₦airaland Forum

Okay

nairalanda1:
Retaining subsidy was not good intention...it was bad intention, whoever did it..be it buhari, gej, obasanjo, etc.

And even good intention...you know what the old proverb says...the road to gehenna is paved with good intentions.

Subsidy should have gone in 1993, when we was warned. People then said no. By 1994, a TAM for the refinery was missed. That was the begining of the end. By 2012, we were refining 91000 bpd , down from 400000 bpd in 1990.

There is no good intention in subsidy. Even if we brought it back now, and tried to knock down prices, it would eat about two thirds of our income. GEJ Keeping it out of good intentions drove us into more debt, and near drained our revenues.

Not that Buhari or tinubu were better. Tinubu was forced to remove it because IMF won't led us no more money or help.

You have started with your one way narrative...

nairalanda1:
We should not go back to subsidy abeg.

I am thankful for the GEJ admin for one thing, for opening my eyes to how bad subsidy was tanking our economy. Especially when I realized that as at January 2012, we were importing fuel at N99 and selling it at N65 (just before the increase to N140 and then to N97 and later on N87.)

Add awareness of smuggling, and the result is...wasteage.

People know me as the anti-subsidy guy on this site. And I get called tinubu and buhari supporter for it. But as for me, this is not about politics, or who is in charge. If it was Obi or Atiku in charge and they removed subsidy, I go sound the same.

Yes, people are suffering with this high prices, and I expect my fuel bills to go up. Drastically. But the cost to Nigeria of 50 years of subsidy was loss of four refineries and loss of billions of naira to corruption and stealing and smuggling. And a lot of waste...plus we were at the end dashing foreign refineries scarce forex in the name of importing quack fuel.

(Just this saturday I saw a swan water bottle filled with Dangote petrol, and I was impressed. That's the first time in a long time I am seeing world standard fuel. Clear fuel. Not the brownish stuff we were used to for years).

Subsidy has to go. The problem is, people like to be paid, and people like to make a profit. If you like, you can call me names and so on....but until your power sector makes profit, una no go have light, and right now we have working refineries for the first time in years, let's not spoil it with another yeye subsidy.

(Yes, tinubu was a hypocrite for opposing subsidy removal, and for you obidents, no such thing as gradual removal of subsidy...because that is what buhari was doing to decieve us)

Agreed. Subsidy must never come back.

@post, #3 seems the most viable option if we can pump more crude.

Brendaniel:
[b]So Tinubu supporters have been making excuses and giving Tinubu options despite selling crude oil at over 100 dollars per barrel like in GEJ's time without paying any subsidy for Nigerians for over 1000 naira per litre.[/b


[b]These same people wanted to crucify Jonathan who was paying subsidy for them at about 75 naira per litre with the same over 100 dollars per barrel Tinubu is selling it now.
[/b

[b]I ask: Why were they angry with Jonathan who treated them better than Tinubu is treating them now?[/b

[b]Answer: Tribalism[b]

Comprehension is a big challenge for some people here. Keep ranting

Brendaniel:
You have started with your one way narrative...

You know when I say you guys and the apc guys are alike, I am right?

You both want subsidy on fuel. You both use the antisubsidy argument when it suits you. , and ye both drop it when it doesn't.

As for me, I don't. If it is affecting Nigeria badly, I no gree.

At least I can say that APC has failed though, but even if they did well, or if Obi came into office in 2023, unless every Nigerian was paying half their income in tax, forget subsidy.

Unless you want to build refineries run by prisioners at all levels. No one gets paid, and you save the money which can be used for Nigeria.

nairalanda1:
We should not go back to subsidy abeg.

I am thankful for the GEJ admin for one thing, for opening my eyes to how bad subsidy was tanking our economy. Especially when I realized that as at January 2012, we were importing fuel at N99 and selling it at N65 (just before the increase to N140 and then to N97 and later on N87.)

Add awareness of smuggling, and the result is...wasteage.

People know me as the anti-subsidy guy on this site. And I get called tinubu and buhari supporter for it. But as for me, this is not about politics, or who is in charge. If it was Obi or Atiku in charge and they removed subsidy, I go sound the same.

