₦airaland Forum

oche2020:
What are they pumping it to do? The economy is in shambles yet they spend billions of dollars doing nothing, fuel ⛽ price and dollar has crippled the country economy and this is kudu to APC

The oil sector generates about Nigeria's 40% revenue so pumping money to allow marketers to import refined oil is to boast to economy by allowing marketers to freely sell their goods to allow Nigerians to buy from the cheapest of them all...


I believe this was the restructuring we all asked for.

WorkTheTalk:
You don't mean it. Nigerians deserve the kind of leaders the have. This is the kind of reasoning that will continue to leave so many in poverty, while the political class keeps stealing their common wealth.

So Tinubu looting the treasury for the so - called fuel importation using his proxies is called checking Dangote's monopoly. The same Dangote that is exporting fuel to African countries and the USA.
It's so unfortunate.

Yea, remind me of what happened when a certain man monopolized the cement industry and indirectly or is it directly destroyed every competitor in that niche with the help of the government of the day? Today an average Nigerian can hardly afford to build a house because of the high cost of cement, despite the fact that the major raw materials for cement making is gotten from Nigeria. Both that man and the so-called leaders are not for Nigerians. The only good thing about the wasteful and misappropriated"subsidy" was that the common man got a share of the national cake, albeit a tiny fraction. Today, nothing for the common man...but taxes and inflation.

Arostar2023:
Yea, remind me of what happened when a certain man monopolized the cement industry and indirectly destroyed every competitor in that niche. Today, am average Nigerian can hardly afford to build a house because of the cost of cement, despite the fact that the major raw materials for cement making is gotten from Nigeria. Both that man and the so-called leaders are not for Nigerians. The good thing about the wasteful and misappropriated"subsidy" was that the common man got a share of the national cake albeit a tiny fraction. Today, nothing for the common man...but taxes.

Bua, larfarge and mangal as well as ibeto are still active in the cement industry here

No destruction noted

nairalanda1:
Bua, larfarge and mangal as well as ibeto are still active in the cement industry here

No destruction noted

You don't understand what it means to destroy a business competitor by having an unfair advantage.

Putindbutt:
So what's the big deal here?. Some economic illiterates will read the headline and start screaming. The oil sector has been liberalized, the market is open to every player. If oil marketers go to the CBN to request for foreign exchange to import fuel, that's fair game in the sector. The fact is, we cannot even stop importation in the next 5years to put it reasonably. Even though Dangote is already trying to expand its capacity to 1.4million barrel per day. The marketers will still go to the buyers that sell cheaper to them and best serves their interests.
The good thing in all of this, is the fact that Nigeria spent $1.2b on fuel importation in the first three months of this year which is a remarkable improvement compared to the time we were spending a whooping $20 billion on fuel importation aside from the subsidy that would still be paid on it. This gulped about 40% of our foreign exchange revenue. Now we have been able to turn the tide. With the expectation of more refineries coming up like BUA & a few others as well as the expansion of the capacity of Dangote refinery before the year end, we expect even much less importation and much less foreign exchange demand for fuel importation.

I saw the way people were dismantling a new filling
station just 2 days ago .I have known the fuel station for like three years now and they only sold fuel during that fuel crisis(I think 2023 election period and a few others). I wouldn't know if they use that to source for subsidized fuel and then export same fuel to neighboring Niger Republic for maximal profit. It's as if it's clear on them it isn't business as usual, they had removed all the 6-8 ⛽ in the filling station.

Arostar2023:
You don't understand what it means to destroy a business competitor by having an unfair advantage.

Yes I do. The business closes down and jobs are lost.

Bua hasn't closed down, neither has larfarge. Mangal is also thriving . And so forth

What annoys you isn't dangote , it's that the price of cement is too high. Remember that your average cement maker has to pay maintenance costs , salaries etc. all gone up in this tinubu economy. Remember that government does not pay their workers too.

WorkTheTalk:
You don't mean it. Nigerians deserve the kind of leaders the have. This is the kind of reasoning that will continue to leave so many in poverty, while the political class keeps stealing their common wealth.

So Tinubu looting the treasury for the so - called fuel importation using his proxies is called checking Dangote's monopoly. The same Dangote that is exporting fuel to other African countries and the USA.

