 Thanks for staying with us now. In the 1970s, fuel subsidy was implemented to keep fuel prices low. But it had grown to become a financial burden costing the government about $10 billion last year. The term subsidy gained national attention in 2012 when former President Goodlock Jonathan proposed its removal. This led to an increase in fuel price from 65 Naira, which is about $0.14 to $0.14 Naira per litre, which is about $0.30, less than $1 per litre, which sparked two weeks of protests coined as Occupy Nigeria. As a result, Jonathan reversed his decision to remove the subsidy. Tenubu, who had embarked on some of Nigeria's biggest reforms in decades to tackle issues including its high debt burden, ended the subsidy on May 29 during his inaugural speech. Nigeria imports almost all its refined fuel due to inadequate refining capacity and neglect of existing refineries. As the largest producer of crude oil in Africa, this poses a huge problem. So tonight, we're asking, how is Nigeria today with regards to the implementation or rather the increment of these fuel prices? Let's hear what you have to say. Remember, you can join the conversation, send us an SMS or what after 301-803-84663. You can also tweet at us at Weishu Africa One with the hashtag Weishu. I remember doing it very clearly, but let me come to you, Ute, because you're what's in the news was centered around the conversation for today. Do you want to take that? Well, it's a short story. The headline simply says, IPMAN identifies reasons for new hike in fuel price to 617 Naira per litre. The national president of IPMAN, which is the independent petroleum marketer association of Nigeria, explained the sudden hike in pump price of patrol products in Nigeria, blaming it on the rising cost of the dollar. Of course, we know that the finished product is of course imported using dollars, and as the price of that increases, giving that the the FX market has been harmonized. So we don't have the separate rates at the irony window and the various other options. It's been harmonized. So as the rate goes up, the market is determining the price of dollar. The market is determining the price of fuel. The fuel is dependent on the price of cost of dollar, and hence the vicious cycle continues. So when we took the hit of 400 Naira to 500 Naira, we thought perhaps we would breathe a little bit, but now it is 617. And the most depressing part, depressing part for me is that there is no end in sight, because of course, as the Naira continues to weaken against the dollar, so all of these dollar dependent purchases will also get more expensive. So in line with the reality today, yes, the president in his short time in office has made a lot of reforms, and I'm still not hearing solutions. I'm still not hearing how we're going to stabilize the rates, the free fall of the Naira against the dollar, and now that the market is setting the rates, I'm not hearing solutions to the plight of you and I. I mean, when the outgoing president said he wanted to borrow from World Bank to give money, everybody shouted. And then two days ago or so, I saw 8,000 Naira was being banned. The exact same thing. And I'm like, do we not have any new ideas? Do we not have solutions? Do we not have ways in which we can invest today to stimulate the economy? Can we not invest in electricity and infrastructure that will allow the MSME sector's businesses to drive the economy to somehow send money? Because at this point, I mean, every time I think about it is just depressing. Like one minute you are, you're just about trying to even find your level or some sort of equilibrium. And then this whole thing just sort of messes you up. Like somebody literally just takes the carpet and just yanks it right off from under you. And all of that being said, oh, your chest is spinning, your heart, yeah, yeah, yeah. We're all looking for air to breathe. We are not even at, some people can't eat a book. Like literally somebody yesterday was telling me she couldn't leave her house because she didn't have petrol and she couldn't afford to buy petrol. So these are dire times. And I literally, everywhere right now is, are there answers, are there solutions, are there creative solutions that will solve this problem? I haven't seen it. I haven't heard it. When the business mogul, Dango Tay mentioned, you know, booming economy to be able to create, you know, jobs and all of that. We know all of these things, right? No, as in, I'm saying that these things look really nice on paper. But you know already that this country is, we are not like literally everything that we consume, right? A huge percentage of that is being imported is dependent on dollar. That is why the vulcanizer today just for fixing my tire told me that he wanted to collect $2,000 and I said, what happened? He said my dollar and then what did he say that something about fuel price? I say, how does that one consign this tire that I want to fix? So he was going to charge me $2,000. I said, okay, it's $1,000 I'm going to give you. You either collect it or you don't collect it. He will collect