Fellow Citizens:I have read the various observations about the fuel pricing regime and the attendant issues generated. All certainly have strong points.
Permit
me an explanation of the policy. First, the real issue is not a
removal of subsidy. At $40 a barrel there isn't much of a subsidy to
remove.
In any event, the President is probably one of the most convinced pro-subsidy advocates.
What
happened is as follows: our local consumption of fuel is almost
entirely imported. The NNPC exchanges crude from its joint venture share
to provide about 50% of local fuel consumption. The remaining 50% is
imported by major and independent marketers.
These
marketers up until three months ago sourced their foreign exchange from
the Central Bank of Nigeria at the official rate. However, since late
last year, independent marketers have brought in little or no fuel
because they have been unable to get foreign exchange from the CBN. The
CBN simply did not have enough. (In April, oil earnings dipped to $550
million. The amount required for fuel importation alone is about
$225million!) .
Meanwhile,
NNPC tried to cover the 50% shortfall by dedicating more export crude
for domestic consumption. Besides the short term depletion of the
Federation Account, which is where the FG and States are paid from, and
further cash-call debts pilling up, NNPC also lacked the capacity to
distribute 100% of local consumption around the country. Previously,
they were responsible for only about 50%. (Partly the reason for the
lingering scarcity).
We
realised that we were left with only one option. This was to allow
independent marketers and any Nigerian entity to source their own
foreign exchange and import fuel. We expect that foreign exchange will
be sourced at an average of about N285 to the dollar, (current interbank
rate). They would then be restricted to selling at a price between N135
and N145 per litre.
We
expect that with competition, more private refineries, and NNPC
refineries working at full capacity, prices will drop considerably. Our
target is that by Q4 2018 we should be producing 70% of our fuel needs
locally. At the moment even if all the refineries are working optimally
they will produce just about 40% of our domestic fuel needs.
You
will notice that I have not mentioned other details of the PPRA cost
template. I wanted to focus on the cost component largely responsible
for the substantial rise, namely foreign exchange. This is therefore not
a subsidy removal issue but a foreign exchange problem, in the face of
dwindling earnings.
Thank you all.
VICE PRESIDENT YEMI OSINBAJO, SAN
May 13, 2016
161 comments:
Next plzzz
Intelligent is speaking
ENGLISH.Guess we have intelligent criminals now , not like local Ebele.A country of Chaos .Caneron said it fantastically corrupt .Only God will lead us.If not for the great men of God in Nigeria , citizens will be dip sh*t.Linda kinda post it
I reserve my comment...Next Pls???
God help us. More Instagram followers for you
Where are all the dullards? The wailers and co?
Le comprehend?
Y'all should know it's a bold step(subsidy removal) and then will get better with time.
U are talking like a dummy.... can't understand d reasons u re are explaining...
All these hifalutin words are uncalled for, all we ask for is to put the poor masses into consideration, reduce the pump price, it's quite exorbitant. It's really killing #SaveUrEpistle
Gov fayose and co wont read dis up now... God bless Nigeria... We shall b thr
This regime is too bad for our country
Get hot relationship tips on http://www.gistclinic.blogspot.com
This is just like a lecture to me now. Thank you sir Mr vice president.
Hmmmm
Apologies sir! You' ve sais nothing bit booboo. though personally not surprised
A serious government. That have respect for citizens and believe that citizens is the greatest partner in development would have done this before than waking up a day and announce. So of you our leader do not realise that an average Nigerian has move up but you that rule us are still behind. I hope you communicate this one very well with your national aasembly, because it will be a great ridicule for them to come out and say contrar . Sir I felt dissapointed about you most with all due respect. We hold you in high esteem that you will bring a new face to governance
NO BE WETIN U PROMISE US BE THIS.. YOU PEOPLE ARE BETRAYAL
Can't even begin to imagine u were once a man of God.....just bcuz of a political post u are willing to deny God's preaching and go with earthly gains?? May God judge us all accordingly.
End time vice president.
My dear poverty and sufferings is now Nigerians surname so all this meaningless statement of yours is like putting fuel on fire.
My fellow citizen as if u have a good plan for them if not to cam 2 and even steal from there pocket.
Nigerians don't need this statement because no be statement demi go eat my dear.
Associate of confuse people in government TUEH WITH COUGH ON UR FAKE OSIBANJO AND TERRORIST BUHARI.
#sad indeed
Hmmmmmmmm
This is a confused government.
