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Nigeria Spends N10trn On Petrol Subsidy - Politics (2) - Nairaland

Nairaland ForumNairaland GeneralPoliticsNigeria Spends N10trn On Petrol Subsidy (8065 Views)

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Re: Nigeria Spends N10trn On Petrol Subsidy by Nobody: 6:50am On Apr 02, 2019
MrTechy:
U are not getting the point, thought ur same buhari said nothing like subsidy?
You think I am a Buhari supporter, which I ain't.

Correct that misconception, and you will get my point.

Thanks
Re: Nigeria Spends N10trn On Petrol Subsidy by Frankbaro(m): 6:51am On Apr 02, 2019
tactius:
To all those who complain about fuel subsidies and how Buhari is paying a scam.

If Buhari had stopped paying subsidies, and had stopped controlling the price of fuel and had allowed marketers to set prices.

Fuel would be selling at 220 and above by now.

And you people would be calling the government anti people.

But the truth is, subsidizing fuel needs to stop. The 10trillion we have spent since 2006 could have been used for other things.
Other things like what? What are the Nigerian masses actually benefiting from this government and subsequent governments.

Even after removing the so called subsidy, we still won't see what the money was used for.
Let them continue subsiding fuel, at least let that be our gain till the start giving us steady power supply.

After all what benefits do we enjoy as an Oil Producing Nation.
Re: Nigeria Spends N10trn On Petrol Subsidy by Nobody: 6:53am On Apr 02, 2019
Esseite:
His question is very valid, why is subsidy payment higher now than it used to be despite increase in fuel price by almost 100%?

In essence, Why does the govt say we consuming more fuel now than in a time of plenty?
Yes, the whole subsidy thing is crooked, which is why it should be stopped.

But the thing is, many. Nigerians don't want subsidies to go even with all the crookedness because it means high prices at the pump.

That is what annoys me. Nigerians complaining about subsidies, and then they reject the only solution which is total removal.

Subsidy system is a waste
Re: Nigeria Spends N10trn On Petrol Subsidy by DMerciful(m): 6:53am On Apr 02, 2019
Subsidy should go but that's not the point.
Bubu said if anybody tells you he is subsidising anything, that person is a fraud! Also if 'corrupt' GEJ was paying less than 'upright ' Bubu then there needs to be explanation.
All in all, subsidy has to go
tactius:
You haven't answered my question.

Should Buhari have stopped paying subsidies since 2015 and allowed marketers to set prices of fuel. ?

Would you have complained if fuel prices had risen?

Me, I think that Buhari decision to pay subsidies us harming our economy. But if he had stopped, prices would have gone up, but you people would have been calling it anti people .

Subsidy is there because Nigerians want it. You do want it
Re: Nigeria Spends N10trn On Petrol Subsidy by Nobody: 6:55am On Apr 02, 2019
Frankbaro:
Other things like what? What are the Nigerian masses actually benefiting from this government and subsequent governments.

Even after removing the so called subsidy, we still won't see what the money was used for.
Let them continue subsiding fuel, at least let that be our gain till the start giving us steady power supply.

After all what benefits do we enjoy as an Oil Producing Nation.
So, we should keep paying into a.corrupt system that prevents investments,. Improvements, and job creation?

I don't get you Nigerians. You tightly criticise buharis subsidy regimen,. But you want to keep it at. The. Same time.

Well, we. Wasted 10 trillion naira. Since 2006
Re: Nigeria Spends N10trn On Petrol Subsidy by ceejayluv(m): 6:58am On Apr 02, 2019
tactius:
You haven't answered my question.

Should Buhari have stopped paying subsidies since 2015 and allowed marketers to set prices of fuel. ?

Would you have complained if fuel prices had risen?

Me, I think that Buhari decision to pay subsidies us harming our economy. But if he had stopped, prices would have gone up, but you people would have been calling it anti people .

