favor914: For those Obidients who minds still dey military mentality, na una go apologize to Sani.
Those students wey no understand their democrazy.
What is there to understand about our democracy, apart from how the master strategist has always been a double agent of evil and dictatorships
anonimi: My dad, victim of complex conspiracy – Kola Abiola
What role did Bola Tinubu play in all of these?
At the very beginning, he was part of the Yar’Adua PF group from Jos. He was a senator then, and as far as the group went, we related. The crisis started post-election. When Abacha came, one of the things he wanted to do was to be the administrator for Lagos.
That is Tinubu?
Yes. I am sure you have seen pictures of him and my dad. He was hoping that there would be civilian administrators like we had under IBB but Abacha said no, that he was going to have military administrators. So he (Tinubu) said okay, in that case, can I be a deputy administrator? But Abacha said that there wouldn’t be deputies. Then he wanted the post of a commissioner.
He wanted to be a commissioner?
Yes. Then it was a choice between him and someone very close to Jakande who has passed on now. I can’t remember his name, but because Babagana was already in the government, that guy was picked as commissioner. But really, Senator Tinubu had lost out already.
Was Tinubu very close to MKO?
Yes, he was close enough. He and Adeniyi Adele, a very good guy, were close to my father. In fact, Adeniyi was closer to my father and more dedicated to the process than anyone of them. When my documentary comes out, you will see Tinubu’s take on issues. So once he lost out, automatically, he became a NADECO member and Adeniyi was incarcerated.
BENEAMATA: The outcry is real and loud , when the fraudster is put behind bars, I hope the whole episodes won't become " scripted "to Mikano .
Just these past few weeks, there has been a real and justified outcry from Nigerians and opposition bigwigs about the Esiele abduction till the hostages came back. And Nigerians just found out the. Overwhelming joy and relief is not shared by the so called patriots that claim they wantt to change Nigeria . The Abduction was real, what was the C-in-C doing about it , but now after rescue, they claimed the whole hostage taking and rescue was planned , scripted . All the soundbites is not coming from a place of genuine empathy , just about the election numbers really.
What is Mikano doing here?
Were the soundbites on Boko Haram’s Chibok kidnapping from a place of genuine empathy 11 years ago, when Tinubu begged Buhari to make Jonathan a one term president?
anonimi: What group of politicians is more wicked than A-looter Propaganda Conmen, APC
Shikena: The allegations against you by your boss Obasanjo are stronger yet they are under the carpet
If any of the allegations were true then why did Obasanjo fail to deal with him after his reelection in 2003, like he did with Fayose, Alams etc?
Baba Iyabo only wrote the allegations as revenge for Atiku’s leadership of other democratic heroes to kill the bill for his 3rd term, despite his Ghana must go bags of bribes.
Meanwhile, are you not concerned that Ribadu is serving the progreThief who made him ACN candidate in 2011, which was when Tinubu called Buhari expired
Lagos — ABIA State governor, Dr. Orji Uzor Kalu and his Lagos State counterpart, Asiwaju Bola Ahmed Tinubu would not escape justice but would be made to face the full wrath of the law following their recent indictment for alleged corruption by the Economic and Financial Crimes Commission (EFCC).
Chairman of the commission Mallam Nuhu Ribadu who made the vow yesterday said the duo must account for their stewardship and may be thrown out of office.
Sannisege: SPV and Halliburton bribery cases nko Alhaji Atiku. Hypocrisy and Atiku are like 5&6
Tinubu is the worst rogue in Nigeria. No one beats his a-looter record.
What is Tinubu doing with Lagos State trillions budget yearly if he can’t make ordinary water available to households? Do you know?
Do you know what Tinubu did with the SPV $3.3 billion Afreximbank loan that was supposed to help him achieve N300/$1 in the short term since May 2023? Any idea?
ijustdey: Nigeria will pay an interest of 11.85 percent per annum on the $3.3 billion “pre-export finance facility” (PxF) facilitated by the Nigerian National Petroleum Company (NNPC) Ltd and arranged by Afrexim Bank, TheCable can report.
Until now, the fine details of the transaction, which has a five-year tenor, had been withheld by all parties involved.
