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Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt - Politics (2) - Nairaland

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Jonathan Ordered Me To Withdraw $2bn From ECA To Pay Fuel Subsidy – Okonjo-iweal / Senate Summons Okonjo-iweala, Allison-madueke, NNPC Over Fuel Scarcity / FG Will Pay Fuel Subsidy For 40 Days – Alison Madueke (2) (3) (4)

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Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by najoke: 12:46pm On Jan 08, 2013
Where is in-sincerenigerian and Billonaire when you need themgrin grin grin grin grin
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by ballabriggs: 12:46pm On Jan 08, 2013
Yes O, the story of President Jonafraud continues, GCFR Grand Criminal of the Federal Republic

2 Likes

Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by Emusan(m): 1:51pm On Jan 08, 2013
They don talk am again, mak i continue wit my Tonto music jare chiooooooundecided
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by elrony(m): 2:01pm On Jan 08, 2013
Speechless*

*puts ön oxygen mask* (to hell wit fresh air)....
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by Nobody: 2:01pm On Jan 08, 2013
I don't understand why you are all complaining. Whats the exact problem with the article that you are angry about?
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by Nobody: 2:14pm On Jan 08, 2013
Gej is a mistake to this country..d guy is toothless..#clueless president
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by Jalal(m): 2:25pm On Jan 08, 2013
Don't Wake Me Up!
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by FindOut(m): 3:06pm On Jan 08, 2013
I haven't read all of GenBuhari's stories on how Buhari governed Nigeria in 84/85. But today, i read the one about 'Buharinomics'. Basically, it was all about how Buhari fiercely resisted borrowing from the IMF despite the fact that the govt needed the money. Instead, they came up with alternatives. Effective ones too. That was a government that truly cared about its people & knew the country's worth & refused to be drawn into massive debt taking. That was a focused government that was looking for money for true development & not for looting.

Now, an insincere person & some other bigoted Nigerians will compare the head of that government (a military man who could have easily done whatever he liked then without caring about the people for that matter) with a clueless serial looter like GEJ. What an INSULT!

Of course, IBB came after, took IMF loan & more, & the country hasn't recovered from it decades later.

These present leaders do not care about the future of Nigeria, & thats why they keep borrowing without 'giving a damn' & continue looting for themselves and their generations yet unborn without 'giving a damn'. Sanusi cried out recently (about the time this loan deal was struck) that the govt should reduce its loan taking. Obviously, he knew then what Reuters is just informing us now.

I will support Buhari for president if he runs in 2015 because among other reasons, it is obvious that the 'younger generation' (GEJ, Diezani, Bankole) have failed us. Materialism has taken over. Most of us the younger/younger younger generation are already besotted with the idea of ''go there and chop your own'' just because of the attitude of the current ruling class!!

So which way Nigeria? We need a re-orientation. Change must start from the leadership.

BUHARI FOR 2015! (if he decides to run) smiley

3 Likes

Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by Afolabs101: 3:07pm On Jan 08, 2013
There are 2 debts:

1- FG/Ministry of Petroleum owe Nigerian fuel importers (marketers) for cargos as far back as Q1 2012. As the marketers had not been importing since Q1 2012, the FG felt that with the holiday surge in demand, for NNPC to handle it alone may be a disaster. N161bn was budgeted to pay off the debt to marketers for 2012. This is yet to be paid, however the Ministry of Finance has issued Sovereign Debt Notes to the marketers they have been cleared for payment.

2- NNPC import between 50-100% of the PMS that comes into the country at any given time. They buy from international fuel traders (Glencore, Mercuria, Trafigura, Vitol, BP etc) and currently owe them billions of dollars for fuel delivered. These guys are still willing to do biz with NNPC because of the crude oil allocations they get (Naija light crude is highly sought after).

The problem is this: if NNPC continue to default on such huge amounts of debt, it will affect the country's rating, meaning the Fed and State governments will face higher debt servicing costs. Remember that the international community see NNPC and the Nigerian Government as one in the same.
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by Afolabs101: 3:26pm On Jan 08, 2013
Find Out!:

BUHARI FOR 2015! (if he decides to run) smiley

I don't believe he's ready for a democratic setting, I also think he is only a disciplinarian. I followed him closely in the last election campaign and he really didn't stand out. His plans and policies could not be differentiated from others. People tend to choose based on personality.

We need someone with good ideas and who understands the economy and will base his policies on bettering it. What is Buhari or Johnathan or IBB or Ribadu's view on tax policy? Who is on the left and who is on the right? Can any of them give us their roadmap to making Nigeria the biggest economy in Africa!

