₦airaland Forum

mycar:
It is not my dear, it has been over 3 years he left office and he left with country making profit in fuel importation.
Government is our greatest enemy in this country. I feel bad when people play regional politics that does nobody any good.

The truth is that they don't care about the common man except during election time. I wish we can be speaking with a common voice. With the way we reason on this country, we will continue holding each other down. The little high you get is temporal.
You still have more than 4 years to live. The decisions you take today will shape your future, the criminal we create today, will be our greatest challenge tomorrow.

Young man this was a debt inherited from GEJ.

Pmb paid off a part and this 800b today is the balance plus accrued interest.

There was no such thing as profit from fuel importation left by GEJ.

The only time you can make profit from fuel is when you refine your own which is why PMB is working hard to get the modular refineries being worked on online

SpecialAdviser:
I thought Buhari promised to end fuel subsidy?

If he did, and for the record I think he should, fuel would be 250 per liter

Buterflyle0:
Its on record that buhari has borrowed less and even what he borrowed went directly into infrastructure unlike GEJ who kept borrowing for salaries

I know you don't like facts as you love a lie and hate the truth. In 16years Jonathan, obasanjo and Yaradua borrowed only 6 trillion niara. In 3year buhari has borrowed 11 trillion niara.
The one that surprised me most is that buhari went and borrowed exactly same amount of money just after receiving abacha(saint abacha according to buhari) loots without accounting for the loots

The government should pay the marketers. The Banks are on their neck to pay up their loans.

noturbusiness:
I know you don't like facts as you love a lie and hate the truth. In 16years Jonathan, obasanjo and Yaradua borrowed only 6 trillion niara. In 3year buhari has borrowed 11 trillion niara.
The one that surprised me most is that buhari went and borrowed exactly same amount of money just after receiving abacha(saint abacha according to buhari) loots without accounting for the loots

Buhari has not borrowed 11trillion naira.

Did he borrow naira or dollars?

He has only borrowed $10m.

The mistake you make is converting it with current exchange rate of naira and quoting the money in naira when it was borrowed in dollars.

GEJ borrowed more wastefully as his own went into paying salaries. Period.

Besides the infrastructure the money borrowed directly went into is what would repay the loan and not the FG

AntiMahdi:
These people will not stop blaming GEJ for everything.

What happened to under-recovery?

Idiots

The debt is GEJ fault.

Now, before you jump in with your defence, the reason why there is so much debt is by 2011, subsidizing fuel was not feasible any longer.

In 2012, GEJ removed subsidies partially on PMS. Nigerians protested, the unsustainable subsidy was restored, hence the debt..

This debt is another reason why oil subsidy must go

Cholison:
The government should pay the marketers. The Banks are on their neck to pay up their loans.

They can pay them by allowing them to charge prices for PMS the way they want to IE subsidy removal.

But most Nigerians don't want that, so marketers are between a rock and a hard place

theoldpretender:
The debt is GEJ fault.

Now, before you jump in with your defence, the reason why there is so much debt is by 2011, subsidizing fuel was not feasible any longer.

In 2012, GEJ removed subsidies partially on PMS. Nigerians protested, the unsustainable subsidy was restored, hence the debt..

This debt is another reason why oil subsidy must go

Many don't like hearing the truth. The truth is that a totally messed up economy was handed over to Buhari by GEJ.

An economy occasioned by foolish economic policies despite a time of high oil prices.

Much of the mess PMB is facing today comes from GEJ which is why he is always frustrated and the only way to vent is to blame GEJ

noturbusiness:
I know you don't like facts as you love a lie and hate the truth. In 16years Jonathan, obasanjo and Yaradua borrowed only 6 trillion niara. In 3year buhari has borrowed 11 trillion niara.
The one that surprised me most is that buhari went and borrowed exactly same amount of money just after receiving abacha(saint abacha according to buhari) loots without accounting for the loots

Not to defend Buhari or GEJ, but the reason why we borrow is because the price of oil that can keep our budget balanced has always been higher than the actual price.

Right now, Nigeria needs oil at 140 us dollars per barrel. Since Buhari took over oil has been at $80 and below, even as low as $30.

If we did not borrow, by now many Nigerians would have not had their salaries paid since 2015. At all. People would be so broke.

Jubril has no voice cos the dullard know nothing about Nigeria So BMO is our new President and some complete fools are supporting him

Why do we live in a country where animals are more behaved to human beings, huh?

The oil marketers had from February till last month to express their grievances over failure to receive the subsidy money being owed to them, either from these present or past governments but out of extreme wickedness and greediness these idiots want to frustrate innocent lives that want to use this period to bond ties with their families.

If their sole aim is to siphon the masses, may they never the money they intend to make from this wicked adventure.

As for FG, they should stop the blame game and fix this issue for crying out loud. Ah ahn

Buterflyle0:
Many don't like hearing the truth. The truth is that a totally messed up economy was handed over to Buhari by GEJ.