You were the most outspoken during the presidential election.
You were both the policy maker, the economist and even the law maker.
The difference between what APC as a party promised and what Nigerians are getting are just much.
What happened to the refineries you were to build?
What happened to the jobs you promised to create?
What happened to power?
Stop fighting opposition with state tools, seat down and fulfil campaign promises or get ready to be voted out in 2019
God bless u sir 4 makin evn d commmoon man understand wats going on.But pls Mr President sshoulld look 4 immediate solution to all dis prob
Balderdash! Absolute nonsense. Mr. Vice president pastor, 1. You and your principal never believed there was or is a subsidy. 2. So now it is lack of foreign exchange that has driven the price of petrol up. You are supposed to be a man of God and yet you lie so cheaply and impoverish your people. I pity you.
Balderdash! Absolute nonsense. Mr. Vice president pastor, 1. You and your principal never believed there was or is a subsidy. 2. So now it is lack of foreign exchange that has driven the price of petrol up. You are supposed to be a man of God and yet you lie so cheaply and impoverish your people. I pity you.
ROT IN HELL FOOL
Fuck yall
Imbecile of VP should shut his mouth up. I don't why Yorubas are very foolish. Mumu.
So the long and short is that subsidy wasn't removed but that foreign exchange forces caused the hike in fuel price.
Nigerians should brace up for hardship
Our target is that by Q4 2018 we should be producing 70% of our fuel needs locally,..... Are you sure you and Buhari will come back in 2016? From Sam
It is well with us
...merited happiness
Rubbish..DODORIMA AFRICA
Question : is interbank official rate now at N285 instead of N197, isn't that d evaluation of the Naira ? You guys kept yelling change as you had a blueprint for the country, it's obvious that your administration is just doing trial and error.
Nigger puleeeze!!!
your are little monkey from tinubu"s zoo... tell that to your family not us.. useless and irresponsible APC fools
APC HAS SUCCEEDED IN MAKING NIGERIANS MISERABLE,I CURSE THE DAY BUHARI BECAME PRESIDENT....AND AS FOR YOU MR VICE PRESIDENT...MAY YOU AND YOUR PRESIDENT DIE IN POWER....MAY POVERTY STRUCK YOUR CHILDREN...MAY YOU BOTH AND THE ENTIRE APC MEMBERS BE MISERABLE FOR THE REST OF YOUR MISERABLE LIVES..FOR THE UNTOLD HARDSHIP YOU DEVILS HAVE BROUGHT UPON NIGERIANS...MAY UNTOLD PROBLEMS VISIT YOUR ENTIRE HOUSEHOLD MAY YOU ALL DIE IN PENURY..MAY SADNESS LINGER IN YOUR FAMILY...MAY PAIN AND ANGUISH NEVER DEPART FROM YOUR HOUSEHOLD
APC HAS SUCCEEDED IN MAKING NIGERIANS MISERABLE,I CURSE THE DAY BUHARI BECAME PRESIDENT....AND AS FOR YOU MR VICE PRESIDENT...MAY YOU AND YOUR PRESIDENT DIE IN POWER....MAY POVERTY STRUCK YOUR CHILDREN...MAY YOU BOTH AND THE ENTIRE APC MEMBERS BE MISERABLE FOR THE REST OF YOUR MISERABLE LIVES..FOR THE UNTOLD HARDSHIP YOU DEVILS HAVE BROUGHT UPON NIGERIANS...MAY UNTOLD PROBLEMS VISIT YOUR ENTIRE HOUSEHOLD MAY YOU ALL DIE IN PENURY..MAY SADNESS LINGER IN YOUR FAMILY...MAY PAIN AND ANGUISH NEVER DEPART FROM YOUR HOUSEHOLD
APC HAS SUCCEEDED IN MAKING NIGERIANS MISERABLE,I CURSE THE DAY BUHARI BECAME PRESIDENT....AND AS FOR YOU MR VICE PRESIDENT...MAY YOU AND YOUR PRESIDENT DIE IN POWER....MAY POVERTY STRUCK YOUR CHILDREN...MAY YOU BOTH AND THE ENTIRE APC MEMBERS BE MISERABLE FOR THE REST OF YOUR MISERABLE LIVES..FOR THE UNTOLD HARDSHIP YOU DEVILS HAVE BROUGHT UPON NIGERIANS...MAY UNTOLD PROBLEMS VISIT YOUR ENTIRE HOUSEHOLD MAY YOU ALL DIE IN PENURY..MAY SADNESS LINGER IN YOUR FAMILY...MAY PAIN AND ANGUISH NEVER DEPART FROM YOUR HOUSEHOLD
Well Said
Issokay. Now we know. Linda take note!
