Fuel Subsidy Removal: Now is best time to act, World Bank tells Buhari

The World Bank has advised President Muhammadu Buhari to act now if he is seriously considering the removal of fuel subsidy.

The World Bank’s Lead Economist, John Litwack, said Tuesday the best time to take such decision is now.

While the Buhari administration has hinted at its intention to remove fuel subsidy, the debate is still on in the country with many Nigerians, including the organised labour, rejecting the plan.

The issue was discussed Monday at the Executive Council of the Federation meeting.

The Minister of Budget and National Planning, Udoma Udoma, while unveiling the Medium Term Expenditure Framework and the government’s N6 trillion budget proposal for 2016, said the government was seriously weighing the options between removing or retaining fuel subsidy next year.

The government’s body language appears to favour the former, rather than the latter.

Mr. Litwack said at the launch of the new edition of Nigeria Economic Report that if the government really meant to take a decision on the issue of fuel subsidy removal, the best time to act would be now that global crude oil price was at its lowest level.

Despite last Friday’s attempt by the Organisation of Petroleum Exporting Countries, during its 168th conference to maintain its production quota so as to stabilize the crude oil market, the price of the commodity slumped further to $37.89 per barrel on Monday from $38.09 on Friday.

While presenting the economic outlook of the global economy and the crude oil market, Mr. Litwack said the Bank foresaw continuous decline in global crude oil price.

He said now is the best time for the government to scrap the subsidy, as doing so would not push retail pump price beyond an average of N100 per litre, or generate the kind pressure that would negatively impact on the people beyond what they are currently facing.

“The fuel subsidy appears to have vast modest benefits for the majority of citizens, but the costs are quite high,” Mr. Litwack noted.

“There is a strong tendency for the cost of the fuel subsidy to increase over time as increasing domestic demand for petrol outpaces growth in oil output or revenues.

“The $35 billion cost of the fuel subsidy during 2010 – 2014 was one of the reasons why Nigeria was unable to accumulate a fiscal reserve n the Excess Crude Account that could have protected the country from the recent oil price shock.”

He said fuel subsidy obligations were expected to reach 18 per cent of all government oil revenues in 2015, pointing out that if the current regulated price regime of N87 per litre was maintained, subsidy was projected to increase to more than 30 per cent by 2018.


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  • Ifeanyi

    Would they listen?…, especially when it is coming from the World Bank? In Nigeria, sound Economic advice is always muddled with politics. The sad reality is that with the crude oil now selling below $40 per barrel, we can longer afford to keep fuel subsidy.

  • Gidi

    This is a common sense and no brainier policy. I don’t understand why Buhari-Osibajo are dithering given we have tight financial constraint. It is not as if the consumers are benefiting from the subsidy now given the price today.

    When the price of crude was selling at $100+/bbl, the argument for subsidy make sense given Nigeria is a net importer of refined petroleum products. But since the crude is selling at $40+/bbl, what is the rationale for maintaining the subsidy? Some will argue dip in value of Naira to Dollar has wiped out any potential savings for the consumer. For me, the argument is not strong enough to maintain the subsidy.

    The N1 trillion naira used for subsidy can be diverted to other social investment. We need upgrade to all our schools, better training for the teachers, books for students etc. Investment needs to be made in restless youths that are jobless and with mediocre skills.

  • GOD PUNISH WORLD BANK……We Knew all Along That This Scarcity had the Hands of External and Internal Economic Saboteurs…..This is their Plan; Frustrate the System and Liberalize…Anyone Surprised? Globalization is all about Demonizing Government to Control the Process….Neo-Liberalism and Neo-Colonialism.

    • Onike24

      Come on! Which nonsense subsidy? What are you paying for PMS? You must be benefiting from the system otherwise what is there to complain about?

      • All over the World Something is subsidized for the people by Government; PMS, Healthcare etc….What is wrong is not the Subsidy; It is the Waste that comes with it…..If you remove Subsidy without cleaning the Petroluem industry; You will create Bigger Monsters that is what the World Bank Wants…PMB has indicate it will be removed; But a process must be in place and that process is what the World Bank don’t want…Read between the line.

        • Onike24

          You are so wrong. Healthcare in the Uk is paid for by taxes, those who are in the high income band pay effective taxation at 60% of your income. How does it make sense that the Nigerian government pays subsidy for consumption, serious countries subsidise production, so you and Dangote will pay the same thing for petrol, how does it make sense? It’s one thing if the market ( supply and demand) fixed the price, it’s quite another that the government is ultimately using monies that can go to other important things like health .

