₦airaland Forum

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nairalanda1:
We cannot afford subsidy even if we stopped corruption.

Stopping corruption does not add an extra 40 trillion or more naira to our budget in one week.

nairalanda1:
And the price will still be high.

OGA, better accept the fact that Nigeria cannot afford SUBSIDY, even for ten naira per liter. It would even worsen our debt self.

nairalanda1:
And the price will still be high.

OGA, better accept the fact that Nigeria cannot afford SUBSIDY, even for ten naira per liter. It would even worsen our debt self.

nairalanda1:
10 Naira on one liter is just N1320 for me today where i live. It is still expensive

Nigeria cannot afford subsidy. I wish it was a lie, and I wish it was not true, but it is what it is, even with cut expenses.

nairalanda1:
Yes, we do, and the problem is, we lose a lot of money to illegal mining and stuff like that.

But to do subsidy the way Libya does it would cost up to and more than what we budget for the whole country in a year. And remember that half of our budget comes from actual earnings, the rest comes from borrowing. Plus we are servcing a very enormous debt.

So, we cannot do it.



House of reps budget in total, padding included, is not up to 3 trillion naira. It can't fund a subsidy for up to three months, talkless of one year, on fuel, assuming we spent the whole money , and your local house of reps guy got no money, incl basic salary for the year as a result.

Like i said, we need something like 36-54 trillion naira to pay for subsides for a year. The cost goes up once crude oil prices increases. And again, our budget was...less than 60 trillion naira for the year.



Maybe, but you have no proof. The World Bank puts it at 237.5 million people. And even if it was overinflated, it is not as low as 10 million people, talkless as low as Libya population.

At the end, LIbya percapita income is higher than that of Nigeria, even if we were earning a lot from other raw materials and agric.



Cutting down on excesses which is something I support, will NOT Pay for subsides, let's not be telling ourselves tales by moonlight.

Aso Rock and the house of reps and states reps and senate probably spend about 5-6 trillion naira annually on themselves, maybe 8 trillion. AGAIN, a subsidy on fuel for this year would cost 36-52 trillion naira. See the wahala.

nairalanda1:
Libya: Population : 8 million, crude oil production : 1.7-2 million bpd.
Nigeria: Population 230 million, crude oil production : 1.5-1.7 million bpd.

Libya per capita income from oil is larger than that of Nigeria.

Libya can afford fuel subsides, and pay for refinery maintenance easily, Nigeria cannot do that without going into debt.

Also, to keep fuel at N10 per liter at the pump as they do in LIbya would cost our budget....N38-52 trillion naira annually

Our budget this year was N55 TRILLION naira

You want us to wreck our economy witn massive loans then?

Note that our budget is the amount they set before chopping starts.