iwaeda: “During the Emefiele years, Nigeria committed a lot of its crude up front,” he said. “Those forward sales are still eating into our current earnings.”
Why are APC people lying against themselves?
Was it during Emefiele years that Tinubu used SPV to get money from Afreximbank against future oil sales
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.
Odewaleadesoye: President Trump's advisers Steve Witkoff and Jared Kushner are meeting Russian President Vladimir Putin at the Kremlin to try to convince him to support the updated U.S. peace plan for Ukraine.
Nwaikpe: Somehow, no one cares about PDP and APC anymore. No one cares about LP and ADC
No one even cares about Nigerian politics anymore.
How do you think that will help or hinder the politicians loot the commonwealth of those who don't care about the politics of their country, state and LGA
anonimi: “The worst illiterate is the political illiterate, he doesn’t hear, doesn’t speak, nor participates in the political events.
He doesn’t know the cost of life, the price of the bean, of the fish, of the flour, of the rent, of the shoes and of the medicine, all depends on political decisions. The political illiterate is so stupid that he is proud and swells his chest saying that he hates politics.
The slowpoke doesn’t know that, from his political ignorance is born the prostitute, the abandoned child, and the worst thieves of all, the bad politician, corrupted and flunky of the national and multinational companies.”
Afriifa: How a formidable party like PDP fell down because of one man called Wike speaks volumes about the destructive capacity of an untamed beast.
People like Wike were handled with kids gloves, and like cancer it ate the PDP to its destruction today.
It's quite tragic what happened to PDP through Wike. How could Nigerians allow such a loss of opportunity for a formidable opposition to this one party state capture of Tinubu
anonimi: Wike lobbied PDP committee to be Atiku’s running mate – Ex-gov’ship aspirant
Thu, 29 Sep 2022 14:33:04 WAT
Muazu Magaji, a former governorship aspirant of the Peoples Democratic Party in Kano State, has alleged that the Governor of Rivers State, Nyesom Wike, lobbied members of the party’s committee constituted to advise the presidential candidate, Atiku Abubakar, on the choice of his running mate.
Magaji disclosed this while speaking on Channels TV’s Sunrise Daily, on Thursday.
The Kano politician also argued that there was no proof that Atiku promised Wike the vice president position as claimed.
The PDP committee had recommended the Governor of Delta State, Ifeanyi Okowa; Governor of Akwa Ibom State, Udom Emmanuel and Wike.
The committee, however, scored Wike above the other two contenders but Atiku decided to settle for Okowa. A decision that has since unsettled Wike’s camp.
Magaji, however, claimed that Wike lobbied to be scored ahead of others, adding that the Rivers State governor should not be trusted with important positions in the country.
2023: PDP and politics of healing Wike’s self-inflicted injury
Then, the race began in earnest for three years now, reaching a frenzy with the works of the two PDP committees on zoning. The first was the Gov Ifeanyi Ugwuanyi committee on the zoning of the PDP party offices. The Ugwuanyi committee quickly told the world the committee’s assignment did not cover zoning the office of the president. Though this was true, the question is: why didn’t the Ugwuanyi committee zone the PDP chairmanship to the North without aligning it to the divide that would produce the PDP presidential flag-bearer? The second committee headed by Gov Samuel Ortom of Benue state was specifically on the zoning of the presidential ticket and, with the votes of the representatives of all the 17 Southern states without any exception, the Committee unanimously recommended throwing open the PDP presidential ticket, which the PDP NEC simply upheld.
One thing irrefutably stands out – Wike shot himself in the leg. Here was a man who had an overarching influence on both committees but could not insist that the ticket be zoned South. Many had wondered why? The reason is also relatively in plain sight: the Southeast factor. As the clamour for zoning of the presidential ticket of the PDP to South reached its crescendo, many had pointed out the fact that though the PDP Constitution had prescribed zoning of the office of the president to be between North and South since the South-west and South-south had taken their turns in producing the president and the vice in this current dispensation in the persons of Olusegun Obasanjo and Goodluck Jonathan, zoning this time around, should not just be to the South but the Southeast.
