Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard - Politics (3)

Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard - Politics (3) - Nairaland

Nairaland Forum › Nairaland General › Politics › Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard (17252 Views)

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Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by front247: 8:55am On Aug 21, 2015

When Gej wanted to deregulate did Apc allowed him now dey want to do d same thing

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Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by Goddygee(m): 8:58am On Aug 21, 2015

This shit is getting interesting day by day, xo is there nw subsidy?

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Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by Reference(m): 9:11am On Aug 21, 2015

Stupid people. They say all sorts of rubbish out of opportunism when they are outside only to sing a different tune of reality when responsibility is thrust upon them. Is he a kid to be saying this now, things even a camel has known for years and what is he doing in the job if he can't dance to the tune of the government and gullible, misinformed Nigerians. I hate it when so called experts exclaim or feign surprise at fundamental problems they are appointed to handle. Shey there is no subsidy or it should not be removed, depending on the side of confusion you fall.

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Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by Truth234(m): 9:22am On Aug 21, 2015

chukingchuks:
I tot GEJ was clueless when he wanted to remove the subsidy? APC are simply power hungers, no two ways about it

He wanted to remove subsidy without local refineries at current capacity, what is the point if the majority of what is been supplied to consumers are imported and unaffordable? If you are removing subsidy you have to ensure that cost of production is minimal so that consumers can afford it.

By increasing the capacity of our refineries we would be able to control cost throughout the production chain and compensate for the remaining via importation until our refineries reached optimal production level.

1 Like

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by hedonistic: 9:22am On Aug 21, 2015

menxer:
I object to the bolded. Does it mean everything in Nigeria as at now is subsidized?
Why are call rates and data rates getting cheaper, is it because of subsidy?

Don't sit in your middle class bubble and imagine that all is well with the world. Many Nigerians would be further impoverished if the fuel subsidy regime is discontinued, for the simple reason that removal of subsidy will lead to higher and higher pump prices. This in turn would lead to higher prices of goods and services, including higher transport fares and higher price of foodstuff and associated items.

With the already weak purchasing power of the poor Nigerian masses and struggling lower end of the middle class (who collectively make up the majority), such pressures will entrench poverty across the land.

We know that structures and processes don't work normally in Nigeria, so all the beautiful talk about allowing 'market forces' to regulate the price of fuel is nonsense. This same argument was advanced for diesel. Since subsidy was discontinued for diesel many years ago, how come the price has always been increasing endlessly, regardless of the price of crude in the international markets? This same thing would happen with PMS, because the oil marketers in Nigeria operate as a cartel with the sole aim of colluding to rip off consumers. There will never be anything like a free market or competitive pricing in the marketing and sale of PMS if subsidies are removed. The masses would suffer for it.

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Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by francizy(m): 9:23am On Aug 21, 2015

Mutuwa:

anyways...

I don't know how true this story is, but it's worth sharing for us to be more cautious!
Please beware of who you give lift on the road, a commuter assisted a uniformed police man while traveling; after a few poles the policeman got off the car and had secretly dropped two bullets on the floor of the car. The commuter out of divine intervention had a. Prompting to check where the policeman sat and noticed the bullets and threw them away. Shortly after a few poles he was stopped at a police checking point and properly cleared and thoroughly searched as if they knew he had something. They dismantled the seats while they communicated with someone on the phone. After several hours of thorough searching he noticed the guy he gave lift earlier had arrived at the same check point but refused to come close, and he was allowed to go. He noticed that they were startled like it's impossible. Please rebroadcast this. Many innocent persons may have been killed or jailed as a result of this wicked plot of criminal minded and wicked hearted uniformed men.

Anyone giving lifts to people they don't know, worst still useless men in black should be ready to bear the consequences.. Even if I see people beating up a policeman, I'll just move on..

