ubong ekpe:

Pls NL b4 your react to any treat, do your home work well. stop abusing people.

Am  a Nigerian  like u guy working in private sector. Have not benefit from any government  either the present or the past one, so am not supporting one, but i want to make the following clear.

- The three refineries are all working at their optimal capacity. I have been to these refineries at least 3 to 4 time in the last 2 months, so the problem is not fixing the refineries, but their out put can not meet with Nigerians consumption rate, that why we are importing. Also remember that we are not a capitalist economy but rather a mixed economy, but the government want to move into a socialist economy, by so doing the private sector will be the major controller of our economy where price will be determine by the force of demand and supply. so it will be the responsibility of the private sector to build the refineries as is done in most socialist economy in the world.

- Secondly i want state here that i support the removal of the subsidy, we should be able to embrace change, every great economy in world pay one price or the other, for instance like China. Just imagine for every liter of fuel we are buying the government is paying  almost 80 naira to the importers, who will not even want our refineries to work so that they can continue to enslave both the government and the masses. So this is what is going to happen at the initial stage, like the coming of gsm, a Sim card was almost sold at 30k while Nokia 3010 was 40k+, but Sim card are almost free, with 27k you can buy the lowest grade of BB, why is this so, because the force of demand and supply are in place. With the subsidy gone the fuel will be sold at 150 naira per liter at the initial stage but with time we will be buying fuel at 18 to 20 naira per liter, the private sector will be force to build refineries to reduce the cost of importation instead hiding under the umbrella of subsidy to make their huge profit . they will be room for competition and the three refineries will be privatise like the case of NI TEL.

See analysis 


Were omo!

Omo ale!

ubong ekpe:

Pls NL b4 your react to any treat, do your home work well. stop abusing people.

Am  a Nigerian  like u guy working in private sector. Have not benefit from any government  either the present or the past one, so am not supporting one, but i want to make the following clear.

- The three refineries are all working at their optimal capacity. I have been to these refineries at least 3 to 4 time in the last 2 months, so the problem is not fixing the refineries, but their out put can not meet with Nigerians consumption rate, that why we are importing. Also remember that we are not a capitalist economy but rather a mixed economy, but the government want to move into a socialist economy, by so doing the private sector will be the major controller of our economy where price will be determine by the force of demand and supply. so it will be the responsibility of the private sector to build the refineries as is done in most socialist economy in the world.

- Secondly i want state here that i support the removal of the subsidy, we should be able to embrace change, every great economy in world pay one price or the other, for instance like China. Just imagine for every liter of fuel we are buying the government is paying  almost 80 naira to the importers, who will not even want our refineries to work so that they can continue to enslave both the government and the masses. So this is what is going to happen at the initial stage, like the coming of gsm, a Sim card was almost sold at 30k while Nokia 3010 was 40k+, but Sim card are almost free, with 27k you can buy the lowest grade of BB, why is this so, because the force of demand and supply are in place. With the subsidy gone the fuel will be sold at 150 naira per liter at the initial stage but with time we will be buying fuel at 18 to 20 naira per liter, the private sector will be force to build refineries to reduce the cost of importation instead hiding under the umbrella of subsidy to make their huge profit . they will be room for competition and the three refineries will be privatise like the case of NI TEL.

are you okay at all?

arrant nonsense

embrace change my foot. Like anything works in this country? dont let me vent my anger on you on this forum. Nigerians are frustrated daily, no water, no road, no light , no security, no rule of law, no healthcare, teachers are always going on strike, our currency is becoming useless every month, infrastructures are not being maintained, no accountability by government officials, the list is endless. Even football thats the only consolation for us, is nothing to write home about, our citizen are living like second class citizens in other countries, you want to count the number of nigerians that are cleaners in London alone? tell me anything that works right in this country? just one single thing and you are here spewing rubbish.

