Our crude oil production per day is 2.5 million barrels. The current price is $113/barrel. Therefore we make a daily sales of 2.5m x 113= $28.5million. This means monthly sales= 28.2 x 30 (days) = 8.475billion. This also means that a yearly sale of 8.475billion x 12 = 101.7billion. In NGN, 101.7billion x N160= N16.272 trillion per year! Let him tell us where the surplus is going.
quote..'many of the people in this room do not know how much is paid for gas, we work for companies, enter our car and drive'....word!!! and ure the one debating my children's future....great!!!!
Good debate, after watching this 4 hour debate, it was worth the while. Thanks to all participants. now here is my informed conclusion. SUBSIDY must go. but our representatives must lead by example. The President and Reps must take a doctor's scaple and slash up all those allowances they are getting. Imagine 25% to service our rep's salaries, bring all those vagabonds bleeding us to death to books. Aluta Continua, Victoria Acerta
Its so painful that this is happening to Nigerians. I am a Nigerian and am currently living in the united states. Here fuel prices is not stable as it fluctuates along side with the cost of production and importation of crude oil. But one thing is certain, there is pure governance and transparency. The rule of law is highly upheld and whenever there is a decrease in the cost of production of fuel and importation of crude oil into the u.s, the price of fuel reduces drastically.
Since Ngozi Iweala is comparing and contrasting, perhaps she should also tell us what herself, the parliamentarians earn compare to their counterparts abroad. Say in Togo and Benin?
disband nnpc and sell the refineries in nigeria to private corporation. give oil royalties to oil producing states and allocate the balance to social security to feed the elderly and children.
The present crisis shd be a wake-up call for us to stop being too reliant on crude oil. We must diversify: Agriculture, Science & Technology, Tourism, etc, etc. We must wean ourselves off oil. However, in the interim, subsidy shd stay. The govt doesn't need to get more money from subsidy removal in order to move the country fwd. What tangible things has it done w/ d money it's been getting? "He that is faithful in little shall be faithful in much."
First mistake is to say that petrol benefits the rich more than the poor. PMS is one of the driving forces of transport in the country and a rise means increase in food prices and other services. The promises of what they will do is no guarantee. If the government is serious they should first catch the smugglers, step on toes, and cut back government expenditure. We should not suffer for their mistakes
I propose that GEJ should put a halt just 4 a year! to d importation of refined products (hence no need 4 subsidy to both d masses and the carbals) just 4 one year o. And also no exportation of crude oil (hence reduced govt embezzlement funds). If d only refinery working at d moment is truly producing 2.8 million Barrels a day, let us all adjust and downsize our already low living standards a little bit lower n use alternative methods to manage our little resources (just for 1 year o) CONT..
If you wanna skip past the intros, go to 17:42 =] (The announcer's insistence on ending nearly every phrase with an upward inflection was funny at first, then it started to grate a little...)
The best way to solve Nigerian crisis is to reduce the size of the government. When there is less money, there would be less corruption and less incentive to rent -seeking .
@ twenty38 i totally agree with u.whose responsibility it is to check corruption & smuggling??? The govt of cos...They should first rid the system of corruption,refurbished old or build new refineries,improve our local productions & provide the basic amenities such as creation of jobs,electricity,water,good roads & transportation networks b4 they can talk of this so called subsidy removal policies....FULL STOP!!!
i think this is the first time this kind of forum has been put up though there were in the past many forum but i don't anyone as effective as this... The govt should implement the outcome of this forum...i like the forum and i think we are moving forward... kudos to the organizers.... well i knew
I understand Ngozi is comparing populations of Saudis, Kuwait to Nigeria, but like all Nigerians have said remove corruption and all other things will fall in place. Monitor funds that are diverted to personal pockets to achieve projects such as roads, lights and healthcare. Talk is cheap. Just like she said, I do not trust anything she says nor do I trust any government officials.
@jamesoylk - NO NO NO, let them keep their salaries, it is their allowances that they need to get rid off. It is their allowances when added altogether that blows your mind. Each senators compensation package is 4 times that of President OBAMA. and still they embezzle via inflated contracts. I say remove Allowances, set their salary at the same rate as civil servants....
In reality, I support the removal of subsidy, but one thing that needs to be clarified is that we have been short changed severally, promises without deliverance. For Oshiomole to say that the challenges GEJ government is facing is new is being economical with the truth. These challenges has been there from time immemorial but the previous government has never gone this far to explain the challenges.