A similar cocoa-backed $800 million facility arranged for Ghana by its cocoa marketing board attracts an interest of 8 percent per annum.
Bilateral lenders, such as the International Monetary Fund (IMF), would typically charge 1-3 percent with a longer tenor.
In the details seen by TheCable, Nigeria pledged a total of 164.25 million barrels of crude oil — at 90,000 barrels per day — starting from 2024 to repay the loan through Project Gazelle Funding Ltd, an “orphan” special purpose vehicle (SPV) incorporated in Bahamas for the PxF.
Effectively, the NNPC has pledged 38.58 percent of five years’ worth of tax and royalty oil to secure the loan.
Nigeria pledges over $12 billion worth of oil At the beginning of 2024, a barrel of Nigerian oil was sold at the international market at $77.93 per barrel, according to the Central Bank of Nigeria (CBN) data.
At $77.93 per barrel, the 164.25 million barrels of oil pledged by Nigeria equals $12.8 billion — about three times more than the facility taken.
Pre-2014, the national oil company used to remit an average of $3 billion from oil sales every month.
Officially, Project Gazelle Funding Ltd (PGFL) is the borrower while the NNPC is the “sponsor” and will pay with oil to the SPV to liquidate the loan.
To make the repayment, the NNPC will forward-sell 90,000 barrels per day of Nigeria’s share of offshore crude oil under the production sharing contract (PSCs) with the oil companies.
Under PSCs, the companies usually pay royalties and taxes by giving the oil equivalent to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service (FIRS) respectively.
The NNPC in turn exports the oil on behalf of NUPRC and FIRS and remits the proceeds to the agencies.
This is part of the revenues paid into the federation account and shared by the three tiers of government.
But under the PxF, the revenue from 90,000 barrels per day will be used to service the loan in the next five years.
The loan arrangers will get a commission of $66 million or 2% of the facility, TheCable further learnt.
Nigeria will pay 2 percent penalty per annum in the event of a default.
‘DOLLAR LIQUIDITY TO STABILISE THE NAIRA’
The national oil company announced in August 2023 that the PxF was to support the federal government “in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market”, describing it as “a relief for the naira”.
It called the facility “crude oil repayment” with an upfront cash loan “against proceeds from a limited amount of future crude oil production”.
At the time, the dollar exchanged for an average of N775 in the official market and N885 on the streets.
The rates have now moved to N1,035/$ (official) and N1,230/$ (parallel).
Nigeria’s outstanding forex liabilities are currently thought to be over $7 billion.
In an explainer after announcing the PxF last year, the NNPC said its exposure is very limited, “covering just a fraction” of their entitlements and that “there are no sovereign guarantees tied to it”.
It said it “will also equip the Federal Government with the necessary dollar liquidity to stabilize the Naira, with limited risk”.
A strengthened naira as a result of the initiative, it said, “will lead to a reduction in fuel costs. This means that if the Naira appreciates in value, the cost of fuel will drop and further increases will be halted”.
It also ruled out subsidies, maintaining that a stronger naira “will result in lower prices from the current level, making subsidies unnecessary. The deregulation policy remains unchanged”.
Critics questioned NNPC’s involvement in getting loans to boost forex reserves when it should be concentrating its efforts on bringing in more oil revenues.
There were also questions over the decision to pledge the tax and royalty oil belonging to the entire federation to secure the loan.
Analysts also queried why the details of the deal were never made public.
1144AK: At what expense? One of our fundamental issues in Nigeria is always waiting for the government to do everything for us. What have we done to better our own lives and those of the people around us with the little infrastructure available?
Wealthy private individuals could actively invest in these spaces—such as providing solar-powered electricity to villages tied directly to local production hubs.Many young people move to cities for opportunities, unaware of how to tap into the agricultural and natural resources sitting right in their backyards.
My point isn't to absolve the government of its primary duties, but to show that citizens must be proactive.Furthermore, governance isn't uniform; some states perform decently while others lag behind. True accountability must begin with Governors and LGA chairmen.
While China invested heavily in its populace, we cannot ignore the personal responsibility of family planning—bringing children into the world without the resources to train them breeds the systemic desperation that feeds corruption later on. China also enforced incredibly tough, authoritarian decisions that would face massive public backlash if attempted in Nigeria.
