9jaRealist's Posts
Nairaland Forum › 9jaRealist's Profile › 9jaRealist's Posts
1 2 3 4 5 6 7 8 ... 53 54 55 56 57 58 59 60 61 (of 376 pages)
Caleycashh:Feel free to migrate to Benin Republic… ![]() As if it is not the SMUGGLING activities (goods in, fuel,out) of NIGERIANS that sustains the Beninoise economy. Ultimately, Nigeria’s condition is the result of the various actions of ALL Nigerians (by commission or omission)! > |
mojoyin73585:And those “revolutionary” Nigerians will become rich and the cycle continues… The “militant” leaders of the Niger Delta (Tom Ateke, Tompolo, etc.) have all become wealthy from their “militancy”! > |
MT:As the Naira depreciates against the dollar… Fixed Naira obligations for people abroad becomes CHEAPER, and thus they benefit MORE! > |
beautyhd:Exactly! > |
MT:Not true, there are many FIXED expenses and obligations in Naira for folks living abroad… And even when Naira prices trend upwards, they mostly LAG way behind Naira depreciation rates. > |
Prosper123: yesloaded:If you have a domiciliary account, you get your money in dollars… > |
marenkurz:Absolutely NOT true! While there are admittedly some long-term fixes required (education, for starters)… But the Nigerian economy can be turned around in a relatively short period (even with other fundamental issues outstanding). In fact, things like the exchange rate are the EASIEST to “fix”. Ghana did it by simply loping three 000s of the cedi… The more fundamental issue is economic PRODUCTIVITY, but simply doubling ELECTRICITY output will have a GEOMETRIC impact on output. > PS: I am not necessarily saying that Peter Obi could do so. > |
MallamChukwudi:They may not be happy about “the state of things in Nigeria” but they’re definitely happier about the exchange rate… First, they are many FIXED Naira obligations, and even when prices trend upwards it lags behind the exchange rate depreciation. > |
Heterodox:This is the misnomer that gives comfort to Buhari’s GROSS INCOMPETENCE… Even in a “global disaster”, there are things that you can do to NOT aggravate it. General Buhari takes a global setback and turns it into a domestic tsunami… Eg, with the 2016 economic recession, his DUMB economic policies prolonged and exacerbated it. When other similarly-placed nations (Egypt, Angola, etc.) were exiting that recession… Nigeria was diving deeper into a depression that ultimately took almost two years to exit. > |
DukeofUmueri247:You’ll be lucky if they thank you for the rest of the week - if at all… The Culture of Entitlement has taken root among so many Nigerians who believe if you’re doing “better” you owe them something. > |
sunnnnyuu:I STOPPED READING AT THE HIGHLIGHTED… ![]() > |
gtrust:You know Nigerians very well… The Culture of Entitlement can be gobsmacking. > |
> Actually, as bad as this appears… This would NOT be of as much significant if we were a PRODUCTIVE economy. Unfortunately, it bites hard because we are massively import-dependent… We’re the ONLY oil-rich nation that LOSES when prices go up because we import petroleum products! When Nigerians are calculating the minimum wage in dollars, I ask WTF… Why on earth would the masses care about exchange rates if not because many basic things are imported. > |
rolams: nairalander2020:Perhaps when General Buhari promised the exchange rate will be 1-to-1, he forgot to add 000… ![]() Nigerians looking for “changi” have only themselves to blame… Some of us forewarned that change is NOT synonymous with progress, but got drowned out by “Sai Baba” chants! SMH > |
Evolutionlove:Yes, let’s throw them a pity party… Because those VICIOUS BARBARIANS are the real victims! Disgusting that moral hazard is in short supply in Nigeria… Instead, people identify with and make excuses for gross CRIMINALITY! Anyone who can afford a gun can afford a grinding machine to make an honest living… And in a country struggling to feed itself, able-bodied men have tons of agricultural opportunities. > |
Obio4real:EXCELLENT work! Saved the expense of a trial and feeding these reprobates in prison. > |
neoclassical:EXCELLENT! GOOD RIDDANCE… ![]() > |
leokid866:For the umpteenth time… The DISCOs are 40% owned by Buhari’s federal government. ![]() Nonetheless, why wouldn’t they face financial default? Buhari’s DISASTROUS pricing policies prevents cost-reflective tariffs and GUARANTEES they LOSE money. Even the roadside Buka or Akara seller understands you cannot price below your production costs… Yet somehow (perhaps not surprising) General Buhari and his acolytes do not understand this BASIC fact! > |
