nairalanda1: Even if we removed subsidy in 1992...when it was the best time to do so (we had 4 working refineries, and NNPC Pipeline was working)...Nigeria needs to do more than just remove subsidy...roughly speaking we need to become an industrial economy that actively exports industrial goods.
Also, we can never stop borrowing. Every country borrows...even North Korea relies on 'grants' from China and occasionally Russia and South Korea and Japan. What we can do is reduce borrowing, which means making sure every working nigerian pays income tax.
I agree with you completely but there are many things that needs to be done before you can transit to an industrial economy. Power, steel, good transportation infrastructure etc. Our leaders are aware of these but when they are faced with choices like developing the country in the long run or pacify Nigerians in the short term. They always go for the short term. This why our power supply is shameful. Our roads, agriculture and everything needed for industrial growth were left in favor of short term measures like fuel subsidy.
deetin: Appreciate or no appreciation.. or is a shame that Nigeria as an oil producing country, millions of Barrels or metric tons of it i don’t even know how it’s calculated doesn’t have a working refinary and the Dangote that everyone relies on you have said also imports so with all the billion and million dollars loans and investors coupes with our crud reserves and oil wells why can’t Nigeria as a country have its own working refineries?
Not even one but multiple? ..,you can’t say they don’t have the money or can’t borrow to build or can’t invite investors … it’s always excuses to defend what they are doing just why can’t they have a working refinery as a country that has crude? Is it not a shame? Relying on Dangote to rescue us and you jjst said he also imports , so why can’t Nigeria as a country build its own refinary that works and reduce its dependency on imported fuel because fuel controls our economy, if w rise tomorrow everything rises with it . Why?
And to end my opinion, even no presidential candidate has used building a refinery as a manifesto, so if you are Right that refineries are not working they have to continue with the status quo .. I’m not partisan but I try to understand.. you can enlighten me
One thing you need to understand is that the government is not very good at running profit making enterprises. We see it everywhere from Ajaokuta to NAFCON etc etc. When Dangote and Otedola proposed to buy the refineries and make them work some Nigerians rose up and started to protest, the government gave in and here we are today. The refineries are still not working, workers there are still being paid much like Ajaokuta. You can't develop a country like that and this is part of what this administration is trying to address.
nairalanda1: Well, we have been all saying that for as long as I can remember....that there is hunger in the land. Even when we had fuel subsidy, hunger in the land was a constant complaint.
The best way to deal with hunger is simple.
1. Remove subsides on electricity, and allow the power sector charge a cost reflective tarrif. THat brings in funding for improved power supply from the private sector.
2. Improved power supply allows for something called mechanized farming and year round farming...which improves food production. For example, more electricity allows for something called electrical powered irrigation...which means farming can be done even in the dry season.
3. Offer loans to small and medium scale mechanized farmers, as well as incetivies to people willing to engage in large scale mechanized farming. Not free fertilzer to subsitence farmers ....loans to people willing to plant things like wheat and grains enmasse.
4. Allow universities to charge high school fees...so that they can use the monies raised to fund things like agric research, which means more crops which means more yields from agriculture
5. Loans should be taken to improve railways...to the point that foodstuff can be transported from villages to towns quickly. A lot of foodstuff dies in the field because transport is wack.
6. Everyone pays tax, and everyone pays toll on the roads, which reduces our dependence on borrowing, and improves revenue which can be used to pay for more and more roads, and railways.
7. Better electricity..see no 1 and 2...allows for better storage of foodstuff. Again, discos must be deregulated
8. In the short term reduce tarrifs for food imports, which may help until we can stand on our two feet
9. Nigeria has to become an industrial nation. INdustrial nation's citizens have one thing in common...they have massive disposable income
10. Rich nigerians get tax breaks...in return for funding food banks which help feed lots of nigerians well. THat means improving the database, so that we know who is poor and who isn't.