Atiku Abubakar went a step further by offering to step down from the race if it would be agreed that the touted zoning to the South would mean micro-zoning to the Southeast. Wike and the rest could not take the Atiku challenge maybe because Atiku would likely back Peter Obi, who was his vice-presidential running mate in 2019 and an ally. The prospects of Peter Obi picking the ticket if PDP zoned South was so real compelling Wike to go for an open contest, believing he could pick it up ahead of Atiku, Tambuwal and Bala Mohammed, given his large war chest.
ddippset: Says a man who hijacked the party and singlehandedly produced the last 4 National Chairmen of the party for his own selfishness.
Says a man who accepted nomination to be running mate to Fulani Atiku. He knew it was injustice to give Atiku the ticket yet he lobbied to be the VP.
He knew the party had to go South for the 2023 election, yet he still put Secondus as National Chaiman just to hijack the party.. Only to push Secondus out because he wanted the ticket 2023.
This man remains the biggest problem of PDP.
He can only deceive and fool his minions, not reasonable people.
I wonder if the incompetence is why Tinubu did not go with him to Chatham House for delegating questions asked of him
Maxymilliano: The presidential candidate of the All Progressives Congress (APC) Asiwaju Bola Ahmed Tinubu has explained why he delegated some members of the party to respond to questions posed to him. According to the former Lagos Governor, he adopted the delegation method “to show team-ship”.
Tinubu spoke at the Chatham House lecture titled: ‘Nigeria’s 2023 elections: In conversation with Bola Ahmed Tinubu’, monitored by The Nation.
At the lecture, Tinubu after his opening remarks, assigned Kaduna Governor Nasir El-Rufai to speak on how his (Tinubu-led) government would address insecurity and asked the Director of Strategic Communication of the All Progressives Congress (APC) Presidential Campaign Council, Dele Aleke, to respond to the question on oil theft.
Any idea when southerners will equally wake up from our useless leaders looters, who tax us to hell but give us nothing in return as government services and utilities?
How many of the 17 southern states have pipe borne water supply to all households, for example
shortgun: Tinubu's legacy, that's exactly what's he's replicating as president
You know what the Lagos landlord is doing in Abuja after doing it successfully on smart Lagosians. Thanks for saying it very clearly.
Memphitz357: Na Bola Ahmed Tinubu empower them naaaa. These touts have been a menace in Lagos since 1999
Deliberately so. Stealing the tax revenue of the people to buy their votes is the way Tinubu has kept Lagosians under lock for 26 years, and Nigerians since 2023!
anonimi: The eyesore on Bourdillon Road 2nd January 2025
Beyond his neighbours, there is something about the sight of people hanging around a president’s residence that does not speak well of his leadership capabilities. Maybe no one has nudged him to see it, but the impression that spectacle on Bourdillon Road generates is that Tinubu enjoys the sight of suffering humans and thrives in—and through— their poverty.
If all these years, impoverished people hang around you and you remain comfortable enough to keep them just so they can be handed tokens of your large heart, then it means you have a pro-poverty mindset. Such a frame of mind is oriented toward cultivating poverty rather than stimulating abundance.
That is why he could unproblematically relate the story of his “friend” who went from using five Rolls Royce to a far-less valued car and not consider the import of the nonsense he was saying. That spurious account was an indication that this is a man for whom poverty—of others, not himself—is an ideal.
This article was written to commemorate the 110th posthoumous birthday of HID Awolowo.
The same woman that Tinubu commissioned The Nation newspaper Editor to abuse, lambast and curse
Babasessy: The Awolowo rebirth in the Southwest has inspired gongs, songs and rhetoric of sorts. But they have missed one point.
It occurred to me in Abeokuta last week amidst the big crowds and euphoria of the swearing-in of Senator Ibikunle Amosun as governor. In all the states from Lagos to Edo, where Awo has witnessed ideological resurgence, hardly a single family member has played a role.