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Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by Olufemiolaolu(m): 9:23am On Aug 21, 2015

eagleeye2:
We claim to practise capitalism. But government has its hand in every pie.
Was this not the same Subsidy that GEJ wanted to remove before the #occupyNigeria movement sprang up? Had it been it was removed that time won't the market forces have regulated the price of petroleum product?
I know someone will come up and tell me that we didn't have certain things in place to remove it then. My arguement as always will be have we now put those things in place?
#occupynigeria
&
#bbog
were really used to decieve the gullible ones. Say what your must, GEJs sins would ve been overlooked had it been he was from certain region in this country.
.
For the avoidance of doubt, I am all for subsidy removal. Because I believe that government cannot sustain it for long and moreover I believe the market forces should be aloud to play its hand.
NB
I have been buying pms for #110 a litre. How much higher can it go and how much longer before the forces of demand and supply comes into play if subsidy is removed.

was gej sincere abt fighting corruption? What did jona achieve with d amount dat was removed. The SureP he created was a scam. So shut up man huh

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by Joeace3000(m): 9:24am On Aug 21, 2015

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Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by butanep(m): 9:33am On Aug 21, 2015

Why are they talking about subsidy? I thought Buhari said he don't know what subsidy means but they re saying something different now.

The government don't have billions to pay subsidy but they have billions to pay house of assembly members, billions to acquire jets and cars the government don't need.

If they have to remove subsidy, they should first cut down the salaries and allowances of the house of assembly, build refineries, industrialized the nation and provide a relatively stable power.

The poor and average Nigerians should not always be at the receiving end. The small salary I received will now be channeled into purchase of fuel @ high cost. Our leaders are really greedy.

If Buhari remover subsidy... I will lead the campaign to Aso rock straight for mass protest.

2 Likes

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by bjdon: 9:37am On Aug 21, 2015

So all those eWarriors who were calling themselves 'Occupy Nigeria' and fighting GEJ when he tried to remove subsidy, do you know accept you were wrong? No whala?

Does Buhari no understand what is Subsidy?

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by nwadiuko1(m): 9:38am On Aug 21, 2015

Now its good to remove subsidy ba? Double freaking standard............ Wey all those ppl wey get phd for protests oya enter streets abeg

1 Like

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by bjdon: 9:40am On Aug 21, 2015

hedonistic:
Don't sit in your middle class bubble and imagine that all is well with the world. Many Nigerians would be further impoverished if the fuel subsidy regime is discontinued, for the simple reason that removal of subsidy will lead to higher and higher pump prices. This in turn would lead to higher prices of goods and services, including higher transport fares and higher price of foodstuff and associated items.

With the already weak purchasing power of the poor Nigerian masses and struggling lower end of the middle class (who collectively make up the majority), such pressures will entrench poverty across the land.

We know that structures and processes don't work normally in Nigeria, so all the beautiful talk about allowing 'market forces' to regulate the price of fuel is nonsense. This same argument was advanced for diesel. Since subsidy was discontinued for diesel many years ago, how come the price has always been increasing endlessly, regardless of the price of crude in the international markets? This same thing would happen with PMS, because the oil marketers in Nigeria operate as a cartel with the sole aim of colluding to rip off consumers. There will never be anything like a free market or competitive pricing in the marketing and sale of PMS if subsidies are removed. The masses would suffer for it.

and so what? Is the current corruption ridden subsidy regime actually helping the masses? The billions spent on Subsidy could go into critical infrastructure development that would help alleviate the rise in pump price.

Understand one thing, the country is damn broke! Hard times await and people need to trim their coat and bear it.

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by ZUBY77(m): 9:46am On Aug 21, 2015

isbish:
Ok sir. Just look at PMB's face and u will see he means business to make Nija great again, hence, do what's necessary Mr. Kachuks and make good change happen.

N.B...Guys please help me rejoice for a new job offer I got. Its a very good job, God (Allah) has been very favourable to me. The secret is to wake late at nyt when everyone is enjoying sleep and pray to God. That's when HE favours HIS servants the more over all times. Fast as well and be patient with God while in prayers.

It is good that you got a job because you will soon be buying petrol 250 naira per liter.
By then, we will know how much you can save without Subsidy.
It seems you bigots doesn't understand the meaning of policies..

You pay a civil servant 18000 naira a month After many months of refusal.
And then you turn around and change petrol price from 65 naira to 97..
Now we are talking total removal of Subsidy and you think your PMB has a great face.

Not that I care. I can buy petrol any amount they sell it.
I am only concerned that this may increase the number of thieves in the street and by then, I wont be safe again.