      • persona

        Sis, against reasonable judgement, GEJ reduced the prices when the price of crude was plummeting. It was total crass leadership to not have used the same chance to reduce or eliminate the subsidy once and for all then.
        If he had come out to say, with the recent drop in oil prices, subsidy has come to 1-5 Naira, it would have made sense BUT he reduced prices when he should have let the situation even out subsidy.
        I wonder what world bank was then?

        • Onike24

          I am sure they advised him, you know the Breton woods institutions, they offer advice even when it’s clearly not needed! But they were all making money from subsidies, I know what some of my school friends with oil trading companies made. The worst thing is that you will then find people who are losing from these so called subsidies supporting it. Where is the subsidy? Who is subsidising whom? Sometimes I wonder how people who live in Nigeria and understand the economics cope? It’s the biggest scam ever.

          • persona

            The cost of crude as at today is $40/barrel. The N11 was when crude was $45-50/barrel. So technically as at today, there may be no subsidy anymore.
            I can understand the dilemma of Buhari, he has to be sure that whatever position he takes is in line with actual realities. The deadline for the refineries will be past and he has to make a call. Subsidy to a large extent can be removed and possibly applied somewhere else that may add value such as in options of either health care, tax rebates for SMEs, transportation via rail,etc. The lack of trust in our leaders is also not helping. They have failed in the past and we have reasons not to trust them. Buhari has a chance to clean the slate. Bandwagon effect is never short in the country so people just mouth what they have heard and without thinking adopt it as truth.

          • Onike24

            Hmm, May God answer our prayers.

    • Höly Wähala

      Illiterate in common sense economics… mtchewwww!

      • Wise Head

        He is your ally in the “Change” camp, so deal with it!

  • Wise Head

    A real bitter exchange has been raging between Sahara Reporters and Sen Dino Meleya. But I am not deceived. This is nothing but Thieves at War! Quite interesting. Not long ago, when Dino Meleya was posing as an “anti-corruption activist” despite his ignominious role as House Information Chairman under the morally disabled regime of Speaker Patricia Etteh, Sahara Reporters was his ally and great promoter. I saw him on Sahara TV praising them to high heavens. Today, things have fallen apart but not based on principles and any form of altruism. Truth is: Dino Melaye is pro-Saraki and Sahara Reporters is pro-Buhari, and suddenly, ugly stories about Melaye has begun to flood SR as if they happened today. And Dino is tweeting and spitting unprintables about SR. But there is no difference between the Buhari and Saraki groups of locusts. It was just that one band of thieves out-smarted another band of thieves, and the outsmarted on is crying blue murder and trying to even the score. And the war is on. Once they reconcile now, probably, on the table where Nigeria’s commonwealth is shared, there will be peace in the land. Dino Meleya would again receive back his crown as an “anti-corruption crusader” and this same Sahara Reporters will once again sing his praises to high heavens. Indeed, yeye the smell. Join me to shout: CHANGE!!!

    • Jon Rhoma

      There are no permanent friends but permanent interests. That’s the rule of politics my friend.

      • Wise Head

        You are right: permanent “interest.” He should abide with the more powerful camp of thieves. I guess that once he dumps his present camp of thieves (Saraki) and joins Buhari’s camp of thieves, all his sins will be washed away and he would automatically become Saint Dino like Saint Amaechi and Saint Fashola. This is despicable, to say the least

    • Burbank

      “when Dino Meleya was posing as an “anti-corruption activist” despite his ignominious role as House Informatiowas posing as an anti-corruption activist…”
      As long as a person is against corruption, he deserved praises. But when that same person does an about turn, then he deserves condemnations.
      Dino Meleya is such a person.

      • Wise Head

        Yes, once he dumps his present camp of thieves (Saraki) and joins Buhari’s camp of thieves, I am sure he has made the “about turn” you would applaud and all his sins will be washed away and he would automatically become Saint Dino like Saint Amaechi and Saint Fashola. This is despicable, to say the least.

        • Burbank

          Any criminal proof, if any, against Amaechi or Fashola, please bring to the court.

  • Debekeme

    Its as much an political as it is an economic issue.

    The political will has to be there right now. I dont know why.

    I would have announced intention to remove the Subsidy immediately after winning the election and before even getting sworn in and prepared the minds of Nigerians for it.

