Omooba77:


https://punchng.com/return-of-fuel-subsidies-disturbing-imf-tells-fg/?

Indirect instructions to increase pump price and provide palliative.

Imagine if we had allowed GEJ this remove subsidy when he wanted to?

Now, we might end up pay N300+ per litre. All will be well at last.

hh

WorriorPlus:

There was subsidy in the last government before this one, and fuel was not sold at N400. This government is heavily corrupt. They even want the subsidy they fought against to continue, so they can steal more.

If electricity which is basic is constant in supply, the pinch of the subsidy removal will not be felt. Infact, constant electricity will reduce the demand for refined gasoline. And you will agree that in economics, demand and price have a unidirectional relationship. So in summary, solve all the basic problems and remove subsidy. Otherwise leave am as e dey.

drey076:
When you borrow money from IMF, you should be ready to dance to their tune regardless of its impact on the security and economy.

a form of neo-colonialism

1 - Who forced the Nigerian government to borrow from the IMF? Is it "neo-colonialism" when your bank demands you find a job after you fail to pay the interest on your loans?
2 - Do you even have the slightest idea what the "impact on the security and economy" of throwing away billions of USD on subsidies is? How does it benefit ordinary Nigerians to make fuel artificially cheap if it encourages massive smuggling to neighboring countries, it discourages domestic refinement, and it provides an easy route for corruption through false invoicing?

So many commenters on here seem unable to think themselves out of a shopping bag, yet rush to pollute the forum with their inanities

bravehost4u:
This IMF enjoys when the people suffer. I don't see anything wrong if a government choose to subsidise some expenditures for the masses.

It will be good if subsidy defenders like you show up to defend the government when they are being attacked.
The "masses" who benefit from subsidy are always asking "where are the trillions"?
Some of these "masses" are actively working to destroy the country because "nothing is working" and "we are enjoying nothing".

Imperialist IMF, not like they even care... why is our subsidy disturbing them, please someone should ask IMF. Caring indeed

Quit the entitlement.
Why should IMF care?
IMF is a for profit organisation looking out for its members.

It is only proper that it promotes policy that will guarantee a repayment of its loans.
If Nigeria didn't beg IMF for loans, they wouldn't be holding meetings with FG and telling them what to do.

dallyemmy:
IMF...those people

The White People that Control the world's Economy and Direct it to where ever they so wished to

❎☹️IMG should be telling this
clueless government to repair
her refineries & stop importing
petroleum products not to be
talking about subsidies❎☹️

BigBashiru:


IMF is an EU stooge with the sole mission of distabilizinf african countries; FG dont pay any attention to them!

The fed govt does because we keep borrowing money from them. Useless fed govt APC being led by buhari came into power through deceit. This administration had end up demarketing the next presidential candidate of APC the question here is that what are they going to use to campaign for the next election?

The worst thing is that Bubu President Buhari is the Minister of Petroleum. How are we going to recover from the damage been done by Buhari and APC. We arw buying fuel at N167 and still paying subsidy. When we can easily remove it and be buying fuel at N145. Our mumm never do.

Muyiwaipere:
And our present president criticized Jonathan clamming Subsidy Issa scam

The worst thing is that Bubu President Buhari is the Minister of Petroleum. How are we going to recover from the damage been done by Buhari and APC. We arw buying fuel at N167 and still paying subsidy. When we can easily remove it and be buying fuel at N145. Our mumm never do

bravehost4u:
This IMF enjoys when the people suffer. I don't see anything wrong if a government choose to subsidise some expenditures for the masses. Imperialist IMF, not like they even care... why is our subsidy disturbing them, please someone should ask IMF. Caring indeed

They don't care about you or the country is common maths.

You ask for debt cancellation, part of the measures taken is policy's geared towards welfare.

There were avenues created in the domain of social welfare to cushion the effects of subsidy removal.

Years later the subsidy is still not out, you collecting more loans from China

It's like the African nation's are gaming these international guys, because as it is now they might choose to revoke the debt cancellation to be on par with our current landlord China..

It's more complex than what meets the eyes.

