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Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising - Politics (6) - Nairaland

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Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by jmaine: 2:17pm On Jan 10, 2012
M16:

Well if you don't know ask. who is the chairman of Oando. General Magoro(former member of board of trustee and fomer gubernatorial candidate PDP Kebbi state) and currently PDP Senator from Kebbi state

So invariably . . .Wale Tinubu is a PDP man ? . . . but i wonder why you failed to list his name . . in your list of cabals ? . . what were you trying to hide ?
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by M16: 2:18pm On Jan 10, 2012
What was convincing about what they said

1) We will build roads
2) We will build health centres
3) We will build refineries (mind you she said it will take 18-24 to do Turn around Maintenance on the existing refineries) How long will it take them to build. Minus the idiocy of wanting to build one in Kogi state.
4) We will create 370,000 jobs a year.( She never said how and with what magic that will happen)


My people all stated above, don't the sound familiar.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by damola1: 2:19pm On Jan 10, 2012
jay bee:

Corruption can't be fought from the top as policies will only be efficient if and when the common man decides to adhere to them.

Are you ready to start fishing out your brother/sisters/uncles/neighbours living above their means?
Are you ready to start recalling your councillors/reps/senators that aren't performing?
Are you ready to start making your vote count and stop being bought for the petty Naira?
Are you ready to stop giving and taking bribes?



Yes, I am ready!!!, that's why I will begin the: SAVE MY LOCAL GOVT. GROUP,
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by donguutti: 2:21pm On Jan 10, 2012
NOI,SLS we are tired of hearing it.stop it.we  know subsidy isnt good for us.but we dont trust the GOVT to do any better.and ngozi stop the maternal mortality stuff.u knw nothing abt it,if they cant get other peeps to give a differen angle, they can continue talking to themselves.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by dbride: 2:21pm On Jan 10, 2012
In every situation, there is something to learn. Hurray, 9ja people, including the market woman, is beginnng to show interest in how they are governed. This is the first step in fighting curruption. I am happy about this. The more Jonathan and his cohorts harden their hearts, the more aware 9jas become of the rot in high places. The thieves are being cautiuos and maybe repenting in their havens. God is speaking, who will understand? Who says God is not in 9ja? His ways are different from our ways. Shine your eyes and see with me! Have you ever prayed for 9ja, then understand what is happening; otherwise ask God for understanding! We are all vessels some unto honour and some unto dishonour but my God is at work, not the way you expect it but HIS WAY.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by M16: 2:22pm On Jan 10, 2012
jmaine:

So invariably . . .Wale Tinubu is a PDP man ? . . . but i wonder why you failed to list his name . . in your list of cabals ? . . what were you trying to hide ?


I leave you to make the deductions

He is not a member of Government economic team
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by ade80: 2:23pm On Jan 10, 2012
The cabal will just divert the fuel to Benin and sell it to them at 200 either way, the cabal wins if they are not prosecuted
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by jaybee3(m): 2:23pm On Jan 10, 2012
damola1:

Yes, I am ready!!!,  that's why I will begin the: SAVE MY LOCAL GOVT. GROUP,


Fab, these are the things that should naturally spill out from the various occupy groups. The main aim of the occupy groups should be raising awareness and how best to tackle the rot within the system.
Let's all do our bit starting from our daily live and then see our the trickling effect will transform the nation to where it ought to be.

Jesus/Allah/whatever we all call aren't going to come down to work wonders. We all have a stake in the nation so let's do our bit no matter how small it may seem.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by M16: 2:24pm On Jan 10, 2012
If you say there is a cabal bigger and stronger than Federal Government and members of that same cabal are part of your economic team. How can the same Government be trusted.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by jmaine: 2:31pm On Jan 10, 2012
jason123:

Jmaine baba, in all honesty, the subsidy removal is a good thing but you know Naija politicians and how dem be now? First of all, how did the subsidy jump from 200-400 billion to 1.3 trillion within 2 years? Haba, na so Naija dey born pikin?

