₦airaland Forum

nairalanda1:
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Buhari was a bad leader , but the issues with the fuel supply date well before 2015



A summary of the fuel subsidy and why it was problematic for nigeria.

1973: fuel subsidy comes in

1976 : First end of year queues as a result of subsidy induced losses...these worsen by 2010 eventually

1988: four refineries online . Refining capacity 400000 bpd

1992: problems begin with funding refinery upkeep and subsides

1992: IMF and WB suggest subsidy must go...Nigeria says no

1994: the first of many TAM were skipped. SKipping continues in the years to come

2011: Refining capacity now 91000 bpd

2011: GEJ attempts subsidy removal. Protests led by Buhari, tinubu and co lead to its reversal

2012. 2011 subsidy spending three times 2010 subsidy spending due to oil prices rising from 91 dollars in 2010 to 110 dollars and above in 2011

2013: Subsidy no longer covering losses. Fuel said to now cost higher than the legal N97 per liter in several parts of the country.

2014, Oil prices crash in March. Government keeps subsidy and even borrows to fill the hole left in government spending by paying subsides.

2015: Buhari takes over. During his regime, he prints and borrows even more cash to pay for subsidy among other things.

2019: Domestic refining now below 9000 bpd. Borrowing for subsidy intensifies

2020-21 COVID. Very low oil prices means even record borrowing. Printing money for subsidy intensifies

August 2022: All the oil refineries have gone to the crash. Nigeria now totally broke and cannot afford to borrow. Future oil production revenue used as collateral for more loans.

May 2023: Subsidy gone.

Your timeline has some truths, but it also oversimplifies many things.
First, subsidy didn’t suddenly “start in 1973.” What happened was government fixed petrol prices below market levels during the oil boom, which gradually evolved into a subsidy system.

Second, the claim that fuel queues started because of subsidy losses is misleading. Nigeria has had queues mostly because of distribution problems, corruption, poor refinery maintenance, and logistics failures, not subsidy alone.
Yes, Nigeria had four refineries with about 445,000 bpd capacity, but the real issue was that successive governments neglected maintenance and skipped Turn Around Maintenance (TAM) for decades. That is why output collapsed, not simply because subsidy existed.
Also, saying refining capacity was 91,000 bpd in 2011 is inaccurate. Installed capacity was still the same; actual production dropped because the refineries were poorly managed.
Subsidy did become very expensive, especially after 2011 when oil prices rose, and by 2022 Nigeria was importing almost all its petrol. That made the system unsustainable.

But blaming subsidy alone ignores the bigger problem: decades of mismanagement, corruption, and policy failure in the oil sector.
Subsidy didn’t destroy the refineries. Bad governance did.

Nigeria have never had it this bad. Tinubu seriously needs to rethink and restrategize.

Don't hesitate to go in there with them.

Content.

Incognito403:
Abeg carry propaganda away.

Isnotreal couldn't hit him so they're complaining like toddlers.

For every general taken down, there are dozens more.

IDiaperF that cannot eliminate ragtag Hamas wants to tackle Iran.

Lol.. Don't make me laugh.

Did you even read the article?

Some of you still don’t understand the kind of politician Bola Ahmed Tinubu is.
I grew up hearing that the easiest way to destroy your enemy is to make him your friend.
Look at what happened to people like Reno Omokri and Daniel Bwala.
These were people who built entire reputations attacking Tinubu and his camp. Today they are the same ones going everywhere to repair the image they once tried to destroy.
That is a deeper level of political defeat.
If Tinubu had fought them, they would still be relevant opposition voices.
But by bringing them close, he made them publicly swallow every word they once said.
Now imagine the irony:
The same people who once threw the stones are now the ones polishing the statue.
That kind of political checkmate is worse than political death.

helinues:
Are some of you people still living in the past?

Are the price of goods and services across the globe also remain the same

This is not how to play politics. You people are too petty

Helibobo

Isn't a DCP too big for that position......

Rugal:
Let me test your intelligence ogbeni. What do you think will happen when this self-serving section of the electoral act is brought up in court against the constitution? Do you even understand the meaning of ultra vires sef?