While some states take farm mechanization seriously, others fold their hands. Government intervention is needed, but the private sector should run the commercial show to generate revenue. The same applies to healthcare; properly structured private clinics in rural areas can be highly profitable while filling critical public infrastructure gaps.
How do you mean by EVERYTHING?
If local, state and federal governments can’t employ well paid professionals to do the things he mentioned then what do you expect them to do with the money generated from us and on our behalf
Mankind2024: Nigeria dodged an AK-47 bullet by rejecting the packaged fraud from Agulu and his boss from Cameroon. Almighty God, we thank you for the gift of PBAT, the best President in the history of Nigeria.
How is a balablu bulaba clueless clown of propaganda lies your best president?
Ofunaofu: Report: Current Govt Added More Debt in Two Years Than Nigeria Accumulated in 55 Years
• Decries Nigeria’s debt service-to-revenue ratio
•Urges FG to declare fiscal emergency
A new policy brief has warned that Nigeria’s worsening debt profile and weak revenue generation have pushed the country into a dangerous fiscal position, with the current administration accumulating more debt in two years than Nigeria recorded during its first 55 years after independence.
The report, released by the Alliance for Economic Research and Ethics LTD/GTE, a Nigerian policy think tank, argued that the country’s debt crisis has evolved into a governance and revenue emergency, as debt servicing obligations now exceed the federal government’s retained earnings. > > According to the think tank, Nigeria’s public debt rose sharply from N87.38 trillion in June 2023 to N159.28 trillion by the end of 2025, with President Bola Tinubu’s administration accounting for about N65.9 trillion of the increase within its first two years in office.
The organisation in the brief titled: “Nigeria Is Borrowing to Breathe—and the Clock Is Ticking”, noted that Nigeria accumulated only about N12.06 trillion in debt from independence in 1960 up to 2015, meaning the current administration added more than five times that amount in just 24 months.
The report stated that while previous governments also contributed significantly to the country’s rising debt burden, the speed of accumulation under the current administration had intensified concerns over fiscal sustainability.
“President Bola Tinubu’s administration has added a further N65.9 trillion in just two years. To put that in perspective: it took Nigeria’s first 55 years of independence to accumulate N12 trillion in debt. The current administration has added more than five times that amount in 24 months,” it argued.
It recalled that Nigeria briefly became almost debt-free externally after the administration of former President Olusegun Obasanjo secured an $18 billion Paris Club debt relief package in 2005 and paid $12 billion to extinguish about $30 billion in external obligations.
Eriokanmi: Won tun ti bęręooooo I remember saka saula back then. Na we dey always assasinate our self, no be outsiders, but why? The whole of alimosho shook that day saula was brought down.
I pray uncle Doherty wins under NDC and introduces the automated billings of commercial vehicles in Lagos.Agbero will be reduced to the barest minimum. We really need to fix our state. Enough of all these nonsense
Why does your non-Yoruba Doherty have to be a governor to make this change happen?
Why can’t he make it happen as a state lawmaker?
William Wilberforce was an “ordinary” MP when he made abolition happen, even though the royal family was involved in the trade.
You believe AKK that will pass right infront of Ajaokuta will take gas to the north, but ajaokuta itself doesn't have gas until now. I love how you guys think sometimes
It’s not about what I believe or not believe.
If you have done the research and have the facts, then why are you hoarding it instead of enlightening others
ElSudani: Your own attachment to the past is obviously pathological. How do I know? By the number of times people like you keep going back to Jonathan when the whole country is moving ahead.
Why are you being a hypocrite?
Were you not being pathologically attached to the past in your comment below
ElSudani: If the news is not one of gloom and doom they are never happy. Even the happy rescue of school children from kidnappers became a source of sadness for them.
DeltaBachelor: Hmmmm. Very good marketing strategy - WATER RESISTANT ….Keep it up !
Can it resist water from shitty boreholes, which Lagosians and other Nigerians drink because we don’t expect governors to employ workers for pipe borne water supply
The federal government is not responsible for water supply in cities and towns. This is the responsibility of states.
500 gallons of water go for N20k. Multiply by 4 in a month, that's N80k. By extrapolation, that's N960k in a year on water alone. Why? Because the governor believes that clean and accessible water is the least of his worries. Yet they prance around like Enugu is Abuja even though the red muddy soil will have residents looking like they went tomb-raiding at night.
