₦airaland Forum

emmnprince:
What prevented past administrations and the present administration from fixing our under-functioning oil refineries and building new ones to complement the old ones.

Fixing the refinery will have little effect on oil prices.

Why shouldn't they deregulate it in its entirety since and allow market forces to determine oil price.

Because of fear!

valentineuwakwe:
If only Nigerians can come out and protest with one mind and purpose of unity...all this our leaders will not be acting as if......

Mind you, when the NLC protest will start over fuel hike that will affect everyone, one region will come out n say e no concern them, that they want to distabized Buhari government!

What would be the purpose of the protest?
To maintain current price?

NLC? Toothless bulldog

Lazynigerian1:
You must be a god, and I claim my two cents.



We are paying for the incomeptence of subsidy. In debts and in over ten trillion wasted since 2006...if not more.



So we should delay the beneifts of subsidy removal....job creation, more refinereis, etc....and more revenue...to icnrease minimum wage on scanty oil revenues.

You want us to take another loan?

Not at this time, have u seen the cost of things lately in the market?
Am very very comfortable, but i feel for ppl on the street who do not have, how can dey feed?
Whats the price of a modu of garri? Wont it increase with increased fuel price?
Lets just stop sounding politically correcr.

Lazynigerian1:
At the end of the day oil subsidy has to go

The falling oil price means there is no cash to.subsidse crude.

And NNPC is tired of running at a loss to subsidise fuel

Either oil subsidy goes or we keep begging imf for more loans

MODIFIED

With all respect, anyone who wishes to understand why I support subsidy removal should read about why sbsides are bad for a country first.

There is a reason why I support subsidy removal, and it has nothing to do with poltics or with my wishing Nigerians suffer.

Oga... Abeg off mic!

Before dem talk about subsidy removal make dem explain why after 6 years and trillions of naira spent no single refinery don dey work!!!

We can't keep running this country at the expense of the common man!!! Most states are unable to even pay the minimum wage, dollar don reach 500naira, electricity tariff don double still no light, now dem wan increase fuel by 300%....

Haba!!!!

Toothless dogs. They can't do 'nothing' Yinmu

dre11:
…says no current negotiation with FG on price increase

…threatens to reactivate suspended Kaduna strike



https://www.newtelegraphng.com/300-fuel-hike-nlc-vows-to-cripple-economy-nationwide-2/

nedekid:
When you increase the fuel price, it causes inflation, naira looses value, then in few months time you will have to claim to be paying subsidy on petrol again and again, a vicious circle?
Make it 350 per liter and I bet you in 6 months it will become 600 per liter.
Make it 1k and in few months they will claim subsidy is being paid!

I know all that.

But the problem is, the more we spend on subsidies, the more we fund corruption , the more we run into debt and the more we run into issues about fixing refinereis...since there won't be enough of a prpfit to fix and build refienreis.

At some point, subsidy is going to have to go. It may not be in this admin's lifetime...it might be in the next. And our hands would be forced.

kissdabride:
But if buahri is sincere then you are on point

My support for removing subsidy started a long long time ago...and has nothing to do with buhari or APC. OR EVEN PDP.

Owologbo:
how many times will they remove subsidy?
I'm sure they have removed subsidy for more than once.

What they do is 'partial removal'...which means they reduce the amount they spend on subsides.

But because cost of any business rises...the subsidy rises...and then they have to keep spending more and more.

In 2012...we spent 2 naira to subsidise one liter of fuel...to N97...by 2015 we were spening N35 at least to fund subsidies for the same one liter or per liter...to N87. Crude prices went down from $120 per barrel in 2012 to $75 by 2015....meaning we ended up draining our reserves to fnd the subsidy...

obi58:
Oga... Abeg off mic!

Stale.

Before dem talk about subsidy removal make dem explain why after 6 years and trillions of naira spent no single refinery don dey work!!!

Well, refinereis don't work because subsides means that they don't earn enough of a profit to work

Petrol in Nigeria has been sold below its cost of production since 1988....meaning that the refinereis don't earn enough of a prpfit for them to pay for maintenance and upgrade costs...plus even new refienreis.

Even if government found some money and fixed the refienreis...so long as they don't earn a profit....they won\t be able to buy money for spare parts and stuff.

We can't keep running this country at the expense of the common man!!! Most states are unable to even pay the minimum wage, dollar don reach 500naira, electricity tariff don double still no light, now dem wan increase fuel by 300%....

Haba!!!!

[/quote]Well, in 2019, the amount we spent subsidsing fuel could have paid for NHIS costs for millions of Nigerians...plus we lost N10 TRILLION between 2006-16 on subsdising fuel...and at least 6 trillion more.