Subsidy is there because Nigerians want it. You do want it
But you remember the impression he gave during his first term campaign saying he doesn't know what subsidy is. (Presumable) Supporters like you went into an orgasmic frenzy to paint the former government black. Now, buhari is even paying More.
Re: Nigeria Spends N10trn On Petrol Subsidy by Magic1: 6:58am On Apr 02, 2019
tactius:
Yes, the whole subsidy thing is crooked, which is why it should be stopped.

But the thing is, many. Nigerians don't want subsidies to go even with all the crookedness because it means high prices at the pump.

That is what annoys me. Nigerians complaining about subsidies, and then they reject the only solution which is total removal.

Come o!what was behind the increase from 85 to 145? Wasn’t that subsidy removal?

Subsidy system is a waste
Re: Nigeria Spends N10trn On Petrol Subsidy by Magic1: 7:00am On Apr 02, 2019
DMerciful:
Subsidy should go but that's not the point.
Bubu said if anybody tells you he is subsidising anything, that person is a fraud! Also if 'corrupt' GEJ was paying less the 'upright ' Bubu then there needs to be explanation.
All in all, subsidy has to go
Bubu needs to explain why he is paying more than GEJ coupled with the increase at the pump from 85 to 145
Re: Nigeria Spends N10trn On Petrol Subsidy by Nobody: 7:00am On Apr 02, 2019
EddyNumerouno:
No, he should double the amount angry angry angry

“There is nothing like subsidy. When I was there, we didn’t have it. It is just something by the government to loot money”....Buhari 2015

Buhari increased the cost of petrol from N87 to N145 to remove subsidy and ensure out refineries are working. What’s the result?

This man has no business as financial minister but he will still be cheered on by your likes
What Buhari should have do e was stop setting prices for fuel.

He should have let the market determine the price of fuel.

The increase from 87 to 145 was because landing costs had increased to. 132.

Subsidy came back when landing cost went up to 150 and above.

If Buhari had really wanted to remove subsidies, fuel would be costing 200 naira and above.

Bubu lied.. The truth is, no politicians in Nigeria wants total deregulation. It is expensive politically
Re: Nigeria Spends N10trn On Petrol Subsidy by tiwiex(m): 7:03am On Apr 02, 2019
tactius:
You haven't answered my question.

Should Buhari have stopped paying subsidies since 2015 and allowed marketers to set prices of fuel. ?

Would you have complained if fuel prices had risen?

Me, I think that Buhari decision to pay subsidies us harming our economy. But if he had stopped, prices would have gone up, but you people would have been calling it anti people .

Subsidy is there because Nigerians want it. You do want it
One of Buhari's campaign argument was that subsidy is a fraud and we can buy petrol at a lower price even without subsidy. We don enter second term now.

You ask the wrong question. Buhari already said no subsidy. We pay subsidy for almost twice the volume before now. Did our consumption double?
Re: Nigeria Spends N10trn On Petrol Subsidy by Nobody: 7:04am On Apr 02, 2019
ceejayluv:
But you remember the impression he gave during his first term campaign saying he doesn't know what subsidy is. (Presumable) Supporters like you went into an orgasmic frenzy to paint the former government black. Now, buhari is even paying More.
Well, I don't support Bubu.

And I knew that despite what he was saying, he had no intention of removing subsidy or deregulating.

GEJ I opposed, except when he tried to do the right thing and remove subsidy in 2012. I backed that, and I believe that most of the problems we have stem. From GEJ being forced to go from 140 to 97 naira.

Had GEJ 140 stood, there.would have been no fuel crisis till 2017.

I believe in deregulation. I owe no loyalty to APC or PDP.
Re: Nigeria Spends N10trn On Petrol Subsidy by Akiara: 7:05am On Apr 02, 2019
tactius:
So, we should keep paying into a.corrupt system that prevents investments,. Improvements, and job creation?

