stanluiz:
So why did he removed the first subsidy in the first place when fuel was still at the price of 195 ?

are you asking why a criminal does what he does best?

ChrisP92:
Modular refineries in strategic states would massively help, I think. Make people wen sabi make things trend start #buildmodularrefinery. Let's help the govt with ideas if dem nor know wetin to do. Nor b only criticism 😔

If you're dangote will you sit back and watch modular refineries emerge? Too much competition that you cant control.

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you forgot templarlandry

Omoawoke2

EkelediliBuhari:


The one they used to hedge against the $3bn loan?? The loan that was shared amongst themselvez

The loan is a flop. Only 250m got out.

You guys are spead BS in the name of news a lot.

Omon na to hit the street oh. No jokes. What nonsense

So, we are now back to the same old system of subsidy and the corruption and the stealing and looting that it brings, as well as the self sabotage.

Anyway, like I tell people here, don't support APC. Or PDP. Both tell lies. Tinubu is just doing what the Buhari did.

Ah well, a lot of subsidy supporters will be glad. As for me, it is foolish to bring back subsidy.

Make we leave Nigerians and their leaders to their socialism with African characteristics. Things must be cheap, eh comrades?

After all, let's lie to ourselves and pretend that the thing that costs 2 million naira costs N1000 instead. The people responsible for making the thing that cost N2 million will pay themselves from the sky, the buzzards..

APC, yeye economics.


Modifed
Know what's funny about this subsidy argument? Nigerians arguing that government should

1.Set prices of a commodity below what it costs to produce it

2.And then pay a subsidy for the commodity...which would rise once the cost of producing the subsidy rises

3.Which brings on more debt and deficit.

Anyway, as someone advised me, don't argue with cheap price people.

You forgot to add raskimono jendor

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wedgemont86:
Does this mean the price of fuel will go bk to normal?

what they are saying is that they are subsidizing it for u and I buy to at #620 sir

So where is the 400 billion Tinubu told us he saved from subsidy?

If government are for the masses as they want us to believe, the local consumption price should be the business of the government because when oil soars in the international market, the investors will want to maximize their gains and that affect local consumption price since the government has deregulated the industry.

The solution on paper is not farfetched, put all the refineries in working condition, give them the crude at local price for local consumption, wage serious war on saboteurs and tightening border security and enact a serious law against the culprits

Babathanks:

God bless you for this. Instead of all this insult from the children from yeast. We should tag federal government on all social media and offer our advice on how to fix this problems

tinubu that have been planning for decades as master strategist doesn't have ideas?

Seefinish:
Why is so easy to pay subsidy and so hard to build new refineries?

This useless and evil party promised to build new refineries but unfortunately nothing to show forth except bogus amount of money claimed to have used for subsidy.

Question for the Gullibles and KIDs

The society that lives on subsidies and freebies, is always responsible for a corrupt governance.”
― Dr. Ashok Anand


As usual, Tinubu, like all good politicians.......lied.

When a politican chooses between his political future and the good of the country...it is always the political future that gets chosen.

Anyway, for your sanity, DO NOT SUPPORT PDPAPCLP.

Nigeria will regret for working against peter obi .

ArcSEMPECJ:


When your lord and personal saviour in power makes you to suffer more and cry that you have been put in a renewed Shege pro Max....

They told you the price of Fuel is #620 highest ever because they removed Subsidy , but not knowing they collaborated with the importers and marketers of Fuel to siphon you and still sell higher than the former price @ #220 and still pay for the subsidy secretly.....

What a bombshell!!!!!!

You are funny!

BIZNess123:


Tinubu is a leader who listens to the cry of Nigerians...


But wait oo imagine spending 3 trillion naira for subsidy.. that's huge..

w

When em de spent am waiting u get ?

Whosoever voted for APC to put Nigeria in this situation now, may God punish you all.

TemplarLandry:
Another fake news.

Fake news how ?

Erm... You are subsidizing fuel and your citizens are still buying at exorbitant rates!


There is no limit to the corruption in this contraption.

Which way Nigeria my country 🤔

Daily Trust investigation revealed that the move to make the payment of N169.4 billion has the blessings of the high level of government, a senior government official disclosed to our reporter.