The issue here is trust. The money from the removal of kerosine and diesel subsidy has not been used for anything substantial. All of a sudden they want Nigerians to believe that the money realised for the removal of petrol subsidy will be used to build a london  in Nigeria.

Haba, its just so hard to believe even if GEJ is sincere or not. People are simply scared because that is all they have (since most business function because of generators). . .


Oga Jason  grin, Your Trust issues are indeed very valid . . .but when i see people blind to salient points raised, but still go on harping over simple and precise given answers . . .then it calls for suspicion . . .

The current outburst of emotions  means, it's time for us to demand answers to questions of good governance in all cadres . . .Thank goodness there is freedom of information that has necessitated us to even have a peek at what the Aso rock budget feels like  . .

Did it not raised the necessary dust over the crazy N1 billion food budget, which is even being denied in some quarters as untrue . . The step in the right direction, is to be vigilant to national issues, and not only scream when we are directly affected.

Where were the NLC when diesel was deregulated . . .guess all they had in them was to fight the minimum wage for their members without taking into cognizance the economic cost . .

Like Sanusi said . . .going the popular route is very cheap . . .but why do that and place the burden on subsequent government . .a situation we all frown upon . .

Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by jmaine: 2:35pm On Jan 10, 2012
M16:


I leave you to make the deductions

He is not a member of Government economic team

You attempt to dodge the questions can't erase the hard facts that Wale Tinubu is part of the cabal with the biggest share of the subsidy loot . . . and last i heard , he has strong affiliations to the ACN. Hence, a financier of the ACN political machinery . .

Your exclusion strategy is therefore null and void . .
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by Koikoi(m): 2:37pm On Jan 10, 2012
The fight against corruption starts from here. There has been too much rot in the system, especially in the oil sector-the mainstay of our economy. I personally applaud this administration for this bold move. Remove the incentive(subsidy) for corruption in the oil sector. We may not agree now, but in a few years time we'll be thanking and praying for president Jonathan for this foresight
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by klarry79: 2:38pm On Jan 10, 2012
NOI and SLS claims that the borders are porous and enough incentive to have oil smuggled across the border to other more lucrative markets. well it is not our fault that their govt cannot secure the borders, let all the security agencies do their job, it is not our fault that their govt has showed total ineptitude in addressing fundamental issues of governance. so they want us to pay for their failures. no matter what 'harvard type' economic solutions they profer as long as they refuse to plug the loopholes in the administration of the country, they will keep shifting the responsibility of sustaining their recklessness to the people.

NOI, SLS and co should prevail on the govt to at least fix things first before shifting other responsibilities to the people.

As for the state governors, save a few, the rest are just a bunch of criminals who cannot resist the lure of additional income they did not earn to continue to fuel their ungodly lusts.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by Maisuya1: 2:40pm On Jan 10, 2012
muami:

Either you are very funny or you talk before you think. You compared the UK to Nigeria by arguing that the UK pays benefits while Nigeria doesnt. When I challenged you on it with facts, you turned around to say we should not compare Nigeria to UK. Do i take it take your initial post where you compared the two wav posted in error?
By the way, the UK has significant oil reserves
 
Don't get it twisted. Subsidy is a beautiful thing. Let me restate what i said.

I said why take away subsidy when even in the west those unemployed are paid benefits? Subsidy is our own form of benefit from the govt. Taking it will be a form of taxations on nigerians

And u said "benefits are paid in form of taxes on citizens.,. In other words there is no subsidy" and you went further to say we don't pay tax in Nigeria, implying we ought to be taxed by taking subsidy away

And I told you again that the Nigerian system is peculiar, we have enouh reserves and incoming income from crude to run the most expensive democracy yet the least truly representative. And we can't afford to subsidise fuel for our OWN CITEZENS? common that is fallacy!