I don't get you Nigerians. You tightly criticise buharis subsidy regimen,. But you want to keep it at. The. Same time.

Well, we. Wasted 10 trillion naira. Since 2006
Dude....stop this obviously childish and 'paid for' narrative. How can you be critical of a 'Jonathan' Government that paid subsidy and at the same time 'Buharis' Government is paying double and even increased the pump price by almost 100%.

To curb subsidy your refineries must work...since Buhari assumed power has any refinery worked?..NO!!

So whose fault is it? ..Mine,Yours or Buhari's inept Government.

Stop supporting Nonsense. ...Buhari is a Scam
Re: Nigeria Spends N10trn On Petrol Subsidy by Nobody: 7:06am On Apr 02, 2019
tiwiex:
One of Buhari's campaign argument was that subsidy is a fraud and we can buy petrol at a lower price even without subsidy. We don enter second term now.

You ask the wrong question. Buhari already said no subsidy. We pay subsidy for almost twice the volume before now. Did our consumption double?
I have been a strong supporter of deregulation since 2012.

So, obviously I did not take Buhari seriously about.subsidy.

The truth .is he said it to get elected. If he had been promoting deregulation, he won't have won.
Re: Nigeria Spends N10trn On Petrol Subsidy by Nukilia:
tactius:
To all those who complain about fuel subsidies and how Buhari is paying a scam.
If Buhari had stopped paying subsidies, and had stopped controlling the price of fuel and had allowed marketers to set prices. Fuel would be selling at 220 and above by now.
And you people would be calling the government anti people.
But the truth is, subsidizing fuel needs to stop. The 10trillion we have spent since 2006 could have been used for other things.
I don't get you! Are you talking in support of a government who while in opposition protested against GEJ subsidy removal and requested palliatives be put in place for the masses. This same government increased the price of fuel to a higher #145 deceiving the masses there's no more subsidy. I think APC has successfully fooled the people of this country. undecided
Re: Nigeria Spends N10trn On Petrol Subsidy by bixton(m): 7:07am On Apr 02, 2019
tactius:
In 2016 the cost of importing a liter of fuel was 132 naira, and we were selling fuel at 87 naira.

Government raised prices to 145 naira, ending subsidy.

But eventually cost of importing fuel went up to 150 naira and kept rising.

Subsidy was reintroduced because government does not want to be removed from power over high fuel prices.

Buhari should have removed subsidies from day one. Yes, fuel would cost 200 naira per liter, but there would be investment in new refineries, lots of foreign investment, and at the end, prices would fall.
How many foreign investors or investments in new refineries were initiated during the OBJ to GEJ regime ; None.
They all wanted to import the product that was never seen only to make claims from the government.
Is it now that any investment would be done given the economy?
I'd expected any government/the government to go into partnership with oil producing companies just like they did on the NLNG project and put up some refineries.
Re: Nigeria Spends N10trn On Petrol Subsidy by Nukilia: 7:09am On Apr 02, 2019
Akiara:
Dude....stop this obviously childish and 'paid for' narrative. How can you be critical of a 'Jonathan' Government that paid subsidy and at the same time 'Buharis' Government is paying double and even increased the pump price by almost 100%.
To curb subsidy your refineries must work...since Buhari assumed power has any refinery worked?..NO!!
So whose fault is it? ..Mine,Yours or Buhari's inept Government.
Stop supporting Nonsense. ...Buhari is a Scam
APC is the biggest scam in the history of Nigerias democratic dispensation
Re: Nigeria Spends N10trn On Petrol Subsidy by Reference(m): 7:09am On Apr 02, 2019
tactius:
You haven't answered my question.

Should Buhari have stopped paying subsidies since 2015 and allowed marketers to set prices of fuel. ?

Would you have complained if fuel prices had risen?

Me, I think that Buhari decision to pay subsidies us harming our economy. But if he had stopped, prices would have gone up, but you people would have been calling it anti people .