Okonjo Iweala: Hear yourself out at exactly 2hrs:42mins..."its a question of time to block the loopholes of government" and not a question of time to impose unpopular policy on the masses?
B4 removing subsidy, we must diversify! (1) Industries dat provide alternative sources of energy @ a cheaper or competitive rate shd b in place: Solar, Wind, Water, etc... (2) ZERO tolerance on corruption @ d Local, State & National levels must b seen 2b gaining grounds... (3) GEJ must carry out a patient & an elaborate campaign on d need 4d subsidy removal. He must make his case known - thoroughly & listen 2what d general public has to say... This is a sensitive matter. We must not rush it!!
Deflate the bloated government.. Government is inefficient and has no place running industries or businesses. The role of government is to protect and serve the people.. What Nigeria needs to do is modernize its roads and infrastructure, beef up its police force, enforce the rule of law and the legal system.. And in so doing unleash the potential and entrepreneurial power of its people.. Remove the subsidies and encourage FDI.. Direct the capital to more efficient venues..
It is terrible that we are thinking of SUBSIDY. why are we importing????? in the first place. Madam NOI is just an academician. during the time of Mr Tam David West we produced and refined our own oil, therefore, it is the importers who are sabotaging our oil refineries, fix our refineries. During Buhari's time our refineries were producing at capacity, they were well maintained, Fix the leaks in the supply chain. those who import, obtain the subsidy and turn around and take the product out.
@Seaman0162 You are right, BUT if we want Nigeria to progress, we need to trust the government to use the subsidy money efficiently and not awarding projects at overestimated prices to steal money. Maybe an external auditing firm monitoring these projects would help as I believe Nigerian firms can easily be compromised, because spending 27% of 2012 budget on Subsidies is not sustainable.
American President has only 2 aircraft, GEJ has 9in his fleet and voted money recently to buy 1 more! The BP Min. has only 2 official cars, GEJ has 23 in his pool and only recently voted 300m to buy 2 more bullet/bomb proof ones! Sen in US earn about$6,000 dolls mnthly and dats abt what a Uni prof, a director in a state dept, or a doc wt 20yrs experience, but in Nigeria a senator earns245million Naira per annum!
Also, what will the government do with the excess subsidy there are no more paying? will they use it to build or develop refineries. Will it be used to industrialize the nation or will it be another huge cake that every greedy and corrupt politician and civil servants will eat from? These facts are not mentioned in this debates.
y on earth do we import things God has blessed us with ? and yet they are not ashamed. gradually Nigeria is becoming a laughing stock high rate of poverty, no peace, no job, humans against humans, empty heads as rulers, people going to bed hungry with no hope for tomorrow. SMH o Nigeria my sweet and beautiful country i weep for you
The subsidy in 2011 amounted to roughly $8billion, about 4% on G.D.P, that's money that can be put to better use!. The programs enumerated by Mrs Okonji r indeed worthy ones that will have lasting implications 4 every Nigerian. So the onus then is on Nigerians particularly the PRESS to hold this govt accountable. A phase-in removal approach is not entirely unreasonable, so instead of doing it all at once, why not in quarterly (25%) increments, so that ppl r more able to absorb d shock.
This is excellent sacrifice on the part of all those present and especially those involved with the planning .Dialogue is the mark of a great civilization . This is one thing that wouldnt have happened under a military governance . I expect more of this kind of meeting where the people can be able to express theemselves thereby enlightening the masses . Thats the way forward. Now at least we know there are rogues that need to be fished out
I think we all need to watch this before we decide on the fuel subsidy removal. There is a some logic to removing it but the government must deliver on it's promises and put some things in place first.
Very informative, loved it. Thanks for sharing. Please next time, get a professional journalist to moderate the event and not Nduka. I hope we will continue to have more conversations like this. Isa Aremu should take it easy. He appeared arrogant to me. He doesn't look different from those in govt. I enjoyed the dialogue. Thanks
@jaygald Please let him remain silent, I for one would not want to hear from him. He was at d helm for 10 years, what did he accomplish..., absolutely NOTHING!!.
If we can organize and mobilize like this ( the OCCUPY movement ) against corruption which is d #1 issue keeping 9ja from becoming a great nation, then we will root out the looters!!. Let us demand ACCOUNTABILITY thru PROSECUTION.
aunty Ngozi, you dont want the 'better-off' to benefit from the subsidies? why? because they don't pay taxes? or is this just a government of the 'poor'. please you and uncle Jona should fix your shop and stop chasing shadows.
