₦airaland Forum

Ikaeniyan0:
Why are marketers claiming there will be petrol scarcity because of the shortage of dollar when the NNPCL the sole importer is not complaining? Well, I hope the price of oil keeps on increasing sha

Ok

Ok

Yet, Tinubu Administration will prefer to keep rubbing Nigerians off.

Na wa o..na to enjoy our .. I beg laugh


https://www.youtube.com/watch?v=keS0nGrGtFw?si=7D1x40mDTWi8SgCB

Ikaeniyan0:
Yes, so stop claiming people are buying petrol for #900

do you have a comprehension problem? He said that he started paying subsidy so that price of PMS will not soar to 900

Eff y'all
Sycophants with no pragmatic solutions
Why should Nigeria not reap the benefits of price increase....?
Do we not still pay when the price drops...?!

Somaliland...here I come

AS CRIUDE PRICE INCREASES THAT IS MORE MONEY FOR FG TO CARETAR FOR NIGERIANS.
STOP SPREADING FALSEHOOD TO CAUSE INFLATION.

Ikaeniyan0:
Yes, so stop claiming people are buying petrol for #900

I have to break all this down for you like a toddler to understand what I meant.

This is the summary of my comment: They had to return the subsidy because it wouldn't make sense to ask people to buy petrol for 800-900 naira per litre.

This is what that comment means. Nawa!

What should ordinarily be a blessing, is what we are glooming over.

Ikaeniyan0:
Why are marketers claiming there will be petrol scarcity because of the shortage of dollar when the NNPCL the sole importer is not complaining? Well, I hope the price of oil keeps on increasing sha

seriously you want oil price to increase when you don't have local refining capacity. what did you smoke this morning?

Ikaeniyan0:
Why are marketers claiming there will be petrol scarcity because of the shortage of dollar when the NNPCL the sole importer is not complaining? Well, I hope the price of oil keeps on increasing sha

NNPC won't talk because they don't want to burst the government belle, but marketers are self-employed people and aren't answerable to government.
Government will rather hide the truth.

Okortor:
Imagine and instead of the youths to protest against current hardship Rather the jobless youths have taken to the streets to protest for some stupid reason over somebody I believe they did not know or even listening to his so called music.
Moh-Bad simply mean: I AM BAD.
That is the kind of person that more than 60% of Naija (youth) seem to be giong haywire for.
Then suspecting & accusing one Naira Marley like that for his death who might even be innocent,when bad governance that has made life difficult for everybody stare at them in the eyes.
LAZY, USELESS & STUPID YOUTHS EVERYWHERE..........

Are you not a youth?

E nor go better for IMF and Buhari when put Nigerians for this hardship o

kingamaa:
Street no laugh o

BAT no just try increase fuel price again, the streets are red with hunger and suffering, the centre is no longer holding

Eating now na if and when.

My sincere prayer is that BAT gets it right fast.

Naija go better. Hope dey bam bam.

lol i pity you walahi. see the truth is the government doesn't even have FX to sustain subsidy. this is between the devil and the deep blue sea.

PARADIZEPRIEST:
AS CRIUDE PRICE INCREASES THAT IS MORE MONEY FOR FG TO CARETAR FOR NIGERIANS.
STOP SPREADING FALSEHOOD TO CAUSE INFLATION.

NIGERIA SHOUKD HAVE NATIONAL CONFERENCE ON HAVING OWN CRUDE REFINERY.
INVITE OBJ, JONA, BUHA LET THEM COME AND TELL NIGERIANS WHY THEY REFUSED TO BUILD ATLEAST COMMON TWO ULTRAMODERN REFINERIES IN NIGERIA FOR 23YEARS THEY RULED. building refinery is not rocket science,imagine china has over 1000.

APC just came and bastardized the economy. It will not be well with them .

prophetfire:
NNPC won't talk because they don't want to burst the government belle, but marketers are self-employed people and aren't answerable to government.
Government will rather hide the truth.

Marketers are not the ones importing oil, why are they lamenting on behalf of the NNPCL even though government have been subsidizing petrol?

All these suppose to be blessing to us as Oil Producing County.

PrinceOfLagos:
I hope Tinubu supporters will buy fuel at N150 for supporting the drug baron?

E go touch everybody

E go touch abi e don dey mama dem

Irony1:
seriously you want oil price to increase when you don't have local refining capacity. what did you smoke this morning?

high oil price mean more dollar revenue for Nigeria, whether we have a refinery or not.

Government can subsidize oil now because of high oil prices, we have more dollar at our disposal.

Dangote will start refining diesel and jet fuel from next month by the way and petrol by november.

