₦airaland Forum

Some APC supporters don’t like seeing this , so I will post it again to give them sleepless nights🤣

Godfullsam:
Have Nigeria been able to meet opec quotas?

The answer is NO!

The failure of the government should not be transferred to the poor masses.

The government is suppose to alleviate the burden of the masses and not increase it

That can be done by making our economy dependent on revenue from domestically manufactured goods and services, and not by oil or oil subsidy, or any thing related to sharing money.

Godfullsam:
So the solution is to continue to incur more debts abi?

Which is what the Atiku you are supporting would also incur via subsidy...

Note that I do not back tinubu, but more than that I do not back subsidy, because subsidy was a main reason why we have the massive debt that is forcing up borrowing right now.

If you don't get it, better not quote me again, because I am getting tired of people who shout slogans for apc/tinubu or atiku or any politican and refuse to see why things are bad for this country, abeg.

Streetinvestor2:
When u say data boys have no iota of investment. The cost of production of a barrel based on H2 2026 by oil companies was not up 17 dollars for any local player .stop sharing false information about something u don't know.Infact aradel was as low as 10 dollars

Stop spewing baseless information that you cannot defend! 10 dollars how? Clarity this first before anything!

Godfullsam:
Shut up

Lesotho is not Nigeria

Nigeria has the capacity to produce close to 4m barrels per day. They have not even been able to meet OPEC's production capacity yet.

They can even dump OPEC if they want to produce more.

Go and do your findings

Na you no go school 🎒

Capacity based on your Ochanja geological report?

Go school dem no gree.

Okay o. Well done in pressing the neck but where was your advocacy and plans for the past 3 years?

...the Atiku Economic Recovery Plan (AERP) proposes targeted support for Nigerian crude supplied to domestic refineries within a “capped, transparently budgeted and independently audited framework” to bring down pump prices.

Where exactly is this plan detailed, enumerated and publicised? Oh, is this also a concept of a plan?

tnerro1:
Some APC supporters don’t like seeing this , so I will post it again to give them sleepless nights🤣

This your model is premised on the fact that Nigeria owns the total crude output we produce. Oga! It's a 60-40% joint venture! Which is sometimes 55-45, 20-80 or BOT. And this is after cost of production have been deducted! We're not even talking about encumbrances!

nairalanda1:
I'm going to do some comparing now...

He listed Saudi Arabia at about ₦778 per litre,...also has 50 million people, and lives on 11 million barrels per day.

Kuwait at ₦872..has 5-6 million people, lives on 5 Million barrels per day of crude oil.,

Algeria at ₦475..has 40 million people, lives on 1 million barrels per day.

Angola at ₦441, ..HAS 36 million people, lives on one million barrels per day, wants to remove subsidy on fuel completely by 2028.

UAE at below ₦1,400, has less than 20 million people a day, lives on 3 million barrels per day.

Libya at roughly ₦34 per litre., has less than 7 million people , lives on 1.7 million barrels per day


Nigeria, N1350, HAS about 237 million people, lives on 1.7 million barrels per day.

And ATIKU wants us to be like the above nations, which measn we would get into massive debt?

Damm, better to vote for Obi, who is promising targetted subsidy spending on needy people.

Please tell us how did Buhari maintained this subsidy for eight years, how much was borrowed to sustain it? What were the economic parameters that time?

Compared to when there is no subsidy, how much is being borrowed just within three years, the prevailing economic parameters,

We want to see whether we should follow Atiku or not in this argument.

Governance is about welfare of the citizens. Security and food on the table no less.

During Buhari subsidy era, we borrowed less, we buy goods and services cheaper, insecurities was lesser, number of people below poverty line was less, dollar rate was less, the president was not at the mercy of western neo-colonial world because of certain secret files, is it not better we follow someone who will take us back to that subsidy era and see how we can do away peacefully with it again?

D

Kobicove:
Most of what Atiku is saying is just theoretical nonsense that will not work in real life but because of his desperation to be president at any cost he will say any rubbish that comes to his mind!

Please tell us how did Buhari maintained this subsidy for eight years, how much was borrowed to sustain it? What were the economic parameters that time?

Compared to when there is no subsidy, how much is being borrowed just within three years, the prevailing economic parameters,

We want to see whether we should follow Atiku or not in this argument.

Governance is about welfare of the citizens. Security and food on the table no less.

