REFINE WHAT EXACTLY ? CURRUPTION? AM SURE YOU DON'T MEAN WHAT YOU SAID WHERE WERE THEY WHEN DANGOTE STARTED. IFF I BECOME PRESODENT TODAY AM GOING TO RETIRE EVERY ONE WORKING IN THOSE REFINARIES COLLECTING SALARIES AND YET NOT REFINING A DROP OF CRUDE
You want to buy petrol from a refinery that bought its crude oil in USD, you will pay in USD. If you supply the crude oil in Naira, you can buy the petrol in Naira. If you supply the crude oil in Naira but at the prevailing USD market rate, you will also buy the petrol in Naira at the prevailing USD market exchange rate. If you want to continue to subsidise the cost of petrol to Nigerians, then sell the crude oil to DRL at a discounted price, and the discount will be reflected in the price of a litre petrol. For the record, the price of a barrel of crude oil represents 60% of the final cost of a litre of petrol at the pump.
The blame should go to the government, which has not been able to make our refineries work, stabilize our currency, or properly manage our economy. Dangote is doing the country a HUGE favour by selling at $0.55/liter to NNPCL, after all, he could take his product to nearby African countries and sell higher. He is truly patriotic. Moreover, he is a businessman and has loans to service and pay back.
Don’t mind Otitoju. He went to buy shoes made abroad for his wife when he could support local production by buying ones made in Aba. There are good private universities in Nigeria, but they will rather send their wards abroad wasting the scarce FX that could be used for more productive ventures. Talk of entitlement mentality. I am happy with the deregulation of the FX market. Now the rich/wealthy can now cut their clothes according to their clothes, no more lavish lifestyle
@@sinaajiboye2213 God bless you. They want government to spend our reserves money to lower the cost of dollar and enable ridiculous import. Now nigerians go sabi say ogogro better pass vodka and ikorodu hair better pass Brazilian hair .
What was Cadoso doing before he was appointed as Central bank Governor? Cadoso served Lagos state as commissioner over 20 years ago. He brain have been lying comatose for 2 decades and is currently bereft of monetary policy and fiscal policy of growth and development of any emerging economy like Nigeria. Come on! Cadoso needs a proper retraining to accommodate his lapses for a new challenge in terms of formulating monetary/fiscal policies faced by emerging economies.
Do not crucify Dangote for the price of petroleum. He’s a business man and his product should not be for anybody’s pleasure. You can’t afford it, don’t buy it. The price of petroleum will not be competitive until Warri and Kaduna refineries start producing, and there is no continuing sabotage. Until then, Dangote has a free ride. He’s in the driver’s seat. In fact, Nigeria’s price is cheaper than that of the United States. And producers in the U.S. are private companies.
My brother, We did not make that decision to devalue our naira. Our governement did without proper knowledge of the consequences at the request of the IMF and other financial lenders.
The 2nd guest to BKO just hit my point. Nnpcl is not telling the public that its not paying subsidy on dangote supplied petrol but its paying subsidy on imported petrol. Thus creating confusion around opinions that imported dirty fuel is cheaper than Nigerian made.
It's not only China that patriotically controlled it's currency. Abacha did it for Nigeria. Don't blame the CBN. They do the bidding of the President. .
@@abdurrahmanlawal9798 Nigerians made the Naira weak. Nigerians love imported goods and dont patronize the products they buy; hence more need for dollars and devaluation of tbe currency
@@peoplesnationtvyou’re among the problems of Nigeria if you think this way, APC government told you to stop buying imported rice and now you buy local rice which was 8,000 naira way back in 2015 98,000 in 2024. You need to break out of this government matrix
All is false. Since NNPCL have cowed all the product to their conduit, no one will know the truth. Now, Dangote product was sold at less of N800 yesterday. It is now sincerely obvious that NNPCL is fixing the price to allow them sell their imported products
My question is are we saying that this Lazy Aboki/Notherner that are pulling us back/down can not be control are they above the law with their ilitracy,? We can not seat have a sleepless night overlooking this people, something seriouse must be done , so that they will let us move one. We need to pass the law that will regulate the sales of $ in black market if they will remain lazy.
