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Politics / Re: Goodbye Okonjo Iweala... by hercules07: 11:30pm On Dec 21
since1914:



You obviously have been quite observant, it was indeed the National Assembly members that always insisted on a higher oil benchmark. But, it wasn't entirely for a selfish aim, they were trying to checkmate the Governors. The logic is this, whenever we use a low benchmark, a lot money accrues to the ECA, which ordinarily should be a very good thing, but unfortunately for us, whenever we have a lot of money in the Excess Crude Account, the Governors and their Accountant Generals will setup camp in Abuja to harass the Federal Government to share it amongst all the states and the FCT.

The sad part of this development, is that any money shared from the ECA is extra budgetary (awoof), hence the recipients usually do with it as they please. Ironically, the NASS members who claim to be defending the public purse, have consistently failed in their oversight of the budget thereby rendering useless whatever, 'good' intentions they claim to have.

That said, I must say there is enough blame to go round; NOI has also failed in some of her duties. For instance, how many times, have the Auditor General's report been acted on? If you pick up the AG's report you will see a lot of lapses in the execution of the preceeding year's budget, yet the Ministry of Finance carries on as if nothing happened. What of the MDAS that are known to generate one form of revenue or the other, how much of it are they remitting back to the Federation account? Rather, they just spend it all and turn to the FGN (Father Christmas) to dole out money to them as usual.

Secondly, I also think she needs to take a closer look at the questionable template the budget office uses to arrive at recurrent expenditures for MDAs, because, that is what is ballooning our recurrent expenditure profile.



The Federal Government has no right to withhold the allocations of the states, the FG is not superior to the states, the constitution is clear about these things, the extra accrued should be shared in the ratio of 52/48 stipulated, the FG can decide to put all of its 52% in its own ECA while the states can decide to spend it on what they wish as long as it is legal, for the FG to unilaterally decide to withhold the funds is unlawful and illegal. The FG can encourage the states to setup ECAs for the rainy day, it has no right to forcefully do this. Can we ask NOI where the 52% of the FG is, if the states did not save their 48% what happened to the FG's share? NOI is nothing but a charlatan, someone who has not been able to balance the budget in how many years, where recurrent is almost 70% of the total budget with incredible oil prices for almost four years. Trickle down economy is what will kill this country, the FG is the greatest parasite of all, just collecting rent and outsourcing most of the real functions to the states who earn less combined than the FG, we should move to a trickle up economy where the FG gets part of income tax, some level of company tax while states and LGs get income tax, company tax and a certain percentage of the income on natural resources within their domain.

1 Like

Religion / Re: Why Didnt God Just Forgive Mankind Instead Of Killing His Son??? by hercules07: 12:05pm On Dec 02
johnydon22:


ok now i get it God's characteristics also includes demanding for blood before he can grant remission for sin... ok good one... he is all good and all loving indeed

You are asking the wrong questions, the question should be, why the heck do I care what Adam did, I am not related to him and I do not believe he is my ancestor, the stories in the bible are mostly fables garnished with some truths.
Politics / Re: Nigeria May End Up Borrowing To Pay Salaries – Obasanjo by hercules07: 10:52am On Nov 28
MudRaker:


Mumu Okonja was the one that rid you off your IMF obligatory payments, got your economy on a sound footing and is steadily trying to diversify your lazy minds of oil.

For your information, Okonja was a serving minister of finance under Obasanjo.

It was a dumb thing to pay back those debts, you had a nation with infrastructure deficit paying back close to $18bn at a go, what type of nonsense was that? We should have kept the debts and used the fund we had to restructure the economy, Saudi Arabia just built the second largest refinery with less than that amount, do you know the multiplier effect of such an investment?
Politics / Re: Nigeria Road Shame Makes Yahoo Homepage. by hercules07: 7:37pm On Nov 07
Litmus:
Hmmm, I thought the Chinese, Indians and others are smarter than the black man, i wonder why none of these smarty pants thought of shaming their Nation into doing better by plastering all their ills online for the entire world to pass judgment on them.

The Chinese are the stupidest they hide everything.