the money. Now, this thing is not just stopping there. There is so much that has been impacted with this price increment. What, I asked this question the first time they increased this fuel price. And I'll still bring it back again. It is NNPC that is setting a benchmark for this pricing, right? We already know how Nigerian structure is that I will buy something 10 Naira and I will come and say it is 100 Naira that I want to sell it. Who is regulating some of these cost prices, right? How do we even check that, okay, you know what, this is the exact landing cost. And if you are a government, if you are serious about this thing, students will be taking off some of these, what's it called, those extra taxes that would increase the prices of these commodities. When you know clearly, you can look away from that. You understand? You can look away from the taxes or whatever that you generate from these kind of commodities because you know this commodity is a direct impact on the average person on the street. But no, we will still impact it at the high, will you import it at the high cost? Not only import it at the high cost, NNPC decides to say, you know what, this is a price we want to sell. Every other person will have to fall in line. What is there somebody today that can bring in this fuel at a cheaper price that can be sold at a cheaper price, right? We are not even exploring those options. I promised myself I was going to be very quiet today, but I'm tired because this is really, really ridiculous. Where do we end this matter? Today, dollar is at $800 and what's it called? $35. Some people are buying dollar. Parents are stranded. They cannot, they cannot pay school fees for their children. You already destroyed the health care system. You destroyed the educational system. A lot of parents are paying through their nose to be able to take their children to school. So, please let me hear your thoughts. That's the vicious cycle for me right now. Because the price is in free fall, right? Everybody that has Naira right now is going after dollar. And if the market is setting the prices and is supply and demand, the price will keep going up. It will keep going up. So, they can't even, they can't even stop it. You see, I'm not happy. You see, are you? Smile. I should cry. Because I want to open the book of lamentations. You know who T said it earlier today. So, let's open to the book of lamentations one on one. It is not interesting what has been happening with when I heard that they increased yield. All I could think of was already parents as a teacher and as an educator, what came to my head was, oh, already parents are already going through a lot because they are the end game at the end of the day. We have the consumers who will also go through the same thing. The parents are, they've already increased school fees. Currently Epoma is on strike or the workers are currently on strike because the students actually went out and complained to how to meet them, a little protest complaining that they've increased their school fees. So with this, at that time, it was like 500 and something. Now it's 617. That means they'll come out again. I am really, I, psychologically, I am gone. Because I don't know if Nigerians are feeling the same pain I'm feeling, but psychologically, I am trying to detach myself from the problems that we are facing in Nigeria and trying to seek a personal solution to what I'm going through as an average Nigerian. And I think that's what every other Nigerian is trying to do. How do we raise our head above the waters and actually breathe a little? Because it just keeps coming in ripple effect. Let's not talk about the fact that transportation is going to be on the increase. Let's not talk about the fact that food, the food we buy in the market will be on the increase. Everything is going to skyrocket. Again, purchasing power is, is so low. Nobody has money. Everybody's complaining. Just like Uti said, you know, it's we just need a breather. We need a solution to this problem. And when I also looked at the demographics from, from other countries that are actually selling fuel, I realized that Nigeria is an opaque country. We are supposed to be on the lower end. We shouldn't spend so much money. But we have individuals or we have countries like Venezuela, we have countries like UAE, we have countries like Tunisia, Indonesia. All these countries have packed their petrol on 600 and something Naira in according to Nigerian currency. So it is sad that we are where we are today. What we just really need is a solution and a cushion effect from this debacle that we are all going through in Nigeria. Sorry. By the way, you look good today. Let me use it to calm myself. I like your, you're looking very pang. Thank you. Thank you. I'm trying to keep myself sane. Like I said, it's Nigeria is happening to everybody. Everybody is. I don't know psychologically, I can't even think. You're trying to get out of it. Something else comes up. It's, it's just sad. It's so sad. You hear your thoughts, Jennifer. You know, at this point, right, I think