The more I read sanusi's arguments the more I begin to see loop holes in it. Personally he is my hero in the whole government he knows what it takes to be a politician its always easy to be swayed by their arguments.

First of all if I were to investigate his claims I will take a look at the history of monies paid out as subsidy for the past 5 years and I don't know if that amount has ever exceeeded 300 billion naira. If so then why the single hike in one year? My guess is that people have always diverted these products business men did not just learn to do that last year did they?

He should single out the reason of a 1 trillion naira spike in subsidies? Else some people would sit and wonder if GEJ has lost total control of immigration the navy the police etc. Choosing to remove rthe subsidies before trying to prosecute also means the government is being economical with the truth and the only thing that sticks to mind are the 2011 elections.

Sanusi, I like your submission minus the ''pull them down mentality''. The poor man is not asking to benefit from the subsidy (is there any such thing?) alone otherwise remove it. Why do you think you can speak for the poor without seeking his opinion first. I hate when people think fuel is required for cars only and only the rich own cars. The poor is not interested in the ratio of subsidy benefit you always put forward, he simply wants to be comfortable on his level. Do us all a favour, fight corruption. Is this too difficult to understand?

Sanusi,we in the SE appreciate your explanatory statement  but can our Yoruba brothers accept this??  they has been held ransom for years by their elites, wish they will wake up from their slumber and see what is going on. Igbo has learn our lessons and we will not be used again. Time will tell i appreciate all Nigerian mostly the SE that did not part take on the nationwide strike that was championed by some cabals mainly from Yoruba land. We will keep praying for Yoruba people until the come out from hostage. Knowledge is not wisdom.

Controversial AGF, Bello Adoke Linked To Oil Companies Sharing Nigeria’s Subsidy Funds…Plus More Details Of Hidden Wealth

Barely 24 hours after ireports-ng.com published details of multi-billion dollars secret bank accounts of Nigeria’s controversial Attorney General and Minister of Justice, Mohammed Bello Adoke,his close allies who are angry with his role in the on-going nationwide strike in the country have provided documents giving further details of the Minister’s stupendous wealth hidden in over 25 bluechip companies, some of which have been sharing in the the contentious oil subsidy funds.

A rundown of the documents made available to ireports-ng.com indicate that Adoke is a major investor in Oando Oil which has taken over N228 billion out of the N1.4trillion shared by about 100 oil marketers between January and August, 2011. The Minister has about N1.5 billion investment tucked in Oando Oil PLC. Apart from Oando, available documents also show that Adoke is equally a major investor in Eterna Oil which has within the same period benefitted about N5.57 billion from the fuel subsidy cake. He is said to have about N1 billion investment in the company, with another N2 billion tucked in a company called Novasys Ltd.

It has also been discovered that the Minister has his hands and hidden investments in major banks in the country. Some of them include about N400 million in Oceanic Bank; aboutN200 million in UAC properties; about N20 million in Guaranty Trust Bank; about N360 million in Access Bank; about $400,000 US dollars in MTN; about N1 billion in Japaul Oil& Maritime; about N15 million in Bank PHB; about N100million in First Bank; about N20 million in FCMB and aboutN6 million in Unity Bank PLC among others.

One of our sources hinted that the Minister has already begun moves today to begin the process of depleting funds in the four bank accounts exposed in our earlier story in collaboration with the account managers

Good write up, absolutely reasonable to say that removal of oil subsidy is the next answer to the mess been perpetrated by this so called cabals. I still stands the notion that it is not the only options. To every problems, there is always many line of approach to solve it. Removal of all subsidy to me should be the last option if and only if all other options have failed and not @ this time. The solution to an head ache is not to cut the head off, the function of a parasitamol is to go there invivo and fix it. If that doesn't work, another drug in the line of analgesic will do the work. SLS is in government and he should be in better position to advocate fighting the covert system practices by this cabals, NNPC being the biggest cabal. Many of you here on NL stays abroad where you enjoy different kind of subsidies and here you are supporting the removal of the subsidy on the only product that determines the price of any other products in Nigeria @ this present time?. Little wonders you are Nigerians in the first instance.

The NASS are guilty as hell in all these.
Q: WHY HAVE THEY REFUSED TO PASS THE PIB?
A: because many have vested interests in the oil sector and are also being heavily bribed by IOC's.
Q: WHY ARE THEY SUDDENLY SUPPORTING THE MASSES IN THE REVERSAL OF THE FUEL PRICE?
A: To avoid having to cut down on their largesse as the masses are increasingly crying out for.

Mr Sanusi, you are a good man and I have watched how uncomfortable you have become of late; your body language says it all.

I have in my quiet moments asked why good men cannot resign or remove themselves from the rot they find themselves. Sanusi, you know you are working with corrupt people, or are you part of them? If you are clean, then why are you still there? A tree does not make a forest. Do you think you can beat them? Remember, if you cant beat them, join them. In Nigeria, when will ''clean'' men make a statement by separating themselves from the corrupt men and thereby become national heroes for the young to emulate?

I find it hard to believe that you are still there. My advice? RESIGN. Just in passing, REUBEN ABATTI is another man that I never thought would find himself in this messy situation.

Tackle corruption and forget abt the subsidy and then watch Nigeria progress. Noting cn work normal even if u privatise everytin if corruption is nt dealt wt foremost.

dustydee:

If it is difficult for the government to punish offenders than they can't implement those policies either, period.

This is just the simple truth, and this will even make Nigerians have confidence in the govt if they are seen to be doing this. But we know most of them are beneffiting one way or the other and they all know each others crime/connections to the way they are siphoning the money. It would be difficult to prosecute anybody. Imagine if SLS knows about some underhand practices by some of the ministers. he will rather turn away than exposing that person.