But then, considering where it was before Peter Mba, one can understand the accolades being that he moved the town from 16th Century to 17th Century but not anywhere near 20th Century. 21st Century is a stretch. EEDC? The worst of all.
The Permanent Secretary, Office of Drainage Services and Water Resources in Lagos State, Mahmood Adegbite, has said that people drilling borehole in the Lekki axis of the state is probably drinking ‘’shit water.”
While speaking at a stakeholders meeting in the state recently, Adegbite noted that contaminated boreholes in Lekki pose health risk and added that treatment of waste water would eradicate any form of disease that may arise from it.
He said, “On waste water treatment, I will say that everyone digging borehole within the Lekki axis is probably drinking what I will call ‘shit water.’
yemre: Freedom of speech and expression is not the same as freedom of defamation. They're two different things and I hope people will learn from this. Especially the obidients who are always calling the leaders derogatory and insulting names.
Just pray that they don't have your time. If they do, you will regret ever coming in contact with civilization, let alone going online to make those posts.
See someone's father, husband, son, walking freely into correctional center with his prison uniform (already prepared for him) just because he lacks the discipline to stay on his lane. You looking for who to insult and defame, you couldn't go anywhere else, you choose to defame the governor of a Nigerian state with his family members, ha! You get mind o.
Why should defamation be a criminal rather than a CIVIL matter
Is that not making it easy to stifle free speech and accountability debates?
AntiChristian: Sometimes i usually think some of our leaders are .....
Everything is wrong with what Seyi said. In fact, he won't last in politics. He claims the kidnap occured as a result of him declaring his Presidential ambition!
Does he even stand a chance to secure the president of South West Nigeria alone not to talk of Nigeria? Who has his time? After he trends with his politics about the survivors of the kidnap, he'll go back into his shell. He's the foremost Governor against LG autonomy. Give the LG their money and stop controlling them.
Why should everything be about politics for you? Why are you not interested in government services and utilities provided from the revenue generated from and on behalf of the people?
HOW did he claim that the kidnap occurred AS A RESULT of him declaring to make Tinubu a one term president, in the way that the master strategist made Jonathan a one term president in favour of Buhari?
I thought that Adelabu Penkelemess confirmed that All Promises Cancelled, APC leaders looters delivered that already as Fashola bragged 11 years ago, when Tinubu was begging Buhari to come out of retirement and make Jonathan a one term president.
anonimi: Fashola to Nigerians: 'If You Want to Have Stable Electricity Supply, Vote PDP Out in 2015'
Jul 11, 2014.
Lagos State Governor, Mr. Babatunde Fashola, while marking his 2,600 days in office at an elaborate ceremony held at the Blue Roof of the Lagos Television premises, has said voting out the ruling Peoples Democratic Party (PDP) from power in next year’s general election is the only way the country can have stable electricity.
According to The Nation, Fashola said electricity crisis in the country is caused by lack of ideas and insincerity of purpose on the part of Federal Government.
"Yes I agree with you that it is possible to generate electricity and to make sure that everybody in this country has electricity, we have to do the right thing. But you know what, the only way that you and I will have electricity in this country will be to vote out the PDP.
Power supply: All homes in Lagos will be lit in six months if… —Fashola
Governor Babatunde Fashola of Lagos State, yesterday, said the solution to the problem of power sector could be achieved in six months if the Distribution Companies, DISCOs, were ready to yield some percentages of their concessions to the state government.
Fashola made this statement at the commissioning of the 1.2 kilometer Glover Road and 8.5 megawatts, Peninsula Integrated Power Project, PIPP, Lekki, Eti-Osa Local Government Area.
The governor, while commissioning the fifth IPP, said: “Let the EKO DISCOs sign a contract with me, giving part of their concessioning to the state government. In about six to eight months, there will be power in all homes in Lagos State.
“So, let no one say that he has no money to deliver power for the entire country. This is the limit to which the law allows us to do, but we have done this to make a statement that power can be generated.
‘’So, when they come with lies that power is impossible, you can tell them that we have power here; we make it possible.”
