₦airaland Forum

grandstar:
I am certain he made a lot of cash during Buhari's 8 yesrs in power.

The subsidy of the dollar made many super rich.

All the well connected had to do was to purchase dollars at the official subsidized rate and sell at the market rate in the parallel market, and you make a massive profit.

hush15:
Lemme share a secret with you.

Do you know there is a man in Nigeria that has put this to practice and even someone like dangote decided to emulate. He used to. He said it but one day, he decided to change the narrative and that happened cos he took a cue from somebody. Many may not admit it but there is one person that serves as an example to others, and i will share that person at the end of my comment. Before that, i want people to understand this, wealth is a tool like every other inanimate or abstract object. It can be used in a good cause like building a system that works or be used for evil like destroying or enslaving a system such as the one Nigerian politicians are doing. That is why we need to change this government and put a government that understands how wealth can be used. The last time, it was Alao Akala with almost 100 properties. Even someone like Malami, Emiefele and several other politicians out there. The ones in government today are even worse. The day you start hearing of Tinubu's properties, shettima, Akpabio's, gbajas, and all of them, you will ask yourself, will they carry this monies and properties to heaven? Wealth is meant to be distributed, so when you are blessed to a certain level, the smartest thing to do is begin to redistribute and channel the wealth so that not only will you live a peaceful life but an impactful one too.
Neway, back to the person that Nigerians need to respect with regards to topics like this is Peter Obi. He is a wealthy man just as Herbert was but instead of stock piling properties, he has shown more prudence and I am pretty sure must have influenced someone like dangote to follow suit. He is at par with the likes of dangote. Yes, even though the figures of his wealth is not in public space. PO is the exemplary lifestyle Nigerian leaders should emulate both in private and government life. If you not using your wealth to build better and stronger society, atleast use it to impact people's lives positively. Wealth is not.meant to be stored, it is meant to be shared responsibly

Image123:
i can't help you, you should have listened in class.

gigabyte13:
At least, prices will come down, Dangote cannot hold the country hostage.
As he don enjoy sef, make him too bear the losses in whatever form in the main time, as greed wan finish am.
Crude you no dey important
You still dey carry price go heaven
Baba rest, let the country breathe.

Parachoko:
I'm never in favour of supporting total ban on importation of fuel because of our past experiences on issues like this.

What I don't understand is why the oil companies are not willing to sell to Dangote if he's ready to pay in dollars.

patrickcollins:
He only reduces price when others are importing fuel, that's why monopoly is not good in business.

Dotherightthing:
Nice one

Now let the competition begin

SmartPolician:
Tinubu and this administration have totally destroyed this country.

Given the unprecedented level of inflation his removal of fuel subsidy caused, the minimum salary ought to be #150k or higher.

It will be enforced across the board, including in the private sector.

What can 70k do for a Nigerian in this day and time?

Basicend:
Dangote's dream has finally come true. At least temporarily.

If he is the only one in-charge of the pricing and supply of petrol, he will be able to maintain high prices for a long period of time.

If we have 2 or 3 other refineries in the country, price adjustments will be quickly dramatic and competitive. In 2026, you are quoting fairytales theory.

It is well with Nigeria. Hmm.

Image123:
FG cannot and should not bring down anything. BTW, the speaker in the OP is saying a truck of rubbish only fit for media pages.
Who stops Ahmad from increasing the cost of goods or Mummy Deborah from increasing the cost of goods? Mr President doesn't believe in the headache of price regulation because Nigerians are ready to buy, this is basic demand law. If you don't demand, price will drop. But we will eternally demand, it's even a flex. It's a multihydra headed problem that's more than what FG alone can do in a quick fix.
The law of demand states that, ceteris paribus (all else being equal), as the price of a good or service increases, the quantity demanded by consumers decreases. This DOES NOT work with Nigerians. Even when people go for a 'cheaper' alternative, that alternative price increases to same level as the former, and it rarely comes down in Nigeria.

MarketDispatch:
All these investment money, I hope they put proper controls in place ..if not, the money will find its way back to Europe via fantastically corrupt people

Greencloud:
Hypocrisy, something is fishy

Please what will €290m do in a country of over 250 million.

michoim:
A whole EU investing a paltry sum in a giant country like Nigeria; should that make any news?

Elzazzi:
Even the money he said has been saved from subsidy we don’t see the outcome yet. Ok atleast bring subsidy now that the price of petrol is really biting hard on Nigerians. Nawa

Image123:
In charge of global oil prices?