Not being sentimental, the biggest culprit is CBN. Do you check their official rates? Even at that rate why the heck won't the CBN open the visa/mastercard channels since the rate is not that different from black market. Let the currency be dictated by so called market forces, but they should open up the channels so people will no longer rely on black market.
@@saifullahiaminu6508 ok, put it this way, did we manufacture and export any goods, ? All industries collapse because of light, how did people owe a bank without prior industry, or company or big share/capital, the all selling $.
Marketers should buy directly from dangote in naira at the prevailing market exchange rate on date of purchase and cut out NNPC. Also how do you compare substandrd inported product with dangote's well refined product. No substsndard product should be allowed into nigeria so we csn compare like products. Lastly the nigerian governement should ensure that crude is sold to dangote in naira. Why should nnpc be the sole distributor? We already know how inefficient nnpc is? Besides its a plc now, what gives them so mucb power in this matter?
You have no clue about economics. Where did you get your degree from if you have one? CBN has done the best it can, don’t expect magic. Low productivity is the reason for our devalued currency. Fix security and productivity will jump up.
Dangote fuel is one of the best in quality fuel in the world. The price worldwide is higher than the junk NNPC and its local marketers import. So they want to import cheap junk fuels regardless of what it does to our cars because of the more profit they will get.
Can the Nigerian government continue to subsidise fuel in West Africa. $0.42 USD per liter as at February 2024 when your neighbours are paying over $1USD. Just guess how the importers will suffer from the arbitrage 😂
Other countries leaders are smarter and more ittenlligent than Nigerian leaders.ln other countries the increase minimum wage,increase the citizen purchasing power so that they can increase the price of fuel....
You have forgotten that the devalued currency will make us attract more foreign and local investors and investments. Our people abroad will come and build homes, set up business in the nation. We would be encouraged to set up more local industries and we would substitute local goods for foreign ones. Also, our goods will be cheaper abroad if we devalue our currency and we would eventually become an exporting nation.
Peter Obi keeps telling us that we must shift from consumption to production economy. He said that will eventually strengthen our foreign exchange(currency). Until "square pegs are slotted into square holes," Nigeria will continue to face hardships. God save us.
Jide Iroloju will blame everyone except his boss - Tinubu. The box stops at Tinubu's table because, not only is he the president, he is also the petroleum minister. You blame NNPC, CBN, and any other minister, except your boss. What's the guarantee that the promise about CNG had any solid backing with any resources in the first place? We keep covering for a man that employs criminals into his cabinet. Continue, Mr Iroloju
Not only benin republic currency that is higher,even cotonou is better than most cities in Nigeria.Ghana universities makes Nigerian universities look like poutry farm.Uganda markets makes nigeria market look like a slump.Yet nigerian politicians are busy importing foreign suvs in convoy,subsidising hajj with billions.
Sirs with all due respect l cannot imagine you guys systematically putting all blames on the CBN governor please l ask yourselves this simple question who appointmented the governor in the first instance
Dangote can fix price if he wants to help Nigerians. Out of all the products Dangote sells in this country tell me just one he sells at reasonable price in order to help the masses.
Dangote's prices are fair. Dangote cannot sell below production cozt. Dangote company is multinational and publicly traded company, there are many investors and he needs to make profit for them. What of the billions he gives to charity yearly, you won't see that one. There are many billionaires in the world who don't give charity.
@@nuraconfirm135 A business man is not selling anything to help or please the masses. He’s selling to make profit, period. If his business falters and he’s out of business, will the masses help him or bail him out? Why don’t you tell Peter Obi and his Indigbos traders to stop taking Nigerians for a ride by reducing the prices they are charging on consumer goods and products they buy from abroad, for a change!
@@kingsleynwofe1244 Yes i mean are people insane? He invsted 20 Billlion Dollars and why should he sell THE BEST PETROL IN THE WORLD für 50 cent per liter if he can sell it for over 1,5 Dollar to rich countries like Singapore?