An economy occasioned by foolish economic policies despite a time of high oil prices.

Much of the mess PMB is facing today comes from GEJ which is why he is always frustrated and the only way to vent is to blame GEJ

Buhari took does have some issues

Non removal of fuel subsidies completely which is sustaining the subsidy mess at the NNPC.

I also think that he should have given dollars to.industriaists at a very favourable rate.

Corruption is still happening too

Buterflyle0:
Young man this was a debt inherited from GEJ.

Pmb paid off a part and this 800b today is the balance plus accrued interest.

There was no such thing as profit from fuel importation left by GEJ.

The only time you can make profit from fuel is when you refine your own which is why PMB is working hard to get the modular refineries being worked on online

I don't usually have time for this but I will provide you with a link to support my claim, https://m.guardian.ng/business-services/new-petrol-price-a-shift-from-subsidy-to-profit-making/

Meanwhile, this regime at it's inception boasted of fixing our refineries to a reasonable percentage. What happened to our refineries that fuel importers are now threatening us with God know what?

Buterflyle0:
Buhari has not borrowed 11trillion naira.

Did he borrow naira or dollars?

He has only borrowed $10m.

The mistake you make is converting it with current exchange rate of naira and quoting the money in naira when it was borrowed in dollars.

GEJ borrowed more wastefully as his own went into paying salaries. Period.

Besides the infrastructure the money borrowed directly went into is what would repay the loan and not the FG

So you pay workers salary in dollars abi? You buy and sell with dollars in Nigeria abi? It is gej that took the dollar to such height abi?
In 3years buhari have borrowed 11trillion niara and gej, Yaradua and obj only borrowed 6 trillion niara.
*(Both buhari and the other president borrowing have already been converted to niara so we don't need an expert in conversion like you)
I also want you to tell me the formula you used that made 6 to be greater than 11.
I know I am wasting my time as you don't like the path of truth. Your love for buhari is fueled by your hatred for the truth

I dont support fuel marketers strike because it will cause fuel scarcity but this response is annoying if it is coming from buhari or his supporters.

theoldpretender:
Not to defend Buhari or GEJ, but the reason why we borrow is because the price of oil that can keep our budget balanced has always been higher than the actual price.

Right now, Nigeria needs oil at 140 us dollars per barrel. Since Buhari took over oil has been at $80 and below, even as low as $30.

If we did not borrow, by now many Nigerians would have not had their salaries paid since 2015. At all. People would be so broke.

The truth is that this government has failed us, how much is your salary in comparison with theirs? they devalue the naira, buy at a cheaper rate and sell to you at a higher rate, make more profit and still pay you in naira after selling the crude in dollars,
Let do the maths, dollar was selling at N197/$
If country was getting 140$ per barrel, that is 140 * 197 = N27,580 on every barrel of crude. Now crude sells at $80 per barrel at N365/$ that is N29,200 in every barrel.
Kindly tell me who has more money to his disposal, the last time I checked, we are paid in naira and not in dollars.

mycar:
I don't usually have time for this but I will provide you with a link to support my claim, https://m.guardian.ng/business-services/new-petrol-price-a-shift-from-subsidy-to-profit-making/

Meanwhile, this regime at it's inception boasted of fixing our refineries to a reasonable percentage. What happened to our refineries that fuel importers are now threatening us with God know what?

1.At the time, the cost of importing fuel was 130 naira per.liter..Queues were still in place. And as result prices went up to 145 later that year.

Now the cost of importing fuel is 180 per liter.

Whoever wrote that article did not take that into account

2.Our refineries at.full capacity can refine 25m liters of fuel.per day.Our daily needs exceed 50m liters .We need five more.of.Dangote refinery to stop importing fuel. A new refinery costs 9bn dollars. Our reserves total 40bn. And we cannot use them.because our economy would crash if we did.

Sorry, but if we were.making profit, why did we have queues.. Because fixing the price of petrol below the import price was not a good idea.

Removing subsidy should have been done since 2006.

mycar:
The truth is that this government has failed us, how much is your salary in comparison with theirs? they devalue the naira, buy at a cheaper rate and sell to you at a higher rate, make more profit and still pay you in naira after selling the crude in dollars,
Let do the maths, dollar was selling at N197/$
If country was getting 140$ per barrel, that is 140 * 197 = N27,580. Now oils sells at $80 per barrel at N365/$ that is N29,200.
Kindly tell me who has more money to his disposal, the last time I checked, we are paid in naira and not in dollars.

No one sells naira at 197,except to Muslim and Christian pilgrims (and yes, I think it is wrong).

Plus, we need oil to sell at 140 per barrel to have sufficient money to fund a balanced budget without borrowing.

You misunderstood me

theoldpretender:
Not to defend Buhari or GEJ, but the reason why we borrow is because the price of oil that can keep our budget balanced has always been higher than the actual price.

