₦airaland Forum

israelmao:
Nigerian political leaders and unrepentant students of IMF and World Bank technical advice and expertise they hardly look inwards in order to formulate home-grown economic policies,they remain bottle-fed babies and zealots of anti-people polices of the economic slave masters of so-called development partners,you can imagine since the first day in office Emilokan fired the first shot and said,"Fuel subsidy is gone" in his inaugural address till date measures to cushion its adverse effects are until now hanging in the balance.

nairalanda1:
That is the problem with the article.

Mr Kperoogi, like most Nigerians believes that subsides are essential for our economic growth. Well, we tried subsides for over 40 years, and our economy has not grown as it should. Unless he wants to suddenly label all our past NIgerian leaders, the ones he blasted inclusive, as good leaders.

The problem with the subsidy wasn't even the corruption. It was the fact that we were running out of money to maintain fuel below N200 , talkless of below N100 even. It was getting to a point where our debt servicing was above 90% of our revenue.

But people like Kperoogi, and most Nigerians, including here on this site, are in denial. They want subsidy to be kept, and all they believe is that if we eliminate corruption, it would be ok.

Well, it won't. SO long as fuel consumption, production cost, increase, it means that government would be spending more and more and more money on subsides. TO the point that our debt would eat all our earnings, and grow larger than our earnings. Then the economy collapses.

That is why over the years, there have been partial removal of subsides, including by this admin. The problem is, the whole subsidy thing has discouraged domestic refining. And now we are about to have a domestic refinery...and subsidy has not yet been removed.

NIger, GHana, and many African countries have working refineries and no subsidies.

THe thing is, subsidy has to go. The annoying thing is that supporting subsidy removal means in the mind of Kperogi and most NIgerians that you are a supporter of the corn, or a tinubu supporter. Pardon. I no dey support APC. Or any other big party. But when I hear that our debt was , until this latest partial removal, eating over 90% of our revenue, what else should I support? Subsidies remaining, and a disaster happening? Or a total removal, and at least some hope we survive long enough for some sort of diversification to kick in (I don't trust that this government is even serious about it self).

Supporting subsidy removal does not mean you support tinubu, IMF, OBi, atiku, gej, buhari, obasanjo, IBB, et. It means you support NIgeria not being like Sri Lanka down the road, where we have no money, and are at the mercy of IMF . INfact, we are already there.

Venezuela has subsidsed fuel for over 60 years. See where they are. Dead broke.

Yelight:
Are you taking him serious? You should know they all know their articles cannot fly if Peter Obi's name don't appear in them.
Obi said he will remove subsidy but not all at once, 50% first then use the proceed to improve the economy, study it and then the remaining 50%.

Scholace:
i thought your emilokan singlehandedly built Lagos? Why looking for idea when he has absolutely everything? We warn you guys just as we warn una about Tinubu, but to an average die hard Tinubu supporters they believed anyone against their Messiah is Igbo. I am a Yoruba man from Osun state and i didn't support anything APC nor Tinubu. Tinubu has absolutely nothing to offer Nigerians. It's getting to a year now he became the president, he has made Nigerians begging for Buhari to come back.

lexy2014:
who are the "we"?

is there any country that does not depend on foreign goods?

which industries is the UAE, Saudi or Qatar using to produce all the things you mentioned?

the Reno you are talking about, pls where does he live?

ndidibabe:
A joke of a team. Just grinding out result without a pattern of play. Also, how is Osimhen the best in Africa when he is 1/3 of Sarah? The guy is very average.

izonborn098:
don't kill me with laugh, imagine with all the makeup still yet no way..

Kenochi:
Nigeria is a very funny country,we know the solutions but we are looking for a short cut or like the Americans say a quick fix
The truth is all this wouldn't work unless we address the reason why we are in this dilemma
We are not an Exporting country,simple

I watched on a television show this morning where South Korea released their January figures,this country exported products worth 52 billion dollars and Switzerland also exported products worth more than 10+ billion dollars in January
Ask Nigeria to released the figures for Exported products and you will be ashamed for this country,Tufia!!!!

Let this government know that the only way forward is to start looking closely at items we can start exporting in large quantities or better still they should start a massive import substitution campaign
The naira is simply responding to the Economy,very little exportation of goods and services is going on

I strongly believe it is doable and I am sure there are folks in this government who are thinking in that direction

ask4bk:
For those wondering wetin concern us with another man currency...
Nigeria produces almost nothing. Most things come from outside and outside deals with dollars. The higher it goes, the costlier the things you'll need to basically survive in the country.

On top of it, your naira income remains stagnant either from your work place or work hustle. If you could sustain your family with 70k monthly when babablu entered, today you'll need 150k.


For the greedy folks happy naira is falling coz they earn in Fx... Just know that even if dollar is 100 naira, you'll still buy your iPhone in naija for N140k. Your dollar will still have its value, but the naira falling will destroy the live of millions of Nigerians who hold a volatile currency like naira. If the naira increases, you with your dollar and the poor man will also have easier life.

Its not about having more naira when you change dollar, but about the purchasing power of the naira.

What do I know?
You all will still say "may the naira fall favour me and my family" when it favours no one.

nairalanda1:
If everyone had voted for obi, obi would have been forced to remove subsidy

This is not a comment on obi skills or saying he is like tinubu. It is an appreciation of the fact that around april 2023, NNPC had not been paid subsidy claims in full. And up till now goverment owes them money.

Also debt service by 2022 was eating 90 percent of our revenue.

A president obi woild have had to remove subsidy or take more loans to maintain it. He may have brought in polices that would have earmed us more money, but policies take time before we see results.

Even at that, tinubu is wasting money by codedly paying subsidy

EreluRoz:
Others wouldn't have done better, this is the bitter truth. We are not ready for the true change, you can't go and repackage a renowned thief and turn him to an overnight messiah and expect Nigerians to support him. Like I said we are all not ready for a true change.

nairalanda1:
By paying a subsidy to refineries. Not forcing the price of petrol below the cost of production/refining it from crude oil and then paying a subsidy that does not cover the resulting loss

And prices vary stateside .Plus fuel is more expensive compared to nigeria. I know they can afford it but no one is paying the equivalent of 200 naira per liter for fuel in the usa.

yemmit90:
And how did you know you would've been in paradise now had your candidate emerged as winner? Are you a soothsayer to have seen the future or I don't get it?

If you stop hating on other, they will embrace whoever you present to them during elections. I have observed you guys very well on Nairaland, you always start this tribal war or discussion. This is 2024, you all should grow pass this mentality.

If Obi was performing this bad, I will withdraw my support for him. I don’t care the tribe you come from, I will support anyone who would move this country forward. I will never support a charlatan because he is from my tribe.

nairalanda1:
All i will say that inthe 1980s, 1993 ,2005 and 2011 we had a chance to remove subsidy and if we had done so, we would have long since been over the worst.

Nigerians said no.

Now debt and more debt has forced our hand.

But no, we had to show imf shege...