₦airaland Forum

JagabanB:
If u think u are smarter than the political class, prove it by getting into politics and making the difference, when u sitting and u are talking, it's easy to do.

Kperoogi is not smart na abi

You shall all remember me when am no longer your president says Buhari.......

Who did this to us?

nairalanda1:
That is the problem with the article.

Mr Kperoogi, like most Nigerians believes that subsides are essential for our economic growth. Well, we tried subsides for over 40 years, and our economy has not grown as it should. Unless he wants to suddenly label all our past NIgerian leaders, the ones he blasted inclusive, as good leaders.

The problem with the subsidy wasn't even the corruption. It was the fact that we were running out of money to maintain fuel below N200 , talkless of below N100 even. It was getting to a point where our debt servicing was above 90% of our revenue.

But people like Kperoogi, and most Nigerians, including here on this site, are in denial. They want subsidy to be kept, and all they believe is that if we eliminate corruption, it would be ok.

Well, it won't. SO long as fuel consumption, production cost, increase, it means that government would be spending more and more and more money on subsides. TO the point that our debt would eat all our earnings, and grow larger than our earnings. Then the economy collapses.

That is why over the years, there have been partial removal of subsides, including by this admin. The problem is, the whole subsidy thing has discouraged domestic refining. And now we are about to have a domestic refinery...and subsidy has not yet been removed.

NIger, GHana, and many African countries have working refineries and no subsidies.

THe thing is, subsidy has to go. The annoying thing is that supporting subsidy removal means in the mind of Kperogi and most NIgerians that you are a supporter of the corn, or a tinubu supporter. Pardon. I no dey support APC. Or any other big party. But when I hear that our debt was , until this latest partial removal, eating over 90% of our revenue, what else should I support? Subsidies remaining, and a disaster happening? Or a total removal, and at least some hope we survive long enough for some sort of diversification to kick in (I don't trust that this government is even serious about it self).

Supporting subsidy removal does not mean you support tinubu, IMF, OBi, atiku, gej, buhari, obasanjo, IBB, et. It means you support NIgeria not being like Sri Lanka down the road, where we have no money, and are at the mercy of IMF . INfact, we are already there.

Venezuela has subsidsed fuel for over 60 years. See where they are. Dead broke.

How did you guys come about that debt would be eating 90 percent of our revenue? Are we repaying the debt now? What were the conditions for borrowing? When the government wants to implement a wicked policy, they will parrot lies to justify their policies . People like you will never fact check them but will start helping them to propagate their lies.

CharleyBright:
Where is Tinubu?
Tinubu has wrecked the country and he is chilling outside the country and telling Nigerians he is on a private visit. What manner of irresponsibility is that?
Was he elected to take private visits at public expense
Nigerians will never ever learn. They will do same mistakes over and over again simply because they are so engrossed in playing sentimental and crude ethnic Politics in electing their leaders.
They didn't learn from the mistake of electing Buhari, they haven't still learnt from electing Tinubu. Too old grumpy men who should be in retirement homes.
Just as the Hausa/ Fulani northern folks defended Buhari for all his clueless incompetence and bad policies, the Yorubas of the south-west are all out to defend Bola Tinubu with their blood. Same way the Ibos of the South-East would have defended Peter Obi if he was President.
Even if Tinubu's policies sink Nigeria to the deepest gallows, his people will still defend him (though in a more reasonable manner than their northern counter part).
The way things are in the country presently, na Sidon look be my own. Las last, we all will be served.

Nigerians might still gather, campaign, and vote for him in 2027; if they fail to take necessary actions, they might face the consequences they deserve. There's a lack of sympathy if they choose not to address the situation appropriately and endure the consequences.

Anatolia:
How did you guys come about that debt would be eating 90 percent of our revenue? Are we repaying the debt now? What were the conditions for borrowing?

It has been in several reports. It is only now, thanks to the partial subsidy removal the government did, as well as their floating of the naira that it has gone down to 63% now.

We got into the debt because at the end, the money we earn from oil cannot carry Nigeria. Then there is the looting issue as well. Add that up, and we have wahala. And it has always been like that .

All, in all scary.

The problem is, APC was supposed to diversify the economy from 2015 onward. they did not, that is why we are here

Here is a report from last year on the debt servicing..KPMG says Nigeria may spend 100% revenue on debt service

That's why I yell about subsidy removal. And have done so since 2011, when my eyes were opened.