Will the price reverse of scamming Nigerians as usual?

stanluiz:
So why did he removed the first subsidy in the first place when fuel was still at the price of 195 ?

Because if they did not, we would have been paying something like 500 billion or more to keep fuel that low...and that would have impacted on government treasury levels.

Government has been doing this partial removal of subsidy...or total removal, only to bring it back, in one way or the other, since 1973.

Assuming fuel was still sold at N195, the amount spent as subsidy would have risen three fold at least since May 2023.

It costs a lot to subsidise fuel. Especially if you are doing it at the pump. Which is why in 2012, GEJ wanted to do away with subsides completely. Even me who did not support him could see the sanity in what he was doing...but most of you said no, so we kept on paying subsidy.

To keep it simple...

Assume you are a baker and at January it cost you N1000 to bake one loaf of bread. Government pays you a subsidy of N600 per loaf of bread, so that you sell it at N800 instead of the N1300 YOU would have been selling it. Now, it costs you N2000 to bake that loaf, and government is still asking you to sellit at N800, subsidy stays at N600, meaning for every loaf of bread you bake, you lose 600 naira....since you make just 800 from sales plus N600 per loaf....giving you N1400. So, either

1.Government allows you to sell your bread at N2500, and removed the subsidy OR...
2.Government raises subsidy to N1100 per loaf.

Where is the money coming to fund the increae from N600 to N1100? Usually from other secotors of the budget, or from...LOANS.

ChrisP92:
Modular refineries in strategic states would massively help, I think. Make people wen sabi make things trend start #buildmodularrefinery. Let's help the govt with ideas if dem nor know wetin to do. Nor b only criticism 😔

You think modular refinery would be profitable and people never invest?

Lmao you can't make profit with local refineries until fuel sale at least $1.2 ... So that's 1200

Sorry but that's the truth

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You spell the helinues well.

This is for all the ronu miscreants. On behalf of obidients I sayyy... ntoooor

Donaldoni:
I doubt this news

NNPC does crude for PMS swap and it earns its own dollars.

So where does the subsidy come in?

Anyways, the refineries would soon be up and running. No cause for alarm.

Keep doubting o, you go soon doubt your existence.

egoldman:
So where is the 400 billion Tinubu told us he saved from subsidy?

hahaha! Tinubu naa Omo-Oluwole, believe him and you perish.

Mccullum:
That's truth, the FG still paying subsidy unpronounced due to the

hardship it'll cause for the populace if they failed to augment PMS

price for the end users due to how naira loosing value for US dollars.

The problem is, the money for subsidy payments will now come from other sectors of the budget, leaving behind a huge deficit in the budget...which means, more loans.

ESPECIALLY if oil prices keep on rising.

Anyway, Dangote has said he will produce fuel in November...EVEN THEN...if his refinery was running at full capacity it cannot meet our needs . We still have to import.

TemplarLandry:
Another fake news.

Which fake news? It's clearly stated in the FAAC revenue report.
Tinubu didn't think through before he announced subsidy removal. If he didn't pay it, fuel would have been around 850 per liter now and that would have consumed his regime.

mrvitalis:

You think modular refinery would be profitable and people never invest?

Lmao you can't make profit with local refineries until fuel sale at least $1.2 ... So that's 1200

Sorry but that's the truth

Very true.

Modular refineries HAVE TO MAKE A PROFIT. So, unless NNPC agrees to sell crude to them at knock down price...which would be riddiculous, or they do as illegal refineries do and steal crude and refine it....fuel from there would still be expensive.

Angelfrost:
Erm... You are subsidizing fuel and your citizens are still buying at exorbitant rates!


There is no limit to the corruption in this contraption.

because
1.crude oil is $95 per barrel
2.Nnpcl is alleged to have sold part of it's crude for loan(reduced earnings)
3.No local producing refinery
4.exchangr rate of dollar to naira is 1:#900

Could have been kept in check but like someone said the fg has to solve economic problems to avoid this kind of things.

Now it has coughed #169 billion that would have been used for other development projects.it will now have to go and borrow(hopefully not)

prophetfire:
Which fake news? It's clearly stated in the FAAC revenue report.
Tinubu didn't think through before he announced subsidy removal. If he didn't pay it, fuel would have been around 850 per liter now and that would have consumed his regime.

He is in shock that his principal scammed them. Just give him some air.