We are in a very complex position. The stealing has become a dangerous virus.

@La Fruia, NO corruption is not a burden we have to live with. Evil will always succumb to Good when the former's time is up. Evil people thrive because the good people fold their hands and do nothing. The good people of 9ja are now very aware and are ready to be used by the almighty God as vessels of change. When the good sacrifices himself, evil will flee. Rats are naturally destructive, but they cannot remain when the cat is around.

I am shocked people are applauding SLS. It just shows we do not yet know our rights and our expectations from government. Isn't it obvious the only reason that there is so much waste in the system is government's inability to fight corruption or more like government's corrupt practices.

He talks about small, nameless and faceless companies who do not have filling station importing fuel - who put their names on PPPRA list - me? Is it not the same corrupt government he is defending? What about investigating who these people are and how come they started importing fuel. Shouldnt there be some criteria to start limporting fuel? Haven't we heard that some of these companies belong to Allison Madueke? Shouldn't that be where we start from.

Some people have claimed our refineries can fulfill our daily demand, is it a problem if we are refining oil locally. Why must we import fuel? He never talks about that.

He complains about companies importing from china and all over, is it not because the cost of production in Nigeria is too high. We cant produce things cheaper here because you think about the cost of generator and infrastructure so you have to import cheaper from china.

Lastly foreign investors are not investing in nigeria because of lack of security and policy formulation. Nobody will build refineries in a country with boko haram and mend. Foreign investors value their lives. Has he seen direct foreign investments in any other sector.

He is so full of crap!

I will tell this to responders above that talk about government's non fight against corruption that this is exactly what subsidy removal aims at. The government tells you this is how we want to do it, SLS says it is the MOST EFFECTIVE WAY yet we refuse.

Look at the attack he made on corruption at the individual level in the banking sector. Was it not resisted by even the so called masses and middle class. Was it deep enough. No. Are there CEO's who escaped. Sure. Was it not viewed as targetted and vengeful. If he had gone the whole hog will the banking sector not have collapsed and taken the economy with it so SLS was adviced to stop and he did. The result the banking industry remains hand in glove with corruption. They still fund consumption rather than production. Nothing has changed. When Boyo suggests deregulating the CBN to keep Fx in the hands of the needy and reduce the cost of imported petrol CBN and banks suddenly become lovers because they both trip currency.

Look my friends the average Nigerians power to fight corruption end at the zip to his pocket. If you go THE WHOLE HOG and arrest the cabal who will import the oil, God Almighty and his angels? If you punish oil industry producers forget about oil exports. If you hammer the cabal dominating the engineering industry who will build your roads. That is the depth of corruption that Nigerians ofter simplify and underestimate. These folks have a huge infrastructure now out of ignorance we want to put one trillion naira a year in their hands (a quarter of our budget) to do what ? Buy the country?

We must realise that the subsidy fight for the soul of this country and the price we must pay is to take it back. If we think arresting a dozen or so members of the cabal will repair the oil sector then we can also assume Sanusi's banking battle is over and won. What naivety.

thank you gist, asuquo is talking like peterside on Ait 2 days ago, because I can afford this I can afford that therefore everybody should go to hell.

where do Nigerians get these economic models, imagine a grand mother paying thrice for the price of firewood just for peterside not to drive 4 cars. asuquo is in5ane.

this is what I know about sanusi and sweet grammer cannot change that unless he proves himself otherwise not with rhetorics but real pragmatic economic solutions, then I will start taking him serious.





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.

people really take this sanusi serious

This really stinks – NIGERIA SENATOR’S SALARY PACKAGE!!!
August 2nd, 2010 | Author: Peter Okali

Check out this email I received detailing the outrageous figures paid to a Nigeria Senator. Little wonder why everyone in Nigeria has political ambitions and will do whatever it takes to get there.

Basic Salary (BS) – N2,484,245.50

Hardship Allowance @ 50% of Basic Salary – N1,242,122.70 (I love this kind of hardship)

Constituency allowance @ 200% of BS - N4,968,509.00

Furniture Allowance @ 300% of BS – N7,452,736.50

Newspaper allowance @ 50% – N1,242,122.70 (Which kind newspaper be this, abi na online or hard copy?)

Wardrobe allowance @ 25% – N621,061.37

Recess Allowance @ 10% – N248,424.55

Accommodation @ 200% – N4,968,509.00

Utilities @ 30% – N828,081.83

Domestic Staff @ 35% – N863,184.12

Entertainment @ 30% – N828,081.83

Personal Assistance @ 25% – N621,061.37

Vehicle Maintenance Allowance @ 75% – N1,863,184.12

Leave Allowance @ 10% – N248,424.55

One off payments (Severance gratuity) @ 300% – N7,452,736.50 (Once they get fired.)

Motor Vehicle Allowance @ 400% of BS – N9,936,982.00 – Every Four Years

Senator’s Salary per month – N2,456,647.70
Total = N29,479,749.00 Per Year
Allowance of Nigerian Senator: $1,500,000/year
GDP of Nigerian Economy: $45 Billion/year

A feeding frenzy!!!
ENOUGH IS ENOUGH!!!

Compare with this -

Salary of the U.S. President: $250,000/year
GDP of the U.S. Economy: $13 Trillion/year
What do these Senators do to deserve this pay?

Amazingly, I saw a recent news video on YouTube of Nigeria senators in a session demanding an increase to their yearly allowance. These guys want a whopping N30 million every month.

