₦airaland Forum

aribisala0:
WE ? Who is WE


No the petrol was being imported from refineries in Europe and paid for with loans partially

The subsidy was paid for with borrowed money

It is this uninformed and ignorant sense of entitlement that is so problematic for many Nigerians

Nigeria owe Billions of dollars and payback time is here

You do not own any oil

Wake up

You are talking balderdash. Nigeria has no business importing refined products of crude oil from vendors abroad. All the monies spent over the years to import refined products and the payment of fuel subsidy is more than enough to build cutting edge modular refineries in each state in Nigeria, if only our politicians were thoughtful and sincere.

If these refineries were in place the price of petroleum products would be very affordable to all Nigerians, hence there won't be any need to subsidize them.

Most of you praise singers online are just privileged sycophants and stooges to those in the corridor of power. Spits!!!

LegendHero:
We are not borrowing more. Stop saying false things online.

Mind you, even that naira/dollar subsidy then, it’s not like we had the money then, we are also borrowing to pay those subsidy.

We don use almost 5 years of our crude to borrow money in advance. Defending naira alone was costing $11bn in 7month alone.

At some point, if we retain subsidy, it will get to a point that Nigeria economy will collapse patapata. For now we are still saying inflation is high, by that time, you won’t even see money to buy data to complain.

You are a learned individual may God bless you for this input 🙏

AMINDA:
Lamba. Bayo Onanuga, Tinubu's spokesman had something to say about the matter.

But you said SW did not contribute to Buhari 's victory, maybe those crowd there were brought in from the north. Let conscience dey judge all of you. Internet never forgets.

“Let me use his words: ‘I pity Bola (President Tinubu) for what he is doing. He is a brave man for removing the fuel subsidy. When I was president, whenever I made an attempt to remove the subsidy, a lot of people would give me too many reasons not to do so. But Bola did it immediately. If he had consulted people, he could not have removed the fuel subsidy now,” Mr Radda recalled a conversation with the late former president.''

INDEED, IT IS COMMENDABLE AND PATRIOTIC FOR THE REGIME TO REMOVE THE ''FUEL SUBSIDY'' IF IT EVER EXISTED. BUT THE OUTSTANDING QUESTIONS BEGGING FOR ANSWERS ARE:

(a) WAS THERE ANYTHING NEAR FUEL SUBSIDY?
(b) IF YES: (i)TO WHAT EXTENT DID IT EXIST? (ii) WERE THE PARAMETERS THAT LED TO THE SO-CALLED ''FUEL SUBSIDY'' EXAGGERATED? (iii) DID THE REGIME SET UP AN INDEPENDENT AND CREDIBLE INVESTIGATION TO DETERMINE THE VERACITY OF THE EXISTENCE/EXTENT OF FUEL SUBSIDY?
(c) WAS CORRUPTION THE SPECIAL PURPOSE VEHICLE (SPV) FOR THE EXISTENCE OF THE FUEL SUBSIDY?
(d) IF YES, WHO ARE THE PEOPLE INVOLVED? WHY WERE THEY NOT PUBLICLY TRIED/SHAMED AS A DETERRENT TO THE NIGERIANS?

THE REMOVAL OF THE FUEL SUBSIDY COULD HAVE BEEN JUSTIFIED AND APPLAUDED IF THE ABOVE PROCEDURES WERE FOLLOWED. THE POPULAR PUBLIC PERSPECTIVE IS THAT THE POOR NIGERIANS ARE BEARING THE CONSEQUENCES OF THE SINFUL ACTS OF A MINORITY POWERFUL CLIQUE WHO MANIPULATED THE SYSTEM IN COLLUSION WITH THE CORRUPT OVERSIGHT OFFICIALS TO CREATE A FALSE NARRATIVE OF THE EXISTENCE OF THE FUEL SUBSIDY.

THE RECENT PATRITOTIC OPINIONS OF ALIKO DANGOTE AND THE FORMER EFCC CHAIRMAN, AMONG OTHERS, PUBLISHED IN THE PUBLIC DOMAIN, ALIGN WITH THE PUBLIC SENTIMENTS. TO ME, NIGERIA IS STILL GROPING IN THE DARK REALM OF SELF-DECEPTION! BUT MY BELIEF THAT NIGERIA WILL BE ONE OF THE BEST GOVERNED COUNTRIES ON EARTH IS RESOLUTE AND IMMUTABLE. THE PRESENT HURDLES ARE TEMPORARY. YES, NIGERIA IS GOD'S SPECIAL COUNTRY.