• The US, almost d size of Africa with about 500million people have 24 ministers, and 32 govt parastatals and commisions, Nigeria has 42 cabinet ministers, and over 50 government parastatals! • America with about 500million people and more mileage to drive consumes 39million litres of petrol daily, Nigeria with 150million people 60% out of which live in remote areas, yet our govt tells us we consume about 35million ltrs of petrol daily! IS SUBSIDY REALLY THE PROBLEM OF NIGERIA? say sth else
GEJ needs to show us that he is sincere by slashing all their stupid overheads, NASS allowances for sitting twice in a week!!! and also the governors security votes that transfer to nothing. No one will be seeing all these and see reasons with the government. He who wants equity should come with clean hands. Why is the NASS president paid 88 million in a month? For doing what? For no obvious productivity after rigging elections. GEJ meant well in all sincerity but show examples please
i.e we use our pmg for transportation mostly.(just for 1 year) and alternative methods for everything else.....By so doing, this govt will be able to use the budget allowance for fuel subsidy of 2012 can be conveniently used to repair all our 3 refineries even within the year if extra effort is put in, so by the end of the year, our flow of refined products will increase gradually and we can then adjust accordingly (I believe this also was how the western world achieved there goals also) Cont.
In 2010, 2.8 million litres of PMS were refined averagely per day in NNPC (Local Refining). Are we paying subsidies on that also? Yes, it must be because if not, then Mrs DAM still has more explanations to make on how 1.134 trillion was spent on subsidy when 2.8 million liters per day is domestic refining. Doing a quick calculation reveals that 76 billion naira is the amount of subsidy paid on UNSUBSIDIZED domestically refined fuel.(WE NEED THESE PEOPLE BOMBED IN THEIR NEXT CONFERENCE )
I'm overly surprised that Femi Otedola and Aliko Dangote sat through the entire debate without uttering a single word, but then, they are hugely the beneficiary's.
She obviously doesn't understand Telecommunications and Deregulation... the question is that before the Liberalisation was NITEL being subsidized... I don't think so... Why can't they talk about Liberalisation of the Power Industry...
This also means that jobs will be created in almost all d sectors of industry across d board as extra pressure 'll be on them to generate d loss of income 4 d economy. I know it's easier said than done but we r strong will determined people n I believe a little sacrifice 2day can build a better future 4 our next generation 2 come. REMEMBER NO SUCCESS WITHOUT HARD WORK..We r d only 1's who can shape Nigeria to be good, better or best. THE LORD IS OUR STENGTH.!!!!....but the struggle continues.
there is no welfare provided by the government for the people, and the poor who are inadvertently going to suffer from this more will have to spend more money that they do not have to get the basic things that they need.Prices of the bus,food and healthcare will all be going up. So pls don't tell me that i should not criticise until i have heard all the facts, i have heard enough and found it completely wanting.
unattended issues include- the recommendation by femi Falana that the government hits SPDC for the recent spillage in the Niger Delta. Another issue the coordinating minister needs to understand is that for people to trust government again, they need to see/feel government commitment. Seeing they say is believing. If turnaround in the ports has improved, how (not does) has that translated to the common man on the street?
@toluwatoye That is the main thing... they are not getting informed... Most of them just go to facebook and read info instead of doing other sensible online...
@TheJunior110 you are criticising something which you do not understand yourself. Privatisation saved us from the inefficiency of Nitel. Telephones were costly and unaffordable at first, but the situation changed rapidly after the market was opened up.
If you remove subsidy, are you going to increase salaries for the people who make minimum or low wages to meet up with the inflation that the removal will bring? Same as to the multitude who survive on mere hawking and other low scale trades? Else expect people to turn to robberies and all sort of things to survive. What is in place for poor citizens to survive?
@drsouth1234 by Paying the oil subsidy, we are creating employment for the importing country and losing money ourselves. by removing this subsidies, money will be available to invest in the country itself.
@emecca123, you believe these thieves..the money from excess crude, increase in fuel all these years, even when Ngozi was finance minister, what did they use the money for and still we do not have ELECTRICITY.
We need to DEREGULATE our legislooters and senators compensation package. How can each of them be earning 4 times the salary package of the US president, while we are not bigger than the size of the state of TEXAS in the US. laakuuli jalailu
There wan't enough diversity of opinion. There should have been someone on stage slapping the officials the way regular people want to. Half of the people up there will be enriched when prices shoot up.
