₦airaland Forum

Quakertellicus1:
When it comes to removal of fuel subsidy...there is no right time. And as far as the capitalist system is concerned....removing fuel subsidy does not depend on situation......all we are here for is to make money.


There is no ''right time'' for removal of fuel subsidy. Even GEJ's time was not right (we were still importing most of the fuel we consumed.....and no new refineries. That did not make the intended decision wrong).

jaybee3:
So the cost of production doesn't determine market price right?

So the policies formalised to help stimulate the agric sector won't help the cost of production?

If they fix the rail transport system and increase tomato paste production, it still won't help?

Some of you are just impossible

Quakertellicus1:
You are asking for a capitalist economic system.....and at the same time opposing the removal of the fuel subsidy....which supports a capitalist system.

Also, you are saying that states should stop asking for hand-outs? Most of your eastern states (with the exception of Anambra) would be broke in minutes.

fiizznation:
I don't have any problem with regionalism or any of that such things but it just disgusts me when I see learned and educated people hiding behind some silly banner of "economy freedom" to throw shades at people. Besides, implementing regionalism is not even a catalyst for any speedy economy growth of a nation. Some African nations practice it and their story hasn't changed till date

fiizznation:
Your comment up here have nothing to do with the subject of discuss here so don't try to digress or bring some ethnic/religion colouration into it. We are discussing economy here not region, tribe nor religion. You came here telling people that buhari wants to control the price of everything which if I still remember my basic economics, is kind of impossible. I tackled you with a superior argument which was the fact and honest truth. You then suddenly decided to bring ethnicity into the subject matter. My friend you have scored an own goal and have exposed yourself as a bigot.

fiizznation:
My friend what are you saying? That's my number problem with most of you commentators on this forum,you just drop your comments irrationally. Why don't you tell the eastern governors to stop collecting monthly allocations from the central government if you think they can survive without it. Some of you are just annoying to be honest

fiizznation:
Nobody is controlling any price my friend. If you don't know that drop in the price of oil in the international market is the major reason why every commodity's price skyrocketed then you must obviously be living in one saturated planet. Nigeria is a what my friend? Well Nigeria is a mono economy and also an importing nation, we virtually import everything from pencil to cars. We have relied on oil for so long without diversity our economy and that's why everybody is feeling the heat when the price of oil crashed. And this unfortunate event is not only synonymous to Nigeria but also to every oil exporting country like Angola, Saudi Arabia, Qatar, Russia, etc.

We should even be more grateful to God that our own recessive situation came with a handkerchief to wipe our tears at the end of the day. Venezuela will be praying vehemently to God to put them in our situation now so as Angola, Qatar etc.

BushidoBlue:
[size=18pt]How can something yet to be implemented be "seen to pick up"?

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Stalwert:
[s][/s]

I don't. think beerfraud can chase a Nigerian president from power.

kevinscore:
Which capital project is sited in th east?our senators are bunch of f**ls

fiizznation:
I hope and pray every Nigerian irrespective of his/her tribe, religion, social status and political affiliation will feel the positive impact of this budget in his/her life. Ameen

MossadAgent:
1. NNPC imports petrol via agents appointed by Buhari who are mainly drawn from his family, friends and close confidants.

2. NNPC agents source forex for fuel imports from the CBN at the official rate of 199 naira per dollar.

3. Round tripping and diversion of forex ends up in the black market where the forex is sold at 325.

4. NNPC does not have the infrastructure in terms of fuel depots at both the Apapa and Tin Can ports to meet Nigeria's daily consumption.

5. Prior to this regime, fuel tankers offloaded their contents on a daily basis in Lagos ports.

6. With the forex scarcity and refusal of the govt to come to terms with compensating for the foreign exchange cost, most if not all independent marketers stopped importing.

7. This leads to only a trickle of 2 or 3 tankers a week offloading their contents in Lagos- a drastic drop when compared to when independent marketers where importing.

8. NNPC agents appointed by Buhari also fleece the govt by falsely claiming subsidies on imports as well as declaring arrival of none existing tankers at Lagos ports.

9. The govt then decides to allow independent marketers import and sell well above the official price in order to meet the shortfall.

10. The govt insists that independent marketers must source for forex outside the CBN. Thus marketers will get forex at as today at 345 naira per dollar, while the NNPC agents will still have access to forex at 199.

11.why then will NNPC sell at 145 naira?

12. This means NNPC will be making a wider profit margin than independent marketers if fuel retails at 145 naira per litre at their stations.

So in a nutshell, NNPC will now be making more profit at 145 if they still source forex at 199 as against independent marketers who have to pay 345 naira to a dollar.

This then implies that a state owned corporation will be making more profit than private firms.
We should also ask the minister of petroleum the cost of refining a litre of fuel at their refineries.

Is the cost of refining a litre of fuel by the NNPC up to 145 naira per litre?

Can imported fuel which includes landing cost plus forex compensation be cheaper than NNPC locally refined fuel?

I for one know that the current pricing in effect is meant to pave way for Dangote's refinery which will soon begin operation by mid 2017.

This is exactly how Dangote created a monopoly of rice imports during the Obasanjo era by chasing the only main competitor ( Vaswani brothers) to his then upcoming fledging empire .

This new pricing regime is meant to make serious money for buhari and his cronies through a skewed forex regime and also to pave way for Dangote's supremacy in the downstream sector.

Change is for daft foolish myopic zombies

Keneking:
We would stabilise it with Yuan but the official exchange is less than N199. That window has stabilised since May 29, 2015.
Amazing!

Deen77:
I think you are, with Oil boom at $100+, why can't we build refinery and refine locally for 16 year's of PDP.

omenka:
Then wait for the time of reckoning and stop bothering me with your endless whining.

Even when the policies are made into a fist and used to whack you in the face and that knocks you out- when you come to, you'd still ask "where is the policy". You've sworn not to EVER see anything good in the admin and I'm not about wasting one more juole of energy in my fingers to make you think otherwise- I understand what a wild goose chase that would be.

Even lucky I dignified your first trash with a response. I thought you said I feel too big about myself and I'm best ignored- what prompted the change of heart today??

emphylex52:
Prof. Park Idisi of the Department of
Agriculture, University of Abuja, on Saturday
said the 2016 budget would increase exports
that would strengthen the country’s currency. Idisi told the News Agency of Nigeria (NAN)
in Abuja that although the naira had lost its
value against the Euro and other foreign
currencies, it would soon gain its strength
through exports.

jcross19:
How many times will you post the same letter online sir?.

omenka:
We all know that policy is unsustainable and some of us, in our private fora, supported the idea of its total removal even under the ex-president- the only misgivings being that the regime was fatally corrupt and any saving made thereof could easily be stolen in the blink of an eye.