My initial comparison with the west was based on the ESSENSE not the STRUCTURAL SIMILARITIES. Thus the essence of paying unemployment benefit is to to help the those who can't afford to pay their bills and to boost cCONSUMPTION in the economy.
Similarly our subsidy of pms is to help the poopr amongst us have disposable income for CONSUMPTION and probably SAVINGS=INVESTMENT. For some one who spends 30% of salary on feeding 20 on transportation and another 20% for precautionary motives. And SAVES the rest. Tell me a what a more than 100% increase in prices of pms and the associated multiplier effect will do the saving habit of the economy. It will eradicate personal savings of most. Including myself. NOW IS THAT GOOD OR BAD FOR THE ECONOMY?
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by PHIPEX(m): 2:41pm On Jan 10, 2012
Nothing ever subsidised work well, ASUU is asking for more money cos govt subsidises Education and because Education subsidy kills our educational subsidy most of us have refused to send our children to govt schools. we all rather prefer to pay higher price in other to get the best, untill we become sincere with ourselves and face the realities of life, if we continue to remain in our wishful thinking naija will remain where it is. For so long now i'v not heard the usual statements of comparing Naija to Ghana cos fuel is even cost more there. If nigerians can not trust her best Technocrats on this Issue She is doomed. have u wondered why our celebrated technocrats support this removal? how reasonable will it be for countries that surround us to sell their fuel btw 170 - 200 naira and u expect naija to survive by selling @ 65. Our custom officers that can not stand common importers of second hand cloths cannot challenge these oil moguls. Securing our border is not as easy as it sounds afterall American border is still porous to foreigners. for long now we'v not experienced the usual queue in filling stations and am afraid that if the govt decides to backdown on this issue, then we  may be in for unpleasants surprises. LETS ALLOW NIGERIA TO WORK FOR ONES!
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by jason123: 2:46pm On Jan 10, 2012
jmaine:


Oga Jason  grin, Your Trust issues are indeed very valid . . .but when i see people blind to salient points raised, but still go on harping over simple and precise given answers . . .then it calls for suspicion . . .

The current outburst of emotions  means, it's time for you to demand answers to questions of good governance . . .Thank goodness there is freedom of information that has necessitated us to even have a peek at what the Aso rock budget feels like  . .

Did it not raised the necessary dust over the crazy N1 billion food budget, which is even being denied in some quarters as untrue . . The step in the right direction, is to be vigilant to national issues, and not only scream when we are directly affected.

Where were the NLC when diesel was deregulated . . .guess all they had in them was to fight the minimum wage for their employers without taking into cognizance the economic cost . .

Like Sanusi said . . .going the popular route is very cheap . . .but why do that and place the burden on subsequent government . .a situation we all frown upon . .



Thanks for your reply. The demand for good governance is in play. You see, the protest is more than the subsidy issue. Naija peeps have adopted the siddon look approach since time memorial,that is, there were issues in the past about bad governance, corruption, extravagant spending of the government, Boko haram etc. The removal was what broke the camel's back.

They say over 70% of Nigerians live on less than $2 a day. That in itself is a lie! I know people in Naija that live on less than a $1 in a day. Nigerians are reasonable people, they or WE are also very understanding but Jmaine for how long?? He who wears the shoe knows where it pinches. These people (government) don't understand what is going on in the grass root.

The demand for good governance goes along with the refusal to allow the government to remove subsidy because the money derived from the kerosine and diesel subsidy has not been used. Why petrol? What we depend on to fuel our cars?? To fuel our generators??

We are not being sincere because if we are, they (government) would have audited the crude oil revenue and its by-products, to be shown for all to see.

