₦airaland Forum

Op no try at all, in those countries their transport system excellent, power is double excellent.

Nice one OP. But don't forget all these countries u are comparing with Nigeria can afford to buy pay for higher pump price conveniently because

1. Their minimum wage is high and cost of living is lower.

2. There is steady power supply hence no need to procure extra expenses to buy fuel for generator.

3. There is steady supply of fuel, so need having headache to store up petrol at home due to scarcity fear. So one can buy small amount in his/her car and save the rest money for other domestic needs.

steadymind:
There is a very complex thing called currency conversion that allows you to compare prices even though we dont use the same currency.
you should try learning it.

Why have u avoided talking about the minimum wage?

@ Op hope your bullet proof is not Chinko.

Nigerians are a bunch of spoiled kids.
I don't blame them, I blame the military government, starting from the IBB regime. We are used to government doing everything for us, because government wants to shy away from their major responsibilities. GOVERNANCE.
Nigerins need a change in orientation and until they get it, things won't move forward.

boriswole:
Your Language shows your frustration, but you cant argue with facts.
once we stop bleeding through unprofitable crude swaps and our economy strengthens, maybe we can afford a minimum wage increase.
The truth is that the country cannot afford it.
How will governors who cant pay N18,000 pay N56,000. if you think that makes sense then i will understand your angle is not about making sense, it is about wailing.

What is this one saying? The pump price has been increased fine! We r already adjusting to it. Stop trying to justify it with silly analogies. What is d minimum wage of these countries he is comparing d pump price with? Does our minimum wage commensurate with the 145 naira hike? If you think this makes sense then I totally understand that ur brain in missing in ur cranium! (hope u know what that means)
Cc: zombie steadymind.

OP, all I have to say to you is, God punish you mercilessly.

[s]

great664:
Foolishness is a curse! OP now go back to the drawing board and rate those countries Minimum wage with our 18,000. Don't know who to blame in your case, your Zombiemsm has no cure again.

Now check the image below and google Non OPEC member minimum wage too...

cc Steadymind

Do you also know that this countries enjoy 24/7 power supply? Compare to our epileptic power here?

What about other infrastructure like Roads, Market, security etc?

Zombie is a disease

[/s]

What's this one even saying? You expect the FG in this crumbling economy to be paying the least worker a wage of at least 56K per month when other things are there to attend to?! How do we build roads, good health centres, schools and supply constant electricity if they pay the least worker at least 56K? Since you're comparing Nigeria to those countries, let's also compare their population. How many of them have at least half of Nigeria's population. Minimum wage can be increased but would not be up to that 56K. Since you've not seen anything good since Buhari became President, I pray you continue to experience worse things till you run to Eritrea!

boriswole:
Then the conversation should be about minimum wage.

This is a fuel subsidy conversation. The point is to agree that it doesnt make sense to subsidise fuel and that N145 per liter is not outrageous.

I would support the move for an increase in minimum wage only if i thought Nigeria could afford it.

The states cant afford to pay salaries at N18,000 and you are talking of minimum wage increase.

Imagine a serious worker who is being owed 6 months salary asking for a wage increment, wouldnt you think he was insane?

Lol, you don't do partial argument, to boost an economy or to make economic policy, you must put everything into consideration....

This is the type mentality of our leaders that's making this country move backward... You don't assume on one sector cuz any decision you make will affect everything else...

Take for example, if they should increase minimum wage for example, it will affect the market woman indirectly even when she is not a civil servant...


Please you don't limit, why did he writer use normal currency conversion to arrive on such conclusion.... Sir, Honestly you "fall my hand" to think we should limit it to subsidy alone when you know it will affect the direct user and non user too.

