Up up and away!!!

watbas:

It's getting more interesting.

Government need to account for the difference in what they spent on subsidy in 2011 first.

How did they get to 1 trillion plus?

Who collect that?

Why is 1 trillion the base for the SURE DOCUMENT?

Why did they have to share the money among state goverments?

How will they achieve all they are promising now in the SURE DOCUMENT if the governors collect this and run with it, afterall efcc haven't been able to put any of the past governors in jail with all the billions in their account.

[size=15pt]Some northern governors claims fuel was never sold for N65 in north or east. Did they think selling it for 140 in lagos won't means 300 or 350 in north. [/size]

Characters in bold: I honestly wonder how our leaders think, The arithmetic is quite straightforward, if at #65 you bought it for #150, then at #150 you most definitely will not get for less than #300.

No one seems to be talking of how the subsidy jumped from #240 billion in the budget to #1.6 trillion with recourse to the NASS. Also why the hurry to deregulate completely? They have even confirmed to us that the Nation wouldn't go bankrupt immediately as they earlier speculated, With all these behind the scenes I can only conclude that someone's got a skeleton in their cupboard. Period and simple.
Now to the order of the day, why are major marketers being referred to as the CABAL? These guys go and import petrol sometimes with letter of credit from our Nigerian banks under the guarantee by the FG (NNPC) that they 'd be paid the corresponding difference btw the landing/loading cost and the FG pegged price of #65/l. Why are they then being referred to as the CABAL? They only filling the shoes that our most corrupt institution (NNPC) could not fill. I am sick and tired of ppl referring to them as the CABAL. If some guys are profiteering from a loose system do you blame the messenger or the sender? Honestly, Government in all ramifications has not shown interest in tackling corruption hence the #OccupyNigeria movement.

The argument therefore is this, THE VERY THINGS THAT LEAD TO THE DESTRUCTION OF THE REFINERIES AND ALSO THE INEFFECTIVENESS OF SUCCESSIVE GOVT, CORRUPTION, IS STILL AT LARGE. TACKLE CORRUPTION THEN WE CAN MOVE FORWARD FROM THEIR.
YOU CAN NOT SACRIFICE NIGERIANS ON THE ALTAR OF CORRUPTION AND SAY ALL IZ WELL.

OPEC MEMBER                    PMS PRICE PER LITRE                              MINIMUM WAGE


VENEZUELA                                3.61 NAIRA                                         95,639 NAIRA
KUWAIT                                      34.54 NAIRA                                       161,461 NAIRA
SAUDI ARABIA                             25.12 NAIRA                                       99,239 NAIRA
IRAN                                           102.05 NAIRA                                     86,585 NAIRA
QATAR                                         34.54 NAIRA                                       101,250 NAIRA
UAE                                             78.18 NAIRA                                       217,362 NAIRA
ALGERIA                                      63.55 NAIRA                                      55,957 NAIRA
LIBYA                                          26.69 NAIRA                                       23,813 NAIRA
IRAQ                                           59.66 NAIRA                                       25,813 NAIRA
NIGERIA                           141.OO NAIRA                            18,000 NAIRA

NOW LOOK AT NIGERIA POSITION
SOME IGNORANT PEOPLE ARE SAYING THAT WE SHOULD GO TO 100 NAIRA
WE AS NIGERIANS SHOULD JOIN HANDS TOGETHER. HAUSA, YORUBA, IGBO, EFIK, NUPE, AND FIGHT THIS INHUMAN POLICY OF THE GOVERNMENT
YOU CANT ASK NIGERIANS TO SACRIFICE WHEN YOU AS GOVERNMENT ARE NOT READY TO MAKE THE FIRST SACRIFICE
WE CANNOT PAY WHAT WE DO NOT OWE. EITHER YOU GOODLUCK REVERT TO STATUS QUO ANTE OR RESIGN FROM THE POST OF PRESIDENCY


EEEDIOT GOODLUCK

maryjames9:

Attached is prices of oil by oil producing countries

Simple logic, you cannot have the highest pump price per litre of fuel and also have the least minimum wage. And to cap it up, we have the largest population of those nations put together.

