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Nairaland Forum / Nairaland / General / Politics / Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion (8649 Views)
Petrol Price May Jump To ₦750 Per Litre — IPMAN / Subsidy May Jump By 100% As FG’s Benchmark Oil Price Doubles / Zainab Ahmed: Nigeria’s Debt May Jump By ₦6 Trillion To Hit ₦38 Trillion (2) (3) (4)
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by ben1daEbiri(m): 12:04pm On May 08, 2023 |
RepoMan007: Let me remind you that the NNPC accrued liability of over 70 billion last year across all refineries without refining one litre of PMS. Make of that what you will. |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by baralatie(m): 12:06pm On May 08, 2023 |
ben1daEbiri:70 billion without one quart And still collected loans in dollars for ph refinery o 1 Like |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by ben1daEbiri(m): 12:07pm On May 08, 2023 |
baralatie: It is inherently cheaper than our market women make us believe. Again they sell their products per unit price of transportation. Tell me what that is if it isn't daylight robbery. |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by baralatie(m): 12:08pm On May 08, 2023 |
ben1daEbiri:How is it cheaper when you do not make a spare tire and your roads are horrible |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by ben1daEbiri(m): 12:10pm On May 08, 2023 |
CodeTemplar: That means it would've only gone higher. See this country is almost beyond redemption. Greed and selfishness is the other of the day. A Nigerian would rather buy a boat to cross to the other side than advocate for a bridge to be built so everybody can access it. Nobody cares just what for your turn to loot and go. I'm tired abeg. |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by ben1daEbiri(m): 12:18pm On May 08, 2023 |
baralatie:This your take is really laughable. Roads and tires are now perishable goods? So you mean transporters change roads and tires every single time they goto the market? These women literally fix prices for their products with reckless abandon so the transports in turn whose wives buy them in the market have to charge them but not at the ridiculous price the market women fix. This looks like the case of the chick and egg which came first but me going to the market several times has helped me crack it. This one is solely on the market women. My 33k allowee has finished since 29th and I gotten even buy some things I bought the previous month prices keep increasing meanwhile the price of fuel has become somewhat stable. |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by nedekid: 12:21pm On May 08, 2023 |
Let it be removed. Nnpc should remove their filty hands from importation. Anyone that can import should be allowed to. It should be like importing biscuit. Those that will setup refinaries should. Dangote too should produce. This will create competition and crash the price Only thing that concerns gov is to regulate quality. 1 Like |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by baralatie(m): 12:42pm On May 08, 2023 |
ben1daEbiri:How I wish you were in the transportation of goods in interstate. It is only cheaper to use a larger haul (to reduce the cost per item ) than to use a smaller truck. Do you expect the trader to use a brand new long body to carry perishable goods.you won't be able to pay.it is only practicable to use a 15 ton body second hand truck. And the cost of transportation is still high but not as problematic as using a long body that will cost double handling. The only way to use a long body is to carry high end goods like cows and rams. So it is not cheap.all the items above not one is made in Nigeria.Then you see the road(let me not start with that one). Now you said fuel price has stabilized at #200/litre and yet inflation is an issue.this is because that #200 is going across all sectors.it is affecting the transporter,the food vendor,the nepa offices,the running of Business. Now imagine $600/litre |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by Reference(m): 12:57pm On May 08, 2023 |
nedekid: The price of petroleum products is determined by international market forces of which Dangote is likely to subscribe to. Anything lower than that will require government throwing cash at him aka subsidies except if he will be sold crude at discounted rates creating another vicious cycle of corruption. 1 Like |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by Charly68: 1:16pm On May 08, 2023 |
Remove the subsidy so Nigerians cam face the reality once and for all. |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by Cromagnon: 1:57pm On May 08, 2023 |
jerus:who voted them? |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by Cromagnon: 2:01pm On May 08, 2023 |
mrvitalis:it will all be looted |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by RepoMan007: 2:28pm On May 08, 2023 |