So we have an Awo family without an Awo. That is an irony. But history overwhelms us with this sort of twist. Obafemi Awolowo toiled for his reputation. His roots were lowly, he toiled to school both home and abroad, launched into careers in law, business, journalism and eventually politics. He carved a niche for himself, and became the first methodical and charismatic leftist in our history. Other leftists abounded but they did not inspire comparable drama and following.
He faced tribulations, went to jail, failed in elections, won a few, but he imprinted his ideas and legacy in the country, and no single mortal has beaten him in the history of this country. His greatest achievement was in the area of ideas, and that was how he fashioned a family. Most families are born of biology but his issued from ideology. That family suffered with him.
In a spoof of Jesus Christ, these were the men who followed him in his teachings, and endured with him in his temptations. So he formed a kingdom for them in the Southwest, in the old Western Region, presiding over his projects, his legacies and people.
In all of these, the family he had was not his flesh and blood. In another spoof of Christ, who were his family anyway? Those who were with him must be counted as his family. So, I combed in the ambience of Babatunde Raji Fashola (SAN), and I found none. I went to Ogun, I frisked the crowd under Amosun’s bower, hardly any. Around Ogbeni Rauf Aregbesola in Osun, I could not lay a finger. With Governor Kayode Fayemi in Ekiti, where are the forbears of Awo? Yet, I can hear the chants of Awo. Hardly in any of the inaugural speeches or any of their other public intervention would you miss the philtre and filter of Awo from these gentlemen. To parody Novelist Joseph Conrad, they are the sparks from Awo’s sacred fire, the messengers of the might within the man.
Already all of them are pursuing the legacy ideas of Awo: free education, free health services, infrastructural development, urban renewal and economic engineering.
Lagos has posted itself as the John the Baptist. The others are putting up valiant efforts, and the world of course is watching to see how well they will perform. It will call for great work, resourcefulness and cooperation. They are the real Awoists, and Awo was a man of rigour and vigour.
The Awo son that many expected to take after the father was Olusegun, who unfortunately died in a car crash. We shall never know if he could have pulled it off. But the others have not shown much of the paterfamilias’ brio and depth. In the past decade, under this republic, they have blended with the wrong crowd. Even H.I.D, hobnobbed with Alao-Akala, who brought illiteracy to governance; with Oyinlola who turned the grace of office into a hell-hole of despots; with Daniel who could not arrest his quick fall into megalomania.
I wrote once that this woman whom Awo once described as the jewel of inestimable value has lost value to his cause. If he came back to life, he would have committed the extraordinary act of divorce after death. Even his newspaper, The Tribune, has so stumbled and fallen that it swims in Awo’s vomit.
OLAADEGBU: Eyewitnesses said the crowd became enraged after learning that the suspects were being held within the police station.
Until these Kano rioters do their demos in Abuja against the Commander in Chief who prefers to negotiate with terrorists and pay them to release a few kidnapped children while the vast majority remain in captivity, why should we take them seriously
Ola9ja23: What is see in the video is only over head bridges 😭😭
Where is the mega city ?
I need to check my dictionary again. 🤣🤣🤣
Since the 1999 return to democracy, why have we allowed our 150 or so governors use oyoyo physical infrastructures to numb us to their failures in providing services and utilities like water, by well paid professionals
BeautifulMind2: Anambra State's most valuable resource is its human capital
Human capital that is educated free in public primary, vocational and secondary schools with adequate number of well paid professional teachers and other staff
Abi the state is also having less than 5% schools owned by the government like Lagos?
anonimi: Ratio of public to private schools in Lagos State is one to 22 ― Commissioner September 4, 2022
The Lagos State government has said the ratio of public to private schools at both primary and secondary school levels in the state is one to 22.
The state’s Commissioner for Education, Mrs Folasade Adefisayo, gave the revelation in her remark at the 2022 edition of the Total School Support Seminar Exhibition (TOSSE) held at Oregun in Ikeja between Thursday and Friday.
Highways: Where Are The Cows? Is Evans A Herdsman?'
When Funke Olakurin, daughter of Afenifere leader, Pa Reuben Fasoranti was murdered instead of Bola Tinubu to make sure that the perpetrators were brought to book, he ended up making fun of the death of the young lady by turning everything into tribalism by showing his hates for Igbos.