I am sure you know that people in Hong Kong are Chinese as well and we can see how vocal they have been in the last couple of days.
Politics / Re: Nigeria Road Shame Makes Yahoo Homepage. by hercules07: 7:07pm On Nov 07
Nigerian roads are bad, both at the state and federal levels, but, the greater shame should go to the FG, I am sure the total distance of roads at the Federal level is far less than that of intra city roads of 2 or 3 states combined, the FG gets the bulk of revenue in the country 56% compared to 44% for all other organs, there is no single justifiable reason for the FG not to over perform, those who are comparing a state to the FG are diminishing their arguments, FG has far less responsibility and more revenue than the states and its infrastructure should be top class.
Politics / Re: External Reserve And Debt Under Obasanjo, Yaradua And Jonathan Administrations by hercules07: 1:29am On Nov 07
Nigeria's debt profile from the 70s to now.

http://www.indexmundi.com/facts/nigeria/external-debt-stocks
Politics / Re: The Many Lies Of Buhari And APC Supporters by hercules07: 1:21am On Nov 07
Foreign Affairs / Re: Barack Obama Finally Exposed As A Total Failure. God Bless America by hercules07: 3:18pm On Nov 05
atlwireles:


Remind me of the Islamic terrorism explosion in this continent during bush's tenure? Because, I cannot remember one.

Why do you keep dancing around issues, I was talking about terrorism globally, the issue in the middle east spawned a lot of the terrorism we have now.

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Foreign Affairs / Re: Barack Obama Finally Exposed As A Total Failure. God Bless America by hercules07: 3:15pm On Nov 05
ISpiksDaTroof:
Roflmaoooooooooo

Hercules07, please explain what a gerrymander is to this pretentious illiterate village billy goat.

He does not want to be educated, he has brought the same attitude he has to GEJ to this discussion, when saner people and most Americans are unhappy about Bush and his cohorts, he is telling us porkies here.

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Foreign Affairs / Re: Barack Obama Finally Exposed As A Total Failure. God Bless America by hercules07: 3:08pm On Nov 05
9jaforlife:


It was NOT during his time that the Trade Tower was bombed, I'm talking about the 9/11 attacks. And he wasn't the one that spearheaded the Iraq's invasion to search for the non existent WMD, which has only brewed hostility of terrorists towards America. Even American government officials have owned up that it was a mistake. If anything, Obama should be credited for finding Osama.

Do not mind the guy, terrorism skyrocketed during Bush's time, Saddam was keeping Al-queda out of Iraq, Bush had to go in and destabilise the whole of the middle east, his business partners, the Saudis have been sponsoring terrorism in the Middle East for eons.

2 Likes

Foreign Affairs / Re: Barack Obama Finally Exposed As A Total Failure. God Bless America by hercules07: 3:07pm On Nov 05
atlwireles:


The last republican in the white house was George bush. Please compare his administration as it relates to the continent to Obama, the man with your skin coulor, as you put it. Please remind us, how Islamic terrorism was treated across the world, till the appeaser in chief became President.

I can not see where I wrote about Obama being a man with my skin colour, we are talking about democrats and republicans not individuals. Bush put the Americans in the nonsense they are in now, he could not get Osama bin laden, he invaded Iraq and put the cost on a credit card, the great depression happened on his watch, the greatest attack on America happened under his watch, american embassies were attacked and people killed under his watch, please, Bush is the worst thing to have happened to the Americans in a very very long time, as per his policies towards Africa, he did not give a damn. Islamic terrorism exploded under Bush, for Christ's sake, the guy handled Iraq after the war like an amateur.
Foreign Affairs / Re: Barack Obama Finally Exposed As A Total Failure. God Bless America by hercules07: 2:57pm On Nov 05
phantom:
the OP has a penchant for idolising grossly corrupt people so no surprises here. grin grin

I can not imagine anybody especially Africans rejoicing about republicans winning, the same set of people that have tried to repeal Obamacare 25 times in 6 years.

1 Like

Foreign Affairs / Re: Barack Obama Finally Exposed As A Total Failure. God Bless America by hercules07: 2:56pm On Nov 05
atlwireles:


Is now about turnout? Who won? My friend don't make a mess of yourself.