Name any new refinery that was built by the government in recent years. Name any massive construction that was done in any other part of the country apart from abuja? Name any viable textile factory recently created? Our educational institutions are collapsing, the same buildings built by Awolowo in the old western region are still the only good buildings at OAU, the federal government has not invested any notable amount of money into our higher institutions in the last 12 years, instead of creating jobs, bankers are being sacked thereby increasing the unemployment rate. Nigeria has one of the highest infant mortality rate, when was the last time the senate passed an important bill in the senate? all we hear is increasing their allowances and estacodes, or debating why super eagles are crashing out of Cup of nations, like it is a matter of national security, boko haram is detonating bomb at will in a country that has one of the best military personels in the world. Our women are being raped and nothing is done about it, local government chairmen are above the laws, they embezzle money like no mans business, in england, the defense minister resigned, because of an allegation that his friend goes with him on official assignment without being a government official, despite the fact that the guy pays his own expenses, he still resigned out of dignity, back home in Nigeria, our politicians have become shameless, they travel with uncles, auntie, godfather, their mai-guard, they even make arrangements for girlfriends and ashies.

the only thing that remains that nigerians are enjoying from the government, you are saying that they should remove it.

i am getting more angry as I am typing this post

arrant nonsense

Politics is the way now.

Oh, I will go into church business with Buzugee. . Flow; anoiting, I say flowwwwwww

Moneyyyyyyyyyyyyyyy

It makes me sad that at this stage of our lives we have no idea what our government should do for us, the problem is not the removal of the subcidy it's the fact that we know that what they said they would do with the money they won't do it, we all know the money is going to therecbank account, if the money would be spent on the country then no body will complain

mrjingles:

Ignorance in action is terrifying, the posts on this thread have convinced me that out problem is EDUCATION! The number of misguided and ill informed posts here makes my eye water.

Evidences:

ubong ekpe:

Pls NL b4 your react to any treat, do your home work well. stop abusing people.

Am  a Nigerian  like u guy working in private sector. Have not benefit from any government  either the present or the past one, so am not supporting one, but i want to make the following clear.

- The three refineries are all working at their optimal capacity. I have been to these refineries at least 3 to 4 time in the last 2 months, so the problem is not fixing the refineries, but their out put can not meet with Nigerians consumption rate, that why we are importing. Also remember that we are not a capitalist economy but rather a mixed economy, but the government want to move into a socialist economy, by so doing the private sector will be the major controller of our economy where price will be determine by the force of demand and supply. so it will be the responsibility of the private sector to build the refineries as is done in most socialist economy in the world.

- Secondly i want state here that i support the removal of the subsidy, we should be able to embrace change, every great economy in world pay one price or the other, for instance like China. Just imagine for every liter of fuel we are buying the government is paying  almost 80 naira to the importers, who will not even want our refineries to work so that they can continue to enslave both the government and the masses. So this is what is going to happen at the initial stage, like the coming of gsm, a Sim card was almost sold at 30k while Nokia 3010 was 40k+, but Sim card are almost free, with 27k you can buy the lowest grade of BB, why is this so, because the force of demand and supply are in place. With the subsidy gone the fuel will be sold at 150 naira per liter at the initial stage but with time we will be buying fuel at 18 to 20 naira per liter, the private sector will be force to build refineries to reduce the cost of importation instead hiding under the umbrella of subsidy to make their huge profit . they will be room for competition and the three refineries will be privatise like the case of NI TEL.

igbogolo:

I am still working on the cost of fuel to the pump were crude oil refined and processed in Nigeria. My rough estimate is N43 naira.
My calculations show that we are over paying for fuel by about 50%  even at N65 per litre. [/b]So, i am inclined to believe that there is really no subsidy in place in the first instance.

I think petrol is very expensive in Nigeria even as we have no amenities, no social net, nothing.

For those that voted Jonathan and not PDP, please continue to smile and suffer. A man who wants to remove increase fuel prices at this time is simply clueless!

I still dont understand how NOI is a puppet of world bank. How is Nigeria's money going to world bank? ([b]Somebody should tell me). From all I know, Nigeria has had more benefits from WB than WB has had from Nigeria. Practically, she's one of the best economist in the world (I know some will raise their eye brows, but that's a fact). I'm sure she has a good plan for the economy. We just need to be more informed of them. Let's focus on the positives.