Tinubu has never spoken against the deadly activities of Fulani herdsmen across the country
The same stand Adeyinka Grandson gave on the death of Fasoranti's daughter is where Tinubu, the leader of the Yoruba Conservatives stands. Please see Tinubu's video below. pic.twitter.com/COhiSvabqW
— Adeyinka Grandson (@deyinkagrandson) July 14, 2019
Mrs Olakunrin died of gunshot wounds in July 2019 after her vehicle was attacked by armed men, suspected to be marauding Fulani bandits whose violent activities had reached a frightening level across the southwest states.
Those arrested suspects include Lawal Mazaje, 40, from Felele area of Kogi State; Adamu Adamu, 50, from Jada area of Adamawa State; Mohammed Usman, 26, from Illela area of Sokoto State and Auwal Abubakar, 25, from Shinkafi area of Zamfara State....
However, the leader of the team, identified only as Tambaya, and three others are yet to be found.
Tambaya has been declared wanted by the police and he is said to be capable of communicating in Hausa, Fulfude and Pidgin English.
PDPdestroyer: Reno’s appointment was like a dagger through the heart of Obidients.
They have been crying and inconsolable since the news broke, in fact my Obidient neighbour has been on hunger strike since the news broke
In the absence of any food to console their hunger with, did you offer them some of the white stuff from Chicago that Reno talked about in this documentary film
swaggerjack: Reno Omokri: I Challenge Tinubu To Prove If He Was Not A Drug Lord In Chicago
Johnson5258: I would have effortlessly made a good result if this was available then. It is not everything that should be free.
This means we will have more educated people. They do this too in US, even if some don't pay back.
This is part of Pa Awolowo's ideology.
Thank you Mt President.
How was NELFUND part of Awolowo's progressive ideology in AG and UPN, without the free education of all children in primary, vocational and secondary schools
Babasessy: The Awolowo rebirth in the Southwest has inspired gongs, songs and rhetoric of sorts. But they have missed one point.
It occurred to me in Abeokuta last week amidst the big crowds and euphoria of the swearing-in of Senator Ibikunle Amosun as governor. In all the states from Lagos to Edo, where Awo has witnessed ideological resurgence, hardly a single family member has played a role.
So we have an Awo family without an Awo. That is an irony. But history overwhelms us with this sort of twist. Obafemi Awolowo toiled for his reputation. His roots were lowly, he toiled to school both home and abroad, launched into careers in law, business, journalism and eventually politics. He carved a niche for himself, and became the first methodical and charismatic leftist in our history. Other leftists abounded but they did not inspire comparable drama and following.
He faced tribulations, went to jail, failed in elections, won a few, but he imprinted his ideas and legacy in the country, and no single mortal has beaten him in the history of this country. His greatest achievement was in the area of ideas, and that was how he fashioned a family. Most families are born of biology but his issued from ideology. That family suffered with him.
In a spoof of Jesus Christ, these were the men who followed him in his teachings, and endured with him in his temptations. So he formed a kingdom for them in the Southwest, in the old Western Region, presiding over his projects, his legacies and people.
In all of these, the family he had was not his flesh and blood. In another spoof of Christ, who were his family anyway? Those who were with him must be counted as his family. So, I combed in the ambience of Babatunde Raji Fashola (SAN), and I found none. I went to Ogun, I frisked the crowd under Amosun’s bower, hardly any. Around Ogbeni Rauf Aregbesola in Osun, I could not lay a finger. With Governor Kayode Fayemi in Ekiti, where are the forbears of Awo? Yet, I can hear the chants of Awo. Hardly in any of the inaugural speeches or any of their other public intervention would you miss the philtre and filter of Awo from these gentlemen. To parody Novelist Joseph Conrad, they are the sparks from Awo’s sacred fire, the messengers of the might within the man.
Already all of them are pursuing the legacy ideas of Awo: free education, free health services, infrastructural development, urban renewal and economic engineering.