Smh
.

donphilopus:
[s][/s]

What's this one even saying? You expect the FG in this crumbling economy to be paying the least worker a wage of at least 56K per month when other things are there to attend to?! How do we build roads, good health centres, schools and supply constant electricity if they pay the least worker at least 56K? Since you're comparing Nigeria to those countries, let's also compare their population. How many of them have at least half of Nigeria's population. Minimum wage can be increased but would not be up to that 56K. Since you've not seen anything good since Buhari became President, I pray you continue to experience worse things till you run to Eritrea!

Lol, mad cow...who is saying the government should increase or not increase pls shun hate and argue wisely.... Who nor know your ranting in NL even guest know your silly moniker

My stand is don't compare Nigeria with other countries because those countries minimum wage is far greater than us and infrastructure and power is totally zero here....



Get it now??

great664:
Lol, mad cow...who is saying the government should increase or not increase pls shun hate and argue wisely.... Who nor know your ranting in NL even guest know your silly moniker

My stand is don't compare Nigeria with other countries because those countries minimum wage is far greater than us and infrastructure and power is totally zero here....



Get it now??

Keep shut! Can you compare Nigeria's population to the population of the said countries? Do you know Qatar is not up to Lagos State in terms of population? You expect Nigeria to pay at least 56K as minimum wage when we have over 170m people as against Qatar's 2,545,603 population? Use your head na! BTW, FG may meet today to consider a 45K minimum wage.

jcross19:
Zombiesm is a terrible sickness!!!!! Am telling you so we should be rejoicing right?!!!! Well op I believe that you can't say all these many filling stations without being lynched. Don't compare yourselves with others because we are not running the same economy , the level of development is different from each other, the rate of poverty is deeper in nigeria than many countries you posted, the level of joblessness is high in nigeria compare to those countries you posted . Now compare this average nigerian feed on 1dollar per day? 1 dollar can you imagine that? So please don't compare us with any one.

your observations are correct but how does a govt pay for difference if we don't refine and have to buy from international market at a price above N100?

[s]

donphilopus:
Keep shut! Can you compare Nigeria's population to the population of the said countries? Do you know Qatar is not up to Lagos State in terms of population? You expect Nigeria to pay at least 56K as minimum wage when we have over 170m people as against Qatar's 2,545,603 population? Use your head na! BTW, FG may meet today to consider a 45K minimum wage.

[/s]

Its obvious you have comprehension problem....


Oga where I say make govt increase salary or where I compare population... I only ask the Op not to compare us with the countries or compare our PRICE with them.... Now run away with shame

In as much as I support complete deregulation of the downstream oil sector, I disagree with the op's logic. First, there is no fixed petrol price in the US. It varies from state to state, and day to day depending on the global oil price. It is selling at about $190 per gallon as at today. A gallon is 4 liters. In January till early april, it fell to about $130 per gallon in Texas

You have to also remember that the minimum wage in Texas is $9 per hour. So working regular 8 hours for 5 days in a week gives you 40 hours a week. So in a month, the least paid worker, without overtime gets $1440. At 340 naira per $1, that is almost N500,000. So we should always be careful when comparing.

jcross19:
Zombiesm is a terrible sickness!!!!! Am telling you so we should be rejoicing right?!!!! Well op I believe that you can't say all these many filling stations without being lynched. Don't compare yourselves with others because we are not running the same economy , the level of development is different from each other, the rate of poverty is deeper in nigeria than many countries you posted, the level of joblessness is high in nigeria compare to those countries you posted . Now compare this average nigerian feed on 1dollar per day? 1 dollar can you imagine that? So please don't compare us with any one.

op $1 is 199 Nigeria exchange rate not 330 black marketers rate as u concluded

D mere fact dat some of U are going to great lengths to try to convince urselves with silly and baseless research is enof to tell u dat u need help. So why exactly did u protest in 2012? Of all those countries u stupidly compared us to, how many of dem are suffering from epileptic power supply, huge and massive infrastructural deficits, and falling economic and social standards?? Oh show us d minimum wages and exchange rates of their local currency to their dollar too and while u're at it don't forget to find out d unemployment percentage and how much of it's ppl live on less than a dollar a day. Nonsense...

steadymind:
Your Figures are wrong.

