FarahAideed:
Nobody is asking Buhari how daily petrol consumption jumped from 26 milllion litres a day under Jonathan to 60 million litres a day under Buhari oooooo.. that is where the biggest corruption in human history is happening as we speak .. Buhari govt paying subsidy for over 35 million phantom litres daily

That is easy to explain

1.More people have bought cars and generators. since 2012.....thus fuel consumption goes up. Expecting fuel consumption to remain static since 2012 or 2015 is impossible.

2.Smuggling. Fuel costs N165 here, in all our neighbors it costs N350 and above. Smugglers big and small smuggle fuel outside the country and earn millions in profit.

If subsidy goes, all that nonsense will stop.

There is a reason why some of us backed subsidy when it was explained to us clearly in 2012. Unfortunately most Nigerians did not see.

We warned them
We told them
They said he's the messiah to come
Fuel will be sold for #97

E.F.F.C needs to probe Buhari's government now for deregulation scam

CrazyCrane:
We warned them
We told them
They said he's the messiah to come
Fuel will be sold for #97

N40 according to them.

This fools need to stop talking. Why can't they refine it here. . Always finding ways to cash out. . Nonsense.

Ok.... and with all these... Tinubu is the one to redem us, its no longer Sai Barbar... We deserved the kind of Leaders God Gave us

Beancounter93:


Basically that's the entire point of the argument

Subsidy has to go. Yes, prices will increase, yes Buhari is a bad leader and he has to go, yes, things have never been this bad.

But the truth is, the reason why we are here is because of rising subsidy costs

The cost of making one liter of petrol rises every year...so the amount of subsidy rises. If you want the subsidy to remain then government is going to spend a higher amount of money paying for it.

Oil prices are low. Our breakeven oil price now is $133. Right now oil is below $80. Nigeria, even if we get back all the looted money, won't be able to fund subsides under the current regime.

There is a reason why the GEJ admin removed subsides...until Nigerians said no. The more the cost of petrol rises, the more subsidy rises...and the more you drain your reserves and everything trying to fund it. And you get into more debt, and you end up having more issues.

And the more smuggling rises. We spend N165 on petrol here...meanwhile it costs above N350 ev erywhere else. Smuggling is too lucrative ....unless we want to keep our borders closed, and unless we want to build a fence.


So, abuse me, abuse my ancestors, abuse abuse.....but the cold reality is that if we want to stop wasting money and getting into more debt...subsidy has to go. Period. IT IS NOT BENEFITING THE POOR...it is TAKING AWAY THE SAVINGS OF THE POOR TO GET US INTO MORE DEBT

Your Nairaland Account newly registered on June 2, 2021 (Less than a month).

There's only one bastard Politician that is at the forefront of this subsidy removal and increment of the costs of petroleum products.

elrufai@kdsg.gov.ng

nelrufai@gmail.com

nelrufai@yahoo.com

Nasir El-Rufai, you Terrorist Midget, increase the cost of petrol from 163 to 308 or even 400Naira per litre, and Nigeria will burn to ashes, starting with you and the families of bastard politicians like yourself.

You can ban all the Social Media Platforms all you want but it will never ever deter us from lynching you bastard politicians and eating you alive.

During the GEJ administration, you all claimed Subsidy was a scam and never was in your dictionary but now, you're changing the narrative to fit into your Taqiyya .

WE DO NOT CARE! The Federal Government can spend One Trillion Dollars on Subsidy daily, our is own is that Petrol must remain at 162Naira per litre.

Shut down the Senate and the National Assembly including all the Ministries and useless Parastatals - Our own is that PETROL MUST REMAIN AT 162NAIRA PER LITRE!

If there's no more money to run the COUNTRY due to your quota-system shenanigans, embezzlement and frivolous spending - SPLIT & BALKANIZE THE GODDAMN COUNTRY!

Sango will kill all of you bastard politicians and your families making life difficult for every Southern Nigerian!