Subsidy is justified if holistically employed by FG due to unpleasant economic situation.

bravehost4u:
This IMF enjoys when the people suffer. I don't see anything wrong if a government choose to subsidise some expenditures for the masses. Imperialist IMF, not like they even care... why is our subsidy disturbing them, please someone should ask IMF. Caring indeed

IMF is only concerned about their stomach! Nigeria need to pay their loans

seborrhic:
Yet the western world subsides families feeding,child care and even pays each person unemployed unemployment benefit.
If Nigerians enjoy 1/10th the subsidies foreign governments give their citizens,the IMF would have labelled our system archaic and the citizens being set-up to be doomed in future.
Here there is no unemployment benefit,there is no child subsidy,there is no subsidy for some agricultural products and certainly no guaranteed food bank.
Rubbish.

The Western world also pays taxes at very high rates...higher than Nigerians...to fund those subsides.

Most Western nations have tax to gdp ratios in the range of 30-45%. Nigeria's is at a measly 6.1 %

Also, subsides go to the people who need it most. Not to everyone , as we try to do in Nigeria.

IMF policies just maintains the gulf between the rich and poor nations. If we ever want to develop we must formulate a system that works for us

The IMF is right. We have to remove fuel subsides.

But tell Nigerians that, and you get cursed all day long.

Thank God I saw this thread late.

Either way, if we want to stop wasting billions ., if we want to reduce our loan burden, and so on...oil subsidy has to go.

bravehost4u:

If electricity which is basic is constant in supply, the pinch of the subsidy removal will not be felt. Infact, constant electricity will reduce the demand for refined gasoline. And you will agree that in economics, demand and price have a unidirectional relationship. So in summary, solve all the basic problems and remove subsidy. Otherwise leave am as e dey.

I love your submission.

Simplythebest:
The worst thing is that Bubu President Buhari is the Minister of Petroleum. How are we going to recover from the damage been done by Buhari and APC. We arw buying fuel at N167 and still paying subsidy. When we can easily remove it and be buying fuel at N145. Our mumm never do

If we remove subsidy today, fuel would cost as much as it does in other African countries without subsides...which is N300 and above....and that includes the fuel producers.

Infact, Nigeria is the third cheapest fuel price country in Africa., apart from Algeria and Angola...and the fifth cheapest in the world.

bravehost4u:

If electricity which is basic is constant in supply, the pinch of the subsidy removal will not be felt. Infact, constant electricity will reduce the demand for refined gasoline. And you will agree that in economics, demand and price have a unidirectional relationship. So in summary, solve all the basic problems and remove subsidy. Otherwise leave am as e dey.

We don't have constant power, because the power companies are forced to charge subsided prices...which prevents them from making enough of a profit to pay for much needed improvements...plus the subsidy just barely covers the losses they make charging at subsided levels.

omohayek:

1 - Who forced the Nigerian government to borrow from the IMF? Is it "neo-colonialism" when your bank demands you find a job after you fail to pay the interest on your loans?
2 - Do you even have the slightest idea what the "impact on the security and economy" of throwing away billions of USD on subsidies is? How does it benefit ordinary Nigerians to make fuel artificially cheap if it encourages massive smuggling to neighboring countries, it discourages domestic refinement, and it provides an easy route for corruption through false invoicing?

So many commenters on here seem unable to think themselves out of a shopping bag, yet rush to pollute the forum with their inanities

Very true...but most Nigerians prefer cheap fuel.....

Lord knows I used to think like most of them, until GEJ's attempt to remove subsides made me to investigate why they were trying for so many times to remove subsides...and then my eyes opened.

Beancounter93:
The IMF is right. We have to remove fuel subsides.

But tell Nigerians that, and you get cursed all day long.

Thank God I saw this thread late.

Either way, if we want to stop wasting billions ., if we want to reduce our loan burden, and so on...oil subsidy has to go.

Do you think the Nigerian economy is ready for an increase in petrol by more than 50% right now? Prices of everything will skyrocket. Let Govt. Fix power supply before they think of stop paying fuel subsidy.

DubaiLandLord:
Do you think the Nigerian economy is ready for an increase in petrol by more than 50% right now?

Do you think the Nigerian economy is ready to face the continued rising debt from having to take loans to make up for the shortfalls induced by paying higher and higher for subsidy on petrol?

Do you think the Nigerian economy is ready to keep on paying millions of dollars to keep importing refined petrol because subsidy makes refining it unprofitable at home? Do you think it is right for us to be importing fuel from Niger...a country that does not subsidise fuel..and as a result has a functioning refinery?