Terrible

nairalanda1:
That is the problem with the article.

Mr Kperoogi, like most Nigerians believes that subsides are essential for our economic growth. Well, we tried subsides for over 40 years, and our economy has not grown as it should. Unless he wants to suddenly label all our past NIgerian leaders, the ones he blasted inclusive, as good leaders.

The problem with the subsidy wasn't even the corruption. It was the fact that we were running out of money to maintain fuel below N200 , talkless of below N100 even. It was getting to a point where our debt servicing was above 90% of our revenue.

But people like Kperoogi, and most Nigerians, including here on this site, are in denial. They want subsidy to be kept, and all they believe is that if we eliminate corruption, it would be ok.

Well, it won't. SO long as fuel consumption, production cost, increase, it means that government would be spending more and more and more money on subsides. TO the point that our debt would eat all our earnings, and grow larger than our earnings. Then the economy collapses.

That is why over the years, there have been partial removal of subsides, including by this admin. The problem is, the whole subsidy thing has discouraged domestic refining. And now we are about to have a domestic refinery...and subsidy has not yet been removed.

NIger, GHana, and many African countries have working refineries and no subsidies.

THe thing is, subsidy has to go. The annoying thing is that supporting subsidy removal means in the mind of Kperogi and most NIgerians that you are a supporter of the corn, or a tinubu supporter. Pardon. I no dey support APC. Or any other big party. But when I hear that our debt was , until this latest partial removal, eating over 90% of our revenue, what else should I support? Subsidies remaining, and a disaster happening? Or a total removal, and at least some hope we survive long enough for some sort of diversification to kick in (I don't trust that this government is even serious about it self).

Supporting subsidy removal does not mean you support tinubu, IMF, OBi, atiku, gej, buhari, obasanjo, IBB, et. It means you support NIgeria not being like Sri Lanka down the road, where we have no money, and are at the mercy of IMF . INfact, we are already there.

Venezuela has subsidsed fuel for over 60 years. See where they are. Dead broke.

Beautiful submission. Thank you.

israelmao:
Nigerian political leaders and unrepentant students of IMF and World Bank technical advice and expertise they hardly look inwards in order to formulate home-grown economic policies,they remain bottle-fed babies and zealots of anti-people polices of the economic slave masters of so-called development partners,you can imagine since the first day in office Emilokan fired the first shot and said,"Fuel subsidy is gone" in his inaugural address till date measures to cushion its adverse effects are until now hanging in the balance.

Nigerian economists are one of the dumbest in the world. They have no original ideas on economic development. Because they are lazy thinkers, they take advice from IMF wholeheartedly. You don’t need to know economics to know they are dumb.

naijadiplomat:
Beautiful submission. Thank you.

Thank you.

nairalanda1:
That is the problem with the article.

Mr Kperoogi, like most Nigerians believes that subsides are essential for our economic growth. Well, we tried subsides for over 40 years, and our economy has not grown as it should. Unless he wants to suddenly label all our past NIgerian leaders, the ones he blasted inclusive, as good leaders.

The problem with the subsidy wasn't even the corruption. It was the fact that we were running out of money to maintain fuel below N200 , talkless of below N100 even. It was getting to a point where our debt servicing was above 90% of our revenue.

But people like Kperoogi, and most Nigerians, including here on this site, are in denial. They want subsidy to be kept, and all they believe is that if we eliminate corruption, it would be ok.

Well, it won't. SO long as fuel consumption, production cost, increase, it means that government would be spending more and more and more money on subsides. TO the point that our debt would eat all our earnings, and grow larger than our earnings. Then the economy collapses.

That is why over the years, there have been partial removal of subsides, including by this admin. The problem is, the whole subsidy thing has discouraged domestic refining. And now we are about to have a domestic refinery...and subsidy has not yet been removed.

NIger, GHana, and many African countries have working refineries and no subsidies.

THe thing is, subsidy has to go. The annoying thing is that supporting subsidy removal means in the mind of Kperogi and most NIgerians that you are a supporter of the corn, or a tinubu supporter. Pardon. I no dey support APC. Or any other big party. But when I hear that our debt was , until this latest partial removal, eating over 90% of our revenue, what else should I support? Subsidies remaining, and a disaster happening? Or a total removal, and at least some hope we survive long enough for some sort of diversification to kick in (I don't trust that this government is even serious about it self).