Lagos has posted itself as the John the Baptist. The others are putting up valiant efforts, and the world of course is watching to see how well they will perform. It will call for great work, resourcefulness and cooperation. They are the real Awoists, and Awo was a man of rigour and vigour.
The Awo son that many expected to take after the father was Olusegun, who unfortunately died in a car crash. We shall never know if he could have pulled it off. But the others have not shown much of the paterfamilias’ brio and depth. In the past decade, under this republic, they have blended with the wrong crowd. Even H.I.D, hobnobbed with Alao-Akala, who brought illiteracy to governance; with Oyinlola who turned the grace of office into a hell-hole of despots; with Daniel who could not arrest his quick fall into megalomania.
I wrote once that this woman whom Awo once described as the jewel of inestimable value has lost value to his cause. If he came back to life, he would have committed the extraordinary act of divorce after death. Even his newspaper, The Tribune, has so stumbled and fallen that it swims in Awo’s vomit.
for the free education of all children in Awolowo and Onabanjo's state between 2003 and 2011 despite PDP's Obasanjo & Atiku administration's UBE federal matching funds? Funds to help the 36 states ensure nine years of free and compulsory to all children?
Orathird: loan that they will pay back. is this achievement?
Pay back in an APC palliative sharing economy of unemployment and extreme poverty shege since 2015.
Why did we change PDP deregulation and privatisation prosperity economy for this progreThief scam packaged as change a decade ago
thisweekng: The Minister of Finance and Coordinating Minister of the Economy Chief Olawale Edun has said the last time Nigeria’s economy looked stable was about a decade ago.
He made this statement during his maiden press conference as Minister of Finance where he outlined President Bola Tinubu’s vision, agenda and strategy for the economy.
He said, “I think as we all know, we are not where we should be. The economy is barely growing above the rate of population growth.
“But it was not always so, and I think in trying to look at the way forward, if we now have a situation of slow growth, double-digit inflation, weak/depreciating exchange rate, as well as security concerns that are resulting in an economy that is not growing and not taking Nigerians out of poverty.
“If we think back to the last time when the economy was stable- when it was growing, when inflation was low, and the interest rate was affordable, that period was about a decade ago. Growth was about 6% in 2013 and 2014.” Private sector to drive the economy
AndroBlaze: I am almost 100% sure the boyfriend was not white, but black/African....that was her sin.
That is logical because we blacks are at the bottom of the race rank due to our collective extreme poverty and deprivation of basic government services and common utilities by our tribal looters hailed as political leaders in zoning and rotation arrangements for sharing the national cake.
What is the national cake if not the crumbs paid to us by whites and Chinese who exploit our natural resources because we don't have the technical know-how to do so ourselves
TheBedWench: The one-drop rule is a social and legal principle of racial classification that was historically prominent in the United States in the 20th century. It asserted that any person with even one ancestor of black ancestry ("one drop" of black blood)[1][2] is considered black (Negro or colored in historical terms).
This concept became codified into the law of some states in the early 20th century. It was associated with the principle of "invisible blackness" that developed after the long history of racial interaction in the South, which had included the hardening of slavery as a racial caste and later segregation. It is an example of hypodescent, the automatic assignment of children of a mixed union between different socioeconomic or ethnic groups to the group with the lower status, regardless of proportion of ancestry in different groups.[3]
The one-drop rule is defunct in law in the United States and was never codified into federal law.
grandstar: You'd have a better chance of a woman at 90year giving birth to 3 sets of quintuplets with a year, than for the price of petrol to reduce to N40/Litre.
What you have said is no better than what a woman selling tomato would say. That is where the disappointment lies.
A litre of crude oil is at N600/litre. How then will he sell petrol at N40/litre.
The answers to your own questions is right in front of you if you chose to examine things for yourself.
What questions have you invented that I did not ask in my comment that you quoted to reply?
Is that how Canadians deflect accountability reminders of their leaders so that Nigerians like you can flee there to work for their country to be even better than ours?
Meanwhile I hope that your Canada relocation business is going well.