I bet Most people making derogatory comments here have either not taken time to watch this video full lenght or are hasty to jump into conclusions! I believe in this forum & if all including Okonjo, Sanusi, Adams, Ben Bruce, the pragmatic Femi Falana & other well meaning Nigerians will follow up on this discussion, govt on its part embarks on implementation of proposed action plans with erudite transparency, Nigeria will well be on her way to significant +ve reformation over the coming months!
Wow that was alot to digest but HIGHLY recommended. Please watch this video so you have the FACTS about what is really going on... 72% of the government BUDGET goes to "recurrent GOVERNMENT expenditures" ! Only 28% goes to CAPITAL (the people)! This Oil subsidy that we are talking about is included in the 28% ! LET THE TRUTH BE TOLD! How dear you ask the poor in Nigeria to suffer on your behalf!
This debate is actually eye opening but the facts are left unanswered. If u take off the subsidy of fuel from the government will the cost of living be forcefully upheld at the required inflated level that this will cost.i,e if fuel price is N140 is there any sector of the government that will enforce this price nation wide and forcefully persecute miscreants who will sell above the official price?
this woman think she is talking to fools, she talking about poor using bicycle , what about commecial vehicle, or is she saying the poor does not travel, the fact is that things are going to be expensive as long as fuel is the source of transport
Power generation projects? What nonsense. How about power transmission and distribution. If you generate and don't know who you're distributing to, who are you fooling? How many properties are there in Nigeria? Where are they located? What is their consumption capacity? NIGERIA, WAKE UP. Nigeria will generate power is not enough. You need a detailed Process Management in place, if you must move Nigeria forward. Stop the wastage in all these White Elephant projects.
This govt, however sincere it may be would continue to have problems with common Nigerians on the street until they can make examples of the cabals who drove us to this mess. I want to believe that some of the cabals are sitting on the front row even in this town hall meeting. Believe you me, they are strategising on how to mess up the good policies of the govt just for their selfish interest. Let the govt show good examples now by drastically cutting down frivolous expenses, e.g. the senate
My fellow Nigerians.....Abeg hear me out o!!. It just my lame man terms opinion!!!!!!!, Why don't we approach this problem from different angle, so that it will not only be the masses that will suffer this time around? CONT....
this okonjo iweala is one of our wicked selfish but affluent well educated (harvard) CV filled (former MD of World Bank) politicians in Nigeria, was it not when she was also in power during the Obasanjo term that the fuel price went up too? yes she did something positive dat time by helping to clear the debt, now she's back again into d finance realm and she is dictating bullshit, when she doesnt have a clue what suffering is like huh
I am very very very disappointed . This is the explanation of a financial planner and adviser, not en economic planner. Why is it so hard for them to set a target to build refinery after almost 12year after so called democracy. Every talsk of GSm and do not consider the amount of money thathas been taken out of the country by the so allied GSM operators. We had the option of using CDMA which s cheaper and as effective.... yet they all talk as if GSM was the best
11 years later, Sanusi won the debate!
Ngozi Okonjo Iwuala, God will bless you and your family
Our crude oil production per day is 2.5 million barrels. The current price is $113/barrel. Therefore we make a daily sales of 2.5m x 113= $28.5million. This means monthly sales= 28.2 x 30 (days) = 8.475billion. This also means that a yearly sale of 8.475billion x 12 = 101.7billion. In NGN, 101.7billion x N160= N16.272 trillion per year! Let him tell us where the surplus is going.
quote..'many of the people in this room do not know how much is paid for gas, we work for companies, enter our car and drive'....word!!!
and ure the one debating my children's future....great!!!!
Here I am again watching this debate and how reality eluded us. After this debate, the NLC Chairman when ahead and joined APC.
Good debate, after watching this 4 hour debate, it was worth the while. Thanks to all participants. now here is my informed conclusion. SUBSIDY must go. but our representatives must lead by example. The President and Reps must take a doctor's scaple and slash up all those allowances they are getting. Imagine 25% to service our rep's salaries, bring all those vagabonds bleeding us to death to books. Aluta Continua, Victoria Acerta
Up Sanusi. Privatize refineries. GO Sanusi.
I am loving this civil discuss. Thanks to all the participants. Aluta Continua, Victoria Ascerta. We shall overcome.
Isa Aremu raised a good point, which is comparison of petroleum industry with Telecom is not tenable.
After watching this i am totaly in support of d subsidy removal!! Pls Mr prsident go ahead and act!! Pls dont be weak about this!! long live Nigeria
Up Ben Bruce, You should run for the President of Nigeria.