Right now, Nigeria needs oil at 140 us dollars per barrel. Since Buhari took over oil has been at $80 and below, even as low as $30.

If we did not borrow, by now many Nigerians would have not had their salaries paid since 2015. At all. People would be so broke.

So you are saying we are borrowing to pay salary? I thought the present administration said they are borrowing for infrastructures? I want to know why we are spending more on salaries now compare to the former president, with less people working due to increase in the rate of unemployment,many people losing their jobs,and FG claiming they have figured out the many ghost worker the former administration use in siphoning our money.
Are with not supposed to be spending less on salary now since we now have honest people piloting the affairs of this country?
What lead to the increase in money being use for salary since the minimum wage is still same

theoldpretender:
1.At the time, the cost of importing fuel was 130 naira per.liter..Queues were still in place. And as result prices went up to 145 later that year.

Now the cost of importing fuel is 180 per liter.

Whoever wrote that article did not take that into account

2.Our refineries at.full capacity can refine 25m liters of fuel.per day.Our daily needs exceed 50m liters .We need five more.of.Dangote refinery to stop importing fuel. A new refinery costs 9bn dollars. Our reserves total 40bn. And we cannot use them.because our economy would crash if we did.

Sorry, but if we were.making profit, why did we have queues.. Because fixing the price of petrol below the import price was not a good idea.

Removing subsidy should have been done since 2006.

I don't understand, why I went through that stress is to show you that we once made some profits on imported fuel which you just agreed with me on.
If the landing cost has gone high that is somehow related to the increase in the crude price hence sensible people have now come to the understanding that an increase in price of the barrel of crude oil comes with an increase in subsidy payment.
People criticized the last administration for not saving more when the oil price was high, they failed to understand that the administration also spent more on subsidy too. Just a small increment in the price of crude and the government is crying about subsidy payment, what would happen if crude hits 140$/ barrel?

SpecialAdviser:
I thought Buhari promised to end fuel subsidy?

and did u bother to read the above at all?

Buterflyle0:
Buhari has not borrowed 11trillion naira.

Did he borrow naira or dollars?

He has only borrowed $10m.

The mistake you make is converting it with current exchange rate of naira and quoting the money in naira when it was borrowed in dollars.

GEJ borrowed more wastefully as his own went into paying salaries. Period.

Besides the infrastructure the money borrowed directly went into is what would repay the loan and not the FG

you are just comfortable telling lies .....

Edesinpayan:
you are just comfortable telling lies .....

The one lying is actually you

noturbusiness:
So you pay workers salary in dollars abi? You buy and sell with dollars in Nigeria abi? It is gej that took the dollar to such height abi?
In 3years buhari have borrowed 11trillion niara and gej, Yaradua and obj only borrowed 6 trillion niara.
*(Both buhari and the other president borrowing have already been converted to niara so we don't need an expert in conversion like you)
I also want you to tell me the formula you used that made 6 to be greater than 11.
I know I am wasting my time as you don't like the path of truth. Your love for buhari is fueled by your hatred for the truth

Did buhari borrow for salaries or was it GEJ that borrowed for salaries.

Its clear you do not even know where to swing your argument

theoldpretender:
No one sells naira at 197,except to Muslim and Christian pilgrims (and yes, I think it is wrong).

Plus, we need oil to sell at 140 per barrel to have sufficient money to fund a balanced budget without borrowing.

You misunderstood me

How much was it selling as at the time buhari took over please?
You may have to use google

Buterflyle0:
Did buhari borrow for salaries or was it GEJ that borrowed for salaries.

Its clear you do not even know where to swing your argument

We were talking about borrowing and debt and here you are shifting goal post. Ok let us talk about salaries.
53% of 2018 budget is budgeted for salaries.
Breakdown of the 2018 estimates shows that the federal government is spending N8.61 trillion, with personnel salaries, overheads, statutory transfers and debt servicing guzzling N5.96 trillion, leaving N2.65 trillion for capital projects.

theoldpretender:
No one sells naira at 197,except to Muslim and Christian pilgrims (and yes, I think it is wrong).

Plus, we need oil to sell at 140 per barrel to have sufficient money to fund a balanced budget without borrowing.

You misunderstood me

Is your budget in niara or dollar? Is your salary in dollars or niara? Did the present administration increased salary of workers? Don't you know that that if oil money is converted to niara now, we are making almost same amount of niara as we were making during gej administration because of the soaring price of dollars? Why should FG be complaining of no money to fund a **niara salary budget** when technically they are making almost same niara as the previous administration

AntiMahdi:
These people will not stop blaming GEJ for everything.

What happened to under-recovery?

Idiots

Why won't you read the entire text before rushing to make comments

SpecialAdviser:
I thought Buhari promised to end fuel subsidy?

read before you comment, it helps alot