I'm like a zombie, right? Because when, when things like this come up, I want to be scared. I want to be angry. I want to be upset. I don't feel anything, right? You've zoned out. I'm just like, what can I do? Right? It just shows that I'm going to be spending a lot more. And the truth about the government is if they keep using the same strategy, we keep getting the same results, and they keep recycling the same strategy, the same plans that the government of old have been using. And to me, it just baffles me, right? You can see that it never worked in the past, right? So why are you still implementing the same thing? And the world is changing, right? We're trying to make progress, but you keep taking us back. We're not even just standing in one place. You're taking us back. The standard of living is so high right now, that it is affecting every level of income earners, right? Even people who feel like, oh, you're earning so much. The truth is that the amount you're going to be churning out monthly is going to be way higher than what you were churning out a few months ago, not stock of the low income earners. People cannot afford to pay for transportation, right? People are struggling to pay for transportation. For those who are using boats and Ubers, they've become extremely expensive. I know how much I spend on that right now, compared to what I was spending. Yeah, even that, right, is still expensive, right? And that's the honest truth. One of the reasons why people left the yellow carbs to Ubers, aside maybe security or safety is also the amount, right? It felt like, okay, it was a bit cheaper, it was stabilized. But right now, it's way more than we're paying then. And it's crazy. Because I don't know, food is going to be very expensive. Now, if you're thinking of buying groceries for your family, you should know, in fact, just double what you spent last month or two months ago, just double that. And that's what you're going to spend when you go to the market. And this is where I say government is funny. So when someone sent me that message last night to say, oh, prepare for fuel price increment and all that, I'm going to fill up your tank. I said to myself, first of all, how many tank can you feed? You don't feel like you will still spend and you will still buy the fuel. So it didn't make any sense to me. I couldn't have been bothered, right? But you see, the next day, my sister sent me a message, well, you need to leave this country. So when dangote is coming and saying that jackpot thing, right, is beyond just, is beyond just the job for people now, because some people are actually having decent income, right? They have, their jobs can actually take care of them if they were in a semi-client. I know that some people that live abroad, if they know that, okay, their monthly income is X, Y, Z, right? They can still afford a very decent accommodation, decent, decent feeding and everything. They can plan on that project to say, okay, you know what? With X amount of my salary, I can sort out my rents, I can sort out my feeding, I can sort out all the things and still have maybe some level of savings. There is no plan here, right? You just wake up and this same APC government was the same government that really, really sponsored a lot of things during that Occupy Nigeria. I never believed in that protest. I never came out one day to say I was going to go and stand, you know, just to protest because it didn't make sense to me, right? That because for me, I don't, for one, I don't believe that protest in Nigeria, in Nigeria works, right? So, but you know how it was tough that they had, the then president had to receive his, what's it called, his decision. He had to go back, you know. Now, you just come out and just announce something abruptly. Please, we have asked these things several times. Where exactly is the plan? Because are we going to continue like this? Farmers yesterday, part of why I was upset. Farmers yesterday, you allocated 19 billion Naira to them. Farmers that were suffering from losses based on floods and all of those things. Instead of you to, to, to major in the, major in the major, you major in the minor. What has repairs of national assembly, you understand, got to do it where we are in this situation. But you're allocated 70 billion Naira to them. You're allocated 35 billion to, what's it called, to, to judicial council. Where we all know that what exactly is that 35 billion supposed to do? You know, where you're supposed to invest and let us see how we can take ourselves out of this problem. Where there is manufacturing, we start to produce a lot of things so that the cost of goods and food and all of that will drop at least. You're not doing that. And every day it is continuous hike. If it is not the dollar that is slapping you, it is the, it is the fault. Yesterday we took a story of the electricity regulatory council saying that they have to put a peg. They have to come and explain what is making it because electricity is also trying to go, go up. And I said this several times. I bought fuel in the, I can't