    Buhari had so much good will he could even have removed the front teeth of every Nigerian and no one would have complained.

    Now, the politics is tense and im not sure he will do it unless push comes to shove,

  • Michelle Messi

    Who are they to tell baba what to do??
    Were they on the moon when Baba retorted before the elections; ‘WHAT SUBSIDY..SUBSIDISING WHAT???’
    What the world Bank and all sane Nigerians should be asking Chai-Baba is; WHAT IS HE SUBSIDISING WHEN HE INCLUDED OVER N400b FOR ‘SUBSIDY’ IN HIS SUPPLEMENTARY BUDGET FEW DAYS BACK??
    SINCE THE PRICES OF CRUDE CRASHED MONTHS AGO, WHY HAS THE APC LED JUNTA NOT REDUCED PUMP PRICE TO N40/LITRE??

    Lies and propaganda are for gullible zombies..not some for sane minds..

    • NoSpinEd

      The current pump price of N87 is the subsidized price. If you reduced it to N40 you will effectively be increasing the subsidy again by 50%. This is the corner well-meaning governments back themselves into when they do not allow market forces to determine the price of commodities. OPEC is the now succuming to the very law of supply and demand is it has sought for decades to control by artificial means.

      • Michelle Messi

        How can N87 be the subsidised price? This was supposed to be the ‘subsidised’ price when the then govrnmnt reduced the pump price from N97 to N87/litre on 18th January 2015 when the price of crude was about $50 per barrel.
        The then opposition led by APC propagandists screamed and yelled that the reduction to N87 was NOT enough. That was at $50/barrel. Now same crude goes for $40/barrel! HOW CAN THE SUBSIDY BEING PAID REMAIN THE SAME??

        • NoSpinEd

          To put things in perspective. The price of gasoline in the UK is $1.6 a litre. That is about N380 per litre compared to the heavy subsidy Nigerians currently take for granted. Subsidies have a price tag. That is the dilemma we are faced with when there is a disconnect between supply and demand in pricing.

  • persona

    The current debate around subsidy can be resolved with the government reverting to N97/ litre.
    The government claim that subsidy is about N11. If a N1 subsidy is retained, it keeps a sense of responsibility on the importers of the fuel so they don’t have a free latitude to increase prices arbitrarily.
    If the prices of fuel heads sub $45/Barrel, then the N10 margin will also reduce and the government will also be having excess to save.
    The fuel price was N97 before the former administration reduced it to N87.
    The huge amount that will be saved with a N10 from the present subsidy is like saving almost 90 percent from the current subsidy payout. We should do it because it is the right thing to do not because of some World Bank trying to push our buttons.

  • Very Proud Oily IZON Redeemer

    When Jonathan attempted to remove the fuel subsidy, it was the Fulani ati Yoruba elites who demostrated against the idea by calling Ijaw man Jonathan unprintable names–Presented him as a relation of Lucifer—-Then Nigerians woke up one night to see Pastor Bakare came up with the CIA sponsored childish NGO to torment Jonathan—-Today the same Bakare ati Soyinka have all gone into hiding together with the fake Occupy Nigeria Group-led by Obj- We are only pretending to love one another-Simply because of the oil wells–around the SS—If not why would Buhari project his fake Fulani ati Yoruba (budget of madness) around the sale of 2.2m barrels of my crude oil when he does not want to see the average Ijaw man progress in his life? Separation is the only way out-no matter how we delay the move to liberate the 6 geo political ziones from the clutches of our internal colonizers-The Fulanis- Ibos and Yorubas-We are one Nigeria because of our greed for oil revenue-period!—-A situation where when the Fulanis ati Yorubas are in power–the so called Nigerian intellectuals go into hiding—but only sneak out of their filthy, smelly dingy holes, when the likes of Jonathan are forced to run the show-will do the nation no good. Nigeria is today asleep- while Buhari a certificate less mumu general, takes over 170m 9jas for a jolly Fulani ati Yoruba ride—–Buhari took over 5b dollar loan from the World Bank–Not a single Nigerian has been able to question Buhari on the terms of payment—————-with my crude oil which Buhari says he expects to rise above 3m barrel per a day——————–What is the contribution of the Fulani north–to the revenue generation efforts of the other koboless zones likwe Abuja ati Katsina state-? Let my people go

    • persona

      As the prices of oil was dropping, GEJ should have showed leadership by retaining the price at N97 and we will probably be paying N1 subsidy right now. Poor leadership with pressure from the same people calling for the removal now.
      It was crass leadership to have reduced that price when subsidy could have probably become a thing of the past.
      How do you suppose GEJ would look now if after reducing this to N87, and he turns it to N100?
      Leadership requires truth and forthrightness.

