₦airaland Forum

Malroux:
Good gesture. At least it will help to reduce the shout of ebin pawa o.

and ensure the protest doesn't reach Lagos quickly. Buhari used it to good effect in the north also.

nairalanda1:
The landing cost of imported petrol has surpassed N1,000 per litre as the country’s foreign exchange crisis deepened, according to findings by BusinessDay.


At the black-market rate of N1,500 per dollar, findings showed the landing cost of petrol, which includes the product’s international price, shipping, insurance, and other charges, increased to N1,009/litre from N720/litre in October 2023.

“The rising landing cost of petrol is a result of the rising FX crisis. There are interventions in the market through subsidies as most Nigerians cannot afford the market price for petrol,” a senior executive in the downstream sector said.

After trading on Monday, the naira lost 4.19 percent of its value as one dollar was quoted at N1,534.39 as against N1,469.97 quoted on Friday at the Nigerian Autonomous Foreign Exchange Market, data from the FMDQ showed.

The naira also depreciated by 1.33 percent at the parallel market, known as the black market. The dollar traded at N1,505 on Monday, compared with N1,485 on Friday.


“The truth is that subsidy has been reduced,” Bismarck Rewane, chief executive officer of the Financial Derivatives Company, said. “If the subsidy has been removed, then the price of PMS as you see it today will be much higher than what it is.”

Aisha Mohammed, an energy analyst at the Lagos-based Centre for Development Studies, said the commodity was being partially subsidised by the government for political, social and economic reasons.

“All of us who were saying that they should remove the subsidy, we can see that they have partially removed it now, but look at the consequences. Economically, it will sound good, but socially and politically, it is very costly,” Mohammed said.

Further findings showed the landing cost of N1,009 does not include Nigerian Ports Authority charges, vessel charges, the Nigerian Maritime Administration and Safety Agency charge, and other distribution costs.

Some of these are charged in dollars, and some experts are calling for a review to reduce petrol costs.


Efforts to get Olufemi Soneye, the chief corporate communications officer at Nigerian National Petroleum Company Limited (NNPC), to confirm if the federal government has reverted to petrol subsidy proved abortive.

President Bola Tinubu, during his inaugural speech on May 29, 2023, declared that subsidy on petrol was gone, a declaration that was effectively implemented the next day by the NNPC.

Before Tinubu’s declaration, the pump price of petrol was below N190/litre; it jumped to over N500/litre after the President’s statement, and moved up again to over N600/litre a few weeks later.

Whether to continue subsidising fuel has been part of the public debate since the early 1980s, as public spending on the sector continues to rise even while oil production falls due to chronic under-investment in infrastructure and widespread smuggling.


State-owned NNPC became the sole importer of petrol again in Nigeria since October after marketers downed tools as higher oil prices and naira depreciation pushed up the landing cost of the product.

The government had promised to reinvest gains of the subsidy removal into critical areas of the economy but with 80 percent more cash than they got before, nothing has changed particularly at the state level.

Experts said persuading Nigerians to tolerate yet another hike in petrol prices is a difficult sell, given the absence of transparency over the allocation of the surplus funds realised from the elimination of subsidies.

Sources familiar with the situation said some state governors have been converting their naira cash to dollars, adding pressure on the value of the currency, rather than using the extra money to improve infrastructure and human capital in their states.
SOURCE

Great.

Paraman:
Show evidence Tinubu is paying subsidy

if you throw stones to every barking dog, you won't get to where you are going. That dude is well known.

Where is nairalanda1. Let him come and rage about profit must be made with Otumokpor and person life.

Content creators.

Dancebreaker:
We need about 8 regions plus FCT:

SE, SW, Lagos, Bendel, ND, Middle Belt, NE, NC, FCT.

Abolish states. Only Regions and Local Councils.

President, Regional Premiers and Local Council Mayors/Chairmen.

Then a unicameral NASS. Salary pegged at level of University professor at most. And another 100% as allowance/bonus.