For the poster moving to Benin Republic.   Benin?? I want to believe that's a joke. Nigeria is not that bad. Business men in Benin want to move to Nigeria instead. Besides, as a business man, you should know the demerits of doing business in a foreign land, especially when its manufacturing.

okonjo iweala a messiah - thats the joke of the century, i dont know why all of you are crying now - the pain hasnt even started yet, you voted in a man who is beholden to western international banks and oil companies so what do you expect, everything that is about to happen to you was agreed a long time ago, GEJ is not even running nigeria - the IMF and Shell are - they dictate the economic policies and GEJ and Okonjo Iweala implement them, they are nothing more than glorified managers of western corporations, there is absolutely nothing you can do now to stop what is about to happen, apart from rising up - but how many of you are ready to die?

Anyway GEJ will send the troops to shoot anyone who rises up - its out of his hands anyway - had you put aside your ignorance and tribalism and voted in Buhari this would not have happened - read up on Buhari's record with the IMF - he is the only nigerian head of state who refused to accept debt slavery under the IMF and world bank debt peonage programme during his very brief tenure in office in the 1980s.

oh well, its too late now - they say you get the leaders you deserve - you've certainly got the one you deserve so you might as well live with the consequences.

Grassroot:

Evidences:

I still dont understand how NOI is a puppet of world bank. How is Nigeria's money going to world bank? (Somebody should tell me). From all I know, Nigeria has had more benefits from WB than WB has had from Nigeria. Practically, she's one of the best economist in the world (I know some will raise their eye brows, but that's a fact). I'm sure she has a good plan for the economy. We just need to be more informed of them. Let's focus on the positives.

For the poster moving to Benin Republic. Benin?? I want to believe that's a joke. Nigeria is not that bad. Business men in Benin want to move to Nigeria instead. Besides, as a business man, you should know the demerits of doing business in a foreign land, especially when its manufacturing.

western international banking corporations like the world bank and IMF loan money to third world countries to enable them carry out multi million dollar infrastructure projects - the only problem is the loans come with various conditions attached eg: devaluation of your currency, privatisation of govt owned companies which are then sold to foreign investors at grossly reduced prices, the loans also come with massive interest rates which always go up never down so that borrowers sometimes never repay what they borrowed in the first place - this is known as debt slavery or debt peonage - which is a cunning way of keeping african economies enslaved economically. Nigeria is currently adhering to the conditions of the various loans they borrowed many years ago - loans which they repaid ten times over - there is no way out of this mess apart from refusing to honour these conditions - this is why okonjo iweala was sent in by the US to ensure that nigeria implements the conditions that they signed up to when they borrowed all those loans - she is a stooge and traitor.

This people are not good scammers. They should have fix our electricity first. Then drop this bomb in the third month of uninterupted power supply. The house would have been divided by then. But as it is now, pump price will not be more than 80 naira after labour strike and all

You need not to be borne with sliver spoon in your mouth to really appreciate the meaning and effect of poverty on life and its expectations.
Okonjo and co never find it rough for a second of their existence. How do you want them to appreciate what common people pass through to survive in this refugee camp of a country?
The election jingle " I have/had no shoe" is just a rush to deceive the gullible majority of Nigerian populace.
Subsidy removal would never solve our problem. It will only translate to more money available to the looters. This is quite unfortunate.
Okonjo understands nothing about Nigeria predicaments and how to go about combating the situation.

Grassroot:

Evidences:

I still dont understand how NOI is a puppet of world bank. How is Nigeria's money going to world bank? (Somebody should tell me). From all I know, Nigeria has had more benefits from WB than WB has had from Nigeria. Practically, she's one of the best economist in the world (I know some will raise their eye brows, but that's a fact). I'm sure she has a good plan for the economy. We just need to be more informed of them. Let's focus on the positives.

For the poster moving to Benin Republic.   Benin?? I want to believe that's a joke. Nigeria is not that bad. Business men in Benin want to move to Nigeria instead. Besides, as a business man, you should know the demerits of doing business in a foreign land, especially when its manufacturing.

