sunnyb0b0:
I've always advocated that those refineries should be sold off. Kachikwu has advised same but the man from Daura said NO.

onatisi:
I will even say that they know what they want but like fooling themselves about how to go about it, even things which they don't have they like to believe that they are its producers producers. The policies buhari is bringing in January will shock many ppl. Selling those refineries was a good idea but Nigerians said no,removing fuel subsidy was the best but Nigerians said no

obailala:
A clueless leader right?

I can bet you that in the administration of all the past Nigerian leaders, including and especially during the reign of your hero GEJ, NNPC and the FG could not even account for how much they were losing. Yet you think they were 'clue-full' and this administration clueless?

Routine losses from oil theft alone in the last 5 years stood at a staggering 400,000 barrels per day (appx $40million per day). If you do the maths for a period of 8months, that amounts to approximately 1.9Trillion; and this is from crude theft alone, not even mentioning every other gaping financial holes the NNPC under other administrations were known for. Yet someone thinks they were 'clue-full' and this administration clueless?

What we have here is simply a leadership which for the first time in Nigeria's history, now infuses financial accountability and transparency in its dealings. For the first time, someone is now making efforts to estimate and publish the estimated losses from the inefficiency in the system.

A wise man knows the first step in solving a lingeting problem is to first define and quantify its extent. But unfortunately, someone who appears to be possessed with the spirit of non-discernment thinks this sort of approach is a sign of cluelessness?

TonyeBarcanista:

NNPC lost N111.598billion between the months of July and August. Only God know our loss of June and September. I wonder what would have been the reaction of our brothers in the APC if these period was peresided over by Dr Goodluck Jonathan and PDP. Someone would have shouted "missing money".

On the state of the refinery, I have always maintained that no nation can be governed via propaganda. Is it not the same APC that was lying to Nigerians that the whole thing is stable even when presented with facts that showed the opposite? Anyway, we have a serious task as a country and I hope the incoming economic managers get things right.

obailala:
A clueless leader right?

I can bet you that in the administration of all the past Nigerian leaders, including and especially during the reign of your hero GEJ, NNPC and the FG could not even account for how much they were losing. Yet you think they were 'clue-full' and this administration clueless?

Routine losses from oil theft alone in the last 5 years stood at a staggering 400,000 barrels per day (appx $40million per day). If you do the maths for a period of 8months, that amounts to approximately 1.9Trillion; and this is from crude theft alone, not even mentioning every other gaping financial holes the NNPC under other administrations were known for. Yet someone thinks they were 'clue-full' and this administration clueless?

What we have here is simply a leadership which for the first time in Nigeria's history, now infuses financial accountability and transparency in its dealings. For the first time, someone is now making efforts to estimate and publish the estimated losses from the inefficiency in the system.

A wise man knows the first step in solving a lingeting problem is to first define and quantify its extent. But unfortunately, someone who appears to be possessed with the spirit of non-discernment thinks this sort of approach is a sign of cluelessness?

obailala:
A clueless leader right?

I can bet you that in the administration of all the past Nigerian leaders, including and especially during the reign of your hero GEJ, NNPC and the FG could not even account for how much they were losing. Yet you think they were 'clue-full' and this administration clueless?

Routine losses from oil theft alone in the last 5 years stood at a staggering 400,000 barrels per day (appx $40million per day). If you do the maths for a period of 8months, that amounts to approximately 1.9Trillion; and this is from crude theft alone, not even mentioning every other gaping financial holes the NNPC under other administrations were known for. Yet someone thinks they were 'clue-full' and this administration clueless?

What we have here is simply a leadership which for the first time in Nigeria's history, now infuses financial accountability and transparency in its dealings. For the first time, someone is now making efforts to estimate and publish the estimated losses from the inefficiency in the system.

