nairalanda1: Obasanjo did nothing. All he did was essentially allow the GSM companies charge their prices, and set their prices. THat enabled them make huge profits that attracted more investment. And back then people complained a lot about it. Add the fact that service was poor initially....at one point you could not even call between networks self. (that is why many Nigerians started having two lines).
Electricity back then was run by government, who essentially sold power at very cheap rates. Also, a recurring theme was that the grid was overloaded....back in the 1980's and 90's...many state governors connected a lot of villages to the grid in the name of giving everyone electricity...and of course most of them could not pay for the electricity they used at all...
Also, unlike the phone, where you have to pay something before you use it....electricity can be gotten in nigeria by the illegal connection. Usually secured by a bribe.
All in all, that brought about chronically low revenues...which is why the power sector then and now does not work.
What is your confusion about?
You said that telecom deregulation and privatisation of capitalist PDP is nothing but then you say the power sector needs to be deregulated and privatised instead of the [b2pseudo progressive scamdemic socialist government ownership and control. [/b]
MICHEALADEX: Talking nonsense, what abacha had completed before his sudden demise.
If you are not a propagandist liar labouring in vain to take PDP’s glory for telecom deregulation, then why did Abdusalami Abubakar fail to launch it for one year after Abacha’s sudden demise?
The reality is that APC corruption of pseudo progressive dash dash economy of palliatives is damaging our economy and ruining our country for the past decade.
anonimi: Neo-black Problem: Must Blacks Be Ruled by Whites in Order to Prosper?
In short, the neo-black dilemma may be framed as follows: is it better to live under white rule without political dignity but with basic life-sustaining standards for many;
or to live under black rule with illusory political dignity and without basic life- sustaining standards for the majority? @ @ The path forward for Africa lies in cultivating higher and adequate levels of personal and communal agential integrity as well as full personal responsibility and productivity. Not to mention creativity (including epistemic creativity), productive justice (such as merit and freedom), harmony and reconciliation at local and international levels, and a proper domestication of capitalism and other related values and institutions.
Africa must stop wasting her time on dreams of socialism because it is a system of wealth distribution primarily. Whereas, capitalism is a system of wealth creation primarily, and wealth has to be produced before it can be distributed.
aworatak: Obasanjo did well by ensuring that the Nigerian factor of ineptitude and bureaucracy did not derail this revolution. Imagine if he had used this same zeal in the electricity sector? Our economic woos would have been half solved.
He and Atiku used the same deregulation and PDP privatisation zeal for NNPC petrochemicals and refineries but Yar’Adua reversed the refineries’ sale, which Jonathan could not do because of the chochocho noise of communist labourers in the unions, acting the script of clueless socialists who are pseudo progressives playing politics with our lives, just to get access to loot our treasury.
Thankfully the Dangote private refinery survived APC 2012 orchestrated protests. Can you imagine how much we would be paying for imported fuel without the private refinery, now that the Chicago bookkeeper removed subsidy and devalued our Naira?
Omooba77: …says Nigeria experienced economic development during Jonathan’s administration
A former Governor of Ekiti State, Dr. Kayode Fayemi, on Tuesday, said the protest that trailed the fuel subsidy removal during the administration of President Goodluck Jonathan in 2012 was due to political interests.
Fayemi said this in his keynote address delivered at a national dialogue organised to celebrate the 60th birthday celebration of the founding National Secretary of Alliance for Democracy and Fellow, Abuja School of Social and Political Thought, Professor Udenta Udenta in Abuja.
The programme was attended by Jonathan, former Minister of Education, Dr. Oby Ezekwesili; former Minister of Aviation, Osita Chidoka, among others.
The PUNCH reports that on January 1, 2012, President Goodluck announced the removal of fuel subsidy and adjusted the pump price of petrol from N65 per litre to N141.
The decision sparked mass protests, tagged ‘Occupy Nigeria’ across major cities of the country.
The price was later re-adjusted to N97, after more than a week of protests.