MOG4LIFE:
What about minimum wage and purchasing power in those other countries? Why shouldn't fuel price be much more cheaper in Nigeria than those places? Any single reason?

demstone:
SAYING 300M IS ACTUALLY BEING MODEST, ITS LIKE U DONT KNOW NIGERIA SUPPLLIED WEST AFRICA SUBSIDIZED FUEL FOR ALMOST 50YRS

pepericozi:
It's good that you said based on exchange rate. Do they need to exchange dollars to naira before they can buy fuel.

If you work in US and you are paid $2,000 per month. If you exchange it to naira, it will be N2.7m per month in Nigeria.

Who among the public servants are getting N2.7m as salary in Nigeria.

Please engage your brain.

brain54:
Prices in Nigeria has always been relatively lower...

It's difficult to explain but Nigeria defy basic economics in many aspects!

nairalanda1:
What stops the government from providing an enabling environment to make us an industrial nation? That's the question you should be asking.

InvertedHammer:
/
Toyota Camry 2006

Tank capacity: 70 liters

Cost to fill: N1050 x 70 = N73,500

Minimum wage: N70,000

In 1977, $1 == N0.647k
So N1080 in 1977 was equivalent to $1670
In Tinubu’s economy, $1670 is N2.3m (can’t even buy a used Korope bus)

So what happened?


/

nairalanda1:
Well for now most of our revenue comes from oil and it isn't enough

Nigeria should also strive to use it's natural resources to become an industrialized nation. Simple and short. We would be much better than the gulf nations then

GaskiyaTV:
Strategizing upon strategizing. We will get there someday by the special GRACE of God.

dederocs:
Assuming there is zero corruption, state government would have invested in state industries, manufacturing industries run by private management companies, imagine if subsequent state governors invested in such manufacturing industries, run by private management companies, each year funds are put in to expand the scope of operations, imagine all states doing this, to process agricultural output and minerals resources, imagine the large scale manufacturing units we will have across Nigeria, this will create employment, mobilise local economies, add to our GDP and export drive, and lead to mortgage systems, because more workers will be able to pay mortgage premiums with guaranteed employment all their life...this could have been possible, if governors down the years didn't embezzle but use all states funds on the states, for investment, growth and development. This will generate more revenue for the governors to build houses for the people etc...if you calculate how much states get down the years, you will see what they could have been able to do with it.

nairalanda1:
The trick behind taxes is to force more people to be like you...paying attention to the government and restricting their ability to steal



The amount of oil we produce cannot generate enough revenue for a nation our size....which is why we need to vote a government that would make us more productive, not this APC government that shares money.



That's because they can afford to.

Saudi produces 10 million bpd and has 40 million people. UAE produces 2.3 million bpd and has 12-15 million people. Nigeria produces 1.5-8 million bpd and has 230 million people

For us to afford the kind of lifestyle the Saudis live, we would need oil to be around 150 dollars or more per month. If we tried it on the revenue we have now, we would be dead broke...as in no money in the treasury, nothing...before six months are up, plus Nigerian debt would be triple or even ten times what it is right now. You go scream

Again, the best thing for Nigeria would be a government that not only fights corruption BUT makes us less dependent on oil and more dependent on exporting manufactured goods and services. Simple and precise. Better to strive to be a Japan than a Saudi.

physics12:
I believe there is more money for states to spend. Federal government must ensure that these monies given to states and councils are judiciously used.

Citizens must also turn their attention to state government. Minimum wage must be paid not on adjustment method but on relevant calculate matrix.

States should begin to implement viable projects that are people oriented. We should begin to invest more on electricity generation and distribution, good housing, health care, quality education, portable water, good road network, etc.

God bless Nigeria and may He send us good leaders. Amen!

Doobie:
Applaud! - ₦1 trillion+ generated from VAT — it shows the strength and contribution of the people.
Now imagine if it were properly utilised for the benefit of taxpayers: Improved power supply, better roads, healthcare, education, and real development.
Sadly, it ends up enriching a few in power instead of serving the taxpayers who made it possible.

Dalohad:
There is nothing to celebrate about dipping filthy hands into the pockets of people to steal from them in the guise of 'Taxes'..

Oil prices just went up, that is more looting opportunity for your politicians, yet they are insatiable.

Most Oil rich Gulf states do not dip their hand into the pockets of their citizens in the guise of taxes.

Dubai and Saudi are tax-free havens.

Putindbutt:
I thought wailers said the new tax reform law has been suspended. States that generates more consumption gets more VAT revenue. As states keep getting more funds, it's left to you to hold your Governors to account or you continue barking at the wrong tree in Abuja.

spacechuks:
Can we even stop drilling oil from the Niger delta,

So that we will know we are dealing with international oil price.

Why should I have crude in my community and still be paying through my nose for pms.

What level of wickedness is this.

Rossychy:
So which is better ? Increase in the price of cement ? I expressed my concern on that and the effect it will have on those that will feel it more.