leokid866: ![]() It sounds like “excuses” to General Buhari and his Apologists because they don’t even understand BASICS… The entities you’re bemoaning not being privatized in 2005 when ESRA was enacted did not even exist in 2005! What the ESR Act did was to provide the steps to unbundle the clay-footed behemoth monopoly that was NEPA, by among other things (1) untangling the cobweb of NEPA’s operations into three distinct and disparate lines - generation, transmission, and distribution, (2) de-CENTRALIZING those operating lines into distinct and autonomous regional companies, (3) ultimately creating and incorporating distinct companies out of those autonomous regional operating entities (the GENCOs, TCN and the DISCOs), (4) creating a holding entity for NEPA’s existing operational liabilities, (5) instituting an entity for NEPA’s pension liabilities, (6) negotiations with the labor unions about the gratuities and other liabilities arising from the liquidation of NEPA, and (7) setting up a regulatory agency for the entities to be privatized (that is, NERC), among other steps, all BEFORE even the starting of the initial PARTIAL privatization process (not event). I am not an academic (or intellectual) snob, but sadly have lived to witness the consequences of a poorly-educated leader… General Buhari sought power and got it. He should now grow a pair of balls and quit blaming the past for his CURRENT FAILURES! > |
leokid866:With all due respect, yet more evidence that General Buhari and his Apologists do not understand even the BASICS… The ESR Act of 2005 was a COMPREHENSIVE law with several STEPS, of which privatization was actually one of the final steps. The ESR Act was not simply a privatization law but rather a law that provided a specific PROCESS (a concept that Buhari and Apologists continue to struggle with) to COMPREHENSIVELY OVERHAUL the electricity sector (and hence the name “the Electric Sector Reform Act” of 2005), based on the REALITY that what Nigeria had been doing for the almost 50 years since independence was simply not working. Accordingly, the law MANDATED (not suggested, as the Buhari government seem to believe in its usual disdain for the Rule of Law) several steps as part of the overhaul PROCESS, and not just a series independent events as Buhari and his Apologists seem to understand it. Even the companies that were privatized in 2013 (which btw is NOT “10 years after” the enactment of the ESR Act did NOT EXIST in 2005 when the law was enacted, so to clarify your apparent confusion, the government in 2005 could not have simply privatized NON-EXISTENT companies. Instead, what the ESR Act did was to provide the steps to unbundle the clay-footed behemoth monopoly that was NEPA, by among other things (1) untangling the cobweb of NEPA’s operations into three distinct and disparate lines - generation, transmission, and distribution, (2) de-CENTRALIZING those operating lines into distinct and autonomous regional companies, (3) ultimately creating and incorporating distinct companies out of those autonomous regional operating entities (the GENCOs, TCN and the DISCOs), (4) creating a holding entity for NEPA’s existing operational liabilities, (5) instituting an entity for NEPA’s pension liabilities, (6) negotiations with the labor unions about the gratuities and other liabilities arising from the liquidation of NEPA, and (7) setting up a regulatory agency for the entities to be privatized (that is, NERC), among other steps, all BEFORE the even the initiation of the privatization process. The Privatization PROCESS itself (and again, need to emphasize for General Buhari and his Apologists is not an event, but a PROCESS that required several time-consuming iterations, including EOIs, data room due diligence, technical and financial due diligence, etc. even BEFORE public bidding was held), which was partly designed and wholly supervised by the World Bank (which had dedicated project staff and an office embedded with the PHCN headquarters), provided for only a PARTIAL (not full) privatization initially, with the federal government retaining and holding 40% of the ownership of the DISCOs, complete with board seats and thus input into the operations of the DISCOs. This has continued to be the case since General Buhari assumed headship of the federal government barely 2 years later in 2015, which has enabled General Buhari to appoint so many of HIS PEOPLE onto the boards (which again seems to be what he enjoys most about his office - apart from globetrotting, but that’s a different discussion). The privatization process MANDATED that, upon meeting several metrics that was premised on the institution of cost-reflective tariffs (admits other governmental actions), the privatization process would then be COMPLETED by publicly-listing the PARTIALLY-privatized DISCOs on the stock exchange. General Buhari continues to IMPEDE this. Personally, I consider the PDP and