Petrol price was later reduced to N87 in 2015.
Jonathan faced serious backlash for the fuel price adjustment, especially from leaders of the All Progressives Congress, who were then in different opposition parties, including the defunct Action Congress of Nigeria, Congress for Progressives Congress, All Nigeria Peoples Party, and All Progressive Grand Alliance.
omonnakoda: Obasanjo just happened to be the President at a time when that specific technology came
All this praise singing is ridiculous
He did not invent the mobile phone technology
We do not praise any president for being there when Land telephones, electricity came to Nigeria , When Television came, When Flushing toilets came , when water started flowing from taps, when the motor car came,
These are ubiquitous technological advancements. whose time has come
Bad belle is the stuff that winchious people use to shortchange themselves and their lives.
Did every one of the almost 200 countries of the world have GSM 24 years ago? Learn to appreciate, respect and celebrate progress so that you don’t miss the opportunity to progress in your own life.
PDP’s deregulation, privatisation and free market policies of capitalist governance made the difference in our economy for 16 years of prosperity from jobs growth and productivity. Atiku’s consistency in capitalist policies remains the tonic for Nigeria instead of socialist impoverishing policies that are wrapped in fake progressive garbs of propaganda and corruption from big government ownership and control of businesses.
How did we allow the Lagos magician landlord to mislead us into extreme poverty shege by telling us it was change? 10 years later, what has changed for better in this country? Where is the better change promised by ebilokan and his Abacha PTF a-looter comrade of IntegriThief?
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
phr0nesis: I'm not sure the video posted will be part of the quote.
Many thanks for sharing the OP, and the video also showed.
The moniker must have blocked me. It means that if you block someone, not only won’t you see their posts but also they don’t see your posts. Interesting.
tommy589: Foremost opposition party in Nigeria should have be doing this,letting us know what they would have done differently. It makes the ruling party alive to their responsibilities. When governance was still what it meant to be, If Shagari declared his budgets today,Awolowo provided an alternative budget the following day
What are you doing to recreate this governance system as it is meant to be
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.”
Here we go again with empty chest beating of impotent people over the biggest equipment.
edet19892015: Unless you understand your role in society, you can never make any meaningful contribution.
According to the Greeks, they are three types of people on Earth, 1. The idiots, 2. The tribesmen, and 3. The citizens.
Studies show only 10% of Africans are citizens. The remaining 90% are either tribesmen or idiots.
1. When the Greeks used the word "Idiot", they did not use it as a curse word. Idiots are people who just don’t care. If they sit for exams, they will cheat. If they are in government they will steal.
An idiot does not care at all, if he eats bananas he throws the peels anywhere instead of putting them in a trash bin.
IDIOTS won't attend monthly neighborhood meetings. They won't pay security dues. They won't contribute to community development. Even when they see or know about something that will harm others in the community they won't report it. When they see/know/have something that will benefit their community they won't share.
In fact, Idiots don't care to register for or vote in an election, yet they complain the most. If they register to vote, IDIOTS will sell their votes for peanuts.
According to the Greeks, some societies have more idiots than tribesmen and citizens.
2. The next set of people are "Tribesmen", these are people that look at everything from the point of view of their tribe.
These are people that believe in you only if you are part of their tribe. It can be terrible to have a tribesman as a leader, he will alienate the rest.
When the Greeks talk about tribes, it’s not just about ethnicity, they also consider religion, gang membership, group membership, party membership and even cult membership as a tribe.
A great percentage of Africans are tribesmen, because they view everything from the point of view of their tribes. They trust only their tribesmen
3. The last group are "Citizens". These are people who like to do things the right way. They will respect traffic light rules even if no one is watching them.
They drive within speed limits. They respect the laws, and won’t cheat in exams. In government, they won’t steal. They are compassionate and give to others to promote their well-being.
Citizens often promote projects that benefit everyone. The Greeks called this group "The Citizens".
