₦airaland Forum

Truth234:
I am seriously puzzled that you can't fathom the fact that oil price as at the same quarter last year was $106.5 and currently it is $40.79. Don't politicize everything bro, this numbers are actually good when compared to global economics.

Mea culpa: I goofed in my initial post by equating export income to total merchandise trade in 2014

That being said, there is nothing to celebrate. You attempt to mislead by equating today's oil price to the average oil price in the 2nd quarter of 2015. In the second quarter of 2015, average OPEC prices was $60 per barrel. http://www.opec.org/opec_web/en/data_graphs/40.htm

Bear in mind that this article refers to Naira export income. 2.5 trillion Naira in oil exports equates to $12.7bn at 197 Naira to the dollar. In Q1 2014, we exported 3.23 trillion Naira in oil which equates to $20bn at 160 Naira to the dollar. The point is that there is nothing to celebrate but even bad news is now celebrated.

midolian:
dead brain! What is difficult in my comment that you just can't comprehend? Did you even read the comment at all? Why should I even take you seriously when you don't know the meaning of "illiterate"..you must be one of those useless village igbo boys that are always pained on this forum...dick_cap!

Can you explain to me why a huge decline in export income is something to be celebrated?

In addition, the report stated that at N2.879 trillion, Nigeria’s total export appreciated by 8.0 per cent or N214.1 billion when compared with the value of exports in the first quarter of 2015, while it represented a decline of N1.8 trillion or 38.5 per cent when compared with total exports of N4.682 trillion recorded in the second quarter of 2014.

Why would a decline of 1.8 trillion Naira in income by comparison to the same quarter last year be cause for celebration and proof that we are moving in the right direction? I am seriously puzzled and bow to your superior knowledge on this matter.

phyllosilicate:
I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

Wow! As at the time I quoted the above post, this utterly uninformed post had garnered 126 likes. The sheer ignorance embodied in this concise post and the approval it gained tells you all that is wrong with political discourse in Nigeria. It highlights the profoundly uneducated and stunted intellect of Nigerians and makes me ashamed to be a Nigerian.

The poster clearly believes the article's interpretation of export income as FG income and proclaims that this means that we have met 60% of our budgetary requirement. However, even if you are not acquainted with budgetary matters, the following extract from the article should have given reason to ponder:

In addition, the report stated that at N2.879 trillion, Nigeria’s total export appreciated by 8.0 per cent or N214.1 billion when compared with the value of exports in the first quarter of 2015, while it represented a decline of N1.8 trillion or 38.5 per cent when compared with total exports of N4.682 trillion recorded in the second quarter of 2014.

From the above, one can see that export income has declined tremendously by comparison to last year. Take for instance this extract from an article in 2014 noting export income in the first quarters of 2014 and 2013:

Nigeria’s total merchandise trade increased by 6.8 per cent to about N5.51 trillion in the first quarter of the year (Q1 2014) compared to about N5.16 trillion recorded in the fourth quarter of 2013, according to the National Bureau of Statistics (NBS).

http://www.thisdaylive.com/articles/nigeria-s-foreign-trade-increases-to-n5-51tn-in-first-quarter/186124/

You can see from the above that quarterly export income used to be above 5 trillion Naira. This thread and the article are effectively celebrating the deterioration of export income! What is not realised is that the near halving of export income, from 5 trillion to 2.5 trillion, is masked by currency decline. Export income decline is much higher when viewed in dollar terms as the value of Naira has declined significantly by comparison to the past.

I have to stop here as explaining these things to Nigerians feels like a waste of time. I sometimes wonder whether those white people who proclaim that a country's poverty is a function of its inhabitants aggregate intellectual ability or lack of said ability are right. Threads like this make me realise that we do not have the capacity or intellectual curiosity to do basic analysis with which we can hold our leaders to account.

Edit at 6:30am:

You can see from the above that quarterly export income used to be above 5 trillion Naira. This thread and the article are effectively celebrating the deterioration of export income! What is not realised is that the near halving of export income, from 5 trillion to 2.5 trillion, is masked by currency decline. Export income decline is much higher when viewed in dollar terms as the value of Naira has declined significantly by comparison to the past

My above quote is erroneous. I blame my lack of sleep! Export income used to be above 4 trillion Naira at a time 160 Naira exchanged for a dollar and is now 2.8 trillion Naira at the official exchange rate of 197 Naira to the dollar. Apologies.

nwaanambra1:
[size=16pt] if i hear say buhari gives customs to a south-southerner or south-east! in fact! he will not even give customs to southwest - u can bet on that!

if only u knw how northers cherish that customs - customs is more dear to them than NNPC!