    • Rommel

      Your god,after waking up from a hangover of December 31st crossover removed oil subsidy on January 1st and dislocated the entire country thereby making it difficult for people who traveled to the country sides and spent all their money during the festivities leaving transportation back to their bases stranded,is this what you call progressive? I have always been suspecting that your brain has gone rancid and you are proving me right.

  • Dr Pat Kolawole Awosan

    The World bank,is at its dubious-anti-people agenda again by advising president Muhammadu Buhari, to remove fuel-subsidy now despite the glaring bold sign that Nigerian economy is in the doldrums as global international per-barrel of oil price drops to S38.2 dollars per barrel and Nigeria faces near-empty public treasuries.Why woudl the World bank not be advising president buhari how to sources funds to fix Nigeria power sector,revamp our education and rehabilitate/construct our national roads?
    Or encourage president Muhammadu Buhari how to implement the proposed social-safety net payment of N5000 naira to unemployed graduates and train/re-train our youths in order to grow our national economy and GDP?
    World bank and IMF used Dr Ngozi Okonjo Iweala to implement it economic anti-people,s script and rendered Nigeria at near bankrupt state with increase foreign/domestic debts.

    • Very Proud Oily IZON Redeemer

      Where in the name of allah were your fake regional thoughts, when Buhari went cap in hand to borrow over 5b dollars from the World Bank to fix the Fulani North? Hours after he was IMPOSED on us by the USA? Who led the Nigerian delegation to begotiate with the World Bank. Did Buhari not know that the WB and the IMF are one and the same Imperialist money lending Institution-then?–When thieves like Buhari took over 2.6b dollars loan from the World Bank-in the name of NNPC-Did Buhari disclose to the Nigerians that Mrs. Madueke whom he is doing everything to assassinate left over 5.6b dollars in the cofferes of NNPC? Nigeria has no president that can think—-Buhari is brain dead-if not he will not plant this fake story in Premium Times to enable the Apes in APC, feel the pulse of Nigerians who are now asking him to go quietly!

    • O’tega

      The world bank used Dr Ngozi to introduce IMF loan and the catastrophic SAP. Did you forget that it was the kidnapee Olu Falae who advised IBB through IMF & World bank? I don’t know how old you were in 1988 but u can ask your parents if they are still alive.

      A chunk of the debt N. Iweala paid during OBJ’s tenure was accumulated by Buhari in his 2 yrs in office between 1983 and 1985. Check the records. Dont come here to write because you’ve got access to a PC.

      See how pedestrian your reasoning is? How dare you see a payment of N5,000 to the ‘unemployed’ as an economic measure? You do not need Keynesian or Malthusian theories of macro & micro economics to know that that policy that seeks to incure expenditure with no practical and forseeable source of funds is suicidal. OR do you want Imam OLODO to borrow from World Bank to pay the N5,000? grow up.

  • Dr Pat Kolawole Awosan

    @Redeemer/Deri: You are a certify ethnic bigot rant who would continue to cry till eternity while Nigeria moves forward as you may wish to be reminded that Nigeria-state owns all off-shore and on-shore natural resources as no ethnic group could by law lay claim to owning oil/gas/coal/bitumen and other resources.If you are fed up vacate Nigeria and go on self exile.

  • Very Proud Oily IZON Redeemer

    Another Buharimice on the looose again with his faculties-Where in the name of allah were your fake regional thoughts, when Buhari went cap in hand to borrow over 5b dollars from the World Bank to fix the Fulani North? Hours after he was IMPOSED on us by the USA? Who led the Nigerian delegation to negotiate with the World Bank-Jonathan abi? Did Buhari not know that the WB and the IMF, are one and the same Imperialist money lending Institution-then?–When thieves like Buhari took over 2.6b dollars loan from the World Bank-in the name of NNPC-did Buhari disclose to the Nigerians that Mrs. Madueke whom he is doing everything to assassinate, left over 5.6b dollars in the cofferes of NNPC? Nigeria has no president that can think—-Buhari is brain dead-if not he will not plant this fake story in Premium Times to enable the Apes in APC, feel the pulse of Nigerians who are now asking him to go quietly!

