LABARI

░  Why are some Senators of the 8th Assembly such as Senators Dino Melaye, Ben Bruce etc., threatening to mobilise Nigerians against the government's Petrol Subsidy removal? Are  Senators Dino Melaye, Ben Bruce, etc Still In The 8th Assembly? ░  The 2016 Budget made no provisions for Fuel Subsidy Payments. So where do we get ₦16.3bn per month to pay the Subsidy? ░  The 2016 Budget was passed by the 8th Assembly. ░  The 8th Assembly, was fully represented at the signing into law of the 2016 Appropriate bill by President Buhari. The 8th Assembly applauded themselves for a job well-done. ░  Again, why are some Senators of the 8th Assembly such as Senators Dino Melaye, Ben Bruce etc., threatening to mobilise Nigerians against the Petrol Subsidy removal? ░  Where were they when their colleagues at the 8th Assembly approved and took the glory for the 2016 budget that included the removal of the Petrol Subsidy?...

#SubsidyRemoval WHY DO WE SUFFER FUEL SCARCITY IN NIGERIA ? 1. We do not have enough refineries to  satisfy our domestic need, so we depend on fuel importation 2. Fuel is bought at the international market with US dollars and importers need USD to buy and import fuel 3. There is variability up to N121 bewteen the official USD exchange rate and the parallel market rate in Nigeria.  4. The government determines the price for fuel because the CBN is the only source of US Dollars for Marketers who import fuel. 5. If marketers source for dollars themselves, they cannot sell the product at the government price because of the N121 difference. 6. When the CBN gives US dollars to importers to buy fuel and import, they opt to selling the US dollars in the parallel market since they will make more profit, say about 50 times more than buying fuel and importing. 7. Most of the few marketers and dealers who use the dollars they got from CBN to buy fuel and import, divert the fuel to...