₦airaland Forum

SmartPolician:
Importation is a problem. They are wasting our FX on a product we can produce and refine locally.

Shikena:
... I just saw this headline:
Tinubu Courageous To Remove Fuel Subsidy - Governor Alex Otti

Brendaniel:
So with all the noise Tinubu and his supporters made about the success of his subsidy removal and Dangote refinery, Nigeria is still importing petrol like subsidy was never removed and Dangote refinery is not even existing.

Now the funny and annoying part is that, Nigeria now spends more on importation of oil and oil products, Dangote spent about 3 billion dollars importing crude oil, Nigeria is spending 9 trillion importing fuel that Dangote would have refined and given Nigerians to use if they had a good arrangement between the FG and his refinery, are we going to call this situation a lose-lose for Nigeria as a country?

Just look at the kind of management Tinubu is doing and yet he has supporters cheering him because of tribal, religious or political affiliation.

Emeskhalifa:
So what's the point of having Dangote refinery if we are still importing?

Brendaniel:
So with all the noise Tinubu and his supporters made about the success of his subsidy removal and Dangote refinery, Nigeria is still importing petrol like subsidy was never removed and Dangote refinery is not even existing.

Now the funny and annoying part is that, Nigeria now spends more on importation of oil and oil products, Dangote spent about 3 billion dollars importing crude oil, Nigeria is spending 9 trillion importing fuel that Dangote would have refined and given Nigerians to use if they had a good arrangement between the FG and his refinery, are we going to call this situation a lose-lose for Nigeria as a country?

Just look at the kind of management Tinubu is doing and yet he has supporters cheering him because of tribal, religious or political affiliation.

erico2k2:
You think? Vast majority of these lot sours their FX outside of Nigeria, all those noise you hear about our FX is all damn thrash.I can use myself as an Example, do you think I buy forex from Nigeria if I want to import?If you live abroad or if you know anyone that does, ask them how they send money to Nigeria via Mobile apps, then check who owns all these apps.The amount remited to Nigeria via these apps which are forex bound is more than the total budget of Nigeria.Im going to stop there

SmartPolician:
Bros, our petrol importers source money from the local market and even had to depend on the CBN at some point to get FX at a cheaper rate. As for that second part of your argument, you are making assumptions. Our annual foreign remittance doesn't exceed $20 billion while our annual federal budget hovers around $50 billion. Besides, there's no connection between the two.

Importers are business people who source FX to bring PMS into Nigeria. Nigerian banks can finance such imports. The kind of amount that Afrexibank or AfDB will finance are those kinds of projects that Dangote handles that run into billions of dollars by an individual. Those importers don't need such money to import PMS as individuals.

Finally, the government should give them a 10-year ultimatum to build their local refineries. By that time, 100k bpd BUA refinery will be ready. If they fail to come together and build their refineries, they will impose heavy import duty on them. We cannot keep wasting our FX on products we have the capacity to refine at home.

SolomonGrandi:
Ensure you register for the next jamb/UTME

Brendaniel:
So with all the noise Tinubu and his supporters made about the success of his subsidy removal and Dangote refinery, Nigeria is still importing petrol like subsidy was never removed and Dangote refinery is not even existing.

Now the funny and annoying part is that, Nigeria now spends more on importation of oil and oil products, Dangote spent about 3 billion dollars importing crude oil, Nigeria is spending 9 trillion importing fuel that Dangote would have refined and given Nigerians to use if they had a good arrangement between the FG and his refinery, are we going to call this situation a lose-lose for Nigeria as a country?

Just look at the kind of management Tinubu is doing and yet he has supporters cheering him because of tribal, religious or political affiliation.

Reloadedisraelp:
Oga stop wailing this morning. ..ur government have since long traded the crude oil for loan borrowing. ...we have the crude oil but we cannot produce it for consumption right now ... Awerey country ..

OYEDIPE:
Your hatred for Tinubu will not allow you see the positive variance as compared to 2024. Continue!!!

erico2k2:
I know and I am not disputing this,But let me tell you something, if Barclays bank in teh London agrees to give you loan facility compared to 1st bank in Nigeria which would you take??

SmartPolician:
As a Nigerian business man, the one I will go for depends on the interest rate and other repayment terms and conditions.

However, accessing foreign facilities from one's home country will attract more cross-border taxes and deductions than dealing directly with a local bank. This partly answers the one I'll go for.

NewHe:
Do you even understand what subsidy is all about? Don't confuse subsidy with Petroleum supply, please!

adenigga:
Source: https://punchng.com/nigeria-spends-n9tn-importing-petrol

Brendaniel:
So with all the noise Tinubu and his supporters made about the success of his subsidy removal and Dangote refinery, Nigeria is still importing petrol like subsidy was never removed and Dangote refinery is not even existing.

Now the funny and annoying part is that, Nigeria now spends more on importation of oil and oil products, Dangote spent about 3 billion dollars importing crude oil, Nigeria is spending 9 trillion importing fuel that Dangote would have refined and given Nigerians to use if they had a good arrangement between the FG and his refinery, are we going to call this situation a lose-lose for Nigeria as a country?

Just look at the kind of management Tinubu is doing and yet he has supporters cheering him because of tribal, religious or political affiliation.

omojeesu:
A lose lose for us!
A win win for them!
That has always
Been their plan!

Brendaniel:
So with all the noise Tinubu and his supporters made about the success of his subsidy removal and Dangote refinery, Nigeria is still importing petrol like subsidy was never removed and Dangote refinery is not even existing.

Now the funny and annoying part is that, Nigeria now spends more on importation of oil and oil products, Dangote spent about 3 billion dollars importing crude oil, Nigeria is spending 9 trillion importing fuel that Dangote would have refined and given Nigerians to use if they had a good arrangement between the FG and his refinery, are we going to call this situation a lose-lose for Nigeria as a country?

Basic123:
God and have a sincere knowledge seeking conversation with non partisan pundits among your kinsmen people like NOI or Soludo.

America has one of the largest crude oil deposit in the whole world and one of the largest oil refinery and at the same timr of thr largest oil importers.

This is a free market,the fact that a country is producing something doesnt mean Whoever wants to import cant import.Its a free market,the consumer go for whichever they like and the government also make money from importation.

Brendaniel:
Not for me Sir, it is a win for me, regardless of how they do it, I'm only speaking truth to power...

Misterone:
These are sensational news with no substance! How do you compare two unequal things? Why compare 2023 with 2024 and 2025 using naira when you know our currency was devalued? We also know that the commodity is priced in dollars.

erico2k2:
SO for those of you shouting[b] THEY HAVE REMOVED SUBSIDY,[/b]Una eyes don open, How can you import petrol from those listed countries without subsidizing it?