₦airaland Forum

TippyTop:
Yes am from the SS, I think their demand is reasonable.

Stop the impersonation. You are an IPOD.

Period!!!!!

myopinion2011:
What has changed


1. GEJ is no longer d president.

2. Those who sponsored the protest in 2012 are now in power.

3. Nigerians thought GEJ was lying about cabals, until recently cabals held the nation to hostage through artificial scarcity for almost a year.

4. What a woman can do successfully with ease(Diezani), two men cannot do with force (Buhari and Kachiku)

5. And you, you are 4 years older now.

A lot have changed.
Nigerians are now more politically informed.
Nigerians now have a president they can trust only hated by the ipads.
Oil sells just about 40usd per barrel and was even sold @ 28usd per barrel before. Hence Fx earnings have reduced drastically.
Should the ineffectual Buffon have saved, and not squandered our Fx, via Dansuki gate, Ekiti gate and others, Nigeria will have enough to defend the Naira like Yaradua did.
The reason for the high price is not actually the subsidy removal, but because of the $ rate in the parallel market as they can't get Fx to import at the official rate, simply cos there is no enough Fx

Lastly be informed!

Mynd44:
https://www.nairaland.com/3107682/pms-price-hike-fg-labour

Lol. For ur mind now, u don lock the thread

[s]

BLINGZ88:
Nigerian government is so concerned about what other countries ( especially) USA thinks about them. When they included us in their state terrorist list, gej panicked nd was pleading with everybody until our name was removed, nd now this news, pmb will consider this as a good thing, but one thing is clear, USA is not all that important to our national interest, if European union or china says something wrong about us, then we can panic cos we the buisness with them the most. But 4 USA, no thanks

[/s]

If the news was a negative one, you won't make this submission. I took time to go thru ur old posts. You are anti-Buhari.

real86:
Guess some of you who make comments here are sponsored by this government or you just smart enough to see the several mistakes already are by this government. How can you justify the statement that was credited to PPPRA that fuel was subsidised at 12.64 naira as at second of this month? Except you want to tell me it's another mistake from them. My brother,its very simple just add N12.64 to 86.50. N145 is too much and unacceptable.

Read you won't read, make research u wont make research. Typical of you PDP folks.
Fuel is @ N 145 simply because the marketers are not getting Fx from the government but rather from the black market which is around N320.

Emrixx:
See D Big Snake We Killed At Out Battalion Today

Just about rounding up our fatigue wen we saw dis mother python

What are u doing with a rifle at fatigue

blueto:
I thought the Govt signed a deal with China on Yuan to help “ease the pressure on dollar”?

This Govt is just scamming the hell out of Zombies.

So u expect an automatic result?

Intellect20:
Obviously you did not read the response from CBN!

The obvious truth i meant is that, the last resort may be devaluation if things doesn't work as planned.

Intellect20:
Above in bold tells you it will be happening soon...a clever way of admitting the rumor!!

What is wrong is stating the obvious truth?

udatso:
Well written. Do I have your permission to share this on facebook?

Sure

rolams:
Hmmm! I wonder what op is analysing. Not sorry to say that your analysis is based on bias mind. Pls consider the following before defending subsidy removal at this present time.

1. Salary is fixed while transportation cost increases

2. Cost of living is high while earning/income remain fixed.

3. Poverty rate is high as there is no job.

4. It will take a long period before diversification to agriculture will yield positive result.

5. Power sector is poor

6. High cost of production will lead to increase in price.

7. Workers will be underpaid as employer tries to reduced cost of production taking advantage of high rate of unemployment.

8. There is room for high crime rate as people are frustrated.

9. Boosting agric sector alone will not solve the problems because there are raw materials we don't have in Nigeria and we need them.

There are more reasons why subsidy removal is wrong at this time.

Consider the present situation we are now before supporting it. NO JOB, NO MONEY, THINGS ARE HARD, COST OF LIVING IS HIGHER, SALARY IS FIXED, OUR ECONOMY IS DOWN, IT'S NOT YET TIME TO REAP THE SEED OF DIVERSIFICATION.

Pls reason well ooooo!