ben1daEbiri:inconsequential fact that is. We are talking subsidy here. |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by nedekid: 2:55pm On May 08, 2023 |
Reference:Quite incisive. If I remember right though, I think Nnpc bought into dangote refinary when they paid about 3b usd. The idea is to create capacity for Nnpc where crude will be given to dangote to refine on their behalf. Aside that, even if dangote has to buy crude at international market price, don't you think his cost will be greatly cheaper since cost of shipping, international banking charges, insurance etc will be reduced? |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by Menclothing: 3:06pm On May 08, 2023 |
This is most scary but we need to do it |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by EnterpriseMan: 3:08pm On May 08, 2023 |
mrvitalis: Spoken like someone without a functioning brain. Poor has zero benefits from subsidy? ok keep your delusions, na the same poor go first start riot when hand meet them. Poor don't buy food abi? Poor just walk outside, eats sand, lives in the gutter and drink gutter water? Spoken like a true clown🤡🤡🤡 keep it up 1 Like |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by mrvitalis(m): 3:22pm On May 08, 2023 |
EnterpriseMan:Poor would be biggest beneficiary of the tax not the casualty ...but you Nigerians can't see that You just want to hope things change but not sacrifice for it |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by EnterpriseMan: 4:18pm On May 08, 2023 |
mrvitalis:They would not, they would still spend x3 of their usual spending with no extra source of income. The rich man who has a bakery would triple the price of bread, your local bus drivers would triple the fare price. Its would simple be a matter of if you can't afford it leave it and the middle class will afford it The rich would not suffer from it, the middle class with jobs slightly, the businessmen would adjust their prices to accommodate, the poor man would starve. its that simple |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by CheapHomes1: 1:15am On May 09, 2023 |
Babzrockman: How much has been removed from the subsidy so far and how much is left to be removed? |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by CheapHomes1: 1:16am On May 09, 2023 |
mrvitalis: Pls do you know how much has so far been removed from the subsidy and how much is left to be removed from the subsidy? |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by CheapHomes1: 1:18am On May 09, 2023 |
jerus: Does subsidy actually exist? If it does, how much has been removed from it so far? How much is left to be removed from it? |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by CheapHomes1: 1:20am On May 09, 2023 |
CodeTemplar: Has subsidy not been removed before? How much was removed? How much is left to be removed ? |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by CheapHomes1: 1:24am On May 09, 2023 |
mrvitalis: Wait ooh, did commercial banks complain that they didn't have money to give out as loans? Is it absence of 3% that has put the nigerian economy were it is? All the monies loaned out so far, how has it improved the economy? |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by CheapHomes1: 1:26am On May 09, 2023 |
mrvitalis: How did you arrive at your 90% and 2%? |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by Reference(m): 3:02am On May 09, 2023 |
mrvitalis: I am an advocate for subsidy removal, and gave been for a long, long time but the issues are clear. That it is government's failure to 'show' how the 'common man' will benefit from subsidy removal that has caused the apprehension and resistance. All government has been preaching is the dangers of continuing not the benefits of stopping. That is the issue And so the common man has said, 'let us die together since we cannot benefit together. And this is a clear indication of a nation that does not trust it's government. And this is because they have lied and lied and lied in the past without consequences. Many promises of better things with increase in energy costs have never materialized. As you alluded subsidies on AGO and DPK have been removed for more than a decade now, WHAT ARE THE BENEFITS. If we are saving probably trillions more we will have been spending on keeping diesel and kero prices cheap, where are they. Where are the savings...? Such will be the fate of Nigeria even if subsidies are removed. The savings will still not impact on the economy because those stealing in the name of subsidies will shift attention to the savings through bloated government, hyper inflated contracts, rent seeking, etc. The 'common man' sees cheap gasoline as HIS ONLY TANGIBLE BENEFIT of being a citizen of this country. He pays dearly for everything else. |
Re: Subsidy Removal: Spending On Petrol May Jump 250% To ₦8 Trillion by Shegunsmart(m): 3:25am On May 09, 2023 |
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