That figure head appointment given to that NNPC GMD, was actually given to him so as to counter any complain from any quarters when a norther is appointed to head customs!

my people are right for not expecting anything from Bubu - but the yorubas are in for a serious short change!

all am asking from Bubu is good governance, a new bridge across river Niger at Onitsha, brand new and ultra modern road linking enugu and ontisha as well as port harcourt and owerri - at least i earned it under my 5% ratio - i nearly lost my life campaigning for him so he really owes me these little request.

What you people do not realise is that with the fall in oil prices, there is not much money left for capital investments. The only way those projects you mentioned will be completed is if there is some sort of public-private partnership under which the private sector builds the port or road and is allowed to charge users to recoup investment.

I suspect the new Govt is not the sort to embark on such schemes so nothing is going to happen.

Let me make an "easy" prediction. This final offensive will fail in the objective of the eradication of Boko Haram. For the simple reason that Boko Haram poses asymmetric warfare challenges that the Nigerian army is incapable of surmounting.

kenonze:
Liar.
Why such claim no on CNN web page.
Ur link is trash.

Cooked up theory.
U have said nothing new

I can't quite tell whether you people who have such faith in Nigerian politicians are cognitively challenged or have been financially compromised. Why is it so hard to believe that a man who proclaimed the innocence of Abacha may deliberately overlook some corruption? Do you think he got to power via the mickey mouse donations some of you made?

The best you can hope for is that his tenure will be less corrupt than his predecessor's and with GEJ that is a low bar indeed.

I really find it hard to comprehend why anyone thinks our political system will produce an incorruptible government. It's the triumph of hope over logic, evidence and basic common sense.

signz:
I read somewhere that Saudi Arabia in a few years from now will look back to year 2015 as the year they made a costly economic mistake.

It's not just a case of oversupply of oil. There is slowing demand from China and dollar strengthening because of the Federal Reserves raising interest rates.

Not sure there is much the Saudis could have done as if they cut production to maintain higher oil prices, that would have incentivised higher production.

atlwireles:
You think corruption is the problem of this country? whoa, what is there to steal in this broke beyond reality country?

Abacha managed to steal at least $4bn when oil averaged $17 p/b whilst the minimum wage was $3 per month.

Corruption can also distort policy making. Going back to the subsidy example, part of the reason it's lasted so long is because it offers a great avenue to embezzle money.

Overall, I still think Buhari's ineptitude will trump his anti-corruption stance and prove the greater decisive factor. I was just noting that his fiscal rectitude does come in handy with falling oil prices.

If anything, news such as this justifies the election of Buhari as he, more than GEJ, is more likely to cut down on Govt corruption which proves more harmful at times like this. Govt corruption when oil is circa $100 p/b is less painful than when oil is $40 p/b.

The obvious flipside with Buhari is that he is unlikely to undertake those bold policy reforms which Nigeria requires such as subsidy removal, privatisation of Govt assets and greater deregulation of Govt assets. Partly, because he doesn't strike one as a deep thinker who understands what it takes to generate vibrant economic growth. Also, partly because he possesses a sectionalist mindset that often clouds judgement as to what is in the national interest. For an example of the latter, I suspect his reluctance to remove subsidy may be due in part to this entailing higher pump prices in the North than the South.

What people don't realise is that Boko Haram has already launched a terror attack in Lagos:

After much speculation over the cause of a deadly set of explosions in Lagos last month, Boko Haram’s leader, Abubakar Shekau, released a video claiming responsibility, signifying that the Islamic insurgency has managed to hit the country’s commercial centre for the first time.

Two successive blasts in the Lagos’ port district on June 25 were passed off by the local government as mishap with a gas container. That explanation seemed a little thin. Behind closed doors, diplomats called it a cover-up designed to prevent panic. Now, Mr Shekau appears to have undermined the government’s claims: "You said it was an ordinary fire, but it was me in that fire," he said in his video.