How come for decades the government couldn't manage the refineries to produce fuel for local consumption and export to check monopoly long before Dangote came on board? Isn't it crude oil they kept exporting, and importing fuel from time immemorial to keep stealing?
It's so unfortunate.

Dont waste ur energy....frm d way this nigerians reason out of jealousy u can obviously see we deserve d leaders we get

Well, imports are falling , and it is obvious dangote production is reducing imports

However, oil prices are falling and since there is no subsidy, the landing cost of imported fuel is reducing

All in all, the summary is, Nigeria should have removed subsidy in 1992. We would have been a major player in the industry at least Africa wise by now

Putindbutt:
So what's the big deal here?. Some economic illiterates will read the headline and start screaming. The oil sector has been liberalized, the market is open to every player. If oil marketers go to the CBN to request for foreign exchange to import fuel, that's fair game in the sector. The fact is, we cannot even stop importation in the next 5years to put it reasonably. Even though Dangote is already trying to expand its capacity to 1.4million barrel per day. The marketers will still go to the buyers that sell cheaper to them and best serves their interests.
The good thing in all of this, is the fact that Nigeria spent $1.2b on fuel importation in the first three months of this year which is a remarkable improvement compared to the time we were spending a whooping $20 billion on fuel importation aside from the subsidy that would still be paid on it. This gulped about 40% of our foreign exchange revenue. Now we have been able to turn the tide. With the expectation of more refineries coming up like BUA & a few others as well as the expansion of the capacity of Dangote refinery before the year end, we expect even much less importation and much less foreign exchange demand for fuel importation.

Hypocrisy will not kill u, see how u twisted economics analysis to favour wastage and killing of the economy through the support of nonsense...


It is very okay to issue FX for fuel importation buy not okay to issue it for children school feez... All u are doing here is to justify continuous survival of oil depot's in Malta buy the cabal...


One day judgement will reach twisted minds like u

At this point, I don't know what to believe anymore

surgical:
If they allow dangote he go turn am to the way him take spoil the cement sector in Nigeria, they should give him a run for his money, if he is allowed to become a monopolist in the sector ,which is his goal, Nigerians go see wehn

You are not telling the Truth here,with your statement and if you have anything against Dangote- tell NIGERIANS and Stop 🚏 your blabbing.
First,Dangote is a Business Man- like Otedola and other Nigerian Billionaires,so he is here to Employ the Youths,do business and makes Profits - is there anything wrong with that?
Secondly,Blame Nigerian Govt and its Entities ( the NNPC and its Subsidiaries,
the NRAILWAYS,THE AIR NIGERIA- IF IT EVER EXISTED- For Lack of Performances AND CORRUPTION!
Thirdly be sincere to your self with this question:
• Why Can't Various Nigeria- Past GOVTS, including- State Governmens,the Local Govts,etc,- ESTABLISH Cement Factories,
Refineries,
Sugar Companies,etc,- by COMPETING Against Dangote Monopoly and Others?
• Why Can't Our Unions-also ESTABLISH Their Own Companies to Compete Against Dangote Monopoly?
• This is Nigeria - where there are Many Billionaires - yet we can't trace their Legitimate Businesses To Helping The TRUTHS and the Masses and Many Go Abroad to Develop Other Countries Economy- in Dubai, London and Western Countries and when they are no more- Other Countries will automatically Inherit the Wealth,While NIGERIANS are Suffering Locally!
•Back to CBN:
- Is Dangote Refinery and The Comatose NNPC Refineries Not Enough For Nigeria Consumption,SO, Why DO WE STILL -IMPORTING FUEL ⛽ AGAIN INTO NIGERIA?
-Let the Federal Govt- Fix The Refineries- in Warri, Porth-Hacourt and Kaduna -once and for All, and please,govt should stop Dragging their feet year in and year out on this.
Is that not why they Removed the Subsidies In The First place?