2 Likes

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by pazienza(m): 9:47am On Aug 21, 2015

With this low price of crude oil in the global market, with or without subsidy, pump prices should still be below 100 naira, am I wrong?
Those in the know should explain better for me.

1 Like

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by eagleeye2: 10:32am On Aug 21, 2015

Olufemiolaolu:
was gej sincere abt fighting corruption? What did jona achieve with d amount dat was removed. The SureP he created was a scam. So shut up man

Learn not to insult.

1 Like

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by free13: 10:47am On Aug 21, 2015

Subsidy or no subsidy.

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by lebete3000: 11:18am On Aug 21, 2015

ennysuccess:
Make dey remove d subsidy abeg if e go make 9ja beta even if fuel na N500 we go still buy am

I'm sure you were part of those that kicked vehemently against Jonathan removing subsidy then....
The same GMB that said there's nothing like subsidy.
Nigerians are very sentimental human beings. only God can save us.

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by ennysuccess(m): 12:20pm On Aug 21, 2015

lebete3000:
I'm sure you were part of those that kicked vehemently against Jonathan removing subsidy then....
The same GMB that said there's nothing like subsidy.
Nigerians are very sentimental human beings. only God can save us.

I wouldn't have kicked against it if I know that d revenue generated from d removal of subsidy will be well utilized on the interest of Nigerians but I kicked against it cause I know who Jonathan and his cabinet was and their interest in subsidy removal funds

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by joseph1832(m): 12:33pm On Aug 21, 2015

rigarmortis:
this thing they have been crying foul about, now they cant sustain it any longer, as prophesied.

this subsidy thing reminds of my first time with a starry eyed virgin name bose.

bose: aaaaaaah

me: what!

bose: you are hurting me!

me: should I remove it?

bose: NOOOOOOOO!

Hence your post just reminded me of this song, "e dey pain you, yes! Make I commot am, no! I go manage am so!.

I have no idea who sang it but it makes perfect sense. Economy can't sustain subsidy yet many still loot like no mans business and yet the economy still hasn't collapsed.

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by nakamora: 12:39pm On Aug 21, 2015

anonimi:
Really

Buhari must hear this since he has CONTINUED paying subsidies for the past three months even though he said he knows NOTHING about it.
What a bloody HYPOCRITE, scammer, 419er and utterly CORRUPT individual did we vote for on March 28?
You lie,you never voted for Buhari.You & your biafrud voted Gej.pls pack well.

www.nairaland.com/attachments/2589504_subsidy2_jpeg57ea79bc1f8758353f00f8db1d53dbf1

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by winterfell007(m): 12:41pm On Aug 21, 2015

APC criticized the legality of GEJ's intention to remove the subsidy in order to allow for a free and deregulated market for increased private sector participation (both local and foreign investors). they used the media to paint him as an enemy of the people, who wanted to see them suffer. APC knew within themselves that removing it was necessary if we are to free this burgeoning industry. it's easy for Nigerians to criticize the NNPC management of corruption but no has given it a thought why NNPC is structurally deficient. the PIB law that was meant to solve the issue was stalled by the National Assembly due to greed. other oil producing countries like Angola and Ghana have passed their PIB laws which is opening their country up for further investment. whether Nigerians like it or not, what NNPC needs is not change at the helms of body; but a complete overhaul or restructuring of the entire laws that set up this ignoble corporation. only then can we have the NNPC of our dreams. my humle take grin

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by rigarmortis: 1:13pm On Aug 21, 2015

joseph1832:
Hence your post just reminded me of this song, "e dey pain you, yes! Make I commot am, no! I go manage am so!.

I have no idea who sang it but it makes perfect sense. Economy can't sustain subsidy yet many still loot like no mans business and yet the economy still hasn't collapsed.

economics experts say Nigerian economy is miracle, no amount of learning will make you totally understand it.

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by joseph1832(m): 1:16pm On Aug 21, 2015

rigarmortis:
economics experts say Nigerian economy is miracle, no amount of learning will make you totally understand it.

Well I believe that's because we operate a parallel economy.

