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we all know the truth! It's that BUHARI is not dumb! Buhari needs enough money to buy our votes come 2019, and in the end if he loses. Phew! What's left of 1 billion$ for him and his acolytes?!���
Now that's National Retirement Cake���
Nigerians SMH for you
���

Teacher1776:

American government is the biggest debtor in the world owing trillions of dollars, yet the country's economy has not crumbled. Her dollar is still as strong as ever. Every government inherits debts. Buhari will still Handover debts to his successor. So, shut that line. They are all excuses for failure. Try another line.

Why confusing yourself the more. You gave kudos to Jonathan for managing the affairs of NNPC well and trying to throw BUHARI to dust bin but you never in your half clever way tell us and the wide world the mess and debt your Jonathan left in the sector and the nation after made all the monies any govt had ever made in that section. What moral are you trying to depict that a govt made such monies but still owed that junk to the detriment of the masses. The way some of you that are blind supporter reason and trying to showcase your emotion and unpatriotism makes devil a holy man that needed to be forgiven by God and replace some of you with the tag.
If Buhari that doesn't make such huge amount can upset the debt why making less than the govt that owed it, if you have conscience and blood running in your vein, you suppose appreciate him.
This was the period these refineries suppose worked because of attendant income generated from it but none worked.
Again, you comparing America debt profile with Nigeria makes you a novice. The question you need to have asked, does America owed on a commodity they have comparative advantage? America would never owe where they have business advantage but your Jonathan owed in it and left the debt to be upset by new govt.
America will only owe on capital expenditure and not on recurrent expenditure. Your Jonathan is a bad manager on that and no reasonable economist will toil the line.

davidif:


Wrong! Wrong! Wrong! Governmental intrusion into the free market usually end up hurting those it seeks to protect.
What the Fed govt should do is abandon their price controls and currency controls and let the free market dictate things.
While they are at it, they need to sell our refineries and NNPC, and NLNG and watch out economy take off.
If I were in their shoes I will even take it a step further and return from the federal govt back to the people. Do all this and see what happens to the Nigerian economy within a year. Too bad our leaders either don't know what to do or they don't have the courage to do it.

That is where you are very wrong. This suggestion will jeopardize the entire economy. You can't allow full deregulation of the downstream now. Govt owns all the refineries. No private refineries yet. Even in the US ,government intervenes to cushion the effect of free enterprise on the poor. If the marketers are permitted to import fuel, without intervention from the govt, I want you yourself to imagine what will happen. In an economy like ours, privatization is a gradual process or else many will suffer.
So, according to you, if the landing price of fuel is 171; how much do you think the marketers will sell? My brother, you will kill Nigerians while some will be smiling to the bank on a daily basis. Pls, go and read the theory of privatization and deregulation and we can start over.

Teacher1776:
It is increasing becoming clearer that Jonathan was a more humane manager of resources than this cattle rearer from Daura. Even at 100 dollar per litre, Jonathan was able to sustain a subsidy regime which ensures that fuel was sold at 97 naira per litre, from 75 naira it formerly sold. This cut down in subsidy generated a fund called sureP.
Here is Buhari, at 45 dollar to a barrel, fuel was sold at 145 naira from the former 87 naira. There is no report of a fund saved due to subsidy removal. Instead, government is taking a billion dollars from the excess crude account in the guise of fighting terrorism.
Two things are involved here. It is either Buhari and his cohorts are massively stealing from us or he is as dumb as a dullard, having no iota of idea as to where the money is migrating to.

You have said it all.

lowaist101:


That is where you are very wrong. This suggestion will jeopardize the entire economy. You can't allow full deregulation of the downstream now. Govt owns all the refineries. No private refineries yet. Even in the US ,government intervenes to cushion the effect of free enterprise on the poor. If the marketers are permitted to import fuel, without intervention from the govt, I want you yourself to imagine what will happen. In an economy like ours, privatization is a gradual process or else many will suffer.
So, according to you, if the landing price of fuel is 171; how much do you think the marketers will sell? My brother, you will kill Nigerians while some will be smiling to the bank on a daily basis. Pls, go and read the theory of privatization and deregulation and we can start over.

You are so wrong on many levels. First of all, govt should not own any refineries, they should have sold them and also allowed other foreign companies to build their refineries. That's the reason why Nigeria imports petrol despite the fact that we are one one of the largest producers in the world. If Exxon Mobil had been allowed to build their own refinery in Nigeria they won't have to send it to Asia to refine shikena.

