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Nairaland Forum / Nairaland / General / Politics / Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened (1136 Views)
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Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by gfelo(m): 9:59am On Mar 29, 2023 |
As Federal Government planned to remove subsidy without fixing the local refinery, if they go ahead with the plan, Nigeria will experience inflation that have never happened anywhere in the universe. We are in for another protest, may be this will finally cripple APC government. |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by Gavinleah(f): 10:07am On Mar 29, 2023 |
gfelo: Are you scared now. I'm prepared to buy fuel at N1000 per litre. I want to see who will cry pass between Yorubas and Igbos 🤣 10litres of fuel will be N10,000 2 Likes 1 Share |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by BuhariAdvocate: 10:09am On Mar 29, 2023 |
They can't do it 2 Likes |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by TheManPregnant: 10:21am On Mar 29, 2023 |
BuhariAdvocate: You mean the president-elect will reverse the decision made by the current administration? |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by TheManPregnant: 10:21am On Mar 29, 2023 |
Subsidy must go! |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by revjesh31(m): 10:32am On Mar 29, 2023 |
Gavinleah: You must be a teenager 2 Likes 1 Share |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by Afamed: 10:35am On Mar 29, 2023 |
gfelo: But your Obi also made it known in several debates that he would remove subsidy if he wins. |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by datola: 10:37am On Mar 29, 2023 |
Subsidy regime should be abolished. Some other sectors will improve if removed. Naira should strengthened. They can also reduce VAT to 5% or lower. We'll all benefit from its removal in the long run. |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by Gavinleah(f): 10:48am On Mar 29, 2023 |
revjesh31: Tell me what I don't know grandpa |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by gfelo(m): 10:56am On Mar 29, 2023 |
Obi wouldn't have remove subsidy without fixing the refinery. Afamed: 1 Like |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by highchief1: 11:02am On Mar 29, 2023 |
gfelo:stop talking about Obi he was working for tinubu.when last did u see okupe,Aisha yesufu,Pat utomi.it was all a game and it was obidents that were fooled. |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by Gavinleah(f): 11:54am On Mar 29, 2023 |
highchief1: If it was a game, why did Tinubu deployed thugs to butcher Obidients and other Nigerian in Lagos 1 Like |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by FarahAideed: 11:57am On Mar 29, 2023 |
Buhari should not be allowed to implement any policy before he leaves ...the man doesn't know how to implement anything in life |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by MXrep: 12:01pm On Mar 29, 2023 |
Gavinleah:Na so. Igbos are more rugged and resilient, yet weaklings are mocking us for voting bad people. We will know who will cry when it starts. Igbos are rooted in the informal sector, those salary earners will be worse hit |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by mrvitalis(m): 12:11pm On Mar 29, 2023 |
datola:No reasonable country has vat bellow 15% |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by tungamaje: 12:19pm On Mar 29, 2023 |
This is exactly one of the reasons I want Obi to withdraw his case. The economy and every other sector of the country is already in a mess. If Obi managed to take up the presidency, the Yoruba press would immediately put all our economic woes blame on him claiming he isn't a guru like their person. They fear to blame the current government. Didn't you see how they heaped all the blame on Emefiele and hardly blamed the commanda in chief. Let the APC finish up the job of building a prosperous country which Tinubu promised. However we are tired of the blame games, no more blames |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by Gavinleah(f): 12:24pm On Mar 29, 2023 |
MXrep: I'm looking forward to it. Beggers will full nairaland |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by datola: 12:39pm On Mar 29, 2023 |
mrvitalis: No. These reasonable countries have low/no VAT rates: Canada- 5% UAE- 5% Hong Kong- 0% Qatar- 0% Taiwan- 5% Singapore- 7% China- Between 6% and 13% I repeat VAT should be reduced or totally abolished on locally produced goods. |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by highchief1: 12:53pm On Mar 29, 2023 |
Gavinleah:the game was taken too far bro. |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by 4Play(m): 1:10pm On Mar 29, 2023 |
Inflation will be brutal if subsidy is removed but it has to be done. If 2 policy reforms Tinubu has suggested are implemented - subsidy removal and removal of multiple exchange rates - the immediate impact will be inflationary. To curb inflation, the CBN will need to hike interest rates even further which will add to the economic difficulties. At the same time, the incoming government is facing a fiscal crisis as debt expense takes up almost all of tax revenue. This will call for higher tax revenues and lower government spending. Again, these are immediately contractionary reducing economic growth in the short-term. The government may choose to not implement any of its reforms instead and just drift aimlessly for the next few years. I think it's a problem that the APC government has its power base effectively in the North (the South West is an aberration in the South). There's not much stomach for deregulation amongst Northern politicians so it will be interesting to see how Tinubu navigates through this. All I can say is I am glad I don't live in Nigeria. 2 Likes 1 Share |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by Flapp478(m): 1:11pm On Mar 29, 2023 |
How will the low income earners survive? |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by orisa37: 1:16pm On Mar 29, 2023 |
OFFICIAL RATES OF NAIRA TO THE DOLLAR WILL BREAK EVEN WHEN SUBSIDY IS REMOVED. EMEFIELE IS SIMPLY SATANIC. |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by Hoelujohn: 1:18pm On Mar 29, 2023 |
datola:Benefit fire. Una go soon understand |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by Afamed: 1:26pm On Mar 29, 2023 |
gfelo: And he will fix refinery within 2 days? OBIDENTS AND COMMON SENSE ARE MILES APART |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by mrvitalis(m): 1:27pm On Mar 29, 2023 |
datola:Only China is a serious country here and it's 13% |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by gfelo(m): 1:28pm On Mar 29, 2023 |
this is how you guys supported naira redesign we have not recover from it yet, now is subsidy, we are watching datola: |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by hedonido: 1:29pm On Mar 29, 2023 |
Any talk of subsidy removal without first ensuring that local refining is more than adequate to meet our domestic fuel needs sounds very foolish and vexatious. Fix local refining capacity and ensure that locally refined fuel is same or even cheaper than the price of fuel currently, BEFORE you remove subsidy. Thankfully we don't have to import crude to supply the refineries. I don't know why this is rocket science. All the armchair 'experts' talking rubbish need to be lynched. You can't tell us rubbish about the purported gains of subsidy removal without first addressing local refining. The hike in fuel price that will happen with subsidy removal as things stand is simply impractical and would completely destroy this country. 1 Like 1 Share |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by Corridon: 2:23pm On Mar 29, 2023 |
Afamed:Shut up. |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by Afamed: 2:30pm On Mar 29, 2023 |
Corridon: Achalugo, Mr Canceler .
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Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by Corridon: 2:39pm On Mar 29, 2023 |
Afamed:You are free to fabricate anything you like to make you happy. |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by datola: 4:08pm On Mar 29, 2023 |
mrvitalis: So, Canada, Taiwan, Singapore, UAE, are not serious countries China's VAT average is 9.5%. You said serious countries must have their VAT at 15% and above. |
Re: Subsidy Removal Will Make Nigeria Experience Inflation That Have Never Happened by datola: 4:23pm On Mar 29, 2023 |
gfelo: Hmmm... Subsidy payment will destroy Nigeria economy finally if we don't act now. Our loan profile is growing and China is even tired to give us more. We are borrowing to pay subsidy on only one product out of several. Petro is very important but it is not food. |
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