Do you think the Nigerian economy is ready to keep on sustaining job losses because we cannot refine petrol at home (and yes, we have Dangote...but we could have had at least 3 or 4 more refineries like his..plus all NNPC refineries working if petrol was not subsided).

And with oil prices so low...since 2014...where are we going to find the money to keep paying for rising subsidy costs?

Look, these are not rhetorical questions..

We should have removed this subsidy since 2006, if not earlier...and 2012 was our last chance to do it without crying too much economy wise...but we said no. Here we are.

We have no choice...Price increase due to subsidy removal that may last a few years, or price increases due to rising debt that may last generations.

Prices of everything will skyrocket. Let Govt. Fix power supply before they think of stop paying fuel subsidy.

The same issue affects power supply...subsided prices prevents power companies from raising enough cash to pay for improvements and upgrades to our power sector.

Look it is not magic...power and petrol are business products...and businesses grow because they make profit...not by charging 'people's prices...that lead to losses that take us nowhere.

bravehost4u:
This IMF enjoys when the people suffer. I don't see anything wrong if a government choose to subsidise some expenditures for the masses. Imperialist IMF, not like they even care... why is our subsidy disturbing them, please someone should ask IMF. Caring indeed

That was not what they said during GEJ time

Beancounter93:


Very true...but most Nigerians prefer cheap fuel.....

Lord knows I used to think like most of them, until GEJ's attempt to remove subsides made me to investigate why they were trying for so many times to remove subsides...and then my eyes opened.

yes but that man from the SW staged a sit-on-the-street protest and his likes and supporters cheered him on. We must remain in this subsidy as its the only thing the govt pay for us, what they should do is monitor it properly and block the loopholes, now it's the NNPC doing it solely and guess who is in charge

erico2k2:

yes but that man from the SW staged a sit-on-the-street protest and his likes and supporters cheered him on. We must remain in this subsidy as its the only thing the govt pay for us, what they should do is monitor it properly and block the loopholes, now it's the NNPC doing it solely and guess who is in charge

1.I don't understand you, one minute you criticse people for opposing subsidy removal in 2012 rightly, then the next minute you say we should keep subsidy.

2.Governemnt, even good ones , cannot block all the loopholes.

a) Unless you want to build a large border fence, complete with mines and traps round Nigeria...there is no way you can stop cheap fuel being smuggled.

b) Unless you have monitors on all fuel tankers....human monitors ...not IT types that can be fooled....you won't stop fule being smuggled.

c) And the main reason why subsidy has to go....is simple. Jobs. The reason why we don't have more people joining Dangote to set up refineries is that subsides makes it not profitable to set up refineries in Nigeria. Because a subsidy means low fuel price.....too low to earn a profit to make improvements to refienreis, repair them, and build new ones.

d) And so long as fuel costs N300 and above in Benin, Niger, Cameroon, and elsewhere in the African continent...you cannot stop fuel smuggling. I mean, consider it....you get fuel here at N165...even lower at depot price...and smuggle it to Niger , Benin or Cameroon and make a cool profit of up to N200 per liter smuggled....and you expect that to be stopped without massive violence?(And everybody does it...Northerner or Southerner, poor and rich)

3.And you people complain about debts....well subsidy is aBIG reason why we have debts. And why the IMF is telling us to remove them...because they want us to stop begging them for debts self.

Me I was opposed to PDP , as much as I am opposed to APC. And I supported subsidy for most of my life....until ten years ago...when GEJ and his people opened my eyes to how damaging it is.


Since you want subsidy, then stop complaining about debts and lack of jobs...because that is what you get in return for subsidy on petrol.

Beancounter93:


1.I don't understand you, one minute you criticse people for opposing subsidy removal in 2012 rightly, then the next minute you say we should keep subsidy.

2.Governemnt, even good ones , cannot block all the loopholes.

a) Unless you want to build a large border fence, complete with mines and traps round Nigeria...there is no way you can stop cheap fuel being smuggled.

b) Unless you have monitors on all fuel tankers....human monitors ...not IT types that can be fooled....you won't stop fule being smuggled.

c) And the main reason why subsidy has to go....is simple. Jobs. The reason why we don't have more people joining Dangote to set up refineries is that subsides makes it not profitable to set up refineries in Nigeria. Because a subsidy means low fuel price.....too low to earn a profit to make improvements to refienreis, repair them, and build new ones.

d) And so long as fuel costs N300 and above in Benin, Niger, Cameroon, and elsewhere in the African continent...you cannot stop fuel smuggling.

