at least.
Power subsidy does not affect fuel does it?

Besides, with the present model, where exactly are you looking towards investment for in power? Distribution, transmission or generation?

Which countries are those? Name them.

Telecoms has a price ceiling true or false? And I don't remember anyone saying the poor are suffering due to high price of telcos services in the 2000s. Telcos was not for the poor then. If you have examples of anyone saying so let me know.

IMF will only give you advise on how you can mop up money that could help pay the loans you collected from them, irrespective of how the populace are coping.



Na them pocket them care about, not your economy.

Agbegbaorogboye:

Now don't be dishonest. Subsidy was removed in May and remained till October at least.
Power subsidy does not affect fuel does it?

Besides, with the present model, where exactly are you looking towards investment for in power? Distribution, transmission or generation?

Which countries are those? Name them.

Telecoms has a price ceiling true or false? And I don't remember anyone saying the poor are suffering due to high price of telcos services in the 2000s. Telcos was not for the poor then. If you have examples of anyone saying so let me know.

Subsidy has never gone. Once government sets the price there is a subsidy

Subsidy on power needs to go.

I recall a lot of people grumbling about telcos and high prices.

At the end, one has to allow for free market things. People after all love to be paid at the price they set. Even you.

Good morning. I end it here.

Nice2023:



The same military that are busy doing bunkering.

Oil bunkering and a seat in Aso rock, which is more lucrative?

BeardedMeat:
Hahaha 😃

Tinubu will not remove any more subsidies I can bet you. Is he mad? Let him try it and the northern dominated military will boot his aged dry ass out in a most bloody coup ever known to man.

We Igbos are against coup. Anybody trying to remove our Saint Tinubu, the holy man of Borgu. Will have Igbos to face. We are now the number 1 supporter of Tinubu. We hereby imploy Tinubu to remove more subsidies as he like. We the good people of SS and SE are strongly behind him. He can float naira anyhiw he like. Afterall, he's first class graduate of accounting in Chicago university who has transformed Lagos to Dubai. We know that he will transform Nigeria to China 😂😂😂

nairalanda1:


Yeah, and replaced by another government that will pay subsides to the max on borrowed money, and then we would be in real trobule and tribulation pretty soon.

90% of income on debt servicing , 4bn forex. Partly due to decades of subsides.

That is the lies you people tell all the time,Nigeria will be doomed,Nigeria will collapse, Nigeria will die,its a big lie Nigeria will not die anything, its a scare tactics of the oppressors to continue to inflict pains on people in the guise of reforms,it would have been better if its knowledgeable people that are in power, the people will know their sacrifice will not be in vain,infact they won't even follow this stale imf prescription

surgical:
That is the lies you people tell all the time,Nigeria will be doomed,Nigeria will collapse, Nigeria will die,its a big lie Nigeria will not die anything, its a scare tactics of the oppressors to continue to inflict pains on people in the guise of reforms,it would have been better if its knowledgeable people that are in power, the people will know their sacrifice will not be in vain,infact they won't even follow this stale imf prescription

Okay, Nigeria has 123 trillion dollars in it's forex reserve and one naira is equal to 5 dollars.

I guess you are happy now.

nairalanda1:


I doubt we are in a position to get a loan sans conditions.

At the end, this government and it's predecessor never ever did diversify. Here we are.

We are. The problem is trust. No one trust any Nigerian government after Obasanjo. Would you give loans to someone, an organization or country to someone you know is profligate.
Nigeria's debt to GDP ratio is not too bad. If the government invest heavily in gas and oil, and increase production of crude to N2million barrels per day, reduce government expenditure, invest more in infrastructure and the productive sector, the loans can be easily offset.

nairalanda1:


Yeah, and replaced by another government that will pay subsides to the max on borrowed money, and then we would be in real trobule and tribulation pretty soon.

90% of income on debt servicing , 4bn forex. Partly due to decades of subsides.

