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Nairaland Forum / Nairaland / General / Politics / Borrowing To Subsidise Electricity Grossly Irresponsible -FG (19006 Views)
FG Can’t Continue To Subsidise Electricity — Power Minister, Adebayo Adelabu / FG To Use VAT Proceeds To Subsidise Electricity Tariff For 3 Months / Garba Shehu: Using Tax From Herdsmen, Farmers To Subsidise Petrol Unfair (2) (3) (4)
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Borrowing To Subsidise Electricity Grossly Irresponsible -FG by valentineuwakwe(m): 1:27pm On Sep 07, 2020 |
The President, Major General Muhammadu Buhari (retd.), says it will be “grossly irresponsible” to borrow to subsidise electricity tariff amid the economic crunch caused by the lockdown occasioned by the COVID-19 pandemic. Source: https://punchng.com/borrowing-to-subsidise-electricity-grossly-irresponsible-fg/ 8 Likes 1 Share
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Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by Nobody: 1:32pm On Sep 07, 2020 |
That sadly is what we have been doing for a long time. Time we faced the reality and stopped Though the leadership too is to blame. Diversifying the economy or at least cutting subsidies in petrol and paying it for power may help the poor somewhat. 26 Likes 3 Shares |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by Racoon(m): 1:34pm On Sep 07, 2020 |
Amid growing concerns over Nigeria’s debt profile, the Minister of Finance, Budget and Planning, Mrs Zainab Ahmed, has said the dual reality of COVID-19 pandemic and the drop in the price of oil in the international market has made it inevitable for Nigeria to keep borrowing from external bodies.https://www.google.com/amp/s/punchng.com/why-nigeria-cant-stop-borrowing-ahmed-finance-minister/%3famp=1 When did you start subsidising electricity? Thought your government said "Nigeria have not borrowed enough" and "Nigeria can not stop borrowing"? So you know understand that it's economically irresponsible to continue borrowing yet have long dragged this nation into chronic indebtedness? Debt servicing is not debt payment. So after saying subsidy is a fraud, yet you continued to pay same for years.After promising one year one refinery but failed to fulfil same, the NNPC is just churning out debts as none of the existing refineries are functioning optimally despite the huge TAM & other overhead costs.No diversification from oil economy as billions are wasted prospecting for an illusive oil up north.Just cluelessness & incompetency on display. 74 Likes 7 Shares |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by GamalNasser: 1:36pm On Sep 07, 2020 |
You were not subsidizing Electricity but paying GENCOS for any Electricity thieving DISCOS rejected to the tune of 700 billion naira a year ... 26 Likes |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by Timekeeper: 1:39pm On Sep 07, 2020 |
But borrowing to buy cars for senators Borrowing to loot Frustrating citizen nko All these are responsible abi.. Can't we just terminate all these people like Ghana did.. 93 Likes 4 Shares |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by jericco1(m): 1:39pm On Sep 07, 2020 |
Lol, this people are funny sha. At the end of the year, they will still come to tell us how they spend trillions in numerous subsidies. This jamboree government still have 3 years left to fatten themselves 25 Likes |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by SimisoIare2(f): 1:39pm On Sep 07, 2020 |
I |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by Slawormir: 1:40pm On Sep 07, 2020 |
Damnnnnn niggarrr Isoright 1 Like 1 Share |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by Nbotee(m): 1:40pm On Sep 07, 2020 |
He didnt say it jor, he cannot pronounce grossly or irresponsible 27 Likes 1 Share
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Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by Nackzy: 1:40pm On Sep 07, 2020 |
APC as a whole is Irresponsible 24 Likes 3 Shares |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by Nobody: 1:40pm On Sep 07, 2020 |
GamalNasser: Yes, they were paying subsides for the power sector because that was the structure they met in place which was enshrined in law by the previous government The previous government, while privatizing power, put in place a system whereby discos were forced to charge below the cost of production of electricity This put discos in a difficult situation. As a result, they had to keep on rejecting power because they have been making losses due to the fact that it costs 53 naira to produce one kWh of power, yet discos had to sell it between 21 to 30 naira. So the current government ended up paying discos subsides of a trillion naira each year, partly with loans to prevent them from losing money and collapsing. Even then it isn't enough because that just covers the difference between the cost of production and selling power Of course, the current government could not reverse the system without falling into legal issues Slight correction, subsides on power between 2015-18 amounted to a trillion naira , not trillion annually. The error is regretted 21 Likes 7 Shares