@@kingsleynwofe1244 Let him invest these billions into reducing the price of his petrol for the benefit of all Nigerians instead of giving to charity where only few benefit.
BKO as much as I respected your opinion and analysis. I want to call your attention to the fact that if we buy at 950/L from Dangote refinery, it's better in the overall interest of the country. It will drastically reduce if not eradicate the back door subsidy that the country has been paying with our national wealth that is not transparent.
Pls why do you have head and you can't think??if you have a dilapidated brain why not swap your brain with that of a goat? Why is your brain not working well?
See, u are only getting BKO wrongly. I have been listening to him, he is one of the Nigerian journalists that speak objectively on public issues. U only judge him right when he says something u want to hear but when he says things u don't like even though correct, u critisise him. Listen to him carefully and others on the platform before u judge them. Look, I listen to the journalist hangout to know more about the truth on public issues. Kudos to them.
@@JatoImoh it was explained to him but accepting it requires criticising the president directly but he can’t because he works at the pleasure of the president.
Otitoju, you are just talking nonsense. Must people send their kids abroad when there are universities in Nigeria? The value of your naira reflects your productivity. You want to buy shoes made abroad for your wife when there are shoes made in Aba, Nigeria. Your claim that the economy is badly managed is false, as economic indices coming in speak otherwise. Stop using this medium to misinform Nigerians.
I think we are dealing with oil gangsters. Before dangote came on board, it's in public space that landing cost of nnpcl dirty fuel was N1,117 there about. All of the sudden now, dangote of 56 cent per litre (against 70 cent of imported fuel), which translates to N898 @1,637 dollar rate. Even with all the fees dangote fuel sum up to N950. Which is cheaper? N1,117 imported dirty fuel or N898 dangote clean fuel? What the oil gangsters are leaving out of the discussion is that nnpcl should apply same thing (recovery/subsidy) that makes it sells N1,117 imported fuel at N840 TO dangote fuel of N950 and see the price falls below N700. Simple. BUT corruption will not allow it, the opaque fuel deal only strive with their continual importation of dirty fuel, so as to claim humongous subsidy on inflated daily consumption of petrol. Only Mr. President can save the situation IF he truly cares about the people OR he choose to protect the interest of our CAPTORS, the establishment.
Warri and Port Harcourt refineries should refine and sell for 600, leave dangote in peace
Yes that is if nnpc is not corrupt, and are refining..
You said the ugly truth
@@alabasofowora657you are very much right
REFINE WHAT EXACTLY ? CURRUPTION? AM SURE YOU DON'T MEAN WHAT YOU SAID WHERE WERE THEY WHEN DANGOTE STARTED. IFF I BECOME PRESODENT TODAY AM GOING TO RETIRE EVERY ONE WORKING IN THOSE REFINARIES COLLECTING SALARIES AND YET NOT REFINING A DROP OF CRUDE
You want to buy petrol from a refinery that bought its crude oil in USD, you will pay in USD. If you supply the crude oil in Naira, you can buy the petrol in Naira.
If you supply the crude oil in Naira but at the prevailing USD market rate, you will also buy the petrol in Naira at the prevailing USD market exchange rate.
If you want to continue to subsidise the cost of petrol to Nigerians, then sell the crude oil to DRL at a discounted price, and the discount will be reflected in the price of a litre petrol.
For the record, the price of a barrel of crude oil represents 60% of the final cost of a litre of petrol at the pump.
The blame should go to the government, which has not been able to make our refineries work, stabilize our currency, or properly manage our economy. Dangote is doing the country a HUGE favour by selling at $0.55/liter to NNPCL, after all, he could take his product to nearby African countries and sell higher. He is truly patriotic. Moreover, he is a businessman and has loans to service and pay back.
@@evidenceonyekaobi9014 the refinery belong to Nigeria, where did Dangote get the money and free duty importation of all machinery????
@@evidenceonyekaobi9014 we are all government, people are government.
NNPC are very inefficient and also very wasteful they should be disband no need of macy. They are caloaus.