Yes, people are suffering with this high prices, and I expect my fuel bills to go up. Drastically. But the cost to Nigeria of 50 years of subsidy was loss of four refineries and loss of billions of naira to corruption and stealing and smuggling. And a lot of waste...plus we were at the end dashing foreign refineries scarce forex in the name of importing quack fuel.

(Just this saturday I saw a swan water bottle filled with Dangote petrol, and I was impressed. That's the first time in a long time I am seeing world standard fuel. Clear fuel. Not the brownish stuff we were used to for years).

Subsidy has to go. The problem is, people like to be paid, and people like to make a profit. If you like, you can call me names and so on....but until your power sector makes profit, una no go have light, and right now we have working refineries for the first time in years, let's not spoil it with another yeye subsidy.

(Yes, tinubu was a hypocrite for opposing subsidy removal, and for you obidents, no such thing as gradual removal of subsidy...because that is what buhari was doing to decieve us)

Why is Tinubu borrowing more than PDP deregulation and privatisation politicians who gave us cheap petrol and better life, including licensing this private Dangote refinery

What is he doing with $84 billion subsidy savings?

Why did Buhari borrow more than PDP presidents despite saving trillions from subsidy removal?

gabydaniels:
Aug 25, 2016
The Vice President, Professor Yemi Osinbajo, has disclosed that the federal government has so far saved the sum of N1.4 trillion for not paying oil subsidy.

He also assured Nigerians that very soon, the foreign exchange market would stabilise going by some radical policies already introduced by the Central Bank of Nigeria (CBN).

The vice president who spoke in Kano yesterday during the third day of the 15th Joint Planning Board and National Council on Development meeting, urged Nigerians to restore confidence in President Muhammadu Buhari’s administration, insisting that soonest, the current economic problems would become a thing of the past.

“With the deregulation of the downstream petroleum sector, there has been a significant increase in the availability of petrol throughout the country for the savings of N1.4 trillion on subsidy payments alone,” he said.

“Also, a more flexible exchange rate regime, we will have to decrease the pressure on the external reserve. In the short run of course, there should be consequences for inflation. We expect that with greater priority we have seen in the implementation of the policy by the CBN, the foreign exchange market will stabilise and confidence will be restored.

http://www.thisdaylive.com/index.php/2016/08/26/osinbajo-we-have-saved-n1-4tn-by-not-paying-fuel-subsidy/

No stories please. FG already knows the volume of oil Nigerians consume in a day. Keep the local price you sell to Dangote and increase international price according to OPEC price. Why should Nigerians suffer for Iran/US war wey no concern us..

nairalanda1:


You know when I say you guys and the apc guys are alike, I am right?

You both want subsidy on fuel. You both use the antisubsidy argument when it suits you. , and ye both drop it when it doesn't.

As for me, I don't. If it is affecting Nigeria badly, I no gree.

At least I can say that APC has failed though, but even if they did well, or if Obi came into office in 2023, unless every Nigerian was paying half their income in tax, forget subsidy.

Unless you want to build refineries run by prisioners at all levels. No one gets paid, and you save the money which can be used for Nigeria.

So you are saying subsidy is a bad thing?

Tinubu Suppoters over to you guys

wellmax:
Comprehension is a big challenge for some people here. Keep ranting

Can you answer these questions sincerely:

What was GEJ's offense to you people?

Why were you people angry with him?

wellmax:
Comprehension is a big challenge for some people here. Keep ranting

Comprehension must be a much bigger challenge for the city boy who promised to crash not just petrol price but also dollar rate, since he has worsened both and made life unaffordable for Nigerians, who also have to deal with worse unemployment.

What do you think of Tinubu's balablu rant and fake announcements?




https://www.youtube.com/watch?v=pNebu6iMH7s

Brendaniel:
So you are saying subsidy is a bad thing?

Have I said otherwise?

Specifically, consumption subsides. And I don't need to explain why it is bad to you, because you guys on this site don't see it, until it suits you.

Yes, both sides.

Good morning.

Brendaniel:
Can you answer these questions sincerely:

What was GEJ's offense to you people?

Why were you people angry with him?

The offence of Jonathan and PDP is straightforward in this regard- they failed to keep petrol price under N70, which is the price that All Promises Cancelled, APC leaders looters said it should NEVER go above.

