₦airaland Forum

Copied-THE FEDERAL GOVERNMENT DID NOT REMOVE SUBSIDY BECAUSE THERE IS NO SUBSIDY AT N86.5 PUMP PRICE OF FUEL.
Before you go to protest against the removal of fuel subsidy by the Federal Government, be informed that the government did not remove any subsidy because
there was no subsidy to be removed in the first
place. So don't go and protest against what does
not exist. Seek information and be informed. This
is what the government has done. The
government has simply stopped giving foreign
exchange to fuel importers and has asked them to
source for foreign exchange through secondary
sources. Why has the pump price of fuel
increased from #86.5 to between #135 and #145?
This is specifically as a result of the differences
between the official exchange rate and the
informal (parallel) market exchange rate. This is
the simple mathematics. The official exchange
rate is #199 per dollar while the parallel market
exchange rate is #320 per dollar. This represents
and increase of 37% (320-199/320 × 100 = 37.8%).
This reflected exactly in the new price of petrol
as it increased from #86.5 to an averag of #140
which is an increase of 38% (140 - 86.5/140 ×100
= 38%). There may be a gap in the dessimination
of information to the public and it is totally
regrettable and I am sure it will be taken care of,
but I encourage Nigeians to seek the right
information. I have always insisted that there was
nothing like fuel subsidy and I stand by that. The
Federal government cannot continue to be the
sole source of foreign exchange for the
importation of fuel in the face of falling price of
crude resulting in the depletion of our foreign
reserve. It is unsustainable and cannot satisfy the
domestic consumption of fuel in Nigeria.
Nigeria get foreign currency from the sell of
crude and the price of crude has fallen by over
70%. This means that the government do no long
have enough dollars to give to fuel importers. A
lame man shoud be able to understand this. With
the ccompetition that will set in, from the open
market, it s expected that the pump price of fuel
will naturally crash in time. Please share and
enlighten every Nigerian.

Go sleep you don't know what you are saying. It look as if you were buhari's classmate if you people attend any class atall

Benikuuse:
Go sleep you don't know what you are saying. It look as if you were buhari's classmate if you people attend any class atall

Yes, Buhari was the class captain then, But you didn't recognise him, cuz you hardly stay in class.

FG is saying one thing, OP is saying another thing
Abeg make una Park well. all I want is reductiom in the price of market conmodities.

It isn't possible,it will even go more higher

Omotayor123:
FG is saying one thing, OP is saying another thing

Abeg make una Park well.
all I want is reductiom in the price of market conmodities.