Subsidising petrol prices or the FX rate are ultimately unsustainable, and will further impoverish the nation.
No magic should be expected from CBN, what else is the country producing to earn FX? Monetary policy cannot fix low productivity and low exports
Oga jide just dey make noise 😂😂
Don’t mind Otitoju. He went to buy shoes made abroad for his wife when he could support local production by buying ones made in Aba. There are good private universities in Nigeria, but they will rather send their wards abroad wasting the scarce FX that could be used for more productive ventures. Talk of entitlement mentality. I am happy with the deregulation of the FX market. Now the rich/wealthy can now cut their clothes according to their clothes, no more lavish lifestyle
@@sinaajiboye2213 God bless you. They want government to spend our reserves money to lower the cost of dollar and enable ridiculous import. Now nigerians go sabi say ogogro better pass vodka and ikorodu hair better pass Brazilian hair .
Don't mind Mr Iroloju. He'll say anything except lay blame at the foot of his boss
What was Cadoso doing before he was appointed as Central bank Governor? Cadoso served Lagos state as commissioner over 20 years ago.
He brain have been lying comatose for 2 decades and is currently bereft of monetary policy and fiscal policy of growth and development of any emerging economy like Nigeria.
Come on! Cadoso needs a proper retraining to accommodate his lapses for a new challenge in terms of formulating monetary/fiscal policies faced by emerging economies.
Justify the importation?Ehat about the jobs? Is the Presidency fooling Nigerians? Talk less of the foriegn that goes with th imports.
Do not crucify Dangote for the price of petroleum. He’s a business man and his product should not be for anybody’s pleasure. You can’t afford it, don’t buy it.
The price of petroleum will not be competitive until Warri and Kaduna refineries start producing, and there is no continuing sabotage. Until then, Dangote has a free ride. He’s in the driver’s seat. In fact, Nigeria’s price is cheaper than that of the United States. And producers in the U.S. are private companies.
My brother, We did not make that decision to devalue our naira. Our governement did without proper knowledge of the consequences at the request of the IMF and other financial lenders.
The 2nd guest to BKO just hit my point. Nnpcl is not telling the public that its not paying subsidy on dangote supplied petrol but its paying subsidy on imported petrol. Thus creating confusion around opinions that imported dirty fuel is cheaper than Nigerian made.
No need for justification as importation will put pressure on Naira.
Let's Igbo go first thing Nigeria must do, this what God spirit told me, if not Nigeria and her sporting countries must understand I am Jehovah.
Babajide is the Naira not devalued to attract export, so what are we exporting apart from crude oil to attract major foreign exchange.?
It's not only China that patriotically controlled it's currency. Abacha did it for Nigeria. Don't blame the CBN. They do the bidding of the President.
.
Abacha only used it to loot, selling dollars to his family and cronies at #22 and selling same at the black market for #70
The main issue is the weak naira which is currently N1,630/ 1 USD. If our naira was around N800/ USD, fuel drops by half to N450/ L
Who made naira weak ? Is this not this Government? Make naira strong to reduce the price of petrol.
@@abdurrahmanlawal9798 I agree. Dangote is not to blame for prices at N950/ L.
@@abdurrahmanlawal9798so how should government make naira strong?
@@abdurrahmanlawal9798 Nigerians made the Naira weak. Nigerians love imported goods and dont patronize the products they buy; hence more need for dollars and devaluation of tbe currency
@@peoplesnationtvyou’re among the problems of Nigeria if you think this way, APC government told you to stop buying imported rice and now you buy local rice which was 8,000 naira way back in 2015 98,000 in 2024. You need to break out of this government matrix
NNPCL should repair their refinery
Mr.Otitoju, Nigeria should increase production beyond just oil...the single product. Stop comparing China that has multiple products to play with.