Where is your source?

No need to conjure up figures, the writeup has enough sources and links to show i did not dream up the numbers. Petrol in Nigeria is the 12th Cheapest in the world.

http://www.theguardian.com/artanddesign/gallery/2016/mar/04/fuel-petrol-gasoline-prices-around-the-world-in-pictures


Bro,have your heard of countries like Indonesia, Kenya, China,Kazakhstan, Estonia, Algeria,Saudi Arabia, united states, uk, Bulgaria, ivory coast,Japan,Tunisia, Austria, Philippines, ,. These guys all buy at cheaper rate than Nigeria.

Nbote:
D mere fact dat some of U are going to great lengths to try to convince urselves with silly and baseless research is enof to tell u dat u need help. So why exactly did u protest in 2012? Of all those countries u stupidly compared us to, how many of dem are suffering from epileptic power supply, huge and massive infrastructural deficits, and falling economic and social standards?? Oh show us d minimum wages and exchange rates of their local currency to their dollar too and while u're at it don't forget to find out d unemployment percentage and how much of it's ppl live on less than a dollar a day. Nonsense...

Thanks for this. In fact,this strike shouldn't be about just the bike in the fuel price,we should demand for better poer supply,social amenities etc.

Excellent and informative piece. Ops Thanks.

mars123:
you are calling the OP a zombie because he gave you information I can swear you didn't have before. Wailing will earn you nothing just a few likes but the fact of the matter is Jonathan /NOI cannot do better than what is being done to take Nigerians out of our misery. The budget, the anti corruption fight, terrorism fight, is it not enough to give the government a chance? to save a sinking ship, the first step is to stop the ship from sinking further.

Or does Buhari look like a président that is sitting and folding his hands while you suffer?

the economy is going down you are here comparing yourself with saudi arabia don't you think you are a mess?.

Interesting and informative write-up by Daramaol Babalola, but very flawed analysis. When juxtaposing currencies you cant use the naira as a benchmark across countries ie. When you compare the naira to dollar in Nigeria, you cant compare the naira to dollar in Ghana or any other country listed here, you can only compare the dollar to the currency in that country to have a balanced analysis. Most of these countries have currencies almost as strong as the dollar so that weakens the argument that it is expensive there. Would you say fuel is expensive if you live in America and pay 65cents per litre? I'm sure even a 5year old can fill up his/her dad's tank at that rate. Long story short that analysis is very wrong. Thanks!

steadymind:
By Daramola Babalola

On the 12th of May, 2016 Nigerians woke up to the detestable reality that they will now have to pay ₦145 per litre for Premium Motor Spirit (PMS), otherwise called petrol representing a 40% increase from the previous pump price, ₦86.50



While some are mobilizing for '#occupyNigeria season 2', labour unions in the country are currently planning to commence an indefinite nationwide strike action that will 'shutdown the economy' on Wednesday in a bid to protest the increase in fuel price.

Following the harsh economic realities Nigeria is currently facing, many Nigerians have labelled the Federal Government as being insensitive to the plight of its citizen by making fuel too expensive for consumption.

But really, how expensive is fuel in Nigeria, compared to other countries? and is the Nigerian government really insensitive? We are about to find out.

At ₦145/Litre, is fuel too expensive in Nigeria?
As surprising as it may seem, Nigeria is ranked 12th as per cheapest price of petrol in 173 countries even with the new ₦145 per litre price according to Globalpetrolprices.com

In Nigeria, fuel now costs ₦145/L and with the current exchange rate that is fluctuating between ₦320-₦360 to a dollar, it means we are paying about $0.44/L

It may however interest you to know that in United States, fuel is sold at the pump price of $0.65/L ( ₦214/L), In South Africa $0.84/L (₦277), In Russia $0.55/L (₦181/L), $0.91/L (₦300/L) in Canada, $0.92 (₦303/L) in Ghana, and it costs $0.93 (₦306/L) in China.