Subsidy is there because Nigerians want it. You do want it
The criticism is about the perceived hypocrisy this government is enmeshed in when it cast doubt about the subsidy in the run up to the elections to get folks like you voting them in only to pay even more in even less transparent circumstances after raising pump prices. How the government has gotten away with this fiasco without serious inquest baffles me but proves Nigerians are eith unwilling or unable to be active partners in the governance of this country.

It is not simply a matter of whether each individual citizen wants subsidy retained or not. Nigerians are clearly split on this. It is the actions of this government that raises serious questions.
Re: Nigeria Spends N10trn On Petrol Subsidy by Nobody: 7:09am On Apr 02, 2019
Akiara:
Dude....stop this obviously childish and 'paid for' narrative. How can you be critical of a 'Jonathan' Government that paid subsidy and at the same time 'Buharis' Government is paying double and even increased the pump price by almost 100%.

To curb subsidy your refineries must work...since Buhari assumed power has any refinery worked?..NO!!

So whose fault is it? ..Mine,Yours or Buhari's inept Government.

Stop supporting Nonsense. ...Buhari is a Scam
Wow, you are putting words in my mouth.

I have said it repeatedly on this thread

Paying subsidy is a mistake.

Governments, both pdp and APC do it because Nigerians want it..

Try being a supporter of deregulation like I am. Everyone accuses you of being anti people..

You think I support Buhari. I don't. I am. Not symphatetic to any party, APC or PDP.
Re: Nigeria Spends N10trn On Petrol Subsidy by Nobody: 7:09am On Apr 02, 2019
But APC said they would remove subsidy, and build refineries, not knowing that they continued from where GEJ's government stopped.
Re: Nigeria Spends N10trn On Petrol Subsidy by Nobody: 7:11am On Apr 02, 2019
Reference:
The criticism is about the perceived hypocrisy this government is enmeshed in when it cast doubt about the subsidy in the run up to the elections to get folks like you voting them in only to pay even more in even less transparent circumstances after raising pump prices. How the government has gotten away with this fiasco without serious inquest baffles me but proves Nigerians are eith unwilling or unable to be active partners in the governance of this country.

It is not simply a matter of whether each individual citizen wants subsidy retained or not. Nigerians are clearly split on this. It is the actions of this government that raises serious questions.
Didn't vote for APC or PDP. Never will.

Have been a supporter of deregulation since 2012 though
Re: Nigeria Spends N10trn On Petrol Subsidy by Nobody: 7:12am On Apr 02, 2019
bixton:
How many foreign investors or investments in new refineries were initiated during the OBJ to GEJ regime ; None.
They all wanted to import the product that was never seen only to make claims from the government.
Is it now that any investment would be done given the economy?
I'd expected any government/the government to go into partnership with oil producing companies just like they did on the NLNG project and put up some refineries.
Good idea, but removing subsidies too would attract more foreign investment.
Re: Nigeria Spends N10trn On Petrol Subsidy by bluke(m): 7:12am On Apr 02, 2019
GolDRoger:
I remember buhari saying that
subsidy is a scam
that his government will remove it, that was in 2015

can i shock you??
Buhari's government has ended up paying more in fuel subsidy that GEJ did

#Hypocrite
nigeria plc
Re: Nigeria Spends N10trn On Petrol Subsidy by bixton(m): 7:13am On Apr 02, 2019
Akiara:
Dude....stop this obviously childish and 'paid for' narrative. How can you be critical of a 'Jonathan' Government that paid subsidy and at the same time 'Buharis' Government is paying double and even increased the pump price by almost 100%.

To curb subsidy your refineries must work...since Buhari assumed power has any refinery worked?..NO!!

So whose fault is it? ..Mine,Yours or Buhari's inept Government.