    • Arabakpura

      The man with the umbrella – like cap, that absentee president was the worst of them all who with that his cap in hand patronized the oppressors and eventually got heavily disadvantaged!

    • musa aliyu

      While the goats in Pdpigs like you were/are left to share $2.1 billion for prayer and ait campaign against the opposition. Ewu

      • Very Proud Oily IZON Redeemer

        @wahala—–the Buhari stockfish–see why Buhari is refusing to release Kanu of the IBP—Because of thoughts such as yours–Buhari was perhaps brain dead when he went to the USA to plead with the IMF to brrow money from them—–Monkey

  • tundemash

    Why are these Western rogues telling Buhari same thing they have advised every govt in power to do and yet nothing comes from it.
    Has teh World Bank told the United States to remove subsidy on wheat or the UK to stop subsidizing healthcare and stop giving benefits to their citizens ?
    World bank should not teach us nonsense !!!!

    • Joe

      APC government can’t remove subsidy. It was APC that sponsored thousands of Nigerians to protest against subsidy removal during GEJ government, including feeding civil society and labor workers for weeks in Lagos. APC dare not try it because we mobilize Nigerians to go on streets. Thank God its easy to mobilize nigerians now that poverty have increased in the land since buhari took over. They can’t go back to what they vomited.

      • tundemash

        APC sponsored ? Cl0wn if you are going to lie, atleast don’t look stup1d about it. During IBB’s regime, there was protest on fuel subsidy too, who sponsored that ???
        As far as I am concerned, there is nothing to be removed. Happy now Mr. Deluded ?

    • O’tega

      in only 2months in office, the US got its first contract to teach your politicians how to speak Grammar. If Buhari was’nt smart enough to reject that insult then do you expect him to understand Keynesian economic theories or principles? This is not WAEC certificate that a principal can force. Time to use brain has come.

      • tundemash

        U are still not cured of the March 28th shocker ?
        Throughout Dumbo’s unfortunate years at Aso Rock, he begged to be let into the White House.

    • dave jacob

      My guy, that has been my argument over the years. The WB is a crook body. Please google Brazil’s case against US subsidizing cotton and you will see the criminal nature of this organization. Brazil sued the US at the World Trade Organization, the capitalist court, and the US lost. US appealed to the WTO’s appeal court and lost, yet the US failed to stop subsidizing the production and price of its cotton. The West and their economic organizations are roguish and criminal. BUHARI, DO NOT LISTEN TO THEM O, OR ELSE YOU WILL LOSE ALL GOOD WILL FROM NIGERIANS. Nigerian marketers do not respect price fluctuation in the world market; they are criminals like the World Bank.

    • Very Proud Oily IZON Redeemer

      Did Buhari know they were rogues before he went that way to borrow over 5b from the world bank?

      • tundemash

        D@ft Oilly IZON warp mind,
        What has borrowing money from world bank got to do with subsidy ? Do USA and UK not borrow money from world bank and have they cancelled the subsidies they give to their citizens?
        May the tragedy that befell you since March 28th be transferred to your unborn generation.

        • Buhari4Ever

          Deri Orbuka is a castrated ram. He cannot impregnate even the most fertile woman. It’s good though because his children could be worse than him in mentality.

  • G7-IMPERIALISTS vs MUGU

    I can see the hands and legs of Obama in this World Bank advise. I see the hands and legs of France, Germany, Of course United Kingdom too. These are the core of the G7 group that are bent on enslaving Africa forever. LOANS! LOANS!! LOANS!!!.

    These imperialists an slave masters failed to convince Dr Jonathan to enslave Nigeria. The US got angry as President Jonathan increased tariffs on imported US Wheat. They even got angrier as President Jonathan commissioned cassava flour – a direct threat to US Wheat that has flooded Nigeria’s market since the 1970s of the oil boom, with Nigeria being the world’s highest importer of US wheat netting a whooping annual $5.2b (N1.7 trillion) for the US economy to the detriment of Nigeria The US controls 91% of the Wheat market share of Nigeria….So, the US moved against Jonathan because he blocked all avenues from which the US fleeces Nigeria but deceiving the world that it is giving ’technical’ assistance.

    No wonder, barely 2 months after Buhari stole the votes through Sambissa effect and intimidation of their regional ally, the US quickly started BUSINESS – they sent some small small boys and drop outs as ‘exparts’ to teach our skpokespersons in govt houses how to speak English.