Read more at http://www.economist.com/blogs/baobab/2014/07/insurgency-nigeria-reaches-lagos#kfAc93hKUKPwWrR3.99

If this is accurate it is a highly welcome development and is what I have been querying for months now.

I have to say I don't know where those July figures came from as I have seen nothing to substantiate it. Further, we did see a major rally in crude oil prices, which was retraced in July so it will be interesting to see revenue figures derived from July oil sales.

Below is an excerpt from the Sahara Reporters article:

http://saharareporters.com/2015/08/06/nigerias-senate-president-saraki-lied-his-official-election-forms

As first exposed by SaharaReporters, Mr. Saraki’s passport clearly indicates that he holds citizenship of United Kingdom. Perhaps on account of this, Mr. Saraki left blank Question 10, on whether the prospective candidate has “made a declaration of allegiance to any other country.”

Mr. Saraki’s answers to these questions indicate that he is concealing the fact that he is a bonafide citizen of the United Kingdom. Knowing that it would hurt his political ambitions, he deliberately concealed the fact that he has changed the profile of his nationality in the past.

On the forms, Mr. Saraki also completely evaded question 12, which asked the candidate to specify his place of birth. Rather than declare his place of birth to be Hampstead North, of the Metropolitan Bourough of Hampstead in the United Kingdom, Mr. Saraki craftily repeated his date of birth: 19-12-1962. For some reason, INEC did not invalidate the form as it should have.

When I first saw it, I instantly recognised it as the typical Naija shoddy journalism which relies on the ignorance of the readership to convey a false impression. The substance of the article is the impression that Saraki has acquired UK citizenship and in the process of acquisition, had to undertake the obligatory pledge of allegiance. What SR willfully or inadvertently missed is that UK citizenship was conferred automatically upon birth in the UK up until the early 1980s. Saraki was both a Nigerian and a British citizen at birth and did not require to pledge allegiance.

Even if SR did not realise their errors at the time of publication, it would have dawned on them now. Yet, you could be rest assured they would not acknowledge the utter mendacity embodied in the article. Being misleading is their business model.

Akainzo:
Truly, he is a Nigerian Citizen by birth as he was born to parents that are Nigerian Citizens by 1960.. However, his failure to answer Question 10 is deliberate as the ONLY way he can then be able to contest is IF he was born in the UK.
Now if he wasn't born in the UK, then he necessarily only acquired that citizenship by other means other than by birth and thus not protected under Section 28.
Soon, he will have to make public his birth certificate for all this to go away. Remember, Obama couldn't live his own down too, and had to publish!
Whether you like them or despise them, SR is definitely helping to advance our democracy.

Didn't the Sahara Reporter's article display a birth certificate that showed he was born in the UK?

shizzy7:
Is that not why they hired independent auditors,, to search for the money and other loopholes/irregularities..,

Perhaps, but you don't need independent auditors to know that those figures such as the $20bn claim defied logic and the most rudimentry test of plausibility. They were trotted out for their shock value at the time. It is why I made this comment a couple of months:

There are 2 problems with the politics of the $20bn story for me. Because the amount was a fabrication, a good story would need to be spun after May 29 as to why it cannot be recovered.

A second related problem is the false expectations aspect: Nigerians expect that this vast pool of money previously stolen by GEJ and his cronies would become available to meet public needs after May 29.

It will be difficult to explain these 2 problems away as public perception meets the monumental force of reality in the coming months and years.

https://www.nairaland.com/2280767/missing-20-billion-what-sanusi#33172866

Does anyone seriously believe that such a sizeable amount of money is out there and we are having all these talk of belt tightening and going back to agriculture?

Aircraft that does not fly, it's more rooted to the ground than a tree. This is more akin to an arts project.

InvertedHammer:
/
Oil is $48.50/barrel at the market close today.

By this same time last year, it was $106/barrel.

The outlook is not very promising.

Nigerians will be hit very hard--things will not get any better soon.

To add insult to an injury, a mass layoff in the Oil and Gas sector is nigh.


GEJ should be hung by the balls. Buhari must recover looted funds if Nigeria must survive this tsunami of hardship.



\

There is an angle that Nigerians, not to my surprise, are not examining. Remember that we heard and continue to hear about fantastical sums of money stolen by the GEJ government including, most famously from Sanusi, $20bn in an 18 month period. Think seriously about this, if GEJ's officials managed to steal such gigantic sums on a regular basis, then the change in government to a purpotedly honest regime should more than offset the fall in oil prices. To keep hearing that Nigeria's financial position remains in dire straits suggests either the new regime is no better than the old one, or that a lot of those looted sums trotted out were false.