Please read up about elections voting pattern in the US and stop this nonsense, the elections of Republicans is going to affect African Americans and Nigerians, those guys have no love for anybody not of their skin and class, and if they ever get the white house, just know that BH will escalate beyond anything you have ever witnessed, they will start their wars in the middle east and africa and BH will have new training facilities.

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Foreign Affairs / Re: Barack Obama Finally Exposed As A Total Failure. God Bless America by hercules07: 2:49pm On Nov 05
atlwireles:



You make me laugh, a walking amazon with zero clue. Please keep spreading your inferiority complex on NL. Once again, your Obama will learn what it means to be a great American in the next two years,

Apparently you do not know about politics in the US, the turnout of democrats is usually low at these elections, also, the republicans have gerrymandered the districts so they will win, in 2 years democrats will still win the white house and at least one of the houses will be back in their control.
The issue of PDP or Jonathan being nothing more than failures is not up for debate, because the economy was rebased means Jonathan is trying abi when oil has been at record highs in the last 16 years yet no steady power.
Politics / Re: Nigeria At Risk Over Falling Oil Price : FG by hercules07: 11:50am On Oct 27
duni04:

Thank God the article said conspiracy theories. Everybody is so ready to believe there is a hidden plot somewhere while ignoring the fact that Saudi Arabia may simply be trying to guaranty its leadership in the oil market. Me I don't believe in any hidden plot or conspiracy. Its clear and open if you really want to understand.

It is not a conspiracy, that is the actual fact, I do not think the Saudis are doing it willingly, the US is behind it and the intention is to cripple Russia's economy and probably cause Social unrest in Russia.
Politics / Re: Terrorism: FG Asks Court For Secret trial Of Ndume by hercules07: 12:04pm On Oct 22
We should not accept secret trials, the judge should rule against this, the simple reason is because it sets a precedent, soon, all trials will be secret and the counsels will always quote the precedent set in Ndume's case, apparently Nigerians do not know the danger of this request, any case against the government will now be in secret, opposition members being charged to court will be in secret, take government to court on any charge and you are tried in secret, is that the democracy we want?

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Business / Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by hercules07: 4:15pm On Oct 17
atlwireles:


Total does not sell refined oil in Saudi Arabia, why all the twist and turn. Total sells refined oil in Nigeria, because, they are one of the companies playing the mother vessel game. You can can them in Saudi and ask for quote for a delivery to Nigeria.

What the heck are you saying, Total refines oil in Saudi why can they not refine in Nigeria, they started the project 4 years ago, if your government had their head screwed on tight, that refinery will be in Nigeria not Saudi Arabia, the roles will be reversed, they will refine in Nigeria and sell in Nigeria, they are playing the mother vessel game because the government allows them to, why dont they try that nonsense in Saudi and see how far they will get.
Business / Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by hercules07: 3:41pm On Oct 17
atlwireles:


Are you telling us total is a major player in the Saudi retail market?

Total dropped the cash to build a refinery for export, they are refining in Saudi Arabia, a stonethrow away, SADARA is building a petrochemical plant to use the products from the refinery, Total will sell the refined oil in Saudi Arabia if a market exists there, there is a huge market for refined products in Nigeria seeing as we import refined products, so, what stops the government from doing the same thing as the Saudi Arabian government? Total needs to earn, it will sell to the devil if he can pay on time, Nigeria can pay on time, why are we not doing this in our country, the number of people employed in that refinery is over 2 thousand, the added value is more than the $20bn used to build it.
Business / Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by hercules07: 3:03pm On Oct 17
atlwireles:


Total is a major player in Nigeria, ask yourself why they don't bring Saudi refined oil here.. Before, you move this conversation forward, please talk to any oil futures trader, what is the CIF(lagos apapa) price, for a liter of Middle east gasoline in the wholesale market.