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Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by lonelydora: 1:41pm On Sep 07, 2020 |
The truth is this country is not working again. Until we all are serious and shutdown this country, things will continue to deteriorate. 8 Likes |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by Lastmankc(m): 1:41pm On Sep 07, 2020 |
But you said that you don't believe in subsidy 4 Likes 1 Share |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by Nbotee(m): 1:41pm On Sep 07, 2020 |
Says d head of d most irresponsible govt ever... Let him explain to us what subsidy and under-recovery is 7 Likes |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by soberdrunk(m): 1:41pm On Sep 07, 2020 |
If we put sentiments aside we will see that his argument is very valid but it will have been acceptable if the hardship the ordinary Nigerian is already facing isn't already very high. In this very hard times the priority should be what is good for 'Nigerians' not what is good for 'Nigeria' 19 Likes |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by YoungLionken(m): 1:41pm On Sep 07, 2020 |
The people who are meant to be in this corntree, are those benefiting from it. If you're not making any substantial benefit from it, I'd advise that you run... |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by helinues: 1:41pm On Sep 07, 2020 |
FG talking to who? You guys can't borrow money for stable electricity but you can borrow money for cars and renovation of assembly house. Incompetent people 18 Likes |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by YorubaKinging: 1:42pm On Sep 07, 2020 |
The end is near |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by JAWBONE(m): 1:42pm On Sep 07, 2020 |
Have you guys ever considered taking pay cuts as a way to raise revenue. You never want to make sacrifices but you are ready to put a heavy burden on the average Nigerian with your stupid economic logic. Suddenly a Buhari govt that claimed to be socialist in nature in 2015 is now going full capitalist. Removing subsidies and all that. Keep deceiving yourselves and your stupid gullible band of Zombies you call supporters 16 Likes |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by TriCee: 1:42pm On Sep 07, 2020 |
Meanwhile, borrowing to loot is quite responsible. Someone that never believed subsidy existed is now lecturing us. 3 Likes |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by anonimi: 1:42pm On Sep 07, 2020 |
kikero: Really? Where are those who said we should not stop in 2012? Can someone please look for them and summon them here www.nairaland.com/attachments/6455791_img20171223213452227_jpegaba3147253e469fb84a244a27892199c www.nairaland.com/attachments/2329446_2310894imageedit25559604097jpeg6207133cb2251c60c0d3e307c28d235c_jpeg43e795ffbb3dd3fc428ae16fab3b0fbd www.nairaland.com/attachments/4265598_jonna_jpegfe17099f252ec13d86a2923ee4df9197 5 Likes 1 Share |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by Champele(m): 1:42pm On Sep 07, 2020 |
He is right. Nigeria should made away with all this subsidy things. It's just an avenue to steal and it doesn't make sense to the economy. If you know you know 9 Likes 1 Share |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by Nobody: 1:42pm On Sep 07, 2020 |
Racoon: They paid subsides because Nigerians wanted it and because if they didn't, we would have been paying 200 naira for a liter of fuel by 2015. If not more ( Of course, removing subsidy would in the long term be good for the economy, which was why APC was silly in protesting pdps removal in 2012) 7 Likes |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by Phred1717: 1:42pm On Sep 07, 2020 |
An irresponsible government with irresponsible issues |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by SoftBillionaire: 1:42pm On Sep 07, 2020 |
For a blessed country like Nigeria, with proper resource management, there is no reason to borrow at all. 2 Likes |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by nairaman66(m): 1:42pm On Sep 07, 2020 |
The end of all corrupt Nigerian politicians is near. APC or PDP. 1 Like 1 Share |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by LordviccoDaGuru(m): 1:43pm On Sep 07, 2020 |
He's right |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by Vyzz: 1:43pm On Sep 07, 2020 |
Its like talking to yourself... |
Re: Borrowing To Subsidise Electricity Grossly Irresponsible -FG by datola: 1:43pm On Sep 07, 2020 |
It is more grossly irresponsible for governments to charge Nigerians for their inefficiencies by not being able to fix refineries after so many billions of Naira and paying for what's is not consumed in the name of estimated billings. 7 Likes |
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