Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working - Politics

Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working (537 Views)

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Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by guobe(op): 11:08pm On May 29*

Since the administration came with it is gone on the first day of inauguration, the common man was immediately thrown into a state of quagmire.
The prices of petroleum products skyrocketed and this resulted in goods and services going far beyond the reach of an average Nigerian.
The rich have been pushed into the middle class,the middle class pushed into the poor class while the poor class have been pushed into the abyss and are gasping for breath.
People that had cars have either sold their cars or can nolonger fuel their vehicles as the vehicles are left at home.
They now trek long distances to their place of work or use public transport which is not cheap either.
Alas there are more money for the political class to spend and this negates democracy as it is supposed to be for the people.
The hardship currently in Nigeria is unprecedented as this is the worse time to be a Nigerian with economic activities at an all time low.
Subsidy is gone and there is still massive loan borrowing is not mathematically correlated.
Something urgently needs to be done to give Nigerians a better life.
Long live the Federal Republic of Nigeria.

5 Likes 1 Share

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by VeeVeeMyLuv(f): 12:08am On May 30

After removing subsidy and floating naira had it been he maintained the PMB black exchange rate things will have been a lot better. Nigeria would by now be flourishing.

1 Like

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by VeeVeeMyLuv(f): 12:12am On May 30

I don't know who told the idiot to further devalue our currency.

His job was to float naira by making the late Buhari's black market rate and official rate to be equal and maintain at that rate.

Just one job to do
And he flunked it up.

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Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by Lifestone(m): 2:37am On May 30

guobe:
Since the administration came with it is gone on the first day of inauguration, the common man was immediately thrown into a state of quagmire.
The prices of petroleum products skyrocketed and this resulted in goods and services going far beyond the reach of an average Nigerian.
The rich have been pushed into the middle class,the middle class pushed into the poor class while the poor class have been pushed into the abyss and are gasping for breadth.
People that had cars have either sold their cars or can nolonger fuel their vehicles as the vehicles are left at home.
They now trek long distances to their place of work or use public transport which is not cheap either.
Alas there are more money for the political class to spend and this negates democracy as it is supposed to be for the people.
The hardship currently in Nigeria is unprecedented as this is the worse time to be a Nigerian with economic activities at an all time low.
Subsidy is gone and there is still massive loan borrowing is not mathematically correlated.
Something urgently needs to be done to give Nigerians a better life.
Long live the Federal Republic of Nigeria.

So they should bring Subsidy back?

1 Like

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by guobe(op): 4:58am On May 30

Lifestone:
So they should bring Subsidy back?

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by Adblg0610: 7:00am On May 30

Lifestone:
So they should bring Subsidy back?

Removal of fuel subsidies and harmonization of exchange rates are good policies but we should stop importation of fuel. I think it is counterproductive, because of our local refining capacity.

1 Like

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by helinues: 7:01am On May 30

You will abandoned your thread if I engage you about this.

I thought you know better

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by qualitymart: 8:19am On May 30

guobe:
Since the administration came with it is gone on the first day of inauguration, the common man was immediately thrown into a state of quagmire.
The prices of petroleum products skyrocketed and this resulted in goods and services going far beyond the reach of an average Nigerian.
The rich have been pushed into the middle class,the middle class pushed into the poor class while the poor class have been pushed into the abyss and are gasping for breadth.
People that had cars have either sold their cars or can nolonger fuel their vehicles as the vehicles are left at home.
They now trek long distances to their place of work or use public transport which is not cheap either.
Alas there are more money for the political class to spend and this negates democracy as it is supposed to be for the people.
The hardship currently in Nigeria is unprecedented as this is the worse time to be a Nigerian with economic activities at an all time low.
Subsidy is gone and there is still massive loan borrowing is not mathematically correlated.
Something urgently needs to be done to give Nigerians a better life.
Long live the Federal Republic of Nigeria.

😂

You just woke up, I personally moved against it from day 1 but some uninformed gullible followers of FG insulted themselves and not me

1 Like

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by guobe(op): 8:25am On May 30

qualitymart:
😂

You just woke up, I personally moved against it from day 1 but some uninformed gullible followers of FG insulted themselves and not me

I have always been against it too, the policy was meant to give more money to the political elite and no single consideration for the every day Nigerian.
Goods and services can nolonger be afforded by the poor

2 Likes

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by LibertyRep: 8:26am On May 30

Ok.
We should go back to the era of borrowing to pay subsidy.
We should continue supporting Naira with borrowed fund while some people make humongous money from round tripping.