Most of the Pharmacists, Engineers, Lawyers, Doctors, Welfare coordinators, Teachers/Lecturers, Engineers, Civil Servants and other productive professionals cannot boast of N1 million per year. What a pity !!!

SAY NO TO THIS OPEN LOOTING OF NIGERIA.
SEND A LINK OF THIS POST TO ALL PATRIOTIC NIGERIANS.

@Simple2rut, bia, mechie onugi. Igbo this, yoruba that, Hausa this.  Please can you not see beyond this tribal divide? Who told you that it is only the yoruba and hausas that are  protesting? Waoh, in this time and age people are still talking the way you do? Even if some are still backward, why do you want to join in? Dust yourself my man and speak like an EXPOSED grown man!

Nigerians are all about CORRUPTION not what you think.  Remove all the subsidy, leave Corruption to continue, then Igbo, Hausa, Yoruba, Ijaw, Ibibio, etc. will be consumed. Open your eyes and see beyond fuel subsidy. Are you still in Nigeria or you moved to another planet? The pure water seller now knows that his leaders are currupt. Man, nobody wants to be shortchanged.

This is not a tribal war but WAR AGAINST CORRUPTION. You only wonder why now to which I say ASK GOD!
Truly and clearly, so many voted for Jonathan, and they are now defending their votes.

@ REFERENCE, do you have anything against dealing with corruption in the system. How can subsidy removal be fight against corruption. Oh my God, but unfortunately for a few people like you, the majority of nigerians understand the real problem and they also know that removal of subsidy is not synonymous with fighting corruption.

There is corruption in Customs, Immigration, Police force, all ministries and agencies including presidency! So if you remove subsidy, have you stopped corruption in these places? In fact, you will increase corruption especially as the removal of subsidy will cause inflation!

When people feel they know too much that when u see how empty there head is without brains, Sanusi is Just a CBN governor he his only exposing this so we know what cause our set back rather we are accusing him but am happy he a man that does not regret his action.

Has a CBN governor you have not right or what so ever to investigate or expose fraud or what so ever he only has the right to bring it to the notice of the EFCC or ICPC senate or Rep but he goes to the length of informing we Nigeria about loop hole in government and how they loot our money we still accuse him of that well corruption is the matter of the day in every Nigeria mind too bad we have education without knowledge.

we are talking of the increase from 300m to 1.3tr his he the importer or the custom man that confirm the amount of Petroleum product imported to the country his he the Oil Minister his work his to pay what ever document submitted to his office he notice the fraud and alert us still we talk bad of him.

He alert of us of the wastefull spending of our money by the current administration we said nothing now he come with the ideal of oil subsidy last year we ignore and again that useless Okonje say IMF advice what he has forseen we are now arguing and calling sanusi name well I pray God open our eye so we see but that will be difficult because Poverty has ruin our reasoning.

Our leader has infect us with poverty that why we do not know what should be fought for and when Education is not power but knowledge is power seek knowledge then only your eye will be open and you will see how poverty has infected our thinking and reasoning and so sad with this country but as a hustler i rather brake the rock for honey than look for greener pasture.

Finally: removing subsidy is not a silver bullet that solves our economic problems. And there is a huge trust deficit that government has to address. Government needs to investigate subsidy payments and punish any violations of extant guidelines. It needs to cut on unnecessary and waste ful expenditure. It needs to fight corruption and show seriousness in that. It needs to deliver on capital projects, power and infrastructure including irrigation, farm-level storage and agri-processing. These are all valid issues that are to be taken IN ADDITION to and not in place of subsidy removal.

[b]@SLS
Well said and sorry for the insults whoever threw them at u. AS LONG AS THERE'S CORRUPTION IN THE SYSTEM, NOTHING WILL WORK. IN CASE U DONT KNOW, NIGERIANS HAVE ALWAYS KNOWN THERE WAS HIGH-HANDED CORRUPTION IN THE SYSTEM BUT NEVER HAD A GOOD OPPORTUNITY TO FIGHT BACK UNTIL NOW, THANKS TO PRESIDENT JONATHAN's RASH POLICY ON SUBSIDY REMOVAL. ONCE AGAIN, WELL SAID BUT WE NEED PHYSICAL THINGS ON GROUND NOW, NOW! E DON TOO MUCH FOR UNA! BECIDES WHY IS PRESIDENT JONATHAN SO MUCH IN A HASTE? HE HAS THREE SOLID YEARS TO END JUST FIRST TERM ALONE.
GOVT OFFICIALS HAVE TOLD US THEY WOULD SLASH THEIR SALARIES. rooster AND BULL! LET IT ALSO REFLECT IN NIGERIAS' CONSTITUTION SO THAT IT'LL BE LEGALLY BINDING EVEN FOR FUTURE GOVT OFFICAILS. THINGS HAVE BEEN WRONG FROM THE ONSET AND JUST CAN NOT BE CURED ALL OF A SUDDEN, EVEN WITHOUT FIGHTING THE MAIN CAUSE AND PUTTING A STRICT LEGISLATION IN PLACE. AM TALKING OF A SOLID CONSTITUTION, WE HAVE ALWAYS CLAMOURED FOR A SOVERIGN NATIONAL CONFERENCE BUT NEVER GOT ONE, NIGERIANS AN OPPORTUNITY PRESENTS ITSELF NOW.
FINALLY, AM OF THE BELIEF THAT THIS CONSTITUTION GIVES ROOM FOR STEALING PUBLIC FUNDS INDISCRIMINATELY. IF NOT, HOW ON EARTH CAN IT ALLOW LAWMAKERS FIX THERE OWN SALARIES AND ALLOWANCES? IN FACT, WE MAY NEED A PEACEFUL REVOLUTION BEFORE NIGERIANS WILL HAVE A SANE SOCIETY. POLAND HAD IT WHY NOT US?[/b]
OCCUPY NIGERIA, ALUTA CONTINUA!!!!!