Secondly, if the govt gets out of the industry, it will let market forces set the price of oil and will lead to greater competition thereby reducing prices further.

Proudlyngwa:


the united states government regulated til their was stability, then they sold off.
stop allowing global imperialism deceive you.

china owns its oil companies as does Venezuela , Russia, UAE qutar and many more, we can set our own rules and regulations tooo, what we need is sincere and competent people managing it

the Nigerian tax system has not advanced to the extent of handing of every government business owned entity.

Wrong! There was never a state run oil and gas company in the US.
Secondly, all those countries you are mentioning are a big mess like Venezuela, Russia and even China. While the UAE is just a very small country so you can't compare them to Nigeria. So learn your facts.
As for taxation, whose fault is it that Nigeria has not developed a strong tax system while the British were able to do this pre-1960? Abeg stop blaming excuses for this people because where there is a will, thete is a way. Nigeria's problem is that they make so much money that they don't even bother collecting taxes just like Saudi Arabia and those other middle eastern cou.tries and this is what holds those countries back for the people are not involved. If the govt was hitting their income for taxes believe you me they would be concerned about what is done with that money if they are not seeing results.

davidif:


Wrong! There was never a state run oil and gas company in the US.
Secondly, all those countries you are mentioning are a big mess like Venezuela, Russia and even China. While the UAE is just a very small country so you can't compare them to Nigeria. So learn your facts.
As for taxation, whose fault is it that Nigeria has not developed a strong tax system while the British were able to do this pre-1960? Abeg stop blaming excuses for this people because where there is a will, thete is a way. Nigeria's problem is that they make so much money that they don't even bother collecting taxes just like Saudi Arabia and those other middle eastern cou.tries and this is what holds those countries back for the people are not involved. If the govt was hitting their income for taxes believe you me they would be concerned about what is done with that money if they are not seeing results.

kindly explain how china is in a big mess.
if the government likes let them collect all the tax in the world, if incompetent people are at the helm of affairs nothing will happen.
we dont have to follow every principle set by the west to run our affairs

Proudlyngwa:

kindly explain how china is in a big mess.

First of all, China is simply not sustainable. It's such an inequitable society. All it needs is for some serious economic crisis to hit and the communist party will be upended.

if the government likes let them collect all the tax in the world, if incompetent people are at the helm of affairs nothing will happen.

But at least the people will be more involved and more engaged in what happens with their money.

we dont have to follow every principle set by the west to run our affairs

No we don't. But we can copy the best practices from the rest of the world and apply those tried and true methods to ours instead of doing the same thing over and over again and expecting different results.

davidif:


You are so wrong on many levels. First of all, govt should not own any refineries, they should have sold them and also allowed other foreign companies to build their refineries. That's the reason why Nigeria imports petrol despite the fact that we are one one of the largest producers in the world. If Exxon Mobil had been allowed to build their own refinery in Nigeria they won't have to send it to Asia to refine shikena.

Secondly, if the govt gets out of the industry, it will let market forces set the price of oil and will lead to greater competition thereby reducing prices further.

I can't be wrong. The reality on ground is that the refineries are owned by the federal government. The original question is how to salvage the situation to avert fuel shortages and prevent this perennial queues during festive period. We are thinking of solution in the interim and probably in the next 18 months, new refineries will come on board. We are reliably informed that modular refineries are in the pipeline and also Dangote is putting one in place.
When we talk of market forces, we are referring to the interaction between demand and supply. This will produce an equilibrium price. This market price may be too high for the poor masses. So, government intervenes using, in most cases two mechanisms; subsidies and price control. Please I want you to settle down and read something on Keynesian economics. I am convinced you will learn a lot on welfarism. This is what we have termed evolving a SOCIAL DEMOCRATIC STATE. Thank you. Please read some of my stories on Facebook, shoemohmoh gabriel.

lowaist101:

I can't be wrong. The reality on ground is that the refineries are owned by the federal government. The original question is how to salvage the situation to avert fuel shortages and prevent this perennial queues during festive period. We are thinking of solution in the interim and probably in the next 18 months, new refineries will come on board. We are reliably informed that modular refineries are in the pipeline and also Dangote is putting one in place.
When we talk of market forces, we are referring to the interaction between demand and supply. This will produce an equilibrium price. This market price may be too high for the poor masses. So, government intervenes using, in most cases two mechanisms; subsidies and price control. Please I want you to settle down and read something on Keynesian economics. I am convinced you will learn a lot on welfarism. This is what we have termed evolving a SOCIAL DEMOCRATIC STATE. Thank you. Please read some of my stories on Facebook, shoemohmoh gabriel.