That's money that if there was no subsidy could have been used for other things....like refinereis.

Lazynigerian1:
Stale.



Well, refinereis don't work because subsides means that they don't earn enough of a profit to work

Petrol in Nigeria has been sold below its cost of production since 1988....meaning that the refinereis don't earn enough of a prpfit for them to pay for maintenance and upgrade costs...plus even new refienreis.

Even if government found some money and fixed the refienreis...so long as they don't earn a profit....they won\t be able to buy money for spare parts and stuff.



Well, in 2019, the amount we spent subsidsing fuel could have paid for NHIS costs for millions of Nigerians...plus we lost N10 TRILLION between 2006-16 on subsdising fuel...and at least 6 trillion more.

That's money that if there was no subsidy could have been used for other things....like refinereis.

Story...


Please explain how refineries function efficiently in other oil producing economies. Your definition of profit im sure is premised on refineries buying their crude at international rates.

So no sir your story does not hold water.

Keemsleek005:
It's not fessible for now, and you know nigerians will not agree even thou subsidy as to go these is not the right time to do it. The economy is not strong to handle such bomb unless u want nigeria to crumble cos any protest now that is all for nigeria.

That is all o bro.....i just can't imagine people hitting the street again

Lazynigerian1:
What they do is 'partial removal'...which means they reduce the amount they spend on subsides.

But because cost of any business rises...the subsidy rises...and then they have to keep spending more and more.

In 2012...we spent 2 naira to subsidise one liter of fuel...to N97...by 2015 we were spening N35 at least to fund subsidies for the same one liter or per liter...to N87. Crude prices went down from $120 per barrel in 2012 to $75 by 2015....meaning we ended up draining our reserves to fnd the subsidy...

Did the promise to revive our refineries within six months?
And as well promised drop in price of fuel after the six months.

Lazynigerian1:
Stale.



Well, refinereis don't work because subsides means that they don't earn enough of a profit to work

Petrol in Nigeria has been sold below its cost of production since 1988....meaning that the refinereis don't earn enough of a prpfit for them to pay for maintenance and upgrade costs...plus even new refienreis.

Even if government found some money and fixed the refienreis...so long as they don't earn a profit....they won\t be able to buy money for spare parts and stuff.



Well, in 2019, the amount we spent subsidsing fuel could have paid for NHIS costs for millions of Nigerians...plus we lost N10 TRILLION between 2006-16 on subsdising fuel...and at least 6 trillion more.

That's money that if there was no subsidy could have been used for other things....like refinereis.

Again I ask you again, how much has been spent on renovating the refineries and why can't we even get one fully operational? How much?? Would it be more expensive to refine petrol locally and sell to the domestic market than importing and subsidizing imported fuel

Why are we placing all hopes on the Niger refinery and Dangote refinery?

Lazynigerian1:
At the end of the day oil subsidy has to go

The falling oil price means there is no cash to.subsidse crude.

And NNPC is tired of running at a loss to subsidise fuel

Either oil subsidy goes or we keep begging imf for more loans

MODIFIED

What's subsidy? Who is subsidising what? Beta keep quiet

With all respect, anyone who wishes to understand why I support subsidy removal should read about why sbsides are bad for a country first.

There is a reason why I support subsidy removal, and it has nothing to do with poltics or with my wishing Nigerians suffer.

MODIFIED 2

By the way, I am FULLY AWARE OF THE PAINS THAT NIGERIANS WILL GO THROUGH IF SUBSIDY IS REMOVED TOTALLY

BUT IF WE KEEP THE SUBSIDY WE WILL SPEND MORE AND MORE OF OUR REVENUE SUBSDISING FUEL...WHILE WE TAKE LOANS TO PAY FOR EVERYHTING ELSE...AND THE LOANS ARE NOT ENOUGH

as for recovering loot....what do we do when the recovered loot gets finished.

I HATE THE IDEA OF SUBSIDY REMOVAL...BUT IT IS EITHER WE DO IT NOW...OR SUFFER THE CONSEQUERINCES OF NOT DOING IT LATER.

The only thing I see in this write up is stupidity...is there anything called subsidy?

Owologbo:
Did the promise to revive our refineries within six months?
And as well promised drop in price of fuel after the six months.

Go ask your elected leaders about that...I did not support APC or vote for Buhari...and I never will .

As for me, refienreis can only come back if they are allowed to make a profit. If you fix refinereis...and still sell fuel below the production prcie of fuel per liter...there won't be enough profit to keep the refinereis running well...and they will spoil again. Money down the drain.

Agbegbaorogboye:
Falling oil price?
Are you still in 2020?
Oil price has already exceeded our budget benchmark!!
Right now we should be asking Buhari why our ECA is still stuck at $72m

Nor mind the guy, Na mumu idiot

StaffofOrayan:
The country is broke!