TheBedWench: The one-drop rule is a social and legal principle of racial classification that was historically prominent in the United States in the 20th century. It asserted that any person with even one ancestor of black ancestry ("one drop" of black blood)[1][2] is considered black (Negro or colored in historical terms).
This concept became codified into the law of some states in the early 20th century. It was associated with the principle of "invisible blackness" that developed after the long history of racial interaction in the South, which had included the hardening of slavery as a racial caste and later segregation. It is an example of hypodescent, the automatic assignment of children of a mixed union between different socioeconomic or ethnic groups to the group with the lower status, regardless of proportion of ancestry in different groups.[3]
The one-drop rule is defunct in law in the United States and was never codified into federal law.
dre11: Under the programme, manufacturer Gilead Sciences has agreed to provide lenacapavir at no profit to two million people in countries with a high HIV burden over three years.
Critics say this is far below the actual requirement and that the market price is out of reach for most people.
This headline by Channels is fraudulent as it suggests that the prevention injection was researched, developed and manufactured by Africans.
nairalanda1: He's making enough profit to make it work.
If he was placed under a subsidy, and forced to sell fuel at N100 to help the poor, as most of you guys were wanting him to do, he won't be reaching this milestone, and the refinery would be on the way to scrap.
Tinubu is not my cup of tea, and he is a hypocrite, see 2011/12, when he opposed the subsidy, but at least he made the sensible decision to remove subsidy. You don't have to support him to realize it was a good idea.
If we forget that he used pastor Tunde bakare and other cashtivists to sabotage PDP's 2012 deregulation of the fuel sector, should we also forget that he has stolen the $84 billion subsidy savings and is borrowing more that PDP presidents who gave us cheap petrol and better life
What is the usefulness of a good idea whose benefits are stolen by one leader looter
TimeManager: The Federal Government has revealed that the elimination of the petrol subsidy under President Bola Tinubu has resulted in savings of over $84 billion, which are now being channelled into the construction and rehabilitation of 40 key road projects across the country over the past two years.
This was disclosed in a policy brief released by the National Orientation Agency (NOA), titled “Two Years Later: Key Benefits of Subsidy Removal,” and made available to journalists over the weekend in Abuja.
The report, which reviewed the outcomes of the subsidy removal since May 29, 2023, noted that the policy averted a looming economic crisis.
It also enabled the Tinubu administration to clear long-standing financial liabilities, increase capital investments, and support the financial stability of state governments.
ogolemati: that's good,by 2027 fuel will sell for 100 per litre according to agbero union nairaland branch
Na so o.
If Tinubu can't crash it to N40 that APC promised when PDP's Jonathan was in government, or even the N70 that they said we should be paying in 2015, this N100 is not a bad idea .
Let him just fulfil his promise of crashing petrol price instead of doing the opposite since May 2015.
Deltafirstson: Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.
In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.
Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.
Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.
At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.
However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.
“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.
Petrol should never cost more than N70 per litre, says APC
January 19, 2015
The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.
On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.
But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.
It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.
FORMER Minister of Petroleum and Energy, Prof. Tamunoemi David-West, said that Nigerians should expect sharp drop in petrol price from the current N87 to about N40 per litre, saying, “the president-elect, Gen. Mohammed Buhari, will reduce the fuel pump price to N40 per litre.”
May Day: Hunger, unemployment, insecurity real— Tinubu
According to him: “The theme demands our collective attention and serves as a stark reminder of the need to create an environment where every worker feels safe, valued, and empowered to contribute to the growth and prosperity of our nation. As your President, I assure you that this administration is committed to creating such an environment for the common good.”
On the economic hardship, he noted that while it is a global phenomenon, its effects on Nigerians are particularly severe.
Tinubu said: “I am aware of the peculiarities of the economic hardship Nigerians face—rising living costs, hunger, insecurity, unemployment, and the loss of livelihoods. These challenges are real and demand definitive solutions, which I am poised to address as your President.
The Nigeria Immigration Service announced in August that the standard five-year passport would now cost ₦100,000, while the ten-year passport would be ₦200,000. Previously, these passports cost ₦50,000 and ₦100,000, respectively. The change took effect on September 1, 2025.