Nigerians don't read. Simple. The best part of civilization is listening and logicality. Unfortunately, many Nigerians lack these.

1. Who is govt? It is not you and me? You only persecute people on evidence beyond reasonable doubt. If all the their documents are complete, how wud they be persecuted? Everyone is bride. the directors, cleaner, police and SSS. People pray to work there hoping to get bride

2. Govt didnt say they would provide jobs by removing subsidy. The environment would be ripe for investment by private individual and companies. This shud be most important to you.

Issues raised by Central Bank of Nigeria Governor Sanusi Lamido Sanusi:

One of the main points raised by the CBN governor is that the FG is paying subsidies for petrol that was never imported. Based on his report, it can be gathered that a large percentage of the imported product is fraudulent(it was only imported on paper).

What this means is that the government would pay less if it was only paying for the actual imported fuel. Therefore saving itself a sizeable sum of money.

MY SOLUTIONS ARE:
1. Sanitize the inspection process, put in place a committee that includes civil societies, NLC, and people of repute to monitor and verify the actual quantity of imported petrol. (Provide the necessary tools and equipment for this purpose)

2. Put in place software that audits all activities e.g. SAP. (If necessary make the audits public)

3. Use reputable Pre-shipment inspection agencies.

4. Prosecute and punish offenders


If we are not capable of implenting this processes, let us ask for help.

All this bullshit. Even in economics they weigh advantage over the disadvantage. And there is no plan for the effect of the Advantages and no plan B. That's a failed plan.

If i many say Jona has a plan a back up plan and a plan B but he can never let us know cos of his greedy personality and we can't trust it cos he might turn his back on the poor and the rich will survive and the poor will die. Or maybe UN and IMF want to cut our population with poverty so that we can't fight for our right and resources that built their economy. Leaving only the corrupt and greedy they can manipulate, why is it that Africa always have greedy presidents self?, Just saying

Mayflowa:

Nigerians don't read. Simple. The best part of civilization is listening and logicality. Unfortunately, many Nigerians lack these.

1. Who is govt? It is not you and me? You only persecute people on evidence beyond reasonable doubt. If all the their documents are complete, how wud they be persecuted? Everyone is bride. the directors, cleaner, police and SSS. People pray to work there hoping to get bride

2. Govt didnt say they would provide jobs by removing subsidy. The environment would be ripe for investment by private individual and companies. This shud be most important to you.

I completely disagree with your submission as highlighted in 'bold'. SLS gave you an example that any sane prosecutor can use to convince a Judge without pulling out a strand of hair: How can you claim 13 ships off loaded their contents in Lagos ports in a single day! Lagos ports, we know do not have such capacity, hence you begin by getting those officials who approved those documents to provide leads. Any serious prosecutor would 'strike a deal' with those officials and I bet He would get those folks jailed or sent to the 'beyond' for economic sabotage!

@SLS article, there is nothing in there that we do not already know. A pertinent question for SLS is why has He presided over an economy without a blue print for development and growth for nearly two years? Do this not show that SLS himself is not convinced of his 'fiscal and social' ideology the Nigeria economy needs to heed?

Concerning subsidy payments, why did SLS approve off and signed on documents for payments for transactions which never took place (base on His own findings). This is akin to a building contractor who went on to pay a birck layer for a days job S/He never excuted yet comes complaining that He does not understand why some people are getting paid for doing nothing! For heaven sake, you have a measure of authority to withhold payments and engage the President and concerned Nigerians of why such will spell doom for the Nigerian Economy.

Perhaps SLS can put forward a better argument thrust of why a phased withdrawal of 4 years, vis-a-viz fighting corruption like a man dying for a beautiful woman would not have brought about a slow but steady development in Nigeria.

My take in all of this is simple: SLS, talk is cheap. You have the rod, why cry over the rot? I guess Nigerians would have be proud if they wake up to read news story as : "CBN governor refused oil subsidy cabal payments for non-importation of declared products" or "At last! subsidy gravy train runs dry as CBN governor halts payments for false dealings"!

yinka007:

Issues raised by Central Bank of Nigeria Governor Sanusi Lamido Sanusi:

One of the main points raised by the CBN governor is that the FG is paying subsidies for petrol that was never imported. Based on his report, it can be gathered that a large percentage of the imported product is fraudulent(it was only imported on paper).

What this means is that the government would pay less if it was only paying for the actual imported fuel. Therefore saving itself a sizeable sum of money.

MY SOLUTIONS ARE:
1. Sanitize the inspection process, put in place a committee that includes civil societies, NLC, and people of repute to monitor and verify the actual quantity of imported petrol. (Provide the necessary tools and equipment for this purpose)

2. Put in place software that audits all activities e.g. SAP. (If necessary make the audits public)

3. Use reputable Pre-shipment inspection agencies.

4. Prosecute and punish offenders


If we are not capable of implenting this processes, let us ask for help.

Excellent summary! What SLS has failed to realized in His submission is what you have nicely put up in your opening paragraph,which clearly supports what many Nigerians have said all along: The N1.3tn claimed to have been spent on subsidy in 2011 alone is a farce!

dbride:

@ REFERENCE, do you have anything against dealing with corruption in the system. How can subsidy removal be fight against corruption. Oh my God, but unfortunately for a few people like you, the majority of nigerians understand the real problem and they also know that removal of subsidy is not synonymous with fighting corruption.