This is a temporary reaction to certain policy changes particularly in relation to domiciliary accounts. Naira depreciation will resume in due course because the underlying problem, collapse in oil prices, remains unchanged.

The OP is simply providing the PDP e-warriors ammunition to be used in the future.

My favourite, as someone who is a policy wonk, is that GEJ and his goons stole obscene amounts of money, almost a hundred billion dollars, and that due to the fear of Buhari, the thieves are returning the money. Here is an excerpt from an article noting the debt binge planned by a Govt which is supposed to be receiving billions of dollars in returned loot and which has ended looting:

The Federal Government is planning to sell N195.17bn ($981m) worth of three-month, six-month and one-year Treasury bills on August 5, the Central Bank of Nigeria has said.

The central bank said in a statement on Wednesday that it would sell N45.17bn worth of the three-month paper, N30bn of the six-month bill and N120bn in the one-year debt next week, using the Dutch auction system, Reuter reported.

The results of the auction are expected to be published the following day.The CBN had said it would borrow about N872.96bn ($4.4b) in new Treasury bill issues between June 18 and September 3.

Source:http://www.punchng.com/business/money/fg-to-borrow-n195bn-via-treasury-bills/

That's $4.4bn in extra debt by September 2015. This doesn't include the +$2bn borrowed from the World Bank to rebuild the North-East.

I have to caveat by noting that CBN Treasury bills are part of its monetary policy tool usually utilised to drain excess Naira from the system. The debt becomes the FG's obligation but they are not necessarily an indicator of fiscal weakness.

Jesusloveyou:
u are right, d same nnpc told us d refinery never produce since 2013, and they were starve of crude oil, And dis op is telling us another story, with dis, d op is indicting gej of sabotage of d economy

Look at what NNPC claimed in May 2013:

The Nigerian National Petroleum Corporation, NNPC, Thursday, announced an improvement in Nigeria’s refining capacity, declaring that domestic refining of Premium Motor Spirits, PMS, at the country’s three refineries has increased to 10.23 million litres per day.

According to Group Executive Director, Refining and Petrochemicals, NNPC, Engineer Anthony Ogbuigwe, the three refineries are also currently producing 5.53 million litres of dual purpose kerosene and 8.016 million litres of automotive gas oil, diesel daily.

He disclosed that the Kaduna Refining and Petrochemical Company is currently running at 65 percent installed capacity, while the Warri Refining and Petrochemical Company is producing at 63 per cent and the Port Harcourt Refining and Petrochemical Company at 66 per cent of installed capacity.

- See more at: http://www.vanguardngr.com/2013/05/nigerias-refineries-now-producing-10m-litresday-of-fuel-nnpc/#sthash.TOelmkbz.dpuf

Anything you hear from NNPC should be taken with a pinch of salt. What makes me laugh is that at the heart of this story, I suspect APC & PDP e-warriors are both wrong. It's likely that the 4 refineries have not and will not make substantial increases in production but APC & PDP e-warriors are too eager to bask in what they think are accomplishments.

Stories that the refineries are back in or are approaching full production are not new. Yes, we do have increases in production every now and then but they are slight and are not sustainable. These stories tend to surface everytime there is a suggestion that the Govt is looking to privatise the refineries. They are a means of keeping the refineries in NNPC's hands by reassuring Nigerians that with a little work, the refineries will back functioning in full.

It's very simple really, when the refineries are back in full production, you won't need all these moonlight tales as you will feel the effect at the fuel station and in the value of the Naira.

otunsman:
As the refineries in portharcort,Kaduna and warri are now working in full capacity under this northern president, why are we still experiencing scarcity of fuel and high fuel prices?

Absolutely! Nobody will answer your question honestly. The refineries are not working anywhere near full capacity. At best, they can achieve an increase in production but you won't need e-warriors on Nairaland to tell you once refineries are working at full capacity.

san316:
Nothing, absolutely nothing makes any sense in what the wailer in chief just wrote there. You only confirmed what image123 argued that based on what GEJ and his cothieves did, we can only expect d refineries to work in 2016. hello this is 3rd qtr of 2015. so what happened.