11. And we better fight corruption.
You made very good points but many people cannot connect our failure to do these things with the ruinous fuel subsidy. It took so much money from other sectors for far too long. We could have done many of these things you mentioned even without borrowing. Imagine borrowing money to subsidize fuel consumption! Who came up with that idea anyway?
deetin: That’s the first thing you should have advised your masters to do instead of making life harder and sharing reliefs , building coastal roads and borrowing loans .. if the the two working refineries are still importing fuel which does not make any sense to me if you are being truthful ( because we have crude, so how Dangote go dey import crude or refined fuel?) that is the first thing you people should have done. Not making life harder for the masses, amassing wealth and sharing rice
None of the things you mentioned is related to the hardship facing Nigerians. Rather they are meant to grow the economy in the long run and benefit everyone. I never said the government owned refineries are importing crude, I said they are not working. You see, when you find yourself in a hole the sensible thing to do is to stop digging. That is what Tinubu has done. Soon Nigerians will come to appreciate this.
Nigeria has raw crude and Dangote refines . Other refinaries are still running on slow scale how does the war in the Middle East affects Nigerias fuel price? So if Nigeria starts a war or is in a war with a country tomorrow , are you saying fuel cost will rise in Iran and America and all other countries that are not even part of the war , has crude and refineries because we are at war? How e take affect them? Gone are those days we rely on import, now we refine, what’s still the excuse? That Iran is fighting America.. we are Nigerian citizens And masses we no get sense I think abi?
The two Nigerian owned refineries are not producing anything. You need to start being aware of your situation. As for Dangote, he is still importing crude from foreign suppliers and you cannot ask him to sell to you below his cost. This is why Nigeria is not one of the leading economies in the world today. You don't even know how crises in other countries can affect prices in your own country!
anonimi: Why has Tinubu failed to crash petrol below N185 despite paying higher subsidy to importers of fuel from their Malta blending plants, to undermine the private refinery licensed by PDP
Tinubu crash petrol prices? Are you oblivious to the fact that prices are up because of the wars going in the middle east and Russia? Is Tinubu also responsible for this?
anonimi: If Tinubu has no clue how to make it better, why not let someone who can do so, take over
"Tinubu made living in Nigeria expensive. I will make Nigeria affordable again" - Alhaji Atiku Abubakar
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Of course you know better than all the countries and all the financial institutions who are telling you the reforms are working and the economy is growing. The fact that some people are negatively impacted initially is not an indication the country is not on the right path. Anyone telling you he will reverse what this administration has done is not your friend at all. You cannot have the subsidy albatross on your neck and hope to go anywhere. Now that it is gone the country needs to recover and this takes time.
This is objective and honest observation. I wonder why elders like Obasanjo cannot for once be honest. All these things did not happen 40 years ago, it was barely four years ago
EgbeAbali: Go and sit down..y'all were already doing that before Igboes started....and come to think of it,it's always inferiority complex that makes you mention another tribe that has nothing to do with the conversation at hand.
Your folks started it without a doubt. We warned them but unfortunately they thought it was fun. Jinny is now on the loose who is going to put it back?
ymarts: Yoruba man must you find a way to measure prick with your biggest nightmare the great Igbo man, and one keep wondering why you guys always do this nauseating stuff
If I have time I will list more food chains and fast food restaurants in Nigeria controlled by the great Igbos so that people like you can rest in peace and focus on your life and pls don't bother quoting me cos I won't reply you or your likes, but you guys need to change this terrible lifestyle and practice consuming Nigeria's peace and unity, it doesn't speak well of you all, bye
Your people started it on the internet. Now the jin is out of the bottle.
anonimi: Don’t mind him jare. He is just being a clone of the balablu bulaba empty barrel whose Aso Rock tenancy ends in May 2027! Same ol same ol’ wickedness of the Siamese devils.
Abi Tinubu has strengthened the Naira as he promised before he was allowed to grab power from Buhari?
Obasanjo/ Atiku administration did it with deregulation and privatisation policies that unleashed widespread prosperity and created jobs to make us the biggest African economy under PDP before Tinubu destroyed everything with his 2011 expired kachalla Buhari, fraudulently packaged as APC change messiah four years later.
Why do folks like to lie to yourselves. Where are all the privatized companies today? The only thing they did right was ending the NITEL monopoly which by that time was already on it's death bed anyway. What are the enduring economic or political legacies you can remember them for?
The same OBJ who sentenced generations to poverty by institionalizing the ruinous subsidy into our system. 30 trillion naira wated altogether with nothing to show for it. Baba should go and rest joor.
omenka: Yes, to their chest "so Tinubu doesn't steal the ideas".