I laugh when supporters of the fuel subsidy removal make their claims. The argument itself is completely devoid of logic. For instance, it is said that with the regime of fuel subsidy, the masses don't get the benefit but yet they buy fuel at #65/L at all at all they buy it for #90/L. Now in the dispensation of fuel subsidy removal, the masses now have to buy it at #150 with no assurance that it will ever come down. Even if the pump price will come down (TRUST ME, LAW OF GRAVITY HARDLY WORKS IN NIGERIA) how soon will it be? My honest and candid answer to that is 3-4yrs (if we use the Telecoms model as our yardstick).

The bottom line of all this is that; THE GOVT CANNOT, I REPEAT CANNOT BE TRUSTED. PERIOD !!!

One of the last contributors spoke my mind on the subsidy amount. Sometimes I'm stupefied by the comments of the pro-subsidy removal groups on TV. I say TV becos the people supporting removal on NL are people who voted for GEJ and do not want to feel like they wasted their votes. I also voted for Fashola in Lagos, and I've had course to criticize him.
Back to the main issue. WHy the hullabaloo about the fuel subsidy and the subsequent decision to remove it? simple, because it suddenly went up to N1.6trillion naira. In 2009 & 2010 it averaged N270billion, or thereabout. So why the 500% increase in a year?
First, a few facts.
Between January 2011 and March 2011, FG paid an average of N22billion monthly as subsidy. At that rate, we would have paid around N264billion (which was close to the N240billion budget signed by the National Assembly). However, something happened afterwards. From April 2011, subsidy increased to over N100billion monthly and stayed that way until the end of the year. Don't forget, April was the mont of the elections. This is what we need to look into.
The funny thing, and i shudder as i think of this, is that there might be no cabal afterall. And even if they exist, they are not the ones who submitted the 2012 budget proposal to the National Assembly last December. The didn't propose a billion naira for feeding in the presidency. The didnt propose N300k for desktop computers etc.
In any case, Nigerians didn't vote for the so called CABALS. These blame-game by the Jonathan regime must stop

Nice move

oro pesi je ooo! Omro di hun,

We should not allow sentiment to becloud our sense of reasoning.Before Jonathan becoming the President their has been corruption and weak institutions the in country.We all gave him our vote because we trust his judgement,so let us trust his decisions now.
Pengassan/Nupeng are part of the corrupt bodies in the oil industry.What have they done to ensure they eliminate corruption in their domain.Is it not their members that conspire with fuel importer to inflate numbers of vessel brought into the country?Now they are not happy their illegal monies has been cut off.
Charity they say begin at home.Labour and TUC should help the government in fighting corruption in this sector instead of going on stike for their selfish aims.Uncle Joe welldone for taken this bold decision