If I should understand is that subsidy in disguise
This Tinubu government is nott clear, this should not be a strategies to cyphon money


On may 29 2023 the message is clear and I quote
"SUBSIDY IS GONE"

And why can't they build their own refinery instead of importing again, abi is dangote richer than nigeria ?

surgical:
If they allow dangote he go turn am to the way him take spoil the cement sector in Nigeria, they should give him a run for his money, if he is allowed to become a monopolist in the sector ,which is his goal, Nigerians go see wehn

This is not clear, what happened to dangote refinery, why is cbn providing dollars for marketers, cant they go sort themself in the open market. what rate did cbn use to sell dollar to the marketers, why is nigerian government still encouraging fuel importation. Lies too much abeg

sonnie10:
What I mean is that even if Dangote is only selling half of his refinery capacity to the US (300,OO0) , everyday he will be making additional profit of 1800 x 300000 = #540M from the US export alone.

You forgot to add logistics and tax and others from Nigeria to USA

sonnie10:
Now I see the incentive in exporting refined petrol to US. While a liter is about #900 in Nigeria . A gallon (3 liters) of petrol in the US is averagely $2.5.
If Dangote was to sell his refined petrol in Nigeria, that 3 liters (one gallon) would just #2700. So basically the difference in price when calculated in Naira is 4500 - 2700 = 1800 for each gallon sold to the US.

Bro you think US is close to Ghana or what?

They should partner and build other refineries, the Government should also encourage other business men to build refineries so their can be healthy competition. Say no to monopoly

surgical:
If they allow dangote he go turn am to the way him take spoil the cement sector in Nigeria, they should give him a run for his money, if he is allowed to become a monopolist in the sector ,which is his goal, Nigerians go see wehn

Just look at persons thinking...Tinubu and his cronies are running you street and you think they are protecting you from Dangote 😂😂😂😂😂😂

Putindbutt:
So what's the big deal here?. Some economic illiterates will read the headline and start screaming. The oil sector has been liberalized, the market is open to every player. If oil marketers go to the CBN to request for foreign exchange to import fuel, that's fair game in the sector. The fact is, we cannot even stop importation in the next 5years to put it reasonably. Even though Dangote is already trying to expand its capacity to 1.4million barrel per day. The marketers will still go to the buyers that sell cheaper to them and best serves their interests.
The good thing in all of this, is the fact that Nigeria spent $1.2b on fuel importation in the first three months of this year which is a remarkable improvement compared to the time we were spending a whooping $20 billion on fuel importation aside from the subsidy that would still be paid on it. This gulped about 40% of our foreign exchange revenue. Now we have been able to turn the tide. With the expectation of more refineries coming up like BUA & a few others as well as the expansion of the capacity of Dangote refinery before the year end, we expect even much less importation and much less foreign exchange demand for fuel importation.

Oga there is big deal there , at a time the Naira is struggling , because of corruption the govt is giving scarce Forex to cronies to bring in Petro that we don't need ...this same greed is what caused Tinubu to hurry and remove subsidy when he knew that Dnagote refinery was ready to go .... This is corruption corruption and nothing else

FarahAideed:
Just look at persons thinking...Tinubu and his cronies are running you street and you think they are protecting you from Dangote 😂😂😂😂😂😂

Dangote has antecedents, that's what informed my opinion, and he has continued along that trajectory in this his new business as usual he wants to kill Nigerians with high prices if allowed he needed to be checkmated ,we don't care who will, he is always driven by excessive profit, which he can only get away with only in Nigeria

Mtmike:
This is not clear, what happened to dangote refinery, why is cbn providing dollars for marketers, cant they go sort themself in the open market. what rate did cbn use to sell dollar to the marketers, why is nigerian government still encouraging fuel importation. Lies too much abeg

Lets keep pretending we don't know it's the main man and his family that are importing this fuel ...it's corruption, this is why the sabotage Dangote at every turn

surgical:
Dangote has antecedents, that's what informed my opinion, and he has continued along that trajectory in this his new business as usual he wants to kill Nigerians with high prices if allowed he needed to be checkmated ,we don't care who will,

Oga Tinubu and his greedy friends are the ones that deliberately moved fuel price from 187 to 600 so they can reap Nigerians , in this case trust me Dnagote is the good guy