Perhaps El Rufai should just be let off the hook so we can at least have ONE human with a working brain in that camp speaking. In the last three months we've been inundated with the worst of brainfart that it's becoming sickening.
I am resisting the temptation to say what I really think about your comment. Steal his ideas? What does it cost a true patriot to say his ideas if he believes it can help his country? Obi is just another power hungry politician who doesn't give a damn about anything other than his own ambitions.
seunmsg: Peter Obi will just wake up on the morning of May 29, 2027 and announce that the official exchange rate is $1=N500. Immediately, every commodity seller will reduce their prices by at least %50. The prices of bread, rice, cement, okpa, fufu, even olosho will automatically go down by %50. What a genius this man Utomi is. By December of 2027, the Nobel prize committee will give the Nobel prize for economics jointly to both Pat Utomi and Peter Obi 🤣🤣🤣
How exactly is he going to do that or he is keeping it to his chest as usual ? Empty promises with no real sensible path to actualization. Another lie for his simple minded followers.
Heffalump: Ahrr, this one kidnap value will be high. Omoleye is suffering in the hands of Tinubu walahi.
This will rank as one of the most senseless comments I have ever seen on Nairaland. Just remove effalu from your moniker and we can see the probable reason for your comment.
Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun made this known at the end of the inaugural Federal Executive Council meeting in Abuja. Mr. Edun said that the benefit of the subsidy removal will be plough back into various sectors to improve business environment for local and foreign investment. He added that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis.
Plough back simply means plugging the bottomless hole you call subsidy. Means not having to borrow or sell crude oil in advance in order to sustain it.
Reference: A one trillion dollar economy without a a national rail network is just wishful thinking.
Journey times are not just about shorter lengths.of highways but the myriad of obstructions along the way.
If the endless number of 'checkpoints' manned by government itself through agencies it appears to have no control over, police, military, narcotics, customs, road safety, vehicle inspection, tax and levies, etc on etc on etc....
There is just no way journey times can be pre determined. And because of this there are some industries that will just not work in Nigeria on that account alone.
To fashion a trillion dollar economy we need a radical change in culture. Way more important than money.
The same rail network some of you are trying to rdicule here?
Nigeria is not a joke, the joke is on the ordinary folks who cannot be entrusted to do simple tasks without injecting their dubious attitude into it. What would anyone gain from doing dumb things like that. These are the same folks who will come online to say their leaders are bad.
Innomach: When you say previous government, be specific. Buhari borrowed a lot to finance a rail project which today is a failure. Tinubu has embarked on costal road project which is already showing signs of failure. APC government is the worst curse on Nigeria and Nigerians. If the other non APC previous governments borrowed to finance subsidy as you claim, then I think it's far better than borrowing and spending on projects that benefits no one but themselves and their cronies. Power situation in the country has worsened far beyond what APC met. A bag of rice is between 60k to 70k compared to less than 7k they met it. Taxes and new charges introduced, subsidy removed, borrowing increased. Yet some people see nothing wrong with with the government and it's policies. I gave up on Nigeria not because of it's government but because of it's tribalistic citizens.
The rail project is a failure? Is that your opinion or the opinion of the folks who use it everyday?
LagosOrigin: When tinubu team up with buhari to betray goodluck ebele Jonathan , was he not loud about it ?
They even went as far as constructing a mock coffin for Jonathan who's government was far far better than the disaster government that tinubu is leading today and they were very loud about it by posting videos and photos all over the internet and aired it live on all bola tinubu radio and television stations.
You're crying now because the same treatment is being meted on the most corrupt and highly incompetent president in Nigerian history, Bola .
Dey play, tinubu is gone .
Nobody betrayed Jonathan. When 250 million people gave you a job to do your responsibility is to them not to the people who are trying to take the job from you. If you don't know this then you have no business being in politics to start with.
NaijaHelper1: What's the difference or you're just being obtuse? At least previous administrations had the conscience to ease the people's burden by spending a portion of it on subsidy while looting the rest. This one just doesn't care.
How do you ease the people's burden by making it impossible for them to grow and develop? You now have millions of kids roaming the streets with no jobs, no education. Graduates still living with their parents years after graduation all for cheap petrol? And this is how you ease the people's burden?
Politics › Re: FG Begins Payment Of ₦50,000 NERSI Fund: Have You Received Yours? by ElSudani: 2:36pm On Nov 03
