₦airaland Forum

Buffalowings3:
You're incoherent..
Buhari was saying subsidy is a scam..
3 years down the line, he is still paying up....
When is he going to stop paying..
Oh, 4 years is already gone

Buffalowings3:
You're incoherent..
Buhari was saying subsidy is a scam..
3 years down the line, he is still paying up....
When is he going to stop paying..
Oh, 4 years is already gone

StaffofOrayan:
Isn't it funny when Buhari supporters want to sound intelligent?
It's like calling MMM a scam and still depositing money in their account, sometimes u gotta wonder how they reason.

LuciferVirgin:
Zimbabwe does not produce oil so oil prices there can be whatever it wants to be.


Zombies are trying to justify the fraudulent fuel price hike of their corrupt saviour who said 5 years ago that "subsidy was a fraud" but went ahead to do just that.

I'm sure he is planning to increase it again hence this meaningless news.


*spits

theoldpretender:
Hi...I am not a Buhari or Atiku supporter.

Thank you.

And oil subsidy must go.Since 2006.

Pvin:
A mango tree does not worry when the Orange tree is producing fruits in its season. When you see me sitting in a restaurant without food on my table don’t feel pity for me, I am waiting for my order. When your season comes, nothing will stand in your way., The slow movement of a Lion doesn’t show weakness or tiredness but rather calculated steps to get it’s prey… Never bother how fast people are moving. Move at your own pace and trust God to see you through. Remember its not how fast you build your house but it’s how firm and strong your house will be when the storms come. Good things come to those who wait. Have a blessed and lovely Sunday

StaffofOrayan:
Is it a scam or not?

adajiboyy:
If the lifeless bigot should wins the next election this is how much we would buy fuel in Nigeria.

theoldpretender:
So your Savior GEJ was wrong when he removed subsidy in 2012...? eh?


Look, GE removed subsidy in 2012 BECAUSE it was no longer sustainable. Nigerians like you opposed him then, he reinstated subsidy, by 2013...when import price of oil rose above the cost price..the subsidy became unsustainable...to the point that marketers were engaging in scams to keep afloat.(That is the scam that Bubu was talking about).

And when Bubu came, because he did not want to lose power...he kept subsidy until landing cost was N132....while we were selling fuel at N87. Meanwhile...oil prices had fallen, our revenues were falling...and we had no choice...that is when Kalichulwu and Emefiele talked sense...and subsidy was removed...prices raised to N145.

Now landing cost is N190. Prices are at N145. For every liter of fuel,we are paying N55 naira as subsidy....And that does not allow NNPC or marketers make a profit.....and that is why we do not have more refineries, our downstream sector is messy, and why we have scarcity, and more scams .

So, either prices rise, subsidy goes, we save trillions of naira that we can use for other things....or we keep subsidy...and keep on wrecking our economy



SUBSIDY MUST GO!

Pvin:
A mango tree does not worry when the Orange tree is producing fruits in its season. When you see me sitting in a restaurant without food on my table don’t feel pity for me, I am waiting for my order. When your season comes, nothing will stand in your way., The slow movement of a Lion doesn’t show weakness or tiredness but rather calculated steps to get it’s prey… Never bother how fast people are moving. Move at your own pace and trust God to see you through. Remember its not how fast you build your house but it’s how firm and strong your house will be when the storms come. Good things come to those who wait. Have a blessed and lovely Sunday

theoldpretender:
So your Savior GEJ was wrong when he removed subsidy in 2012...? eh?


Look, GE removed subsidy in 2012 BECAUSE it was no longer sustainable. Nigerians like you opposed him then, he reinstated subsidy, by 2013...when import price of oil rose above the cost price..the subsidy became unsustainable...to the point that marketers were engaging in scams to keep afloat.(That is the scam that Bubu was talking about).

And when Bubu came, because he did not want to lose power...he kept subsidy until landing cost was N132....while we were selling fuel at N87. Meanwhile...oil prices had fallen, our revenues were falling...and we had no choice...that is when Kalichulwu and Emefiele talked sense...and subsidy was removed...prices raised to N145.

Now landing cost is N190. Prices are at N145. For every liter of fuel,we are paying N55 naira as subsidy....And that does not allow NNPC or marketers make a profit.....and that is why we do not have more refineries, our downstream sector is messy, and why we have scarcity, and more scams .

