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Nairaland Forum / Nairaland / General / Politics / What Might Happen To Nigeria Currency After Subsidy Removal? (42318 Views)
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Re: What Might Happen To Nigeria Currency After Subsidy Removal? by CodeTemplar: 12:00pm On Apr 18, 2023 |
thesolutions:Subsidy is not a fraud. The frauds are the people who could block the border against food smugglers but allow petrol smuggles to go through. Before you reply with an epistle, read about welfare schemes in more advanced nations. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by dbestuncle: 12:02pm On Apr 18, 2023 |
tunwumi:U see how they have been thinking sometimes ago I wrote here of how unsustainable the npower stuff is and how it is not the best though maybe some sort of immediate measures but not a way of growth some people who maybe beneficiaries were angry. The truth is we have the most lazy set of leaders. Leaders who sees the world in a loopsided way, people who consider employment as them giving jobs rather than creating the enabling environment. Fund research, create infrastructure etc and watch the wonders that will spring. Like you I am also hopeful for to refuse to be is to be suicidal. The Tinubu administration must do something differently else they will remove the subsidy we will suffer and little or no gain will be seen from the suffering. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by COMPAQ(m): 12:07pm On Apr 18, 2023 |
happney65: Not sure that local refining will reduce prices more than 10%. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by dbestuncle: 12:07pm On Apr 18, 2023 |
fr3do: Tell the abeg, tell those here saying it only affects the rich as they said during the naira gate. The poor will be worst it |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by koladebrainiac(m): 12:10pm On Apr 18, 2023 |
tctrills:Government will not be sending subsidy money in Dollar to buy fuel |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by dbestuncle: 12:10pm On Apr 18, 2023 |
tunwumi:Now I can park well, having helped you to note that the education isn't same. Shebi na you start the comparison. Thanks for the education. I park well |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by COMPAQ(m): 12:12pm On Apr 18, 2023 |
Acidosis: What you described is transportation not haulage. Haulage relates to goods. All the lorries that bring yam, cement, tomatoes etc are they not diesel ? |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by dbestuncle: 12:14pm On Apr 18, 2023 |
Petrol is more than Kerosene o. Since kerosene prices skyrocked and mostly not available since the subsidy was removed. What will you bring up as a cheap alternative to petrol. I pray they removed it and gets the other parts right else we go just suffer as a nation in vain LordAdam16: |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by tctrills: 12:19pm On Apr 18, 2023 |
koladebrainiac:No it's the very same thing. If subsidy is removed, then the citizens would be the ones paying for fuel. It doesn't matter if the money is coming for gov or the citizens, it would still be exchanged to dollars as long as we import petrol. 2 Likes 1 Share |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by OChimex: 12:28pm On Apr 18, 2023 |
Divoc19: Na only Nigerians go wan fly airplane, then come dey go motor park to wait for him flight: and when him flight no show, him go begin pray to God to bring him plane come motor park. Keep being optimistic about Tinibu, it’s good. You only expect a different result when you do things differently. 1 Like |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by pat077: 12:33pm On Apr 18, 2023 |
ben1daEbiri:read my comment again and again with an open mind and get what I'm saying |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by teejoyz: 12:38pm On Apr 18, 2023 |
Difrent:[color=#006600][/color] IMF and World bank are just deceiving Africans. Do you know that in those advance countries you mentioned nearly everything is been subside for their citizens. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Acidosis(m): 12:42pm On Apr 18, 2023 |
tctrills: Double tragedy for the citizens. Meanwhile, we still have another subsidy to contend with - FX Subsidy. In 2022, the federal government spent around N3 trillion on Forex Subsidy. That is how they keep the official Naira-Dollar rate at 450+ so that those around them and affluent elites like Dangote can continue to buy cheap dollars while the typical impoverished commoner monitors Aboki FX and roadside aboki rates (720-750). 1 Like |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Freebills12: 12:48pm On Apr 18, 2023 |
[color=#000099][/color] Difrent: Are you this evil or are you stupid? Countries like Ghana, Chad, Niger Republic are celebrating one and two years uninterrupted power supply, these countries took their source of power supply from Nigeria and you are supporting our Leaders on this their evil agenda to impoverish the masses. They are removing subsidy and at the same borrowing €800,0000 for the same subsidy removal in the name of helping the poor. When and where did they write the names of poor? We go to polling unit to register for voters card and cast vote why can't we do the same in terms of money sharing? 50,00000 Nigerians to inherit €800,0000 for 6 months, why haven't they publish the register? It will be evil to defend wrong doing. Subsidy removal in the past have seen any headway from it? No |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Dafresh: 12:50pm On Apr 18, 2023 |
Aguogba:My brother your correct I don't know why Nigeria can't be equal |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Dafresh: 12:51pm On Apr 18, 2023 |
highchief1:Every one in APC is not bad we have bad people in all political parties |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Dafresh: 12:51pm On Apr 18, 2023 |
BeLookingIDIOT:Yes |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Dafresh: 12:52pm On Apr 18, 2023 |
Draslo:Yes we need to get it right |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by IbeOkehie: 12:56pm On Apr 18, 2023 |
