Collynzo9:

It is a fact and not a notion that the price of importing refined petroleum products has to fall along with the price of crude oil. It is basic.
The price of the refined products is a function of the price the crude oil was bought.

This is the part I am still yet to comprehend (probably am not intelligent enough to understand such complexities), because, my understanding is that, if the NNPC says it buys crude oil at the prevailing market rates, then it means that when there is a drop in oil prices, consumers should also pay less. Our problem isn't entirely because of plummeting oil prices, but rather, is a direct fallout of our reckless spending habits.

Presently, the 36 state Governors have already started arm - twisting the President to share $2 billion from the Excess Crude Account with them to argument their current allocations., this in my opinion, is a very irresponsible demand not just because of the timing but because of the intent. These monies will simply be used as slush funds for elections.

I agree that we need to raise taxes, especially VAT, because, at 5% we currently have one of the lowest VATs in the world. We also need to review our Personal Income Taxes, because we have too many rich people who are barely paying taxes in this country. But all these still won't amount to anything if we are not prudent. For a start, the Minister of Finance needs to drastically cut down on recurrent expenditure. She needs to take a closer look at what is happening at the budget office, because I think that is where our problem lies. Those guys there are 'Over-budgeting' for things using, over-inflated expenditure templates to make budget estimates.

I am so happy for gej,because dis move wil send him back to otueke.

APContherun:
People who ask what the govt is doing about fighting corruption needs to understand that the best and sure way to do so is block all avenues that lead to corruption. Cutting fuel subsidy is a sure way to reduce corruption in that sector, it may hurt in the short run but eventually everything will balance out.
But as has been said the President must have to carry the labour unions and civil society organisations along in the implementation of this policy but I doubt the unions will see reasons for it and it will be 1st Jan 2012 all over again.

fuc*k u as*s hole

We can only agree if those that stole it before are sent to jail and their properties confiscated. Until that is done any attempt to impoverish us will being met with total break down.

The solution is simple.

1. Slash drastically,the salaries,allowances and kickbacks of our senators and house of rep members to be equal to that of minimum wage, let membership of the house be driven by desire to serve one's country and not for monetary gains.
Let being a senator or house of rep member,be a thing of pride, that only noble men would agree to be, seeing as there is no financial reward attached to it.
Do the same in state house of assemblies.

2. Let the president and Governors salaries and allowances be equivalent to those in the civil service, and equally cut down the expenses in their luxuries. For a start, the president jets should be sold,and only one should be left.
Let the governors sell their jets(Rivers state comes to mind), and their fleets of luxurious official vehicles should be reduced too.

3. Drastic time require drastic measures. Coalesce the ministries into a maximum of 5 Ministries, with only 5 ministers, and sack the rest. The ministers should work to earn their salary which would be equivalent to what is obtainable in the civil service and no more useless PAs.

4. Scrap the LGAs. Make use of town development union leaders,who are to be elected by their various towns,and are not to be paid by the government, but are happy to lead their towns as a thing of pride and respect, they are to work with the governors,to bring real grassroot developments in our towns.

That will be our reward after the 2015 erec-tion

CLUELESSNESS/CORRUPTION IS A DEADLY DISEASE! (worse than ebola n aids combined) 2015 IS D CURE!!!

Based on this information, we should look forward to another dramatic Christmas and New Year holiday, I guess. I usually get some updates from a bulk sms website MultiTexter.com on recent happenings on FG and State leveel. Its just sad that the media don't get the right information out atimes. GEJ wants a second term, Nigerians don't want him at all, APC isn't to be trusted and Nigerians are scared of Buhari because he might eventually Islamize the nation. God Bless Nigeria!

pazienza:
The solution is simple.

1. Slash drastically,the salaries,allowances and kickbacks of our senators and house of rep members to be equal to that of minimum wage, let membership of the house be driven by desire to serve one's country and not for monetary gains.
Let being a senator or house of rep member,be a thing of pride, that only noble men would agree to be, seeing as there is no financial reward attached to it.
Do the same in state house of assemblies.