So you want to tell me that companies like Michelin that moved to Ghana did not do their homework, or that me that wants to take my business to where I will not be subject to buying expensive fuel to generate power because my government cannot provide it in order to stop losing business is probably stupid, abi?

Or that the Reverend father who owns Songhai farms in Benin Republic is stupid for taking his business there when all the banks and governments in Nigeria he approached for funding in 1985 refused him, right?

HMMMM!

messiah my ass!!!

@ STAGGER, u really make a good points, I really like and appreciate it. as for Ricky Rose, he is part of Nigeria problem. He reasons like OBJ

Subsidising the petroleum sector is not in any way beneficial to the growth of the economy, subsidy is only a means of masking our problems; like feeding from hand to mouth. Subsidy may be beneficial only if there are functional domestic refineries that are being protected from international competition. Where is the sense in subsidising imported petroleum?
Subsidy also prevents foreign direct investment in the subsidised sector, except you expect the goverment to subsidise a foreign company.
Nonetheless, subsidy appears to enhance a more effective allocation of resources to households, the removal of subsidy will most likely result into increased corruption as the allocation of resources will be tied up with the elite citizenry.
The situation of subsidy removal in Nigeia is a case of being between the devil and the deep ocean.
Good luck Nigeria

They should remove the "subsidy" on Senate and House of Rep Allowances first.

Remove the "subsidy" on inflated contracts.

Remove the "subsidy" on abandoned projects.

Remove the "subsidy" on stolen loot (returned and restolen or etc)

Remove the "subsidy" preventing the judiciary from investigating IBB's $12bn loot or OBJ's $16bn disappearing act!

Such a stupid idea to further inflict poverty on Nigerians.

cap28:

western international banking corporations like the world bank and IMF  loan money to third world countries to enable them carry out multi million dollar infrastructure projects - the only problem is the loans come with various conditions attached eg: devaluation of your currency, privatisation of govt owned companies which are then sold to foreign investors at grossly reduced prices, the loans also come with massive interest rates which always go up never down so that borrowers sometimes never repay what they borrowed in the first place - this is known as debt slavery or debt peonage - which is a cunning way of keeping african economies enslaved economically.  Nigeria is currently adhering to the conditions of the various loans they borrowed many years ago - loans which they repaid ten times over - there is no way out of this mess apart from refusing to honour these conditions - this is why okonjo iweala was sent in by the US to ensure that nigeria implements the conditions that they signed up to when they borrowed all those loans - she is a stooge and traitor.

I understand your points. The loans had conditions attached. The government should be faithful enough to take responsibility for the commitments they've made in the past. If only they used the loans for the development projects, the suffering would have been reduced and we wont be having this discussion today. That said, I'm still not convinced that she is a traitor or a stooge. Her integrity has never been questioned, so let us give her the benefit of doubt. I want to assume that she understands the implications of her economic policies. Its our leaders (especially the past ones) that are traitors. They are the ones that have enslaved Nigeria to the west long time ago. I think Nigeria is rich enough to sustain itself. Looking at it from the economic perspective, removal of oil subsidy is a good policy. Even the US called for it. Of course, we cant be compared to the US. Maybe the timing is the problem. Like @tobiecxs said, its between the devil and the deep blue sea.

tobiecxs:

Subsidising the petroleum sector is not in any way beneficial to the growth of the economy, subsidy is only a means of masking our problems; like feeding from hand to mouth. Subsidy may be beneficial only if there are functional domestic refineries that are being protected from international competition. Where is the sense in subsidising imported petroleum?
Subsidy also prevents foreign direct investment in the subsidised sector, except you expect the goverment to subsidise a foreign company.
Nonetheless, subsidy appears to enhance a more effective allocation of resources to households, the removal of subsidy will most likely result into increased corruption as the allocation of resources will be tied up with the elite citizenry.
The situation of subsidy removal in Nigeia is a case of being between the devil and the deep ocean.
Good luck Nigeria

stagger:

So you want to tell me that companies like Michelin that moved to Ghana did not do their homework, or that me that wants to take my business to where I will not be subject to buying expensive fuel to generate power because my government cannot provide it in order to stop losing business is probably silly, abi?