Well, may God's will be done. May God guide GEJ and he (GEJ) should be weary of his advisers because they are his enemy! This is my piece!
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by alldone(m): 2:54pm On Jan 10, 2012
This step of removing subsidy is not a bad idea, but we need to ask the right questions
1. What infrastructure did government provide when the subsidy was 200billion?
2. What was done with the proceed from diesel deregulation?
3. What exactly jack the subsidy from 400B to 1.4trillion in less than a Year? please even if it is corruption then that will be scientific because since Abacha days of fuel importation there has been corrupt practices.

I think NOI is not sincere and she lied to Nigerians.

They want to decieve us, we are wiser now. We are making a statement it is not business as usual.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by dmanutex: 3:12pm On Jan 10, 2012
Its very obvious that you dont impose economic development on citizens of a nation but its what they come to embrace and accept as a better way of life!
Hence, Okonjo-Iweala and Sanusi should not try to convince Nigerians on fuel subsidy removal but be free and open to dialogue.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by chijoan: 3:20pm On Jan 10, 2012
sweet talk. that is what we have been hearing ever since from our leaders but what do we get at the end, disappointments. we don't trust them so it is left to them to prove to us that they mean business. they shld act first before they expect more from us.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by Mallam20: 3:23pm On Jan 10, 2012
One of the most difficult things one can adapt to in life is change. Nigerians prayed for change, here is the change, yet they have refused to accept that change. The cabals in Nigeria has almost succeeded in cajoling Nigerians into not seeing a positive change becuase they want the statueque. NLC and TUC are most aware of the slave jobs Nigerians are doing in their own country in the name of "contract job" or "insourcing" where almost 70% of the upstream sector jobs are on "contract" or "insourcing", maritime same, Construction same, yet NLC and TUC have kept mute to this injustice being meted to Nigerians as per salaries and wages, only for them now to say, they are defending the common masses. NLC and TUC go rest 'jare' and stop deceiving uninformed Nigerians.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by iykak47: 3:26pm On Jan 10, 2012
PHIPEX:

Nothing ever subsidised work well, ASUU is asking for more money cos govt subsidises Education and because Education subsidy kills our educational subsidy most of us have refused to send our children to government schools. we all rather prefer to pay higher price in other to get the best, untill we become sincere with ourselves and face the realities of life, if we continue to remain in our wishful thinking naija will remain where it is. For so long now i'v not heard the usual statements of comparing Naija to Ghana cos fuel is even cost more there. If nigerians can not trust her best Technocrats on this Issue She is doomed. have u wondered why our celebrated technocrats support this removal? how reasonable will it be for countries that surround us to sell their fuel btw 170 - 200 naira and u expect naija to survive by selling @ 65. Our custom officers that can not stand common importers of second hand cloths cannot challenge these oil moguls. Securing our border is not as easy as it sounds afterall American border is still porous to foreigners. for long now we'v not experienced the usual queue in filling stations and am afraid that if the govt decides to backdown on this issue, then we  may be in for unpleasants surprises. LETS ALLOW NIGERIA TO WORK FOR ONES!
God bless you bros, the truth is bitter but it must be told.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by ektbear: 3:31pm On Jan 10, 2012
Abiolanzy:

E.B.E.L.E: Enabling Bokoharam Endanger Lives Endlessly. J.O.N.A.T.H.A.N: Just On National Assignment To Harm All Nigerians

lol
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by 989900: 3:46pm On Jan 10, 2012
we had 300 billion for BENIN-ORE but the money disappeared so why should we trust you?





what happened to Excess crude account = embezzeled
what happens to security vote = embezzeled
what of SWF = embezzeled
what will happen to proceeds from fuel subsidy savings = embezzlement


But still trust us pls.
Even though you feed with 3m/day?
yes, just trust us.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by Koikoi(m): 3:52pm On Jan 10, 2012
alldone:

This step of removing subsidy is not a bad idea, but we need to ask the right questions
1. What infrastructure did government provide when the subsidy was 200billion?
2. What was done with the proceed from diesel deregulation?
3. What exactly jack the subsidy from 400B to 1.4trillion in less than a Year? please even if it is corruption then that will be scientific because since Abacha days of fuel importation there has been corrupt practices.