If you had read my previous comments about Mr Tinubu during the times leading up to the general elections, I’ve never been his fan, not then and not now. But the truth be told, Buhari’s administration did damages that will take years or perhaps decades to repair if it ever will.
The humongous loans that the then senator kept on approving and its interest are one of the things the Nigerians are reeling through.And there no economic benefit tied to these huge loans that Nigerians are paying for. Buhari was the most clueless and Buffonic president Nigeria ever has.
In all honesty, I truly doubt if any of the presidential candidates would have done much to change the current narratives.The hardship in Niger republic also means that most foods cultivated from the north will be shipped there with very high profit margin to the farmers and traders.
To make any meaningful and lasting impact in Nigeria now, security challenges in the north and middle belt must first be addressed. Most food Nigerians consume comes from the north, and Tinubu understands that the security challenges in the Northern part of the country has both Political and religious underpinnings.
He’s now between the devil and deep blue sea.
Deal with Boko boys and bandits( arrest/ prosecution/or even outright execution) and forfeit your 2nd term since northern elders and arewa will see that as an assault on them, or let them have a free rein and more hardship for northern farmers which translates to more hardship for Nigerians.
Tinubu is clueless. His ministerial appointments has proven that. The appointment of Cardozo as CBN chief also exemplifies his cluelessness.
The situation is almost hopeless. I hate to say this, but it’s the truth.

nairalanda1:


Okay, Nigeria has 123 trillion dollars in it's forex reserve and one naira is equal to 5 dollars.

I guess you are happy now.

wrong policy, listening to imf will do them no good, they could have adopted other measures after proper appraisal, they needn't have devalued,ok now what have they gain or intend to gain apart from pat in the back by their puppeteers

nairalanda1:


Yeah, and where is the money to keep funding subsides, even the one we pay self cannot cover any roof of any house, using your analogy (Electricity subsidies cannot fund or cover anything much)

We have reached point zero. And I hold this APC government and the past APC government responsible, because they came in with ideas about diversification and raising non oil revenue...and they did not do that.

Payment of subsidies isn’t a bad thing. The main problem the government has with subsidy payments is the corruption in the process. They should tackle the corruption in the subsidy scheme and know what amount of petrol they’re paying subsidy on.

Punishing millions of Nigerians for a few people that the government knows are the culprits is insanity. It shows that both the present and past administrations do not have the balls to look the culprits in the face and deal with them.

Jaycee07:


If you had read my previous comments about Mr Tinubu during the times leading up to the general elections, I’ve never been his fan, not then and not now. But the truth be told, Buhari’s administration did damages that will take years or perhaps decades to repair if it ever will.
The humongous loans that the then senator kept on approving and its interest are one of the things the Nigerians are reeling through.And there no economic benefit tied to these huge loans that Nigerians are paying for. Buhari was the most clueless and Buffonic president Nigeria ever has.
In all honesty, I truly doubt if any of the presidential candidates would have done much to change the current narratives.The hardship in Niger republic also means that most foods cultivated from the north will be shipped there with very high profit margin to the farmers and traders.

To make any meaningful and lasting impact in Nigeria now, security challenges in the north and middle belt must first be addressed. Most food Nigerians consume comes from the north, and Tinubu understands that the security challenges in the Northern part of the country has both Political and religious underpinnings.
He’s now between the devil and deep blue sea.
Deal with Boko boys and bandits( arrest/ prosecution/or even outright execution) and forfeit your 2nd term since northern elders and arewa will see that as an assault on them, or let them have a free rein and more hardship for northern farmers which translates to more hardship for Nigerians.
Tinubu is clueless. His ministerial appointments has proven that. The appointment of Cardozo as CBN chief also exemplifies his cluelessness.
The situation is almost hopeless. I hate to say this, but it’s the truth.

@bolded. I see no reason why an agricultural masterplan to make the ENTIRE NATION less dependent on Northern produce cannot be made now. We keep referencing the Northern agricultural value chain like it's something that cannot be replicated anywhere else. These are mere excuses we give to evade the responsibility to act, typical of unserious countries. We can start cultivating large swaths of arable lands in the West, East and South South this month with the right political will. And by this time next year, we'd be better off. It's both a short and longterm plan. Then the North can annihilate themselves to the last man, and we over here won't even care. These are ideas and programs you'd expect government to come up with and use those countless loans to finance. But, no. Let's seal up warehouses and arrest Bureau de Change operators. Papering deep foundational cracks with shallow and weak policies, rather than folding the sleeves and putting hands in the soil to work.

nairalanda1:


Okay, Nigeria has 123 trillion dollars in it's forex reserve and one naira is equal to 5 dollars.