Akalia:
You are talking balderdash. Nigeria has no business importing refined products from crude oil. All the monies spent over the years to import refined products and subsidy is more than enough to build cutting edge modular refineries in each state of our politician were thoughtful and sincere.

If these refineries were in place the price of petroleum products would be very affordable to all Nigerians, hence there won't be any need to subsidize them.

Most of you praise singers online are just privileged sycophants and stooges to those in the corridor of power.

It can't be in place that's why they are contemplating on selling it now just like what atiku did then in the past that we criticize him

..

Now Tinubu government is seeing the reason to do the same .

Words are cheap like all what u stated here .

Nigeria is poor but we the citizens believe we had more money than US and UK 😊

Kukutente23:
Ok.... You devalue your currency by over 300% just so you can save $6bn?
Where's the $6bn now?

6bn every 6months amounts to $12bn a year

How much is the Nigerian entire budget in 1yr? That you want to add an additional $12bn

Tayorshd87:
You are a learned individual may God bless you for this input 🙏

Amen and God bless you too

raumdeuter:
6bn every 6months amounts to $12bn a year

How much is the Nigerian entire budget in 1yr? That you want to add an additional $12bn

So where is the $12bn when we can't even complete the 2024 budget in 2024 but have to extend it till the end of 2025?
It's still not adding up!

madridguy:
He always told me that ‘Your Excellency, go and do your best and be honest as a leader. You cannot satisfy Nigerians; only God can do that.’ He said he suffered a lot, but now he sees himself as a free man with a sense of relief.


May Allah accept Baba Buhari returns and rank him among the righteous ones in Al Jannah Firdaous.

You lot can not Al janna your way out of this one.
He ki-lled and maimed the innocent. Hundreds of them died at his command. That is against Gods law.
We have no right to tell God what to do or not, but if heaven is for murderers, who will be in hell

Kukutente23:
So where is the $12bn when we can't even complete the 2024 budget in 2024 but have to extend it till the end of 2025?
It's still not adding up!

The $12bn we did not have it and we were borrowing to cover for it. We borrowed so much that almost all our income was used for debt servicing

The prodigal spending of those years was not sustainable even all governors and people in govt knew. every presidential candidate said they will remove subsidy from day 1

raumdeuter:
11bn vs 4.7bn is what changed . 7bn difference

I am sure we are better off spending less

Abeg take note of the moniker below. No dey follow the guy dey argue too much, his ignorance and misinformation is ridiculous. We don correct am, flog am but his hate & stubbornness tie wrapper. To clarify, the CBN is no longer defending the naira because the dollar is no longer pegged at a specific rate, the dollar has been floated, hence the official and parallel rate are . The amount you see was the amount of forex the CBN sold to the forex market to ensure supply of dollars and that's what the CBN has been doing for two years now. Whenever there's shortage of forex in the market, the CBN intervenes and sell /supply forex to the market both banks & BDCs. The INTERVENTION is what some ignorant people refered to Defending like was done during Emefiele. Na epic ignorance dey worry dem.

Kukutente23:
Ok.... You devalue your currency by over 300% just so you can save $6bn?
Where's the $6bn now?

LegendHero:
Source: https://www.premiumtimesng.com/news/top-news/807350-what-buhari-told-me-about-tinubu-after-fuel-subsidy-removal-governor-radda.html

Bubu and Bola led protests against Jona's subsidy removal bid, o.........let's not forget. Let's never forget.

Tinubu will be remembered as the best Nigerian president when its all said and done. He had thr courage to do what all others were scared to do.
Mega respect to that man.

datola:
Removing fuel subsidy is very necessary evil avoided by past presidents.

Tinubu na man you be!

Chai. I remember when Ebola and Buhari carry flag and the brainless supporters protest against Jonathan for removing subsidy. Then promised to make fuel 1 naira per litre, 1 dollar to 1 naira. Lol. Now na brave man for removing subsidy carelessly with no good plans, thereby plunging the nation into the most extreme possible hardship.

LegendHero:
How come no frontline media post that same fake news of yours? Can you show us where normal Naija news post am?

By the way, can you remind me again the difference in official and parallel rate During Tinubu and Buhari period?

During Emefiele time, you keep artificial rate of N400 which normal market sell at N750. You are burning your reserve just to drag naira doen. Construct that to now when both official and parallel rate are almost the same thing +-N20.

Mind you they N20 is the premium for them getting you the $ and it’s very normal.

Now let’s say your news is credible. If you decrease from $11bn to $4.7bn, is that not a success?