I know the end of all you bastard politicians is at hand. You do not have to believe me but first - go ahead and implement the increase in the cost of Petroleum products on Nigerians and you will understand that at this stage, Nigerians are no longer afraid to die!

Ok.... and with all these... Tinubu is the one to redeem us, its no longer Sai Barbar... We deserved the kind of Leaders God Gave us

iwaeda:


How many can buy full tank for their vehicles, yet some evil people because of party and religion still see this government threading on the right path.

Exactly

Beancounter93:


That is easy to explain

1.More people have bought cars and generators. since 2012.....thus fuel consumption goes up. Expecting fuel consumption to remain static since 2012 or 2015 is impossible.

2.Smuggling. Fuel costs N165 here, in all our neighbors it costs N350 and above. Smugglers big and small smuggle fuel outside the country and earn millions in profit.

If subsidy goes, all that nonsense will stop.

There is a reason why some of us backed subsidy when it was explained to us clearly in 2012. Unfortunately most Nigerians did not see.

It was 26 million litres in 2015 when Buhari took over , as the price of petrol has since tripled bearing in mind the lower earnings bpower of Nigerians under Buhari their is no way fuel consumption could have tripled in such a short time

Beancounter93:


That is easy to explain

1.More people have bought cars and generators. since 2012.....thus fuel consumption goes up. Expecting fuel consumption to remain static since 2012 or 2015 is impossible.

2.Smuggling. Fuel costs N165 here, in all our neighbors it costs N350 and above. Smugglers big and small smuggle fuel outside the country and earn millions in profit.

If subsidy goes, all that nonsense will stop.

There is a reason why some of us backed subsidy when it was explained to us clearly in 2012. Unfortunately most Nigerians did not see.

More people have bought cars... so in your assumed thoughts, people have more living income while being world poverty capital, and an inflation in double digit?

People have more dispensable cash with unemployment at 33%?

Please think.. we are supposed to be using less than 30m litre/day with the current status of the economy.

katordidi:
E.F.F.C needs to probe Buhari's government now for deregulation scam

While such a probe will be welcome, at the end of the day, it would reveal nothing

Subsides, by their nature, chop money. The more you keep a subsidy, the more and more money you spend...to maintain it.

Let's say I am Mr Government, and subsidise a loaf of bread , being sold at N400, which costs N200 to make, at N350 a loaf, so that it costs N100 at the subsidised price.

Suddenly costs of making the loaf rise to N400 per loaf...WHICH means by right the same loaf should be sold at N600. Yet I am forcing bakers to sell at N100, and paying them N350...which means instead of the N200 profit they should make, they are making N50.

oF COURSE ...low profit...no means of increasing staff salaries, improving machinery, buying ingredinets, etc etc...

So either the subsidy goes up by N150, or it gets removed

And then the cost keeps rising.

As does the subsidy.

There is a reason why the solution to subsidy corruption is to remove subsidy.

Esseite:


More people have bought cars... so in your assumed thoughts, people have more living income while being world poverty capital, and an inflation in double digit?

IN spite of the crisis, people still buy cars, and still buy fuel guzzling things like generators for their businesses.....

Then there is the smuggling...which is happening because of the price differential.

N.B...I am not defending the government...or saying they are running a good economy.....I am merely pointing out why subsidy costs rise.

Plus, since you support the subsidy, then don't complain about it.

Beancounter93:


Basically that's the entire point of the argument

Subsidy has to go. Yes, prices will increase, yes Buhari is a bad leader and he has to go, yes, things have never been this bad.

But the truth is, the reason why we are here is because of rising subsidy costs

The cost of making one liter of petrol rises every year...so the amount of subsidy rises. If you want the subsidy to remain then government is going to spend a higher amount of money paying for it.

Oil prices are low. Our breakeven oil price now is $133. Right now oil is below $80. Nigeria, even if we get back all the looted money, won't be able to fund subsides under the current regime.