There is corruption in Customs, Immigration, Police force, all ministries and agencies including presidency! So if you remove subsidy, have you stopped corruption in these places? In fact, you will increase corruption especially as the removal of subsidy will cause inflation!

Okay, you don't want the rules of the game to change and you don't want the consequences either so how do you square that circle. Inflation rises and your currency depreciates every time you are buying things you don't use ala import volume corruption. Isn't that inflationary pressure fuel corruption. If a gas pipe explodes the fastest way to put out the fire is to turn the supply off. Not saying you shouldn't fight the fire but you can't say I fight alone don't worry continue pumping gas because my neighbour is cooking. No, turn the damn thing off, quench the fire, find the cause and if it is redeemable, repair it and carry on.

The truth is that by Monday if agreements are reached everyone goes by to his little cesspool of corruption and nothing is achieved. Meanwhile they get richer and we get poorer by default. Dying slowly. I don't deceive myself. I know where the blame lies. If I can pay someone 5,000 to have my drivers license delivered at home. Will that fellow resist 250,000 to allow my tanker through at the border or reject 35,000 dollars to enable me invoice my barge's cargo twice. Am I cabal or not. Is he government, NLC or Pengassan. Let's be real. I've seen young men make millions in this oil business without going near the ports. This corruption thing is far deeper and wider than you think.

Reference:

Okay, you don't want the rules of the game to change and you don't want the consequences either so how do you square that circle. Inflation rises and your currency depreciates every time you are buying things you don't use ala import volume corruption. Isn't that inflationary pressure fuel corruption. If a gas pipe explodes the fastest way to put out the fire is to turn the supply off. Not saying you shouldn't fight the fire but you can't say I fight alone don't worry continue pumping gas because my neighbour is cooking. No, turn the damn thing off, quench the fire, find the cause and if it is redeemable, repair it and carry on.

The truth is that by Monday if agreements are reached everyone goes by to his little cesspool of corruption and nothing is achieved. Meanwhile they get richer and we get poorer by default. Dying slowly. I don't deceive myself. I know where the blame lies. If I can pay someone 5,000 to have my drivers license delivered at home. Will that fellow resist 250,000 to allow my tanker through at the border or reject 35,000 dollars to enable me invoice my barge's cargo twice. Am I cabal or not. Is he government, NLC or Pengassan. Let's be real. I've seen young men make millions in this oil business without going near the ports. This corruption thing is far deeper and wider than you think.

No matter how deep, wide and long you may want to describe this corruption, the fact that Nigerians love life tells you one thing the government should and must do: Activate the DEATH CALUSE and see how corruption would nose dive like waterfalls!

Sanusi may Allah continue to bless you and ur children,Nigerians we cannot continue to fold our hands and allow some plp to get rich and majority suffer,i think sanusi has said it all, but the only plead ill like to put forward is that the government should take it step by step,SUBSIDY REMOVAL IS FOR THE GOOD FOR THE COUNTRY AND THE MASSES BUT IT SHLD BE GRADUAL.GEJ BACK TO YOU.

yinka007:
Issues raised by Central Bank of Nigeria Governor Sanusi Lamido Sanusi:

One of the main points raised by the CBN governor is that the FG is paying subsidies for petrol that was never imported. Based on his report, it can be gathered that a large percentage of the imported product is fraudulent(it was only imported on paper).

What this means is that the government would pay less if it was only paying for the actual imported fuel. Therefore saving itself a sizeable sum of money.

MY SOLUTIONS ARE:
1. Sanitize the inspection process, put in place a committee that includes civil societies, NLC, and people of repute to monitor and verify the actual quantity of imported petrol. (Provide the necessary tools and equipment for this purpose)

2. Put in place software that audits all activities e.g. SAP. (If necessary make the audits public)

3. Use reputable Pre-shipment inspection agencies.

4. Prosecute and punish offenders


If we are not capable of implenting this processes, let us ask for help. , Gbam! You are more qualified than the confused people up there. I give it to you. Sanusi is taking the lazy man's route.

President Obasanjo God of heaven is commanding you to go and redistribute the wealth of Nigeria according to the law of God equality 2 Corinthians {8:14} withing 7days. Bring back the fuel back to 65N first.

Jesus Christ warning to every soul about the love of earthly and fleshy desire:

2) Mathew {19:24} and again I say unto you, It is Easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God. (As you read this you were told)

Reason can be seen in the book 2 Corinthians {8:14} But by an equality, [that] now at this time your abundance [may be a supply] for their want, that their abundance also may be [a supply] for your want: that there may be equality:

That is why God commanded that we should love one another and if we actually did no one we compete
with one another, no one no country would go crazy about money (Greed). Every lonely, widows, poor and beggars shall be fed with plenty. All resources of nations shall be distributed equally as in 2 Corinthians {8:14} due to the gift he has given to us in Galatians 5:22.

The love of money has cause Human kind to war against the gift (Galatians 5:22 But the fruit of the Spirit is love, joy, peace, longsuffering, gentleness, goodness, faith) The richer continue to be rich and the poorer continue to be poor, love of money has replace the love of Galatians 5:22.

Mathew {6:19} Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: (As you read this you were told)

Mathew {6:20} But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal: (As you read this you were told)

Mathew {6:24} No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and mammon. ((As you read this you were told)

Mathew {6:29} And yet I say unto you, That even Solomon in all his glory was not arrayed like one of these ((As you read this you were told)

@ brown auto

mayne you dont get it, subsidy removal was sanusi's idea, well meaning Nigerians are telling him that he has a plethora of humane options.

like the one below



I cannot but express my profound
gratitude and solidarity to the NLC,TUC
and other affiliate organizations.
We in the oil and gas sectors are solidly
behind you.