Some will argue that the countries above are not petroleum exporting countries (OPEC) like Nigeria, but what about OPEC member countries like Angola, where PMS is sold at $1/L (about ₦330), In Iraq at $0.64/L (₦211), In Venezuela pump price is $0.60/L (₦198/L) with President Nicolas Maduro calling the approximately ₦198/L pump price 'one of the cheapest in the world'.

Even in the oil rich, United Arab Emirates (UAE) PMS is sold at $0.45/L which is about (₦148/L) which is more expensive than the price in Nigeria.



According to Globalpetrolprices.com In Hong Kong, the pump price is set at $1.85/L (about ₦610/L) making the country the most expensive seller of gasoline in the world.



With the facts and figures above, at ₦145/L fuel is not expensive, it's actually one of the cheapest in the world, but because of the poor living conditions of millions of Nigerians, it appears expensive and thus, many Nigerians struggle to afford it.

That is why the government needs to provide welfare programs, kill that disease called corruption, invest in electricity, education, fix refineries, provide jobs and reduce poverty in the country

Is Nigeria the only country increasing pump price?

Again, the answer is a 'BIG NO'.The excruciating increase in pump price is not even limited to Nigeria alone, major oil rich countries of the world have increased their fuel price this year, some even by over 50%.

See examples below

Saudi Arabia 40% increase
In December 2015, Saudi Arabia increased fuel price in the country by 40%
http://www.aljazeera.com/news/2015/12/saudi-arabia-hikes-petrol-prices-40-pump-151228154350415.html
Oil rich Saudi Arabia, last year announced a record $98bn budget deficit due to 'rock-bottom global petroleum prices'
Like Nigeria, Saudi Arabia suffered a sharp drop in revenues as oil prices have fallen more than 60 percent since mid-2014 to below $40 a barrel.
To address the situation, the Gulf kingdom increased fuel price by 40%

Venezuela increased fuel price in February, 2016
President Nicolas Maduro in February increased fuel price to $0.60 (₦198) as Venezuela's economy was pushed to the brink by the collapse in the oil price, which accounts for about 95% of the country's export revenues.
He said the price over 50% rise was "a necessary measure, a necessary action to balance things, I take responsibility for it."
http://www.bbc.com/news/business-35600921?SThisFB


Fuel price increased in UAE in May, 2016
The oil rich, United Arab Emirates also increased pump price about 2 weeks ago.
Fuel is now sold at $0.45/L in UAE, which is about ₦148/L in Nigerian Naira, ₦3 more than the pump price in Nigeria today.
http://english.alarabiya.net/en/business/energy/2016/04/28/Fuel-prices-in-the-UAE-will-increase-in-May.html

Qatar increased fuel price by 30% in January, 2016
The oil rich country that last increased petrol prices in 2011, also increased pump price in January, 2016 to $0.36 (₦118) which is the 5th cheapest pump price in the world.
http://dohanews.co/qatar-increases-petrol-prices-from-midnight-tonight/


50% increase in pump price in Bahrain in January, 2016
As a result of the unprecedented drop in global oil prices, which has seen the price of oil per barrel decline by over 60%.
The government in Bahrain followed the steps of fellow Gulf Cooperation Council (GCC) member countries the country increased fuel price by 50% in January.
http://bna.bh/portal/en/news/705611

I could go on and on, to give more examples of oil rich countries like Nigeria that have increased pump price in 2016, Nigerians need to understand that this is not a Nigerian, Kachikwu, APC or PDP problem, this is a global problem we are dealing with affecting even the oil rich countries of the world.


We need to stop seeing the Federal government as insensitive, wicked, heartless, unfeeling, inconsiderate, thoughtless and hard-hearted for increasing the pump price to ₦145/L. We need to temporary sacrifice for the greater good, with the hope that as promised we will be better off in the long term.

