Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,158,907 members, 7,838,235 topics. Date: Thursday, 23 May 2024 at 05:45 PM |
Nairaland Forum / Nairaland / General / Politics / Timipre Sylva: Why FG Can’t Continue Fuel Subsidy (16380 Views)
FAAC: We Can’t Continue Using Bayelsa Money To Develop Other States – Diri / FG Can’t Continue To Subsidise Electricity — Power Minister, Adebayo Adelabu / Nigeria Can’t Continue To Be Father Christmas To Neighbouring Countries – Tinubu (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by gambia(m): 11:12am On May 01, 2021 |
I must leave this zoo by force. 1 Like |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Nobody: 11:15am On May 01, 2021 |
FarahAideed: Because if they removed it trutfully, by now fuel would be costing almost, if not more than N300 instead of the N162 it costs now. Also, why fix refienreis, and keep the price controls that are neccessary for a subsidy ? At the end of the day, the refienreis would run at a loss...and would continue to break down after a few years of running....and remember we got bad refinereis because years of subsidy meant that they were not able to run at a profit. There is a reason why your hero GEJ wanted to remove subsidies...and it was for very good and economically sounbd reasons. But since you Nigerians want fuel at N20 per liter... |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Tianamen1: 11:17am On May 01, 2021 |
Lazycapitalist2: Quick question, if the naira were still N160 to 1 dollar, would the price of petrol at 160 still be the cheapest in the region? Tell the federal government to return the naira to its previous value before trying to confuse with foolish talk |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by arsenal33: 11:21am On May 01, 2021 |
chatinent:how did he fail? Who undemocratically forced him out? |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Sirjamo: 11:25am On May 01, 2021 |
Lazycapitalist2:Good thing is, everyone now realize subsidy has to go |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Sirjamo: 11:31am On May 01, 2021 |
musa234:You have every right to call me a blind supporter only if I lied. Is it a lie that Jonathan subsidies didn't guarantee product availability? Is it a lie that we have been having constant product supply since Buhari came in? Which government subsidy would you rather have? The one that you will sleep at gas station for days before you can buy, or the one that you can drive in anytime and buy? |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Nobody: 11:32am On May 01, 2021 |
Sirjamo: So, why did your party or your politcal grouping oppose it in 2012? |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by surequality: 11:33am On May 01, 2021 |
Mr minister of state for petroleum, do you understand that PMS subsidy affect the common man positively? The common man apply PMS for his power generating set. I am a typical common man; I have no CAR(s) yet but I apply PMS to power my generator at HOME and my iCT training center. Have a rethink minister! 1 Like |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by gwinaB(m): 11:34am On May 01, 2021 |
If there is subsidy why is the price of fuel high? |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Nobody: 11:36am On May 01, 2021 |
Tianamen1: It would still be, because government would still be paying a subsidy....and this time, people would be arguing that they should because oil prices then...ie crude oil...would be high enough to fund subsidies Tell the federal government to return the naira to its previous value before trying to confuse with foolish talk Thanks for calling me foolish. Also, which is foolish...removing subsidy and seeing an increase in investment, and in private refinereis, plus NNPC earns enough to repair existing refienreis...which means more jobs, and more income, and a stronger naira.......or keeping subsidy and keep on throwing down naira in the millions down a hole of corruption and thievery. I doubt I am being foolish. Let's be honest...if you were in business, and I forced you to sell below the price you can sell at to make a profit...so as to help 'poor' people....you would run at a loss...and end up going out of business, or engaging in sharp practices to stay in business. |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Sirjamo: 11:37am On May 01, 2021 |
Lazycapitalist2:Politics. If it was your party in the opposition back then, they would have done exactly the same. |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by executive12: 11:38am On May 01, 2021 |
helinues: Wonderful! Is this wailing really coming from helinues or did someone hack your account? 1 Like |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Nobody: 11:39am On May 01, 2021 |
Sirjamo: And thanks to their poltics, we are suffering the bondage of a subsidy that by the way has come to bite your party in the back badly. Let's be frank, I did not like PDP back in 2012. But there are times when you don't play poltics with the economy. Now your party is in the same shoes, and has been in the same issue since 2015. Yet, because they are polticans, they have maintained a subsidy regimen that has done more harm than good for our economy. At some point, we Nigerians have to start making hard decsions, and dump the poltics. |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by mkoabiola: 12:04pm On May 01, 2021 |