Removing petrol subsidy will be good for both the Nigerian people and their government. That's the most important thing to know. Effects on the naira, who knows. If private importation is allowed, I suspect naira will depreciate to around $800 on the black market because that's where importers will get their dollars. Assuming of course government doesn't decree that importers must get buy dollars from CBN at official rate. The government should also completely decentralize, deregulate and privatize the electricity industry. All ENERGY markets are essentially the same. It makes no sense to deregulate fuel alone. Free markets almost always make any situation better and that will be the case for the petrol market in Nigeria. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by ferrarihomes(m): 12:56pm On Apr 18, 2023 |
Bfly: Purchasing power will reduce for the citizens, while the tax net will increase without and cushion from the Government. 1 Like |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by highchief1: 12:59pm On Apr 18, 2023 |
Dafresh:of course we are first Nigerians before joining parties. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by thesolutions(m): 12:59pm On Apr 18, 2023 |
CodeTemplar:I understand welfare are for the less privileged. But Welfare by Nigerian Government is still avenue for fraud because like d'banj, it is redirected to benefit the rich and not get to the poor. I understand your plight about subsidized product being smuggled out. The solution is not to continuing in the same process that breeds corruption because Nigerians will find a way. So, removal is the only solution but it can only be effective when an actual government that is people oriented is given the mantle to lead. When this is done, instead of smuggling the product, we can actually sell to them in an open border system where we use common currency to buy what we have need of from our neighbouring countries. When we become a working and producing nation, we can go ahead and subsidize not just for us but for our neighbours so they won't be spending their forex outside africa. That should be the dream. 1 Like |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by MeineMutter: 1:02pm On Apr 18, 2023 |
Naira could rise against foreign currencies, within months. I am only afraid of our state governors and legislators and civil servants. Budget padding would be on the rise. Once allocations are increased, you and I know what would happen to such funds. If there’s a way FG can pass a legislation and banning sharing of savings from subsidy removal and investing it solely on infrastructure across Nigeria, it would be better. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by tctrills: 1:04pm On Apr 18, 2023 |
Acidosis:Its just evil |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by CodeTemplar: 1:04pm On Apr 18, 2023 |
thesolutions:Corruption is in all sectors and taking subsidy removal saving into already corrupt sectors of the system will be worse than what is on ground.
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Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Infomaz(m): 1:10pm On Apr 18, 2023 |
Imperialist economic prescription. Imagine the twin effect of subsidy removal and increased taxation in an economy that hosts one of the highest concentrations of the poor. Any suggestion that the money saved would be used to help the economy is balderdash... The same argument right from the days of IBB. I agree that the subsidy should be removed but only after our refineries are functioning again. Otherwise, inflated figures for imported petroleum products would necessitate a new subsidy regime. As for increased taxation, it is the height of wickedness on an already pauperized masses with record level unemployment and poverty. A better approach would be to improve the productive capacities of Nigerian economy through agrarian revolution, regular power supply, SME financing, etc. The cost of governance should be drastically reduced starting with a unicameral legislature, slash in salaries and other benefits, a removal of the outrageous and evil pension for governors and their ilks, etc. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by thesolutions(m): 1:14pm On Apr 18, 2023 |
CodeTemplar:You are right. But that is why we hoped for a government that has understanding of that thing on ground and be stubborn enough to pick it up, kill it if it is alive; urinate on it and render it useless while working hard to make sure that anyone coming in to handle corruption prone positions understands the vision and actually run with it. But stubborn people that has good intentions are hard to find. Only on books. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Nobody: 1:23pm On Apr 18, 2023 |
Dangote will be producing diesel and PMS, Dangote I know, in collaboration with FG will prioritize selling to Nigerian market, plus our current local refineries, they should be able to provide to at least 70% of Nigerian market. Of course with states getting license to produce electricity, I believe demand for fuel to power home generators for Nigerians will reduce, this can stabilize the market and curb the price pull inflation, the removal will bring. Government should try to improve on power production, this will reduce the rush for fuel and diesel AGO. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by blaise26abj(m): 1:28pm On Apr 18, 2023 |
blackpanda: Is South Africa an oil producing country ? How can your dad own a brewery and beer is too expensive to buy in his house ? |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by orisa37: 1:29pm On Apr 18, 2023 |
THEY ARE ON THEIR WAY TO HELL. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by drsibz66(m): 1:42pm On Apr 18, 2023 |
Difrent: Don't forget even elastic has its elastic limit. In other words there is always a threshold, limit or breaking point. Its only natural. |
Re: What Might Happen To Nigeria Currency After Subsidy Removal? by Asswipemod: 2:03pm On Apr 18, 2023 |
1Alex: Good thinking. Nigerians are something else. But you're thinking right. |
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