Bomb Dey your head

Okortor:
Imagine and instead of the youths to protest against current hardship Rather the jobless youths have taken to the streets to protest for some stupid reason over somebody I believe they did not know or even listening to his so called music.
Moh-Bad simply mean: I AM BAD.
That is the kind of person that more than 60% of Naija (youth) seem to be giong haywire for.
Then suspecting & accusing one Naira Marley like that for his death who might even be innocent,when bad governance that has made life difficult for everybody stare at them in the eyes.
LAZY, USELESS & STUPID YOUTHS EVERYWHERE..........

CONTINUE TO LIVE ON IMPORTATION, YOU FAILED TO PRODUCED WHAT YOU NEED HERE IN NIGERIA, COTONOU CFA NOW BETTER THAN THE NIGERIAN CURRENCY, SHAME ON YOU THE NIGERIAN CITIZEN, FRAUDULENT MENTALITY WON'T ALLOWED YOU GROWING BEYOND THIS POINT, MEANWHILE NIGERIAN'S ARE BREEDER , ALSO FAILED TO TAKE CARE OF THEIR CHILDREN, YOU THE NIGERIAN CITIZEN PREFER PALLIATIVE RATHER THAN GOOD GOVERNANCE, AWON ONIRANU

Ikaeniyan0:
Oil price mean more dollar revenue for Nigeria, whether we have a refinery or not.

that dollar revenue is proportional to the amount spent in subsidy because any further increase in fuel price will cause inflation and weaken the naira thereby leading to more dollars being spent to cushion the effect.

SmartPolician:
He's paying subsidy so it doesn't get to that price.

Which would drain our resources even more...as oil prices keep rising.

Ikaeniyan0:
There's no part of Nigeria petrol is sold for #900 per litre

But there's every part of Nigeria currency is N980/$1 ?

What kind of country is this for god's sake?!

Leaders see and know the actual problems and their attendant solutions, yet choose to cut corners and administer band aids.

What is it going to take for the Nigerian leadership to sell off the redundant refineries and own minority stakes on a PPP arrangement? What is it going to take to issue licences for modular refineries and push forth enabling policies for them to function optimally? What is it going to take to completely remove BDCs from our forex economy so the official banking body can have sole discretion over the flow and pricing template of foreign currencies? What kind of country claims to have removed petrol subsidy yet still has her National oil organisation being the sole importer of needed products for daily consumption?

Is it until the country collapses on us?!

Irony1:
lol i pity you walahi. see the truth is the government doesn't even have FX to sustain subsidy. this is between the devil and the deep blue sea.

Pity yourself, no pity me

Whatever the case may be, naija na still my country, if I japa can every member of my family japa. The least I can do is to pray for her and wish her well irrespective of what the situation is. Abroad sef no laugh. Biko, home is and will always be the best.

Again, my sincere prayer is for BAT to get it right and quick too. Street no laugh

What is tinubu's job again abeg
When Nigerians will retaliate, u will run away from presidency

The national economy is beyond logic

Crude prices increasing

Wahala for the Nation

Crude prices falling

Wahala for Nigeria

Why is this the prevailing circumstances

Crude prices increasing our own currency

Naira is falling daily.

Ikaeniyan0:
high oil price mean more dollar revenue for Nigeria, whether we have a refinery or not.

Government can subsidize oil now because of high oil prices, we have more dollar at our disposal.

Dangote will start refining diesel and jet fuel from next month by the way and petrol by november.

Erm, actually, it doesn't.

We had a prolonged period of low oil prices from 2014-2021, and again from 2022 till now.

During that period of low oil prices, loans were taken to keep our heads above water

Now the loans have to be paid back, so any benefit of high oil prices is lost.

As this article from 2004 put it well

Corden and Neary (1982) have demonstrated how Dutch disease occurs in an economy. According to them, in a country experiencing "boom" in the export of a commodity, the economy can be divided into three sectors: the "booming" export sector, the "lagging' traditional export sector and the non-export sector. The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. The non-tradable (non-export) goods sector covers all those goods that are produced for domestic consumption only, e.g. staple food items, clothing, building materials, locally-assembled cars. Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy. This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors.[b]With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty[/b]

kingamaa:
Pity yourself, no pity me

Whatever the case may be, naija na still my country, if I japa can every member of my family japa. The least I can do is to pray for her and wish her well irrespective of what the situation is. Abroad sef no laugh. Biko, home is and will always be the best.

Again, my sincere prayer is for BAT to get it right and quick too. Street no laugh

hmmm Nigerians ehnnn, if you understand that this man is not interested in the welfare of Nigerians, poverty is a weapon for them to be in power, so that they can continue doling out handouts to people for votes.
He only wants to fulfil his ambition of being president that's all.