He opined that the project showed that the money to improve the Nigerian economy is here, “since we don’t need the World Bank to come and do this for us.”
Another propaganda misplaced priority for a country that has fallen from being the leading African economy in 2015, to being the world capital of extreme poverty paupers and out of school children?
Will pictures of these yet-to-be-implemented project pay for expensive petrol, hyperinflated food and other things in the absence of jobs to earn a living in dignity on the basis of 70k minimum wage?
Abi you know people who are part of the master strategist's 50 million promise fulfilled ni? Maybe Remi Tinubu will count her akara sellers as part of her husband's 50 million job creation achievement.
ElSudani: When you focus too much on the past it often leads to a cycle of nolstagic regret, and anxiety and sadness. It drains your mental energy and prevents you from engaging with the present.
You need to snap out of it.
How do you learn not to repeat the errors of the past and reinforce the successes of the past without reminding yourself of them
By the way, do you read religious reference books such as the Bible and the Koran?
Lord Lugard, the former governor-general of Nigeria, in 1926, wrote his unfiltered thought about Nigerians. From his book, The Dual Mandates, come these excerpts: "In character and temperament, the typical African of this race-type is a happy, thriftless, excitable person, lacking in self-control, discipline, and foresight. Naturally courageous, and naturally courteous and polite, full of personal vanity, with little sense of veracity, fond of music and loving weapons as an oriental loves jewellery. His thoughts are concentrated on the events and feelings of the moment, and he suffers little from the apprehension for the future or grief for the past. His mind is far nearer to the animal world than that of the European or Asiatic, and exhibits something of the animals' placidity and want of desire to rise beyond the state he has reached.
"Through the ages, the African appears to have evolved no organised religious creed, and though some tribes appear to believe in a deity, the religious sense seldom rises above pantheistic animalism and seems more often to take the form of a vague dread of the supernatural. He lacks the power of organisation, and is conspicuously deficient in the management and control alike of men or business. He loves the display of power, but fails to realize its responsibility - he will work hard with a less incentive than most races. He has the courage of the fighting animal, an instinct rather than a moral virtue. In brief, the virtues and defects of his race -type are those of attractive children, whose confidence when it is won is given ungrudgingly as to an older and wiser superior and without envy. Perhaps, the two traits which have impressed me as those most characteristic of the African native are his lack of apprehension and his lack of ability to visualize the future"
Guys lets discuss the thoughts of Lord Lugard. he had a supremacist view obviously. But is he right in the way he describes Nigerians and Africans in general? How many of the issues that he raises are valid?
ElSudani: If the news is not one of gloom and doom they are never happy. Even the happy rescue of school children from kidnappers became a source of sadness for them.
You have just described the master strategist and his fellow demons of Oshiomole's Assembly of Past Criminals, APC when they were fighting for power, to grab and run with it to make Jonathan a one term president in favour of Buhari. The same Buhari he called expired four years earlier.
EkoIle1: It is now abundantly clear that President Jonathan has finally bared his fangs confirming what was widely speculated. By declaring a state of emergency in Borno, Yobe and Adamawa, he has intimidated and emasculated the governors of these States. We are witnessing a dangerous trend in the art of governance and a deliberate ploy to subvert constitutional democracy.
The body language of the Jonathan administration leads any keen watcher of events with unmistakable conclusion of the existence of a surreptitious but barely disguised intention to muzzle the elected governments of these states for what is clearly a display of unpardonable mediocrity and diabolic partisanship geared towards 2015.
Borno and Yobe states have been literally under armies of occupation with the attendant excruciating hardship experienced daily by the indigenes and residents of these areas. This government now wants to use the excuse of the security challenges faced by the Governors to remove them from the states considered hostile to the 2015 PDP/Jonathan project.
Let me be quick to say that this administration will be setting in motion a chain of events the end of which nobody can predict. Experience has shown clearly that actions, such as this one under consideration, often give root to radical ideologies and extremist tendencies, a direct opposite of the intended outcome of unwarranted and unintelligent meddlesomeness. The present scenario playing out in the country reminds one of the classical case of a mediocre craftsman who continually blames the tools of his trade for his serial failure but refuses to look at his pitiable state with a view to adjusting.