Decided to drop by. This is July 31st 2022.
Its so painful that this is happening to Nigerians. I am a Nigerian and am currently living in the united states. Here fuel prices is not stable as it fluctuates along side with the cost of production and importation of crude oil. But one thing is certain, there is pure governance and transparency. The rule of law is highly upheld and whenever there is a decrease in the cost of production of fuel and importation of crude oil into the u.s, the price of fuel reduces drastically.
My dear FEMI FELANA, you are a fellow COMPATRIOT. I love you. You have been able to brief them on the way forward of NIGERIA. Kudos!
Since Ngozi Iweala is comparing and contrasting, perhaps she should also tell us what herself, the parliamentarians earn compare to their counterparts abroad. Say in Togo and Benin?
disband nnpc and sell the refineries in nigeria to private corporation. give oil royalties to oil producing states and allocate the balance to social security to feed the elderly and children.
The present crisis shd be a wake-up call for us to stop being too reliant on crude oil. We must diversify: Agriculture, Science & Technology, Tourism, etc, etc. We must wean ourselves off oil. However, in the interim, subsidy shd stay. The govt doesn't need to get more money from subsidy removal in order to move the country fwd. What tangible things has it done w/ d money it's been getting? "He that is faithful in little shall be faithful in much."
First mistake is to say that petrol benefits the rich more than the poor. PMS is one of the driving forces of transport in the country and a rise means increase in food prices and other services. The promises of what they will do is no guarantee. If the government is serious they should first catch the smugglers, step on toes, and cut back government expenditure. We should not suffer for their mistakes
Now, Oshiomole is now among the thieves of the land. Ogunlakaye ni o ma pa gbogbo yin
I don't know why some of these officials are laughing - the issues are not funny!!!!!
I propose that GEJ should put a halt just 4 a year! to d importation of refined products (hence no need 4 subsidy to both d masses and the carbals) just 4 one year o. And also no exportation of crude oil (hence reduced govt embezzlement funds).
If d only refinery working at d moment is truly producing 2.8 million Barrels a day, let us all adjust and downsize our already low living standards a little bit lower n use alternative methods to manage our little resources (just for 1 year o)
CONT..
If you wanna skip past the intros, go to 17:42 =]
(The announcer's insistence on ending nearly every phrase with an upward inflection was funny at first, then it started to grate a little...)
The best way to solve Nigerian crisis is to reduce the size of the government. When there is less money, there would be less corruption and less incentive to rent -seeking .
@ twenty38 i totally agree with u.whose responsibility it is to check corruption & smuggling??? The govt of cos...They should first rid the system of corruption,refurbished old or build new refineries,improve our local productions & provide the basic amenities such as creation of jobs,electricity,water,good roads & transportation networks b4 they can talk of this so called subsidy removal policies....FULL STOP!!!
i think this is the first time this kind of forum has been put up though there were in the past many forum but i don't anyone as effective as this... The govt should implement the outcome of this forum...i like the forum and i think we are moving forward... kudos to the organizers.... well i knew
I understand Ngozi is comparing populations of Saudis, Kuwait to Nigeria, but like all Nigerians have said remove corruption and all other things will fall in place. Monitor funds that are diverted to personal pockets to achieve projects such as roads, lights and healthcare. Talk is cheap. Just like she said, I do not trust anything she says nor do I trust any government officials.
@jamesoylk - NO NO NO, let them keep their salaries, it is their allowances that they need to get rid off. It is their allowances when added altogether that blows your mind. Each senators compensation package is 4 times that of President OBAMA. and still they embezzle via inflated contracts. I say remove Allowances, set their salary at the same rate as civil servants....
In reality, I support the removal of subsidy, but one thing that needs to be clarified is that we have been short changed severally, promises without deliverance. For Oshiomole to say that the challenges GEJ government is facing is new is being economical with the truth. These challenges has been there from time immemorial but the previous government has never gone this far to explain the challenges.
Okonjo Iweala: Hear yourself out at exactly 2hrs:42mins..."its a question of time to block the loopholes of government" and not a question of time to impose unpopular policy on the masses?
B4 removing subsidy, we must diversify! (1) Industries dat provide alternative sources of energy @ a cheaper or competitive rate shd b in place: Solar, Wind, Water, etc... (2) ZERO tolerance on corruption @ d Local, State & National levels must b seen 2b gaining grounds... (3) GEJ must carry out a patient & an elaborate campaign on d need 4d subsidy removal. He must make his case known - thoroughly & listen 2what d general public has to say... This is a sensitive matter. We must not rush it!!