We deserve this wicked govt since we that is we want |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by oloriooko(m): 12:24pm On May 01, 2021 |
Shocking to hear this from a sane person Quick question: did you remember Buhari saying nothing like subsidy? Now he's shouting subsidy is no longer sustainable? How do you support such inconsistency in a govt that conned nigerians to come to power Also, despite Jona's shortcomings, fuel supply hick-ups marred this regime as well despite the astronomical increase in price Guy, what is wrong is wrong, bubu failed right from the beginning even Tinubu cannot talk this regime out of the mess they put this nation! Jona wanted to remove subsidy so fuel availability could be guaranteed but bubu and his gang conned Nigerians into believing Jona was taking a step to destroy the nation but 5 years later bubu successfully did what Jona could not do! Guy, stop all this your trash talk i beg Sirjamo: 1 Like |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by MrSquint: 12:56pm On May 01, 2021 |
It has never been this bad in Nigeria May the anger of the Almighty God fall on everyone that contributed in bringing in this mess. To your fourth generation you shall know no peace. 1 Like |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by ityP(m): 1:21pm On May 01, 2021 |
oloriooko: You are arguing with blind bats. People who will see Ganduje stuff in money in his agbada but still hail him to victory while calling a legit business man a thief. Leave these idiots alone 1 Like |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by freemanq(m): 1:23pm On May 01, 2021 |
common sense would have told you guys to repair our refineries since u came to power,but u guys are more comfortable with million of dollars u make from the import of fuel. This is another plan to make Nigerians suffer more hardship. if u know you have nonthing to offer the country why contest in an Election? 1 Like |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Bimpe29: 2:02pm On May 01, 2021 |
This is not the best of times we are yearning for as a nation. Unending macroeconomic quagmires in the midst of security crisis. 1 Like |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by mascotafltd: 2:40pm On May 01, 2021 |
Bad Govt,why can't they reduced their salaries,and that of senetors to balance up. 1 Like |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Drsnives(m): 2:47pm On May 01, 2021 |
proclinician:That daura man matter? Hmmmmm, abeg discussing him us a total waste of time nah, cos there's never any good attribute attached to his name |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Tianamen1: 3:14pm On May 01, 2021 |
Lazycapitalist2: Some of us have trashed out this subsidy discussion over the last 9 years now and I am quite tired of repeating the same points with new fellows who keep bringing up the same failed points. Sorry for calling glyou foolish. In 2007, -crude oil sold at $70 per barrel -Petrol sold at N75 locally -The dollar rate was between 120 and 130 Naira per dollar -Nigeria paid little to no subsidies. What happened that things are so bad now? INFLATION Why, because Nigerians consume much more imported products than we export. Take cement for example, even though cement is locally produced, the price keeps going higher because the naira keeps losing value. When the naira loses Value, its effect is like a tax on all Nigerians, a tax that disproportionally affects poorer Nigerians. Nigeria has one of the lowest tax to GDP ratios on earth. A proper progressive taxation system would properly balance the effects of increasing prices on all Nigerians, a fairer tax system, but the federal government refuses to implement proper taxation for two obvious reasons; it would affect them more and middle income and richer Nigerians would demand more from the government if they paid taxes. The point of my argument is that letting the naira lose value and pushing the cost unto the masses without richer Nigerians bearing a proportional cost only increases poverty and would lead to future devaluations of the naira as opposed to your beliefs on increased investments in refineries. 1 Like |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Nobody: 3:20pm On May 01, 2021 |
Tianamen1: On the other hand, keeping the price of fuel artifically low since the late 1980's has led to the situation where we have 1.Bad refinereis, because there isn't enough of a profit being made to pay for the continous upgrade and maintenace of the refinereis...NNPC right now is running at a loss to sustain the current subsidy regimen 2.No investment...unless your name is Dangote. Who wants to come and build a refinery where you end up running it at a loss .. Yes, I agree with your taxation issue....especially as 1.30% of the taxable populaiton actually pays tax...which is due to 2.60-70% OF THE populaiton being in the informal sector. And then there is the fact that any effort made to widen the tax base is met with resistance. It is a hard conundrum...but at some point, if we want more jobs and more income and even increased production of petrol...to the point we export......subsidy has to go. Or taxes have to go up massively. Meanwhile...Nigeria has to industrialize....we cannot continue relying on oil. |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by SocialJustice: 3:29pm On May 01, 2021 |
