dukie25:
The only solution I can think of would be for the dullard to resign.

His botched budget of corruption made me come to that conclusion.

modath:

989900

Missed this earlier but My God!!! Just 2 Likes for this?

I can't deal.....SMH

You have done your best, you can't force the "rest" ....

Beanhead:


Thank you very much. you're supposed to be the Minister of economics. serio

dukie25:
The only solution I can think of would be for the dullard to resign.

His botched budget of corruption made me come to that conclusion.

bigval:
OP you did your best, but I still maintain my stand on the Nigerian system, let's revert back to true federalism and resource control, watch how local governments with crude oil scout for Investors to come in and build refineries, they tax and use it to develop their places, the North with all their minerals will be forced to buckle down and look for investment to build their place, I believe every part of Nigeria has potentials of being fully independent of the center, harnessing their resources, creating jobs and wealth

modath:

989900

FP!! Nice!!

Malton, kudos...

Mynd44, Lalasticlala, Major Props!!

olafum1:
OP. You made a lot of sense up there..

Kudos.

I just wished all importation can be banned for now, starting from rice

989900:
As annoyingly repetitive as it may seem, we can't get out of this quagmire without addressing the below 'causes' -- even if we devalue the Naira to N1,000 to a Dollar!

1. Check excess liquidity and currency racketeering/fraud (see Henry Boyo's explanation. . . I have posted many stuffs about it previously), while promulgating industry revolutionizing monetary policies.

2. Amend our laws to draw in investors (use propaganda if need be).

3. Amend power generation and transmission laws to attract investors in that sector . . . do everything possible on earth and beyond to achieve at the least, 15 hours stable power supply averagely (this would catalyze industrial revolution, while reducing demand for refined pet. products).

4. Refineries -- we need all four gov't refineries, and tens of modular ones running since last decade -- until we stop the importation of refined petroleum products that eats up, up to 30-40% of our Forex, we are going no where!
We were bringing in hundreds of millions of dollars in the early 90s from refined products exports, right now, we should have colonized West Africa with NNPC products everywhere (refined products have no OPEC cap)!

5. Encourage exports, and local content.

Re: Senator Bruce: As much as I admire his vigor and enthusiasm about the whole 'buyNaija' awareness, it's just a fraction in the scheme of things!

While importing palm oil from the same Malaysia we introduced palm oil to, importing eggs from South Africa we fought and paid to liberate, importing rice from a politically unstable Thailand, or toothpicks from hell are all 'weirdos', they account for far less than what
importation of refined petroleum products cost us; then we have the importation of aircrafts and parts and servicing which costs us hundreds of millions of dollars annually -- but Bruce believes it's about our average $20-$50 shoes or bags, $100 phones, or what-not (roughly 10-20 percent of our forex demand), or about our cheap $5,000 cars which by the way generates income for customs when they 'land', while gov't and it's officials are actually the ones bringing the forex gulping machines (probably without paying custom duties).
NBS just released a report indicating between January 2010 - September 2015, we spent over N20 trillion (roughly $130 BILLION . . . 2014 dollar) on just importation of PMS, AGO, and DPK alone!
Same refined products we mine from our backyards, same refined products we were net exporters of (raking in millions of dollars from), 25 years ago! If this is not madness, what is?

Re: Ifeanyi Ubah: Though he is yet to disclose his so called "secret" or magic wand (but I guess it is: probably supporting the country's fuel import-consumption . . . probably for some while).

My own idea of bringing the dollar exchange rate to below N200 in say 3 months would be namely:

Stop the importation of refined products now and find alternative to how we survive without it -- it gulps 40% of our forex!

Crazy, right? However, we probably can (everyone's contribution and criticism would be helpful here), if the gov't is serious about it, and if it can carry the people along especially with the budding awareness of the demise of our economy.

1. Get the NNPC, special task forces, Armed forces, and the people on board as regards protecting the pipelines.

2. Get NNPC to make sure the refineries do not slouch again, rather, increasing in production.

3. Get the few trains we have working, and create an awareness on conserving fuel.

4. Provide very affordable mass transit buses, while encouraging car owners to shed usage, or re-introduce something similar to our old 'odd number/even number system' for cars that should have access to the road on particular days.

5. Provide gas, give free/cheap cylinders to boot if necessary.

6. Power: without fairly stable power supply it will be a difficult one. Fairly stable power reduces the need for PMS and AGO, reduces importation of generators and alternative power equipment.

7. Checkmate cross-border fuel smuggling.

8. Modular refineries: they can be imported and made operational in months.

9. Sell off some portion of gov't assets to foreign investors. #ppp

Additionals:

10. Encourage Nigerians overseas to invest back home.

11. Recover all debts, 'stolens', and 'accruables'.

12. Reduce gov't recurrent expenditure and buying local for all gov't purposes if available -- starting with them senator's cars, and presidential budget and travels.

13. Consider changing currency colors.

14. Agric exports.





If we can do all the above (sounds crazy though . . . desperate situation calls for desperate measures), our refined fuel consumption rate should drop to 'near' what NNPC can support, or at worst, greatly reduce importation of refined fuel by more than 60%. Then we "buynaija"; the Naira will firm up, and the CBN can probably tweak the exchange rate to gain say N2-N4/$, which will indicate a direction of positive purpose, causing the BM, hoarders, and racketeers to panic-sell their dollars, while the CBN tries its best to enforce and enhance/support a strict range for bank rates.

