₦airaland Forum

naijaboy756:
And Naira is still crashing against the dollar.. What is the effect of the FX not used for importation?

Demonic government in power

Vision101:
So you expect overnight turnaround within three weeks? Is your assertion sensible?

ALTERNATEID:
Buhari did not implement any reform. He continued with the wasteful pattern of previous administration and even took it to another level.

Tinubu has departed from that wasteful pattern of spending all we earn plus loans to subsidies PMS and keep the exchange rate low. We are now on a new course and we need to remain consistent to it if we want to see result.

Ekebest:
How do some people feel that the price of Dangote fuel will automatically dropped? It won't drop for now.
Were you not aware that Dangote bought crude in dollars from some countries? Those stocks are still there and don't forget, it's recently that those in charge of crude, started selling crude to him in Naira. As for now, his stock of imported crude is what he is currently using to produce PMS unless he exhaust them, we can't see the expected drop in fuel prices.
When our government could not build, revitalize or even sell the country's dilapidated refineries to private sectors for more than a decades, why won't Dangote monopolize the market?
If we don't want him to monopolize the market, private sectors should start building their own refineries as well as pressurizing the government to sell out non functional refineries outrightly or to PRIVATIZED them.
Up Dangote....

ALTERNATEID:
https://nairametrics.com/2024/10/16/petrol-import-into-nigeria-drops-sharply-in-october-as-dangote-refinery-ramps-up-production/?amp=1

naijaboy756:
so what caused the increase in the dollar against the naira? 1.7k shamefully

Namaster:
It's nice to finally put a face to the SCOURGE of Nigerians.

And it's DANGOTE and his GREEDY partners.

A NEWLY operational refinery has taken over the supply of 1 MILLION of the 1.3 Million barrels that Nigeria needs.

That's MORE than 75% of the Nigerian Petroleum supply being handled by Dangote.

That's a MONOPOLY!

Or near enough rhat it makes no difference.

Every problem the refinery is supposed to SOLVE has been EXACERBATED.

Dangote pays Naira for crude oil YET the Naira continues to PLUMMET.

He cut out the MIDDLEMAN (NNPCL) and instead of price reduction, he JERKED UP the price.

The transportation savings from NOT having to pay the shipping fees of importing refined petroleum products is NOT passed to customers.

Dangote and his ELITE backers are taking advantage of Tinubu's shitty policies to DESTROY Nigeria.

You are so unintelligent. Why not build a refinery and see if Nigerians won't patronize you. I rather the dollars remain in Nigeria by a Nigerian than in a foreign entity

Vision101:
1. Your old exchange rate was artificial. Arbitrarily fixed and defended with petrodollar.
2. The petrodollar is no longer there.
3. So much was borrowed in the past to fund your budget. The debts will have to be serviced now.
4. Uncontrolled importation. Petroleum products being a major factor.
5. The situation was so bad that your foreign reserves were depleted such that you couldn't defend the fixing of the exchange rate anymore.
6. Adverse balance of trade.
7. Because your old artificial method was no longer sustainable, there were backlog of due fx obligations.
8. Massive usage of ways and means to fund your budget resulting to too much money pursuing too few goods. This is part of the inflation.
9. High level corruption in every area of the economy.
10. Etc. etc.
So you can see that we were in a big mess. The economy was totally dislocated. The orthopedic surgeon has to work. Of course there must be massive pain.

honfnj:
Thank you very much, you know the problem with Nigerians is that we so much like miracles thats the reason fake pastors a littered everywhere in the name of performing miracles, we want the country to work yet they pray for our government to fail, the only govt I v seen that failed is buhari's govt. I say so because he had the support of over 70% of Nigerians not until he started his schemes of Northern agenda.. back to the topic, for us as a nation to succeed citizens must stop anticipating the failure of a govt because u didn't vote for that person, forgetting if the govt fails the citizens will definitely bear the consequences. God bless Nigeria

richmond500:
will still not believe that we are now producing locally.