There is a reason why the GEJ admin removed subsides...until Nigerians said no. The more the cost of petrol rises, the more subsidy rises...and the more you drain your reserves and everything trying to fund it. And you get into more debt, and you end up having more issues.

And the more smuggling rises. We spend N165 on petrol here...meanwhile it costs above N350 ev erywhere else. Smuggling is too lucrative ....unless we want to keep our borders closed, and unless we want to build a fence.


So, abuse me, abuse my ancestors, abuse abuse.....but the cold reality is that if we want to stop wasting money and getting into more debt...subsidy has to go. Period. IT IS NOT BENEFITING THE POOR...it is TAKING AWAY THE SAVINGS OF THE POOR TO GET US INTO MORE DEBT

Why do we like doing ourselves in this part of the world, what will cost us to have functional refineries and we can control things ourselves abi refinery too we no get money to do am

Main why for regulating social press so you will not protest

If anybody still thinking, that this APC government means well for the common Nigerians just wake up oo

This subsidy abi under-recovery don they bite hard abi?? No time to blame anybody, but if I open mouth for this buhari administration ehn!!!!

We really need smart people to help us through this time , cuz if that subsidy should be removed ATM. Everywhere go burst oo!!!

FarahAideed:


It was 26 million litres in 2015 when Buhari took over , as the price of petrol has since tripled bearing in mind the lower earnings bpower of Nigerians under Buhari their is no way fuel consumption could have tripled in such a short time

First, it was much higher than 26 million liters in 2015. (40million, some put it at 60-70 million in 2016). And a large part of it is smuggling. We are in essence subsidsing fuel for a large part of the West African continent...and even some parts of Cameroon.

Second, if subsidy goes, so does the corruption you are rightly implying. Me I support subsidy going because it is very very easy for corruption to fester in it. Fake claims, fake import invovices...etc etc...and the smuggling. If subsidies end...so does free money...no more corruption...fuel amounts falls back to normal.

There is a reason why some of us opponets of your hero GEJ listened to him when he tried to remove subsdy

This country will just burn cos the hunger and pain will be unbearable

Beancounter93:


While such a probe will be welcome, at the end of the day, it would reveal nothing

Subsides, by their nature, chop money. The more you keep a subsidy, the more and more money you spend...to maintain it.

Let's say I am Mr Government, and subsidise a loaf of bread , being sold at N400, which costs N200 to make, at N350 a loaf, so that it costs N100 at the subsidised price.

Suddenly costs of making the loaf rise to N400 per loaf...WHICH means by right the same loaf should be sold at N600. Yet I am forcing bakers to sell at N100, and paying them N350...which means instead of the N200 profit they should make, they are making N50.

oF COURSE ...low profit...no means of increasing staff salaries, improving machinery, buying ingredinets, etc etc...

So either the subsidy goes up by N150, or it gets removed

And then the cost keeps rising.


As does the subsidy.

There is a reason why the solution to subsidy corruption is to remove subsidy.

The question is, why are we importing? If Buhari had fulfilled his promise of building refinery, the issue of landing cost and subsisidy would have not arisen?

This amount is hiked with stealing element. Nigerians has no social benefit from the government and so subsidy should stay but let's solve the thieves inflating the figures.

Instead of facing important things like getting the refineries to work and avert all this cost, they will rather clamp down on social media and focus all their energy there so that you cant protest.

ambale:


Why do we like doing ourselves in this part of the world, what will cost us to have functional refineries and we can control things ourselves abi refinery too we no get money to do am

.



Apart from Dangote...no one wants to build refineries in Nigeria because subsidy=prices below the cost of production=potential losses

If subsidy goes, the 20 INACTIVE refinery licenses will become active immediately.

Plus, NNPC cannot build refineries, because Bubu in essence forced them to use their profits to subsidse fuel since 2016. Thus, no free money to pay for new refineries.

Beancounter93:


First, it was much higher than 26 million liters in 2015. (40million, some put it at 60-70 million in 2016). And a large part of it is smuggling. We are in essence subsidsing fuel for a large part of the West African continent...and even some parts of Cameroon.