During Buhari subsidy era, we borrowed less, we buy goods and services cheaper, insecurities was lesser, number of people below poverty line was less, dollar rate was less, the president was not at the mercy of western neo-colonial world because of certain secret files, is it not better we follow someone who will take us back to that subsidy era and see how we can do away peacefully with it again?

Rayjay45:
By the time Atiku is done with Tinubu, even the APC boys on here would wish Obidients still had Obi in their plans.

Because omo, e be like all Nigerians wan dey rush Atiku now o which technically is game over for Tinubu's re-election bid.

Suddenly APC needs Obidients and Peter Obi. Dem better change attack formation ASAP

I LAUGH IN HAUSA....

OGA, ATIKU IS USING CHATGPT AI TO PRODUCE THOSE "STATEMENTS".

THOSE OF US WHO USE AI DAILY KNOW EXACTLY WHAT HE DOES TO GET THESE EXTRAORDINARILY SHARP, LUCID COUNTER-ARGUMENTS.

AN ABILITY HE SEEMINGLY HAS GAINED OVERNIGHT AFTER DECADES OF DULL, VAPID. EMPTY RHETORIC.

You can literally go on ChatGPT and tell it you are Atiku Abubakar contesting against Tinubu at the election. And tell it to give you a fierce response to a statement or claim Tinubu made. Or policy he introduced etc.

IN LESS THAN 3 SECONDS you have the full text. You copy and paste it somewhere and that becomes "your official statement".

That's all Atiku, or his aide, is doing.

You don't also need to do too much thinking to know the impracticality of the last subsidy regime was largely due to corruption. Subsidy is sustainable if properly worked out. The percentage of subsidy for 200m people can be worked out to a level it can be sustained. Even the daily report of 1.7m bpd production figure is a scam. Sanitize the oil sector with strict reforms and you'll be surprised the subsidy may not take UpTo 70% of the amount that was paid. Atiku should take his time and assemble sound technocrat to sort this things out transparently. We have been in the dark for too long and on top of it we have been subjected to severe hardship and suffering. Atiku can take this golden opportunity has to become the next president of Nigeria
I mean, you don';t have to do much thinking to know that a family with larger income and two children, would do better than a family with lower income and twenty children.

I mean we can vote out tinubu, but to vote a guy who is proposing to somehow manage to subdisize fuel for over 237 million people on oil revenue that cannot even feed 20 million people...is basically voting for tripling of the debt by far. It's madt thinking.[/quote]

Safyqueen:
Please tell us how did Buhari maintained this subsidy for eight years, how much was borrowed to sustain it? What were the economic parameters that time?

Compared to when there is no subsidy, how much is being borrowed just within three years, the prevailing economic parameters,

We want to see whether we should follow Atiku or not in this argument.

Governance is about welfare of the citizens. Security and food on the table no less.

During Buhari subsidy era, we borrowed less, we buy goods and services cheaper, insecurities was lesser, number of people below poverty line was less, dollar rate was less, the president was not at the mercy of western neo-colonial world because of certain secret files, is it not better we follow someone who will take us back to that subsidy era and see how we can do away peacefully with it again?

Actually we bororwed less in terms of naira, because we took money from the foreign reserves to pay for the subsidy. And it left us with the debt that we are dealing with right now, which forced the subsidy removal and also led to us ironically having to borrow more.

Buhari contributed to the burden we face now. The money he borrowed accumulated interest. And the debt he left by AUGUST 2022 was essentially forcing us to use 90% of our revenue for debt service.

This is not a defence of tinubu, becuse tinubu supported everything buhari did. I supproted fuel subsidy removal in 2012...and remain supporting it.

Also, Buhari removed fuel subsidy totally in 2015-16, and in 2020-1 , which helped keep borrowing costs low. Even then, borrowing happened.

Let's not tell lies to ourselves. You would not want any government setting prices for your business.

Safyqueen:
Please tell us how did Buhari maintained this subsidy for eight years, how much was borrowed to sustain it? What were the economic parameters that time?

Compared to when there is no subsidy, how much is being borrowed just within three years, the prevailing economic parameters,

We want to see whether we should follow Atiku or not in this argument.

Governance is about welfare of the citizens. Security and food on the table no less.