Supporting subsidy removal does not mean you support tinubu, IMF, OBi, atiku, gej, buhari, obasanjo, IBB, et. It means you support NIgeria not being like Sri Lanka down the road, where we have no money, and are at the mercy of IMF . INfact, we are already there.

Venezuela has subsidsed fuel for over 60 years. See where they are. Dead broke.

You're such a Corning man 🌽

Always excusing corruption among the political elites

Nice one. I see what you did here

nairalanda1:
It has been in several reports. It is only now, thanks to the partial subsidy removal the government did, as well as their floating of the naira that it has gone down to 63% now.

We got into the debt because at the end, the money we earn from oil cannot carry Nigeria. Then there is the looting issue as well. Add that up, and we have wahala. And it has always been like

All, in all scary.

The problem is, APC was supposed to diversify the economy from 2015 onward. they did not, that is why we are here

Here is a report from last year on the debt servicing..KPMG says Nigeria may spend 100% revenue on debt service

That's why I yell about subsidy removal. And have done so since 2011, when my eyes were opened.

KPMG is talking about a debt to revenue ratio. The government is not paying any debt so we could still sustain subsidy. The senate who are being subsidized have not been affected. The only susbsidy they removed is for poor people.

HeeBraHim2:
What you wrote in unverifiable, but I love the fact that you include Lagos in your story.

😂

That alone prove some point .. meanwhile Anambra cannot survive without the federal government allocation.

Stop lying to yourself. Simple research will verify his comment. Lazy youth

RepoMan007:
The wailing losers have forgotten this. They assume any negative trend can always be used to promote their candidate at the expense of whoever is there now.

This is just where you missed the point. I wonder if you know that paracetamol usage has different effect on someone depending the way one uses it. Tinubu stole these men's economic recovery blue print but did not know how to use it.

Agboriotejoye:
Kperoogi is not smart na abi

The politicians are not smart now abi?

HeeBraHim2:
You lose the moment you start showing Obi as the option.
He cannot even turn Anambra to what he want to turn Nigeria to.

U sabi!

Anatolia:
KPMG is talking about a debt to revenue ratio. The government is not paying any debt so we could still sustain subsidy.

Erm, pardon?

We are actually paying off debts.

(I know you want subsidy back, but we are paying too much debt to pay for it. )

If we were not paying debt, there would have been enough for subsides.

nairalanda1:
1.Subsidy is not bad, but you have to have the money to pay for it. Here in NIgeria, our tax to gdp is too low to pay for subsides. As for the oyel money....90% is going on debt servicing , and we produce as much as Libya, which has 8 million people, and which can afford to subsidise. We have 200 million people, and far more needs than LIbya. Wey the money go come from.?

2.US, UK, Russia, China, and Europe pay what is called production subsides. In other words, they pay money to the refining companies to see if they can reduce costs.The refineries and market still set the prices. Also, US Has some form of financial aid to the poor re fuel, but you have to be means tested to see if you deserve it.(and if the government thinks you earn above a certain level, ye don't qualify).

US by the way, fuel prices vary from place to place. Some states eg California, are very very expensive.

(Also spend some time on US sites like reddit...someone posts a thread showing a photo of a fuel station in the USA from say 1949 or 1960's where fuel costs 50 cents a gallon, and people would be complaining like NIgerians, lol).

Here, we made the refining companies sell fuel below production cost, and paid them a subsidy that doesn't adequately cover the production cost. That is how we went from 40000bpd capacity in 1986 to 92000bpd in 2011, to 6000bpd in 2019. And because domestic refining was not profitable, the refineries all collapse.

Venezuela also does subsides like we do. Fuel costs N40 there. Meanwhile they have lost refining capacity so badly it is sad.

NIger is poorer than we are, they have a refinery, they have domestic crude production, and fuel there costs 1000 naira per liter or more. NO subsidy. DItto Ghana. Two working refineries self in Ghana.

Corning man 🌽
Dey lie small small na
Where did you see refinery bring forced to set price below production cost?
The lies are getting amaizing

tishbite43:
Read and understand except, of course, you're being mischievous.
Subsidy isn't bad but the corruption that goes with it in Nigeria.
The US, UK, Russia, China and Europe all subsidize one or two things to stimulate economic growth and to help their populace.

Then what is the work of EFCC or na to dey run after small yahoo boys up and down ,wey dey collect $20 itunes cards?