    If Buhari was not smart enough to know that there are more than enough Nigerians who can teach Nigerians mass communication, how would he understand the complexities of World Bank advise? Sadly, I am not sure of his grade in Economics in WAEC 1962.

  • Rommel

    President Buhari must understand that to move Nigeria forward,certain shackles that are slowing down her march must be broken,these include the intrusion of organised labor unions,these are associations that protect inefficiency and promote bureaucracy which is bad for business and governance,the world bank’s advise makes sense since and about 95% of all experts have advised that this is the way to go,it will be crazy not to heed this advise now that price of crude is rock bottom and will remain so for some time,if government was subsidizing when crude was above $100,what are we still subsidizing now and by how much? I say remove fuel subsidy now and forever and if the government wants to subsidize,they should consider electricity and hospitals via health insurance.

  • Burbank

    While the World Bank and the IMF have been at the forefront of western banking and political colonial expansions, Buhari needs to take a closer look at the subsidy issue. While subsidy is good to alleviate financial hardships of the intended beneficiaries, the ill-effects of the subsidy being diverted to unintended benefactors must be addressed.

    Cheap prices for commodities reduces the bill that the average households pay, but the financial diversions of the subsidy made by unscrupulous “importers” and “marketeers” had cost Nigeria billions, not to mentioned the huge volumes of smuggled gasoline and diesel to our neigbouring countries and claimed subsidies for products NOT imported into Nigeria.

    Indonesia had made massive cutbacks on their subsidises on their fertilzers and petrol ( diesel subsidy had been totally removed since 2009) in spite of formidible protests from many sectors, but the government had successfully used the subsidy savings into healthcare insurance (Obama, take note), better public transport, roads, schools and education; public sectors that need badly and urgently financial injections, but sadly the money, and lots of it, went to fuel subsidy.

  • FreeNigeria

    Where’s the subsidy? When a liter is currently sold for N150, if you’re lucky to get it

    • Folabi Willoughby

      @disqus_vNgNHRex1N:disqus

      Economists are odd and short-sighted. A State does not exist to make profits; unlike a corporation.

      It may be insignificant if fuel price climbs to ₦100 on the back of immediate fuel subsidy removal urged.

      What will happen if oil prices rise should Syrian War spreads to affect oil production in Iraq and Qatar?

      Subsidy once cancelled stays cancelled, even if overseas’ price pushes Nigeria’s fuel pump to ₦200 a liter.

  • sulei

    which subsidy? please remove it!!

  • Very Proud Oily IZON Redeemer

    Another Buharimice on the looose again with his faculties-Where in the name of allah were your fake regional thoughts, when Buhari went cap in hand to borrow over 5b dollars from the World Bank to fix the Fulani North? Hours after he was IMPOSED on us by the USA? Who led the Nigerian delegation to negotiate with the World Bank-Jonathan abi? Did Buhari not know that the WB and the IMF, are one and the same Imperialist money lending Institution-then?–When thieves like Buhari took over 2.6b dollars loan from the World Bank-in the name of NNPC-did Buhari disclose to the Nigerians that Mrs. Madueke whom he is doing everything to assassinate, left over 5.6b dollars in the cofferes of NNPC? Nigeria has no president that can think—-Buhari is brain dead-if not he will not plant this fake story in Premium Times to enable the Apes in APC, feel the pulse of Nigerians who are now asking him to go quietly!

    • Buhari4Ever

      What did GEJ do with $480Bn oil revenue?

  • Very Proud Oily IZON Redeemer

    When Jonathan attempted to remove the fuel subsidy, it was the Fulani ati Yoruba elites who demostrated against the idea by calling Ijaw man Jonathan unprintable names–Presented him instead of Buhari—as a relation of Lucifer—-Then Nigerians woke up one night to see Pastor Bakare came up with the CIA sponsored childish NGO to torment Jonathan—-Today the same Bakare ati Soyinka have all gone into hiding together with the fake Occupy Nigeria Group-led by Obj- We are only pretending to love one another-Simply because of the oil wells–around the SS—If not why would Buhari project his fake Fulani ati Yoruba (budget of madness) around the sale of 2.2m barrels of my crude oil when he does not want to see the average Ijaw man progress in his life? Separation is the only way out-no matter how we delay the move to liberate the 6 geo political ziones from the clutches of our internal colonizers-The Fulanis- Ibos and Yorubas-We are one Nigeria because of our greed for oil revenue-period!—-A situation where when the Fulanis ati Yorubas are in power–the so called Nigerian intellectuals go into hiding—but only sneak out of their filthy, smelly dingy holes, when the likes of Jonathan are forced to run the show-will do the nation no good. Nigeria is today asleep- while Buhari a certificate less mumu general, takes over 170m 9jas for a jolly Fulani ati Yoruba ride—–Buhari took over 5b dollar loan from the World Bank–Not a single Nigerian has been able to question Buhari on the terms of payment—————-with my crude oil which Buhari says he expects to rise above 3m barrel per a day——————–What is the contribution of the Fulani north–to the revenue generation efforts of the other koboless zones likwe Abuja ati Katsina state-? Let my people go

