₦airaland Forum

They're still paying subsidy too. Mr. Subsidy is gone coroner is catching out on everyone.

Wait I no understand.....is der still subsidy? Abi na loan...

If you get money go do your own na and create your own 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

Beestings:
If you get money go do your own na and create your own monopoly

monopoly is evil

chidiokay:
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,

Cbn is no longer subsidizing naira like that anymore.

Official rate is now very close to the parallel rate. If it wasn't, imported fuel would be in theory below 700 naira.

Cbn can't afford subsides on the naira. When they are not even meeting up with subsides on power . Dollar inflows have fallen because oil price no dey favor us. And oil revenue is a major sauce of forex

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

Why dem nonuse the funds turn the NNPC refineries they acclaimed is 💯 working?

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.

Which time were we spending 20billion dollars on fuel imports?

The upstream should supply enough crude to other local refineries so the competition would be internal.

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

Thank you my brother
That is how they keep justifying wickedness and heartlessness

nairalanda1:
Cbn is no longer subsidizing naira like that anymore.

Official rate is now very close to the parallel rate. If it wasn't, imported fuel would be in theory below 700 naira.

Cbn can't afford subsides on the naira. When they are not even meeting up with subsides on power . Dollar inflows have fallen because oil price no dey favor us. And oil revenue is a major sauce of forex

Well that is the forma news, with the recent update CBN pump Fx into oil importation whats the catch ??

i am one of the few people alive that wont believe institutions just Do things for no reason, no love in business

You said, " close to parallel rate" meaning a difference thus exist .. mathetically thats "subsidizing" ...if you like graduate from oxford, harvard or oscar college .. it is subsidy, leave grammar for pocohantas
if after everything Tinubu govt has put Nigerians through if CBN is paying marketers to import fuel that means they punished us for nothing

we have so many genuine demands CBN should be more vested in subsidizing esp. manufacturers not some rings of thieves parading themselves as marketers ..
As a matter of Reasonable, CBN should only be vested in ventures that promote local productivity

The same peeps who insulted NUPENG and PENGASSAN, called them enemies of the country, now support CBN in this.💯

🤣🤣🤣🤣🤣🤣🤣

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.

Give us your source of N20b spent by Nigeria in fuel importation bros. Stop all these lies. Abi una no get conscience?

2024 na your "god" run the N15.42t despite the refineries in your country.

chidiokay:
Well that is the forma news, with the recent update CBN pump Fx into oil importation whats the catch ??

i am one of the few people alive that wont believe institutions just Do things for no reason, no love in business

You said, " close to parallel rate" meaning a difference thus exist .. mathetically thats "subsidizing" ...if you like graduate from oxford, harvard or oscar college .. it is subsidy, leave grammar for pocohantas
if after everything Tinubu govt has put Nigerians through if CBN is paying marketers to import fuel that means they punished us for nothing

we have so many genuine demands CBN should be more vested in subsidizing esp. manufacturers not some rings of thieves parading themselves as marketers ..
As a matter of Reasonable, CBN should only be vested in ventures that promote local productivity

Cbn isn't subsidizing naira because Nigeria is too broke to do so.

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

I agree that a Dangote monopoly must be prevented. But the CBN should not be seen as intervening or helping importers preferentially.

nairalanda1:
Cbn isn't subsidizing naira because Nigeria is too broke to do so.

if you say they are not subsidizing thats an " Opinion"

however the difference between cbn rate and parrallel market is called what

educate me

chidiokay:
if you say they are not subsidizing thats an " Opinion"

however the difference between cbn rate and parrallel market is called what

educate me

I see the whole strategy as manipulation , of which CBN is an accomplice. The question remains, who does this subsidized import favor the most?
The answer is obvious. Subsidy will lower the pump price but makes it difficult and unattractive for existing local refineries to sell locally.
At the end of the day, Dangote refinery will have genuine excuse to export for more profit.
This is something they could sell locally to cushion the price. Well, they are not charity organization!
The final winner here is still Dangote refinery.

When has it ever been responsibility of CBN to import fuel?
The correct heading should be:

"Tinubu sinks $1.5Bn into fuel imports"

A gallon is 4.55 litres

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

oalandAgents2:
A gallon is 4.55 litres

Google is your friend. Use it

I did and a gallon remains 4.55 litres

Misterone:
Google is your friend. Use it

oalandAgents2:
I did and a gallon remains 4.55 litres

Well, we have different types of gallon. Most likely, you're talking about an Australian gallon. But you should know that when the word gallon is mentioned, it usually mean US gallon

Well I never new that gallon size differs for different countries 🤔🤷🏿‍♂️ Well anyway, Iam talking about UK gallon which is likely to be the same as Nigeria's

Misterone:
Well, we have different types of gallon. Most likely, you're talking about an Australian gallon. But you should know that when the word gallon is mentioned, it usually mean US gallon