Deflate the bloated government.. Government is inefficient and has no place running industries or businesses. The role of government is to protect and serve the people.. What Nigeria needs to do is modernize its roads and infrastructure, beef up its police force, enforce the rule of law and the legal system.. And in so doing unleash the potential and entrepreneurial power of its people.. Remove the subsidies and encourage FDI.. Direct the capital to more efficient venues..
It is terrible that we are thinking of SUBSIDY. why are we importing????? in the first place. Madam NOI is just an academician. during the time of Mr Tam David West we produced and refined our own oil, therefore, it is the importers who are sabotaging our oil refineries, fix our refineries. During Buhari's time our refineries were producing at capacity, they were well maintained, Fix the leaks in the supply chain. those who import, obtain the subsidy and turn around and take the product out.
@Seaman0162
You are right, BUT if we want Nigeria to progress, we need to trust the government to use the subsidy money efficiently and not awarding projects at overestimated prices to steal money. Maybe an external auditing firm monitoring these projects would help as I believe Nigerian firms can easily be compromised, because spending 27% of 2012 budget on Subsidies is not sustainable.
American President has only 2 aircraft, GEJ has 9in his fleet and voted money recently to buy 1 more! The BP Min. has only 2 official cars, GEJ has 23 in his pool and only recently voted 300m to buy 2 more bullet/bomb proof ones! Sen in US earn about$6,000 dolls mnthly and dats abt what a Uni prof, a director in a state dept, or a doc wt 20yrs experience, but in Nigeria a senator earns245million Naira per annum!
Also, what will the government do with the excess subsidy there are no more paying? will they use it to build or develop refineries. Will it be used to industrialize the nation or will it be another huge cake that every greedy and corrupt politician and civil servants will eat from? These facts are not mentioned in this debates.
y on earth do we import things God has blessed us with ?
and yet they are not ashamed. gradually Nigeria is becoming a laughing stock
high rate of poverty, no peace, no job, humans against humans, empty heads as rulers, people going to bed hungry with no hope for tomorrow. SMH o Nigeria my sweet and beautiful country i weep for you
The subsidy in 2011 amounted to roughly $8billion, about 4% on G.D.P, that's money that can be put to better use!. The programs enumerated by Mrs Okonji r indeed worthy ones that will have lasting implications 4 every Nigerian. So the onus then is on Nigerians particularly the PRESS to hold this govt accountable.
A phase-in removal approach is not entirely unreasonable, so instead of doing it all at once, why not in quarterly (25%) increments, so that ppl r more able to absorb d shock.
Great upload guys, thanks.
I can see a brighter future in Nigeria, if we are honest with ourself.
This is excellent sacrifice on the part of all those present and especially those involved with the planning .Dialogue is the mark of a great civilization . This is one thing that wouldnt have happened under a military governance . I expect more of this kind of meeting where the people can be able to express theemselves thereby enlightening the masses . Thats the way forward. Now at least we know there are rogues that need to be fished out
I think we all need to watch this before we decide on the fuel subsidy removal.
There is a some logic to removing it but the government must deliver on it's promises and put some things in place first.
* point of correction- people will then start to believe in the government.
Very informative, loved it. Thanks for sharing. Please next time, get a professional journalist to moderate the event and not Nduka. I hope we will continue to have more conversations like this. Isa Aremu should take it easy. He appeared arrogant to me. He doesn't look different from those in govt. I enjoyed the dialogue. Thanks
@jaygald Please let him remain silent, I for one would not want to hear from him. He was at d helm for 10 years, what did he accomplish..., absolutely NOTHING!!.
If we can organize and mobilize like this ( the OCCUPY movement ) against corruption which is d #1 issue keeping 9ja from becoming a great nation, then we will root out the looters!!. Let us demand ACCOUNTABILITY thru PROSECUTION.
aunty Ngozi, you dont want the 'better-off' to benefit from the subsidies? why? because they don't pay taxes? or is this just a government of the 'poor'. please you and uncle Jona should fix your shop and stop chasing shadows.
• The US, almost d size of Africa with about 500million people have 24 ministers, and 32 govt parastatals and commisions, Nigeria has 42 cabinet ministers, and over 50 government parastatals!
• America with about 500million people and more mileage to drive consumes 39million litres of petrol daily, Nigeria with 150million people 60% out of which live in remote areas, yet our govt tells us we consume about 35million ltrs of petrol daily!