A wise man knows the first step in solving a lingeting problem is to first define and quantify its extent. But unfortunately, someone who appears to be possessed with the spirit of non-discernment thinks this sort of approach is a sign of cluelessness?

prof1990:
Wailers will start blaming Buhari without realizing this was before he became president.

Madueke almost sold these country

In the month of July, NNPC recorded revenue of N149.198 billion and expenses of N200.126 billion, while in August, the group posted N146.617 billion revenue and expenses of N207.287 billion.

obailala:

kingdompropty:

I am expecting the APC goon to invade this thread and nd try hard to defend their master.

This is part of what you get when you have a super clueless leader.

1. Sell of those refineries.

2. Unbundle the oil industry and act only as the oil police. DPR.

3. Look for other viable sources of energy.

A clueless leader right?

I can bet you that in the administration of all the past Nigerian leaders, including and especially during the reign of your hero GEJ, NNPC and the FG could not even account for how much they were losing. Yet you think they were 'clue-full' and this administration clueless?

Routine losses from oil theft alone in the last 5 years stood at a staggering 400,000 barrels per day (appx $40million per day). If you do the maths for a period of 8months, that amounts to approximately 1.9Trillion; and this is from crude theft alone, not even mentioning every other gaping financial holes the NNPC under other administrations were known for. Yet someone thinks they were 'clue-full' and this administration clueless?

What we have here is simply a leadership which for the first time in Nigeria's history, now infuses financial accountability and transparency in its dealings. For the first time, someone is now making efforts to estimate and publish the estimated losses from the inefficiency in the system.

A wise man knows the first step in solving a lingeting problem is to first define and quantify its extent. But unfortunately, someone who appears to be possessed with the spirit of non-discernment thinks this sort of approach is a sign of cluelessness?

kingdompropty:
I am expecting the APC goon to invade this thread and nd try hard to defend their master.

This is part of what you get when you have a super clueless leader.

1. Sell of those refineries.

2. Unbundle the oil industry and act only as the oil police. DPR.

3. Look for other viable sources of energy.

bobby56:
You are more CLUELESS than the people you are trying to defend. Do you know how many barrels of crude that is being lost everyday since the advent of this administration? Is it because the Govt and its propagandish machineries decided to bury that news? Are you working there? I can tell you that thousands of Barrels of Crude Oil is still being stolen everyday but the Govt made sure the Press dont report about it.

omonnakoda:
And if you are a businessman would you buy loss making refineries.
It is important to comprehend information before responding to it. Are the refineries losing money because the government owns them or are there other reasons.
Firstly the refineries operate under a "SUBSIDY REGIME" and we are not provided with details or particulars of the Financial statements.
It may well be that the refineries are best run in the the private sector but that information is not present in the report we have read.
We cannot logically draw the conclusion after reading the report that the solution is privatization. Can the refineries be run at a profit by a private investor considering their age? How many more productive years are left in them?

The other notable fact about these refineries is their age.They are quite old and no sensible investor would buy them other than as scrap

mapet:


@obailala,

you have "spoilt" this thread with your intelligence. You should have left the confused folks in their journey to fools land.
First off, any sane person will realize that with the near derepair state and all the turnaround effort on our oil facilities, combined with the crude oil price, we are going to record a loss in the interim. Any sane mind will know that this repairs will enable increase in production volumes which should pay for the additional investment in say yr2 or 3 and beyond that phase every income now becomes profit.

But I guess when you're relating with some people, you wander how what is basic can become rocket science overnight

bobby56:
You are more CLUELESS than the people you are trying to defend. Do you know how many barrels of crude that is being lost everyday since the advent of this administration? Is it because the Govt and its propagandish machineries decided to bury that news? Are you working there? I can tell you that thousands of Barrels of Crude Oil is still being stolen everyday but the Govt made sure the Press dont report about it.

porka:




Kachikwu: I'd have sold refineries but for Buhari | TheCable

https://www.thecable.ng/kachikwu-buhari-ild-sold-refineries