I think NOI is not sincere and she lied to Nigerians.

They want to decieve us, we are wiser now. We are making a statement it is not business as usual.



We need to start from some where. We cannot continue to refer to the failures and disappointments of yesterday to refuse to faction a way out for tomorrow, otherwise we'll just be living for today and no plan for the future. What then are we going to leave for future generations? unfortunately, we are a consuming and not a producing nation but if we have infrastructures in place the trend may just reverse
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by KayDee4: 4:02pm On Jan 10, 2012
PHIPEX:

Nothing ever subsidised work well, ASUU is asking for more money cos govt subsidises Education and because Education subsidy kills our educational subsidy most of us have refused to send our children to govt schools. we all rather prefer to pay higher price in other to get the best, untill we become sincere with ourselves and face the realities of life, if we continue to remain in our wishful thinking naija will remain where it is.
Might not be a good basis for comparison becasue in the case of education, you have options; people have a choice to pay premium price for premium services and everyone will cut their coats accordingly.

PHIPEX:

If nigerians can not trust her best Technocrats on this Issue She is doomed. have u wondered why our celebrated technocrats support this removal?

I suppose you're talking about SLS and NOI, it is obvious that their decisions are skewed and lop sided? That is why they've been speaking from both sides of their mouths. They think its totally hopeless to try and tackle the corrupt aspect of it and see the removal of subsidy as the only way out whereas it shouldnt be.

PHIPEX:

Our custom officers that can not stand common importers of second hand cloths cannot challenge these oil moguls. Securing our border is not as easy as it sounds afterall American border is still porous to foreigners.