remember how much I bought fuel in the US. Whether 190 or something. I can't remember how much now. Let me know to remember the, the, the amount. But I know, I know that by the time I calculated the money, it was quite high. You know, if you, if you converted that money to Naira. But you see in the US, eh, I drove for 14 hours. There was no pothole. So even if I'm spending high money to buy petrol, I'm not going to spend money fixing my car. Where my car now has been, has been grounded. Why? Because of all these bad roads that we have. And the, the, the, the path I need to fix it. So even if you say that you want to increase the price of fuel, what other things are we enjoying as Nigerians? What benefits? So it's not enough for you to say, give the youth opportunity. And let us, eh, try as much as possible to, to get them to stay in Nigeria. Even if they stayed, the, the, your livelihood here, your, your cost of living, your, your life expectancy. You understand? Everything is, is being choked right now. So if you really are a serious government and you really care about your people, you really must show us that this thing is beyond politics or games anymore. Because what do you want people to do? Very some people who go on the street and start to attack innocent people. Because that's, that's where it gets into. Please let's hear what you have to say. Remember you can join the conversation. Send us an SMS or WhatsApp to 08-1803-4663. You can also tweet at us at wishyouafqa1. Yeah, if you can't, if you can't, if you can't cry, you might as well laugh because our phone line is now open. The number to call is 070-25007749. Please turn off the device that you're watching us from so we don't get a feedback. Again the number is 070-25007749. I'm tired. I don't know, anybody wants to say anything. No, I'm sure that, I mean even just needing to vent, there isn't really anything we're going to say today that we haven't said in countless episodes because it's just sense. I mean the things that you're seeing there is there's a point where I'm understanding in that I can say okay like we said before there was no money for the subsidy so we understood that the subsidy had to go. Step one, step two, very quickly followed by, here is how with creativity and in measure of innovation we are going, if you could take one hard decision how about you take a few more that actually shows us that we are all in this together and there is a way forward. The way we're feeling right now has nothing to do with the present. If you think about it, it's not the cost of the dollar today or the cost of petrol fee. It's before there is no end in sight. Thank you, there's no end in sight. So it is not the price because one thing about the resilience that we have is that we are just because people must eat, people must move around, life must continue. We adjust. What we don't want is a tipping point where people necessity is the mother mother of invention. I remember this old sorry, sorry Uti Uti, hold our thought. I think we have a caller from Worry. Are you there? Sorry for keeping you. Go ahead please. Yes, go ahead. Thank you. Thank you, Manuel. So that's the reality. The place is where there is a fault that is expensive. They don't have power issues. Go ahead. You know, so when you think about it, when there is no end in sight, what's the next thing that is going to happen? If you remember this very old Denzel Washington movie, I think it's Johnny Q or John Q. When he got desperate enough, maybe he carried gun and went into the hospital because insurance would not pay for his son's, I think was a kidney replacement or something. That is the point we don't want to get to because, like you said, innocent people will get hurt. It is now, it becomes a dire situation. When people cannot eat, when people are in darkness, I mean, there's just too much. And when you turn on the news, when you open a newspaper, you are confronted by 70 billion. That's right. So you, John Q, you're joking here. You say you cannot succeed. You can't carry 70 billion, carry 35 billion, carry 500 billion. Like, do we hear ourselves? Let me take Loma. Sorry, Uti. Loma, you're alive. Loma, are you there? Go ahead, you're alive quickly. Good evening. Good evening. I can't hear you people. It's like making a kitchen. I can't hear you people. We can hear you. Go ahead. Hello. Oh, sorry. Probably we need to call that caller. Let him try to call back. Go ahead and wrap up your thoughts. Let me come back to this. I have even wrapped it up because really, actually, that's what I said. There's not, what else are we going to say? You said, you said you want to take off subsidia B. You now go and take a loan of 800, 800 million dollars. How much was it that they were applying for? You see, you want to set aside 500 billion for palliative. Do you understand? Like, does it make sense that you're not giving John the 35 billion. You're giving House of Assembly 70 billion. And you say you don't have money. At the end, it is us that is suffering it. If you're even going to take that loan, and here's the problem. If