Why is Tinubu such a greedy TAX monster planner, increasing the burden on Nigerians to steal and bribe politicians for his iron grip on power?
What happened to the $84 billion subsidy savings?
Why is he borrowing more money than PDP presidents who gave us cheap petrol and better life of prosperity and high employment productivity
ProfOkai: I keep telling people... I am not a supporter of Tinubu but you see, his political intelligence needs to be studied. See now, how he has successfully led Reno to the gallows! He made Reno eat and when Reno is comfortably relaxed, he's pulled the trigger... Tinubulogy... The study of intelligent Politicking ..
Jagaban... I didn't vote for you but you are a good politician... You have mastered the art of Nigeria politics
Any idea why he is such a bad administrator?
An administrator who increases tax burden on the people to steal instead of employing civil servants to make government services and public utilities like water available for everyone?
What else do you think has happened to the trillions Lagos annual budget of the past 26 years
NaijaRoyalty: …Says Buhari doesn’t have my kind of money
However, Buhari doesn’t have the kind of money I can steal neither does he have the money I can collect. He doesn’t even have the money for Lagos votes. So, whatever I promise, it’s for real and is coming from my pocket. It’s not until I go to Alausa before I get money to give you.”
Addressing APC supporters on the need to deliver votes, Tinubu said handsome cash rewards await those who can deliver votes for the party.
He said he would not make mistakes of the past where people would collect money in advance and not deliver on election day.
Tinubu added, “Those of you that say you come to Bourdillon for mobilisation, it is mobilisation that we are doing here or don’t you understand? Definitely, if you know people in your neighbourhood, our members, how we used to do.
Reno's nomination would be subjected to thorough screening. Those who are against it would surely make their points as well as those who are in support.
The Senate would eventually decide
Do you expect the senators to screen Reno's documentary about life in Chicago
swaggerjack: Reno Omokri: I Challenge Tinubu To Prove If He Was Not A Drug Lord In Chicago
grandstar: Amaechi can never win the presidency. Obi can never win the presidency. Obi can only win by graduating as the VP to Atiku to president.
Obi even has age on his side. Atiku is old.
Was that not how Atiku revived Obi's dead political career in 2019 by making him VP candidate only to allow his greed in 2023 help Tinubu secure 100% SE votes indirectly, after Wike kicked him out of PDP, just as Obiano got rid of him in APGA in 2014
newsbook: Anambra State governor, Chief Willie Obiano has re-echoed his allegation that his predecessor, Mr Peter Obi demanded the sum of N7.5billion from him for sponsoring his election in 2013.
Obiano and his predecessor, Obi have had a frosty relationship shortly after his swearing in.
Obi has however denied that he demanded for the sum of N7.5billion from Obiano, saying that his problem with him was his (Obiano’s) underperformance.
Obi said if he needed the said sum, he would have simply taken it from the N75billion he left for the Obiano administration at the end of his tenure.
But Governor Obiano while speaking on Wednesday evening at Ezechima Primary School, Onitsha where he inaugurated his reelection campaigns in Onitsha North Council Area, said the clarification became necessary because of the recent accusations against him by the former Governor.
He stated that his predecessor had demanded the sum of N7.5billion from him as funds spent in prosecuting the election on his behalf, but that he refused to pay the money because it was not true.
Obiano said he refused to pay because he strongly believed that public funds should be used for public good, and not to settle godfathers.
These, he said, was the reason they fell apart.
The governor said that another reason he refused to pay the money was because he was aware that enough money was raised for his campaign by his friends and associates, all of which were never accounted for by the former governor.
On the actual sum the former Governor claimed he left behind, Governor Obiano made it clear that he inherited liability of about N127 billion debt from him in contracts awarded and other responsibilities, which he has been religiously undertaking in the spirit of continuity.
He said Obi flagged off several roads even on the day he was leaving office and saddled him with the burden of paying for it, but he assured the people that he has his eyes on the ball and will not allow anything to distract him from fulfilling his promises.
