WildChild00:
Hardship looms, Tinubu ought to have fixed the refineries before removing subsidiaries, now hardship knows no party affiliation, both Apc, pdp, labour party supporters feels the pains.

...that is it ...the refinery is the solution to all this problems...dangote refinery the federal government commissioned and promised nigerians that dangote refinery will start by ending of July 2023 till now dangote refinery has not yet started...they deceived nigerians about dangote refinery starting by July 2023

MarketDispatch:


We have no reason to endure any hardship or difficult time. Stop typing Balderdash to be hoping and praying. Hoping and praying does not fix anything.

The refineries we keep talking about, are they not paying Salaries every month? The Crude Oil that used to go to all the refineries where do they now go to? Have the supply been shut off? Who is the Maintenance Manager of the refineries...why has the Maintenance manager or maintenance department not been replaced for many years to get a functional maintenance team in place to get results.

Hoping and praying is not a Solution.

I wonder how some people are bold enough to defend dumb decisions

Worst of all he had to end his senseless post with "THE WHOLE WORLD FACING ECONOMIC MELTDOWN" very annoying if you ask me

Is Niger and Ghana oil producing country stop this comparison to justify the unnecessary and untold hardship purposely targeted to weaponised more poverty to the already poor masses.

Apc doesn't have the masses at heart ,must we be the sacrificial lamb for this country to be better?It won't take anything away from our leaders if they cut down the cost of governance and stop looting and relooting of our commonwealth.

Holla911:


How could he have repaired the refineries while paying subsidy ?
One had to go for the other. We have no choice but to endure the difficult time while hoping and praying our leaders get it right.
The current hardship is a global pandemic.

You see my problem with some of you on this forum..
For how long do we continue living on hope?

Naajjii:

Oga let the government fix the refineries or build new one first ,let refine the crude here. This will reduce the burden and pressure on Forex significantly.

But the refineries then have to make a profit to run well...that is why subsidy had to go.

Here is another reason why subsidy had to go..

See those price increases we have had in ten weeks? If subsidy was there, government subsidy costs would have risen three times in ten weeks.

At some point it rises above the budget for subsidy for the year, and then government has problem paying for subsidy.

What happens is

1.Scarcity at the end of the year, because marketers and transporters cannot balance their books

2.Government taking money from other sectors to pay for the subsidy and covering the resultant hole with more loans.

You want that to continue? We did that for years...and now we are using 99% of our revenue to pay for debts.

Refinery is the solution to all this problems...and the federal government is not taking the refineries serious... where is dangote refinery they commissioned and said it will start refining crude oil by July 2023...they just deceived nigerians

seeker121:
Is Niger and Ghana oil producing country stop this comparison to justify the unnecessary and untold hardship purposely targeted to weaponised more poverty to the already poor masses.

Apc doesn't have the masses at heart ,must we be the sacrificial lamb for this country to be better?It won't take anything away from our leaders if they cut down the cost of governance and stop looting and relooting of our commonwealth.

Yes, Niger and Ghana are both oil producing countries. Not as much as Nigeria, but they do have domestic oil reserves.

Niger was even at one time exporting refined fuel to several African countries, here inclusive.

cescky:


your a big EMU EMU...


chai....keep supporting tinubu, long may you continue to suffer

Considering how long you've been on this forum, I expected you to be matured and reasonable but I was wrong.

socialjustice93:



You see my problem with some of you on this forum..
For how long do we continue living on hope?

What do you suggest we do ?

jullary:
Haaa egba mi?
Is dangote refinery not coming up again?!
Abi why refining what we have freely abroad.
Truthfully Nigeria na scam.

... Buhari just wanted to use his name to commission dangote refinery before his tenure ends... Buhari and federal government just deceived nigerians that dangote refinery will start by July 2023... even Aliko dangote also deceived nigerians... nawaoooo

Holla911:


How could he have repaired the refineries while paying subsidy ?
One had to go for the other. We have no choice but to endure the difficult time while hoping and praying our leaders get it right.
The current hardship is a global pandemic.

you didn't endure it when Jonathan was president but you want us to endure it cus your tribe's person is there ok ooh,

adenigga:



Source: https://punchng.com/Forex-crisis-Marketers-propose-N720/litre-suspend-fuel-imports

everybody can import? Na by statement. No be dollar you go use, abi na CFA 1000/N1400? We know where the thing dey go. Apologize to Emefiele and adopt his monetary policies till Nigeria meet up with local production.

nairalanda1:


Well, it starts by ensuring that the refineries would be profitable once in operation, and that can only happen if subsidy is removed.

Because, many private refineries have to look for financing from banks, and if the bank ain't sure they would see their money again, they won't lend.

Hence subsidy has to go.

...and what about dangote refinery the Buhari administration commissioned and told nigerians it will start operation by July 2023... why has it not yet started till now

georgeakins:


At least, he should have waited for Dangote refinery to come on stream. Why the rush?
I doubt if Nigerians will embrace another increase.