11 years later, who does not know that APC are the worst scammers and rogues in our country

anonimi:
Petrol should never cost more than N70 per litre, says APC

January 19, 2015

The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.

On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.

But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.

It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.

https://www.thecable.ng/petrol-never-cost-n70-per-litre-says-apc/

This current petrol headache is not Tinubu making at all its Trmp making and I said it a the onset that the moment Khmani or whatever cut off all hads should be on deck but Teump kept threatening to install new president for Iran this can't ok and many world are very angry with Trump over Venezuella invasion that took over 90 innocent souls. They are with Trump fir threatening EU over Iceand. They are angry with Trump supporting separatist in Canada to fistsblise the country infact his sins are just two much within 2 years in office and now his defiancy is costing the entire world petrol headache.

Yes, it fell this yesterday morning by just mere Donald Trump's promise of crossing strait of Hormuz very soon by escorting tankers with US Navy ships and also increments in Insurance

This world amazes me atimes, promises from a big shot can dramatically transform a terrible situation.

It shows that people's trust in power, action and credibility matters in anything we do.

For you to be successful in life, you must be credible, powerful and ready to take action which is another form of been responsible.

Parachoko:
Price of Crude oil fell this morning.

I hope Donald Trump will End this Unnecessary War very soon.

He should start back port Harcourt refinery area5 back since partnerships company is not forthcoming. Area5 was running before they stopped it and terminated the contract of Egyptian that was running it.

nairalanda1:
Have I said otherwise?

Specifically, consumption subsides. And I don't need to explain why it is bad to you, because you guys on this site don't see it, until it suits you.

Yes, both sides.

Good morning.

So, countries like USA that pays consumption subsidy for their citizens are doing a bad thing?

Jayhome24:
This current petrol headache is not Tinubu making at all its Trmp making

and I said it a the onset that the moment Khmani or whatever cut off all hads should be on deck but Teump kept threatening to install new president for Iran this can't ok and many world are very angry with Trump over Venezuella invasion that took over 90 innocent souls. They are with Trump fir threatening EU over Iceand. They are angry with Trump supporting separatist in Canada to fistsblise the country infact his sins are just two much within 2 years in office and now his defiancy is costing the entire world petrol headache.

Is the previous petrol headache until February 2026, solely the making of Tinubu

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.


https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-



https://www.youtube.com/watch?v=4JH8CC_JdUA

Victorchuks4:
He should start back port Harcourt refinery area5 back since partnerships company is not forthcoming.

Area5 was running before they stopped it and terminated the contract of Egyptian that was running it.

Was it stopped after it started exporting fuel in December 2024

Princecalm:
Jul 29, 2015

The Nigerian National Petroleum Corporation has announced that the Port Harcourt and Warri refineries have been successfully re-streamed after a nine-month rehabilitation exercise conducted by its in-house engineers and technicians.

The corporation, in a statement, noted that both plants commenced preliminary production of petroleum products after successful test-runs, adding that while PHRC was ramping up its operation to about 60 per cent of its 210,000 barrels per day capacity, WRPC production was projected to hit 80 per cent of its installed 125,000bpd capacity.

The NNPC said the Port Harcourt refinery was projected to boost the nation’s local refining capacity with a product yield of five million litres of petrol per day, while Warri refinery would contribute 3.5 million litres of petrol.

Providing insight into the rehabilitation exercise, the NNPC noted that it had to adopt the phased rehabilitation strategy after the Original Refinery Builders, who were initially contacted for the project came up with unfavorable terms.

It said, “Though a decision was taken in 2011 to rehabilitate all the refineries using the ORB of each of the refineries, we were impelled to switch strategy after the ORBs declined participation and nominated some partners in their stead who came up with outrageously unfavorable terms.”

The NNPC stated that the nominated partners, as sole-bidders, came up with humongous price offers after two years of thorough and exhaustive scope of work definition and price negotiations.

It added that the proxies were also unwilling to provide post rehabilitation performance guarantees.

The corporation said, “The phased rehabilitation strategy which entailed phased and simultaneous rehabilitation of all the refineries using in-house and locally available resources in line with the spirit and letter of the Nigerian Content Law, also involved the use of Original Equipment Manufacturer representatives to effect major equipment overhaul and rehabilitation.”