Kobojunkie:
You people and your numerous lies never cease to astound. Always desperate to post the next false news so as to get paid more.

Similar reports were raised back in September due to more Nigerians altogether abandoning their cars and turning off their generators. Demand has been dropping and as such importation would also common-sensically drop as well. Where is your evidence instead Dangote now refines more local crude than it has in the past and that has resulted in a reduction in imports.

richmond500:
una too mumu, the information was clear.
The importation of premium motor spirit (PMS), commonly known as petrol, into Nigeria, has significantly declined in the first two weeks of October as the Dangote Refinery increased production to meet local demand.

Kobojunkie:
I see you are not serious at all!

baralatie:
You get money to build refinery 🤔🤔

ALTERNATEID:
There is no shortcut to any of these things. It takes time and consistency for result to start showing.

Realtruth2023:
How was it all good for Nigeria? Floating currency without any shock absorbers in place for the economy, Abrupt removal of petrol subsidies without planning. Running a large government without any savings. Still borrowing at a larger scale. Oga you guys should stop being stupid.

lailo:
■ Nobody is stupid bro. Na u no reason well. If those measures were so easy to implement as u have just used mouth to list them, then why then Obasanjo, Yaradua, Jonathan and Buhari who all came before him couldn't use the shock absorbers and remove the corrupt subsidy regime? E easy they couldn't solve the problems, but rather plunge Nigeria into this mess of today and we are all suffering it. If the formulas used by past presidents of Nigeria didn't work, let Tinubu use his own and let's see how he ends it. You don't bury someone before he dies. He has barely used one year in office. The end justifies the means.

Kobojunkie:
Obasanjo implemented them and Nigeria benefitted from the implementation beginning of his second term in office. Go back and see for yourself how Obasanjo was able to pay off Nigeria's debt, obtain debt relief, and even save up $50 billion in Nigeria's Excess Crude Accounts. All this was before Yar Adua came in and rolled back most of the policies and abandoned the reforms.
https://www.imf.org/external/pubs/ft/scr/2005/cr05433.pdf

What APC has done is nothing short of stewpid and disastrous to the Nigerian economy.

lailo:
■ You are right. Obasanjo removed fuel subsidy, na Yaradua reintroduce am. Obasanjo did railway but his predecessors uprooted everything and today no railway, thank God for Buhari .
■ Obasanjo fix all federal roads across the country but vandals removed everything. Obasanjo built 4 refineries but his predecessors sold all the refineries. Obasanjo revamped the agriculture sector and there was self sufficiency in food, Nigeria was not importing again, only for Yaradua people to come and scrap it. Obasanjo raise thr minimum wage to #100k but Yaradua reduced it back to #7500.
Obasanjo really tried

lailo:
Nobody is stupid bro. Na u no reason well. If those measures were so easy to implement as u have just used mouth to list them, then why then Obasanjo, Yaradua, Jonathan and Buhari who all came before him couldn't use the shock absorbers and remove the corrupt subsidy regime? E easy they couldn't solve the problems, but rather plunge Nigeria into this mess of today and we are all suffering it. If the formulas used by past presidents of Nigeria didn't work, let Tinubu use his own and let's see how he ends it. You don't bury someone before he dies. He has barely used one year in office. The end justifies the means.

charlsecy:
According to reports, oil products take 40% of our imports. That's a very significant figure. The positive effects on FX, if oil imports are suspended, ought to be immediate, but you may choose to be blind, especially when Naira is even depreciating further.

samwheel:
Dey play, u think dangote have you in mind


Someone that was clamouring for complete removal of subsidy so that the fuel will go around #1,500 per liter.


You think his price will remain constant if no competition enters the market?

Be ready to buy fuel over 3k/liter before 2027 if dangote remains the sole refiner.

Our govt is useless and will self sabotage the building of our own refinery.


Importation self won't help, Nigeria is in a mess and na poor Nigerians go suffer for it

ALTERNATEID:
All the ones we’ve imported on credit in the last six months, we won’t pay for it again because we have reduced importation in the last two weeks, right?