IS SUBSIDY REALLY THE PROBLEM OF NIGERIA?
say sth else
GEJ needs to show us that he is sincere by slashing all their stupid overheads, NASS allowances for sitting twice in a week!!! and also the governors security votes that transfer to nothing. No one will be seeing all these and see reasons with the government. He who wants equity should come with clean hands. Why is the NASS president paid 88 million in a month? For doing what? For no obvious productivity after rigging elections. GEJ meant well in all sincerity but show examples please
i.e we use our pmg for transportation mostly.(just for 1 year) and alternative methods for everything else.....By so doing, this govt will be able to use the budget allowance for fuel subsidy of 2012 can be conveniently used to repair all our 3 refineries even within the year if extra effort is put in, so by the end of the year, our flow of refined products will increase gradually and we can then adjust accordingly (I believe this also was how the western world achieved there goals also)
Cont.
They say refineries will be up in 24 months, then they should wait 24 months before removing the subsidies
In 2010, 2.8 million litres of PMS were refined averagely per day in NNPC (Local Refining). Are we paying subsidies on that also? Yes, it must be because if not, then Mrs DAM still has more explanations to make on how 1.134 trillion was spent on subsidy when 2.8 million liters per day is domestic refining. Doing a quick calculation reveals that 76 billion naira is the amount of subsidy paid on UNSUBSIDIZED domestically refined fuel.(WE NEED THESE PEOPLE BOMBED IN THEIR NEXT CONFERENCE )
I'm overly surprised that Femi Otedola and Aliko Dangote sat through the entire debate without uttering a single word, but then, they are hugely the beneficiary's.
Amidst all these heat in Nigeria why is Obj silent?
She obviously doesn't understand Telecommunications and Deregulation... the question is that before the Liberalisation was NITEL being subsidized... I don't think so... Why can't they talk about Liberalisation of the Power Industry...
We want to see Prof. Tam David-West and General Buhari Rtd.
At the end of the day, the money saved on the subsidy will be shared among these fools!
This also means that jobs will be created in almost all d sectors of industry across d board as extra pressure 'll be on them to generate d loss of income 4 d economy.
I know it's easier said than done but we r strong will determined people n I believe a little sacrifice 2day can build a better future 4 our next generation 2 come.
REMEMBER NO SUCCESS WITHOUT HARD WORK..We r d only 1's who can shape Nigeria to be good, better or best.
THE LORD IS OUR STENGTH.!!!!....but the struggle continues.
Mrs minister of finance telephone is not GSM... The telecom sector (Nitel) which you claim to have been opened up is not working...
there is no welfare provided by the government for the people, and the poor who are inadvertently going to suffer from this more will have to spend more money that they do not have to get the basic things that they need.Prices of the bus,food and healthcare will all be going up. So pls don't tell me that i should not criticise until i have heard all the facts, i have heard enough and found it completely wanting.
unattended issues include- the recommendation by femi Falana that the government hits SPDC for the recent spillage in the Niger Delta. Another issue the coordinating minister needs to understand is that for people to trust government again, they need to see/feel government commitment. Seeing they say is believing. If turnaround in the ports has improved, how (not does) has that translated to the common man on the street?
I wonder how many Nigerians have seen this debate. Cut government spending.
Why is there a refinery in kaduna, when there is no oil there? What happened to bayelsa state?
Femi Falana is an amazing man very dynamic.
i hate the way they praise this guys..kmt!...
Minister of petroleum resources diverted from the question being asked by John Momoh: "Why is it difficult to bring to book the cabals?"
I hail Oshiomohle presentation.
You people should rewatch this.
@toluwatoye That is the main thing... they are not getting informed... Most of them just go to facebook and read info instead of doing other sensible online...
What percentage of the Nigerian budget is stolen by corrupt politicians in government?
@TheJunior110 you are criticising something which you do not understand yourself.
Privatisation saved us from the inefficiency of Nitel. Telephones were costly and unaffordable at first, but the situation changed rapidly after the market was opened up.
If you remove subsidy, are you going to increase salaries for the people who make minimum or low wages to meet up with the inflation that the removal will bring? Same as to the multitude who survive on mere hawking and other low scale trades? Else expect people to turn to robberies and all sort of things to survive. What is in place for poor citizens to survive?
@drsouth1234
by Paying the oil subsidy, we are creating employment for the importing country and losing money ourselves. by removing this subsidies, money will be available to invest in the country itself.