To cushion the current challenges, the Federal Government must also sincerely provide social provisions for millions of poor Nigerians who will suffer from the fuel hike. Some of the oil rich countries listed above have increased fuel price this year, but due to the several welfare packages provided, the citizens can ease through this rough patch.

I am glad about the N500 billion social intervention programmes provided in the 2016 budget, which includes jobs, social safety allowance for the most vulnerable people, free schooling for students, soft loan to traders, investment in infrastructure etc. Hopefully Buhari's 'anti-corruption' centered government can channel the funds with 100% sincerity and accountability.



But why did the fuel price have to increase?

For that barber down the street who relies on petrol most times to power his small generator to keep his business running, it will be difficult for him to understand how the fuel price increase will benefit him in the long run. Infact, he will most likely rant everyday about the hardship the government is causing him.

I'm sure many have wondered why a country like Nigeria, blessed with oil suffer for it? But unfortunately, Crude oil price is an internationally traded commodity , the prices are not set by the countries that produce it. Neither do oil producing countries get a discount in the international market for producing this product.



While many think the current increase in fuel price is about removal of fuel subsidy, this notion is totally wrong because it was brought about by the non-availability of foreign exchange to import petroleum products. infact, there is no provision for subsidy in the 2016 budget according to the Vice President, Yemi Osinbajo.

Oil is selling at below 40 dollars and the currency (dollar) needed to purchase the refined petrol is no longer available, that is just simply the problem here.

Oil and gas make up more than 90 percent of exports in Nigeria, providing the critical source of Nigeria’s foreign exchange.

It’s that simple; a collapse in oil prices could lead to the same in Nigeria’s foreign exchange which is crucial to support consumption of imports. Foreign exchange rates also influence capital flows- investment funds that move into and out of a country. If oil prices continue to drop it would have an adverse effect on the country’s currency value, making it less attractive to foreign investors.

Since our local consumption of fuel is almost entirely imported. The NNPC exchanges crude from its joint venture share to provide about 50% of local fuel consumption. The remaining 50% is imported by major and independent marketers.

However marketers have drastically reduced their importation for several months due to a scarcity of FOREX, thus the need for them to source independent of CBN to be able to meet the nation’s demand arose.

Now any Nigerian entity is free to import the product, subject to existing quality specifications and other guidelines issued by Regulatory Agencies.

All oil marketers will be allowed to import PMS on the basis of FOREX procured from secondary sources.

It is expected that this new policy will lead to improved supply and competition and eventually drive down pump prices.

In addition, this will also lead to increased product availability and encourage investments in refineries and other parts of the downstream sector.


The difference between Jonathan's attempt to increase fuel price in 2012 and this? - And why the anti-₦145/L protests will fail
Former President Goodluck Jonathan ran into trouble after he removed fuel subsidy on New Year’s Day in 2012.



This took fuel price from ₦65 to ₦141 at filling stations. This led to massive protests by civil-rights groups, labour unions, and Nigerians generally. APC, the opposition party at that time, took political advantage of the situation by identifying with the suffering and criticizing the Jonathan administration for removing subsidy.

Four years later President Buhari officially removes fuel subsidy. Millions of Nigerians are angry. Nigerians are understandably accusing the present administration of cowardice, deception, and hypocrisy, but how true is this?

How much was oil price in 2011? Oil price was $113 per barrel. Today, oil price is just about $40 per barrel after going below $30 early this year.

And the exchange rate? Under Goodluck Jonathan’s leadership, the exchange rate was $1 to N162. Today, exchange rate is officially N199 to a dollar; N320-N360 in the parallel market.

And foreign reserves? Nigeria’s foreign reserves stood at $35billion in January 2012 and $29.61billion as at 28 May 2015, the eve of hand over to President Buhari. Today, foreign reserve is $27.1 billion, amid myriad of restrictive measures to stem the steady slide in the economy’s external sector.