Let me quickly introduce ourslves, we are a
group of well meaning Nigerians in the oil
and gas upstream sector who wish our
voice to be heard in this battle to save
Nigeria.

While we negotiate with the government,
these perspectives must be adressed.

lets talk about this present day subsidy
regime, the Cbn gov has already confessed
he has evidence of round tripping , he said
he paid subsidy on 15 fake vessels
approved by customs.
what did madueke do? nothing

the reasons investors did not build
refineries over the years was lack of cheap
crude but the biggest reason is corruption
how?

licences were given to companies without
the financial muscle to build refineries also
part b of the license clearly states that
these armed robbers have oil lifting license
embedded in their refining license,
tell me who will choose refining over lifting
where he makes instant profit and inflated
subsidy
what did madueke do? nothing as usual

do you know that NNPC does not have
storage facilities for all those millions of
products they are quoting and importing.
how exactly does Nnpc wish to store
30million litres of pms?
do you know that these fg goons went
ahead to licence importers without storage
facilities leading to the govt paying extra
for storage on a product they are paying
over 70 naira as subsidy can u beat this
stup1dity and incompetence?

what did iweala and madueke do? nothing,

do you know that these leppers in Nnpc
have no grading structure for imported
pms low grade,mid grade and high grade
all are pms same subsidy, same price even
ethanol blends have subsidy paid on them,
can you beat that?
even abroad where the products come
from have different prices. some are far
cheaper than others which ordinarily
should attract low subsidy


what did madueke do? nothing.

do you know that these bingos at Nnpc
dont maintain their pipeline networks
which ordinarily should link one depot to
the other,
they have to pay extra for tankers
transporting these products all are
subsidies.
eventhough their foreign jv partners are
maintaining over 1000 pipeline networks in
Nigeria.
what did madueke do?
nothing.


do you know that under madueke's watch
demurrage is paid as subsidy to these
importers .
how cant they be reponsible for their
import schedule?
is it not commonsensical for madueke to
prioritize the discharge of those vessels
quickly in tank farms as not to attract
demurrage for a product you are
subsidizing?


and they want us to tighten for a better
future? which future ? can iweala,Sls and
madueke plan for a sustainable future if
given the task?
dead failures.


for every extra kobo you pay on pms you
paid for madueke's incompetence.
now they can see high expenditure but
cant see how their incompetence is
inflating the subsidy regime.
Do u seriously think iweala will see it
comming if it was true that economy will
crash?


Let us analyze the genere and politics of
these issues
There are more misnomers than facts
surrounding this subsidy brouhaha.
First,
the Govt said the economy will collapse,
ridiculous indeed

secondly,

the Govt said
oil importers are a 'cabal', nearly fell off
my seat.
Comrades, there are no cabals, in 2009 the
scarcity of petroleum products became
intense and the Govt admitted that Nnpc
through its subsidiary PPMC has failed
Nigerians by their inability to meet up with
the supply of pet. Products and that
phenomenon gave rise to licensing of
some people to 'assist' the Nnpc in doing
their job for which they are paid for.
Please don't forget that hitherto, Nnpc has
been doing the importation and refining
themselves before corruption eroded their
common sense.
These importers went abroad and came
back with a price Nnpc is already aware of
comprising of logistics, storage and
administrative costs, these were quantified
before they arrived at a price.
The FG now fixed a price tag of 65naira on
Pms and agreed to be reimbursing the
importers the balance not oblivious of the
fact that the landing cost is higher than
the stipulated price
To my greatest chagrin, the Jonathan’s
administration woke up and termed them
'cabals' who are fleecing the nation.


Assuming Ruben Abati goes abroad to buy
a TM underwear for 1k and decides to sell
it 1.5k adding purchase price plus logistics
plus profit and the Govt tells him to sell at
900 naira, wont he ask for the 600naira
balance? When the incompetent NNPC
agrees to reimburse him, then he has
become a cabal stealing from the GOvt?
We are not docile, If Nnpc lived up to their
responsibility, we won’t have need for the
importers in the first place.There is no
doubt that the subsidy regime is met with
corrupt practices, is it not the
responsibility of the govt to clamp down on
those malfeasance?
the Governor of central bank confessed
during the town hall meeting that he paid
subsidy to 15 fake vessels who connived
with customs to falsify their papers.
is this not fierce corruption?
and we have a shameless commander in
chief? by the way, how many naval officers
patrol our waters on tax payers account?
efcc,icpc etc
The only solution that came to the minds
of this disgruntled PDP administration is to
remove subsidy into-to not minding its
inflationary consequences.
This is the si1liest approach any human
being with brain if they have one can
summon.

Thirdly,

Jonathan insulted the intelligence of
Nigerians telling us that we don't benefit
from this subsidy except for the importers
and he had the unbridled temerity to be
advertising it on NTA saying the rich are
getting richer.
This people are demons.
When Ruben abiati's mother goes to the
market to buy vegetable at a price, does he
not know that the seller included cost of
transportation to that price?
So when the transporter buys PMS @
65naira and fixes his price based on that,
he says his mother did not benefit from
the subsidy that guaranteed the price in
the first place?
In a generator driven economy like ours?
It is either Ruben Abiati and his employers
are drunks or they think that Nigerians are
m0rons.