What is biased in my submission? Jonathan increased minimum wage after long dispute woth Labour, and that was more than a month after partial removal of subsidy. Besides whats the percentage of people working and receiving the minimum wage to the other masses?
The government tried to retain subsidy but tje obvious trith is that NNPC can not meet the PMS demand on Nigeria, and there ia no much Fx to give to marketters to import petrol pm their own as the major source of Fx is selling @ just about 40usd, this simply means marketters are expected to source for Fx via secondary means. There is not much subsidy to be removed per say, but the issue is with the scarce Fx. Had it been Jonathan saved enough, and didn't open our Fx reserves for his re-election campaign, and other phantom reasons, there would have been enough not only to defend the Naira but to also meet some demand of oil marketters. Yaradua eas able to escape this situation cos Obj left a robust reserve for him, and he was able to grow it to about 62bn dollars, hence Sanusi could defend the naira with the reserves, which made it drop back to about 47bn dollars which was handed over to Jonathan. Jonathan depleted this, and also raised our external debts with no corresponding achievments to show for it. Now a near empty Treasury was handed over to Buhari with a high debt profile, and unpaid subsidy claims. How do u want the government to survive with all this and still pay subsidy?

HOTWATER:
Your people deserve apology from Gold Circle

G n D!!!!

I got over 40 mentions of attack and abuses on my thread for stating the obvious

Sentiments have beclouded the judgements of so many....

kinibigdeal:
How did you pass essay in school? Did you really understand the questions at all. Please re-read or ask someone clever to interpret it to you

If can't understand my point. ..you can move ahead.

Scholar

Caution30:
The buhari led govt is simply overwhelm by d current economic situation.
Op is either ignorant or just trying be loyal to his party.
After listening to the argument of the then economic team under GEJ wHich engages the Masses in town hall meetings , it was glaring that the removal best thing to do.
But the APC was busy occupying Lagos and Abuja only to face same problem years later.
For the record, I never supported the emergence of this govt, I GUESS THAT MEANS I M A WAILER, RIGHT?
Cos their campaign promises shows some signs of desperation;
#1naira =$1
#5k stipends for graduates
Reality is downing on us
As far as this govt is concern, there isn't any economic framework, just reacting to issues as they emerge
So,OP get ready to write more articles cos the drama just started.

Stale. 5k stipend was captured in the budget. There was never a promise of 1naria to a dollar. You have nothing to say Mr.

kinibigdeal:
You just failed a simple exam. Why do we have differences in the exchange rate between the two government? If oil price is 40 or there about, and the landing cost is high, what sense? what led to the imbalance forex? Why do we have liquidity issues currently in our banking system. Why do we have a balance Forex during the last administration and a controlled one now, when it should be floated? Your reasons are too vague to be harnessed

Firstly, Nigeria earns its forex from crude? Oil is sold at 38usd or there about. As at last year it costs about 30usd to get a barrel of oil out of the ground. Oil doesn't pump itself . Which leavels the government with just about 8usd to play around with. Bare in mind oil sold below 30usd cost of getting oil out of the ground. Jonathan had forex as he was selling above 100usd. While his predecessor was able to grow the 42bn dollars left for him by OBJ to 68 billion dollars, which later dropped to about 47billion dollars left for Jonathan as a result of Sanusi defending the naira with our reserves, Jonathan was his gang of robbers kept on depleting the reserves. Mind you there was also controlled Fx during last melt down and oil price drop but was lifted by SLS when oil price became higher. The question is how much did Jonathan leave for this administration and how much forign debt did he leave. His predecessor before his dismiss left about $3.94 billion Dollars external debt, how much was it when Jonathan left office? To top this, there is no forex to give marketters for importantion hence they are forced to source from the black market. Will devaluing the Naira actually make Fx available? If Jonathan had left enough, there will have been some sort of cushions. Even your Almighty Iwealla stated clearly Nigeria is facing this crises because of the drop in oil, and lack of Political will by Jonathan's government to save. Bare in mind Jonathan's government was already borrowing to pay salaries at 57usd per barrel. I am tired of all these sensless mentions.

Seyrexolad2706:
ON THE NEW PRICING TEMPLATE FOR PMS.