Nigerian babies in Nigeria will grow up to face a life of hopelessness, poverty and suffering as americans plan to take over our country and resources using AFRICOM. Read article below:
On a recent trip to West Africa, the newly appointed managing director of the International Monetary Fund, Christine Lagarde ordered the governments of Nigeria, Guinea, Cameroon, Ghana and Chad to relinquish vital fuel subsidies. Much to the dismay of the population of these nations, the prices of fuel and transport have near tripled over night without notice, causing widespread violence on the streets of the Nigerian capital of Abuja and its economic center, Lagos. Much like the IMF induced riots in Indonesia during the 1997 Asian Financial Crisis, public discontent in Nigeria is channelled towards an incompetent and self-serving domestic elite, compliant to the interests of fraudulent foreign institutions.
Although Nigeria holds the most proven oil reserves in Africa behind Libya, it’s people are now expected to pay a fee closer to what the average American pays for the cost of fuel, an exorbitant sum in contrast to its regional neighbours. Alternatively, other oil producing nations such as Venezuela, Kuwait and Saudi Arabia offer their populations fuel for as little as $0.12 USD per gallon. While Lagos has one of Africa’s highest concentration of billionaires, the vast majority of the population struggle daily on less than $2.00 USD. Amid a staggering 47% youth unemployment rate and thousands of annual deaths related to preventable diseases, the IMF has pulled the rug out from under a nation where safe drinking water is a luxury to around 80% of it’s populace.
Although Nigeria produces 2.4 million barrels of crude oil a day intended for export use, the country struggles with generating sufficient electrical power and maintaining its infrastructure. Ironically enough, less than 6% of bank depositors own 88% of all bank deposits in Nigeria. Goldman Sachs employees line its domestic government, in addition to the former Vice President of the World Bank, Ngozi Okonjo-Iweala, who is widely considered by many to be the de facto Prime Minister. Even after decades of producing lucrative oil exports, Nigeria has failed to maintain it’s own refineries, forcing it to illogically purchase oil imports from other nations. Society at large has not benefited from Nigeria’s natural riches, so it comes as no surprise that a severe level of distrust is held towards the government, who claims the fuel subsidy needs to be lifted in order to divert funds towards improving the quality of life within the country
Article continues,
As the United States African Command (AFRICOM) begins to gain a foothold into the continent with its troops officially present in Eritrea and Uganda in an effort to maintain security and remove other theocratic religious groups such as the Lord’s Resistance Army, the sectarian violence in Nigeria provides a convenient pretext for military intervention in the continuing resource war. For further insight into this theory, it is interesting to note that United States Army War College in Carlisle, Pennsylvania conducted a series of African war game scenarios in preparation for the Pentagon’s expansion of AFRICOM under the Obama Administration.
In the presence of US State Department Officials, employees from The Rand Corporation and Israeli military personnel, a military exercise was undertaken which tested how AFRICOM would respond to a disintegrating Nigeria on the verge of collapse amidst civil war. The scenario envisioned rebel factions vying for control of the Niger Delta oil fields (the source of one of America’s top oil imports), which would potentially be secured by some 20,000 U.S. troops if a US-friendly coup failed to take place At a press conference at the House Armed Services Committee on March 13, 2008, AFRICOM Commander, General William Ward then went on to brazenly state the priority issue of America’s growing dependence on African oil would be furthered by AFRICOM operating under the principle theatre-goal of “combating terrorism”.
At an AFRICOM Conference held at Fort McNair on February 18, 2008, Vice Admiral Robert T. Moeller openly declared the guiding principle of AFRICOM was to protect “the free flow of natural resources from Africa to the global market”, before citing China’s increasing presence in the region as challenging to American interests. After the unwarranted snatch-and-grab regime change conducted in Libya, nurturing economic destabilization, civil unrest and sectarian conflict in Nigeria is an ultimately tangible effort to secure Africa’s second largest oil reserves. During the pillage of Libya, its SFW accounts worth over 1.2 billion USD were frozen and essentially absorbed by Franco-Anglo-American powers; it would realistic to assume that much the same would occur if Nigeria failed to comply with Western interests. While agents of foreign capital have already infiltrated its government, there is little doubt that Nigeria will become a new front in the War on Terror.
Nile Bowie is a freelance writer and photojournalist; he's regularly contributed to Tony Cartalucci's Land Destroyer Report and Alex Jones' Infowars.
Global Research
NIGERIANS WAKE UP AND SMELL THE COFFEE. YOU WILL BE ENSLAVED BY YOUR OWN GOVERNMENT WHO HAS SOLD YOUR BIRTHRIGHT TO THE WESTERN WORL FOR A BOWL OF PORRAIDGE. WHAT HAPPENS WHEN YOU ARE OLD AND WANT TO RETIRE? DO YOU PLAN TO DIE IN THE WESTERN WORLD? I WEEP!

Na waoo, see wetin subsidy don cause

mcgboye:


Between January 2011 and March 2011, FG paid an average of N22billion monthly as subsidy. At that rate, we would have paid around N264billion (which was close to the N240billion budget signed by the National Assembly). However, something happened afterwards. From April 2011, subsidy increased to over N100billion monthly and stayed that way until the end of the year. Don't forget, April was the mont of the elections. This is what we need to look into.
The funny thing, and i shudder as i think of this, is that there might be no cabal afteral[/b]l. [b]And even if they exist, they are not the ones who submitted the 2012 budget proposal to the National Assembly last December. The didn't propose a billion naira for feeding in the presidency. The didnt propose N300k for desktop computers etc.
In any case, Nigerians didn't vote for the so called CABALS. These blame-game by the Jonathan regime must stop

Abeg tell them joor,

Has okonjo or anyone cared to explain why subsidy amount went from 300b to 1.3trillion?

dayokanu:

Has okonjo or anyone cared to explain why subsidy amount went from 300b to 1.3trillion?