the APC to be merely two sides of the SAME corrupt and incompetent coin (after all, a significant number of the folks in the APC used to in the PDP, and increasingly vice versa), so I have been circumspect not to bite on your “PDP” references, because this the primary way that General Buhari and his acolytes and apologists tend to MISLEAD and MISDIRECT Nigerians - and I suspect that’s more because these folks (including General Buhari himself) are CLUELESS rather than any deliberate or clever ploy to obfuscate. Unfortunately, the problem is that (just with life itself) if we MISDIAGNOSE a problem, we are invariably DOOMED to failing to cure it. The problem with CURRENT electricity supply inadequacies and shortcomings in Nigeria is NOT the privatization process initiated by the Jonathan administration in 2013, but rather substantially and substantively what General Buhari and his government has done (and more crucially FAILED to do) in his almost EIGHT YEARS in office, starting from barely 2 years after the PARTIAL privatization in 2013. These issues are not rocket science - except perhaps to General Buhari and his Apologists. He sought power and got it. He should now grow a pair of balls and quit blaming others for his obvious FAILURES and shortcomings! > |
leokid866:The federal government did NOT have to pay to “take over” the transmission lines because it was already own by the government… Government owned EVERYTHING in the electric power chain (generation, transmission and distribution) until the ESRA unbundled NEPA! A chain is only as strong as it’s weakest link, and so even though the GENCOs have an installed capacity of about 13,500MW and can comfortably generate between 7-8000MW of power, the Transmission Company of Nigeria, which is NOT privatized and is fully 100% owned, controlled and operated by the Buhari federal government (complete with HIS PEOPLE appointed by him to head and run it), cannot transmit more than 3-4000MW of generated power per day - even after almost EIGHT YEARS of the Buhari government. This is the CURRENT REALITY. It has nothing to do with the partial privatization exercise of 2013, because TCN was NOT privatized and was NOT part of that process, and anyone competent or earnest in that position would have been able to rehabilitate and modernize the transmission lines after almost EIGHT YEARS in power. Sadly, the incompetent General Buhari is incapable of giving what he does not have. > |
leokid866:Not sure where to begin deconstructing this, but I will try… Why do Buhari Apologists think providing electricity is an evdnt instead of the CONTINUING PROCESS it should be?! First, the privatization was MANDATED BY LAW (the ESR Act of 2005), and the entire process was supervised (probably even designed) by the World Bank, based on international best practices. Nonetheless, to say that privatization was “done” under the Jonathan administration yet again betrays the misunderstanding of the BASICS by General Buhari and his acolytes and apologists, because it was only a PARTIAL privatization, with the federal government (presided over by General Buhari since 2015) retaining and STILL CURRENTLY holding 40% of the ownership of the DISCOs (which has turned out to be one of the weaker links of the electricity provision chain) almost a decade after the privatization process was initiated. The FULL privatization was actually supposed to be concluded five years after the privatization process BEGUN in 2013 under the Jonathan administration, upon the meeting of certain specified metrics, around 2018 (which would be well into the Buhari administration) with the PUBLIC LISTING on the stock exchange of the 40% still CURRENTLY held by the Buhari federal government (and the great thing about a PUBLIC listing on the stock exchange is that ANYONE can buy shares instead of just so-called “cronies”). Unfortunately, not only has those metrics not been met because the federal government, presided over by General Buhari, retains a DISASTROUS pricing policy that refuses to allow cost-reflective tariffs and have thus virtually destroyed the balance sheet and bankability of the DISCOs, but even more crucially because General Buhari’s federal government, with his CENTRIST impulses and preference to retain this substantial ownership stake in the supposedly “privatized” DISCOs so that he can continue to appoint HIS PEOPLE to various positions of authority and directorships, has shown absolutely no inclination to conclude the process - which btw was STATUTORILY-MANDATED by law (the ESR Act of 2005). It continues to be shockingly ignorant when General Buhari, who has now been in office for almost EIGHT YEARS continue to wail about a process that was started under the Jonathan administration (which was less than 6 years in office) but was MANDATED BY LAW to be concluded about five years later under the Buhari administration. The law did NOT change with the change of government. Rather the CLUELESS Buhari government simply refuses to implement the law (including pricing policies based on costs). > |