If you are comparing the planned removal of
subsidy on PMS in January 2012 to the removal of
subsidy in 2016, I wish to respectfully tell you to go
back to School.
If you think N145/litre in 2012 has the same value
as N145/litre in 2016, you need to go and dust you
Basic Economics Textbook.
If you didn't know that Nigeria was earning $110.99
per barrel of Crude Oil in 2012 with its attendant
availability of Fx for Importers to bring in Products
at the rate of N150/$, you need to go and dust up
your old Newspapers.
If you didn't know that that there is extreme dearth
of Fx from CBN, which makes Importers wait for
weeks to get Fx to import the fuel you buy at the
Pump, which is why there is scarcity, you need to
pay attention to what is going on around you.
If you didn't know that Importers have been
incurring losses or just eking by to get your PMS to
you at the pump for the past months, you, you need
to be grateful a bit more.
If you didn't know that Saudi Arabia, a Country with
$627billion compared to Nigeria's $27billion, had to
remove subsidy on Petrol, Electricity and Water few
months ago, you need to read more serious News
on the Internet instead of wasting your time on
Linda Ikeji.
Yes, I opposed removal of Subsidy in 2012. As
confession, I even administered onr of the Occupied
Nigeria handles on Twitter from my desk in Onitsha.
With the information we are getting about how GEJ
Administration squandered our Commonwealth, I am
happy I opposed it. The savings from Subsidy would
have been frittered away too. A Government that
left hundreds of billion of Dollars in Short Term
Liabilities to the incoming Government but a paltry $
2.1billion in ECA, cannot be trusted to use the
savings from subsidy removal judiciously.
CAUTION
I however, wish to sound a note of caution to those
of you that think queues will disappear immediately
at the Petrol Stations.
It will not disappear, at least, in the next two weeks.
Retailers will not commit so much to purchase PMS
at Ex-Depot price because of fear that the
Government may rescind on it decision to remove
subsidy because of pressure.
Nobody wants to buy PMS at N145/litre in the
morning and be ordered to sell it at N100/litre in the
evening.
If after two weeks, the Government's decision
stands, expect supply glut at Petrol Stations.

God bless Nigeria
I Stand With Buhari

Is this one Ok? Lol. What have u said that is different from what i said?

keemi:
Wat a waste of front page. Useless post if u ask me

U sound so pained

youngeagle:
The worst part is that GEJ raised minimum wage and NYSC allowance as a panacea to the suffering the subsidy might cause,but our dullardiho doesn't give a damn even with the worsening economic condition caused by the dollar hike and still most Nigerians that protested in 2012 finds it hard to even condemn this act...my Hero will live longer than his adversaries wished him.

Jonathan increased minimum wage more than a month after partial subsidy removal while selling crude above 100usd. Why not wait for palliatives by this government b4 unleashing the wailing syndrome

Oz4realsss:
Very interesting! Jonathan's government was incompetent but your darling Buhari's government is not. However, the facts that are available do not support your claim. For example, every economic index he met have gone from bad to worse. Cost of staple food has equally skyrocketed. A bag of rice and a basket of tomatoes now go for 18000 naira and 35000 respectively. Despite these staggering realities, your darling government is not as incompetent as the immediate past government?

You also forgot to add the "billions of dollars" recovered from the corruption charade as a 'fact'. Is it that it is not a fact after all? Will this also not make forex to be abundant for all the oil marketers? Your hypocrisy stinks to high heavens.

Indeed, corruption has been nipped in the bud in the oil industry simply because you said so. Where are the verifiable facts that suggests so? What do you also call the uneven allocation of about 90% ownership of oil wells in the Niger Delta in the hands of the North? Indeed, it is not corruption but their birthright!

What makes you think the NDA are miscreants and misguided? Have you met or conducted an interview with them to arrive at your wide hypothesis? Do you care to know their agitations? They cannot be miscreants simply because you said so.

I do not count my chickens before they are hatched; I don't know about you. If plans are really underway for our refineries to operate at full capacity and if new refineries are coming on board to support local production, let all these plans be realized before subsidy is removed.