During Buhari subsidy era, we borrowed less, we buy goods and services cheaper, insecurities was lesser, number of people below poverty line was less, dollar rate was less, the president was not at the mercy of western neo-colonial world because of certain secret files, is it not better we follow someone who will take us back to that subsidy era and see how we can do away peacefully with it again?

Don't even bring Buhari into this discussion, the man was a monumental disaster!

He was borrowing to pay salaries of civil servants which is a recurrent expenditure, who does that?!

If you must know as at the time Buhari left government Nigeria was technically insolvent because the monthly cost of servicing debts alone was taking about 92% of Nigeria's monthly revenue!!!

Safyqueen:
Please tell us how did Buhari maintained this subsidy for eight years, how much was borrowed to sustain it? What were the economic parameters that time?

Compared to when there is no subsidy, how much is being borrowed just within three years, the prevailing economic parameters,

We want to see whether we should follow Atiku or not in this argument.

Governance is about welfare of the citizens. Security and food on the table no less.

During Buhari subsidy era, we borrowed less, we buy goods and services cheaper, insecurities was lesser, number of people below poverty line was less, dollar rate was less, the president was not at the mercy of western neo-colonial world because of certain secret files, is it not better we follow someone who will take us back to that subsidy era and see how we can do away peacefully with it again?

Also, why was Buhari talking about removing subsidy, and why did he remove it in 2015-16 ? when landing costs was N132, AND fuel prices were N87, buhari removed subsidy until landing costs rose above N145, which was the government set price, then buhari brought it back.?

The truth is, no government before 2023, could afford subsidy. That's why all governments for decades before 2023 have talked about removing subsidy. It's because they do not have the funding to pay for it effectively.

As put in this writeup by the budgit people

According to the Budget Office, between 2016 and 2022, the Buhari government raised total revenues of N26.67tn and expended N60.64tn, leaving a deficit of N33.97tn. The gaping hole was financed with FG domestic debt, which rose from N8.84tn as of December 2015 to N44.91tn as of June 2023, while external debt rose from $7.35bn in December 2015 to $37.2bn in June 2023. This excludes support provided by the Central Bank amounting to N25tn. Ultimately, President Buhari moved Nigeria’s debt profile from N42tn to N77tn. This has had attendant effects on debt servicing, which rose from N1.06tn in 2015 to N5.24tn as of 2022. In fact, under President Buhari’s administration, the debt-service-to-revenue ratio grew from 29% to 96%

And thanks to subsidy removal...debt service to revenue is now....53.7%.

NO it is not success, it is the sign of too many bad choices made by present and past admins.

Ibebeh:
You don't also need to do too much thinking to know the impracticality of the last subsidy regime was largely due to corruption. Subsidy is sustainable if properly worked out. The percentage of subsidy for 200m people can be worked out to a level it can be sustained. Even the daily report of 1.7m bpd production figure is a scam. Sanitize the oil sector with strict reforms and you'll be surprised the subsidy may not take UpTo 70% of the amount that was paid. Atiku should take his time and assemble sound technocrat to sort this things out transparently. We have been in the dark for too long and on top of it we have been subjected to severe hardship and suffering. Atiku can take this golden opportunity has to become the next president of Nigeria

Subsidy is not sustainable for the simple reason that government cannot control the cost of producing a liter of fuel.

A liter of fuel includes the following...as seen below for fuel sold in Abuja

1. Production & Landing Cost (Approx. 80% of Pump Price)The direct product cost represents the vast majority of what you pay at the pump.

Domestic Refining & Crude Cost (~₦1,076 / Litre): This is the baseline price of the refined petrol leaving a facility like the Dangote Refinery (historically called the ex-depot or gantry price, which recently scaled up to ₦1,265 per litre depending on wholesale adjustments). It accounts for the raw cost of Nigerian crude oil pegged to international benchmarks and the refinery's operational overhead.

Foreign Exchange Impact: Even with local refining, crude oil allocations and specialized chemical additives are priced in global currencies. Fluctuations in the Naira exchange rate directly shift this baseline production cost.


2. Distribution & Logistics Markups (Approx. 15% of Pump Price)Markups bridge the financial gap between regional depots and your local vehicle tank.

Bridging Fund & Levies (~₦201 / Litre): Administered under regulatory authorities like the NMDPRA, this fund is pooled to equalize prices across distant regions, ensuring areas far from coastal ports or refineries don't pay wildly disparate rates.