Stop this nonesense comment, otitoju is correct, for your information, CBN, nnpcL, and presidency are our problem today in Nigeria
Exactly@@chijiokwuelvis7356
All is false. Since NNPCL have cowed all the product to their conduit, no one will know the truth. Now, Dangote product was sold at less of N800 yesterday. It is now sincerely obvious that NNPCL is fixing the price to allow them sell their imported products
My question is are we saying that this Lazy Aboki/Notherner that are pulling us back/down can not be control are they above the law with their ilitracy,? We can not seat have a sleepless night overlooking this people, something seriouse must be done , so that they will let us move one. We need to pass the law that will regulate the sales of $ in black market if they will remain lazy.
I tired.
I tire.
Not being sentimental, the biggest culprit is CBN. Do you check their official rates? Even at that rate why the heck won't the CBN open the visa/mastercard channels since the rate is not that different from black market. Let the currency be dictated by so called market forces, but they should open up the channels so people will no longer rely on black market.
@@saifullahiaminu6508 ok, put it this way, did we manufacture and export any goods, ? All industries collapse because of light, how did people owe a bank without prior industry, or company or big share/capital, the all selling $.
Na statistics we go chop😂😂😂 😂
Marketers should buy directly from dangote in naira at the prevailing market exchange rate on date of purchase and cut out NNPC. Also how do you compare substandrd inported product with dangote's well refined product. No substsndard product should be allowed into nigeria so we csn compare like products.
Lastly the nigerian governement should ensure that crude is sold to dangote in naira. Why should nnpc be the sole distributor? We already know how inefficient nnpc is? Besides its a plc now, what gives them so mucb power in this matter?
BKO has said it all with the failure of CBN monetary policy...Exchange rate is the major issues we are facing right now...
You have no clue about economics. Where did you get your degree from if you have one? CBN has done the best it can, don’t expect magic. Low productivity is the reason for our devalued currency. Fix security and productivity will jump up.
Dangote fuel is one of the best in quality fuel in the world. The price worldwide is higher than the junk NNPC and its local marketers import. So they want to import cheap junk fuels regardless of what it does to our cars because of the more profit they will get.
With Non-Disclosure Agreement will not allow dosclosure of actual price Dangote is willing to sell. Dangote doesn't fix price
Can the Nigerian government continue to subsidise fuel in West Africa. $0.42 USD per liter as at February 2024 when your neighbours are paying over $1USD. Just guess how the importers will suffer from the arbitrage 😂
Other countries leaders are smarter and more ittenlligent than Nigerian leaders.ln other countries the increase minimum wage,increase the citizen purchasing power so that they can increase the price of fuel....
You have forgotten that the devalued currency will make us attract more foreign and local investors and investments. Our people abroad will come and build homes, set up business in the nation. We would be encouraged to set up more local industries and we would substitute local goods for foreign ones. Also, our goods will be cheaper abroad if we devalue our currency and we would eventually become an exporting nation.
Peter Obi keeps telling us that we must shift from consumption to production economy. He said that will eventually strengthen our foreign exchange(currency). Until "square pegs are slotted into square holes," Nigeria will continue to face hardships. God save us.
Interesting 😊
Can't we Nigerians talk about naira instead of dollar?
Jide Iroloju will blame everyone except his boss - Tinubu. The box stops at Tinubu's table because, not only is he the president, he is also the petroleum minister. You blame NNPC, CBN, and any other minister, except your boss. What's the guarantee that the promise about CNG had any solid backing with any resources in the first place? We keep covering for a man that employs criminals into his cabinet. Continue, Mr Iroloju
Too much speculation
Not only benin republic currency that is higher,even cotonou is better than most cities in Nigeria.Ghana universities makes Nigerian universities look like poutry farm.Uganda markets makes nigeria market look like a slump.Yet nigerian politicians are busy importing foreign suvs in convoy,subsidising hajj with billions.
Dont blame Tinubu, blame the minister for Hajj
Sirs with all due respect l cannot imagine you guys systematically putting all blames on the CBN governor please l ask yourselves this simple question who appointmented the governor in the first instance
Babajide patronize ABA made shoes.
Dangote can fix price if he wants to help Nigerians. Out of all the products Dangote sells in this country tell me just one he sells at reasonable price in order to help the masses.