Still wondering why corruption cannot be fought or why the so called moguls or cabals cannot be challenged. Ive seen statements like "too hard to fight them", "the cabal is too strong" etc etc made by top government officials and I'm wondering if these cabals are spirits of some sort. GEJ should roll up his sleeves and work on rooting out corruption from the core and not minding whose toes he steps on by doing things the right way. People should be prosecuted and jailed if they cannot give a proper account of offices that they head.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by sniperwolf(m): 4:03pm On Jan 10, 2012
Nigerians just don't want to listen. They are just protesting and dying for nothing. We've got to embrace this subsidy removal. If it doesn't work we vote Goodluck out. Let's give him a chance to see where his decisions will take us to
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by Meldrick(m): 4:06pm On Jan 10, 2012
THE POLICY ISBEAUTIFUL. SHIKENA
SUPPORT THE FG AND DON'T BE USED BY THE OPPOSITION OF A FEW CABAL TRYING TO TRUNCATE THE POLICY. NGOZI IWEALA MEANS WELL.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by ochukoccna: 4:06pm On Jan 10, 2012
GEJ,NOI,SLS&their propagandists dont get it that a child's school fees is d last money a broke parent spends.Not d 1st.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by efisher(m): 4:06pm On Jan 10, 2012
@ Sniperwolf, they just don't want to listen. When they are tired, they'll all go home and the reasonable ones will think. Anybody that watched the broadcast would see the issues laid out clearly. All the questions people have been asking on this subject were properly answered apart from 1 or 2.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by rawtruth(m): 4:11pm On Jan 10, 2012
Let us examine issues raised by Sanusi this write-up:
In an e mail sent to Street Journal by the Governor of the Central Bank, Sanusi Lamido Sanusi, the nation’s number one banker took time to explain his role and why he started the war against subsidies. He also explained the rot in the petroleum sector and the frauds perpetrated in order to benefit from fuel subsidy. Below are excerpts from the mail:
“If you will patiently read this mail to the end you will understand my position. I won’t be able to repeat everything I have said over the past few years on fuel subsidy, but in summary; Fraud like theft thrives not only because of the existence of greed and benefit but of opportunity. Place yourself in the shoes of the average Nigerian “businessman” or “entrepreneur”-polite euphemisms for rent seeking parasites. You establish an elcee for importing 20,000MT of PMS and the PPPRA says this is at a landed cost of N145 for example per litre. So you know that for every litre in that vessel you will get at least N85 as subsidy. Now you have a number of “possibilities”: 1. You can offload 5,000 MT and bribe customs and other officials to sign papers confirming you offloaded 20,000 MT. Then do the same across the chain with a paper trail showing you delivered 20,000 MT to a tank farm, and maybe even that you transported it to Maiduguri entitling you to a share of the price equalization fund. Maybe for N20-N30 per litre you bribe all those who sign the papers. The 15,000 MT you take to Benin or Ghana or Cameroun and sell at market price thus making an additional “profit” of N55/ltr on 15,000MT! 2 you can just forge documents and have them stamped without bringing in anything and collect the subsidy-PPPRA pays based on DOCUMENTS. 3 you can bring in the fuel, load on tankers, sell some at N65N some at 80 some at 100 some across the land borders. You can do all this and no one can catch it or prove it because somebody was paid to sign off on documents. And with a high enough margin, there is too much temptation to be resisted and firepower for bribing officials. When I spoke to the House of Reps I told them why I was suspecting fraud. It starts from PPPRA “allocations” based on “capacity”. You will find a company like Mobil with capacity for say 60,000 MT and a relatively unknown name with a capacity of say 90,000 MT. Red alert number 1. Although PPPRA is supposed to give license only to marketers with a national distribution network you see names of companies where you have never seen a filling station in their name. I was a Chief Risk Officer in UBA and in FBN for many years approving loans so I know the name of every big player in every industry that Nigerian banks lend to as these are among the biggest banks in the country. I see names on the list I don’t recognise either from portfolios. I looked at or industry studies over the years. Red alert number 2. I studied the papers presented to PPPRA in a short period in 2010 (I won’t tell you how I got them!). And I was surprised that on some days over 10 vessels are said to have discharged cargo in Lagos on the same day-clearly the same officers stamping and “verifying” that the vessels were SEEN. Is it really realistic that on the same day 13-15 vessels can discharge in Lagos? Red alert number 3. Why was I interested in fuel marketing. Because the two sectors that led to the near collapse of the banking industry were capital markets and oil marketing. I am not giving any confidential info out as AMCON MD has already disclosed publicly that two companies alone-Zenon and AP-owned by the same businessman owed the Nigerian banking industry N220b. And we all saw the amount of subsidy paid to those companies published by BusinessDay. So money had been taken, subsidy had been collected but loans were not repaid, and we couldn’t see the money either as product in tank farms or in fuel stations or credit sales. So I became obsessed with trying to understand how that industry operated and the more I saw the more I hated it and I started the war against subsidies. It is actually better So yes, I am willing to take all the criticism and labels and be unpopular but this has to stop and govt can find other ways of alleviating pain. Iran removed subsidies and started cash transfers directly to the poor. It is up to fiscal authorities to figure out safety nets but from where I sit and what I know this decision is not only correct but necessary and overdue. I also confirm that I have revealed nothing here I haven’t spoken about before in public and it is just that Nigerians never listen! I am not complaining about insults I am used to that. I just believe that an insult is not an argument and when people resort to personal abuse they have run out of logic. But to then go beyond me and extend it to my dead grandfather and his “descendants” ie my late father his siblings etc I think goes beyond the pale. As a Nigerian-and as an economist- I can take a position on economic matters and this position is one I have had for years even before coming in to the Central Bank. I have also explained the position on several occasions and criticised government for not doing this before. In 2010 at a public hearing in the House of Reps on the 25% saga I alerted the nation of what I considered a potential big scam around subsidies and urged for its removal. No one paid attention. The economics is very clear to me. That it is unpopular is also understandable. The British public is unhappy with Tory budget cuts. The Greeks went on riot over austerity. Italian parliamentarians came to blows before Berlusconi was thrown out of office. The US congress is yet to approve Obama’s tax increases. Economic decisions-by definition-ALWAYS must involve a cost or an opportunity cost since for them to qualify as economic they must involve a choice in resource allocation among competing uses. An enlightened debate is one that weighs the pros and cons of removing subsidy and continuing with it. So I became obsessed with trying to understand how that industry operated and the more I saw the more I hated it and I started the war against subsidies. I started the war against subsidies. It is actually better to do a direct cash payout or add a line item to salaries called petroleum support or transport allowance capped at say N300b p/a than to keep paying it. It goes to pay middle men, rent-seekers and corrupt officers and there is no amount of preaching that will stop this fraud so long as the policy is so badly defined. Every time oil price goes up and every time the naira is devalued and every time the quantity of imports increases the “subsidy” and thus the “rent” increases and there is more gravy to go round. So every year we “import” more and more and deplete our reserves, and the government borrows more and more to pay for subsidy and the beneficiaries are a small group of marketers, govt officials and neighbouring countries which get fuel without losing forex! And while a person who applies intelligence can see what is happening, you can’t prove it in a court of law. If the man says he sighted the vessel and it was 20,000MT you have to accept it. It was a year ago! So for two years I have been convinced that this thing is a scam and that it cannot be stopped because the entire controls have been compromised. NNPC sells domestic crude, pays whatever subsidy PPPRA says and then gives the balance after JVC to the Federation Account. And while Fani Kayode is right to speak up, the truth is that it was Obasanjo who first subverted the process by allowing NNPC to make the deductions before paying into Federation Account. Because once money goes into that account it is to be shared among 3 tiers of government so strictly speaking the deductions have always been unconstitutional as the FG was paying subsidy on behalf of itself and state and LGs without their approval. So yes, I am willing to take all the criticism and labels and be unpopular but this has to stop and government can find other ways of alleviating These are all valid issues that are to be taken IN ADDITION to and not in place of subsidy removal"
     