Dangote refinery would not make petrol sell at old price. We can't sustain subsidy. It's best we feel the pain now and adjust to the reality than keep plundering ourselves in suicide debt.
Were in the world is fuel cheap ?

SemperFid:


The money generated from subsidy is ending up in the pockets of tinubu and his friends. They call it holiday prayers. Hehehe

We must teach igbo people lessons since they refuse to be loyal.

This isn't about tribe. It is a consensus that subsidy must go. Both obi and atiku agree to it.

tsdarkside:


what can he do....??
print dollars himself....??

Ahaha..
That is where compitence and skills comes in. You do not just place you regular "Joe" economist handling eg the economy of a rich state that has excess inflow. Rather someone with financial skills, that in a dead economy can still turn around things.
Two people are sent to an island opposite a city. One complains, nothing is here, it is barren. The other agrees, but few months later, he is processing salt from the sea and selling while the other goes empty.
I spoke the other day of how no school, transporter etc could buy buses due to high cost. Hummer bus now 40m, coaster but 50m, korope from cfao motors 10m.
Some guy goes to Japan, buys 1st class used buses, cuts them up in 3 places, loads 30 of them in 1 container instead of the maximum 2-4 units a container contains. Brings them to naija and reassembles them.
He cuts the cost, korope becomes 1.5m, hummer bus 8m. Nigerians can then afford to buy. A way out of nowhere.
Why do you think companies will be doing poorly, the go hire a sound professional that turns the place around?
Go read about Carlos Ghosn and Nissan.
Dont even go far, read of Olushola medupin of Enish restaurants uk, even where he served upnorth which was a dead zone, he took over a neighbour's dead shop and within a week, the shop could not handle the trade going on there!
Watch his interview on YouTube with Tayo Aina.
Let me not use an ex governor as an example (for obvious reasons) , how with merger resources was able to fix important aspects and still save billions out of no where.
Where people see nothing, just as you asked what the cbn gov should do, print dollar himself? A proper competent person will be in that same spot and will figure out what to do.
Ask Osibanjo how he did it when he handled power for few months, how dollar crashed from 750 to 300.

They should kukuma just make it 1k to 1 litre since dollar itself is almost 1k naira and fast heading to 1k5.

This is massive inflation just doing press up. We are all heading for a long thing in the months to come.

ufotunang:
...and what about dangote refinery the Buhari administration commissioned and told nigerians it will start operation by July 2023... why has it not yet started till now

Which won't magically mean fuel would be N200 when it comes on stream

Things cost money. Would you sell your service for less so that the poor can breathe? No.

Holla911:


How could he have repaired the refineries while paying subsidy ?
One had to go for the other. We have no choice but to endure the difficult time while hoping and praying our leaders get it right.
The current hardship is a global pandemic.

Current hardship is a global pandemic says by a village man in Nigeria who haven’t entered a plane talk more of living abroad.
You don’t know how deprived, poor and stupid una be until you leave Naija.
It’s not a global pandemic okay.
Naija suffer heads, nothing in Nigeria is normal.

The world leaders,not only Nigeria are occultist using the poor masses, countries in Africa that doesn't have resources like Nigeria,and don't export any crude oil,have stabilized currency, why is dollar going up only in Nigeria? not so in cotonou.

nairalanda1:


All in all, at the end of the day, price controls that you are subtly advocating , never ever worked.

You won't let government set your price. So, stop complaining about rise in fuel price. It's called capitalism. It's not the best system in the world...but sadly people WANT TO BE PAID.

And here we are.

As usual another of your thoughtless theory economics that fails heavily when tested.
So long as we import fuel, there would always be pressure on the naira, and then the rebound effect on the price of fuel itself. And the merry go round continues.
So when do we stop, when do stop? When dollar becomes 2000 naira/dollar or fuel becomes 2000/litre.
Close to half of our import is fuel. Half of our Forex we earn goes into importing fuel. That's the reason the dollar keeps rising. And a rising dollar will need to inflation, higher cost of living and weak purchasing power for the people. Rampant inflation will force the CBN to raise interest rate to keep inflation in check leading to higher cost of borrowing. All these leads to poor economic outlook for the nation. This is not rocket science.
The only way out is to refine fuel domestically, that alone will crash the dollar by half its value in naira.

This present govt will eventually be forced to subsidise fuel again because there's a limit to what the people can take. Talking about putting the cart b4 the horse.

Holla911:


How could he have repaired the refineries while paying subsidy ?
One had to go for the other. We have no choice but to endure the difficult time while hoping and praying our leaders get it right.
The current hardship is a global pandemic.

Oga stop this warped thinking....who says our refineries can't be fixed or we can't have modular refineries...as you said that one had to go for the other so why can't the refineries come first....the removal should be secondary and should not affect Nigerians

WildChild00:
Hardship looms, Tinubu ought to have fixed the refineries before removing subsidiaries, now hardship knows no party affiliation, both Apc, pdp, labour party supporters feels the pains.