Let Buhari be Honorary Minister of Anti-Corruption, that's the area where he will shine, but its time we got a leader who understands our country and is ready, willing and able to change it.

Before you even announce you're running, I expect you to have done an Economics refresher course at LBS, gone round the six zones to do field work and collected raw data on the needs of the people. He/she should then spend a good few months with his policy think tank and come up with a manifesto, or plan on what he and his team plan to do for the next four years. His campaign should be him marketing this manifesto and being questioned and challenged over it. We the vote on who we think has the best plan as well as other things such as character, experience etc
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by phemieojelabi: 3:33pm On Jan 08, 2013
What a woeful administration!.late last yr they re still passin bill of 161 bn for the Marketers issue N nofin 2 write HOME abt subsidy dat hits d country this tym last yr. Nw $2bn Loan on foreign Traders.There-by Mortgaging the oil(15,000 bpd)to dia self.@ tyms i wonda wot Madueke is still doin in dat office.Honestly this administration has lost FOCUS

1 Like

Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by Symphony007: 3:48pm On Jan 08, 2013
An oil exporting nation, prominent member of opec gets to import fuel because we can't run refineries. What a shambolic country. And in the mist of the abnormality and ticking debt bomb all the nigerian national assembly thinks of is presecuting gays..hey what the heck, as david mark said we are a "moral nation"

1 Like

Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by geeez: 4:00pm On Jan 08, 2013
These guys are stripping the country bare of its resources, fondl!ng its virgin potentials and gang-rap!ng the economy to death
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by FindOut(m): 4:02pm On Jan 08, 2013
@Afolabs, you raised some points which can well be considered valid. But note that the PRESIDENT is an administrator. I do not think he has to have a PhD in economics or aviation or agriculture before effectively running the country. Yes, i agree he must have a fairly good working knowledge of all sectors & have ways to improve them. But if its plans you want on paper, thats not a problem. Many professors can sit together in a room & come up with a 100 page document on how to improve the economy & then hand the document over to any President. But will the president be decisive enough to take these steps? That will be dependent on the CHARACTER and QUALITY of such President.

If he can appoint COMPETENT & DISCIPLINED people into key & sensitive (all anyway) posts, ensure & actually practice EFFECTIVE FINANCIAL DISCIPLINE, not bend over unnecessarily to the financial powers out to milk other counries, have ZERO TOLERANCE for sorruption both on paper and IN PRACTICE, then I believe we'll be making tremendous progress.

2 Likes

Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by onatisi(m): 4:41pm On Jan 08, 2013
nigeria has already entered menopause stage
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by Walexz02(m): 5:12pm On Jan 08, 2013
Chai chai chai #weepimg#
Where is ds Fisherman driving ds country to?
sincere insincer 9jerian should come and Xplaing this o...
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by favinvest: 8:08pm On Jan 08, 2013
Instead we nigerians to b protesting on d streets; instead of d military boys to suspend dis failed democracy...

We re all talking I don't care and playing d coward game LET'S PRAY 4 NIGERIA...

Nonesense
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by Nobody: 10:53pm On Jan 08, 2013
SAD story! They are going to rip this country rag, the way things are going.
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by smsgold: 7:40am On Jan 09, 2013
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Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by jpphilips(m): 3:37pm On Jan 09, 2013
Afolabs101: There are 2 debts:

1- FG/Ministry of Petroleum owe Nigerian fuel importers (marketers) for cargos as far back as Q1 2012. As the marketers had not been importing since Q1 2012, the FG felt that with the holiday surge in demand, for NNPC to handle it alone may be a disaster. N161bn was budgeted to pay off the debt to marketers for 2012. This is yet to be paid, however the Ministry of Finance has issued Sovereign Debt Notes to the marketers they have been cleared for payment.

2- NNPC import between 50-100% of the PMS that comes into the country at any given time. They buy from international fuel traders (Glencore, Mercuria, Trafigura, Vitol, BP etc) and currently owe them billions of dollars for fuel delivered. These guys are still willing to do biz with NNPC because of the crude oil allocations they get (Naija light crude is highly sought after).

The problem is this: if NNPC continue to default on such huge amounts of debt, it will affect the country's rating, meaning the Fed and State governments will face higher debt servicing costs. Remember that the international community see NNPC and the Nigerian Government as one in the same.


i dont see the wisdom in all of these except you are just enumerating the problems
Re: Madueke, NNPC Borrow $2 Billion To Pay Fuel Debt by jpphilips(m): 3:49pm On Jan 09, 2013
why does NPDC not have enough local production capacity? why? why?? why why?? why
Madueke why?

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