JagabanB:
The politicians are not smart now abi?

Obviously!!
Even I knew that subsidy removal will lead to structural issues in our economy. Or were you part of the zombie bandwagon who thought removing subsidy was a good idea?

surgical:
The guy is among the illiterate intellectuals that is wrecking this country with their half bake incomplete knowledge, and cooy and paste theories that can not fit into the environment they are trying to paste it
The mumu guy is still unrelenting in his stupid postulation despite the glaring failure of the policy they so much gloat about
Their recommendations of remove subsidy, float the naira has been implemented, can he not see the feedback of the policy ,is proud of the result instead of him no hide his head in shame,he is talking

Thank you and good evening.

May no one ever insult or abuse you on this site, or call you what you have called me.

nairalanda1:
That is the problem with the article.

Mr Kperoogi, like most Nigerians believes that subsides are essential for our economic growth. Well, we tried subsides for over 40 years, and our economy has not grown as it should. Unless he wants to suddenly label all our past NIgerian leaders, the ones he blasted inclusive, as good leaders.

The problem with the subsidy wasn't even the corruption. It was the fact that we were running out of money to maintain fuel below N200 , talkless of below N100 even. It was getting to a point where our debt servicing was above 90% of our revenue.

But people like Kperoogi, and most Nigerians, including here on this site, are in denial. They want subsidy to be kept, and all they believe is that if we eliminate corruption, it would be ok.

Well, it won't. SO long as fuel consumption, production cost, increase, it means that government would be spending more and more and more money on subsides. TO the point that our debt would eat all our earnings, and grow larger than our earnings. Then the economy collapses.

That is why over the years, there have been partial removal of subsides, including by this admin. The problem is, the whole subsidy thing has discouraged domestic refining. And now we are about to have a domestic refinery...and subsidy has not yet been removed.

NIger, GHana, and many African countries have working refineries and no subsidies.

THe thing is, subsidy has to go. The annoying thing is that supporting subsidy removal means in the mind of Kperogi and most NIgerians that you are a supporter of the corn, or a tinubu supporter. Pardon. I no dey support APC. Or any other big party. But when I hear that our debt was , until this latest partial removal, eating over 90% of our revenue, what else should I support? Subsidies remaining, and a disaster happening? Or a total removal, and at least some hope we survive long enough for some sort of diversification to kick in (I don't trust that this government is even serious about it self).

Supporting subsidy removal does not mean you support tinubu, IMF, OBi, atiku, gej, buhari, obasanjo, IBB, et. It means you support NIgeria not being like Sri Lanka down the road, where we have no money, and are at the mercy of IMF . INfact, we are already there.

Venezuela has subsidsed fuel for over 60 years. See where they are. Dead broke.

Stellar comment 👌 Funny thing is, Mr Kperogi doesn't believe fuel subsidy exists or ever existed. I stopped reading the man when he wrote that years ago. And this Kperogi also supported and campaigned for Buhari in 2015. Go check his records.

Good Luck to Nigerians!

RepoMan007:
are you a businessman or a bigot? Both don't mix well.

Get sense

This is not about tribal bigotry

The economy is not doing well

Everything is not about politics

yesloaded:
Get sense

This is not about tribal bigotry

The economy is not doing well

Everything is not about politics

lol. You sound frustrated.

You people voted your choice so stop wailing and crying. A CSU first class graduate who transformed Lagos to a mega city but at the center he is a complete confused man.

Agboriotejoye:
You're such a Corning man 🌽

Always excusing corruption among the political elites

Nice one. I see what you did here

The guy is unintelligent, his master has implemented subsidy removal, he should tell us what has been the gain of the government or the gain of the people, you will find out its a total loss to both side so what is it then about subsidy removal they have been touting as the magic wand
Now there is massive agony and poverty, there is disequilibrium in the economy, is that what subsidy removal is all about because that is what everybody can see and feel not the non existent ,imaginary gains by the proponents of subsidy removal

surgical:
The guy is among the illiterate intellectuals that is wrecking this country with their half bake incomplete knowledge, and cooy and paste theories that can not fit into the environment they are trying to paste it
The mumu guy is still unrelenting in his stupid postulation despite the glaring failure of the policy they so much gloat about
Their recommendations of remove subsidy, float the naira has been implemented, can he not see the feedback of the policy ,is proud of the result instead of him no hide his head in shame,he is talking

You are making yourself look bad by constant abuse behind my back, young man.