Gej was voted out because of apc change promises. GMB came in with u as pastor with a lot of lies. Where do we go from here the question may ask? Who do we then trust, the man that lack focus to lead us in a right direction that forceful brought himself into power with fake promises n remains deaf with blind eyes to see well enough what the less privileged are passing through the put food on their table. If GEJ was bad the country was not bad in the eyes of other countries of the world. How can a CEO of a bank tells it own customers that his staff\ bankers are all thefts and equally wants the customers to deposit in the bank.perhaps, the CEO have a Brain injury during the civil war. Needed some treatment. If am the v.p n a pastor I'll put my resignation letter so that God will judge me well for seeing evil n rejected intoto.
Thanks Mr VP. So Why did all the filling stations pegged their prices at 145 even on old product imported at N197 exchange rate?
Why should PPMC ask marketers that paid for pms since Jan/ Feb 2016 to make up difference of N50.14k b4 loading from depot.If I understand you well sir,the price shouldn't have gone to 145 in most filling station until new cargo comes.
We are suffering sir. At minimum wage of N18000 i think that the timing is very wrong.
someone should tell these politicians that the issue goes beyond the economic reasons, it touch's on the hypocrisy of the APC to have thwarted GEJ efforts in 2012 only to be doing same now...
This grammar is too much for me this night.Mayb tomoro mornin i wil understand. *yawns*
My question is sir why wait now when you could have made this difficult decision since.were we just suffering through ur inactions since?
Taa so ebe a gbafuoo. Okwa gi, d deepest part of hell has been reserved for u. Fake fake,okwu ozo eme ozo. Anuohia!
mtchew
-D great anonymous now as Vivian Reginalds
Too much SAN English here abeg... dee
This is Local Scam.. Just Read !!!
If you weren't a dullard, you'll see that it isn't an issue of subsidy removal but failed economy and we have to pay for their mistakes.
Lecture well delivered.
It is you n d rest of ur people that are foolish
Do you know about replacement cost? If they sell old products at 86 or 97, which money will they use to buy new product to sell?
Two Questions only:
1. If Oil marketers are selling at N145 because of Forex which they buy at 287(320 actually), What of NNPC that gets its own at N197 from CBN? Why sell at N145 too?
2. Is the FG still paying any form of subsidy?
Kingsley A.
Please did I just read wit to a dollar? As at yesterday it Was woo to a dollar. Why devalue the naira to compound all the problems we are having? Increase to wet if u must, but, hope some explanation will be given for the wit written there! Just acting anyhow. Mtcheww
This administration shouldn't have taken this step now, though its a good step however,the time for it is not yet ripe.
Lol@Monkey from Tinubu's zoo.
This adminstration shouldn't have taken this step now though it a good step however, the time for it is not yet ripe.
This adminstration shouldn't have taken this step now though it a good step however, the time for it is not yet ripe.
God bless u, so many people ddnt notice the hunt u just used style to drop. wot with all that's going on? Not one policy of theirs has been favorable to the people, hardship upon hardship. May God help us.
Most Nigerians who comment on this blog are fantastically imbecilic. If this is how the rest of Nigerians think, there is absolutely no hope and no future for the nation. Crazy unbelievable.
Dozie
Stanley Kalu, did read the vice president's statement? Where did he mention the opposition there?
You and your almighty corruption killer told us during your campaign that you will never remove subsidy rather you will jail all the corrupt people in our oil industry and reduce the petrol price to N40 per litre, senior pastor why are you laying? Or are lair mohamed?
Long story, stop posting Nigerians we know the game already.
So disappointed in u
Hw d fuck did dis goat got prof. He sound so fucking dumb. Fire burn ur yansh forever! Son of a bitch. Fucking lowlife
How many Nigeria will die b4 this administration should sit up or does it mean their intention is to minimize the population through hunger,Fulani herdsman,high rate of killing. APC and PMB pls let us know our crime b4 we perish.
