They don't create all this programs to also participate in it. No they create it to trap the poor masses, that's how they get rich by taking from the poor.
Lemme break it down to you.
First they made kerosene so scarce and expensive, forcing a lot of people to start using gas for cooking. Then gas was cheap at 300 naira per kg. Now gas is 1500 per kg. You don't have choice you must buy it as long as you will cook.
I was watching an interview of one of the directors of the CNG conversion initiative. He was emphasizing on how cheap the CNG is, he said a full tank of it can last you for about three week if you drive your vehicle to and from everyday for just about 10000 naira to fill it. I can confidently tell you that if the CNG conversion goes well and majority of the population switch to it then the price of the CNG will increase by over 500 % just as p.m.s (fuel) did within a year and 6 months
I get your point, but in all honesty, the price of kerosene (DPK) increased significantly, not because of any cynical manipulations, but because of market forces as govt withdrew all subsidies (just like AGO).
Oh, I see. As general rule, I deliberately NEVER use the share button on this forum (only the LIKE button). However, I've observed a few situations where I mistakenly clicked share while trying to scroll through a post. Many of such shared posts are probably things I do not necessarily agree with or maybe didn't even bother reading at all.
The price of diesel has for many years has been deregulated. There's no subsidy at all. That's why it doesn't suffer from scarcity.
If you just did a little research, you'd discover that the average price for a litre of diesel in the UK is 139.96p per litre in the UK.
That's 1.3996 x N2,172 = N3,039/litre
So, a litre of diesel cost about N3,039/litre In the UK.
Many of you guys are graduates but refuse to conduct any homework before dishing out figures
Bevista, who I think is an economist is busy sharing misinformation. [color=#990000][/color] Petrol and diesel are heavily taxed in the UK, so how it's price can be lower than Nigerias beats the imagination.
Mo
Just curious. Which of my posts are you putting in the same sentence with "misinformation"?
In fairness, it's difficult to maintain prices for long in such an inflationary economy. It's simply not sustainable. DSTV has increased prices a few times now.
Usmanovic95: IMF already exposed them that they still pay fuel subsidy.IMF have all their financial records as that is where they run to for loans.
One really does not need IMF to tell one anything. According to @mrvitalis, one only needs a functional brain to be able figure it out. Diesel Price is one indicator, while Exchange Rate is another.
Do not expect Dangote to sell one litter of PMS to the Nigerian market, until the price reflects market reality. My suspicion is that Tinubu will finally hands off the subsidy regime once the new minimum wage kicks in - hoping that the new MW will reduce the backlash of the new petrol price.
"For the past 25 years, the political elite willfully sabotaged Nigeria through acts of corruption and abuse of power, not the workers. The true economic saboteurs are those looting national resources, not the labour force."
Going forward, I think it will be better to tie MW with Inflation. That way government will feel more committed in keeping inflation reasonably low. --- How does PMB borrow over 30 Trillion through WAYS & MEANS from the CBN. Now, Tinubu has served Nigerians a double dose of currency devaluation and subsidy removal. Does anyone have any idea of the impact of these policies on Inflation? And yet the government thinks they can offer workers pittance. Why should workers be the victims of bad government policies?
Going forward, I think it will be better to tie MW with Inflation. That way government will feel more committed to keeping inflation reasonably low. --- How does PMB borrow over 30 Trillion through WAYS & MEANS from the CBN. Now, Tinubu has served Nigerians a double dose of currency devaluation and subsidy removal. Does anyone have any idea of the impact of these policies on Inflation? And yet the government thinks they can offer workers pittance. Why should workers be the victims of bad government policies?
“That N48,000 they are offering, they should have broken it down so if there are certain things they don’t want to make provision for, for instance health, if they say if any worker is sick the person should go and die or they don’t want to make provision for food, let them just put standard things. "
“I’m sure that many people will tell you that one year is not enough to make a judgement. However, from where we all stand, we know that we are all in a very difficult situation.
“Nigerians are in various levels of pain and they are pains that are unintended. But, they are as a result of certain policy decisions that hopefully, with time, can be amended in order to serve the welfare of ordinary people,” Bishop Kukah explained.
grandstar: I pray it hits 30%.This will slow inflation down and make the Naira appreciate.
