₦airaland Forum

LagosOrigin:
more and more burden on Nigerians by this wicked president

You may choose to hat3 the President but this is to protect local refineries

Watch as the more evil people start entering the business for the sake of smuggling.

Watch as local suppliers match up the prices of the local ones to the imported ones.

Also watching as Tinubu would want to remain in power directly or in proxy as he is really squeezing so much money from the people to add more steps to the national cake.

Nigeria politics will get even more brutal with the opposition decamping to the ruling party.

To further increase the price. No wahala
.

FarahAideed:
You don't know this crafty man like I do , if you think he did this protect Dangote than you are a🤡.

We know his cronies are the ones with the high stakes in the import business...Give it some days let's watch , if this gives Dangote any edge then I will come here and apologize..

absolutely correct you will be apologizing very soon, in the first instance this is basically a local content policy enabler and nothing more, Dangote has the capacity to meet local PMS and diesel demand if he gets crude supplies adequately, so Tinubu is trying to enable him and discourage importers so that the pressure on naira will diminish and the naira will become stronger, just yesterday Dangote was gleefully announcing that people hoarding dollars should offload them then this policy is out today and you think that's just a coincidence? By election time the dollar will be exchanging for around a thousand naira and if that happens then Tinubu is on the verge of being the best president this country ever had.

Tinubu and tax sha

NaijaNaWaa:
Let’s call this the “Dangote Tax.” They’re trying hard to hand him petrol market just like cement.

This is exactly where they are driving at.. now Dangote that pays less to no tax atal (because of Free trade zone) will be supplying petrol throughout Nigeria whereas those actually paying full tax to Nigeria will now be forced to shut down their businesses.
The implication is more money for Dangote and nothing for Nigeria.

If peradventure, something happens to Dangote refinery tomorrow and he can't meet up with national demand or maybe he comes up with an excuse to increase pump price of petrol, Nigerians will be left with no other choice than to buy at whatever price Dangote is fixing (#1500 - #2000 above per litre) or economic activities will shut down.

Just imagine what those we voted in are doing.. protecting interest of one private business owner, while putting survival of over 230 million people in jeopardy.

PlasmaTV:
Not particularly. If fuel is abundant in Nigeria, why would we need to import?

Does it sound right that we have oil but no refinery?
O wrong nau

Importation has been sweet for depot and tank farm owners. They take out fx through it. Some have blending plants outside. Local producers can meet up to 80%. Why is Dangote exporting pms?

PlasmaTV:
Not particularly. If fuel is abundant in Nigeria, why would we need to import?

Does it sound right that we have oil but no refinery?
O wrong nau

We all celebrated the revitalization of PH and Warri refineries as one of Tinubu great strides but las las na just audio propaganda...

Abeg leave mata

This is downright unfair.

A duty of 2% would have been sufficient.

Dangote is now a monopoly. He can now maximise price.

Good move to discourage importation of petroleum and diesel.

Most of those in criticism of it are actually shallow minded.

Can't believe I live in the same country with people who reason like toddlers.

New Nigeria indeed.

Lol... Yet we only have dangote refinery which we all know can't sustain us.


Oga Tinubu why is our refinery not working?

FarahAideed:
So you people want to keep pretending not to know hevis actually the head of the importers ? We love to live in denial

Who is he... Tinubu or Dangote..?

BarrElChapo:
While this is commendable to encourage local production, yet our local production capacity is not enough to meet the daily demand.

What may happen is that importers may sell at a higher price and local producers will instead of selling lower match that price.

Meaning, it's still Nigerian that will bear the burden of high

My question as a Nigerian is ?
This 15% duty tax on imported Petrol and diesel...those it benefits Nigerians or does it affects Nigerians in a bad way.
Does this mean that fuel will now be cheaper or higher for we Nigerians who are consumers.

timilehin007:
Oga this is a target against the fuel importers. Group of people sabotaging the government efforts. A win for Nigeria and Dangote

You see that Dangote.....na that man go finish Nigerians patapata.


Why is Dangote not selling his fuel at least N300?


You think Dangote is here to help Nigerians abi?
Lets wait and see

FarahAideed:
Total lies ..by next week it will be clear

How old are you?
If there is a tax on import but the tax is not applied on same product produced locally, what will the effect of the tax be?

This is a question an SS1 student that did Economics should be able to answer!

flokii:
This is exactly where they are driving at.. now Dangote that pays less to no tax atal (because of Free trade zone) will be supplying petrol throughout Nigeria whereas those actually paying full tax to Nigeria will now be forced to shut down their businesses.
The implication is more money for Dangote and nothing for Nigeria.

If peradventure, something happens to Dangote refinery tomorrow and he can't meet up with national demand or maybe he comes up with an excuse to increase pump price of petrol, Nigerians will be left with no other choice than to buy at whatever price Dangote is fixing (#1500 - #2000 above per litre) or economic activities will shut down.

Just imagine what those we voted in are doing.. protecting interest of one private business owner, while putting survival of over 230 million people in jeopardy.

But we warned you guys na, I told you people your eyes will clear, you can still some of your people here still throwing support and I'm just here laughing and shaking my head...

LagosOrigin:
shut up abeg and stop defending rubbish . This will surely increase price of fuel in the country .