Who did you vote for

E shock you?
Abi, E favour you?
Ronu oooo!

adenigga:



Source: https://punchng.com/Forex-crisis-Marketers-propose-N720/litre-suspend-fuel-imports

Many apc defenders said once they give marketers license to import fuel it will be cheaper but why is it even more expensive now?

Still can’t believe a country with 3-4 refineries are importing fuel .

Allow local manufacturers to produce no way.
Tomorrow the useless SS people will say Igbos are Dey problem while they will take their crude oil to abroad and sell and use some of the money to buy fuel and import. And stop the locals from producing

Don't be dull bros. FG can easily get the loan to fix refineries (they have been getting much more loans for less relevant projects). Alternatively, less priority projects and expenditures can be suspended to facilitate the comebacks of the refineries. The excessive annual cost of leadership in Nigeria is enough to build modular refineries. If corporate and even individuals can build refineries, govts (with intentions) can also do it without killing the citizens.

Holla911:


How could he have repaired the refineries while paying subsidy ?
One had to go for the other. We have no choice but to endure the difficult time while hoping and praying our leaders get it right.
The current hardship is a global pandemic.

nairalanda1:


Fixing the refineries won't have caused a reduction in price by much. (Some say N70).

The refineries still have to be maintained, and repaired and kept in good working order, and they still have to pay workers at competitive rates. Guess what, we still have to import components for the refineries from abroad, then they have to pay taxes, and pay for community projects.

And all that costs money.

Fuel isn't cheap. Niger, Ghana refine fuel from domestic crude, and fuel costs above N800 in both countries.

Then go for modular refineries it's nothing major even private citizens can own modular refineries..... Don't people operate smaller refineries in Niger Delta,so what's so special about refining that you are making it so hard to convince ...even countries like Libya and smaller countries have functioning refineries and don't have to refine their crude abroad which is more expensive than having refineries

You said "It is easy to borrow for refineries...but then the refineries have to make a profit so that the loans can be paid back. And that is achieved when subsidy is removed and the market is allowed to make a profit...." Just as I said in previous post, a responsible government should've ensured that our local refineries are working before removing subsidy..... The removal of subsidy without any working local refinery was callous of the government and a grave injustice on the Nigerian people.... The fact that you support Tinubu's fuel subsidy removal policy and the evil APC government in general is quite unfortunate "nairalanda1".... The way forward to forestall further economic decline and arrest the situation before fuel sells for N1000 per litre is for the government to cut down on bloated expenses and unfair remuneration packages enjoyed by politicians, reintroduce fuel subsidy to stabilize fuel price and provide a clear roadmap on when our national local refineries will begin production (They say PH refinery will start working by December but APC government can't be trusted). The government should be held accountable by Nigerians to follow through a clear roadmap that will ensure that atleast one local refinery is working..... Only when this is done can fuel subsidy be removed.....

nairalanda1:

Well, ye are right about subsides, but the problem is, in sane countries, they are paid for by taxes...not from oil income (unless you are Libya or Saudi that has a low enough population to swing it).

Also, subsides in most sane countries are in the form of tax breaks to reduce the cost of production...not the thing we do here where we force the market to sell below production cost, and pay the difference, which rises once costs of production rises.

Doing that for over 40 years made us run massive deficits, massive loans to cover the deficit, and wrecked our refineries. To say nothing of funding massive corruption.

It is easy to borrow for refineries...but then the refineries have to make a profit so that the loans can be paid back.

And that is achieved when subsidy is removed and the market is allowed to make a profit.

(Which is why NNPC is now rushing to fix its refineries right now. PH would be back, according to them, by the end of the year, Kaduna by the middle of next year).

Well, Atiku and Obi said they would remove subsides. I happen to agree with them. As did every other candidate except Sowore.

(Don't bring Obi's quote about partial removal of subsides...because that in essence admits that Buhari's partial removals were right.).

adenigga:



Source: https://punchng.com/Forex-crisis-Marketers-propose-N720/litre-suspend-fuel-imports

. The solution to all this problem is simple if our government is honest and factual..Make all the refineries in Nigeria works,make dollar as a currency illegal in anyone's pocket or hand. All dollars should be in Nigerian banks and make dollar account accessible to people doing business and those who needs FX,never give anyone dollars for whatsoever reason,let them fill forms and transfer the exact amount from there dollar account to the foreign account or any account they needed to..make dollar bill illegal like emefiele and his crooks did to naira the other time,you will realise influx of dollars will be moped up in our society and make our security agencies arrest and prosecute any aboki exchanging dollars in the black market..Black market should be banned and every transaction should be made official. Solution will be created immediately..but our corrupt government,can they enforce thispolicy or even make it as laws?no because they are corrupt.

Food for thought!

Singing "Ndi ike" Falz featuring Flavour and Odumodublack..

jullary:
Haaa egba mi?
Is dangote refinery not coming up again?!
Abi why refining what we have freely abroad.
Truthfully Nigeria na scam.

You go wait tire

This is Nigeria

Dangote refinery will only work but on paper for now