The above is a classic feature of Nigerian political discourse: purport to prove or refute something by relying on misrepresentation. In Barcanista's post, NNPC promised that refineries will be back to full capacity in the first quarter of 2016. The above poster now claims that since the refineries are working today, it shows that the NNPC were dishonest at the time and that Barcanista's points have been refuted. Except of course that the refineries are not running at anywhere near full capacity today and are still, according to NNPC, only expected to run at full capacity in the first quarter of 2016.

Echoing Okon, NNPC’s Group Managing Director, Mr. Joseph Dawha, said the refineries would work in full capacity next year as a result of the new strategy that has been adopted by the corporation.

http://www.thisdaylive.com/articles/exxonmobil-ceo-crude-oil-prices-to-remain-low/203419/

Not that I believe a word NNPC says as I suspect they are seeking to mislead Nigerian to stop the privatisation of refineries.

In summary, the IMF provides lending to countries suffering from balance of payment crisis like Nigeria did in the 80s when oil prices collapsed.In return for the lending, the IMF requires that the borrowing country adheres to its conditionalities which often include:

1) Structural reform, i.e., deregulation and privatisation
2) Fiscal reform,i.e., reducing budget deficits by cutting spending

The World Bank on the other hand lends money to developing countries at low interest rates to support development projects such as infrastructural investment, expansion of access to healthcare and education.

What does "fixed" the refinery mean? The refineries have capacity for 450 thousand barrels per day, are they anywhere near those figures now that they have been "fixed"? If fixed the refinery means that refineries have increased production, how is that different from all the increases in production we have been told about in the past years?

chronique:
Comprehend me well. I don't mean APC introduced lies to politics. They introduced a special brand of politics,a type seriously laden with "lies and propaganda" as the main ingredient. We have never had it this bad,where we hear something this minute and in another 30mins,it has been countered with proofs and in the next 1hr,a new position is being adopted...

But what is really new to lying in Nigerian politics apart from the means of dissemination? When Awolowo was charged with treasonable felony, when the 1966 Nzeogwu coup was characterised as an Igbo coup, e.t.c. All these were lies and propaganda perpetrated by our fathers and grandfathers generation.

I agree that the frequency or volume of lies seem to have gone up but I think that is because of technology. Lies are easier to disseminate. What amazes me about the lies is the lack of accountability and the ease with which lies are told, abandoned and new lies distributed. Who remembers that a few weeks ago, Dasuki was being accused of treasonable felony? That Buhari promised to constitute a cabinet within his first week? That politicians from the GEJ era were returning the stolen loot? Few seem to follow up on these claims as they are quietly dropped and a new lie disseminated.

The level of dishonesty in Nigerian politics is simply a reflection of the character of Nigerians who are notoriously dishonest. To imply that APC introduced lies to Nigerian politics is in itself the height of dishonesty. What about all the claims that Buhari and Sanusi are behind Boko Haram?

All that has changed is that social media makes it easier to disseminate lies. I will acknowledge that APC has taken lying up a gear or two but lying is hardly novel in Nigerian politics.

There is another angle that most Nigerians have not explored which relates to the machinations by NNPC to stop the privatisation of refineries. A simple question has not been asked: when it is said that the refineries have been fixed, what does that actually mean in output terms?

You have 4 refineries with installed capacity to refine 450 thousand barrels of crude oil per day. If the refineries have been fixed, have we now stopped or reduced to any significant degree our importation of fuel? If we have not, then this is all smoke and mirrors. You have to remember that the refineries operating anywhere near full capacity would meet most of our domestic fuel consumption. If there is no significant drop in fuel imports, then one has to question to what extent have the refineries been fixed at all. You have to remember that output ebbs and flow and if all we are getting is a slight uptick in output, then nothing significant has actually been accomplished. Claims that the refineries are working again from NNPC are a dime a dozen. See as follows:

The Nigerian National Petroleum Corporation, NNPC, Thursday, announced an improvement in Nigeria’s refining capacity, declaring that domestic refining of Premium Motor Spirits, PMS, at the country’s three refineries has increased to 10.23 million litres per day.

According to Group Executive Director, Refining and Petrochemicals, NNPC, Engineer Anthony Ogbuigwe, the three refineries are also currently producing 5.53 million litres of dual purpose kerosene and 8.016 million litres of automotive gas oil, diesel daily.