Stop supporting Nonsense. ...Buhari is a Scam
Since 1999 till date no refinery has been working, so don't run blames.
I still don't see the logic behind selling crude and buying refined products.
It just shows we love short cuts as a nation.
Re: Nigeria Spends N10trn On Petrol Subsidy by Nobody: 7:15am On Apr 02, 2019
Nukilia:
I don't get you! Are you talking in support of a government who while in opposition protested against GEJ subsidy removal and requested palliatives be put in place for the masses. This same government increased the price of fuel to a higher #145 deceiving the masses there's no more subsidy. I think APC has successes fooled the people of this country. undecided
1.i am saying that government should not setfuel prices, or pay subsidies or under recovery.

Let the marketers set their price.

2.In 2016 it cost. 132 to import one liter of fuel. And wewere selling at 87 naira per liter. Hence the price increase.

3.i did. Not like GEJ, but I will always appreciate him for raising prices to 140 which would have helped a lot. Nigerians unfortunately did not see the benefits. APC joined them, and was.left with the resulting crisis when they took over.
Re: Nigeria Spends N10trn On Petrol Subsidy by bilulu(m): 7:16am On Apr 02, 2019
tactius:
You haven't answered my question.

Should Buhari have stopped paying subsidies since 2015 and allowed marketers to set prices of fuel. ?

Would you have complained if fuel prices had risen?

Me, I think that Buhari decision to pay subsidies us harming our economy. But if he had stopped, prices would have gone up, but you people would have been calling it anti people .

Subsidy is there because Nigerians want it. You do want it
But he told us he stopped paying subsidy that's why pump price went up.... can you explain why pump price and subsidy payment went up same time?
Re: Nigeria Spends N10trn On Petrol Subsidy by mabea: 7:20am On Apr 02, 2019
tactius:
For telling the truth?

Subsidizing fuel is wasting money.

Yet. Govt. Does it because they don't want to be forced out of power.

You cannot criticize lifeless for not removing subsidy, and then say that removing subsidy is bad for Nigeria.

Subsidizing fuel is a waste
Guy the point you are making is very clear but people dont want to reason
Re: Nigeria Spends N10trn On Petrol Subsidy by RZArecta2(m): 7:23am On Apr 02, 2019
8.5 trillion of the money went into the babarigas of Mr integrity's friends cool
Re: Nigeria Spends N10trn On Petrol Subsidy by Nobody: 7:24am On Apr 02, 2019
bilulu:
But he told us he stopped paying subsidy that's why pump price went up.... can you explain why pump price and subsidy payment went up same time?
Here is an explanation

In 2016, fuel cost 132 naira per liter to import.

We were selling it at 87 naira per liter

And we had low. Oil. Prices. Oil was selling at. 30 dollars per barrel.. We needed it to be above 100.dollars per barrel to earn enough to meet our needs.

Buhari raised prices to 145.Subsidy ended.

But when oil prices rose, landing.costsrose to 150 and kept rising.

Government then made NNPC the sole importer of fuel, and paid them money called under recovery, aka subsidies by another name.

The 10trillion is money paid from 2006 to 2018 for subsides.

By the way, paying subsidy is bad economics. But because Bubu wants to. Keep winning, he keeps paying.
Re: Nigeria Spends N10trn On Petrol Subsidy by TGM2015: 7:27am On Apr 02, 2019
, the country may have spent about N10 trillion in the provision of pump price subsidy on imported petroleum products from 2006 to 2018.
The 10 trillions is for 12 years.
Re: Nigeria Spends N10trn On Petrol Subsidy by RZArecta2(m): 7:30am On Apr 02, 2019
bilulu:
But he told us he stopped paying subsidy that's why pump price went up.... can you explain why pump price and subsidy payment went up same time?
Buhari is a thief simple. You can't be paying full subsidy and buy pms at 87 naira pre 2015 then all of a sudden government is paying half subsidy yet fuel price jumped to 145 naira and everything about the subsidy regime and NNPC have been hidden under thick blankets
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