I guess you are happy now.

Wild and cheap talk. 123 trillion in forex reserve. lol.
Does Nigeria mint dollars?? I don’t know where you got this figures from, but please stop misinforming the public. Thanks.

U09ce:


https://dailytrust.com/fg-resist-imfs-deadly-pills/

IMF and it's affiliates are poisonous chalice to developing countries

nairalanda1:


Okay, Nigeria has 123 trillion dollars in it's forex reserve and one naira is equal to 5 dollars.

I guess you are happy now.

https://www.ceicdata.com/en/indicator/nigeria/foreign-exchange-reserves

I hope this helps you and the misinformed public.

.

Jaycee07:


https://www.ceicdata.com/en/indicator/nigeria/foreign-exchange-reserves

I hope this helps you and the misinformed public.

That was before we found out what Buhari did to secure more loans

Even that 33 billion is scanty for a nation our size.

See why all yer government including this tinubu one are useless?

malali:


Dont get me wrong. I am 100% in support of removing subsidies.
But you dont replace the roof of your house in the rainy season.

Not when there's no money available to replace the roof in the first place.

Dont get me wrong. I am 100% in support of removing subsidies.But you dont replace the roof of your house in the rainy season.Dont get me wrong. I am 100% in support of removing subsidies.But you dont replace the roof of your house in the rainy season....

Jaycee07:


https://www.ceicdata.com/en/indicator/nigeria/foreign-exchange-reserves

I hope this helps you and the misinformed public.

And in response read the report of J.P Morgan from August 2023

It makes for some very hard reading.

https://www.nairaland.com/7812211/nigerias-foreign-reserve-3.7-billion

CBN is in denial, still..

BeardedMeat:
Hahaha 😃

Tinubu will not remove any more subsidies I can bet you. Is he mad? Let him try it and the northern dominated military will boot his aged dry ass out in a most bloody coup ever known to man.

coward Nigeria military? Lol

nairalanda1:


Yeah, and where is the money to keep funding subsides, even the one we pay self cannot cover any roof of any house, using your analogy (Electricity subsidies cannot fund or cover anything much)

We have reached point zero. And I hold this APC government and the past APC government responsible, because they came in with ideas about diversification and raising non oil revenue...and they did not do that.

Have Nigeria stopped selling oil? Have they stopped taxation?, selling of bonds etc …. You ppl should stop this stupid talk of Nigeria been broke. Nigeria is broke yet billions were spent on maintaining a useless so called presidential aircraft plus other useless government expenditures….

malali:


Dont get me wrong. I am 100% in support of removing subsidies.
But you dont replace the roof of your house in the rainy season.

Jan 2012 was literally and metaphorically the dry season. Fuel subsidy was scrapped by President Jonathan. Nigerians rejected the policy back then and accepted the claims of Buhari, Tinubu and APC that "there is nothing like subsidy. Fuel subsidy doesn't exist". They believed them so much they elected APC to control the Federal Government.

The videos are available, the internet has all the records of the National mood at that time.

The truth is that the 10 years of of fuel subsidy from 2012 to 2022 finally destroyed the financial stability of this country. This was predicted by knowledgeable economists like Okonjo-Iweala and Alhaji Sanusi and Alfred Rewane. The records are there. I have repeatedly cited them on this forum.

Even my humble self predicted it. I used to tell everyone I knew at the time the same thing I'm telling you now - one day Nigerians will beg to pay full price for fuel. Because the fuel subsidy is still in place. It was only PARTIALLY removed.

Nigerians are suffering the consequences of their own stupidity. One fool in America told us elections have consequences. Here we are.

Good Luck to Nigeria.

pasol4real:

Have Nigeria stopped selling oil? Have they stopped taxation?, selling of bonds etc …. You ppl should stop this stupid talk of Nigeria been broke. Nigeria is broke yet billions were spent on maintaining a useless so called presidential aircraft plus other useless government expenditures….