surgical:
The guy is among the illiterate intellectuals that is wrecking this country with their half bake incomplete knowledge, and cooy and paste theories that can not fit into the environment they are trying to paste it
The mumu guy is still unrelenting in his stupid postulation despite the glaring failure of the policy they so much gloat about
Their recommendations of remove subsidy, float the naira has been implemented, can he not see the feedback of the policy ,is proud of the result instead of him no hide his head in shame,he is talking

If I did what you were doing behind your back, you would call me names. You can disagree with me, but you need not be this abusive and petty.

tishbite43:
Read and understand except, of course, you're being mischievous.
Subsidy isn't bad but the corruption that goes with it in Nigeria.

The US, UK, Russia, China and Europe all subsidize one or two things to stimulate economic growth and to help their populace.

So please HOW can the corruption be eliminated? There's massive agric subsidy fraud going on in the USA.

https://www.google.com/search?q=dawson+farms+fraud&oq=dawson+farms+fraud&gs_lcrp=EgZjaHJvbWUyBggAEEUYOdIBCDY2ODFqMGo0qAIAsAIA&client=ms-android-samsung-gn-rev1&sourceid=chrome-mobile&ie=UTF-8

Housing subsidy fraud in the UK

https://www.insidehousing.co.uk/comment/social-housing-fraud-is-costing-you-millions-84000

The real point is....subsidies CAUSE corruption and SUPPRESS productivity.

Subsidies should be abolished so that REAL PROFITS drive producers to enter markets and provide what the people want. This is simple economics. Everyone should go read up on these things so they can understand.


https://www.youtube.com/watch?v=01lKDkYSFDg?si=aSZ5fi0-xil0SadH


https://www.youtube.com/watch?v=Tc8XQGEoEpY?si=XUq64OTPmq0kRZUO

There's no mystery about what creates national prosperity. It's FREE MARKETS, the freer a nation's markets, the more prosperous it becomes. The examples are all over the place, from China to USA to Venezuela and Nigeria. Subsidies are economic poison.

Good Luck to Nigeria.

ogododo:
https://www.farooqkperogi.com/2024/02/tinubu-nigeria-is-sinking-and-streets.html

You're just trying to sound intelligent in this your useless article. You quoted Atiku concerning removing fuel subsidy on day one but you never gave us where Obi said so. You only presented Obi's quote on unification of forex windows. Common gerrarahia!

IbeOkehie:
So please HOW can the corruption be eliminated? There's massive agric subsidy fraud going on in the USA.

https://www.google.com/search?q=dawson+farms+fraud&oq=dawson+farms+fraud&gs_lcrp=EgZjaHJvbWUyBggAEEUYOdIBCDY2ODFqMGo0qAIAsAIA&client=ms-android-samsung-gn-rev1&sourceid=chrome-mobile&ie=UTF-8

Housing subsidy fraud in the UK

https://www.insidehousing.co.uk/comment/social-housing-fraud-is-costing-you-millions-84000

The real point is....subsidies CAUSE corruption and SUPPRESS productivity.

Subsidies should be abolished so that REAL PROFITS drive producers to enter markets and provide what the people want. This is simple economics. Everyone should go read up on these things so they can understand.


https://www.youtube.com/watch?v=01lKDkYSFDg?si=aSZ5fi0-xil0SadH


https://www.youtube.com/watch?v=Tc8XQGEoEpY?si=XUq64OTPmq0kRZUO

There's no mystery about what creates national prosperity. It's FREE MARKETS, the freer a nation's markets, the more prosperous it becomes. The examples are all over the place, from China to USA to Venezuela and Nigeria. Subsidies are economic poison.

Good Luck to Nigeria.

So has US stopped agric subsidy?
Has UK stopped housing subsidy?
China pays heavy subsidies in its energy and agric sectors too and anyone with knowledge of Chinese economy knows it's anything but free.

surgical:
The guy is unintelligent, his master has implemented subsidy removal, he should tell us what has been the gain of the government or the gain of the people, you will find out its a total loss to both side so what is it then about subsidy removal they have been touting as the magic wand
Now there is massive agony and poverty, there is disequilibrium in the economy, is that what subsidy removal is all about because that is what everybody can see and feel not the non existent ,imaginary gains by the proponents of subsidy removal

He is not unintelligent. But his corn comes from posing as unintelligent.
Man must werk
He's just doing his gig