Beancounter93:


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.

I would blame him 100% because we have had better with even subsidy at higher figure while not being world poverty capital, unemployment at less than 15% and debt at 9tr. Were we not in same Nigeria when it all happened. The Govt is just dense on the country management.

Esseite:


I would blame him 100% because we have had better with even subsidy at higher figure while not being world poverty capital, unemployment at less than 15% and debt at 9tr. Were we not in same Nigeria when it all happened. The Govt is just dense on the country management.

Yet you support his very bad decision to keep subsides...which means more debt.

So, stop complaining.

This one no concern us Increase in fuel suppose be blessing not the other way round infact dem go still deduct their salary to pay subsidy if dem venture increase fuel nigeria don collapse be that.

5.6billon DAILY!!!!

Beancounter93:


Yet you support his very bad decision to keep subsides...which means more debt.

So, stop complaining.

He is accumulating debt because he lacks management skills.. if the herdsmen menace was curbed, there would be more farming, which means more food thereby driving down inflation rate and creating employment aswell, which leaves the populace with dispensable funds that can be channelled to an increased fuel price.. but here he has everything all muddled up because of his nepotic tendencies of picking the wrong people.

BigDawsNet:
One of the richest country in terms of Natural resources

5th largest Oil producing country in the world

Still 75% of the population are in serious poverty

Compared to other oil producers, we have a population of 200 million and counting.

Other big oil producers have populations of 1million to 40 million people...and some produce far more than Nigeria even.

Which is why it is sad that the APC government has not fufilled their promise of diversificaiton

Esseite:


He is accumulating debt because he lacks management skills.. if the herdsmen menace was curbed, there would be more farming, which means more food thereby driving down inflation rate and creating employment aswell which leave the populace with dispensable funds that can be channelled to an increased fuel price.. but here he has everything all muddled up because of his nepotic tendencies of picking the right people.

This government is the MOST insensitive in the history the country, but this is the beginning of suffering. You will not even be able to complain, just welcome to change and next level is still loading.

Esseite:


He is accumulating debt because he lacks management skills.. if the herdsmen menace was curbed, there would be more farming, which means more food thereby driving down inflation rate and creating employment aswell, which leaves the populace with dispensable funds that can be channelled to an increased fuel price.. but here he has everything all muddled up because of his nepotic tendencies of picking the right people.

More food won't curb the inflation rate, nor would it stop us from importing food...because for the most part Nigeria is a subsistence agricultural nation. Subsitience agric does not produce enough food for countries...which is why most African countries are big time food importers.

You want the inflation to come down, we have to be a net exporter of food...which won't help much. Every country produces food. And less than 10% of our farming is mechanized...meaning we cannot produce food to the level where we can export stuff.(South Africa has highly mechanzed farming...so they export. Zimbabwe used to have that, until Mugabe destroyed their agro sector to make a point to the 'racists')

Eventually, we would have to be a net exporter of industrial goods and services...which means abandoning resource dependency..which means a period of severe hardship...which APC is scared of. As is PDP. (WHICH is why i don't like both parties.)

The real question is how do a country like Nigeria export crude oil and then turn around and buy it as petrol, there's never been a country with Vision less leaders before than Nigeria

Shino444:
The real question is how do a country like Nigeria export crude oil and then turn around and buy it as petrol, there's never been a country with Vision less leaders before than Nigeria

Because subsidy.

Subsidy means petrol in Nigeria is sold at a price below what it costs to make...meaning that there isn't much profit in refining petrol domestically.

So, we import.

Iran too has that problem as well.

This is a welcome development, it really shows that our President has done well as petroleum minister.
Now with the increased revenue the petrol companies can pay more workers.

I think say na Guy man

Hogan17:
U will never find that Mannabbgrill girl on this thread

Beancounter93:


More food won't curb the inflation rate, nor would it stop us from importing food...because for the most part Nigeria is a subsistence agricultural nation. Subsitience agric does not produce enough food for countries...which is why most African countries are big time food importers.

You want the inflation to come down, we have to be a net exporter of food...which won't help much. Every country produces food. And less than 10% of our farming is mechanized...meaning we cannot produce food to the level where we can export stuff.(South Africa has highly mechanzed farming...so they export. Zimbabwe used to have that, until Mugabe destroyed their agro sector to make a point to the 'racists')

Eventually, we would have to be a net exporter of industrial goods and services...which means abandoning resource dependency..which means a period of severe hardship...which APC is scared of. As is PDP. (WHICH is why i don't like both parties.)

You are going too far.... as at today, is it not obvious we are providing less food than we used to in our own capacity due to the uncontrolled herdsmen menace?. Which obviously hinders employment, and same food export you mentioned.

It all comes down to mismanagement and the bulk is on his table. He is incompetent.

This fuel matter go pain me pass ooooooooooooh

Imagine, me buying 4k everyday when fuel price was at rate of 170 Naira....

Now i will be budgeting 8,500 Naira every day......


Chai!!!!!!

Daily?

Subsidy does not exist

joey150:
Increase this fuel price once and for all.

Enough of this subsidy nonsense.

We have dilly-dallied for too long and things are worse now.

This country has been grossly mismanaged. It didn't start today. Started since 1960. Has to get ugly before it gets beautiful.

Next time when people are stealing and looting, let good people rise up and oppose them. You all stood by and watched politician after politician steal enough money for seven generations. Now, we must reap what we sow.

Do you think you will feel the impact of the money if removed...

Do you think it will stop this administration from borrowing...

These were the same rogues that protested when Jonathan removed it...