I don't always agree to this statement anytime it is uttered. Insofar as political office holders get their money as at when due, there is money in the country. Fat chunk of the government's revenue goes for personnel cost which are paid to the politicians. And so long as we still hear in the news that politicians are stealing our money, oga there is still money in this country.
Our problem is mismanagement.

obi58:
Again I ask you again, how much has been spent on renovating the refineries and why can't we even get one fully operational? How much?? Would it be more expensive to refine petrol locally and sell to the domestic market than importing and subsidizing imported fuel

Why are we placing all hopes on the Niger refinery and Dangote refinery?

Again, renovating refinereis won't solve the problem.....infact the whole renovating refineries brouhala is indicative of the kind of corruption that 1) not proivatising NNPC 2) KEEPING SUBSIDY causes.

Deregulate the market....and privatise NNPC. This would force NNPC to work for its money, and use the resulting profits from subsidy removal to see that the refinereis work properly, and even build new ones....because no price controls .

Government saves at least a trillion naira a year...which it can use for other things like educaiton and health.

Iyiataata92:
I know bro,. But 86 to 145 was the biggest single leap and should have drawn the ire of the NLC. But it didn't

This country is completely finished bro... The only way out break up or jappa

xeju:
...What's subsidy? Who is subsidising what? Beta keep quiet

Subsidy is the difference between the cost of producing one liter of fuel and the acutal cost of the fuel at the pump.

Right now, it costs N76 to subsidsie one liter of fuel...which is imported at nearly N250 per liter...to keep/enable the fuel to be sold at N162 PER liter nationwide.

ivolt:
Fixing the refinery will have little effect on oil prices.


Because of fear!

One of the reasons Nigeria will never grow is because there people like you so many in the country who lack the basic form of sensibility

Lazynigerian1:
Subsidy is the difference between the cost of producing one liter of fuel and the acutal cost of the fuel at the pump.

Right now, it costs N76 to subsidsie one liter of fuel...which is imported at nearly N250 per liter...to keep/enable the fuel to be sold at N162 PER liter nationwide.

The president confidently told us that there's nothing like subsidy, so these your long talks are just mere stupidity. You're flogging a issue that is not there

Good

xeju:
One of the reasons Nigeria will never grow is because there people like you so many in the country who lack the basic form of sensibility

You should have typed in pidgin!
Unfortunately, you are too crass to be educated about basic economics as it relates to refineries.

xeju:
The president confidently told us that there's nothing like subsidy

,

Which showed he did not understand what a subsidy is.

so these your long talks are just mere stupidity

Thanks for the abuse. Much obliged. I thought we were having a discussion, not a shouting match.

. You're flogging a issue that is not there

Like your president, you too don't understand what a subsidy is....or you want to live in denial. And I am not abusing you...I am stating a fact. I was in your shoes too...till ten years ago...when I did some reading and finally got what was going on.

Lazynigerian1:
Again, renovating refinereis won't solve the problem.....infact the whole renovating refineries brouhala is indicative of the kind of corruption that 1) not proivatising NNPC 2) KEEPING SUBSIDY causes.

Deregulate the market....and privatise NNPC. This would force NNPC to work for its money, and use the resulting profits from subsidy removal to see that the refinereis work properly, and even build new ones....because no price controls .

Government saves at least a trillion naira a year...which it can use for other things like educaiton and health.

Big big lie.....

6 years of fighting corruption and you are still spouting the story that refineries cannot work because of corruption.

We keep talking about deregulation as this is only path to heaven. Even China with the largest economy still employs protectionist policies till date to ensure the welfare and interests of its citizens is paramount.

So dear brother what is lacking is simply the will to make things work especially the refineries. Stop brainwashing yourself that deregulation is the way.

NLC dey like letter "K" in Knife

obi58:
Big big lie.....

Okay

6 years of fighting corruption and you are still spouting the story that refineries cannot work because of corruption

You did not read my comment......go and read it again. Slowly.

We keep talking about deregulation as this is only path to heaven. Even China with the largest economy still employs protectionist policies till date to ensure the welfare and interests of its citizens is paramount

China is also an economy that relies heavily on industrial exports, a higher tax to gdp ratio, and as a result has a much higher revenue than Nigeria which relies on oil...so they can afford protectionist whatever

Besides..petrol in china costs 459 naira per liter .

So dear brother what is lacking is simply the will to make things work especially the refineries. Stop brainwashing yourself that deregulation is the way.

[/quote]Fixing the refienreis is not the problem...making sure they earn enough of a profit to stay well fixed...and to also build new ones, and expand exisiting ones...is the problem...and is why subsidy must go.