I feel sorry for people that think that
competition will crash the deregulated
price erroneously juxtaposing it with GSM.
Do you know that the price of crude being
the raw material for refined pet. Products
are sold at the same price world overl?
If you agree to this, then, even if you
deregulate and license 5million importers
the product will still be expensive because
crude itself is expensive.
You will still need to subsidize it to
65naira, exactly why deregulation of diesel
in part did not work.The only reason you
have not bought diesel @ 200naira is
because there are so many illegal
refineries who bunker crude, settle JTF and
refine diesel at a lower price.
This people still pose a great threat to the
importers who buy at a higher price that is
why you get diesel @ 140naira elsewhere
but in the delta i buy as low as 70naira. At
this verge you will not over rule the fact
that these unscrupulous elements
contribute to the availability of diesel, if
you are in doubt, anywhere you see cheap
diesel, ask the dealer the source of his
consignment If he is honest he will tell you
the truth, when i was told, i took an hr
20mins boat ride to a remote village in the
delta between Belema and Kola
communities and i saw the local refinery
myself.
Conduct a chemical test on those cheap
diesels if you are not convinced and you
will realize a lot of additives are
missing.Sounds incredible but those are
the realities on ground.You now know why
many importers in the delta hardly have
diesel.
I still feel sorry for those who think the
Govt should build more refineries, that will
not solve the problem either because there
is no cheap crude to supply these
refineries.


Do you know that even the petroleum
products from our present refineries at a
disappointing capacity attract subsidy?
that is what Sanusi is not telling Nigerians.
This Sanusi's buisness model of increasing
local price to attract investors is
misleading.

He should ask himself why so
many buisnesses left the USA for Asia and
Arrica between 1998 till 2008.
The reason was because cost of doing
buisness in America was high so there was
need to tap into Africa's cheap land and
asia's cheap labour.

If you increase the pump price the spiral
inflation will discourage investors, you pay
high for land,labour, enegy etc.


A brief insight in Nigeria's oil and gas
model gives us a better outlook
The oil production of Nigeria stands at
2.37 million barrels of crude daily. Nigeria
get this crude in a JV (joint venture) with
IOC's (international oil companies) and the
Nigeria's cut stand btw 55% to 60% of the
lot, if we go by 60% then, that gives a
total of 1.4m barrels daily.If we average
the crude price from 2009 till date, the
price falls close to 100usd/bbl.In that case,
Nigeria makes 140,000,000usd daily from
this JV.
Nigeria has a policy called DSO (domestic
supply obligation) which mandates
250,000bbl/d of this crude to be refined
and consumed locally,In monetary terms,
the Nigerian govt is giving us
25,000,000usd worth of crude to refine.
Our three refineries at optimum capacity
utilizes about 450,000bbl/d which gives
45,000,000usd in monetary terms in other
words, the price of raw material in this
case, crude, accrued to our refineries
comes at 45m usd per day
, if you add refining cost and profit of 6usd
per bbl,The total cost becomes
270,000,000usd per day.There is no way
you can refine that crude at that price and
sell it 65naira/ l and make profit.
Meanwhile, once we mark out that 45m
usd worth of crude for our refineries
(assuming they are working at optimum
capacity), the govt has already lost 45m
usd from their 140m usd daily earnings
(which will affect budget implementation)
and after refining will still spend more
money to subsidize it to 65naira/ l
(you now understand why NNPC subsidizes
the products from our refineries)
With this analogy, you will agree with me
that if all our refineries are working
optimally, the govt will spend 3times our
present day subsidy to bring the pump
price down to 65naira/l .


So, for those of you clamoring for
refineries should be careful what you wish
for because there is no cheap crude for
you to refine.

I have argued abinitio that the sales of
other derivatives of crude will bring down
the cost of most sort PMS,DPK etc but
after doing some feasibility studies, i
realized i was dead wrong.


I further argued that to make cheaper
crude available for our refineries, the Govt
should reduce the price at which it is
supplied unfortunately, the senate
mandated the then GMD of Nnpc that the
DSO must be sold at international crude
price.
This i believe was proposed for the
following reasons:


1 the refineries are working below capacity
so what the heck does Nnpc use the crude
for?


2, there is a benchmark on crude price for
budget implementation.With these
reasons, any existing or yet to exist
refinery in Nigeria will get crude at a high
price and must need subsidy to sell at
65naira/ l, at this cross road, the then
GMD of Nnpc decided that all crude
should be exported and subsidy be paid on
imported products.


At this verge, i must reiterate here that
competition amongst importers will only
crash the profit margin but not cost
price.Even if every Nigerian becomes an
importer of pet. Prods, we can never
change the fact that crude in the int l
market is already expensive before thinking
of refined prod. So we must need subsidy
to make profit.

Before this issue of subsidizing petroleum
products can be addressed,You must have
the following at the back of your minds:

1, Nigeria pegs a benchmark on crude
prices to enable it implement budget. This
stands at 75usd/bbl. And this crude is sort
from the JV
.2, if crude price exceed the benchmark
above, Nigeria makes excess crude revenue
(ECR) 3, conversely, if we make excess
crude revenue, the price of subsidy on
refined products shoot up.With the above
analogy,
One can argue that the ECR be used to
subsidize imported petroleum products
since both are a function of each other
unfortunately in Nigeria, it comes with its
own challenges.
By law, the constitution clearly states that
all revenue accrued to the FG be shared
amongst the three tiers of Govt.This alone
makes it illegal for the FG to keep the ECR
to itself for whatever reason.
This is where the wahala started, during
GEJ's campaign, he astronomically
increased workers salary without
consulting the state Governors,most
Governors have refused to pay on the
grounds that they cannot afford it.
On that grounds Taraba, jigawa and some
other states have a genuine case.With the
above development, the states started
scrambling for funds and remembered the
ECR and insisted it must be shared to
enable them pay the new wage and
develop infrastructures.
you now understand why all state
governors are for subsidy removal
including the literally "one of us" comrade
Adams oshiomole, because they know it
will be shared just like the ECR


The way forward:


In the short run:


All unions must ensure the FG, must
consider these options,

1, identify and tackle the corruption and
incompetence prevalent in the subsidy
regime above. That will push down the cost
of the subsidy in the first place.Like i said
in April, no matter how sincere GEJ think
his administration is, he cannot make any
reasonable progress in the face of
corruption,


2, the power projects must come upstream
before removing subsidy, this will reduce
the demand on pet. Products to a very
great extent.


