World bank says Nigeria’s 2024 inflation rate will drop to 24.8 per cent

[Agbe]

As it is the former Governor of Kaduna state is accusing the president now that, he is paying fuel subsidy secretly. And fuel is still high. How?

I do not know if the federal government are still paying for fuel subsidy, but it can be true. If you notice that as inflation increase in Nigeria, PMS price did not increase. It is possible that the price has actually increase but the government start paying the subsidy again. But some refineries are working in Nigeria now which may be the reason the price of PMS is not increasing as the local supply increases. According to the news I read last month, marketers said if the refinery in Port Harcourt is fully functional, that it is possible that the price of PMS may reduce. Although, I do not know how true this would be.

PH refinery: Marketers eye fuel price reduction, ready to load

Yes Rufai claims that the FG has spent over 8 billion Naira on fuel subsidy, and that is why we are buying petrol at the price of 670, that if not petrol would have be as expensive as diesel. I am shocked to hear this, because I thought that subsidy on petrol have been removed by the new administration in May 29th.

You can read it here https://www.vanguardngr.com/2024/04/fg-still-subsidising-petrol-in-trillions-of-naira-el-rufai/

[Tribalchief]

I came across a figure that happens to be the new inflation rate, but I can't really remember the value now. Recently, I have seen tweets saying that the Naira has appreciated and the prices of goods are beginning to come down, especially the price of a bag of rice, which fell from 80K to 64K. Though news like this is quite impressive, I can't really feel the effects when I choose to make purchases. The issue with local marketers is really making things more difficult for everyone, making it seem as if the country is making progress.

Yes Rufai claims that the FG has spent over 8 billion Naira on fuel subsidy, and that is why we are buying petrol at the price of 670, that if not petrol would have be as expensive as diesel. I am shocked to hear this, because I thought that subsidy on petrol have been removed by the new administration in May 29th.

You can read it here https://www.vanguardngr.com/2024/04/fg-still-subsidising-petrol-in-trillions-of-naira-el-rufai/

How can they spend 8 billion naira on fuel subsidy when it was removed the moment they came into power? The whole story doesn't even make any sense. Unfortunately, there is no one to hold them accountable for all this bad joke because those who are supposed to represent us (Labour Congress) have become their puppets. Just imagine if the supposed 8 billion naira wasn't spent; then, we would have bought it for 1200 and above.

[Rruchi man]

How can they spend 8 billion naira on fuel subsidy when it was removed the moment they came into power? The whole story doesn't even make any sense. Unfortunately, there is no one to hold them accountable for all this bad joke because those who are supposed to represent us (Labour Congress) have become their puppets. Just imagine if the supposed 8 billion naira wasn't spent; then, we would have bought it for 1200 and above.

It is either the figures that they are giving are figures they spent maybe as outstanding payment before stopping payments completely, we all know that for some kinds of agreement that have been long existing, it takes more than word declaration to stop it, there have to meetings held to end agreements. The president may have declared "no more subsidy payment" on his first day in office, but that was not the day it took effect although we started seeing the effects from that day because we sabi dey wicked to ourselves well well.

[enwi]

How can they spend 8 billion naira on fuel subsidy when it was removed the moment they came into power? The whole story doesn't even make any sense. Unfortunately, there is no one to hold them accountable for all this bad joke because those who are supposed to represent us (Labour Congress) have become their puppets. Just imagine if the supposed 8 billion naira wasn't spent; then, we would have bought it for 1200 and above.

It is either the figures that they are giving are figures they spent maybe as outstanding payment before stopping payments completely, we all know that for some kinds of agreement that have been long existing, it takes more than word declaration to stop it, there have to meetings held to end agreements. The president may have declared "no more subsidy payment" on his first day in office, but that was not the day it took effect although we started seeing the effects from that day because we sabi dey wicked to ourselves well well.

Maybe if the president continues to provide subsidy payments it will cause the state debt to increase. Actually, it is difficult for the president to make a statement like that, but there is no other choice but to declare it so that the state's financial condition remains stable.