@emecca123, you believe these thieves..the money from excess crude, increase in fuel all these years, even when Ngozi was finance minister, what did they use the money for and still we do not have ELECTRICITY.
We need to DEREGULATE our legislooters and senators compensation package. How can each of them be earning 4 times the salary package of the US president, while we are not bigger than the size of the state of TEXAS in the US. laakuuli jalailu
There wan't enough diversity of opinion. There should have been someone on stage slapping the officials the way regular people want to. Half of the people up there will be enriched when prices shoot up.
I bet Most people making derogatory comments here have either not taken time to watch this video full lenght or are hasty to jump into conclusions! I believe in this forum & if all including Okonjo, Sanusi, Adams, Ben Bruce, the pragmatic Femi Falana & other well meaning Nigerians will follow up on this discussion, govt on its part embarks on implementation of proposed action plans with erudite transparency, Nigeria will well be on her way to significant +ve reformation over the coming months!
Wow that was alot to digest but HIGHLY recommended. Please watch this video so you have the FACTS about what is really going on... 72% of the government BUDGET goes to "recurrent GOVERNMENT expenditures" ! Only 28% goes to CAPITAL (the people)! This Oil subsidy that we are talking about is included in the 28% ! LET THE TRUTH BE TOLD! How dear you ask the poor in Nigeria to suffer on your behalf!
Are government officials willing to take salary costs?
the nysc guy aptly personifies the state of our education in Nigeria, he is obviously intelligent but still cannot articulate his views properly
This debate is actually eye opening but the facts are left unanswered. If u take off the subsidy of fuel from the government will the cost of living be forcefully upheld at the required inflated level that this will cost.i,e if fuel price is N140 is there any sector of the government that will enforce this price nation wide and forcefully persecute miscreants who will sell above the official price?
@gnominator2 As much as i admire Ben Bruce, you are right, his mathematics was not logical. He should have stayed away from the figures.
this woman think she is talking to fools, she talking about poor using bicycle , what about commecial vehicle, or is she saying the poor does not travel, the fact is that things are going to be expensive as long as fuel is the source of transport
eliminate duties for fuel efficient vehicles.
Power generation projects? What nonsense. How about power transmission and distribution. If you generate and don't know who you're distributing to, who are you fooling? How many properties are there in Nigeria? Where are they located? What is their consumption capacity? NIGERIA, WAKE UP. Nigeria will generate power is not enough. You need a detailed Process Management in place, if you must move Nigeria forward.
Stop the wastage in all these White Elephant projects.
revolution i support Gbam!!!
Felani is ekwensu. God punish devil
This govt, however sincere it may be would continue to have problems with common Nigerians on the street until they can make examples of the cabals who drove us to this mess. I want to believe that some of the cabals are sitting on the front row even in this town hall meeting. Believe you me, they are strategising on how to mess up the good policies of the govt just for their selfish interest. Let the govt show good examples now by drastically cutting down frivolous expenses, e.g. the senate
My fellow Nigerians.....Abeg hear me out o!!.
It just my lame man terms opinion!!!!!!!,
Why don't we approach this problem from different angle, so that it will not only be the masses that will suffer this time around?
CONT....
Adams Oshiomhole for President!
Nigeria is a country full of intellectual but corruption kills badly.
MORE THAN 20 MINUTES INTRODUCING PEOPLE..................... LET THE SHOW BEGUN , NIGERIA YOU UNA TO GET MOUTH
Mad people everywhere. Just imagine
Every Nigerian can buy a bus pass at subsidized rate.
this okonjo iweala is one of our wicked selfish but affluent well educated (harvard) CV filled (former MD of World Bank) politicians in Nigeria, was it not when she was also in power during the Obasanjo term that the fuel price went up too? yes she did something positive dat time by helping to clear the debt, now she's back again into d finance realm and she is dictating bullshit, when she doesnt have a clue what suffering is like huh
God help us
See how much time is wasted on introducing people.
Things are indeed falling apart. Break up Nigeria to smaller parts for manageability
We had all this promises 8 years ago....
I thought this woman is a professional... This is stupidity..
I am very very very disappointed . This is the explanation of a financial planner and adviser, not en economic planner. Why is it so hard for them to set a target to build refinery after almost 12year after so called democracy. Every talsk of GSm and do not consider the amount of money thathas been taken out of the country
by the so allied GSM operators. We had the option of using CDMA which s cheaper and as effective.... yet they all talk as if GSM was the best