The Chairman of the Governor’s Re-election Campaign Committee, Chief Victor Umeh said APGA as the political spirit of Ndigbo, has in the past three and half years, availed Anambra good governance at its best, reminding the people that the upcoming guber election was not about Willie Obiano but about ensuring that the state remained free from political godfatherism.
A former Central Bank Governor, Professor Chukwuma Soludo in his speech said that at this time, the State needs a tested hand like Governor Obiano who has the experience and expertise to effectively steer her affairs.
SmartPolician: Atiku should calm down and support someone from the South. How can Buhari waste 8 years in office and Atiku wants to continue from where he stopped?
His greed for power will just help Tinubu to win.
Like the greed of Obi helped Tinubu to win two years ago
Why did Wike not step down for someone apart from an Ikwerre to suceed Amaechi in 2015?
jameshankss: Arguing that Obi’s presidential bid would only work in favour of Tinubu, Soludo said, “Indeed, if I were Asiwaju Tinubu, I would even give Peter Obi money as someone heading one of the departments of his campaign, because Obi is making Tinubu’s pathway to victory much easier by indirectly pulling down PDP.”
Obi, according to Soludo, would only deplete the votes of the Peoples Democratic Party (PDP) and pave the path for an APC victory.
He stated, “The current fleeting frenzy, if not checked, will cost Ndigbo dearly for years. The South-east has the lowest number of votes of any region, but it is also the only region where the presidential race might be a four-way race (it is a two-way race in the other five regions) thereby, ensuring that our votes won’t count in the making of the next president of Nigeria.
2023: PDP and politics of healing Wike’s self-inflicted injury
Then, the race began in earnest for three years now, reaching a frenzy with the works of the two PDP committees on zoning. The first was the Gov Ifeanyi Ugwuanyi committee on the zoning of the PDP party offices. The Ugwuanyi committee quickly told the world the committee’s assignment did not cover zoning the office of the president. Though this was true, the question is: why didn’t the Ugwuanyi committee zone the PDP chairmanship to the North without aligning it to the divide that would produce the PDP presidential flag-bearer? The second committee headed by Gov Samuel Ortom of Benue state was specifically on the zoning of the presidential ticket and, with the votes of the representatives of all the 17 Southern states without any exception, the Committee unanimously recommended throwing open the PDP presidential ticket, which the PDP NEC simply upheld.
One thing irrefutably stands out – Wike shot himself in the leg. Here was a man who had an overarching influence on both committees but could not insist that the ticket be zoned South. Many had wondered why? The reason is also relatively in plain sight: the Southeast factor. As the clamour for zoning of the presidential ticket of the PDP to South reached its crescendo, many had pointed out the fact that though the PDP Constitution had prescribed zoning of the office of the president to be between North and South since the South-west and South-south had taken their turns in producing the president and the vice in this current dispensation in the persons of Olusegun Obasanjo and Goodluck Jonathan, zoning this time around, should not just be to the South but the Southeast.
Atiku Abubakar went a step further by offering to step down from the race if it would be agreed that the touted zoning to the South would mean micro-zoning to the Southeast. Wike and the rest could not take the Atiku challenge maybe because Atiku would likely back Peter Obi, who was his vice-presidential running mate in 2019 and an ally. The prospects of Peter Obi picking the ticket if PDP zoned South was so real compelling Wike to go for an open contest, believing he could pick it up ahead of Atiku, Tambuwal and Bala Mohammed, given his large war chest.
ddippset: Says a man who hijacked the party and singlehandedly produced the last 4 National Chairmen of the party for his own selfishness.
Says a man who accepted nomination to be running mate to Fulani Atiku. He knew it was injustice to give Atiku the ticket yet he lobbied to be the VP.
He knew the party had to go South for the 2023 election, yet he still put Secondus as National Chaiman just to hijack the party.. Only to push Secondus out because he wanted the ticket 2023.
This man remains the biggest problem of PDP.
He can only deceive and fool his minions, not reasonable people.
Politics › Re: Crude-for-loans: NNPCL Battles N8.07tn Outstanding Debt by anonimi: 10:12pm On Dec 02, 2025