Here's one from a more familiar source just for February alone
If you decrease $11bn to $4.7bn while depreciating your exchange rate by over 300% making your currency the worst performing in Africa. How's that a success?

raumdeuter:
The $12bn we did not have it and we were borrowing to cover for it. We borrowed so much that almost all our income was used for debt servicing

The prodigal spending of those years was not sustainable even all governors and people in govt knew. every presidential candidate said they will remove subsidy from day 1

We were borrowing $12bn every 6months?? From where? Haba!! APC!!

Putindbutt:
Abeg take note of the moniker below. No dey follow the guy dey argue too much, his ignorance and misinformation is ridiculous. We don correct am, flog am but his hate & stubbornness tie wrapper. To clarify, the CBN is no longer defending the naira because the dollar is no longer pegged at a specific rate, the dollar has been floated, hence the official and parallel rate are . The amount you see was the amount of forex the CBN sold to the forex market to ensure supply of dollars and that's what the CBN has been doing for two years now. Whenever there's shortage of forex in the market, the CBN intervenes and sell /supply forex to the market both banks & BDCs. The INTERVENTION is what some ignorant people refered to Defending like was done during Emefiele. Na epic ignorance dey worry dem.

Where did the CBN get the dollars they are selling from?

aribisala0:
WE ? Who is WE


No the petrol was being imported from refineries in Europe and paid for with loans partially

The subsidy was paid for with borrowed money

It is this uninformed and ignorant sense of entitlement that is so problematic for many Nigerians

Nigeria owe Billions of dollars and payback time is here

You do not own any oil

Wake up

Abeg, since na only you be the 30k gang member wey no dey immediately quiet when someone asks rational questions, please explain this to me;

Why Tinubu and Buhari and all of una wey dey support am, protest massively against Jonathan for removing subsidy years ago?

PBAT came on board when Nigeria need him most. May God, in His infinite mercies, continue to aid him. Ameen

Kukutente23:
Where did the CBN get the dollars they are selling from?

Lol

But President Jonathan removed the same fuel subsidy 11 years earlier! Who were the proponents of the backlash against the then-President?

Efuaye:
But President Jonathan removed the same fuel subsidy 11 years earlier! Who were the proponents of the backlash against the then-President?

I ask that question all the time, they all carefully ignore it.

aribisala0:
WE ? Who is WE


No the petrol was being imported from refineries in Europe and paid for with loans partially

The subsidy was paid for with borrowed money

It is this uninformed and ignorant sense of entitlement that is so problematic for many Nigerians

Nigeria owe Billions of dollars and payback time is here

You do not own any oil

Wake up

Lolz 😂

Kukutente23:
We were borrowing $12bn every 6months?? From where? Haba!! APC!!

Seems you struggle with Maths. $12bn per year is no $12bn every 6months, That was how you were arguing about every quarter when you saw 6months. Is 6month = 1 quarter?

Are you saying you didnt know we were borrowing to fund budget? And you are in this Nigeria

https://www.nairaland.com/6376205/buhari-borrow-finance-budget-because

Take this one alone
https://www.vanguardngr.com/2022/10/well-borrow-sell-national-assets-to-fund-n10-78trn-2023-budget-deficit-buhari/

How much in Dollars is 10trillion in 2022 ?

Kukutente23:
Here's one from a more familiar source just for February alone
If you decrease $11bn to $4.7bn while depreciating your exchange rate by over 300% making your currency the worst performing in Africa. How's that a success?

Foreign reserve usually move and fluctuates. It’s a normal thing because CBN pay obligations and it will never be static. What you have to look is the gross/net as at now and when Asiwaju took government and it has risen.

You did not depreciate your exchange rate in the real sense, you just took out the defense and let it find its level. Any defense at that point is just to maintain any focal shock and it’s not like you’re burning your reserve to keep current at over 70% arbitrage.

Are you telling me naira true value was N400 and Tinubu just took it to N1500 on purpose? How much are you burning to defend it at N400?

It is only the citizens that live without subsidy, the government officials have even their sleep subsidised and they lost the import of what pains go with living a life not subsidised.

Kukutente23:
Where did the CBN get the dollars they are selling from?

From you.

Jeezuzpick:
Bubu and Bola led protests against Jona's subsidy removal bid, o.........let's not forget. Let's never forget.

Yes you are right. But Jonathan was too weak to do the right thing.

Opposition in Nigeria is always toxic and as president, you have to be strong and do what you know is right for the country at that time.

You can't satisfy Nigerians whether you remove the subsidy or not. If Buhari was that compassionate, then why all the insults and abuses even in death? It just shows how callous and irresponsible Nigerians are. This is why many politicians are not compassionate, as they know that whether they show compassion or not, Nigerians will never rate them; hence, they do whatever they like.