2. Let the president and Governors salary and allowances be equivalent to those in the civil service, and equally cut down the expenses in their luxuries. For a start, the president jets should be sold,and only one should be left.

3. Drastic time require drastic measures. Coalesce the ministries into a maximum of 5 Ministries, with only 5 ministers, and sack the rest. The ministers should work to earn their salary which would be equivalent to what is obtainable in the civil service and no more useless PAs.

4. Scrap the LGAs. Make use of town development union leaders,who are to be elected by their various towns,and are not to be paid by the government, but are happy to lead their towns as a thing of pride and respect.

God bless you jare

all wetin jonah dey talk na bobo juice talk an average naija man wey don dey d streets don tire to hear al dis big big talk..... #AllWeAsk4NaBetaLife

If we do all that, we must have made governance non lucrative and less attractive to rogues, only men of noble intentions would seek for governance. And we would have slashed the cost of governance and freed enough funds to survive the fall in oil prices.

When the looters think of austerity measures, they think of transfering the burden to the long suffering masses by the way of subsidy removal and increase in VAT, they make it seem like that is the only way out of this rot.

But "we" know better. The way out is cuting down the cost of governance, they won't tell you this.

Corrupt government!

Your sufferings will continue. How can a people be so out of touch with their own realities. I want government to sell fuel to you all for N5.00. You are a born Nigerian and you deserve it . Useless bunch of animals.

The subsidy removal issue has been on for a long time. Every time it comes up, I am always in support of it but I always ask these particular questions: why do we have subsidy in the first place? Have we addressed the circumstances that necessitated subsidy? Can the economy withstand subsidy removal in the nearest future?
Subsidy is majorly a result of petroleum products importation.
We know that our dysfunctional, outdated and mismanaged petroleum refineries are the the negating circumstances. To naturally eliminate subsidy, we need to have improved, standard and well-managed refineries in, at least, six geopolitical zones of the country.
In my candid opinion, the economy and society may breakdown if we implement subsidy removal without planning it effectively.

Stylz69:
What fuel subsidy? If the price of crude is falling then the price of fuel and diesel should fall as well. Why aren't we seeing a fall in the price of diesel which is fully deregulated? Secondly, we should also see a fall in the cost of fuel, assuming there is a subsidy then we should hear an announcement that the government will be spending less on subsidy than before due to the fall in prices. What we shouldn't be hearing is an increase in fuel prices due to the removal of subsidy!!!! Simple economics

If you are a woman, I would have kissed you.

And the senators keep getting salary increase. GEJ has lost my vote.

majekdom2:
oh very good. Have we have not bothered to ask ourselves why these IOCs are not key players in the downstream.the only IOC that runs filling stations is TOtal. I have not seen shell or chevron, whereas they are key players in this sectors abroad.

nt only total, we have Mobil, agip, MRS form part of chevron, bt it like chevron have buy back the share fr MRS, thon not too sure.

aviation oil gaint is shell thru out the world, they ooerate in ghana, here they only exploit our crude.


going back to your question, it simply because of inconsistent policy from our government, because of their diff political gain after every election year,


if we have a policy that they could be sure of, that will work for minimum of 50yrs upward, the oil giant will waste no time to invest in our economic.
SLS, try it best to give our economy a facelift, but the FG itself is a stumbling block to his good policy.

bushdoc9919:
Was expected

Thing is, we are wasting money on a bottomless pit called Fuel subsidy. It has been subject to a lot of abuse and stealing.

I guess the money saved can now be used for Power, Railways, and education as well as health.

Well Nigerians.....looks like the era of cheap fuel is over. And this is one PDP policy that I won't be criticizing......because, unfortunately, it is the right thing to do.