     Really, some people have been feeding fat on this subsidy of a thing, if GEJ and co claim they can use this 'removal' and other measures to sanitise the system and improve our well-being, we just have to bear it. Believing also that corruption in whatever form would be reduced to the barest minimum; beginning with the executive and the legislature.  It's time we face the bitter truth for a long lasting better future.
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by 989900: 4:12pm On Jan 10, 2012
Ive seen statements like "too hard to fight them", "the cabal is too strong"

'cause they see the masses as the easier prey
Re: Ngozi Okonjo-Iweala And Sanusi On AIT Matters Arising by playboy19(m): 4:18pm On Jan 10, 2012
LeoMax:

[b]PROTEST SHOULD BE AGAINST THESE CABALS
Oando Nigeria Plc, N228.506billion;
Integrated Oil and Gas Plc, N30billion;
MRS, 224.818 billion;
A.A. Rano, N1.14 billion;
A-Z Petroleum, N18.61 billion;
A.S.B, N3.16 billion;
Arcon Plc, N24.116 billion;
African Petroleum, N104.58 billion;
Aminu Resources, N2.3 billion;
Capital Oil, N22.4 billion;
Con Oil, N37.96 billion;
Avante Guard, N1.14 billion;
Avido, N3.64 billion;
Boffas and Company, N3.67 billion;
Brilla Energy, N960.3 million.
D. Jones Petroleum, N14.86 billion;
DownStream Energy, N789.648 million;
Dosil Oil and Gas, N3.375 billion;
Inco ray, N1.988 billion;
Eternal, N5.574 billion;
Folawiyo Energy, N113.32 billion;
Frado International, N2.63 billion;
First Deepwater Oil, N257.396 million;
Heden Petrol, N693 million;
Honeywell Petrol, N12.2 billion;
AMP, N11.417 billion;
Ascon, N5.271 billion;
Channel Oil, N1.308 billion;
Fort Oil, N8.582 billion;
Enak Oil & Gas, N19.684 billion;
Bovas & Co. Nig Ltd, N5.685billion;
Obat Oil N85billion.
IPMAN Investment Limited, N10.9billion;
Atio Oil, N64.4billion;
Emac Oil, N19.2billion.[/b]