Am tired of educaring your lots. Even the economiat ur celebrate every now and then kept warning about how bad the economy was gonna be, and even vindicated the present administration by saying Jonathan's government lacked the WILL to save during the time of plenty and also further explained that, its the reason why Nigerians are going through what they are today. A quick google search will give many links to that article.
Further more, it is not Buhari that crashed the oil prices, where Yaradua was able to defend the Naira when oil dropped to as low as 35usd per barrel because of a robust forex reserve which grew from about 42 bn dollars to 68 bn dollars when he assumed office, Buhari is not able.to.do so, cos our treasury was looted and the foreign reserve stood just about 30bn dollars at Jonathan's exit.
Inflation is expected when things are like this, and as for tomatoes, we all know ita as a result of 2 reasons, the Virus that attacked the tomatoes plantation nicknamed tomato ebola, and the dangote tomatoes paste factory. U all claim the North is useless, but just an issue with tomatoes in the Norrth and Middle belt, we all are groaning.
So the bag of rice blabla is stale and null as every other oil dependent country is experiencing same inflation even Almighty Saudi Arabia. So far so good Nigeria as faired well amongst others..Even your hero was already borrowing to pat salaries at 57usd per dollar, so spare us all these tales and face reality. Good day!

Mynd44, seun, lalasticlala probably this thread is stil not ripe for FP!
Unfortunately the ones who have put forth a more reasonable debate appeared on 1st and 2nd page. All we see on first page is Zombie this and that.

dmostcheerful:
Your buhari refuse to devalue the naira and said its at #199 and keeps telling Nigeria that its the price for exchange, why will you calculate those stuff with an exchange rate higher than #199

Nigeria has been devaluing Naira since the days of John the Baptist, how exactly has it helped?

ehissi:
Point of corrections! As at the time Baba Yar Ada closed eyes, we had $3Billion in our foreign reserves, stop throwing lies. There was nothing robust about our foreign reserves. That is the new lie that the APC government and their friends are telling people.

A lot of people clapping for the 2016 budget Aka "Budget of change" didn't even know that subsidy was silently removed, yet they were clapping for Mr President.

Shame on them. They have only proven Jonathan to be a leader of thought and a man of fore-sight. If he could consider doing what Buhari is trying to do now when we weren't in a tight corner economically imagine what he would have achieved if Nigerians were patient till the 2015 polls.

You also erroneously forgot to mention that Jonathan created Palliative measures, oya since you sabi talk, start listing the measures put in place to ensure that Nigerians aren't made to suffer.

The last time I checked, President Buhari's reason for not devaluing the Naira and applying currency restrictions was because he didn't want to cause Nigerian more hardship.

The subsidy removal na enjoyment ba? Make una continue to deny support rubbish. In any case, PPPRA board - Which hasn't even been constituted - is constitutionally responsible for reviewing the price of petrol in Nigeria.

If you remember clearly, January 2012, it was the PPPRA that announced the review in the pump price of petrol and not Ministry of Information nor the Presidency.

It's not even a matter of whether the policy is right or wrong, it is illegal. Only a fantastically co--up- President will allow such a breach our Nations laws just because he thinks he knows it all, can do it all, he has all power and everybody in Nigeria is a thief except him and The Late General Sani Abacha.

In any case, President Buhari lied on Aljazeera, when he was cornered on FX currency restrictions, and how parents couldn't get FX at official rate; President Buhari said only critical sectors of the Nation would have access to forex at the official rate.

So the petroleum sector is not critical enough ba? But his daughters school fees and education in the UK is critical enough compared to petroleum or even the school fees of other Nigerians who send their kids to school overseas.

For the record, are you even aware that it is possible that some of these Niger delta avengers are linked to the ex-militants who were thrown out of schools abroad and professional institutes overseas because of the governments refusal to pay their school fees.

What arrangements have been put in place to ensure that despite government's change of plan of them doing courses abroad that Nigerian schools don't offer, that these we folks aren't misled to take up arms again as a result of frustration ??

Some of these folks finished their education under Jonathan, some of them are trained pilots today, marine engineers etc and are not under obligation of the amnesty program. It's the unlucky ones that are suffering under this our Fantastically Co--up- President, yet he is there making mouth as though he didn't doesn't understand who the Niger delta avengers are.

Jonathan had Boko-Haram to deal with and you say it's inexcusable; Fulani herdsmen that are killing people like Lassa fever that is ravaging the country is that one excusable??

This government, by Kaichukwu's own assertion has experienced the worst fuel scarcity in the History of Nigeria in over a decade, stretching over 9months (9months whey mama don born baby finish); common Lassa fever that Irrua Specialist hospital in Edo state will test and diagnose under 2hrs and commence treatment is killing people more than even Boko-haram suicide Bombers.