With regional police and resource control. 30% of resource earnings go to the centre/FG.

For the First 10 years, 5% of IGR from better off regions will be contributed into a pool of money to support the less well off regions.

Call it solidarity premium. Rigging to be president and massive central corruption will reduce.

Govt is unproductive and you are here asking for more unproductive units. Good luck.

Others do jakpa sales, you did jakpa shopping.

We all should be thinking of going back to 6 states if we know what's good for Nigeria.

Kukutenla:
I'm talking about the stability and not the size.

stability and size are related in the sense that a bigger market does feel specific deficit in supply like smaller market.
Plus the bigger of the two is more stable in terms of supply(remittances).

Kukutenla:
Ah!!
Official market is now worse than parallel market
Which kind wahala be dis?
So who is funding the parallel market for it to have such stability?

parallel has always been bigger than official but government kept "doing stronghead" to give a good outlook.

Lying spirit have low RAM in their system. They can't cache enough old lies and try to maintain a single narrative.

The extremist who doesn't like to be taxed so the infidels don't enjoy is sweat will be motivated to pay tax if his region won't have to give the tax to another region of infidels.

romeorailss:
I need economic students to explain why Nigeria cannot print naira to pay off its debt . What is the implication of a country printing money to carry out functions

they could actually print naira and buy remittances aggressively before paying debts but that will flood the local economy with so much Naira that isn't backed by real goods or valuables. The end will be inflation.

I think the above is better than paying idle and unproductive work forces which is like exchanging the printed money for less or almost nothing anyways.

A shame.
The past admin used all future money through borrowing. No wonder he kept crying about not going for a third term. Despot naturally hold unto power until they die. I now know why Buhari relinquished it willingly.

oz4real83:
The $4.5b is the share of those in the spiritual world , that is why nothing will happen, people can only comment and protest and life will go on as usual

the demons no longer collect items like goat, yam and wild animal horn. They collect real cash.

They will regret it when they run out of stock before new harvest and it starts selling for higher.

Lol. Adversary pretending?

Forget all those baking wahala.

Just corner bag of flour and be making swallow from it. Lol.

Spoke the truth for political reasons obviously. I hope emilokan listens.

This has done nothing yet save for regular salaries of workers.
These people are just asslicking him for a piece of the action.

CaptainJune:
Wasn't the economy toughening you during Goodluck Jonathan and Buhari's administrations? It is during Tinubu's that you suddenly developed exercise mentality towards his harsh policies. This is not loyalty speaking. It is bias and ethnocentrism in display.

This forum is an APC forum. Do you think any LP supporter can do what manna_bbq_grillz did by advertising false business to cover his motives here?

Seun will go on Twitter and play the dummy neutral guy and even side with the main opposition to deceive people his forum isn't for APC.

Entprys:
YEs. That 8 years is ours. The economy is only toughening us. We shall get acustomed to it soon.
8 years, Then power back to north

Is Tinubu the only one in Yoruba land even if you claim it is all about the west?
You sound foolish.

The missing link must be found and asked to return the money he collected for it to balance up.

Looks poor o.

13k not well spent.

There is hope for humanity and Nigeria.

zebszebs:
To rub it in and show how useless Nigerian government officials are, this country fought an internecine civil war 12 years ago.

the good side won their own war, ours was the reverse and that's whe we wrote constitution with guns pointed to our heads.

Instead of recovering what they looted and use, they ask us to be praying and repenting from an imaginary sin.

Nbote:
Even a 6months old baby knows the government is clueless

The structure is 95% responsible but who dares the religiously brainwashed north or their interests? No one wants their cries. It comes with political consequence because they have the numbers.

Agrarian enclave using oil money to buy hair extension and iPhones. Why won't per capita growth stall?

The best time to take them on is now. With Fulani allover the army and Fulani in charge of the north, they are unchallengeable.

They have more enemies now.