Lazycapitalist2:Subsidy should go but PMS import right should return to the private sector. |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Sirjamo: 4:12pm On May 01, 2021 |
oloriooko:Answer the question if you can. Each president ran a subsidy regime. One made the product available, the other always give us scarcity, which is better? Stop writing long epistles, just tell which did better as far as fuel supply is concerned. |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Nobody: 4:20pm On May 01, 2021 |
Sirjamo: Don't want to defend Jona....but the reason why scarcity happened under his regime was simple. Back under Jona, and under Buhari till 2016/7, everyone imported fuel. But because subsidy meant that they had to sell the fuel at a loss, many were forced to engage in sharp practices like artifical scarcity (and lying about what they actually imported...but that's another story)...to earn enough money to balance their books at the end of every year..via the black market (and smuggling). What Buhari did was to force NNPC to be the sole importer and 'subsidiser' of fuel from 2017 onward....which ended periodic scarcity, but forced NNPC to subsidse fuel at great expense to itself....which is part of the reason why they cannot fix their refinereis...they are spending all the money a subsidsing fuel.(Buhari also paid off longstanding subsidy claims, which the government had found ti difficult to pay...from 2013 onwards...which is why Jona wanted to remove subsidy in 2012...his advisers had seen the problems ahead) The problem is still there. It is because NNPC has taken all the burdens on itself that you don't see it much. But right now, NNPC is struggling to pay for subsides and imports....to the point that they can no longer remit money to government...and delcining oil revenues since 2014 means that there is no loose cash to cover the cracks as in the past. |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Tianamen1: 4:36pm On May 01, 2021 |
Lazycapitalist2: Even when Dangote's refinery comes on stream, and the government totally removes subsidies, prices of fuel and electricity will keep rising. If all the refineries in Nigeria were working, the price of fuel in Nigeria will keep rising. Dangote produces cement here, yet the price keeps rising. Why subsidies exist is because the price of fuel in Nigeria keeps rising whether the international price of crude rises or not. Please try to study and understand why this inflation occurs here. Removing subsidies does not solve any problem whatsoever. Are fuel subsidies good? No. Is increasing prices of fuel worse on an economy than subsidizing prices? may be. How should Nigeria solve its rising local energy prices which are occurring because of the forever falling value of the naira? My answer: -tax the rich on their properties such as houses and cars as it is done in every civilized country - increase the VAT to the same level with our neighboring countries - spend revenue from taxation on improving basic education. This is how you solve our energy cost problems whether you keep subsidies or not, it wouldn't matter. Subsidies would naturally disappear as the naira gains value. My point is that you are fighting the wrong battle. This is a systemic problem, a macro problem, and not one solved by simply building refineries. |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by lamentor78(m): 4:44pm On May 01, 2021 |
FUEL to SELL for N241 in June no say I no tell you o |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by erico2k2(m): 7:11pm On May 01, 2021 |
adenigga:We must continue, eradicate the fraud surrounding it! 1 Like |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Amaechi2023(m): 7:45pm On May 01, 2021 |
FarahAideed:inflation bro. fuel original price in 2016 is different from 2020. on the other hand this our fuel subsidy is for our neighbouring countries not us. all our neigbouring countries sells fuel at a more expensive rate thereby exporting/smuggling subsidize fuel from Nigeria.. |
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by timberprides: 11:03pm On May 01, 2021 |
Lazycapitalist2:na u dey give dis our corrupt leader mind...make ipob n afonjas catch u, u go yeh wuen 1 Share
|
Re: Timipre Sylva: Why FG Can’t Continue Fuel Subsidy by Bidi123: 12:52am On May 02, 2021 |
This useless government of Buhari and APC should resign now for your incompetence. |
Ikpeazu Promises To Complete New Abia Government House Before Leaving Office / Birthday Mismatch, Gender Error, Unanswered Questions About Tinubu / PDP Reconciliation Committee Meet, Sign A Final Peace Communique (pics)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 102 |