Most of our revenue goes to debt repayment and service.

The presidential aircraft needs replacement

As for the useless government expenditures, I don't support them, and you are wrong to think I do

IbeOkehie:


Jan 2012 was literally and metaphorically the dry season. Fuel subsidy was scrapped by President Jonathan. Nigerians rejected the policy back then and accepted the claims of Buhari, Tinubu and APC that "there is nothing like subsidy. Fuel subsidy doesn't exist". They believed them so much they elected APC to control the Federal Government.

The videos are available, the internet has all the records of the National mood at that time.

The truth is that the 10 years of of fuel subsidy from 2012 to 2022 finally destroyed the financial stability of this country. This was predicted by knowledgeable economists like Okonjo-Iweala and Alhaji Sanusi and Alfred Rewane. The records are there. I have repeatedly cited them on this forum.

Even my humble self predicted it. I used to tell everyone I knew at the time the same thing I'm telling you now - one day Nigerians will beg to pay full price for fuel. Because the fuel subsidy is still in place. It was only PARTIALLY removed.

Nigerians are suffering the consequences of their own stupidity. One fool in America told us elections have consequences. Here we are.

Good Luck to Nigeria.

nice write up ! What do you have to say about there still being subsidy as of now. I am here from some quarters, there is still subsidy as the governement has balked from allowing free floating petrol prices. IF they let it be determined by only market forces. It will cause more uprisings.

pasol4real:

Have Nigeria stopped selling oil? Have they stopped taxation?, selling of bonds etc …. You ppl should stop this stupid talk of Nigeria been broke. Nigeria is broke yet billions were spent on maintaining a useless so called presidential aircraft plus other useless government expenditures….

The money was and is still being BORROWED and PRINTED. Why is this so difficult to understand biko? Nigeria is completely bankrupt. And it doesn't matter if you believe it or not, it's fact.

If the right things aren't done now Nigeria will become like Sierra Leone and Liberia in the 1990s and The Congo, Venezuela and Lebanon today. Go and read up the trajectory of recent hyperinflation in those countries.

Venezuela has the worlds largest crude oil reserves and their economy is worse than what Nigeria is going through. This is the age of the internet, everything is in the open, nothing is hidden. Nigeria is in danger.

People PLEASE open your minds, go and read some current socio-economic news and research. This is important stuff. It matters.

Good Luck to Nigeria.

benuejosh:
so bold of you to assume.

There is poverty in the core north, a lot of people think Nigeria is Lagos and abuja, port harcourt.
There are people eating 1 meal a day even before Tinubu became president.
Anymore subsidy can induce civil unrest.
He can implement more but it has to be gradual.

nairalanda1:


Yeah, and where is the money to keep funding subsides, even the one we pay self cannot cover any roof of any house, using your analogy (Electricity subsidies cannot fund or cover anything much)

We have reached point zero. And I hold this APC government and the past APC government responsible, because they came in with ideas about diversification and raising non oil revenue...and they did not do that.

So you seriously believe and trust these politicians to use to removed subsidy to build Nigeria. Have you forgotten that the only reason we are in this mess was because these politicians find it easier to loot the money and pay chicken change subsidies, till the subsidies got out of control. I guarantee you, when they are done removing subsidies, some new politicians will come and loot all the money in subsequent regimes.

malali:


So you seriously believe and trust these politicians to use to removed subsidy to build Nigeria. Have you forgotten that the only reason we are in this mess was because these politicians find it easier to loot the money and pay chicken change subsidies, till the subsidies got out of control. I guarantee you, when they are done removing subsidies, some new politicians will come and loot all the money in subsequent regimes.

That's where people have to use the tools to hold our leaders to account.

We don't have a bottomless pit of money.

IMF and world bank are money lenders of the west. There job is to make African countries dependent on the west and crash their economy so materials are as cheap as possible.

Any time government adopt IMF policy the people suffer


They did it to Babangida, Buhari etc


Nigerians also have longer throat and want to consume foreign things.

Production is zero


They recommended subsidies removal to Tinubu