Transportation & NARTO Margin: This covers the actual logistical fee paid to transport owners to haul volatile liquid via specialized tanker trucks from production centers directly to local stations.Fossil Fuel Surcharge: A 5% fiscal levy applies to domestic fossil fuels, which is statutory at the point of wholesale supply.


3. Profit Margin (Approx. 5% of Pump Price)Retailer Pump Margin (~₦67 / Litre): Independent and major marketers incorporate a fixed-room margin to cover direct filling station overhead. In Abuja, this margin covers local staff salaries, maintenance of high-volume digital dispensing pumps, regulatory compliance safety permits, and heavy diesel fuel costs required to power stationary backup generators during power grid failures.


None of the costs can be changed without impacting government revenue, marketers revenue, and refienry revenue. That means borrowing.

Also, when costs shoot up, since government has not budgeted for the possiblity of costs shooting up, as a result it would have to borrow.

SInce fuel is now cheap, consumption would increase, smuggling would increase, shooting up government costs on subsidy.

Result more borrowing

All happens even when corruption is eliminated.

tnerro1:
Some APC supporters don’t like seeing this , so I will post it again to give them sleepless nights🤣

You that ran away when I pointed out the flaws in your system

Okay, the preferrential price model would not work because

1.Government does not set production costs of crude, so any sales of crude at preferential prices would have to be done in such a way that the crude producers do not lose money doing so. Meaning they have to be compensated for selling crude for say half price.

2. That means that government has to cover the losses. This becomes problematic when oil prices increases...that means increasing money to cover the losses, or oil prices fall...that means a fall in available revenue to cover any possible losses.

3. Either way, it leads to mroe borrowing, and more debt.

Instead of you to answer that point, you went all rhetorical about corrupt governors (like I don't oppose their corruption) and ran away from addressing the point.

ANd I don't support APC even.

tnerro1:
Some APC supporters don’t like seeing this , so I will post it again to give them sleepless nights🤣

You also do not want to see the below.

aworatak:
The level of impunity committed by this cankerworm APC administration is deeply troubling that It would take a strong willed leader to clear the rot they created.

Impunity is not peculiar to any administration, it has being an hallmark and trademark of past and previous administrations. Rot has being created over the years .

Impunity is in the blood of any average Nigerian politician especially when they walk the corridors of power.

whatmoreng:
I like this new Atiku. Now this is real opposition. Obi can now hide when real men are talking.

Atiku all well meaning Nigerians are behind you. No more wasting votes to prove yeye point. Make Nigeria work again.

It's like you came out of coma

olaniyilukman:
your life my foot, you that depends on #30000 payslip from Tinubu comparing yourself with successful businessman

🤣you go fear na.. be like hin dey refer to the 30k, cause to him the 30k na big money compared to those his brothers and aunts on the streets collecting 1k500/2k for a days job..

Whatever it will cost the country is immaterial at thjs time so long as it will improve the lives of Nigerians...When someone is sick and in jeed of medication,the cost does not really matter so long as he will get well again...Is it not when someone is alive that he can worry about costs?...Has Tinubu ever come out to tell us the costs he has impoton Nigerians as a result of his daft policies...Now i saw your attempt to draw a contrast between Nigeria and some countries by referencing population....FYI a country with a bigger population requires more duty of care in implementing any policy because of possible large number of persons to be affected.... Remember rhe basic and fundamental duty of government is to provide the greatest good to the greatest number of people... Again, you must understand that governance goes beyond debits, credits, balance sheet and profit and loss... Government intervention must be based on cost to benefit analysis... However certain costs and benefits are non monetary but add to human welfare... Imagine hiw burdensome it is for parents to transport to work, take chiyto school and travel for health care services unde the current situation....No balance sheet or P&L can adequately capture that but a cheaper means of transport will indeed be of immense benefit to all of us....So no your ask for details about costs is like saying government should cease providing health care because is is expensive....Why even bother to have a government in the first place!

Lithiumite:
Atiku cant throw the figures out on what it will cost the country because he knows his scam will be detected immediately.......he should throw out the figures but he can't because its so impractical.

His jaundiced mouthpiece up there isn't even aware it cost just $3 to get a barrel of crude out of the ground in Saudi Arabia,the cheapest in the world far below the world average of $36 to $45 and you want to compare with Nigeria

Angola has a smaller population than ours and they are already making attempts to also end the subsidy regime in their country because its unsustainable.