Second, if subsidy goes, so does the corruption you are rightly implying. Me I support subsidy going because it is very very easy for corruption to fester in it. Fake claims, fake import invovices...etc etc...and the smuggling. If subsidies end...so does free money...no more corruption...fuel amounts falls back to normal.

There is a reason why some of us opponets of your hero GEJ listened to him when he tried to remove subsdy

But the problem here is can subsidy go? Because I remember Buhari has already removed subsidy twice and still ends up trying to still regulate the market..there many innovative ways the govt can use to keep petrol prices affordable apart from subsidy which is only a cesspit for corruption

gannod:







The question is, why are we importing? If Buhari had fulfilled his promise of building refinery, the issue of landing cost and subsisidy would have not arisen?

Several reasons

1.NNPC has been forced to use its money to fund subsides since 2016

2.Subsides have meant that fuel and until 2012, other refined products have been sold below their production prices for decades. That means that there is no profit to keep the refineries running...plus decades of corruption in the refineries too makes things bad.(A NNPC's worker salary is not dependent on the refinereis working under subsides)

3.Apart from DANGOTE...and four others who were ready to take the risk...most people don't want to invest in new refinereis...because the subsidy regimen means they would be forced to sell petrol produced from their refienreis at a loss.

Landing cost landing cost, who ask you people to be exporting fuel, fix your refineries, so they will be no more landing cost. After they will comparing Ghana to Nigeria, ghana have steady electricity, so Ghana can sell fuel for 300 per liter. But nigeria no electricity,water, no road network. Corruption on every sector, the people need to stand up, or Nigeria will become another Venezuela.

Beancounter93:



IN spite of the crisis, people still buy cars, and still buy fuel guzzling things like generators for their businesses.....

Then there is the smuggling...which is happening because of the price differential.

N.B...I am not defending the government...or saying they are running a good economy.....I am merely pointing out why subsidy costs rise.

Plus, since you support the subsidy, then don't complain about it.

I support the subsidy very much because it seems like the only benefit of the masses collectively and it's obvious the funds would always be stolen if it was removed which make no difference.. a serious government would find a way to curb smuggling rather than increase fuel price that would shoot inflation above 20% while ruining every already bad indices further.

lot of shady deals going on in this sector!

FarahAideed:


But the problem here is can subsidy go? Because I remember Buhari has already removed subsidy twice and still ends up trying to still regulate the market..there many innovative ways the govt can use to keep petrol prices affordable apart from subsidy which is only a cesspit for corruption

1.Government lies. I think we all know that

2.Government does not want to remove subsides completely because it means political suicide. So, they do partial removal, and lie that it is a full removal....(which has been done several times in the past...which manifests as 'price increases...that's why we are not paying 75 kobo per liter)

3.The only innovative way for government to keep prices low is to remove subsidy. And allow market determine the price. And prices come down via competiton.
The alternative is for government to raise taxes on everyone to fund the subsidy, as they do in developed countries...and even those subsides are not universal as in Nigeria.

Esseite:


I support the subsidy very much because it seems like the only benefit of the masses collectively and it's obvious the funds would always be stolen if it was removed which make no difference.. a serious government would find a way to curb smuggling rather than increase fuel price that would shoot inflation above 20% while ruining every already bad indices further.

Good, then stop complaining about Buhari's bad economic polices...because the subsidy remaining is why we have a lot of cash flow problems, and indirectly why we keep on taking loans and more loans.

And the more we keep the subsidy, the more we would need to spend money to keep it. Petrol cost of production changes from year to year...because the workers involved in producing it want higher salaries.....and the companies want higher profit, and people want more jobs, and the people involved in making the machines that produce the fuel also want higher salaries...


Socialisim costs money

Good am.

iwaeda:
They promised you one refinery per year, six years NO single refinery, everyone is waiting for Dangote that may not function this decade.

You mind the scam and fraudster of a government.Observe that their usual zombies are avoiding the thread like die.