Putindbutt:
So what's the big deal here?. Some economic illiterates will read the headline and start screaming. The oil sector has been liberalized, the market is open to every player. If oil marketers go to the CBN to request for foreign exchange to import fuel, that's fair game in the sector. The fact is, we cannot even stop importation in the next 5years to put it reasonably. Even though Dangote is already trying to expand its capacity to 1.4million barrel per day. The marketers will still go to the buyers that sell cheaper to them and best serves their interests.
The good thing in all of this, is the fact that Nigeria spent $1.2b on fuel importation in the first three months of this year which is a remarkable improvement compared to the time we were spending a whooping $20 billion on fuel importation aside from the subsidy that would still be paid on it. This gulped about 40% of our foreign exchange revenue. Now we have been able to turn the tide. With the expectation of more refineries coming up like BUA & a few others as well as the expansion of the capacity of Dangote refinery before the year end, we expect even much less importation and much less foreign exchange demand for fuel importation.

it is APC vs Nigerians in 2027!

abbey37:
They should partner and build other refineries, the Government should also encourage other business men to build refineries so their can be healthy competition. Say no to monopoly

That is What We Should Pressure Nigerian Govt-The Federal,the States and Local Govts - they are just After Sharing National Money 🤑- from Federation Accounts- on quarterly basis ( every 3- months),
Without Any Productive Investments in
- Light 🚨🕯️,
- Road 🛣️-Constructions,
- Industrial Sector Development - like in Dubai,etc
• HOW MANY STATES IN NIGERIA TODAY IS VIABLE, DESPITE THE HUMONGOUS MONEY 🤑 BEING SHARED , because of Corruption in the Corridors!

surgical:
If they allow dangote he go turn am to the way him take spoil the cement sector in Nigeria, they should give him a run for his money, if he is allowed to become a monopolist in the sector ,which is his goal, Nigerians go see wehn

Dangote is the less danger here.

surgical:
If they allow dangote he go turn am to the way him take spoil the cement sector in Nigeria, they should give him a run for his money, if he is allowed to become a monopolist in the sector ,which is his goal, Nigerians go see wehn

50 bags of cement wan expensive pass land

Putindbutt:
So what's the big deal here?. Some economic illiterates will read the headline and start screaming. The oil sector has been liberalized, the market is open to every player. If oil marketers go to the CBN to request for foreign exchange to import fuel, that's fair game in the sector. The fact is, we cannot even stop importation in the next 5years to put it reasonably. Even though Dangote is already trying to expand its capacity to 1.4million barrel per day. The marketers will still go to the buyers that sell cheaper to them and best serves their interests.
The good thing in all of this, is the fact that Nigeria spent $1.2b on fuel importation in the first three months of this year which is a remarkable improvement compared to the time we were spending a whooping $20 billion on fuel importation aside from the subsidy that would still be paid on it. This gulped about 40% of our foreign exchange revenue. Now we have been able to turn the tide. With the expectation of more refineries coming up like BUA & a few others as well as the expansion of the capacity of Dangote refinery before the year end, we expect even much less importation and much less foreign exchange demand for fuel importation.

No one as said Marketers shouldnt import But the whole ideal of CBN collaborating with Marketers to provide, wakes the question " subsidy" ??

if Cbn is providing forex for marketers, if not at subsidized rate , then why ??

i want to weigh you,

sonnie10:
Now I see the incentive in exporting refined petrol to US. While a liter is about #900 in Nigeria . A gallon (3 liters) of petrol in the US is averagely $2.5.
If Dangote was to sell his refined petrol in Nigeria, that 3 liters (one gallon) would just #2700. So basically the difference in price when calculated in Naira is 4500 - 2700 = 1800 for each gallon sold to the US.

Oga, this your mathematics is wrong! A gallon is 3.785 liters

FarahAideed:
Lets keep pretending we don't know it's the main man and his family that are importing this fuel ...it's corruption, this is why the sabotage Dangote at every turn

this is very heart breaking
i just believe there something wrong somewhere
they are just embezling this money. They are only looking for ways to get dollars out of cbn
they cannot be importing that huge quantity of petrol
its not possible

We know that it is because of CBN intervention in the energy sector especially petroleum sub-sector that the price of fuel is a little bit stable. CBN intervention in the forex has stabilized the the forex market and by implication, the prices of goods and services are stable.

Mtmike:
this is very heart breaking
i just believe there something wrong somewhere
they are just embezling this money. They are only looking for ways to get dollars out of cbn
they cannot be importing that huge quantity of petrol
its not possible

Exactly that's exactly what's going on , the are peddling fake daily fuel consumption that they don't want Dangote to expose ..