₦airaland Forum

cyberguy72:
Thank God u mentioned Libya...we can out do Libya and even meet Saudi standards

Hahahahah, no.

Libya produces about the same amount of crude we do, but they have the population of eight million people. It's like saying that only four states in nigeria should benefit from oil revenue, they would be able to live like Libyans. And Libya loses billions of dollars in subsidy to smuggling and theft.

Saudi has 40 million people, and produces ten times the crude we produce.

Libya and Saudi have something we do not have, higher per capita income from crude. IN plain english, they can afford to pay subsidy and afford to pay for the refineris to be functioning well too.

Nigeria is 237 million people living in income from 1.7 million bpd. There is no way we can reach libya or saudi standard without incurring such a massive debt that it would literally mean we would run out of money totally. NOthing to pay salaries,import or even loot. You won't want Nigeria to be there,Even if we fight corruption, and stop all the leakages, and stop excessive government spending...e no fit.

nairalanda1:
Hahahahah, no.

Libya produces about the same amount of crude we do, but they have the population of eight million people. It's like saying that only four states in nigeria should benefit from oil revenue, they would be able to live like Libyans. And Libya loses billions of dollars in subsidy to smuggling and theft.

Saudi has 40 million people, and produces ten times the crude we produce.

Libya and Saudi have something we do not have, higher per capita income from crude. IN plain english, they can afford to pay subsidy and afford to pay for the refineris to be functioning well too.

Nigeria is 237 million people living in income from 1.7 million bpd. There is no way we can reach libya or saudi standard without incurring such a massive debt that it would literally mean we would run out of money totally. NOthing to pay salaries,import or even loot. You won't want Nigeria to be there,Even if we fight corruption, and stop all the leakages, and stop excessive government spending...e no fit.

i am saying with ATIKU we can achieve the same not with the CORRUPT Tinubu government.It is achievable dont loose hope

cyberguy72:
i am saying with ATIKU we can achieve the same not with the CORRUPT Tinubu government.It is achievable dont loose hope

It does not matter. with atiku or anyone...we just do not have the percapita revenue to do it.

Libya and NIgeria produce 1.7 million bpd, Libya has 8 million, Nigeria has 237 million people.

That means that at 81 dollars per barrel, Libya can give every citizen the average of 17.2 dollars from a day's sale of crude produced. Nigeria can afford to give every citizen about 0.581 dollars from a day's sale of crude. That is not enough to live on for a day.

As a result, LIbya can take some money from their citizens and pay for subsides on fuel, and leave their citizens with enough. NIgeria cannot do that without debt resulting. In a bad way

(Also, Atiku is part of the same corrupt elite as tinubu, anyone thinking e go change is dreaming).

Cromagnon:
so how much do you want fuel to be
Out will fall from heaven abi
You like fuel scarcity I see

You can wish to pay for unreasonably high fuel, that is your headache.


And @nairaland1, stop responding to my comments and then deleting them when I respond. I have no time for your childish antics. Thank you.

1vandragon:
You can wish to pay for unreasonably high fuel, that is your headache.

You can pay for cheap fuel with high debt and wrecked refining capacity, or you can pay for fuel with no debt, improved refining capacity, jobs created and high price.

You did support fuel subsidy removal, you know...

ivandragon:
the primary factor that caused low savings under the previous administration was fuel subsidy.

if Nigerians had agreed for subsidy to be removed then, we would have saved an extra $35b-$40b...

nairalanda1:
It does not matter. with atiku or anyone...we just do not have the percapita revenue to do it.

Libya and NIgeria produce 1.7 million bpd, Libya has 8 million, Nigeria has 237 million people.

That means that at 81 dollars per barrel, Libya can give every citizen the average of 17.2 dollars from a day's sale of crude produced. Nigeria can afford to give every citizen about 0.581 dollars from a day's sale of crude. That is not enough to live on for a day.

As a result, LIbya can take some money from their citizens and pay for subsides on fuel, and leave their citizens with enough. NIgeria cannot do that without debt resulting. In a bad way

(Also, Atiku is part of the same corrupt elite as tinubu, anyone thinking e go change is dreaming).

Why are u so sure? leave the job for the experts ATIKU wud use to achieve this fate..Like i said b4 be optimistic

nairalanda1:
You can pay for cheap fuel with high debt and wrecked refining capacity, or you can pay for fuel with no debt, improved refining capacity, jobs created and high price.