Bros that is the $8billion question oooooo, No one has come out to explain that. #240 billion was budgeted but they claimed as at december 2011, #1.6trillion had been spent, So many amount thrown up in the air and no single explanation given.
It is then synonymous to saying the solution to a child's incessant headache is for your to cut of the head, I weep for my country

@dayokanu
NOI said on AIT the 1 trillion jump is bcuz 9ja's population grew from 150 to 167 million between 2007&2011.

obraye:

We should not allow sentiment to becloud our sense of reasoning.Before Jonathan becoming the President their has been corruption and weak institutions the in country.We all gave him our vote because we trust his judgement,so let us trust his decisions now.

We should trust his decision to chop N1billion food too, abi?

17 million 4 year old started driving and using generator

ochukoccna:

@dayokanu
NOI said on AIT the 1 trillion jump is bcuz 9ja's population grew from 150 to 167 million between 2007&2011.

Correct.

This is what all serious masses have been waiting for. Production shut-down!!!

blacksta:

17 million 4 year old started driving and using generator

Gbam, On point, Them think say na foolish people them dey talk to, I only pity NOI and SLS for supporting this route so passionately, smh

May the spirit of Fela Kuti be with all oppressed Nigerians as we fight this battle against our Vagabonds In Power.
Baba predicted this as far back as the 1970s. Enjoy V.I.P
https://www.youtube.com/watch?v=7bpThXP9f8I&feature=related
Everybody say yeah yeah!!! We don shine our eyes against our so called rulers. We are NOT YOUR SLAVES.

WHY ARE WE DOING THIS NOW? -By Ben Bruce

Let us remind ourselves the reason for this showdown. It is not about subsidy, I keep repeating this fact. It is about the following indices that make our government big, wasteful and ineffective:

Big and overblown governments at all levels

70 Ministers

Over twenty Special advisers (on what?)

Every minister is entitled to 4 Special Assistants.

Senate President earns 88 Million Naira monthly.

His Deputy Earns 55 Million Naira monthly.

Senators take home 14 Million Naira monthly.

It takes 1.4 Billion naira to maintain the NASS annually (Remember what Sanusi said about 25% of our GDP is used to feed people who only sit Tuesday – Thursday).

Our Governors exhibit such level of opulence shunned by the richest nations in the world

Our 2012 budget has a deficit component to it. We are supposed to borrow about 1.6 TRILLION NAIRA.

NASS will be paid from that! Aso Rock will use 1 Billion of it to eat! Aso Rock will use another 1 Billion to fuel generators.

The Vice President will use 58 Million Naira to buy newspapers.

The office of Patience Jonathan will use 500 Million to speak bad English to you.

We will spend close to 500 Billion on International Travels.

In 2012, some state governors will collect 100 Million as security votes MONTHLY.

They will continue to enjoy immunity clause!

Your hospitals will have no drugs.

Your schools will still have no quality to train a world class scholar

Your roads will still be death traps.

You will still be a local government unto yourself, providing water, security, power and social security!

You will still pay more for petroleum products.

You will pay toll in 2012 on federal interstate roads.

If you will like this to continue in 2012, then stay at home and enjoy power as provided by PHCN!

My people. We have all seen that these govt is insincere, wicked,heartless, and insensitive. I think nobody should patronize banks, air port and other govt services in the mean time as means of protest rather than endangering our lives in the face of mad dog forces(police and sodier)

My people. We have all seen that this govt is insincere, wicked,heartless, and insensitive. I think nobody should patronize banks, air port and other govt services in the time as means of protest.