Modified at 7.58: We must spend the saved money from the removal of fuel subsidy on improving power....so that we can no longer be dependent on oil....and instead...be doing industrial development, industrial development!

And no longer have a dutch diseased economy....the true problem of Nigeria..

why are we paying subsidy in the first place when we can make our refineries work?

IBROHIM:
I agree with you my brother but why not government build lots of refineries first then when they start producing, we close our boarders to fuel products importation then competition will drive the price down! Whatever we do let's put the masses first! Let's not put the cart before the horse! It's obvious the government only want to task the already suffering masses more! It's a shame!!! Peace!!!

If d govt close border to fuel products importation , how will the cabal fleece our oyel wealth. Na wa for you. If you think the President is there for the interest of the masses, then you are on a long thing. He who pays the piper, dictates the tune. GEJ till una get sense !!

zaragoza:


why are we paying subsidy in the first place when we can make our refineries work?

Because Cabal first, Cabal Always !!!

I really love the sound of this.
This will mean exponential growth for my XFT business.

If you want to be part of this great opportunity call or whatsapp; 08182302844,

System full of lies lies lies lies established by liars .....lol to hell wht u all.....rubbish Govt.....God ,plz dis people want us dead, save our souls frm devourers

I swear if jonadiot badluck contest wt a rat come feb14 2015 d råt go win

Whynotthetruth:



Bro, no need for abuses yet...why run away when you seem very ignorant...wait a second, let me explain to you how and why they are right...if they don't remove subsidy, then we keep paying importers and putting pressure on the naira hence we grow other economies and force ours and naira to go down...Also, if we don't remove subsidy then, private sector will not invest in that sector because government is the one regulating prices...can you remember the time of NITEL? and how that sector was deregulated? Finally, so with subsidy we will keep regulating that sector thereby pushing away private sector investment and encouraging importation which kills our economy and creates jobs in those countries we are importing from who have functional refineries....is it clear now..? if you don't understand Nigeria and run to another country... you will still run back more confused cos the problem is not in Nigeria but in you...safe journey

THIEVES. God will judge you all. As you lie glibly, bare-faced, deceiving and confusing your brother citizen for filthy lucre, so God will deal with you all. THERE IS NOTHING CALLED SUBSIDY. A BIIIIIGGGGG SCAM. Fuel Subsidy is a legal term for looting. WHY ARE OUR REFINERIES NOT WORKING? GEJ till Nigerians get sense!!! Couldn't all the Trillions spent since 2010 fix our refineries? God will judge you all that support impoverishment of this con3.

i really dont understand o?!

Doesn't falling crude oil prices mean subsidy is no longer present in pump prices since we are still paying the same #97/L

idupaul:
I voted him in 2011 but in 2015 he just has to go .. Please Jonathan Go

abeg...Make he go...oga jona abeg thank u...

http://businessdayonline.com/2014/11/naira-shed-0-76-percent-to-close-at-a-record-low-of-177-45/#.VG9i-zTF_To


The naira shed 0.76 percent on Friday to close at a record low of 177.45 against the dollar, despite the central bank intervening for a fifth straight day with dollar sales to try to prop up the currency, dealers said.

“The demand (for dollars) out there is quite serious … The market is absorbing all central bank intervention and still depreciating,” one dealer said.

“We had FDI (foreign portfolio investments) inflows in the past … which has dried up,” he said.

Chisos I can't believe 1$ is now 177naira..


Don't mean to derail anything.. Just surprised..

Please I need a good forex website I can invest my money in.. I don't have much experience in it so I'm gonna need someone who is gonna be able to help me..




Thank you

this is what i want, may be this will facilitate revolution

The landing cost of PMS is a function of the cost of crude in the international market. Presently, the landing cost should be lower and this should impact on the pump price of PMS,Kerosene and AGO. Consequently, if we are still buying PMS at N97, then subsidy (if present) from FG should be reduced to the so called marketers.

wetin concern agbero for overload sef let him remove it from today