All the other countries produce far more crude than us and a far smaller population,Kuwait isnt even up to ogun state in population.......these people are catching cruise because they know how ignorant many Nigerians are and lack critical reasoning

zbigniew:
Whatever it will cost the country is immaterial at thjs time so long as it will improve the lives of Nigerians...When someone is sick and in jeed of medication,the cost does not really matter so long as he will get well again...Is it not when someone is alive that he can worry about costs?...Has Tinubu ever come out to tell us the costs he has impoton Nigerians as a result of his daft policies...Now i saw your attempt to draw a contrast between Nigeria and some countries by referencing population....FYI a country with a bigger population requires more duty of care in implementing any policy because of possible large number of persons to be affected.... Remember rhe basic and fundamental duty of government is to provide the greatest good to the greatest number of people... Again, you must understand that governance goes beyond debits, credits, balance sheet and profit and loss... Government intervention must be based on cost to benefit analysis... However certain costs and benefits are non monetary but add to human welfare... Imagine hiw burdensome it is for parents to transport to work, take chiyto school and travel for health care services unde the current situation....No balance sheet or P&L can adequately capture that but a cheaper means of transport will indeed be of immense benefit to all of us....So no your ask for details about costs is like saying government should cease providing health care because is is expensive....Why even bother to have a government in the first place!

How wish what you posted was verbal and hear how sloppy you sound.......so because you are hungry the country should go a borrowing so you can fuel ur car for cheap or so you can get dollars at subsidised rates so you can easily send ur kids abroad for education and vacation with ur side chick in dubai.

What ever welfare the govt is throwing your way always comes at a cost and someone os paying for it......the free healthcare and education in some countries is being paid for in taxes and Insurance.

I

Lithiumite:
Thats what politics should be,it should be about issues and the candidates coming out to tell the people what tbey will do different........not like taht one that all he comes out to say are amorphous statements with no specificity on how he intends to make it better........yapping BS about him wanting to move Nigeria from consumption to production when he has never owned a single factory all his life.,quoting statistics unrelated to our contemporary realities.......I loke the way atiku is taking the shine off him and throwing him out of the equation.

God bless u....... U really know obi wella... The mouth watering presidential candidate

Kobicove:
Don't even bring Buhari into this discussion, the man was a monumental disaster!

He was borrowing to pay salaries of civil servants which is a recurrent expenditure, who does that?!

If you must know as at the time Buhari left government Nigeria was technically insolvent because the monthly cost of servicing debts alone was taking about 92% of Nigeria's monthly revenue!!!

Ethno-religio-tribal hatred and chest beating. Buhari told IMF that he will never float his currency because his is a consumer country, that even toothpicks are even imported.

Your acclaimed sophisticated expert couldn't study what he met on ground but hit the ground running in error.

Buharinomics is far better than Emilokanomics.

PO is interested in visiting school, hospital and churches to make donations. Instead of him to discuss on how to better cost of living of Nigerians

Atiku might be a hero

whatmoreng:
I like this new Atiku. Now this is real opposition. Obi can now hide when real men are talking.

Atiku all well meaning Nigerians are behind you. No more wasting votes to prove yeye point. Make Nigeria work again.

Safyqueen:
Ethno-religio-tribal hatred and chest beating. Buhari told IMF that he will never float his currency because his is a consumer country, that even toothpicks are even imported.

Your acclaimed sophisticated expert couldn't study what he met on ground but hit the ground running in error.

Buharinomics is far better than Emilokanomics.

Continue crying.

If you don't like what I said then that's your problem.

I am not a Muslim neither am I Yoruba by tribe but I understand why Tinubu removed subsidy on petrol because finance is my bread and butter.

The fact remains that Buhari really messed up Nigeria's economy

The people who see NELFUND as an achievement should be considered the slowest people on earth.

You drastically reduced the purchasing power of parents, like you promised, increased tuition by over 200% and then u turn around to offer them loans. Omoh! This is witchcraft on live streaming.

Flangelo12:
You mean we should compare the price of the measly 1.7 million barrels with those that produce 4 million?


This Atiku na illiterate.

Anyone that brings up this argument is a plonker.

I'm talking to you.

Lol, what stops you from producing 10million barrels?

Is it their fault that your government have failed at having an increased production?