3.And you people complain about debts....well subsidy is aBIG reason why we have debts. And why the IMF is telling us to remove them...because they want us to stop begging them for debts self.

Me I was opposed to PDP , as much as I am opposed to APC. And I supported subsidy for most of my life....until ten years ago...when GEJ and his people opened my eyes to how damaging it is.


Since you want subsidy, then stop complaining about debts and lack of jobs...because that is what you get in return for subsidy on petrol.

You should try and Understand what I posted,In reality, there is nothing wrong in subsidy if implemented rightly, the Uk has a robust subsidy in its Diesel up to 50% if you don't know.The problem faced is corruption, talking about cheap to produce to make profit yes U 4got we got Oil for free we do not need to buy to refine.

erico2k2:

You should try and Understand what I posted,In reality, there is nothing wrong in subsidy if implemented rightly, the Uk has a robust subsidy in its Diesel up to 50% if you don't know.The problem faced is corruption, talking about cheap to produce to make profit yes U 4got we got Oil for free we do not need to buy to refine.

The UK also has a higher tax to gdp ratio compared to Nigeria, and also does not subsidse petrol as well.(which most people use over there)

Subsides in developed countries are paid for by taxes mostly. Hence my reference to the tax to gdp ratio.

Nigeria's problem is that the subsidy funds come from the oil revenue, which due to fluctuating prices and our large population is not enough to pay for everything we want to do, subsidy included. So if we want to pay for fuel subsidy in Nigeria, we have to raise taxes on the 70% of taxable Nigerians that don't pay, and also raise the tax rate overall.


By the way, the UK itself does not subsidse any fossil fuel now, diesel included (it did some years ago, not now)

The UK also pays N759 per liter for fuel, compared to Nigeria's N165 per liter. UK also pays N757 per liter for diesel.

Beancounter93:


The UK also has a higher tax to gdp ratio compared to Nigeria, and also does not subsidse petrol as well.(which most people use over there)

Subsides in developed countries are paid for by taxes mostly. Hence my reference to the tax to gdp ratio.

Nigeria's problem is that the subsidy funds come from the oil revenue, which due to fluctuating prices and our large population is not enough to pay for everything we want to do, subsidy included. So if we want to pay for fuel subsidy in Nigeria, we have to raise taxes on the 70% of taxable Nigerians that don't pay, and also raise the tax rate overall.


By the way, the UK itself does not subsidse any fossil fuel now, diesel included (it did some years ago, not now)

The UK also pays N759 per liter for fuel, compared to Nigeria's N165 per liter. UK also pays N757 per liter for diesel.

well about right or wrong of subsidy I will agree to disagree, but with the Uk subsidy, its ongoing till mama comes, google red diesel pls

erico2k2:

well about right or wrong of subsidy I will agree to disagree, but with the Uk subsidy, its ongoing till mama comes, google red diesel pls

Even with the subsidy, diesel is still N757 per liter...basically.

Plus slightly more cars run on petrrol than do diesel

Plus, like I said, IF YOU WANT A SUBSIDY...then you have to accept government rasing taxes, and taxing all Nigerians at higher rates, instead of just the 30% of Nigerians that pay taxes...so that they can fund a subsidy

Beancounter93:


Even with the subsidy, diesel is still N757 per liter...basically.

Plus slightly more cars run on petrrol than do diesel

Plus, like I said, IF YOU WANT A SUBSIDY...then you have to accept government rasing taxes, and taxing all Nigerians at higher rates, instead of just the 30% of Nigerians that pay taxes...so that they can fund a subsidy

ALl Nigerians pay tax more than people of the Uk, we are used to Multiple taxation, for my car the only tax I pay is £20 for a whole year to the govt, u want to list the various monies one pays o n the Nigerian roads in the name of owning a car?
or do you want to go to business owners who pay and pay and pay?.

erico2k2:

ALl Nigerians pay tax more than people of the Uk, we are used to Multiple taxation, for my car the only tax I pay is £20 for a whole year to the govt, u want to list the various monies one pays o n the Nigerian roads in the name of owning a car?
or do you want to go to business owners who pay and pay and pay?.

UK Tax to gdp ratio 33%

Nigerian tax to gdp ratio 6.1%

Plus since you live in the UK....you pay a tax everytime you fill up your tank. In Nigeria we don't do that.