They are a major player in extraction not refining, they dropped the cash for the refinery in the Saudi Arabia, why do I care about Middle east gasoline in the wholesale market, I am talking about refining our crude in Nigeria by entering into partnerships with the same set of people who have done it in other places, but, our government will not do that because the subsidy scam is good for their politics, it is good for their pockets as well, instead of fighting to remove subsidies for 16 years, why not use those same 16 years to build refineries by going into partnerships with people like Total, according to our government, subsidy is $6bn, then sales of the refined oil in Nigeria should be north of $12bn in Nigeria only and excess can be shipped abroad, that should be good enough for any oil company, afterall, they are in the business to make money whether from Nigerians or anywhere else.
Business / Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by hercules07: 2:51pm On Oct 17
atlwireles:


Why not ask the government to back off this scam and allow the companies mining this oil, sell their product. Why are you talking about Saudi Arabia? I don't understand the connection here. If Saudi oil is that cheap, get an import permit from PPRA and bring some here to sell. You have goldmine business in your hand, please use it.

Yeah right, as if your government wants to do what is right, the government profits from the scam, why can the government now work with the Totals of this world just like Saudi Arabia is doing, afterall, Aramco is a mostly owned by the Saudi government.
Business / Re: FG To Spend N1 Trillion On Petrol Subsidy In 2015 by hercules07: 2:43pm On Oct 17
atlwireles:


Anybody calling Nigerian Oil subsidies a scam, is not worth much weighted up or down. You called yourself an industry insider, so you know the cost of production for Nigerian crude is about $20-40 per barrel.

Please lead another demonstration, so government can sell you petrol at cost price. You wonder why you people are dying of poverty, because some of you are constantly trying to reinvent the wheel. Goodluck with your free/cheap oil.

Fuel subsidy is a big scam, 1 trillion Naira is about $6B, in the last 4 years we have spent almost $20B on subsidy, that is the cost of Total's largest refinery in Saudi Arabia (Second Largest in the world), it was completed in 4 years, joint venture between Total and Saudi Aramco, a stone throw from that refinery is a Petrochemical Plant by SADARA nearing completion, started about 1 year ago, sit down there and be defending the crooks milking Nigerians dry, the cost of oil in Saudi Arabia is dirt cheap (#21 per liter) because they refine their oil, are they not signed up to the same OPEC that we are?
Politics / Re: Why Not Fashola? by hercules07: 9:36pm On Oct 13
mikeansy:


what Nigeria need is strong institutions and not strong men (who in actual sense are very weak)

We will also benefit from having a lawyer as President.

TBH because I am hoping for GEJ till 2019, I hope Buhari runs and Fashola goes to Senate and then lead the opposition from Senate and then prepare for Presidential run in 2019

What Nigeria needs is strong men of character to build the institutions, Fashola can not deliver as many votes as Buhari, Fashola can play a pivotal role in the administration as a minister or a Senator.
Politics / Re: The Truth: Jonathan Speaks English Better Than Buhari. by hercules07: 2:12pm On Sep 27
mikeansy:

Don't even make a joke

Buhari has no clue on economics!

He appointed those who did, not everybody believes in feudal capitalism.
Politics / Re: The Truth: Jonathan Speaks English Better Than Buhari. by hercules07: 11:48am On Sep 27
mikeansy:

How can a leader champion a vision and take a country in a fundamentally new direction if he cant communicate with his people?

Yes communication is key to leadership

He led before and his economic policies were sound for the time, carriage is more important than your accent, nobody understands GEJ's english at the UN.
Politics / Re: NIGERIA: A Nation Of Fools by hercules07: 11:44am On Sep 27
anonimi:

You are very correct that our case as citizens is like the mad man calling others on the street mad shocked

Can you imagine that our LGAs are allocated average N 150 million monthly from Abuja yet do NOTHING but clueless us will leave them and be shouting president this, president that. Are we not aware that these LGAs that we have allowed to fallow are the mobilising nodes for rigging elections

Your president controls 56% of everything, that is why his name is shouted, let him devolve powers to the state and stop interfering, people will crucify their governors.
Politics / Re: US Denies Blocking Fg’s Purchase Of War Aircraft by hercules07: 12:20pm On Sep 25
shymexx:

Well, if you say so. But a lot of things aren't right even in Lagos. I critique Fashola all the time for that. Lagos is my home state and I believe I've a stake there, even if I don't have any in Nigeria.

Also, regardless of hustling - the increment in Dangote's net worth defies logic. Perhaps, it's just the system. And not just him, a lot of other folks as well.