What exactly should we have done?

2 Likes

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by guobe(op): 8:32am On May 30

LibertyRep:
Ok.
We should go back to the era of borrowing to pay subsidy.
We should continue supporting Naira with borrowed fund while some people make humongous money from round tripping.

What exactly should we have done?

The excuse of borrowing to pay subsidy and supporting the naira are all political gimmicks politicians use in confusing 😕 it's citizens.
The borrowing has quadrupled even without the subsidy presently.

1 Like

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by LIVINGICONREBOR: 8:33am On May 30

So far my sports betting apps are not hampered in anyway then all well and good.

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by WizardOfNG: 8:34am On May 30

@OP.

They are both long-overdue policies implemented at the right time. Fuel subsidy and subsidizing of Naira were crippling a nation that was broke and on the edge of collapse.

For example, States were borrowing to pay salary but that is not the case today. Direct confirmation of a benefit of fuel subsidy removal.

What I can agree with is that more effort should be made to introduce and quickly implement palliatives to soften the hardship Nigerians are facing as a result of unavoidable and crucial reforms.

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by LibertyRep: 8:38am On May 30

So how was the subsidy being paid back then? How was the naira being supported also? How come the state governors now have more money than before and are not owing and rationing salary?

The borrowing has increased and their excuse is that they need to finance critical infrastructural projects instead of using it to pay subsidy and salary. I agree, this must be questioned and the government must be held accountable.

I

guobe:
The excuse of borrowing to pay subsidy and supporting the naira are all political gimmicks politicians use in confusing 😕 it's citizens.
The borrowing has quadrupled even without the subsidy presently.

1 Like

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by guobe(op): 8:41am On May 30

WizardOfNG:
@OP.

They are both long-overdue policies implemented at the right time. Fuel subsidy and subsidizing of Naira were crippling a nation that was broke and on the edge of collapse.

For example, States were borrowing to pay salary but that is not the case today. Direct confirmation of a benefit of fuel subsidy removal.
The refineries owned by Nigeria are all not working which would have helped on refining oil at a cheaper rate to its citizens.
Fixing of thecl refineries is suppose to be the focus and not subjecting it's citizens to international rate of oil sale when they know the citizens are not paid in international rates.
What I can agree with is that more effort should be made to introduce and quickly implement palliatives to soften the hardship Nigerians are facing as a result of unavoidable and crucial reforms.

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by guobe(op): 8:50am On May 30

LibertyRep:
So how was the subsidy being paid back then? How was the naira being supported also? How come the state governors now have more money than before and are not owing and rationing salary?

The borrowing has increased and their excuse is that they need to finance critical infrastructural projects instead of using it to pay subsidy and salary. I agree, this must be questioned and the government must be held accountable.

I

Do you know that presently the state Government can't really embark on massive projects because the cost of these projects have skyrocketed.
Then,a kilometer of road that used to be 100 million is now 1 billion per kilometer.
It's just like robbing Peter to pay Paul.
Minimum wagecof 18,000 naira with a dollar rate of 150 to 270 naira then is stronger than this present Minimum wage.
There is a policy summersault presently going on that should be rectified.

1 Like

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by marlow1962(m): 8:53am On May 30

Removing what the citizens have been enjoying on the low without proper means of cushioning the effects on the citizens is pure wickedness, but the people supported it so it is what it is.

Yet people still defend this calamitous government.

1 Like

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by WizardOfNG: 8:55am On May 30

LibertyRep:
Ok.
We should go back to the era of borrowing to pay subsidy.
We should continue supporting Naira with borrowed fund while some people make humongous money from round tripping.

What exactly should we have done?

Great comments. The fact is that the processes nations must adopt to become developed is almost a precise science with set rules.

Nigeria was not following any of those rules. In fact, as an example, our corner-cutting is why terrorism is a major problem today.

There was no consistent, focused and dedicated investment in the NPF over time to improve its efficiency that would make it more than a match for all these illiterates running around killing Nigerians.

There is no way some elements can internally terrorise nations like the USA, Germany or Nigeria as is happening to Nigeria today simply because their security capacity is too efficient to allow that.

How can we then not understand that securing Nigeria is going to be difficult to achieve today because of what we failed to do over decades to improve the efficiency of our security architecture so it grows and adapt with time?