You did support fuel subsidy removal, you know...

This person, can't you mind your business?

Everyone knows where you stand, left for you, Nigerians should not benefit from any subsidy and should be taxed to death, pay ridiculous prices even when it is not worth it...

And I do not do blind support. My view of subsidy removal has always been that socio-economic conditions must be taken into consideration.

And when the masses must suffer, the political office holders must share in that suffering.

cyberguy72:
Why are u so sure? leave the job for the experts ATIKU wud use to achieve this fate..Like i said b4 be optimistic

The person you are quoting is a top ranking member of this administration of Tinubu. He keeps defending the sufferings of Nigerians here on Nairaland.

He is here 247 to defend and justify the wickedness of this government

sorepco:
For those of you castigating Dangote,you should stop. It's not his fault at all. Do you believe that he does not buy directly from the Federal Government?
He buys from some middleman company based in Europe or London at international prices. How do you expect him sell at local prices?

I wonder ooo

234GT:
The person you are quoting is a top ranking member of this administration of Tinubu. He keeps defending the sufferings of Nigerians here on Nairaland.

He is here 247 to defend and justify the wickedness of this government

No, I am.here to tell you why bringing back a subsidy is going to put the country in debt.

As for politics, I can never vote for Tinubu. He is corrupt and has failed in security and in industrialisation.

Seriously man, read and understand my posts. It doesn't hurt ya to do so. Not everyone that supports subsidy removal is a government supporter. I wasn't a GEJ supporter in 2011, yet that was the time I understood why subsidy was bad for our economy

The problem with subsidy is that government cannot control production costs of fuel. As a result if there was a subsidy , government would be forced several times a year to increase the money spent on subsidy to make sure that the production costs and profit margins are covered in a way that enables the industry to keep us in fuel. The problem is that it means borrowing every single time since the money was not budgeted for.

Also smuggling would increase , worsening matters. And refineries would not get enough money for day to day maintenance and even upgrades leading to them to degenerate.

At the end we end up burdened with a lot of debt and no domestic refining capacity. And it affects every Nigerian

We are already borrowing a lot of money in part because of keeping the same subsidy for over 40 years. Do you want us to go down that same road?

I believe we should vote out APC. I am voting for Obi next election. But come rain or shine, no government in this country, including this current one should bring back subsidy. We have just gotten domestic refining back and the potential for it to increase and generate more jobs for the masses is there.

That is all I care about, that every business in this country is allowed to become profitable enoigh to attract investment which would create jobs and benefit the masses. It's effing painful but people like being paid , and I believe we should exploit that to generate more jobs.

You are free to still lie and call me Tinubu supporter though.

DMCA:
Atiku
Obi
Tinubu
All of dem talk say dem go commot subsidy.
Now d same Atiku above d use return of subsidy as him only campaign strategy and naija people d buy am. and dem wan vote am now only because of subsidy return, as if subsidy d drive our economy
some people dey truly lost

The price is petrol is most impacted by the price of dollar. Devaluing the naira was the biggest mistake

cyberguy72:
i am saying with ATIKU we can achieve the same not with the CORRUPT Tinubu government.It is achievable dont loose hope

If you want to believe that I am a Tinubu supporter because of what 234GT told you, you are free to do so. I cannot change your mind

But all my arguments are made out of what i.learned in 2011 when I began to support subsidy removal.

I support no politician, and I am voting for Obi next year, before that I was supporting smaller parties. I am.voting for Obi not because he is the best but because he wants to put more subsidy savings in the hands of the poor.

But like I said, you are free to believe 234GT. At the end, it's the Internet.

123papas:
The price is petrol is most impacted by the price of dollar. Devaluing the naira was the biggest mistake

That was done because Nigeria quite literally had poor dollar supplies and reserves at the time .

We were.still.importing most of our fuel and paying subsidies for it and Dangote refinery had not come on stream

So, the naira was floated.

It should be pointed out that we were advised to do this decades ago. But we refused .

The real mistake was governments past and present not developing a productive industrial economy that could attract forex

1vandragon:
You can wish to pay for unreasonably high fuel, that is your headache.


And @nairaland1, stop responding to my comments and then deleting them when I respond. I have no time for your childish antics. Thank you.

what is a reasonable price
Stop jumping from pillar to post
Of you owned a refinery how much would you sell fuel

Cromagnon:
what is a reasonable price
Stop jumping from pillar to post
Of you owned a refinery how much would you sell fuel

Stop hiding your head in the sand.