I agree.
Interest rate cannot be lower than inflation. Imagine pension funds investing at 18% yield while inflation is over 30%. It erodes the real value of the savings of pensioners.
Fairly bold move by CBN. --- The interest rate was too low compared to inflation resulting in a negative yield on bonds. Government cannot be borrowing at such a low rate while causing huge inflation on the masses. It encourages financial rascality. --- The negative yield was partly why many investors preferred to preserve their funds in USD resulting in the significant depreciation of the naira. --- Let's hope the fiscal side (Wale Edun & Co) begin to act responsibly.
It's not about equality of pay, it's about the nature and distribution of the population and their intrinsic qualities and traits embedded in their DNA. By research, women score high on agreeableness while men tend to score low on agreeableness, additionally, men are known to be high on conscientiousness while it's low for women. Those who posses the measurable quantities as men earn higher as they tend to negotiate better.
Finally, some of the most dangerous jobs are done by men, high paying professions such as engineering and IT are crowded by men. You hardly see women who are genuinely interested in this professions - and if you do, they get paid on the same level as men, and in some other cases paid better; these women posses the afformentooned traits in men this is in addition to their other exceptional qualities.
The worst mistake the Netherlands made was to push their female towards the traditional profession mostly dominant by men. Please read more on this and you'll understand. Iceland should learn from them.
In one breadth, the president reminds us that the sector is deregulated, in another, he tells us that pms price will not be increased. Does the president have price-fixing power in a deregulated market?
Also, we're told that consumption has dropped from 67m to 46m. How much of that is due to corruption & smuggling and how much is due to the fact that people are now buying less fuel for their cars & generators?
Since we're operating a free market economy, why not let market forces determine price? Government is running away from subsidizing citizens but they are trying to force private companies to subsidize citizens. The hypocrisy stinks!
The inability of govt to prevent roundtrip of dollar from old official rate window where serious businessmen got good bargain to keep production cost down into leisurely and luxurious import based sector led to the lazy decision of collapsing both rates into one.
I agree that the removal of subsidy was the easier option for government instead of addressing the corruption around the subsidy. What this suggests is that, it is difficult to trust the government to prevent or deal with corruption that may arise from the management of the removed subsidy funds.
I have been thinking about the possibility that the new FX regime might lead to a further increase in the pump price of PMS in the country.
As it were, we have no idea of the exchange rate the NNPCL used as at the time they came up with their most recent price list. If they had used the official exchange rate at the time, which was around N465/$, then having to import fuel at the new rate of N700/$ (or whatever it will be) will surely lead to a significant jump in the pump price of pms.
However, I can remember that the President's first meeting was with the GMD of NNPCL and the CBN Governor. There is a possibility that, in that meeting, they might have discussed the issue of the unification of FX rates and then come up with a band which the new rate might likely be in the short term. If this were to be the case, then it is possible that the NNPCL GMD might have used this new band in fixing the pump price. If that were to be true, then there's nothing to fear about higher pump prices, but this is purely conjectures/speculative and may completely be false, in which case I would anticipate a new higher price list from the NNPCL soon.
The CBN has been subsidizing FX for a few people, while the rest of us continued to access FX at the parallel market. So, good riddance! However, I think the poor masses are in for a really terrible economic shock in the short-term from all these 'noble' policies. If those managing the affairs of the country have used the little national wealth to create relative prosperity for the people, then the economic shock wouldn't be as severe.
ocloud: Then the FG will announce that after an intense ‘discussion’ with Labour, a compromise has been reached, and the new pump price of Petrol is 320 Naira per liter.
Then the fuel subsidy scam will continue.
The problem is that no one knows what the true unsubsidized price of petrol should be. We are only working with whatever figures the NNPCL is offering. I have read somewhere that the real price should be around N350. But then, until we know the landing cost & distribution cost and also the exchange rate the NNPCL is using, everything still seems like a sham.
NNPCL is still the sole importer of the product. Whatever price they fix is what others will work. That's not how free markets and competition works.
Was it corruption that fought back in 2012? I see regional bigotry a lot on this forum. The same NLC that supported the Ojota cabal back in 2012 is being called names now...lol.