Go to Virology Department in University of Ibadan Teaching Hospital and ask for LASSA Fever test, they will take sample and ask you to come back after 2days - meanwhile the current health minister na former VC of University of Ibadan. By 2 days the LASSA fever never kill person finish; but with favour with God and with man, and without considering party differences GEJ was to address the Ebola crisis at a time when there was no clear cure for Ebola. In states that were even at political variance with him, Lagos and Rivers.

Na fuel subsidy una even deny use dey talk matter, una never even ask how stew take dey don nowadays, with the current food shortages and instead of Buhari to review agricultural policies forward, he reviewed them backward in favour of oil. Spending far less than Jonathan invested inAgriculture in the 2015 budget and Jonathan wasn't even aggressively pursuing diversification. Just imagine.

Be supporting rubbish Oooh!!! You hear!! I just hope like Utomi said, Buhari no make people dey queue for salt and rice.

This is what i calll a classic wailing epistle of lies.

Yaradua left 3bn dollars? . I can see u are phantom.liar and i am definitely going to make sure u are caught in your web of lies

Yaradua:

EXTERNAL DEBT:
Inherited: Almost Zero Billion Dollars

Left: $3.94 billion Dollars

http://www.dmo.gov.ng/oci/News/docs/Fact%20on%20%20Nigeria%20External%20Debt%20Stock.pdf

EXTERNAL RESERVE
Inherited: $45.0 billion

Grew To: $63 billion in September, 2008
http://www.nigerianmuse.com/20090102021223zg/nigeria-watch/nigeria-s-foreign-reserves-dip-to-52-7-billion/

Left : $47. 7 billion (As at Dec 31st 2009 when Jonathan took over as "Overseer"wink

http://www.vanguardngr.com/2011/03/state-of-nigerias-external-reserves-worrisome-cipm-president/#sthash.cXXdNcoU.dpuf

N/B:
The reserve grew when the price of Crude Oil was $147 per barrel
It Slided in Mid 2008 during the recession, when the crude price fell to $35 per barrel in 2009, till his death

Thats your first lie bursted. This is enough to discredit many of the jargons written uo there.

U talked about militants? Was Yaradua not handling militants issues before before Jonathan came on board? Whats the correlation between subsidy removal and training of some glorified miscreants?

You are talking of cosmetic palliative measures put in place when oil was as high as 113usd per barrel. What was done to actually address the root cause of "subsidy"? You are here talking of palliative measures. Which of the "paliative measures" did you as an individual enjoy?

The current government sells crude below 40usd per barrel, and mind you crude does not come out from the ground on its own, it costs the government about 30$ to get a barrel of crude out of the ground. Which means the government is left with just about 8$ to play with.

Don't dabble into things beyond you.

plaetton:
Fair enough.
Thank you.

But I would still be interested in knowing what exchange rate they used in their calculations.
The reason is that the government of Buhari has been pretending and living in the fool's paradise that Naira exchange is N200 to the dollar.

The website i gave u as a contact section. Mail them and ask the above question.

Good night!

plaetton:
My dear friend,
Common sense should always take precedence over politics.
Removal of SUBSIDY makes economic sense, irrespective of who is doing the removing.
It is,and has always been a political hot potato irrespective of who is doing the removal.

You are the one bringing senseless political overtones and innuendos and conjectures into this simple economic matter.

I don't envy you one bit, given that you're obviously suffering from cognitive dissonance,desperately trying to defend now what you supposedly faught against during GEJ.
Holding two contradicting views, one during GEJ and one during PMB is the dictionary definition of cognitive dissonance , a horrible, vexatious state of mind.

I truly don't envy you guys right now.

Lol. Stop playing with words..... , u are far from what u are desperately trying to prove. I guess u know what that means

plaetton:
OK. Do us a favor by letting us know the arithmetic, how you arrived at that figure of N119.
More importantly, did you use N199 or N320 as the exchange rate to arrive at that figure

Obviously u don't even know the meaning of landing cost.