Under the previous administration, Nigeria was enjoying an economic-growth rate of 6% averagely. Thanks to Foreign Direct Investment (FDI) riding on the back of a devalued Naira. President Jonathan also, largely, had the right economic mix. But corruption and terrorism were two of its greatest challenges. There were allegations of massive corruption, particularly what was reported to be a fuel-subsidy scam right under Goodluck Jonathan’s nose.

Rather than tackle these allegations by investigating and prosecuting those involved in the scam, President Jonathan decided to remove subsidy as the solution to the problem. The administration claimed removing fuel subsidy would free up funds for capital projects. But Nigerians had little or no trust in the administration. The administration was incompetent and corrupt. How can it be trusted to save for the future? This was a fundamental issue. So ‪#‎OccupyNigeria‬ shot down Nigeria’s economy in January 2012, not simply because Goodluck Jonathan increased fuel price but mainly because millions of Nigerians did not trust the administration with the money it claimed it would “save” for the future.



Today there are strong reasons to believe that if fuel-subsidy removal had been allowed in 2012, most of it would have ended up in private bank accounts.

Under the Buhari administration, though partly due to some of its own reactive and over-restrictive economic policies, the Nigerian economy is sick. There is scarcity of foreign exchange. Oil marketers are finding it extremely difficult to import petroleum products into the country. FDI has nose-dived. The low international-oil price meant there was no need for it.

Now that fuel prices have increased internationally, we expected the government to subsidize to alleviate people’s suffering. The Buhari administration says ‘No. We don’t have enough foreign exchange to do so.” Oil marketers are having difficulties opening letters of credit to import petroleum products. The result is that NNPC alone has had to supply over 90% of petroleum products since October 2015. This has not always been so.

NNPC used to supply 48% of petroleum products. Since NNPC does not have what it takes to supply so much, there will continue to be fuel scarcity. To tackle the scarcity problem, the government painfully decides to free up the oil-supply system by allowing the international-oil price determine fuel price locally without any fiscal intervention. Oil marketers are now accessing foreign exchange (through secondary sources) to import petroleum products into the country since ₦145 naira per litre provides some reasonable profit margin after supply costs.

Meanwhile, the government is taking measures to block leakages through zero budgeting, Single Treasury Account (TSA), and its Anti-Corruption Agenda. We are now talking about refineries, public and private-owned refineries that will eventually make fuel scarcity a thing of the past.

Nigerians asked Jonathan to work on old refineries and build new ones, given the resources available at the time, and first kill the regime of fuel importation. Subsidy would have died a natural death and the process of privatization would have been smoother. Today, some of the refineries are functional again, which were not in Jonathan’s days. Government-owned outlets sell refined fuel today, at a far cheaper rate. Not the private ones.

As labour go all out on Wednesday to attempt to shutdown Nigeria, my prediction is that they will not even achieve up to 5% of what the 2012 #OccupyNigeria protests achieved, the protest is bound to be a massive failure, because more Nigerians trust the sincerity of Buhari's government unlike his predecessor. And while the ₦145/L price remains a hard pill to swallow, it's still the 12th cheapest price in the world, facts only.

Source: http://www.nigerianeye.com/2016/05/at-145l-price-nigerians-buy-one-of.html

great664:
Foolishness is a curse! OP now go back to the drawing board and rate those countries Minimum wage with our 18,000. Don't know who to blame in your case, your Zombiemsm has no cure again.

Now check the image below and google Non OPEC member minimum wage too...

cc Steadymind

Do you also know that this countries enjoy 24/7 power supply? Compare to our epileptic power here?

What about other infrastructure like Roads, Market, security etc?

Zombie is a disease

I was enjoying the points you're making until I read the insult.
BTW, the picture you're branding is that of 2001

At ₦145/L Price, Nigerians Buy One Of The Cheapest Petrol In The World


and with the poorest economy in the world. ?