Please let's enlighten ourselves for a minute. For your information, the above listed companies are just 11% of the beneficiaries of the subsidy. 87% of the oil imported into Nigeria is by NNPC itself (why is NNPC name not on top of the list?) which means 87% of the subsidy paid went back to NNPC (Where NNPC = Gov't = Cabal). The remaining 2 percent are the other independent importers who brought in their product without lobbying for the PSF (Petroleum Support Fund, i.e Subsidy).

Now your question should be, how would the independent importers make profit when they do not benefit from the so called subsidy? The answer is, there is nothing like subsidy in the first place.

As at this morning the landing cost for

PMS (Petrol) = N47/litre

AGO (Diesel) = N82/litre

Jetty fee + Tank farm shouldn't charge more than N2 per litre, so add that up. Meaning the total expenditure to Tank Farm in Lagos is N49 per litre. So if we sell for N65/litre, there will be a N16 profit margin between the importer and the filling station owner. If you are into oil and gas, you will realize that, this is alotta money considering the quantity you are importing, so what the heck is the meaning of subsidy?

Any oil importer can call me out on this one if you think my analysis is wrong and we'll iron it out. Now after the N16 profit between the importer and the filling station, the federal govt now comes out to tell us they paid some "selected people" an extra N75/litre as subsidy, which bring the profit margin to N75+ N16. Does this make any sense?


Subsidy is just a way invented by the government to pay the cabal (Cabal AKA.The Kitchen Cabinet; meaning the Super-Advisers, a position which is called The Consiglierie in Mafia). This Cabal majorly comprises of powerful Ex office holders, like the ex presidents, ex senator presidents and the likes and they act as the super advisers to the present president while subtly fine-tuning him to make policies that will suite their own purpose. Not forgetting that they were the ones who endorsed him both at the primary level and at the general election and majority of his campaign funds came from them. ANd now that he is the president as they wanted, it's now a "Fukk you pay us" situation.

Now in my opinion, i believe the country is broke and in a big debt. Jonathan now realizes that he can no longer pay this Cabal AKA The GodFathers directly from the government purse and he's not trying to stand in their way from collecting their entitlement, hence he's putting the burden on the citizen. So now, look at it from the above analysis, if you buy PMS at N140, you are directly paying the subsidy by yourself to the Cabal and the fortunate ones in this situation is the independent importer. They dont need to even think of lobbying for PSF now, they only need to bring in their product as usual and sell at N140, which automatically gives them the same profit margin as the Cabal. This is why i was telling someone on the other thread that, he must be joking for claiming that Otedola, Adenuga and Dantatas of the world are the one sponsoring NLC and NTU, what would be their gain? Do you think they'll have the time now? I can tell you they're all busy tracking their next Vessels to Naija right now.

There is a lot to say but hey, i don't think i'd make a good lecturer. But let's all seek knowledge and know what exactly we are fighting for and against. It's not about the subsudy removal, it's about fighting the godfatherism trend that has been enslaving us for like god knows when. Let's stand up and fight it out NOW.


And to all the paid "internet stand-up guys" like beaf and co, you are free to post all your idi.otic comments all you like, it's what you've been paid for, so I wouldn't blame you. Just make sure at least one is sensible.

=======

Hey, for you all to confirm what i was talking about, i just found a 2006-2008 PSF PPPRA report. Please take a look at it and check how many percent of the subsidy goes to NNPC and confirm what i am talking about

http://www.pppra-nigeria.org/briefonadministrationofPSF.pdf

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