We are suddenly here today and the owners of a police force that is archaic and cannot secure Nigeria.

I was in the UK during the 7/7 London bombing in 2005 to note the response of Metropolitan police that makes me understand how very, very far Nigeria is to having such a capable force.

I understand that times are tough for Nigeria but there is no way we can move towards being a developed nation, with all the benefits of good security and socio-economic wellbeing, without sacrifice simply because of what we have failed to do over many decades.

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by guobe(op): 8:56am On May 30

marlow1962:
Removing what the citizens have been enjoying on the low without proper means of cushioning the effects on the citizens is pure wickedness, but the people supported it so it is what it is.

Yet people still defend this calamitous government.

The refineries should be fixed and more players should be allowed to own their private refineries, I bet you the prices of petroleum will go down.

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by LibertyRep: 10:08am On May 30

Thr argument has been that when dollar was artificially put at #270, it was being seriously padded and supported with borrowed fund which is unsustainable. Should we continue on that path until it blows up in our faces?

How do you suggest we rectify this.

guobe:
Do you know that presently the state Government can't really embark on massive projects because the cost of these projects have skyrocketed.
Then,a kilometer of road that used to be 100 million is now 1 billion per kilometer.
It's just like robbing Peter to pay Paul.
Minimum wagecof 18,000 naira with a dollar rate of 150 to 270 naira then is stronger than this present Minimum wage.
There is a policy summersault presently going on that should be rectified.

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by guobe(op): 10:51am On May 30

LibertyRep:
Thr argument has been that when dollar was artificially put at #270, it was being seriously padded and supported with borrowed fund which is unsustainable. Should we continue on that path until it blows up in our faces?

How do you suggest we rectify this.

Nigerian politicians will tell you sweet tales to confuse you and you will believe them
There was a time when a dollar was equal to a naira in Nigeria, so was it padded then?
Believe Nigerian politicians at your own peril.

1 Like

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by franchasofficia: 11:08am On May 30

guobe:
Since the administration came with it is gone on the first day of inauguration, the common man was immediately thrown into a state of quagmire.
The prices of petroleum products skyrocketed and this resulted in goods and services going far beyond the reach of an average Nigerian.
The rich have been pushed into the middle class,the middle class pushed into the poor class while the poor class have been pushed into the abyss and are gasping for breath.
People that had cars have either sold their cars or can nolonger fuel their vehicles as the vehicles are left at home.
They now trek long distances to their place of work or use public transport which is not cheap either.
Alas there are more money for the political class to spend and this negates democracy as it is supposed to be for the people.
The hardship currently in Nigeria is unprecedented as this is the worse time to be a Nigerian with economic activities at an all time low.
Subsidy is gone and there is still massive loan borrowing is not mathematically correlated.
Something urgently needs to be done to give Nigerians a better life.
Long live the Federal Republic of Nigeria.

The wicked supporters of evil will rather defend this unscrupulous policy of a clueless man called Tinubu by saying removal of subsidy provided more money for state Governors as if state Governors have ever showed responsibility in their use of public funds?

Why must Tinubu take the subsidy that helped make life a bit affordable for Nigerians only to give same money to his fellow corrupt political class called Governors and hoping it would help Nigeria's economy?

They said some cabals were being enriched through the corruption going on in subsidy regime.

Is it not the responsibility of the President to device new means to stop those compromising the subsidy by using them to show example that will shock Nigerians?

Instead he chose to remove subsidy and then carried the money to share with state Governors.

I dont blame Tinubu sha

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Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by gratiaeo(m): 11:11am On May 30

LibertyRep:
Ok.
We should go back to the era of borrowing to pay subsidy.
We should continue supporting Naira with borrowed fund while some people make humongous money from round tripping.

What exactly should we have done?

Now there is no subsidy why are they borrowing more than when there's subsidy?

1 Like 1 Share

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by franchasofficia: 11:11am On May 30

LibertyRep:
Ok.
We should go back to the era of borrowing to pay subsidy.
We should continue supporting Naira with borrowed fund while some people make humongous money from round tripping.

What exactly should we have done?

If not for nl banning, I would have replied you in the language people like you that support Tinubu's evil and incompetence understands angry

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by guobe(op): 11:15am On May 30

franchasofficia:
The wicked supporters of evil will rather defend this unscrupulous policy of a clueless man called Tinubu by saying removal of subsidy provided more money for state Governors as if state Governors have ever showed responsibility in their use of public funds?