The national oil firm said the phased rehabilitation programme, which started in October 2014 after the required funding stream was established, created a 70 per cent reduction in costs which helped largely in mitigating the financing challenges of refinery rehabilitation.

It observed that with the successful re-streaming of the PHRC and WRPC, attention has now moved to the 110,000 barrels per day Kaduna Refining and Petrochemicals Company which was billed to come on stream soon.

http://www.punchng.com/news/pharcourt-warri-refineries-commence-preliminary-operations-nnpc/

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saintopus:
Dec 06, 2024
The PH Refinery ships its first export of petroleum products to Dubai.
The company is expected to load the cargo in the coming days onboard the Wonder Star MR1 ship, signalling the commencement of operations at the plant and the exportation of petroleum products.

The ship will load 15,000 metric tons of the product, which translates to about 13.6 million litres.

Although the volume coming from the NNPC into the global market is still small, the development has the potential to impact the Very Low Sulphur Fuel Oil (VLSFO) benchmarks in the future while changing the market realities for Atlantic Basin exporters into Nigeria and other regions.

The sulfur content of the export by NNPC stands at 0.26 per cent per wt and a 0.918 g/ml density at 15°C, according to Kpler, a data and analysis company.

The cargo was reportedly sold at an $8.50/t discount to the NWE 0.5 per cent benchmark on a Free on Board (FOB) basis.

Kpler reported that the development would help displace imports from traditional suppliers in Africa and Europe, as Nigeria’s falling clean product (CPP) imports are already decreasing, dragging imports into the wider West Africa region lower as well.

https://guardian.ng/energy/nnpc-begins-export-from-ph-refinery-as-dubai-firm-buys-first-cargo/

Memphis357:
Tinubu is on a mission to kill Nigeria.
"I went to school when Goodluck Jonathan was President. That was during Nigeria's economic boom. Yet, I saw people struggle to pay N12k for school fees. I saw people come to school with N2k, N5k as pocket money. Some came with foodstuff and "remember the home you came from."

Flight to Benin was between N12k to N18k. I usually went to school, filling the biggest travelling box with provision, and it cost me N30k to do that. My pocket money was between N25 to N30k and it was sufficient. I was feeding my friends in hostel and was named most generous person in the hostel. I went to a to secondary school with children of the rich, so I already knew the other reality of life. What I was seeing in UNIBEN was a far cry. To do everything I listed above today, you need over 500k because this government has plunged us into darkness.

Now, in 2026, when our lives should have significantly improved from the progress made by the GEJ government, we went from the clueless Buhari to k!eller of hope Tinubu. Exchange rate is over the roof. Flight is exorbitant. Feeding is a luxury. School fees is out of the reach of two income household. People are dy!ng daily because they cant afford health care. The government is taxing people to d£ath. Yet, we have cl0wns defending the cost of living in a country that minimum wage is N70k.

Meanwhile, the money released for health care of 200m people was N36 million naira. NNPC stole N210 Trillion but it is the masses that should be taxed to raise money and the masses that should have to endure economic hardship and pay exorbitant fee to get the available po0r quality education. Today, people are paying above 100k to 500k for public education. Nons£nse!

I am very convinced you people defending this are m@d and with all due disrespect, you're very m@d........"

https://www.gistreel.com/influencer-laments-rising-cost-of-living-compares-gej-era-to-present/?fbclid=IwdGRjcAQczm1jbGNrBBzOZmV4dG4DYWVtAjExAHNydGMGYXBwX2lkDDM1MDY4NTUzMTcyOAABHq3Ym7bJALdZrmhlXtXRi9E9NpZF5_kFBpPJl_OgOZziges-nhjytLN7lomb_aem_6AOgh_xpa1y1lLOmfpa0KA

bro people defending this govt are literally demons,they are all bitter and tribalist....they don't care if the country is burnt down so long their brother is president and you will think that those defending this government are doing well in life but reverse is the case,most of them live from hand to mouth but they dont care all they want is their brother to be president...tinubu is the worst president we ever got..dude has no conscience

Brendaniel:
So, countries like USA that pays consumption subsidy for their citizens are doing a bad thing?