One big problem of Nigerians is our inability to scrutinize people’s pedigree.
Look at president Jonathan for instance, this is a man with zero success story as both deputy and Gov. of bayelsa state, zero success story as both vice and acting president yet Nigerians delude themselves he is the messiah even when it was clear that unscrupulous people were donating to his campaign, we still believed he will take us to the promised land on luck.
Let us talk about this mystic economic team Jonathan put together, who are these people?
I for one have no bias against any public official in which ever capacity but I have zero tolerance for incompetence.
Has sanusi’s economic model ever worked in this country? Which economic school of thought does he belong to and what is his mission in this country?
I asked this because I am an ardent follower of events in our economic sphere and have never been shy to put Sanusi’s parlance and pragmatism of economic solutions to a test, but as I speak, sanusi’s economic agenda eludes me.
This is a man who inherited a banking sector which according to Business day 2006 edition averred that “for every five Nigerians with a good job, three are bankers”.
Today, we have a Sanusi who in his usual voodoo economic jingoism has created more unemployment and inefficiency in the banking sector than the military junta.
Who is this man Sanusi?
In the words of his predecessor who consolidated these banks, “the banks were more financially robust” and doing bigger business but along the line something happened.
There was partial deregulation and the cost of diesel went all time high and very scarce, some of those companies who took loans from the banks were running high over head cost and couldn’t survive the tsunami of events that followed,
Job cuts, and eventual closure was the case. During the last days of chukwuma soludo, the businesses were already down so no way to repay the bank loans.
The banks were stranded but soludo applied wisdom, in his words ‘’ decision making in the banking system must carry the instrument of perception along’’ and that was exactly what he did, he quickly created an EDW whereby the near distressed banks could quietly access Govt. loans to revive their institutions hoping to keep people’s confidence in tact while the banks gradually recover.
Here comes our Sanusi with his usual economic parlance and political jingoism.
Destroyed the first instrument of perception which soludo fought so hard to preserve by coming on National television to announce that those banks are not healthy. Till date, we lost one of the most viable sectors of this economy; we lost meaningful employments and international confidence in our banking institutions in its entity, thanks to Sanusi’s voodoo economic theories and mystic economic solutions.
I ask again; who is this Man Sanusi and his mission in this country?
I leave you to be the judge of preceding events from Sanusi’s actions. After consulting his economic oracle, he boldly told Nigerians that the way forward is to bail out the banks (which he destroyed) and SME’s (small and medium scale enterprise) hoping that they will bounce back in business to repay the bank loans.
Till date, Sanusi has not given Nigerians the progress report of those bailed out banks and SME’s especially those in the textile business.
Today, by throwing his weight behind full deregulation in the downstream sector simply tells me that Sanusi’s witch doctor did not tell him exactly which economic formula destroyed his banks. Perhaps he thought that his SME ‘’palliative’’ was good enough for miserable Nigerians who don’t mind trading a permanent position job for a contract job which was what his SME’s were offering or rather, our employments for underemployment.
This is a man that ignores the basic on ground economic theories that work in the country for some mystic economic solutions.
That begs the question; should you deregulate fully the downstream sector, what becomes of those SME’s and how do they repay the loans you gave to them considering that energy cost and inflation will triple their over head cost? Or has his voodoo economic solution already categorized them as mere collateral damage in his economic reform agenda?
Let us analyze some of sanusi’s Hennessey inspired economic formulae.
First he said that by withdrawing subsidy they have destroyed corruption and broken the financial bones of the ‘’cabal’’ benefitting from this subsidy regime, is this really true?
If the landing cost of PMS is about 110naira and government’s inefficiency bloats it to 141naira (ofcourse, storage,transportation,deumurrage etc as enshrined into the subsidy are all Govts ineptitude).
“Citeris paribus” under the subsidy program, a marketer earns 110-65 (ie if ideally Govt clean their mess)
And without subsidy, a marketer makes 220,180,165-110 who exactly did this economic magician break their finances? Because what I see in my economics kwashiorkor is Govt transferring the burden of import deficit to the people not the marketers losing money like sanusi claims.
Secondly, his liquor economics made him believe that he will save money in the face of spiral inflation, and went ahead to justify the inflation saying it is by a little fraction not more than 10% increase, lol. What indices did this acclaimed “pundit” use in measuring this?