Why must Tinubu take the subsidy that helped make life a bit affordable for Nigerians only to give same money to his fellow corrupt political class called Governors and hoping it would help Nigeria's economy?

They said some cabals were being enriched through the corruption going on in subsidy regime.

Is it not the responsibility of the President to device new means to stop those compromising the subsidy by using them to show example that will shock Nigerians?

Instead he chose to remove subsidy and then carried the money to share with state Governors.

I dont blame Tinubu sha

You nailed it,it just does not make sense.

1 Like 1 Share

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by gratiaeo(m): 11:16am On May 30

LibertyRep:
So how was the subsidy being paid back then? How was the naira being supported also? How come the state governors now have more money than before and are not owing and rationing salary?
<
The borrowing has increased and their excuse is that they need to finance critical infrastructural projects instead of using it to pay subsidy and salary. I agree, this must be questioned and the government must be held accountable.

I

Is there no subsidy during Yaradua and OBJ ? Why are governors then not borrowing to pay salaries.. What we are suffering today is a bad government and nothing more

1 Like

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by franchasofficia: 11:20am On May 30

Tinubu's wickedness, cluelessness, insensitivity to the Nigerian masses and his bias leadership is the reason he destroyed Nigeria's economy and everything.

Yes Nigeria have been unfortunate with Presidents but Tinubu's became the worst. He took incompetence, tribalism and wickedness to a whole new level.

Tinubu removed fuel subsidy without thinking while many countries including over 20 countries in Europe still provide fuel subsidy for their citizens.

Tinubu removed electricity tariff subsidy
Tertiary education tuition subsidy

Tinubu unified FOREX and removed what acted like subsidy on FX all at once without any proper planning and research!

Tinubu increased import duties multiple times in less than one year which made commodity prices to shoot up so high.

Tinubu started borrowing more loans than previous governments that provided fuel subsidy combined after removing fuel subsidy they said was the reason for borrowing loans.

Tinubu introduced more bank transaction levies/tax.

He increased electricity tariff even when electricity supply wasn't improved.

He introduced band billing to further exploit the rich, businesses and industries that use heavy electricity consumption which also increased price of goods and services as those businesses added this to their product and service cost.

Now I ask you, if you want to operate on a patient that had an accident and in the process you discover he has other health problems that he had been managing before the fatal accident and can still survive with those other health challenges pending when he recovers from emergency situation. Will you go ahead and be doing a major surgery on him while also doing him organ transplants and also place him on chemotherapy for a cancer that is still in stage 1, and also place him on a strict diet for diabetes and still start operating him for an eye issue that has not become an issue for his sight all at the same time just because you want to save his life and make him completely free of every sickness and disease at once?

You are supposed to start with the emergency situations to save his life first, when he recovers from that, you can then gradually start treating other illnesses to avoid killing him with overdose of drugs and pains from multiple major treatments and surgeries.

This is exactly what Tinubu did to Nigeria which is why Nigeria is struggling to survive now.

Moreso, he went and started a fruitless project called coastal highway that was not necessary at the moment, abandoning other major roads in Nigeria that need urgent attention just to siphon money and to enrich his family's joint business with his Lebanese partner.

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Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by LibertyRep: 11:20am On May 30

That's because you are incapable of civil discussion. Why not bring forth a superior argument and let us learn .

franchasofficia:
If not for nl banning, I would have replied you in the language people like you that support Tinubu's evil and incompetence understands

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by franchasofficia: 11:24am On May 30

LibertyRep:
That's because you are incapable of civil discussion. Why not bring forth a superior argument and let us learn .

Because most of you that support Tinubu know the truth but out of wickedness, extreme tribalism and selfishness that he is appointing mostly Yorubas and developing Yoruba region, you guys feign ignorance even when you guys know the truth.

So what is the need telling you the truth that you already know?

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Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by VeeVeeMyLuv(f): 11:25am On May 30

franchasofficia:
If not for nl banning, I would have replied you in the language people like you that support Tinubu's evil and incompetence understands

My dear
Don't mind those heartless people

What happened is that the more they make things appear to have changed the more things remained the same.

2 Likes 1 Share

Re: Fellow Nigerians,this Subsidy Removal And Floating Of Naira Is Not Working by VeeVeeMyLuv(f): 11:28am On May 30

You people defending this man

The two policies have shown to have failed wholefuly

Nothing has changed. The situation still remains the same.

1 Like

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