It's your government you ought to direct this statement....
Dangote's prices are fair. Dangote cannot sell below production cozt. Dangote company is multinational and publicly traded company, there are many investors and he needs to make profit for them. What of the billions he gives to charity yearly, you won't see that one. There are many billionaires in the world who don't give charity.
@@nuraconfirm135 A business man is not selling anything to help or please the masses. He’s selling to make profit, period. If his business falters and he’s out of business, will the masses help him or bail him out?
Why don’t you tell Peter Obi and his Indigbos traders to stop taking Nigerians for a ride by reducing the prices they are charging on consumer goods and products they buy from abroad, for a change!
@@kingsleynwofe1244 Yes i mean are people insane? He invsted 20 Billlion Dollars and why should he sell THE BEST PETROL IN THE WORLD für 50 cent per liter if he can sell it for over 1,5 Dollar to rich countries like Singapore?
@@kingsleynwofe1244 Let him invest these billions into reducing the price of his petrol for the benefit of all Nigerians instead of giving to charity where only few benefit.
BKO as much as I respected your opinion and analysis. I want to call your attention to the fact that if we buy at 950/L from Dangote refinery, it's better in the overall interest of the country. It will drastically reduce if not eradicate the back door subsidy that the country has been paying with our national wealth that is not transparent.
Pls, who's orobo complaining to?
Can't he face the villa direct & cry properly to his lord & personal saviour?
😡
Pls why do you have head and you can't think??if you have a dilapidated brain why not swap your brain with that of a goat? Why is your brain not working well?
Why are you thinking like a fool?
Is there anything wrong with what he said.why are some of you VERY STUPID?
At last Babajide otitoju is back. I thought u have completely sold your conscience
My brother, reality has set in. Hunger and hardship Orchestrated by the APC government policies is dealing with everyone in Nigeria BKO inclusive.
See, u are only getting BKO wrongly. I have been listening to him, he is one of the Nigerian journalists that speak objectively on public issues. U only judge him right when he says something u want to hear but when he says things u don't like even though correct, u critisise him. Listen to him carefully and others on the platform before u judge them. Look, I listen to the journalist hangout to know more about the truth on public issues. Kudos to them.
Jide, we do not have the forex for the managed float
He does not understand how foreign exchange works. Someone needs to explain to him .
@@JatoImoh it was explained to him but accepting it requires criticising the president directly but he can’t because he works at the pleasure of the president.
This man is confused
A bunch of grumbling agbadorians will learn the hard way.
We are all in it.😂😂😂😂
Go and vote APC again in 2027.
All of them are thieves
The president should do something fast
President tinubu should intervals please
interval ke?
Person wey be intravenous dey suck our blood.😂😅😅😂@@adebayo7751
@@adebayo7751😂😂😂😂😂😂🤦♂️
Otitoju, you are just talking nonsense. Must people send their kids abroad when there are universities in Nigeria? The value of your naira reflects your productivity. You want to buy shoes made abroad for your wife when there are shoes made in Aba, Nigeria. Your claim that the economy is badly managed is false, as economic indices coming in speak otherwise. Stop using this medium to misinform Nigerians.
I think we are dealing with oil gangsters. Before dangote came on board, it's in public space that landing cost of nnpcl dirty fuel was N1,117 there about. All of the sudden now, dangote of 56 cent per litre (against 70 cent of imported fuel), which translates to N898 @1,637 dollar rate. Even with all the fees dangote fuel sum up to N950. Which is cheaper? N1,117 imported dirty fuel or N898 dangote clean fuel? What the oil gangsters are leaving out of the discussion is that nnpcl should apply same thing (recovery/subsidy) that makes it sells N1,117 imported fuel at N840 TO dangote fuel of N950 and see the price falls below N700. Simple. BUT corruption will not allow it, the opaque fuel deal only strive with their continual importation of dirty fuel, so as to claim humongous subsidy on inflated daily consumption of petrol. Only Mr. President can save the situation IF he truly cares about the people OR he choose to protect the interest of our CAPTORS, the establishment.