seunmsg:Buhari’s federal government still owns 40% of each DISCO… Buhari’s federal government has board directors in each DISCO… Buhari’s government owns and controls 100% of TCN… Buhari’s TCN lacks the capacity to transmit electricity currently generated… Buhari’s federal government controls pricing policies… Buhari’s disastrous pricing policies renders DISCOs unbankable… Buhari’s pricing policies leaves DISCOs unable to pay GENCOs… Buhari’s policies renders GENCOs unable to pay gas producers. After 8 years in office, a CLUELESS president still does not grasp BASICS! > |
seunmsg:You mean the privatization process supervised by the World Bank?! ![]() Which great electricity companies or investors bid for these companies and were rejected?! The privatization under the Jonathan administration is not the primary problem with electricity in Nigeria, as they keep regurgitating like ideological zombies. The owners of DISCOs and GENCOs is not the primary problem with electricity in Nigeria - and btw, the federal government presided over by Buhari still owns 40% of the equity of DISCOs and seat on the board of directors of all of the DISCOs, while the private owners (the so-called “PDP cronies”) only own 60% of each DISCO. Virtually ANYONE can own equity in electricity utility companies or any other technical companies, regardless of such owners’ technical qualifications or knowledge (or lack thereof). In the US and several advanced economies, equity of most of these companies are controlled by PE funds, VCs, pension funds, etc., not by engineers or other technical folks. Even Dangote owns the most successful cement company operating across several African nations without being an engineer. Equity owners primarily provide capital, not (necessarily) operational expertise. Meanwhile, the GENCOs generate MORE electricity than the TCN (Transmission Company of Nigeria), owned 100% and solely operated by the FG presided over by Buhari, has the ability to transmit, leaving an average of about 2000MW of generated electricity “stranded” everyday. The primary issue with electricity in Nigeria is principally at the distribution level, where the federal government owns 40% of the DISCOs, controls regulation through NERC and has refused to allow the cost-reflective tariffs promised pre-privatization and a VITAL premise of the BUSINESS CASE for the privatization. The result is that DISCOs continue to be FORCED to sell electric power at BELOW production costs (an average of N38kw/h tariffs for electric power produced at an average cost of N58kw/h), which even your roadside Buka or Akara seller understands is not a sustainable business model. The outcome is that DISCOs are unable to fully pay GENCOs, who are unable to fully pay gas producers/suppliers and who in turn are dis-incentivized to invest in more gas production and stop flaring. It is clear that neither Buhari nor his Apologists fully understand the BASICS of the electricity debacle (nor, tbh, of most other things). Rather, they continue to cling onto his FEUDAL AND CENTRIST impulses and sensibilities. Accordingly, they want to dismantle private enterprise and continue to expand BIG GOVERNMENT- because perhaps the only thing General Buhari really seems to enjoy the most about being president has been the power to appoint HIS PEOPLE into positions of authority. > |
> Here’s wishing her Speedy Recovery as well… >
|
> CONGRATS SUPERZEE!! ![]() >
|
Fira09:Why fix the case for November 1? By then, many BULLION VANS will have moved. > |
princewarri1985:Such a CRUDE PRIMITIVE MISOGYNIST… Dude, your PERSONAL SHORTCOMINGS is not women’s fault! > |
> This such a DUMB story… She was sick and was taken to the hospital… She died at the hospital (just as likely due to incompetence). Without even performing an autopsy… Her corpse was taken to the village and her death proclaimed “ritual”! And we wonder why Nigeria remains a Third World S/hole!! > |
Fira09:I will let him respond… But I presume he meant the blog story is RUBBISH! Someone fell sick and was taken to a hospital where she died… And that means person who took her there killed her for “ritual”. Even uneducated Nigerians can’t possibly be this BASIC! SMH > |
princewarri1985: Skankamola: wizod: Sucolee: fablani:Yes, it’s all her own fault (whatever actually killed her) The PRIMITIVE MISOGYNY of so many Nigerians is shocking! > |
1 2 3 4 5 6 7 8 ... 53 54 55 56 57 58 59 60 61 (of 376 pages)