Let's watch.... what is the price of pms today? Bookmark 🔖 it. Remind me in one month's time when hopefully this policy would have come into effect if the price has gone above it. I promise to dash you my finance and accounting certificates.

BDW you asked me to shut up for mere conversation. That's gutter language. I wasn't trained like this.

With this, Dangote is at liberty to increase pump price at will.

Since there is no way imported fuel will be cheaper than his, he will just put his price higher with just 3 Naira different from imported fuel and no one will be willing to import again.

Automatic cash out for Dangote from we the masses.

Svoboda:
President Tinubu is surely taking Nigerians for granted. His only saving grace will be a low voter turnout in 2027.

Nope.
PBAT will be walking on a very thin ice the moment they implement the income tax of individual accounts and the economy of people's living have not improved for the better........ All those decamps to APC will not help them...

nairalanda1:
Your budget this year was based on the plan that oil prices will be 75 dollars per barrel

Since January ending, oil has been averaging 68 dollars per barrel

At the end, it's either loans or taxes or things don't get paid

And yes, apc took over promising diversification. They failed.

I guess you don’t understand how much protection you are giving APC and Tinubu for their WORSE corruption, cluelessness, incompetence and misplaced priorities with your comments.

Do you see the need to mend your words?

chisomkachy:
Nigerian President Bola Tinubu’s first supplementary budget includes a fleet of SUVs for himself and his wife, a presidential yacht and the renovation of his villa amid a cost-of-living crisis for some of the poorest people in the world.

The proposal — which seeks additional funding beyond the annual budget approved by Tinubu’s predecessor — comes as the government asks Nigerians to persevere through pain caused in part by a raft of economic reforms ushered in by the new president. Africa’s most populous country faces rampant unemployment, soaring food prices and a plummeting currency.

Federal lawmakers approved the president’s request for extra spending on Thursday, but eliminated the provision of 5 billion naira ($6.01 million) to buy a presidential yacht. Instead, they doubled the allocation to a student loan fund to 10 billion naira, according Abubakar Bichi, chairman of an appropriations committee in the House of Representatives.

The lawmakers approved 1.5 billion-naira proposed to purchase SUVs for the office of First Lady Oluremi Tinubu — an amount larger than that allocated to many individual federal colleges. The supplementary budget also proposes almost 6 billion naira to purchase SUVs for the presidency — more than the amount initially allocated to fund a student loan program for poor families.


https://www.bloomberg.com/news/articles/2023-11-02/nigeria-budgets-for-suvs-and-yachts-amid-economic-hardship

>>
>>>>

ManirBK:
Aug 28, 2023

The Federal Government says it has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.

The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.

He said that the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving the business environment for local and foreign investment.

Edun said that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis.

He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.

https://www.vanguardngr.com/2023/08/fg-ends-borrowing-finance-minister/amp/

nairalanda1:
Dangote 2 , oil importers nil

That’s a game plan

When importation becomes costlier than locally refined, Importers won’t have other choice than to patronise the local

bigpicture001:
This should be the final nail on coffin of fuel importers..

Now tinubu is serious!!!!!!

They are out of business. Simple. They can't compete with Dangote again. Selfish folks that killed NNPC

BarrElChapo:
While this is commendable to encourage local production, yet our local production capacity is not enough to meet the daily demand.

What may happen is that importers may sell at a higher price and local producers will instead of selling lower match that price.

That is not true. Fuel Marketers are not patronising the Local Refineries because they go for cheap fuel.

This initiative is good to discourage importation.

mfm04622:
How old are you?
If there is a tax on import but the tax is not applied on same product produced locally, what will the effect of the tax be?

This is a question an SS1 student that did Economics should be able to answer!

The question is have the locally produced met the total demand for consumers?

is the locally produced a monopolized source, does the source have viable and available competitors to match his price, supplies and distribution?

is the imported one cheaper in price than the locally produced without the tax of 15%?

The problem here is not the tax or the importation, but the government not doing their homework before policy implementation...

It might only create more problems in the end than solving any...

BarrElChapo:
While this is commendable to encourage local production, yet our local production capacity is not enough to meet the daily demand.

What may happen is that importers may sell at a higher price and local producers will instead of selling lower match that price.

Then comes sanctions by regulators.

bigpicture001:
This should be the final nail on coffin of fuel importers..

Now tinubu is serious!!!!!!

So if any day dangote refinery has any short falls we may buy petrol 2000 naira per liter

FarahAideed:
I hope you know it's the presidents cronies that are actually these importers , it's Oando , Matrix and OVH , all his men ....Tinubu is very crafty so gove it 2 weeks and the true intentions of this will be unveiled , I think this will be a blanket tax taken atve every pump ...they just used this importer thing to douse tension

It’s hard work dealing with negative people.

LagosOrigin:
This means Nigerians will pay more for fuel ⛽

For imported fuel...

FarahAideed:
I hope you know it's the presidents cronies that are actually these importers , it's Oando , Matrix and OVH , all his men ....Tinubu is very crafty so gove it 2 weeks and the true intentions of this will be unveiled , I think this will be a blanket tax taken atve every pump ...they just used this importer thing to douse tension

It’s hard work interacting with negative people.