Or that the Reverend father who owns Songhai farms in Benin Republic is silly for taking his business there when all the banks and governments in Nigeria he approached for funding in 1985 refused him, right?

HMMMM!

@Stagger, I feel your pain. Its sad sometimes to think of how things are run in Nigeria, especially if you are a business man and you are into manufacturing. It is people like you that would be affected more. Benin Republic is heavily dependent on subsistence agriculture and are still one of the very underdeveloped countries in the world. Cotonou is ranked as an extreme hardship location with a hardship index of 40%. Their power is imported from Ghana and Nigeria and their industries are limited to very light manufacturing. Obviously, their development is strongly connected to Nigeria. Although, membership of the CFA franc zone offers reasonable currency stability. Before you move, please reconsider. Nigeria is not so bad as we say it is. I know the conditions are harsh, but Benin Republic is not better naaaaaaaa. Maybe you should move to Ghana instead. But before that, wait and monitor the outlook and see if its really worth moving. I'm also pleading on behalf of your employees. If you and people like you move, the unemployment situation becomes worse. This is your way of helping Nigeria. Please, keep it up (you should be expanding your business in Nigeria). Abeg brossssss

na this woman den go use finish us! i dey look ooo!

what are you people taking about

The most unfortunate thing is that the discussions on this thread does not stop or change anything I voted Buhari but most of you voted GEJ. So, stop complaining.

deoyel25:

The most unfortunate thing is that the discussions on this thread does not stop or change anything I voted Buhari but most of you voted GEJ. So, stop complaining.

Stop lying. You didnt vote. GEJ is 1000x better than Buhari. That mutherfvcker murder alot of people. Now shut your stvpid mouth up and enjoy democrazy.

Stagger is right, the problem is the people in authority and most of the idiots replying here don't even know what's happening or have incredibly short memories. Removal of subsidy has been done so many times in the past by previous govts & all the "blessings" they promised would come when subsidy was removed never came. Any fool who thinks subsidy removal will develope or benefit Nigeria/Nigerian masses should SET HIMSELF ON FIRE as he would be doing Nigeria a great favour.

DerMeister:

Stagger is right, the problem is the people in authority and most of the idiots replying here don't even know what's happening or have incredibly short memories. Removal of subsidy has been done so many times in the past by previous govts & all the "blessings" they promised would come when subsidy was removed never came. Any fool who thinks subsidy removal will develope or benefit Nigeria/Nigerian masses should SET HIMSELF ON FIRE as he would be doing Nigeria a great favour.

Der Meister,

Vielen Dank. Bitte sag es ihnen.

Rgp92:

Stop lying. You didnt vote.  GEJ is 1000x better than Buhari. That mutherfvcker murder alot of people. Now shut your stvpid mouth up and enjoy democrazy.

Did he kill some of your relatives?

stagger:

Der Meister,

Vielen Dank. Bitte sag es ihnen.

Do you speak German too? Thats cool This is what he said:

The Master,

Thank you. Please tell them.

i wrote this a while ago and posted it on my facebook wall i think with this write up people will understand some hidden truths,


Vision 2020:What has Gold got to do with it?

Vision 2020 is the development goals of President Goodluck Ebele Jonathan, to put the Nigerian economy amongst the top twenty economies of the world by the year 2020.This he believes could be achieved by massive infrastructuaral developments,so as to attract Foregin direct investments (FDI) to the Nigerian economy.

The Brentwood convention of 1944 put the United States dollar as the foregin reserve currency of all the different economies of the world.This agreement pegged all currencies in the world to the United States dollars based on its value to the United States gold reserves.This looked like a wonderful moment in the world because it made transactions between Nations easier, and as at then the US dollar was valued at $35 an ounce of gold.