All what economic expects predict on are what is on the records. There are many money making ventures that are not even on record.

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by CriticalThought: 3:13pm On Aug 21, 2015

grandstar:
Unfortinately for you, it going to happen.

Buhari listens to professional advise and that why he has been employing technocrats. He seems to like putting square pegs in square holes.

Conditional Cash Transfers are the way to go in helping the poor. Give poor women with children i.e. N5,000 monthly f they send thir children to school.

Such schemes have been shown to make a huge impact on the poor and its a good return on money send. Fuel subsidies discourage investment in the oil sector and the subsidies mainly benefit the rich who really don't need it.

There are no subsidies in Benin Republic and their people are not dead. Food is even cheaper there

Government should slash import duty on food. This can also help the poor and drive growth

“Conditional cash transfers are the way to go in helping the poor . . .” let me stop you right there, jobs and education will help the poor. The 5000 naira you suggested, who is going to foot the bill? We don’t even have a proper tax paying base and you want to come and practice socialism here.

Watch everyone claim poor the minute you start giving handouts, we need to focus on private sector input in the education and petroleum industry with proper FG regulations of course. Let the free market work with proper policies and watch Nigeria rise to the top
I do agree with you that subsidy should be removed, because our economy can’t sustain it but the stark reality is that more than 50% of Nigeria population is poor and the minute you remove subsidy, prices of petroleum products and inevitably the price of doing business will rise and they won’t be able to afford it

When the common man cannot afford basic goods and services, the nation is in trouble

I do not believe PMB listens to professional advice, who are his advisers? Let’s say he does, can he comprehend? After ruling Nigeria in the 80s, what did he do to improve himself apart from contesting in elections? Anyways this is a conversation for another day.

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by orunto27: 4:27pm On Aug 21, 2015

Economy can't sustain Corruption. Economy can't sustain subsidies. In other Subsidies is Corruption. Buhari promised to wipe out corruption, he should wipe out subsidies as well without further reporting.

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by baralatie(m): 5:14pm On Aug 21, 2015

GOD HELP NAIJA OOO

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by menxer: 5:56pm On Aug 21, 2015

So you have succeeded in bursting my middle class bubble with this analysis of yours?

You intend to solve the bolded with subsidy?
Why should we be talking of buying refined petroleum products at international market when we are the one selling crude?

You forgot to analyze how the poor masses will "suffer" if our refineries are working at full capacity, with newer ones coming on stream. grin

hedonistic:
Don't sit in your middle class bubble and imagine that all is well with the world. Many Nigerians would be further impoverished if the fuel subsidy regime is discontinued, for the simple reason that removal of subsidy will lead to higher and higher pump prices. This in turn would lead to higher prices of goods and services, including higher transport fares and higher price of foodstuff and associated items.

With the already weak purchasing power of the poor Nigerian masses and struggling lower end of the middle class (who collectively make up the majority), such pressures will entrench poverty across the land.

We know that structures and processes don't work normally in Nigeria, so all the beautiful talk about allowing 'market forces' to regulate the price of fuel is nonsense. This same argument was advanced for diesel. Since subsidy was discontinued for diesel many years ago, how come the price has always been increasing endlessly, regardless of the price of crude in the international markets? This same thing would happen with PMS, because the oil marketers in Nigeria operate as a cartel with the sole aim of colluding to rip off consumers. There will never be anything like a free market or competitive pricing in the marketing and sale of PMS if subsidies are removed. The masses would suffer for it.

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by lebete3000: 2:52am On Aug 22, 2015

ennysuccess:
I wouldn't have kicked against it if I know that d revenue generated from d removal of subsidy will be well utilized on the interest of Nigerians but I kicked against it cause I know who Jonathan and his cabinet was and their interest in subsidy removal funds

As long it's GEJ you'll have a reason to kick against it.

The mind is more powerful than you can imagine I tell you.

Re: Economy can’t sustain subsidy – Kachikwu, NNPC boss: Vanguard by likila: 3:22am On Aug 22, 2015

What subsidy?
There is nothing like subsidy.
Who is subsidizing who? - General Mohammadu Boko Haram Buhari
The Tyrant of Nigeria and Dullard of Daura!

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