Fuckn asshole....he has only come here with this long Grammer to defend and shield Buhari...GEJ was demonized by your selfish guys who should actually be working with him then...now you just want Nigerians to adapt to ur foolishness of a situation..this I knw is the generals philosophy ( leave then..they will only talk and talk for a while)...we hv been paramboulating this way since the 60's...we voted for the change but your guys are not capable...you are the same bunch of selfish politicians
Igbo people here are just too abusive... Well most of you are uneducated. He said subsidy was not removed.. Exchange rate is the issue.. Read about (exchange rate).Diz Is Why We Won't Have igbo president since you people are too judgemental and think with ur anus.. Try to mend bridges with other tribes to give u a chance of winning the position of the president instead of hating..
You are the largest dullard and stupid baboon...what happened when GEJ tried to remove the same subsidy???if u cannot speak the truth God purnish u
We saw occupy Nigeria that year...the biggest protest ever....they tried to spoil his name worldwide for taking such bold steps..they threw chibook girls scam his way...may God purnish all of them
Okay...
#FINEST
God will punish your generation n that of PMB for deceiving Nigerians. You call yourself man of God with lies n propaganda every day! You Nigerian politicians will never know peace n rest for putting Nigerians into this mess. This government is confused n lack ideas and focus.....
I wish someone can just give us a better way forward as an intelectial in the oil business.rather than been sentimental and mixing facts with desires..well spoken let us wish the government well because we are all in same ship..few life jacket are available..God will see us thru
Chill Bae. Chill.
Some of us got to think HARD on this presumably 'SHIT TALK'.
Blah Blah Blah Blah.... #LindaIkeji'sExBoyfriend
Hello dear I need ur contact plsssss
@anon 9.38 .....bros easy na..... Lol .....this your curses in CAPS too much ....calm down. This weather too hot, We don send person go bring cold water make you drink...relax...d tin neffa escalate rish like that.
On 2 the Next!
Osibanjo, God will punish u there,
Is this wat u promised Nigerians in d course of ur campaign.
how can APC explained this their told us dollar will be sold for 20nir for 1 dollar fuel 40 to day is 300 and 145 you people are pushing Nigeria to wall
Thank u sir, hope ones wt brain will comprehend but I trust the natural born dummies wount, cos they have been feeding on donkey brain all der life!
Osibanjo, God will punish u there,
Is this wat u promised Nigerians in d course of ur campaign.
Hmmm
Sir,Nigerians are not fools.we know all these things.We need a minister of information that will explain govt policy.The present one is okay on party level.Govt. should dialogue with the militants in the niger delta as threat and military action will worsen the situation.The govt learn from previous regime of Yar Adua and Jonathan on conflict resolution.Your achievement in the past one has worst economy,total darkness in the land,a divided nation etc.ple stop all the big grammar and do the needful.
I taught APC said that subsidy is a scam during their campaign?2nd base jare! Check out enzyhub.com for your latest infos
It appears only one person hear realised that FG has devalued naira. @ 285 to $1, how are we gonna survive.
Biko will u sharaaap ya mouth this buhari's house boy. Enough of this nonsense. We've heard enough already..
Confused man of God! Stop talking gibberish already! So we are supposed to suffer, suffer and suffer in this country until Q4 2018??? God is watching..
Na me talk am!
Long Live Lib!!!
Please just tell us how you will help the masses during this very hard times. Because if an hungry, angry, poor person curse you it will happen o forget say you be Pastor or Presido na Alfa. A word is enough for the wise
This regime is almost one year without any achievement,electricity situation have worsened.
What was well said my brother; that the cost of fuel is as a result of foreign exchange; what is the difference between this government and the previous they turn down?
Akuko...
May God bless u my brother
Amen and Amen
Is this a Real man of God? No and I mean NO!!!
Interbank rate isn't 197, that's CBN rate.
I think that Nigerians should be reasonable. The situation on ground is unavoidable as it stands. We've got limited amounts of Forex available majorly due dwindling oil prices. Our economy is import driven which is highly unfortunate. What we all should be clamouring for is the construction of new refineries and ensuring that existing ones are put to optimal use. One of the problems with Nigeria is we've had terrible governance that lack foresight. We all need to go back to the drawing board. Nigerians need to begin to drive exportation, but the sad part of the situation is people with export proceeds want to sell at black market rates to counterparts with complying transactions. We are the change we seek. This situation is the harsh reality of the Nigerian economy as it stands. It is difficult for all of us, but with God on our side, we shall overcome!