Sane Nigerians know that dangote has to sell what he sells because bat is incompetent and does not know what he is doing.

123papas:
The price is petrol is most impacted by the price of dollar. Devaluing the naira was the biggest mistake

so dem for continue d make foreign exchange dey scatter scatter?, and make dem continue d burn foreign reserves to defend naira and make all foreign investors leave naija?.
u do econs so?
why u d struggle to understand basic thing like dis since 2023?

Upright750:
The man no dey try at all. Quick to increase then crude increase but slow or never reduce when crude fall . No sign of mercy at all.

There is something called rocket and feathers in economics

Dogalmighty17:
The dude said he is targeting 100 billion dollars yearly income. He made 10 billion dollars in the first six months of this year alone already. The money will have to come from somewhere.

How is $100 billion related to oil crude?

maivd:
Importation should be highly encouraged. Dangote is a petrol bandit.

Says someone who buys expensive substandard petrol imported with dollar loans and collateralized.

1vandragon:
Nigeria is a very interesting country...

Using Naira rates, a litre of PMS in US is about #1450... on the average

In Nigeria, a litre of PMS is about #1300 on the average.

But in US, the minimum wage is about #1.7m p/m.

In Nigeria, minimum wage is #70k...

Yet, some people think it is OK to leave the masses to the vagaries and economics of the international market...

I thought you guys said subsidy was free for the rich?

Josywhyte:
This is what happens when someone is given monopoly of the petroleum market

Where is the monopoly?

qualitymart:
And some people are saying we should stop IMPORTATION 😂

Look at cement, look at fuel

Oil price is going down in the world market but our price is going up here despite the fact that exchange rate is stable

Petrol was 800 when oil price stood at $80, today pile price is back to $80 but petrol still sold for 1300 here in Nigeria which is very funny

Last time I checked, imported petrom were the most expensive.

boxypane:
Lots of so called investors in Dangote refineries who are Nigerian politicians. Since no subsidy stealing again, they now rob Nigerians directly. Please explain to me how we sell our own resource to ourselves this high!
And no provision of any shock absorbers for the masses.

Provide the names of the politicians

SalamRushdie:
This is not about subsidy , before the Iran war Dangote was selling fuel 725 when crude was 87 , today crude is back to 87 why is his fuel going up rather...these are questions that beckons the president to ask Dangote questions

Today crude price is $87?
Do you think refineries buy crude like the Kara seller on your street buying beans everyday?

cutefy:
You're right bro...

Minimum wage in US is around 1.6million/month.
Minimum wage in UK is around 4.2million/month.

Also remember that while minimum wage in Nigeria is very low, cost of leaving, inflation and tax has gone very high. And the worst of it all is that basic amenities and security is near zero.


Nigeria is a wonderful country blessed with many cursed politicians.

Minimum wages is 1.6 million in what currency in the US?

Gboss247:
I thought you guys said subsidy was free for the rich?

Bat budgeted over #7b for his transportation in 2026. That is almost #20m per day on transportation.

To you, it is OK for the political office holders to splurge and live excessively on the commonwealth of the masses while the masses are told to endure hardship.

cyberguy72:
PIA wud be amended.

After amending PIA without reducing the money supply, decreasing the minimum wage in naira and reducing taxes. A litre of subsidized petrol will sell above ₦2,000.

cyberguy72:
subsidy savings wud fund it..the trillions given to governors to loot wud be reversed

Petrol was subsidized with loans and the federal is still borrowing loans to clear the subsidy debts, so which savings are you talking about?

Rseven:
Dangote refinery dat is suppose 2 be a blessing 2 Nigerians has become a punishment 2 every common man in Nigeria..

Last time I checked, the economic of any country runs on economic principles and bit blessing.

maivd:
We need a free market, Dangote can not strangle the masses all in the name of saving the naira.

You are in a free market still looking for free market, when will you wake up?

ufotunang:
..then tell the federal government to sell.out the government refineries to the private sector, private oil operators, entrepreneurs for them to rehabilitate, upgrade the refineries and make it to run and operate..then they will be competition with dangote refinery and the price of fuel and other petroleum products will reduce and be fair
. federal government cannot rehabilitate and upgrade their refineries because the rehabilitation money is used as a conduit pipe to loot and embezzle money by the NNPC officials and politicians

The earlier you wake from your imaginary competition theory, the better for you.