  • Proud Yoruba

    The question is why is refined products still same price when Oil price has plummeted? Surely the price of petrol and kerosene should be much lower by now.

    We were also told that both Port Hacourt refineries would be 100% operational by now, that should take a big bite out of the fuel import requirement. Also, we were told that Kachikwu was renegotiating the swap deals for better pricing, so why still the heavy reliance on petroleum products importation and huge subsidies?

    Someone call the Minister and Minister of State to explain please!!

  • Ijeuwa

    The problem is not removing or retaining oil subsidy. The problem is corruption. All oil producing countries around the world obtain fuel at a cheaper price compared to Nigeria. We believed that Buhari knew about that first had. But he appears to be cozying up to the World Bank and the IMF. Those institutions are imperialist institutions that are always quick to recommend policies that will make the people suffer even more. I’ve never heard them recommend to governments in the so-called third world countries to build hospitals and schools and to take care of the poor by introducing welfare packages.

  • NazirJos

    Forget about these institutions (World bank and IMF) PMB. Just do what’s right for the country. Don’t let their negative projection on economy distract you from doing what’s best for us. It was their advice that first sent Nigeria into economic turmoil back then in the 80s…which up til now we are suffering the aftermath of decision by their advice.

  • kayode Olufade

    While the advice is good the messenger in question is questionable. the removal of subsidy will free a lot of money for the government but the World Bank might want to use that freed up cash as leverage to their own end. While i do not trust the messenger the message I agree with. We are already going through the hardships that will replicate a situation where subsidy is removed. The Fed govt should just regulate the industry because what will not auger well with the situation is that imported fuel will be retailed at prevalent market rates (ie determined by market forces)

  • ed

    Why considering fuel subsidy removal. The only reason is the fact that Nigeria government lack leadership.
    The whole importation of finish petroleum is a big criminal enterprise. Buhari should’ve restructure the importation regime. First eliminate the middlemen. Second and most important action. Should be to legalized small production of petroleum, with federally licence cooperative refinaries.
    Set up a standard enforcement agency for quality control. Nigeria can produce more than we currently consume.
    That should creat Jobs for the oil community. While solving the dependence on imported fuel.
    Unfortunately Nigeria is governed by self serving politicians.
    National interest is secondary in all their actions.
    Following world bank is part of the source of our problem.
    Original ideas by Nigerian with pure love and intention are usual disrespected.

  • SpeakTruth

    This current administration in several campaigns said it did not believe there was a Fuel subsidy. So they do not need to be advised by the “world bank ” in order to do the needful. One reason they may be delaying the removal is due to political expediency – Perhaps it will be a source of finance for the APC party just like it was for PDP. Buhari needs to be mindful of the people giving him advice.

  • Omotolaaraujo

    The World Bank ought to tell the banks of the world to stop engaging in corruption all over the world.

  • Rumournaire

    The real reason PMB is not keen to remove fuel subsidy has not been told. It is not so much about the potential impact on the masses, but the sure consequence that the fuels would become much more expensive in the northern parts of the country. The reason is that the current subsidy covers the cost of bridging (transporting from the coastal ports to the north) to ensure uniform price across the country. Once subsidy is removed, marketers would pass on the cost of bridging to the consumers!

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  • Otile

    The only reason the World Bank is pressuring Buhari to punish his people by denying them fuel subsidy is because he received $2.1 billions from them to settle his Boko Haram relatives in the North. He will be foolish_to obey them and punish his people, it will be an act of betrayal. If he succumbs a devout Muslim will likely take up arms and deal with him. The World Bank sharks are acting in their own interest, not to help Imam’s people.