So, either prices rise, subsidy goes, we save trillions of naira that we can use for other things....or we keep subsidy...and keep on wrecking our economy



SUBSIDY MUST GO!

chieyine:
@Naija Politico

A massive hike of 240 per cent in the prices of petrol and diesel goes into effect today in Zimbabwe.

Petrol was selling for 1.32 dollars (N481) per litre before Sunday’s hike. Now, it will be sold at $3.31 per litre.

President Emmerson Mnangagwa announced the increases Saturday night.

He said the prices were predicated on the prevailing rate of 1:1 between the U.S. dollar and the surrogate bond note.

Mnangagwa revealed the increases to journalists at the State House ahead of his tour of Eastern Europe and Switzerland.

He said: “The government has today decided on the following corrective measures, with effect from midnight tonight, fuel pump price of $3.11 per litre for diesel and $3.31 for petrol will come into effect.” (In naira terms petrol is N1204 per litre and diesel N1135).

“Guests of government by way of foreign missions, other registered foreign bodies and tourists will fuel and refuel at designated points at the price of 1.24 U.S. dollars per litre for diesel and 1.32 U.S. dollars per litre for petrol upon production of proper identification documents,” Mnangagwa said.

The fuel price increases coincided with government’s decision that the country will have its own currency within 12 months, thus jettisoning the US dollar.

Zimbabwean Finance and Economic Development Minister Mthuli Ncube said adopting the U.S. dollar or the South African rand would not solve the country’s macro-economic problems.

Asked to give a timeline on when local currency would be reintroduced, Ncube said it would be done “in less than 12 months.”

He said separating the parity between Real Time Gross Settlement accounts (RTGS) and foreign currency accounts (FCA) was the beginning of currency reforms which are necessary for pushing the country’s economy in the right direction.

“Our job is to introduce a currency that will be stable and less volatile. Dealing with the fiscal side is the first order to move towards a stable currency,” Ncube said.

Zimbabwe adopted the use of multi-currencies in 2009 after its local currency had been rendered worthless by hyperinflation.

To relieve cash shortages, the Reserve Bank of Zimbabwe introduced the bond note in late 2016.

Initially pegged at 1:1 against the U.S. dollar when it was introduced, the bond note, however, has gradually lost value against the real currency and is now trading at about one-third the value of the U.S. dollar.

Source: https://naijapolitico.com.ng/petrol-now-n1204-per-litre-in-zimbabwe/

oldtruth:
May you never prosper. So, now you know that Nigeria is not getting profit from its gas sales and still manages to pay the #55 excesses?

I know you are daft but can you please tell me on what calculations they were working on when they first claimed to remove subsidy and what was the earlier fund derive from it used for? We are all Nigerians and we have the right to criticize a sick government. Your justification made him look more stupid and you, a demented fellow

oldtruth:
May you never prosper. So, now you know that Nigeria is not getting profit from its gas sales and still manages to pay the #55 excesses?

I know you are daft but can you please tell me on what calculations they were working on when they first claimed to remove subsidy and what was the earlier fund derive from it used for? We are all Nigerians and we have the right to criticize a sick government. Your justification made him look more stupid and you, a demented fellow

baliyubla:
This will be child's play compared to how much PMS would sell for in Nigeria, if the dullard were to be reelected.

LuciferVirgin:
Zimbabwe does not produce oil so oil prices there can be whatever it wants to be.


Zombies are trying to justify the fraudulent fuel price hike of their corrupt saviour who said 5 years ago that "subsidy was a fraud" but went ahead to do just that.

I'm sure he is planning to increase it again hence this meaningless news.


*spits

theoldpretender:
Here is where it is a scam

Back in 2013....fuel was being sold at N97. Landing price..the cost of importing said fuel....was much higher.

As a result....marketers engaged in scams like making subsidy claims for fuel not imported, selling on the black market, etc. We were having constant fuel scarcity every now and then throughout the year...and we were accumulating a huge debt.

That's why it was a scam....we were paying heavily for subsidized fuel...and still having issues with supply.(Hence Bubu calling it a scam...we were paying subsidy...and yet still having scarcity).