3, Nigeria must accommodate Gas export,
port duties and other forms of revenue in
their budget implementation policies.


4, Govt must never invest an extra kobo in
our moribund refineries, by doing
otherwise, the cost price of the refineries
will rise to an extent that it will no longer
be attractive to investors or will prolong
their repayment plan.Thereby making it
very capital intensive.


5, Instead of deceiving Nigerians with their
cabal bullshit and deluding them that they
don't benefit from this subsidy, the FG
should channel that propaganda with
intense lobbying to the senate,NLC and
civil society organizations to stop the state
governors from demanding for the ECR,
this can be achieved by the FG asking the
state to pay whatever increment they can
afford for the workers that way the ECR
will be used for subsidizing pet. Products.


In the long run:


Nigeria must seek local production
capacity.It is no longer news that Nnpc
and its subsidiaries have failed woefully in
meeting the needs of the Nigerian people.
Nnpc through its subsidiaries Npdc and
Ngc are saddled with the responsibility of
the above for oil and gas production
respectively, but as i write, the current
production of NPDC stands at a paltry
90,000bbl/ day which is a huge failure for
an agency set up 23yrs ago,

The IOC's has made us believe that it will
cost less than 12usd to extract 1bbl of our
oil.

The Management of NPDC must be
reshuffled and if possible experts brought
in on contract basis to improve NPDC's
production.These experts must be placed
on targets appraised by milestones. in
ogoni land for instance, Anglo dutch has a
lot of abandoned production facilities and
marginal wells and others scattered all over
the country, these can be bought by NPDC
with the money FG want to waste on
refineries to improve production,

If NPDC can extract oil at 12usd/bbl and
make a little profit, with this cheap oil
available, Nigeria will have no reason going
to the JV.

This cheap crude is what will attract investors to build refineries and create jobs against sanusi's pump price increase to attract investors and create another monster called INFLATION,
A 250,000bbl/d refinery will cost a little
above 5b usd, dangote alone can afford
two of those only if NPDC can guarantee
cheap oil. This is why no investor is coming
to build refineries.
A crude price of 18usd/bbl from NPDC will
guarantee pump price of less than 22naira
per litre of pms from these refineries.With
this plan,By the end of this Administration,
NPDC will have robust production capacity
and the refineries will guarantee steady
refined products.
These refineries shouldn't be operated by
the Govt for any reason.The FG will
generate revenue from both ends, export
of crude and export refined products and
the production of NPDC must be
increasing periodically.
this is necessary because Nigeria as a
member of OPEC has a limit to crude
export but we can earn more revenue from
petroleum products export.
Once the above takes effect, there won’t
be any need to be paying subsidy because
pump price will be around 23naira/ l and
inflation will reduce by 40‰.
Now, how competent is Allison Madueke
and iweala if they can’t figure this out?

To think of removing subsidy at this stage
where there is no electricity and high
corruption rate will be tantamount to
economic suicide.

I cant believe iweala and sanusi are using
trial and error approach to economic
solutions please try the next country or
preferably Haiti.

What iweala forgot is that in the face of
inflation, the cost of running Govt projects
will be high, All Govt contractors will
definitely come back for contract variations
or Abandon those projects.

As a sound economist, she should tell
Nigerians the value of 1.3 trillion naira
( she intends to save on subsidy removal)
in the face of 60% inflation and how many
projects Nigerians will benefit from the
subsidy removal.If you remove subsidy and
the money disappears, then it is a NO NO
for Nigerians.

Now, let us analyze possible solutions to
this economic quagmire.


I have a deal for iweala.


fight corruption and inefficiencies in the
subsidy regime and bring it down to
300billion for this year.

The management of Npdc must have a
target
of 150,000bbl/d by dec 2012.
on january 2013 subsidy will go by 50%
and by dec 2013 Npdc should guarantee
200,000bbl/d on

1st january 2014 subsidy must go 100%.
with or without the refineries on ground,
then if Nigerians are sacrificing, they will
know it has a
limit pending when refineries that will
utilize the cheap oil on ground arrives.

tell me what WE are sacrifising for today?
eternal slavery?

I and my generations cannot and will not
sacrifice for Govt's incompetence.

All unions should never accept partial
deregulation, it is more dangerous than
total deregulation because Nigeria hasn't a
price regulatory agency who ordinarily
should put the markets and commuters on
check.

Deregulation in the down stream sector is
not same as telecoms, we need structures
to support it which Nigeria have not got
unlike the later.

God bless you as you fight this battle for
mankind

Written by;

concerned oil and gas activists

Nigerians dont understand wat Sunusi explained here is something reasonable even if he is corrupt we have to against him @jp philip like you are making it personal may be you are a banker and lost your job because of Sunusi you dont have to blame it on him every body wants to eight corruption but we dont like to start from our selves thats what brings our dear nigeria backwards.