In an economy without a functional price regulatory agency and a comatose standard organization with shabby police officers? In an economy where everybody is his own LGA and can fix rates with impunity? What drives this man’s economic sagacity? Witch craft?
Thirdly,
Sanusi is consistently lying to Nigerians that an increase in pump price will attract investors to build refineries; this is the verge where I think sanusi should go back to school.
SLS is not enlightened enough to understand why there was an exodus of indigenous American companies between 1998 to 2008 to Asia and Africa, reason; COST OF DOING BUISNESS or better put, UNFAVOURABLE BUISNESS CLIMATE.
With unfavorable tax laws, incessant labor wage reviews and land acquisition challenges, most companies couldn’t survive and they left US en masse conversely, land grab in Africa and cheap labor in Asia became viable alternatives.
Today, a drunk CBN governor in his usual rhetoric, capitalizing on the chasm of academic deficiency of average Nigerians is proposing that increase in pump price which will directly translate to high energy cost (in a generator driven economy), spiral inflation and high cost of labor will attract foreign investors to build refineries. Is it not ridiculous?
What kind of voodoo economic theory is that?
sanusi quickly forgot to tell Nigerians that their existing refineries even at a disappointing output is subsidized.
Mr Sanusi should have asked himself, when we deregulated diesel, did we attract heavy duty companies, diesel refineries and why?
According to his business model, I was expecting that after the deregulation of diesel, we would have had companies like CAT,Ingersollrand,Volvo,Ebara,bosh,Groove,Capco etc even refineries enhanced to produce more of Diesel with limited petroleum by products relocating their plants to Nigeria to benefit from our diesel profitable market. But in reality, that wasn’t the case and i will explain why;
Take shell for example, the presence of SPDC in portharcourt has given rise to a plethora of servicing companies rendering one or two services to shell and that is how it works. These servicing companies are equally employers of labor.
Does sanusi think that the refining companies will be servicing themselves? Is that possible? When you destroy the business environment for these smaller servicing companies to thrive, how exactly do you want the refining companies to thrive? For the few that will survive, at what cost will they render their services? Shouldn’t the investors consider these in their feasibility studies?
How will they cope? If at all it works, most components and services are definitely going to be outsourced to neighboring countries creating jobs for Ghanaians and Nigerians than Nigeria.
Some servicing companies will rather relocate to nearby countries and leave skeletal operations here in Nigeria just to stay in business; sanusi will end up exporting services elsewhere.
I am deeply ashamed and embarrassed at the caliber of people that take decisions for this nation.
I say it for the umpteenth time; we don’t need to create problems to solve problems, what we need is to ensure that Nigeria has cheaper oil on ground, that will attract investors as against sanusi’s high pump price economic theory which will breed inflation and closure of smaller companies.
The IOC’s (international oil companies) operating in Nigeria has told us that it takes less than 12 usd to extract 1bbl of our crude oil.
Why is sanusi not thinking of creating a solution from that angle? if NPDC can guarantee us just 150,000bbl/d of this cheap crude at less than 12usd, the market will be attractive, add refining cost and other cost to push it to about 22usd/bbl a pms of 30naira per litre will be achievable from these refineries and inflation will reduce by over 40%.leaving us with a plethora of servicing companies which will translate to more jobs.
Is this too much for Madueke and Sanusi to sit and figure out? Other than their inflation marred solution.
Lastly
Sanusi lied that the subsidy reinjection fund will be used to build refineries; I can’t help but pity his unrealistic mystic economic solutions.
How much is the FG’s cut in the SURE fund? Less than 600billion, what kind of refinery will that build? I hope sanusi is not confusing refineries for fuel dispensing stations or are we heading for another IMF/world bank debt burden? I don’t just get it.
Where will this SURE funding appear from? I didn’t see it in the 2012 budget proposal, is it right to increase the suffering of the Nigerian people and go back and implement your constitutional annual budget?
Where is sanusi going to get the crude oil to supply these refineries? From the little we make from our JV? I hope this man is not taking us for a ride?
This same crude we use to implement our budget? Which sells at international price? This man is cynical.
How did we end up with two monsters sanusi lamido sanusi and Allison Madueke at the same time?
I can see a pattern in Sanusi’s line of thought;
if a bank is performing poorly, CLOSE IT DOWN
If the subsidy regime is performing poorly; SCRAP IT.
Can Nigerians please help me ask Sanusi if it is a crime to proffer real economic solutions to economic challenges other than throwing away the child with the bath water?
Should we fold our hands and watch our Economic magician Sanusi scrap the economic foundation of our survival?
Sanusi and Allison madueke are doing a great disservice to this nation though I don’t expect Mr. President to fire them because he is too incompetent to read the hand writings on the wall.