It has become crystal clear, even to the most incurable optimist, that the country is adrift. That the ship of the Nigerian state is rudderless is clearly evident in the consistent and continual attacks ferociously executed by elements often referred to as the insurgents in some northern states of the federation, particularly Borno and Yobe states respectively.
Indeed, no part of the country is immune from the virulent but easy attacks, veritable indices of a failing state. Unfortunately, the tenuous and uncoordinated approach adopted by this government betrays a grossly incompetent disposition which stands at variance with current realities in the country, nay the international community where acts of terrorism are engaged and contained. No Governor of a state in Nigeria is the Chief Security Officer. Putting the blame on the Governors, who have been effectively emasculated, for the abysmal performance of the government at the centre which controls all these security agencies, smacks of ignorance and mischief.
VeeVeeMyLuv: Bro the system being run currently in Nigeria does not resemble capitalism at all
What we have is capitalism abuse Or mockery of capitalism.
We are very far from capitalism, especially under APC politicians who pretend to be progressive but are absolutely not.
PDP politicians are more capitalist with deregulation and privatisation driven shared prosperity, while being socialist enough with the UBEC established by Obasanjo-Atiku to help states with federal funds for nine years free and compulsory education.
Uncompleted projects, dilapidated classrooms litter Ogun despite N10.2 billion rehabilitation
PREMIUM TIMES visited schools that the state government claimed to have rehabilitated and found decrepit and inadequate facilities.
The renovation project was executed with a N10.2 billion fund jointly contributed, equally, by the Universal Basic Education Commission (UBEC) and the state government.
UBEC released its share of the fund to the state government in 2019 to address infrastructural decay and inadequate facilities in 236 public schools across the state.
PREMIUM TIMES found that in many schools captured under the rehabilitation project, the exercise has either not been completed or started at all. All the schools mentioned in this report are those the Abiodun administration listed as schools it has renovated.
The rehabilitated blocks of classrooms all had yellow roofs, the signature of the Dapo Abiodun administration.
Cracked walls, leaky roofs
At the St Joseph RCM Primary school in the Ayila area of Ogun Waterside Local Government Area, pupils were attending classes in uncompleted buildings with cracked walls and leaking roofs. Because chairs and desks were insufficient, some pupils sat on the bare floor.
One of the two buildings in the school looked like it could collapse anytime. “We cannot abandon it because we don’t have an alternative,” a teacher told PREMIUM TIMES.
The teacher said classes are suspended whenever it rains, because of the leaky roofs and low walls.
“When it rains, there is no class because all the pupils need to be moved to the two classes that are still manageable,” the teacher said.
Toye, one of the pupils, said he wants the government to repair and upgrade the school.
Gboko community in Ketu, Yewa North Local Government Area, has only one primary school. The mud-walled school has no teachers. @ @ The Ogun State Commissioner for Education, Abayomi Arigbabu, did not respond to repeated calls and text messages to his phone for his comments on issues raised in this report.
But at a briefing in September 2022, Mr Arigbabu said infrastructural decay at schools predated the current administration when contacted, the spokesperson of UBEC, David Apeh, refused to respond to questions on the matter, especially on whether UBEC is monitoring the use of its funds by the Ogun government.
Blankstare: Go to other countries and see, sanitation is a responsibility of all, fighting corruption is another government business but sanitation needs be ethical responsibility
Do other countries also have:
local, state and federal government officials who underpay civil servants that are not even adequate in number for the purpose of enforcing relevant sanitation laws?
Is that the situation in other countries
Do they lock down these other countries one Saturday each month to do environmental sanitation?
Is the OP below your reason for being scared of marriage?
Meanwhile the 25 in your above OP indicates you are a woman despite your SIRchiBOY moniker. How do we know you are not just a balablu, bulaba attention seeker
Sirchiboy: You see poor married people blaming God or devil for their problem. They are the cause of their poverty. I know a man that started working at the age of 25. He worked for 12 years before he married. He had only NCE. Instead of him to upgrade to degree for better opportunity.
He remain in that position. That 12 years working as a single man. He didnt buy any single assest to his name. I dont blame him because he is from a polygamous family. Instead of him to marry someone much better than him. He still went to marry a 21 or 23 years old girl from the same polygamous with no job or handwork. or education ....