USA

1.Taxes people more and has a higher income from taxes. Not like Nigeria where effectively only 30% of the nation is taxed.

2.USA has a diversifed economy. As a result, revenue from company tax is very very high among other things. Again, income tax revenue is high

3. Consumption subsides are for the poorest of the poor, not to ensure that every American buys gas at fifty cents per gallon. And the poor are means tested to see if they qualify. Not like Nigeria where everyone gets a subsidy...leading to the rich benefiting more than the poor.

4. Refineries are run profitably, which means...no subsidy

5.Finally, prices are going up in the USA too...no subsidy needed.

USA does release oil from their strategic reserve, which is the only way they can sanely reduce fuel prices.

The problem with ur suggestion is boundarys.. u can still insist no subsidy with crude @$90 easily... But imagine (just assume) it gets to $250 per barrel. Would u still have the conscience to insist on no subsidy esp knowing that the govt will be raking in a huge windfall from d crude export side?

nairalanda1:
You know that GEJ wanted to remove subsidy in 2011...because the rise in crude prices from 91 dollars in 2010 to 110 and above in 2011 meant that subsidy costs jumped up three times as a result.

That meant that most government revenue was being eaten by subsidy and borrowing was increasing

Your comment indicates that you thought that tinubu and buhari were right in 2012 to oppose subsidy removal.

And we paid the price for retaining subsidy...government borrowing rose, and the economy went down. Along came bubu and tinubu and their printing economics....you know how it ended.

Any form of subsidy will by abused. Officials in the petroleum industry will inflate subsidy figures as daily consumption can suddenly rise to 100 million litres from 60m while ordinary folks will divert product to neighbouring countries. They will game the system and another round of subsidy fraud will be here again

nairalanda1:
USA

1.Taxes people more and has a higher income from taxes. Not like Nigeria where effectively only 30% of the nation is taxed.

2.USA has a diversifed economy. As a result, revenue from company tax is very very high among other things. Again, income tax revenue is high

3. Consumption subsides are for the poorest of the poor, not to ensure that every American buys gas at fifty cents per gallon. And the poor are means tested to see if they qualify. Not like Nigeria where everyone gets a subsidy...leading to the rich benefiting more than the poor.

4. Refineries are run profitably, which means...no subsidy

5.Finally, prices are going up in the USA too...no subsidy needed.

USA does release oil from their strategic reserve, which is the only way they can sanely reduce fuel prices.

But you are advocating that no form of subsidy should be paid at all, whether for the rich or for the poor...

The current oil price or is not FG fault

https://www.youtube.com/watch?v=rNKYIt0mBjY

Sibrah:
Rent-seeking economy is killing us. Entitlement to national cake.

his cronies are entitled to the national cake
So why not the citizens as well?

Parachoko:
Price of Crude oil fell this morning.

I hope Donald Trump will End this Unnecessary War very soon.

Oh ,na now owner eyes clear....Iran done press everybody scrotum

Is Nigeria's oil production supposed to be affected by the war in Iran?

Brendaniel:
But you are advocating that no form of subsidy should be paid at all, whether for the rich or for the poor...

Consumption subsides.

being:
The problem with ur suggestion is boundarys.. u can still insist no subsidy with crude @$90 easily... But imagine (just assume) it gets to $250 per barrel. Would u still have the conscience to insist on no subsidy esp knowing that the govt will be raking in a huge windfall from d crude export side?

>

No subsides.

There is wisdom and maturity in the saying that you don’t make permanent decisions over a temporary event.

Let us keep praying that the greedy and covetous war mongers are dealt with swiftly so that the world returns to peace and prosperity.

Brendaniel:
So Tinubu supporters have been making excuses and giving Tinubu options despite selling crude oil at over 100 dollars per barrel like in GEJ's time without paying any subsidy for Nigerians for over 1000 naira per litre.


These same people wanted to crucify Jonathan who was paying subsidy for them at about 75 naira per litre with the same over 100 dollars per barrel Tinubu is selling it now.


I ask: Why were they angry with Jonathan who treated them better than Tinubu is treating them now?

Answer: Tribalism

nairalanda1:
Consumption subsides.

So, subsidy for the poor like you stated as an example is entirely under production subsidy?