You think yarimo go school? Those guys don't think. They are only loyal to their stomachs.

Guyman02:
He finished NYSC in 2023 you can see him holding his discharge certificate in the attached picture.
He is not a serving corp member

But he's a Nigerian just taking an interstate trip.


A government that can't secure life and property is a disaster. one major expectations of folks from any government is SECURITY.

rafcrown:
Kidnapping and other criminal activities have been happening before Tinubu.

Seyi laws junior bro is here. Very disconnected from the truth.

SarcasticWords:
This looks like fake news. They are selling fuel in my area 700 per litre.

This fake news is nothing but propaganda from opposition parties.

Asiwaju 2027 here we come. All nigerians are fully in support of you.

Are you for real? Please drop your location and fuelling station you got it. Haba y'all should fear nemesis and God

SouthSouth1914:
The Nigerian operators laundered money with it. Take it to the bank

Their must always be an excuse for failure and you shine at it. Take it to bank.

Pootle:
at the age of 18yrs you must serve in the military some of them abroad go back to serve even when not in the country, almost every citizen is a soldier. and it not one year services o 2yr for male and almost 2yrs for females.

I once said this should be made compulsory in Nigeria. This will give birth to patriotic countrymen not just political aliens. The nysc should be scrapped and converted into a military service for atleast 2yrs for the male gender and a bit less for the female gender. Qualifications not needed except mental evaluation and age should be between 17-45.

A grown ass man can't think well enough. Why would you spend on a lady with expectation of marriage if at all you must spend. She's not your mum, not your sis, not a relative, Mo written agreement of after marriage but just fantasy and wild imaginations.

Hopefully Nigeria happens to Helinues, richtaiwo, salewa97, muyico, Burop and the likes.

fmlala:
May the people wishes prevail in Oyo state

In Nigeria political system? A camel will rather pass through the eye of a needle.

Distress? What's distressful about the price?

Jagaban2012:
The word I overheard was that

"Peter Obi lu le."

I laugh entering my neighbors' kpekus.

You too, imagine coming years your child comes across this comment of yours how scarred do you think the child will be?

Mirasteel:
But he was a president both in military regime and in democracy, can your entire lineage ever achieve that? it's just a question. 😂😂😂

We all have contrasting definition of success. Folks like you make Yahoo boys and politicians look successful at the expense of the real folks who understands the real meaning if success. A farmer staying in an Hamlet might be more successful than a business mogul staying in a city. It all depends on our definition of the word SUCCESS.

masterfactor:
What buhari has achieved, ur entire generation can't, his family is in a better place, where is your family place in society

Stop being over emotional, see how emotional your comments sounds. It even made you look more like the dude you quoted

madridguy:
As far as I know, Supreme Leader Khamenei and Prez Pezeshkian are ALIVE — Araghchi

Ayatollah is safe somewhere reciting the glorious Quran.

Meanwhile, Trump has reportedly asked Iran for a ceasefire via Italy.

I think you will fit in perfectly well. I'm talking of Iran. I wonder why you can't go defend what you love so dearly

I need a 2007 Honda accord Nigerian used that is smooth enough to run through down for a teenage driver. Good budget though

LordIsaac:
Ok, we shall wait to hear from both sides in detail!

You edited the place you were talking about your mum?

Sonnobax15:
that's why I so much love the way our forefathers did their own things. Standing and swearing before a deity,and if you aren't innocent,na you come sabi. Apart from that, depending and believing the Nigerian police to dish out a credible investigation is only but a waste of time.

And who told you deities don't collect bribe? Or their handlers? Even God was so pleased with David by the way he praises him that he gave him more grace upon his numerous capital sins.

Fearurcreeator:
I can guarantee you that he is making money than 50% of NIGERIANS but those guys spends a lot on women unnecessarily but looking for who to blame. Some carry responsibility wey no concern then

I'm not to tell him how he spends is money as I wasn't the one who taught him how to make it. But with the new economy meltdown and soar in prices of food, if dude spends 200k on frivolities before, I doubt he will be able to spend 5k now in this present regime. Purchasing power is gone, tax and tariff is above speed limit and many more. To me, dude just expressed what he feels first hand.

7.4m? Haba