Hustling in the negative sense, buying government protection, bribing and so on, I do not think he can be a millionaire in an organised society, who dashes monkey banana.
Politics / Re: US Denies Blocking Fg’s Purchase Of War Aircraft by hercules07: 12:10pm On Sep 25
shymexx:

Well, you might be right about Lagos. But it's the whole country.

Nothing hating on the next black man. But Dangote's moved from having a net worth of about $2.5 billion a few years ago to $25 within 5 years also defies logic. That's another pointer there. A lot of things just defies logic in Nigeria. Things aren't right in the jungle.

Lagos has not been sold to anybody, though, there is a lot of corruption in Lagos as well. Dangote is a hustler, in Nigeria, his type of hustling yields returns at a geometric pace.
Politics / Re: US Denies Blocking Fg’s Purchase Of War Aircraft by hercules07: 12:06pm On Sep 25
BlackTechnology:

You are damn funny

After the second world war, US never reveal the nuclear bomb technology to Russia until traitor scientist gave Russia the idea. The reason the US did that was to prevent one mad man using the nuclear technology to destroy the world

So coming here to give credit of Pakistan's nuclear technology to US shows you are a kitchen woman

Ok

What of India's nuclear technology. Is it the US that develop it too


Pls return back to the kitchen. This matter is far beyond your understanding.

#InvolveOurHigherInstitutions InWeaponsDevelopment

Not true, after the second world war, the US and Russia packed the German scientists who were at the forefront of Nuclear technology.
Politics / Re: US Denies Blocking Fg’s Purchase Of War Aircraft by hercules07: 11:45am On Sep 25
shymexx:

Lmao...so much that they had to privatise national ID cards. What's next? - privatise the people and sell them into slavery. grin

Heck, some clownish cowboy and a rogue came up with Africapitalism (I laughed so hard when I saw this earlier this year)...pathetic, I must say.

Nigerians who travel out and return to the country and are able to live in the country and continue with the same crazy attitude are certifiable loons, heck, a cat's life is worth more in some countries than a human life in naija. We should stop getting Finance Ministers from the World bank, their ideas benefit the 1 percent. I do not even know Okonjo's ideology, apart from borrowing money for recurrent activities.
Politics / Re: US Denies Blocking Fg’s Purchase Of War Aircraft by hercules07: 11:43am On Sep 25
BlackTechnology:


You are the funny one here

China India Korea Iran etc never had the best universities when they started but today are churning out world class weapons.

When India Pakistan and China developed nuclear bombs, their higher institutions were not world class

North Korea university is nothing to write home about but today have tested 2 nuclear bombs

Your comments reveal you are not an engineering-technologist

Am sure if you are the mother of Emeagwali, Innoson etc you would have killed their engineering-technological spirit.

Pls return back to the kitchen you do not understand how technology works


JONATHAN give our higher institutions an opportunity to prove themselves.


#InvolveOurHigherInstitutions InWeaponsDevelopment

Please read up on those countries before spouting nonsense, China that has been around for over 3000 years, the Persians, the Indians did not have great universities? Please remove Emeagwali from that list, the guy is a fraud, Innoson is a business man, he is no better than the Alaba boys.

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Politics / Re: US Denies Blocking Fg’s Purchase Of War Aircraft by hercules07: 11:36am On Sep 25
shymexx:

That's what they don't understand. Folks watch too much TV and see words, off the bat, believe that's how America and other countries work...without getting themselves acquainted with other things the complement the privatisation drive with to appease the people.

Also, rather than hold the govt responsible for not doing what it's meant to do, and paid for to do with the country's sovereign wealth - they believe selling all the country's assets without getting anything in return is the progressive way. I just don't understand the mentality of the people.

It is the MTN effect, Nitel poor, MTN good = Privatisation >>>>> "Publictisations". Simpletons.
Politics / Re: US Denies Blocking Fg’s Purchase Of War Aircraft by hercules07: 11:28am On Sep 25
Missy89:

Lol I don't need to have the facts. If those stuffs i listed were sophisticated enough, we would have heard it by now!


Any competent Army will route the Nigeria Army in days not weeks, they should thank their stars they are fighting BH, imagine them against these ISIS guys.

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