Of course...he was also playing politics too.

But once Bubu took over...he kept up the scam...because removing subsidy meant prices shooting up to N150 and above...and that means revolution.

Until it became unsustainable...(as I have explained upthread).

P.S....I regard APC and PDP as the same....and the fact that APC still keeps the subsidy...is a sign of poor economic thinking. If government cannot take risky decisions to improve our economy...who will

Good evening.

LuciferVirgin:
Zimbabwe does not produce oil so oil prices there can be whatever it wants to be.


Zombies are trying to justify the fraudulent fuel price hike of their corrupt saviour who said 5 years ago that "subsidy was a fraud" but went ahead to do just that.

I'm sure he is planning to increase it again hence this meaningless news.


*spits

theoldpretender:
OK...back up.

In 2012...GEJ removed subsidy and raised prices from N65 to N140

Nigerians said no, and the oppsition joined them.

GEJ reduced prices to N97. Landing price then was N99.

By 2014...LANDING price was in the N120s, official price was N97.

Marketers were selling at a loss, so many of them resorted to practices like

1.Selling fuel at higher prices

2.Selling on the black market

3.Making subsidy claims for fuel not imported. (That was a major part of the scam that Bubu talked about...that plus the subsidy on kerosene that was still being paid when it was not supposed to be paid...another story).

Bubu was not planning to remove subsidy though...that was when his ex minister David West came up with the N45 per liter joke in 2014.

In 2015...Bubu took over. Landing cost of fuel was at N132. AT THE SAME TIME....oil prices were falling...reaching as low as $30 IN 2016.

We needed oil to be above $120 to have a balanced budget.

So, Bubu raised prices to N145....and removed subsidy.

Which worked...until the landing price passed N145...NOW N190.

So, Bubu started the same old subsidy again...the same old scam...by paying underrecovery.


NOW HERE IS THE PROBLEM,...

NNPC imports fuel at N190 now...sells it at N145...and government pays them the difference. NNPC can't make a profit (and the corruption there too makes things worse)...so it can't adequately maintain existing refineries...or build new ones.

NNPC then sells fuel to marketers at N145 per liter...and forces the same makreters to sell at N145...profit zero.

Meanwhile..we need new refineries...and we can't have new refineries because under subsidy...which is what you want....no one makes a profit...and no investor is going to come,build a refinery and sell fuel from that refinery below production costs. And that includes Dangote.

That's why oil subsidy is an economic crime.And keeping it on is costing us trillions, and costing us new investments, new jobs ,etc.

adajiboyy:
If the lifeless bigot should wins the next election this is how much we would buy fuel in Nigeria.

theoldpretender:
So your Savior GEJ was wrong when he removed subsidy in 2012...? eh?


Look, GE removed subsidy in 2012 BECAUSE it was no longer sustainable. Nigerians like you opposed him then, he reinstated subsidy, by 2013...when import price of oil rose above the cost price..the subsidy became unsustainable...to the point that marketers were engaging in scams to keep afloat.(That is the scam that Bubu was talking about).

And when Bubu came, because he did not want to lose power...he kept subsidy until landing cost was N132....while we were selling fuel at N87. Meanwhile...oil prices had fallen, our revenues were falling...and we had no choice...that is when Kalichulwu and Emefiele talked sense...and subsidy was removed...prices raised to N145.

Now landing cost is N190. Prices are at N145. For every liter of fuel,we are paying N55 naira as subsidy....And that does not allow NNPC or marketers make a profit.....and that is why we do not have more refineries, our downstream sector is messy, and why we have scarcity, and more scams .

So, either prices rise, subsidy goes, we save trillions of naira that we can use for other things....or we keep subsidy...and keep on wrecking our economy



SUBSIDY MUST GO!

LuciferVirgin:
Zimbabwe does not produce oil so oil prices there can be whatever it wants to be.


Zombies are trying to justify the fraudulent fuel price hike of their corrupt saviour who said 5 years ago that "subsidy was a fraud" but went ahead to do just that.

I'm sure he is planning to increase it again hence this meaningless news.


*spits

Tmoyo:
By God's grace, we shall never experience this in Nigeria.... and stop ur illicit choice of Embracing politics