Beancounter93:


Compared to other oil producers, we have a population of 200 million and counting.

Other big oil producers have populations of 1million to 40 million people...and some produce far more than Nigeria even.

Which is why it is sad that the APC government has not fufilled their promise of diversificaiton

And PDP done the best?

Bro they are the same...

We just need a young fellow to take over...

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?

And the answer to your question is simple: because of Nigeria's highly regulated, heavily subsidised petrol prices (as well as a contorted FX regime that punishes investors), it doesn't pay to invest in domestic refining.

Nobody is going to spend billions of Dollars building refineries in a country where you can't even charge enough to cover your costs, let alone make a profit, on top of which any profits you make will be slashed if you try to repatriate your earnings at an "official" Naira rate that is far from reality.

If you want domestic refining to happen, subsidy removal will have to come first. Business is about self-interest, and investors with deep pockets aren't going to risk their hard-earned money in a country where people are unwilling to pay what things really cost.

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

So the population of Nigeria has remained the same since 2014?

Yusman316:

So the population of Nigeria has remained the same since 2014?

How many still uses the vehicles daily? A visit to some filling stations will tell you this truth.

Yusman316:

So the population of Nigeria has remained the same since 2014?

I don't do low IQs man ...go fix yourself ...so Nigerian population grew by percent in 6 years and new entrants all bought cars and generators and started buying full tank despite the harsh economy and the fact petrol prices had tripled

Badb0y4lyf:


This is where I know they need to take you to psychiatric Hospital. When niger delta boys are refining the crude oil with close to no cost at all. They buy over there. They cargo and yet pay subsidy how does this cut cost. You are the only one arguing with over 10 people here from different works of life and ethnicity yet we speak the same thing. Its either you a paid supporter or a family member of this bad government.

Why exactly is it that the minute someone has a different opinion from u guys, then someone is paying him or her? Are u guys sure u are normal? Or u don't know a thin called difference of opinions

FarahAideed:


I don't do low IQs man ...go fix yourself ...so Nigerian population grew by percent in 6 years and new entrants all bought cars and generators and started buying full tank despite the harsh economy and the fact petrol prices had tripled

My guy comot here. Always arguing baselessly, when all u have to say is u hate buhari

iwaeda:

How many still uses the vehicles daily? A visit to some filling stations will tell you this truth.

Not all the petrol imported into Nigeria is used in Nigeria....or in vehicles only.(Subsidy encoruages mass smuggling of petrol across the borders. Fuel costs n165 here, and is sold across the border for N350 and higher...profit made. Fuel smuggling is a way of life also in Venezuela where fuel is cheaper than its neighbors due to subsidies)

Plus the power supply has been worsening over time. (DUE TO subsidy on power)...but businesses need to be run...and thus the petrol generator becomes the backbone of most industries and businesses.

BigDawsNet:
One of the richest country in terms of Natural resources

5th largest Oil producing country in the world

Still 75% of the population are in serious poverty

Nigeria is 15th largest oil producer in the world and it has neva be in 5th position before .......just fact telling u, not disregarding ur comment

Beancounter93:


Not all the petrol imported into Nigeria is used in Nigeria....or in vehicles only.(Subsidy encoruages mass smuggling of petrol across the borders. Fuel costs n165 here, and is sold across the border for N350 and higher...profit made. Fuel smuggling is a way of life also in Venezuela where fuel is cheaper than its neighbors due to subsidies)

Plus the power supply has been worsening over time. (DUE TO subsidy on power)...but businesses need to be run...and thus the petrol generator becomes the backbone of most industries and businesses.

What is subsidy? No fraudster Buhari is paying more than we ever did. Did he not shut the borders in the South, but building rails to the north allowing anything to come or go out.

[quote author=Beancounter93 post=103160707]

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
[/quotes

Even though I understand what you're trying to say,but the truth is that we the ordinary citizens should not always be the one to pay for the uselessness and incompetence of our leaders.....why are we importing oil when we can actually build our own refinaries,even the existing ones,our useless leaders can not even repair and maintain,and we are shouting subsidy here and there.....abeg,if they like let them pay trillions per day....it's our money, after all,they can't provide us good roads,water,stable electricity supply and even Security,so what is their usefulness to the ordinary citizens.......they should continue to pay the subsidy abeg.

iwaeda:


What is subsidy?

Roughly the difference between the production cost and the cost price of petrol at the pump...assuming the cost price of the pump is less than the production cost due to government interference.

It has the advantage of pleasing voters, and the disadvatage of not allowing enough profits to be made to build new supporting infrastructre for the petrol industry like refinereis, etc.

No fraudster Buhari is paying more than we ever did.

The thing about subsidy is that it costs more to produce a liter of petrol than it did in 2018, and even in 2010.....so subsidy costs increase to keep prices low.

Even if your hero GEJ was in power, he would be paying more for subsidies, just like the griller's hero Bubu ....because petrol manufacture and refining costs are not static...they rise from time to time.

Add the fact that consumption is on a rising trend...due to rising no of cars, generators, and so on.

Did he not shut the borders in the South, but building rails to the north allowing anything to come or go out.

Well, the broders up North were shut too...making it difficult for them

And even then, shutting the borders is putting lipstick on a pig. It is still a pig. The smuggling still continued...at a reduced phase, so government was able to 'save money'...but one cannot keep borders shut forever...plus closing borders is a nice way of shooting your economy in the foot.

The way forward is subsidy removal. Which should have happened since 1993...when we were first told to do it. But we did not listen, because politics.