Then came 1971, and President Richard Nixon of the United States, changed the rules of money and servered the dollar from its gold reserve, because the US economy couldn't meet its debts obiligations, since its gold reserve was almost empty.
So rather than paying its creditors in gold based on the agreement of the Brentwood convention of 1944, the US government began paying in IOU coupons called bonds.This bond payments was based on the notion that as long as there is faith in the US government to meet its debts obiligations, it could borrow all it wants to meet its financial spendings of each year.

As bonds (debts) became the new export commodity of the US government, the price of gold began to steadily climb up, while the US dollar began a steady loss of its value.This gave birth to the coupling between the US dollar and gold, where as the price of gold increases the value of the US dollar decreases.

If the truth is to be told by our politicains the golbal meltdown started in the early months of the year 2000.So the price of gold began a steady rise from $251 an ounce to $ 900 an ounce by 2009, due to the lost of investor confidence that the US government can continue to print its way out of the debts problems, so creditors began to shy away from asppecting US bonds as a means of payments.

The finacial news was well managed by our politicians till the fall of the year 2007 when the measures used by the politicians to tackle the debts problem couldn't work, then all hell was let loose, and the Dow jones came crashing which hard a rippling effects on all economies of the world.

As this began to happen all currencies in the world began a steady fall in value and this triggered a massive flow of foregin direct investments (FDIs) towards gold, taking the price of gold from a mere $251 dollars an ounce in the year 2000 to $1800 in the month of september 2011, with further rise to a possible $2866 an ounce by the year 2020, ironically this is the same year our President Goodluck Ebele Jonathan expects to achieve his goal of Nigeria being amongst the top twenty economies of the world.

The Goodluck Ebele Jonathan Lead governement has started using the same formular President Richard Nixon of the United States government used during 1971 by exporting debts in the form of bonds by creating the Debt Management Office (DMO), to create bonds or rather IOUs and selling to creditors, so as to be able to finance his vision 2020 goals.

The recent recapitalization of the banks saw the Central bank of Nigeria creating money out of thin air by systematically using tax payers money to fund erring banks with the bank directors who caused the problems moving around freely and using every trick within the law to stay free.

Our so called state governors too have embraced, this formular of creating money out of thin air, to finance thier various dreams, by creating so called state bonds.And the tax payer is made to bear the cost, of this expensive game, the people they think they voted for play.

The recent Eurozone crisis, with Greece leading the way, and the debt ceiling of the US government hitting about $14 trillion dollars, will have a rippling effect, on the world's economy, and the flow of foreign direct investments (FDIs), causing a slow down of the world economy, and the eventual fall in the price of crude oil.

Lastly, the 2012 budget is benchmarked at crude oil price selling at $75 per barrell.As we speak the brent crude is about $78 per barrel and falling, due to a slow down of world economy, caused by the rippling effects of the eurozone and the inflow of foregin direct investments (FDIs) to gold.My question is how does President Goodluck Ebele Jonathan think he can achieve the vision 2020 with the stage set for much more economy uncertaintities.Like all tall dreams of our politicains, Vision 2020 is certain to fail even from its take off point.

Please who can confirm this? Could this be true? I read the post from a link on the website.

It is very sad to note that our unproductive lawmakers earn more than the leaders of the developed economies. The figures below is definitely a smack on the sensibilities of Nigerians. The yearly salaries the leaders of the developed countries are:

1. President Barack Obama (USA)- $400,000.00
2. Prime Minister Davaid Cameron (UK) - $222,000.00
3. President Nicolas Sarkozy (France) - $302,000.00
4. Chancellor Angela Merkel (Germany) - $296,000.00
5. President Hu Jintao (China)- $11,000.00

Contrast the above with the yearly salaries of Nigerian Federal Lawmakers
1. Senator (Nigeria) - $1,100,000.00 (x 109)
2. Member, House of Representative (Nigeria) - $834,402.00 (x 360)

What are these lawmakers contributing to the growth and development of the Nigerian economy to deserve such hefty salaries? Just this week, there was massive pay cut (up to 52%) for politicians in Singapore. On which planet is Nigeria, an underdeveloped country, to afford such blatant waste of our very limited resources. Enough is Enough of this LOOTING OF OUR TREASURY.