you're going to take the loan, you're going to pay interest on the loan. You are going to have to pay the loan back. Remember that the same way dollar is going to affect the cost of petrol is the same way that loan is going to get more expensive for us every single day. Okay, God bless you. Loma, you're alive. Good evening. Good evening, Nino. My name is Nino. We are just dying in this part of the country. Let me use that English. In fact, I have one of the Nigerians who have never believed that the sedentary life for a subsidy remover. It is only the increment of 12.5% that our presidency has ended this year. And they now don't already have 12.5%. You know, I'm going to take up on what's really possible for them to engage it again. I'm just telling you, our leaders today have decided to stop at us. Our leaders have decided to engage them. We have been here in February, but our hope is not gone. We are relying on God. One day, God will deliver us from this hard political that doesn't want to share anything good in Nigeria. Thank you, God. Thank you. Is here we come to you? Wow, where do we start from? We have lamented. This is not going. There is no end in sight. We have come through the sap with, in fact, it's actually reminding me of what happened in the past when I was younger, like a little girl. And this was, my parents went through the same complaints. They complained about the government. They complained about the country. And again, if I recall, Uti said that the sap was what, that was the trajectory that, you know, made them leave Nigeria. So we are getting to that place where everybody would leave. People are tired. People are psychologically gone. Psychologically, you know, um, what's the name? Oh, you see? Psychologically, we're not gone. Let me take Dixie. Sorry, you see, just give me a minute. I'll come back to you. Dixie, I think. Okay. For Mikeja. Go ahead, your life. Hello. Go ahead, please, your life. This country, it's on the Arabian. There is no conflict. I am actually very confused. How can you wake up in the morning? You go to work, or you come back to pick up from because of work and discover the facts have changed. I think our politicians are very sensitive. They don't have the negative masses that have. They've never had it. It is unfortunate that the judiciary is also compromised because if you have calls from people quoted tomorrow, it was just we go to the court and return the judgments for the Buddha. And then we are left to be no choice. Just to, just to, I don't know whether it's to, whether or somebody to give up the cause or what I have to understand. It's very painful that in a country where we have too much abundance of natural resources, that the natural people becomes the capital orbits of the world. I mean, people should look around at what is actually going on. Jonathan, if he had removed the subsidy at that time he wanted to remove it. This money they have borrowed from 2018 to today. The price have gone a bit and this money would have been invested into some debtors. How can this government be able to do what? When teachers are not paid. For this man they are not paid. Portals everywhere. There is no electricity, good job. And they give him to the sheriff that if I see him to do what I think my children should stand up. If we are going to continue, we are going to buy a little fuel at one or one thousand euros. Go and match my worth. Look at the dollar to say eight hundred and twenty, they are eight hundred and thirty nine as of this morning. Thank you Dixie. Is it yours to wrap up your thoughts? Yes, so my take is that we, Jennifer said something. She said that she cannot people think. And that's the same thing. Everybody is confused. It still boils down to the fact that psychologically everybody is, you know, they've zoomed out. And how do we bounce back? Nigerians are actually happy people. But you can't keep taking them for granted and keep giving them more hardship and thinking that everything will be okay. And I recall somebody saying that if they, if they take him out of office, he would, he, Nigeria will be thrown into a state of anarchy. I pray we don't degenerate that level even while he's still in office. Because it's essential that we, as a people, maintain our sanity and keep, keep our sanity for the sake of those around us. Because I didn't know that the leaders don't really, really care. It's all about us looking out for ourselves as Nigerians. Let me come to you, Jennifer. With that, I, I, thank you, you see. Go ahead, Jennifer. I drop my mic. All right, so I have a couple of, I have a comment here from Joe, Joe from Zarya. He says, ladies, the situation in the country today only shows the kind of greed creatures that we have, greedy creatures that we have as leaders. Instead of fixing our refineries first, they, they rush to remove subsidy. As it is now on a daily basis, several people come around to beg for means. This is Joe from Zarya. I have another comment from Raphael, also from Zarya, and he says, Nigeria never a dull moment. Go ahead, you see. Do I have comments? I got