Now Educate your self,

http://pppra.gov.ng/pricing-template-pms-2/

Realdeals:
Sir, this is where you get it wrong. At higher crude price more $ flows into the economy, govt was able to satisfy all forex needs at a controlled price.
At lower crude price, less $ inflows, foreign reserve is low, there is less fx to sell to importers, therefore $ to N rate is high.
Let assume a litre of refined fuel during GEJ era was imported at a cost of $1/l=N160 at govt rate and $0.5/l during PMB will cost about N160 too because importers will have to source for fx elsewhere.

Leave that guy, he keeps whining about. He thinks he is smart . I am not gonna waste my time on him again

plaetton:
My dear friend, there are much better reasons to support the recent increase in pump price than making moot references to GEJ.

Must this government and its supporters always use GEJ to validate their wishy washy policies ?

Saying that the GEJ government made more dollars, therefore they should have been able to afford a trillion Naira fuel SUBSIDY makes zero sense.

Fuel SUBSIDY is a stuupid waste of Nigeria's money, irrespective of how much the government earned.

Fuel SUBSIDY removal didn't start with GEJ. It has been with us since the Abacha days.
Anyway you look at it , it is has always been a waste.

GEJ, like those before him, wanted to remove SUBSIDY for genuine , sound economic reasons that are now too obvious to the current Administration. Simple.

I repeat, as of two days ago, there was ZERO fuel SUBSIDY.

No SUBSIDY was removed.

The government simply imposed a 68% tax on the pump price of petrol.

A tax by any other name is still a tax.

Lol. There we go again. Read to understand. You are the one thinking you are making sense when actually you are beating around the bush.

You failed to understand the point that, Nigerians were not ready to give more money to be looted. What have been the effects of the subsidy removal since the whole thing started?
The little that was removed by Jonathan, with the promise of working refineries and new refineries what happened to all those.

We all know subsidy was waste of money, but Nigerians were wiser not to give away money to be looted.

I know u are deliberately avoiding my points but rather talking off point.

I stated again before that, its simply because many pro PDP reasons for not supporting subsidy removal is simply because Buhari, Tinubu and spoke against it before not because its not a good policy. Nobody is using Jonathan's policy to validate anything.

No subsidy was removed u say?

Now and I know you are a clown, landing cost of PMS as at 11th may was put at 119 naira and u say no Subsidy?

You are pretending to be neutral but i can smell ur hate for baba from my smart phone and sense that Jonathan was also your hero.

plaetton:
Dear Sir,
It's either you have ZERO idea what fuel SUBSIDY is, or, you skipped elementary 6 arithmetic, or, you are a very disingenuous SAI BABA-ist.

Let me first of all say that I support SUBSIDY removal. I supported it during the Abacha years, I supported it during the Jonathan years, and I still support it, but for Genuine economic reasons, not for silly, upsidedown kindergarten logic that you have insulted us with here.

Fuel SUBSIDY, under any disguise, is simply equivalent to gathering several trillion Naira every year, and then setting it on fire to burn, burn and burn.
No better description.

Like I said , elementary 6 math skills are that is required to understand the logic of fuel SUBSIDY, something that Buhari claimed not to understand, and obviously didn't understand till now.

Fuel SUBSIDY is simply the difference, the negative difference between cost price( international cost price) of petroleum products, and , the government stipulated pump price that drivers pay at the fuel stations.

For example, if the cost and landing( bridging) cost of petrol is N140/l,but the government stipulated pump price is fixed at N86/l, it then means that whoever is making fuel available is losing the sum of N140(cost)- N86( selling price) = N56/l

Obviously, no one would do a business where they are losing a whopping N56 per litre.

So, the government, as part of social contract with the people, steps in to pay the difference of N56 in order to ensure that fuel is available at all times.

Are you following?

Now, since the price of petroleum products depends primarily on the international price of crude oil as well as our currency exchange rate, simple elementary school arithmetic should tell us that the SUBSIDY the government pays pee litre grows and widens as either the price of crude oil rises, or, the value of our currency falls.

Now listen carefully.
When the price of crude rises, as it did during the GEJ era, the SUBSIDY, the difference between cost price and pump price grew to an astronomical level, to the point where the government of the day had no choice than to break its social contract with the people by adjusting the pump price upwards to NARROW the very wide SUBSIDY gap.
Are you following?
It is usually a hard and politically charged decision, but this was common sense Economics.
The political pressure sooo great that government eventually settled for just half of what it sought.