The Nigerian National Petroleum Corporation has announced that the Port Harcourt and Warri refineries have been successfully re-streamed after a nine-month rehabilitation exercise conducted by its in-house engineers and technicians.
The corporation, in a statement, noted that both plants commenced preliminary production of petroleum products after successful test-runs, adding that while PHRC was ramping up its operation to about 60 per cent of its 210,000 barrels per day capacity, WRPC production was projected to hit 80 per cent of its installed 125,000bpd capacity.
The NNPC said the Port Harcourt refinery was projected to boost the nation’s local refining capacity with a product yield of five million litres of petrol per day, while Warri refinery would contribute 3.5 million litres of petrol.
Providing insight into the rehabilitation exercise, the NNPC noted that it had to adopt the phased rehabilitation strategy after the Original Refinery Builders, who were initially contacted for the project came up with unfavorable terms.
It said, “Though a decision was taken in 2011 to rehabilitate all the refineries using the ORB of each of the refineries, we were impelled to switch strategy after the ORBs declined participation and nominated some partners in their stead who came up with outrageously unfavorable terms.”
The NNPC stated that the nominated partners, as sole-bidders, came up with humongous price offers after two years of thorough and exhaustive scope of work definition and price negotiations.
It added that the proxies were also unwilling to provide post rehabilitation performance guarantees.
The corporation said, “The phased rehabilitation strategy which entailed phased and simultaneous rehabilitation of all the refineries using in-house and locally available resources in line with the spirit and letter of the Nigerian Content Law, also involved the use of Original Equipment Manufacturer representatives to effect major equipment overhaul and rehabilitation.”
The national oil firm said the phased rehabilitation programme, which started in October 2014 after the required funding stream was established, created a 70 per cent reduction in costs which helped largely in mitigating the financing challenges of refinery rehabilitation.
It observed that with the successful re-streaming of the PHRC and WRPC, attention has now moved to the 110,000 barrels per day Kaduna Refining and Petrochemicals Company which was billed to come on stream soon.
saintopus: Dec 06, 2024 The PH Refinery ships its first export of petroleum products to Dubai.
The company is expected to load the cargo in the coming days onboard the Wonder Star MR1 ship, signalling the commencement of operations at the plant and the exportation of petroleum products.
The ship will load 15,000 metric tons of the product, which translates to about 13.6 million litres.
Although the volume coming from the NNPC into the global market is still small, the development has the potential to impact the Very Low Sulphur Fuel Oil (VLSFO) benchmarks in the future while changing the market realities for Atlantic Basin exporters into Nigeria and other regions.
The sulfur content of the export by NNPC stands at 0.26 per cent per wt and a 0.918 g/ml density at 15°C, according to Kpler, a data and analysis company.
The cargo was reportedly sold at an $8.50/t discount to the NWE 0.5 per cent benchmark on a Free on Board (FOB) basis.
Kpler reported that the development would help displace imports from traditional suppliers in Africa and Europe, as Nigeria’s falling clean product (CPP) imports are already decreasing, dragging imports into the wider West Africa region lower as well.
Everybody calm down. E fokan bale for the master strategist of APC renewed hope.
He is not only going to crash petrol price below N185 that it was in January 2023 when he promised to do so during his campaign stop in Abeokuta, he will also deliver his N300/$1 as the Asiwaju omoluabi that he is. Sebi omoluabis are people of integrity.
anonimi: World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate
April 23, 2023
The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*
“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.
“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.
If Buhari failed to deliver on his own dollar promise because he was an illiterate, surely Chicago trained accountant Tinubu will do it, not so
Muhammadu Buhari, presidential candidate of the All Progressives Congress (APC), has promised to ensure that the naira would be equal to the dollar in value if voted into office.
NAN reports that Buhari said this on Monday during the south-east presidential rally of the party at Dan Anyiam Stadium, Owerri.
“It is sad that the value of the naira has dropped to more than N230 to one dollar. This does not speak well for the nation’s economy,” he said.
He urged the people to vote for APC, noting that he would ensure that corruption was tackled headlong if elected.
Politics › Re: GbajaGate Too Serious To Be Swept Under The Carpet - Atiku by anonimi: 10:05pm On Jul 14