First of all, what right does the govt have to tell a business what price to sell his products in the first place?
Secondly, If the costs of production are higher than the selling price (the price that the govt fixes) how will businesses survive?
Lastly, please tell me where price controls have ever worked and I will be waiting.

davidif:


First of all, what right does the govt have to tell a business what price to sell his products in the first place?
Secondly, If the costs of production are higher than the selling price (the price that the govt fixes) how will businesses survive?
Lastly, please tell me where price controls have ever worked and I will be waiting.

The Price Mechanism Is Self Regulating. If The Price Is Brought Below The Equilibrium Price, Demand Will Increase And Supply Will Decrease. This Will Create Supplus Demand. This Excess Demand Will Instigate Suppliers To Increase Price And Gradually, The Price Will Move Straight Back To The Market/ Equilibrium Price. It Is Just Rational Economics. The Cycle Will Continue Like That. In A Full Blown Free Market Economies Of The World, Govt Will Have To Intervene because The Poor And The Poor Of The Poorest. Capitalism Enlarges D Gap Btw D Rich N D Poor. This Is Why We Advocate For A Welfare State!

lowaist101:
The Price Mechanism Is Self Regulating. If The Price Is Brought Below The Equilibrium Price, Demand Will Increase And Supply Will Decrease. This Will Create Supplus Demand. This Excess Demand Will Instigate Suppliers To Increase Price And Gradually, The Price Will Move Straight Back To The Market/ Equilibrium Price. It Is Just Rational Economics. The Cycle Will Continue Like That. In A Full Blown Free Market Economies Of The World, Govt Will Have To Intervene because The Poor And The Poor Of The Poorest. Capitalism Enlarges D Gap Btw D Rich N D Poor. This Is Why We Advocate For A Welfare State!

Dude, you are speaking grammar. Get the govt out of the oil and gas market so that other players can get in the game this way there is more competition in the market place which goes on furthermore to reduce prices shikena. How difficult is it to inderstand? The more competition there is in the market place, the better for consumers. But when the govt decides to interfere like they do in nigeria and begin to decide not only who the players are but who the winners and losers are then you have what we are currently experiencing in Nigeria now.

lowaist101:
In A Full Blown Free Market Economies Of The World, Govt Will Have To Intervene because The Poor And The Poor Of The Poorest. Capitalism Enlarges D Gap Btw D Rich N D Poor. This Is Why We Advocate For A Welfare State!

Oh really? Tell me how well that worked out in Venezuela.

davidif:


Dude, you are speaking grammar. Get the govt out of the oil and gas market so that other players can get in the game this way there is more competition in the market place which goes on furthermore to reduce prices shikena. How difficult is it to inderstand? The more competition there is in the market place, the better for consumers. But when the govt decides to interfere like they do in nigeria and begin to decide not only who the players are but who the winners and losers are then you have what we are currently experiencing in Nigeria now.

The Mainstay Of Our Economy In Nigeria Today Is Crude Oil. It Generates About 90% Of Our National Revenue. No Government Can Willingly Handover Such To Private Individuals OR Nigeria Will Collapse Over Night. What Can Happen Will Be Partial Privatization Of Commercialization Of NNPC!

lowaist101:
The Price Mechanism Is Self Regulating. If The Price Is Brought Below The Equilibrium Price, Demand Will Increase And Supply Will Decrease. This Will Create Supplus Demand. This Excess Demand Will Instigate Suppliers To Increase Price And Gradually, The Price Will Move Straight Back To The Market/ Equilibrium Price. It Is Just Rational Economics. The Cycle Will Continue Like That. In A Full Blown Free Market Economies Of The World, Govt Will Have To Intervene because The Poor And The Poor Of The Poorest. Capitalism Enlarges D Gap Btw D Rich N D Poor. This Is Why We Advocate For A Welfare State!

Talk about "Monkey dey work, baboon dey chop". Nonsense and ingredients!

lowaist101:
The Mainstay Of Our Economy In Nigeria Today Is Crude Oil. It Generates About 90% Of Our National Revenue. No Government Can Willingly Handover Such To Private Individuals OR Nigeria Will Collapse Over Night. What Can Happen Will Be Partial Privatization Of Commercialization Of NNPC!

And therein lies the root of the problem.
You can't keep doing the same thing over and over again and keep expecting different results, I believe someone defined that as insanity. When the govt gets out of the way of private enterprise, watch the naija economy take off.