And the money continued to burn, burn and burn.

But then,
A curious thing started happening last year.
The price of crude began to crash, crash and crash.
By simple elementary school arithmetic, it also meant that the fuel SUBSIDY gap began to NARROW, narrow and narrow , until it not only became ZERO, but actually went positive.

That's right.
I'm fact, as of last month or so, it was widely and repeatedly reported in the Nigerian media, and simple arithmetic concurs, that the federal government was making a whopping Profit of N10 or so per litre of petrol sold in Nigeria.

You get my drift sir?
Higher crude price = more SUBSIDY payments
Lower crude price = less or ZERO SUBSIDY payments.

Therefore your own arithmetic is null and void , simply because it failed to comply with the simple, immutable laws of elementary arithmetic.

Now, to the issue of the moment.

In as much as I support the removal of fuel SUBSIDY, the recent upward revision of the pump price of petrol to N145 is NOT, and I repeat, is NOT a SUBSIDY removal.

There was NOOooo SUBSIDY to be removed as of yesterday.

What the government did, which I still support, is that it raised the pump price of petrol for two main reasons:

1. To generate much much and desperately needed revenue to fund it's budget.
Bingo!!!
Does anyone still remember that the government has hopping from place to place desperately looking for funds to finance it's budget ?

2. To liberalise the fuel supply system by making it attractive to private sector dealers and importers.

Killing these Two birds with one stone would ensure the steady and competive supply of petrol , as well providing badly needed additional funds for the government.

The only problem I have is the FRAUD of calling it fuel SUBSIDY removal, which it is definitely NOT.

Lol. Mr intelligent. You failed to take into account also that the higher the crude price, the more forex and money for the government and also to more stable the Naira becomes. This should be an excess bridge to the gap created by higher subsidy claims occassioned by the rise in crude oil.

Like i stated before, the issue then was the government was trying to shift the incompetence in fighting corruption in the oil sector to the innocent masses.

Also there was a relative stable naira as at that period, as oil was high, SLS was the then CBN Governor and between 2009 to 2011, before the bomb shell on Jan 1 2012 Naira only dropped by about 10 to 12naira.
When the oil price started dropping again, and Niara started loosing its value, GEJ did not try to remove subsidy again because he failed in his promises of reving and building more refineries which would have cushioned the effects.
Now a stronger and more definite leader is on board, who first tried to avoid the subsidy removal, but seeing that it is not sustainable have decided to take the bull by the horn.

Besides At the same time, a barrel rose to 113 usd per sollar did not justify the ridiculous claim of the then government that she is spending 2trillion naira on subsidy claims a sharp rise from the 320billion being paid before.

Your long epistle is totally not needed except u were trying to educate the people who elong to your class whose only contribution here has been Zombie this and that!

Mayor21:
But u criticized Jonathan

Yes it was sustainable then...

Twist4u:
Zombi will remain Zombi till death. your lord n master (pmb) in his deluded command n control mindset refuses to deregulate d naira. Thereby cripple d fx in a way that even pms marketers couldn't access enough dollars to import as acknowledge by kachukwu himself n that, nnpc don't have d required logistics to fuel d country,hence d shortage in supply of pms. To demonstrate the confuse state of this government,fuel price was increased to #145 n d marketers where asked to source fx anywhere n import pms. the same government 2 contradictory policies. zombies n pmb I really don't no whom to classify as most confuse.

Deregulate the Naira?? .

So they now "deregulate Naira"? Nice one from a "smart" one!

U just restated what was already made clear by the OP.

So what exactly is your point?

What is the confusion or contradictory policy?

I humbly await your response...

[s]

hungryboy:
If he looks like a zombie, if he talks like a zombie,
If he sounds like a zombie, he is a zombie.

Even a Senator elected under the Apc platform(Shehu Sani) is against this move,

But a zombie being payed 10k per post is here defending it,

I no blame dem sha,
Hunger too dey Naija,

Make dem just dey hustle for dia daily bread.

[/s]

Bro, u av made no sense...

Counter the claim!

iykopy:
Seems like you dont wanna console ur self anymore asking for a rebuttal? Dont make it fall on u.

All you guys have been ranting on this threas is Zombie blablabla....no sensible contribution so far.