Devaluation in our case', is a symptomatic approach to a systematic malady: underlying causes won't be cured!
It's like taking paracetamol as a curative for stage 4 cancer -- it 'probably' might make your pain dissipate (very likely it won't), but just for a very little while.

*Everyone's contribution and criticism would be helpful here.

malton:


Madam, na you oh! Hehe..

There's way too much sense in there to not be heard/seen.

Femi Adesina might be lurking around; the message could go very far now.

989900:


You know the economic situation in the country since the mid 80s has taken it's toll on our populace (education-wise), churning out literate-illiterates, unemployable grads, and intellectual midgets (with knack for inanities like Toyin A, Tonto D, and e.t.c) with 'too long can't read syndrome'.

Our older uncles and aunts with the old 'standard 6' and 'modern 3' are more studious, literate, and civil than this new lot.

Xonology:
Long grammar ! ... The problem is that we speak too much grammar in this country without addressing the root cause of our problem.. How can you centralize the resources of a country to one place and expect the country to move on? If you don't address the root cause of the problem, if you like adopt every know economic principle in salvaging our economy, it will never work. First thing first is power devolution.. True federalism, where by states are independent of the FG.. Let every state manage it's resources and pay 20% as tax to FG every month. Implement state police to tackle our security challenges.. Once this is done, the governors will know that it's no longer biz as usual thus, they will be forced to sit up.. Once this is done, all other challenges facing us will take care of itself.. But as long as we keep on lying to ourselves speaking long grammar which we've been doing for the past fifty something years, we are never gonna move forward.

richidinho:
Bros, forget grammar, the only solution is

Buhari to resign and apologize to Nigerians

BiafranNigerian:


Bullshit. Government has no business in business. Government should not fix price of PMS. Take your subsidy away and Allow businessmen to import PMS and sell as they want. Privatize refining and set up a regulating frame work to monitor controls.

989900:


I get your drift, but that will take 4-8 years to achieve (if you factor-in passing a positive bill such as the PIB is taking years to pass, or a 'mere' budget taking a quarter of a year to pass . . . we will all be dead if we are waiting for "true federalism" to happen before moving forward!).

OTOH, some states will "suffferrrrrr", actually some states will have to be swallowed back-in by their 'parent-state'.

AZeD1:

Great post, you are probably my favourite poster on here for now.

As for importing petroleum products, a whole industry that includes a cabal has been built around that, it would be very very hard to achieve what you are proposing.
I also believes Kachikwu knows this and that's part of what is causing the present fuel crisis.

I really don't know about our swap deals but we should be able to get PMS for crude without having to pay( transportation excluded though)

989900:


I agree, it's gon' be hard to take their "feeder" and say goodbye.

The cabals need to be re-integrated into the future plans of the gov't; not by bringing in products, but by going into PPP on some government owned facilities like depots, refineries, and pipelines.
Either way, they won't have a choice by the time Dangote's refinery starts running.

If Singapore (5 million population) with little or no oil, refines over 1 milion barrels/day, and Japan with all the earthquakes and tsunamis refines over 4.5million barrels/day, then we have a problem -- I mean, we should be refining all the 2.2 million barrels that we produce and more -- exporting refined products only.

No, we can't even refine a third of the 445,000 barrels that's allocated to NNPC daily -- we threw our country, our lives, our future, our kids future, our prosperity to the dogs (the cabals), we let them own this country and dictate at will, we then go to church to pray for prosperity by proxy a la 'miracles' . . . LoL.

Can you imagine Mobil has a 592,000 barrels/day nameplate refinery in Singapore, what do they have in Nigeria?

PassingShot:

It shows your brain is empty if this is all you can pen down after reading this laudable effort by a fellow human being like you.

989900:


Nice one by the mods.

Mo FTW!

989900:

I agree, it's gon' be hard to take their "feeder" and say goodbye.
The cabals need to be re-integrated into the future plans of the gov't; not by bringing in products, but by going into PPP on some government owned facilities like depots, refineries, and pipelines.
Either way, they won't have a choice by the time Dangote's refinery starts running.
If Singapore (5 million population) with little or no oil, refines over 1 milion barrels/day, and Japan with all the earthquakes and tsunamis refines over 4.5million barrels/day, then we have a problem -- I mean, we should be refining all the 2.2 million barrels that we produce and more -- exporting refined products only.
No, we can't even refine a third of the 445,000 barrels that's allocated to NNPC daily -- we threw our country, our lives, our future, our kids future, our prosperity to the dogs (the cabals), we let them own this country and dictate at will, we then go to church to pray for prosperity by proxy a la 'miracles' . . . LoL.
Can you imagine Mobil has a 592,000 barrels/day nameplate refinery in Singapore, what do they have in Nigeria?

989900:
[i]Stop the importation of refined products now and find alternative to how we survive without it -- it gulps 40% of our forex!

PassingShot:

It shows your brain is empty if this is all you can pen down after reading this laudable effort by a fellow human being like you.

BiafranNigerian:


Bullshit. Government has no business in business. Government should not fix price of PMS. Take your subsidy away and Allow businessmen to import PMS and sell as they want. Privatize refining and set up a regulating frame work to monitor controls.