Mr VP, shut up your month dere you lying thief!This problem is here because you leaders both past and present failed to plan. you only had your selfish interest at heart.The US knew they will find Oil and predicted this problem but you thievies didn't take note,now you are forming lecture. You all thought it'll be business at usual, now you guys are running broke and you want to make Nigerians pay for your failure as leaders. Look let me tell you!, that revolution you people are asking for, you will get it very soon. Biafra is protesting in the UK, Niger Delta miliants are doing theirs, other agitated groups are springing up, since you wicked Nigerian leaders(both past and present) have said Nigerians will not have peace, you and all your children will get war in return!
All those empty brains commenting sneselessly on this blog, shebi una don hear na? Them say na dollar cause am. I had to explain in pidgin english because some of you dont even understand english. Illiteracy is a disease!
Why should a common nigeria be blamed for the economy meltdown rather than look for ways of improving the economy they just hiked the fuel price. This is totally unacceptable
This debate should have come first before the subsidy on fuel.. Hypocrites!
One chance....
There is God oh
God is watching u guys
Sure scam
Man Of God, you people promised us that 1 naira will be equal to 1 dollar, you promised us that fuel will be 40 naira per litre, you guys promised 5000 naira to every unemployed Nigerian every month and you promised to feed our children everyday at school. Even when PDP said it was not possible, you Pastor brought out graph and table to show Nigerians the statistics of how this will be possible but now everything has turned out to be a lie and I know that liars are thieves and they are also children of the devil. Please reverse this your dubious policies that is killing Nigerians cos am sure you do not know that most Nigerians where suffering, crying and dying already before you now dumped this your fuel hike on them again to increase their suffering or just to kill them out rightly. Yes we know that you can buy fuel for your fleet of cars even at 500 naira per litre but most Nigerians cannot cos they are unemployed , just lost their jobs under your government or have closed down their businesses cos of lack of patronage. Please do not kill Nigerians just because they do noit know how to stand up for themselves
I weep for my country,where do we go from here,well it was said in the bible that nations will be visited by horror from the North,every North is the problem of the world, God please come for the help your ppl,na beg I dey beg you baba God!!!
Rubbish, who is the course for of the economy down fall ? Wicked stingy Apc and buhari
God is watching you, you will stand before God and give account.
This grammar is too much abeg..Seen. #Lindatakenote
Thanks a lot for reminding them o....d govt should stop fighting opposition in d name of fighting corruption cos most if d corrupt pple ve migrated to APC
Ahah pls u cn insult dem bt dnt bring dia family especially d children into dis...d children no do u anytin
Did President Buhari lie about fuel subsidy in 2011?
1 day ago
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A video has surfaced of President Muhammadu Buhari saying he knows nothing about fuel subsidy removal in December 2011.
President Buhari was in the opposition as a presidential candidate of the Congress for Progressive Change (CPC) while trying to usurp the Peoples Democratic Party (PDP) in the 2011 general election.
The video which was shared on youtube, showed the president saying that anybody who says he is subsidising anything is a fraud, but about one year into his regime as Nigeria’s president, Buhari has agreed to fuel subsidy removal.
President Buhari going against his words on fuel subsidy removal
His minister of state for Petroleum Resources, Ibe Kachikwu, had on Wednesday, May 11, announced the removal of subsidy on premium motor spirit otherwise known as petrol, which automatically means that it will now be sold for N145/litre as against the former N86.50.
Nigerians have since reacted to the removal of the fuel subsidy, stating venomously that Buhari deceived them, as the previous administration of Dr Goodluck Jonathan meant well for Nigerians when he spoke about subsidy removal.
What do you make of this new development? Did President Buhari’s aides do the fuel subsidy removal without his consent? Or did he remove it because he does not know what it means?
I jus twonder why we Nigerians can't just be positive for once,in time past,have we ever had any VP coming to explain things likes,yet we still critisis .hmmm Itis well with Nigerians.well said sir,we stillbelieve in your and we know it ll end in praise
He is WILLING to deny God's preaching? How please?
The bible said that when the righteous is on the thrown the people rejoice,what we have in Nigeria are evil men in power causing untold hardship to it citizens God will judge them all👎
Too deep! We all knw now that APC scammed gullible nigerians buh your curses are just too deep!
If you are older than 13 years, you must be foolish too. Very foolish at that.