you. I was just going to say that I think, you know, I never considered living this country, but the way things are going, you might just. You just want to. You might just hear that someone is, is hosting waste from somewhere in the abroad. You just, you just want to. Okay, so we have one here from Daniel Ilo. He says, good evening, my dear beautiful sisters of ways. Nigeria today increments in fuel price. If we have offended this present government, they should please forgive us. I'm on my knees begging. Each passing day you hear about problems in Nigeria, no solution. The government is just almost two months old, and things are like this. Only God knows what will happen when we get to six months to one year. Things are happening. Things are happening like this, and you are telling me that people should not jack bar. I'm on the same boat with my dear beautiful sister. I'm really sick and tired of this country. The increment of fuel is unnecessary and uncalled for. I must say, sister, sorry for your condition. You are healed in Jesus name. Amen. Have another one here from Ophoma. I says, hello ways, ladies. The subject matter of price field today is too pronged. As far as petrol price is concerned, the price will be unfavorable if we continue to import without a comparable alternative of local production and a growing productive economic activity base. Even if the local refineries purchase raw crude at international dollar equivalent prices, the other factors of production like transportation, wages, etc will be less compared to petrol from Europe and as such, relatively cheaper than the European petrol. We also enjoy some comparative advantage as we have the raw crude locally. Two, to arrest the free fall of the dollar, local supply must exceed demand of the dollar. The street forest trader should be banned. Licenses revoked and compelled to sell their forex to banks to improve supply and banks should be the only source of forex as a regulated entity. But sadly, it seems the supply of forex in the hands of street traders is more than what is in the banking system and that is possible because street traders are connected to those in power. Individuals can trade virtually but not to touch it physically. Okay, your topic today, Nigeria today, increment in fuel price is very depressing to me. Nigeria, Nigeria leadership can afford to increase fuel prices without increasing the salaries of the people to meet the demand on the increase. Nigeria today is like a parasite feeding big on itself, what it is. But in this time on poor, but in this time on the poor masses who are bearing the brunt of their actions, sometimes I feel like asking God to send fire to end everything in this country. I am surprised to hear NMPC chairman saying that the fuel price is determined by the market price. My question to him is, when did NMPC become an independent marketer and a regulatory body for the prices of fuel in Nigeria? Is NMPC not supposed to be on the side of the Nigerian people? I am deeply sad with the insensitivity and the insensitivity and insensibility of Tinnable's administration. This is from Sanctus. Isi, I think you have a comment as well, quickly. Yes, this is from Joe. He said, I'm good evening, my beautiful sisters of ways. Orga Joe from mainland. I am sick typing this message. The present government is clueless. How can one just wake up and discover that there is fuel increase without any prior announcement? This is so sad and someone is telling me to be patient that price will come down without a working refinery. Another contribution from another contribution from Angola and this is from Osinachi and he or she says this fuel pump price is too much. You can say that again. Thank you. Thank you. Literally we've run out of time. Well, thank you ladies. I really just hope that these people actually come up with creativity because this is actually very tiring. It's sick to know that Nigeria we can boldly brag that we are one of the best minds across the world. We are the ones having this problem and yet we're not able to find a very creative solution to our problems. Instead it's almost like every single day that we wake up the thing is getting worse. It doesn't make any sense to me and I just hope that I don't even know what to hope for. We'll see you guys. Please follow us across us. Thank you ladies. Across all social media handles at racial Africa you can interact with us. Further drop a comment or more importantly follow all our engagements on social media. Like share and invite your families and friends to watch and follow the conversation. If you missed our quote for today here it's again. This business is done with dollars. Remember that the rate of dollar now is in one window and not like we had several others where CBN will give around 400 nair while the black market will be around a region of 700 nair but now there is no more second window and this was from the Iqman national president Nidu Koroko justifying why this petrol price had to go up. We'll see you guys tomorrow at 8 p.m. as we bring another break conversation to your screen.