He disclosed that the Kaduna Refining and Petrochemical Company is currently running at 65 percent installed capacity, while the Warri Refining and Petrochemical Company is producing at 63 per cent and the Port Harcourt Refining and Petrochemical Company at 66 per cent of installed capacity.

- See more at: [url]http://www.vanguardngr.com/2013/05/nigerias-refineries-now-producing-10m-litresday-of-fuel-nnpc/#sthash.TOelmkbz.dpuf
[/url]

The reality is that any claims that the refineries have been fixed should taken with a pinch of salt until one starts to feel the impact in the real world.

naijaguy77:
2 Million litres of what?

Kaduna Refinery capacity is 110,000 barrels a day

1 barrel = 159 litres

there for Kaduna refinery capacity is 110,000 x 159 = 17,490,000 (17.5 Million litres per day)

2 million litres is 11% of 17.5 Million litres

Are we really here celebrating the possibility that Kaduna refinery will reach 11% operational capacity in the future?

No wonder this country is in trouble, no one even bothers to ask simple questions, we just accept any rubbish we are told and celebrate mediocrity as progress.

Your questions are perfectly reasonable but there is an abject refusal to engage brain with Nigerians. Another thing I like to ask Nigerians, with all these refineries said to be working, is fuel now available at the official price?

It's most likely that the refineries are no where near full capacity despite the billions pumped into them. PDP cannot admit that the refineries won't yield much as they pumped the billions into them. APC are so addicted to propaganda and are desperate to proclaim accomplishments that they won't admit that these refineries are only functioning at a tiny fraction of their capacity. What you are seeing is propaganda war by 2 mendacious and irresponsible political partiies.

light004:
It's your type that I refer to here. Why go to the media with unsubstantiated allegations with all the resources at the fed govt disposal to thoroughly investigate and get to the bottom of any allegation before going public. They are already sounding like broken records.

Please use your brain freely given to you but remember it needs to be developed before it can be effective

I suspect the reasons that the Buhari administration hasn't actually done anything concrete in investigating and prosecuting the corrupt officials of the GEJ administration lie in an understanding that the amount of stolen wealth is no where near what was claimed and that investigations may implicate supporters of the administration.

There is no iota of doubt that GEJ's govt was corrupt and feckless. The problem is that corruption is endemic to Nigerian society and the political system and was not the exclusive preserve of the GEJ government. Most Nigerians know this, hence, to make a case to Nigerians as to why they ought to vote for a group of corrupt people over another group of corrupt people, it was necessary to claim that the corruption in the GEJ govt was on an unprecedented scale and that it far surpassed the level of corruption Nigerians have grown accustomed to. That, to me, explains things like Sanusi's missing $49bn claim which he arrived at by multiplying the price of a barrel of oil by the quantity of oil produced over the affected period. In making that claim, he absolutely would have known that it was a ludicrous method for calculating FG revenue, a method which assumed that the FG retains 100% of revenue from oil sales. But the truthfulness of the claim mattered less, the important thing was its purpose, to create an impression that the GEJ was distinctive in the scale of its corruption.

I proposed a few months ago that once power changed hands and if you believed the fantastical sums being trotted out as stolen, you will reasonably expect the prosecution of the officials involved in these multi-billion dollar claims and the publication of the sums recovered from them. An attendant consequence of the change in Govt should have been a major improvement in the Govt's fiscal position, i.e., a major reduction in borrowing and huge increases in Govt revenue. After all, if the GEJ govt managed to steal $20bn within an 18 month period according to Sanusi's revised claim, even taking into consideration the halving of oil prices, the new honest Govt should be flush with more cash given reduced corruption and the recouping of corrupt proceeds. Instead, we get news such as this:

The Federal Government is planning to sell N195.17bn ($981m) worth of three-month, six-month and one-year Treasury bills on August 5, the Central Bank of Nigeria has said.

The central bank said in a statement on Wednesday that it would sell N45.17bn worth of the three-month paper, N30bn of the six-month bill and N120bn in the one-year debt next week, using the Dutch auction system, Reuter reported.

The results of the auction are expected to be published the following day.

The CBN had said it would borrow about N872.96bn ($4.4b) in new Treasury bill issues between June 18 and September 3.