Even with all the scholastical adumberations it is clear government in power turned left to make common masses pay the price of supporting the dwindling Nigerian economy. Why? Shameful to defend and should be disgraceful of the likes of a PASTOR. What about the monies recovered from your ant-corruption drama. This is a lesson for all including those who teach from the pulpit... never lie to deceive, self deceit is tantamount to perpetual damnation. Better change your ways, leave the band wagon.
Fantastically rubbish excuses
Fellow Nigerians, please let us bear with them and pray more for them than rain curse. If these curse come to pass, na we go suffer am pass. Moreso, curseless curse shall not come to pass. My consolation is that God promised that all will be well. God sent two prophecies to Nigerians at the beginning of the year through Pastor Adeboye and one of them is that things are likely to get tougher this year before they get better. The word of God will never go unfulfilled. So rather complain and rain curse, let's just pray to our God for mercy. ,
Wats this puppet of a VP talking about?
Osibajo is talking about competition in a market hijacked by cabals. And pls, where is dollar 285, let me buy.
And if they claim, they cant source for dollar at a good rate? What happens. You already put a fake price ceiling.
You wanna address the suffering of people later, not before the lecture on why they should accept it. A case of misplaced priorities.
And what hurts is, he isnt even sure of the way forward going from here. A policy steeped in 'hope'.
Tommorrow; they change.
Exactly how long did it take to reach this decision? And who did you consult?
This govt is deceitful.
Oh wow... did u read!the man made sense. Simple and clear. Wetton remain...... gosh!!!
It's finally true social media is really crawling with mindless idiots.... and u arej clear proof!
Ndi Ara#Lindangwanu#
We realised that we were left with only one option. This was to allow independent marketers and any Nigerian entity to source their own foreign exchange and import fuel. We expect that foreign exchange will be sourced at an average of about N285 to the dollar, (current interbank rate). They would then be restricted to selling at a price between N135 and N145 per litre.
You expert that the foreign exchange will be sourced at 285N ? So who is going to enforce them to sell at 145N per litre. Since you are not guaranting how they will get the foreign exchange? APC is just a bounch of hypocrists
Amen!!!!!
Sir dis ur explaination is way out .Imagine Lai Mohammed telling us dat he owes d public no explanation on how he spents our money. Why can't he give a breakdown of how d money is going to be spent? D govt keep telling us to endure while d lavish our money. Dis pple are so so wicked n will not go unpunished.
I ve been so bitter considering how d fuel subsidy removal will impoverish so many of us . Remember many governors are owing more than d six months salaries etc.
True
You people have failed in the next election, that is all
Which part of these addresses the effect of the poor masses you states you were concerned about.
And he said the president is pro-subsidy? Didn't Baba say there was no subsidy? Make una just leave trash for lawma
Very sound reasoning therefore we are solidly behind you and the government. Do not bother about a lot of empty heads on this blog whose only stock in trade is to insult their leaders without genuine reason. I'm sure by the time you get it right they will all eat their "shit"
GOD BLESS NIGERIA.
There are a lot of illiterates on your blog Linda. People should think. This is a very correct move. The only flaw I see is capping the price per litre to 145. I think it shouldn't have been capped at all, so that competition can drive the prices.
well, like he said... i wldn't call this much of a subsidy removal in this current situation whereby one barrel of crude oil is at $40... there's actually nothing there remove again . we shld have already bn paying far morr less even b4 the end of the last administration.
the importation of the refined product is whr the whole issue is.
we need our own refineries pruducing atleast 80% of the PMS for local consumption ...
SCARFACE
Una for don leave Jona make the guy carry on. see Buhari time now. na so so so iya dey for 9ja in short i name him Buyari. Fuck FG. wanna relocate to SEME
This ur statement just shows that you are chief of dollards
This lecture of Osibajo has raised some serious questions. Is he suggesting that there was no subsidy initially? It is understandable that the country is broke(FX wise).However, telling oil importers to source for fx in the black market would be counter productive and further inprovish Nigerians. Dollar in the parallel market rose from 320 t0 370 within 48hrs after the announcement.
If there was no subsidy , you should have simply told oil marketers to go source for fx in the parallel market without making an issue out of it. It would not have been an issue of subsidy removal. And you suggesting a market price while you preach deregulation was a great mistake . If you had not preached N145 maybe , just maybe oil marketers would not fix N145 immediately; both market prices (oil and fx) would have been fixed by market forces and it would certainly not have gone up to N145 from N86 immediately.