At ₦145/L Price, Nigerians Buy One Of The Cheapest Petrol In The World


and with the poorest economy in the world. ?

Nice post, OP. Unfortunately, you're dealing with people who are in the main either economically illiterate or outright illiterates, so your insightful post will mostly fall on deaf ears. All you're likely to hear from your critics is fallacious reasoning about higher minimum wages in other countries (never mind that workers in those countries are much more productive than the average Nigerian), outright lies about fuel being cheaper in countries like Britain (of all places!), or outright insults - all delivered in broken English, naturally.

I have given up on the prospect of getting all but the most educated Nigerians to accept that economic realities do not support their fantasies. What passes for "reasoning" with most Nigerians is usually either wishful thinking ("I want something for free, therefore it must be possible!" or plain animus rooted in nothing more than tribal sentiments.

jcross19:
Zombiesm is a terrible sickness!!!!! Are you telling me so we should be rejoicing right?!!!! Well op I believe that you can't say all these things in many filling stations without being lynched. Don't compare yourselves with others because we are not running the same economy , the level of development is different from each other, the rate of poverty is deeper in nigeria than many countries you posted, the level of joblessness is high in nigeria compare to those countries you posted . Now compare this average nigerian feed on 1dollar per day? 1 dollar can you imagine that? So please don't compare us with any one.

why won't u have sense?.. The o.p just highlighted a fact..and also made sure he stated that the reason why Nigerians arencrying is because of the level of poverty compared to well to do..that Nigeria should improve in its facilities aspect..but u didn't get that one ooh..u just want to attack any one that doesn't want to share the same grumpy nature u have

Lashist:
even with the high fuel price in other countries, life is still easier for dem..dey earn way more dan Wat we earn...don't compare Nigeria with dem biko

how do you know this pls?.. Try not to insult ooh..

hucienda:
lol.. desperation to explain why you opposed the same subsidy removal in 2012.. I think what's happening currently is good in a way..

To teach the citizenry a civics lesson on Hypocrisy.

the truth is.. Most Nigerians are not complaining because they have hope that the money being saved would be used effectively .. If we had not been hearing 20 billion missing or 320 million for 4 cars I personally would have suportted it...

I love the end part of the write up, where the writer says that, unlike #OccupyNigeria in 2012, the proposed strike is bound to fail or achieve little because most Nigerians trust Buhari.

TheMascot:
why won't u have sense?.. The o.p just highlighted a fact..and also made sure he stated that the reason why Nigerians arencrying is because of the level of poverty compared to well to do..that Nigeria should improve in its facilities aspect..but u didn't get that one ooh..u just want to attack any one that doesn't want to share the same grumpy nature u have

anything your programmer does seem good because you have been programmed to be so zombie continue.

jcross19:
anything your programmer does seem good because you have been programmed to be so zombie continue.

now I understand the meaning of retarded..

@OP, Your analysis does not give a correct representation of economic realitities because:

1. Your claim that "On the 12th of May, 2016 Nigerians woke up to the detestable reality that they will now have to pay ₦145 per litre for Premium Motor Spirit (PMS), otherwise called petrol representing a 40% increase from the previous pump price, ₦86.50"
is wrong; the increase is about 68% and not 40% as you claim. Please correct yourself

2. Please do not compare the price PMS is sold in Nigeria to other countries using the Naira exchange rate. You assumed the naira exchange rate as conversion rate for these countries which is wrong. These countries have their own currencies and the exchange rate to the dollar in these countries is not the same as that of the naira to the Dollar; so you have missed it totally in your analysis.

Let us tell our selves the truth, PMB has missed it. At least the common man on the street was benefitting directly from the subsidy, but with its removal, what benefit do we now enjoy? They keep saying we will enjoy it in the long run, when we all know that the subsidy money will still end up in the bank accounts of very few politicians.

I weep for Nigeria.