When crude oil was $75, Nigerians were buying PMS at N850.
When the Strait of Hormuz was closed, price of crude hit over $100 and immediately, like within a few minutes, the price of PMS increased to N1,350.
Today, the war has ended and crude is back to $75 and Nigerians are still buying PMS at N1,350.
Crude oil is currently trading between $73 and $79 per barrel. The same price range at which we were buying PMS at just N900 per litre.
Can anyone explain why we are still paying N1,360 per litre for fuel?
If you are quick to raise prices whenever the market goes up, you should not hesitate to reduce them when it comes down.
I believe many will still not see the handwriting on the wall. That monopoly is still in play here. Petrol was around 750-800 before he jacked it to 1300+ now he is being reluctant to reduce it. But if marketers import to reduce now he will reduce too.
Yet many never understand.
If you borrow N500,000 at 30% annual interest, which is Nigeria’s typical lending rate, you owe N150,000 in interest by year one before you have done a single thing with that money.
If that same N500,000 was yours to invest at 20% annual return, you would have earned N100,000 by year one instead.
That is a N50,000 swing against you simply because you borrowed instead of saved first.
By year three your debt has grown to N1.09 million while your investment would have only reached N864,000. The loan is now worth more than your investment can cover.
Debt in Nigeria is not a tool. It is a trap. Save first, invest second, borrow only when the return on what you are borrowing for mathematically beats the interest rate you are paying.
@officialEFCC I hope this is not what I'm reading
Is borno benefiting from the Power Project today? If not, shouldn't Kachalla be heading to prison for misappropriating $114m & N23bn?
Why is he only been persecuted for a mere $2m.
What has happened to the remaining $112m & N23bn
@IAmChazy@trigottista If you visited Kano last week Thursday, you won't have said "Atiku is basically useless"
For context, compare Atiku's votes in Kano to Kwankwaso's vote in Jigawa from 2023 elections