Source:http://www.punchng.com/business/money/fg-to-borrow-n195bn-via-treasury-bills/
Why is the FG borrowing $4.4bn, this doesn't include the $2bn from the World Bank, within a 3 month period at high interest rates whilst we have all these humongous billions of dollars which can be retrieved from GEJ and his cronies? There can only be 3 logical possibilities: The Govt is impotent, the stolen wealth was never as large in the first place or the new Govt is not serious about tackling corruption. I lean in favour of the last 2.

A transfer from an account in the name of Aisha Buhari is not proof that Buhari's wife or daughter is implicated. For those making the accusation, they need to prove that this Aisha Buhari is who they say she is:

The NYT had this to say about Jefferson and Aisha Buhari, who may or may not be the daughter of a former military ruler of Nigeria and whom one Nigerian regulator wants arrested by the Justice Department:

"Mr. Ribadu’s agency has asked American authorities to arrest Ms. Buhari. That has not happened, but the Justice Department has an interest in her. Last summer, she testified before a grand jury investigating Mr. Jefferson, the congressman, who is suspected of soliciting bribes from American companies seeking business in Nigeria.

The Nigerian official said that American authorities suspect that Ms. Buhari may have served as a financial conduit for the politician. Mr. Jefferson has not been charged with any crimes and has denied any wrongdoing; his lawyer declined to comment. Mr. Ondeck, whose experience as a lawyer is highlighted on GlobalOptions’ Web site, accompanied Ms. Buhari to the courthouse on the day of her testimony. But he did not go as her lawyer; several years ago, he was disbarred. "

http://www.cbsnews.com/news/william-jefferson-and-nigeria/

If true, this is a grave miscalculation by Cameroun. This will serve as recruitment incentive for many Muslims to join Boko Garam.

On this subject of whether the anti-corruption drive is yielding results, note this news report:

Nigerian bond sale misses target, investors seek higher yields
Thursday, 16 July 2015 20:19
Posted by Shoaib-ur-Rehman Siddiqui
E-mailPrintPDFViews:54

imageLAGOS: Nigeria's latest bond auction fell short of its target as low yields deterred investors worried about the naira currency's weakness and rising inflation in Africa's biggest economy.

In yet another worrying sign for the government, which is already facing a funding crisis due to the decline in oil revenues, Nigeria raised 44 billion naira ($221 mln) at the bond auction on Wednesday, short of its target amount of 70 billion naira, the Debt Management Office (DMO) said on Thursday.

"For them to sell more bonds, the DMO would have had to increase its stop rate (yield ceiling), which it did not want to do," one trader said.

The naira has hit a series of record lows on the parallel market after the central bank three weeks ago curbed access to hard currency on the official interbank market for importers of a wide range of goods. Total subscription stood at 119.53 billion naira, the DMO said, down from 130.85 billion last month.

A total of 28 billion naira was sold in 5-year bonds at 15.28 percent, from 14.42 percent at the last auction in June.

The 20-year bond was issued at 15.29 percent to fetch 16 billion naira, compared with 14.24 percent last month.

Investors asked for yields as high as 16.745 percent for the 5-year paper and as much as 17 percent for the 20-year bond, the debt office said.

Nigerian inflation rose by 0.2 percentage points to 9.2 percent in June, its highest since February 2013, and above the central bank's targeted upper limit, after disruptions to fuel distribution affected food prices.

http://www.brecorder.com/business-a-finance/managed-funds/248738-nigerian-bond-sale-misses-target-investors-seek-higher-yields.html

Creditors are demanding higher interest rates before they lend to Nigeria and those rates are higher than what obtained when GEJ left office. Check out this news article dated 14 May 2015:

The 5-year paper was sold at 13.84 percent, lower than 14.44 percent the debt attracted at the last month's auction.

The 10-year bond fetched a yield of 13.48 percent against 14.22 percent last month, while the 20-year debt attracted a yield of 13.88 percent compared with 14.45 percent last month.

http://www.reuters.com/article/2015/05/14/nigeria-treasuries-bonds-idUSL5N0Y51WO20150514

If the Govt's finances were getting better as a result of reduction of corruption and recouping of previous theft, why would this be happening? You could say it's because oil prices are lower but surely the anti-corruption measures should more than make up for it. I will leave you guys to your Sai Buhari and Daura President chants.