And from your analysis we were buying oil at N86 because of two reasons; 1. You were selling dollars to importers at N199 and 2. You regulated the price to be so from your calculations of cost implication(you could do this because you were selling fx at 199 to them) It means in true terms , there was no subsidy .
The hardship is as a result of the inefficiency of your economic team.
Buhari might mean well for this country.His economic team is however incompetent .
If I can lay my hands of more information from them, I might just be able to profer a solution to the present predicament.
Latter on, I will explain the mistake they made in september 2015 that lead to the 320 to dollar in January 2016
I told you several time, stop smoking that thing again. They make u not to think straight and talk sense. But u will not hear
Safe this you curse for your generation and go and get yourself a job. As if you can afford it even if they put pump price to N10.
Thank you jare, I am of d opinion they should first settle all those whose money they kept with them for over 2 months before implementing this their new price. They claimed to be attending to NNPC owned filling station while holding people's money, yet d fuel was bn diverted to neighbouring countries. Nonsense regime.
... And Biafra very fraudulent
I totally understand your point. U see, naija like taking advantage of other naija thereby inflicting more pain. But if u observe NNPC still selling at old price till they are out of stock
Why is the VP doing Kachukwu's job? It's obvious that the State Minister of Petroleum is grossly incompetent. He doesn't ever explain any issue, all he does is talk from both sides of his mouth.
We don hear too much story...#onMYway...
Dey should not hind under d name subsidy, instead dey should just say,increases in fuels price. Nonsense government
There is God o.
#Linda'spal
Haaaa my former pastor, please come to your senses sir.
I pray you will not go dipper into this thing ijn Amem, Am already dissapointed in you and am going down everyday in all round,is like i will go back to where you picked me from.
Last year all i have was about 3m,but now am afraid is not upto 1m now. Do something sir b4 your police will start looking for me again.
.
Osibanjo. Fake pastor. Cold-blooded pastor.
Am going down everyday, everything has increased everything i said i mean everything went (go up up). Indome olobo is now 2500per carton my kids are going hungry am losing weight everyday sir.
Uhm
I am crying everynight because i am going down, the past govt has sonsidead in teaching me to be a law abinding citizen that why i have not goon back to street, and you people has used police, kai, army, navy, cbd, scout, even customs now uses gun, OGA VP i am going down do something.. Please.
Vise Presido, when last did u enter BRT bus? Now u will go back and explain this ur excuses to the masses. As for me, this is the height of insensitivity!
With or without, minimum wage should be increased please. That would solve this agony to some extent
buhari and osibajo...una wan fat over night.....thunder will strike you too soon...because this is not what you promise us......all promise cancel....APC
are we to eat English here, pls find a way to bring down the fuel price
This is the blue print you worked so hard to present before the elections? You made all assurances that you know what is wrong and how to fix it without killing the masses. You talked of how the refinaries would work and how to create new ones. You talked of how to create new jobs and even promised to pay stipends to the unemployed. You showed how GEJ has got it all wrong in every sector of the economy and why you and your principal should be trusted and how even the exchange rate will become better with stronger Naira. You told us how you will manage the economy better and get electricity working in the country again. You told us so many things and where do we even start to recount? Least I forget, you also told us that there is nothing like subsidy, that it's fraud and now not only have you confirmed that subsidy exists but worst still that the current hike in fuel pump price is not as a matter of it's removal but just to make the maketers get more money because everything you told us during election were all lies. Now tell us why the masses must bear this burden and trust you again till last quarter of 2018 so that you can decieve us the more to get reelected in 2019. A lie is a lie even when told by a pastor
I see why u can't even type....cos you can't read too
APC promised us 1naira to $1 abi Nigerians don forget?
Let us pray for our Country! Though things are getting tougher by the day.I just pray that God would heal our land.This Govt should be people-oriented.
Please the vice president did not say that subsidy has been removed, only that the price of crude has eliminated the need for it.
The current price hike does not have anything to do with subsidy but it is a price adjustment due to the Forex gap between the official and actual rate and CBN's inability to sell Forex to the importers.
What this means is that there is still subsidy and if prices go up anytime this year, lets be ready to gear up for a fight for subsidy payment. do not see the fuel queues ending anytime soon.
Errand boy...go n pack well....#scopelessGovt
Thank you My Prof. Those who thinks that Jonathan should have continued, better know that as at today they would have been in Neighbouring countries... Thank you again my prof. I know it will be difficult for those that are bias to understand simple economics and analogy as explained.
Story for the gods.
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