Some countries have more citizens than tribesmen and idiots, others have so many idiots.
A tribesman can become a citizen through orientation. And an idiot can become a citizen by training and constant enforcement of the law.
But things fall apart if you elect an idiot or tribesman to lead you if he has not been reformed.
Where do you belong? Are you an idiot, a tribesman or a citizen? Reflect on your life. Reflect about your immediate community, city, state and nation.
yarimo: Coalition that is only between you and your family members. Did you even discuss it with any PDP leader?
He discussed it with you, ebilokan and other APC looters who have unleashed shege on 200 million Nigerians instead of the change promised a decade ago.
Abi wetin don change for better since 2015? Mention just one thing o. Maybe poverty into extreme poverty
Emergingnation: Flashback: How Bola Tinubu spoke highly of Buhari in 2015, named PDP ‘Poverty Development Party
National leader of the ruling All Progressives Congress, APC, Bola Tinubu had during the presidential campaign in 2015, referred to President Muhammadu Buhari as the only solution for the security and economic challenges facing Nigeria.
During a mega presidential rally, the former governor of Lagos State recalled how some powerful nations in the world returned to army generals when they were challenged, saying “Major General Buhari would revive Nigeria’s economy”.
He named the current opposition People’s Democratic Party, PDP as the “Poverty Development Party saying they had nothing to offer.
His words at the time were; “Every nation has a period of their own challenges, when America was challenged, they turned to one great man, their ex-military general, General Eisenhower. When the French were challenged, they turned to their general, Charles de Gaulle.
“When Britain was challenged, they turned to their general. Today, Nigeria is economically and physically challenged so we turn to General Muhammadu Buhari. He is the right man for the job. If you talk about military experience, he has it abundantly, he has courage, simplicity, he has it abundantly.
“If you talk about great determination, a combination of vision and ability to perform, honesty and integrity, he has it abundantly.
“I laugh when the incapable government, ‘Poverty Development Party’ PDP were talking. They have nothing again to say, they now want to question the qualifications of General Buhari and look for his certificate”.
Following the manifestos in 2015 which projected the APC presidential candidate as a ‘saviour’, Buhari defeated the then incumbent president, Goodluck Ebele Jonathan with Nigerians expecting a total change in security and economy.
DavidMm: There will be no peace for naysayers as Nigeria finally turns the corners on doldrums! it is going to be an era of "gba gbos gbas" for all those waxing nostalgic about an era that left us borrowing to pay salaries of civil servants and elected officials alike. An era that characterized by net negative job creations. An era where 9 out of every 10 university graduates had no chance at full or even under employment. Soon you will run out of newspaper headlines to use to mislead. Keep at it! Nigeria has already left most of you behind.
A careful analysis of that article shows 82% reduction in indebtedness on that credit facility. If you consider the additional $300million plus payment for 2025; you are looking at over 91% reduction in total indebtedness. Yet, people whose sole intention is to mislead are spinning this as a negative? Una go spin tire!!
#NeverGoingBack #ForewardEver
DWO
The agbero below has a message for you.
NLCreator666: Lagos Resident Laments Economic Hardship, Hunger Under Tinubu, Confesses To Beating Elderly People, Others To Make Tinubu President
A Lagos state resident has lamented his inability to get petroleum despite beating people including the elderly to vote for President Bola Tinubu in 2023.
In a video posted on social media, he narrated how life had been hard for him despite all he did to ensure Tinubu became Nigeria’s President.
He said, “We wanted to buy fuel but we have been unable to get. They even beat us at the petroleum station. I was among those that beat people at Idi-Oro.
“We went from house to house, asking people to vote for you (referring to Tinubu). You emerged as the President and now you are destroying our lives. Getting food to eat is difficult for us.”
He noted that despite the hardship, different agencies in the state have kept milking them through taxation.
"I voted for Jagaban, I was among those that flogged people we refused to vote Tinubu at Idi-oro. We went from House to House attacking people who didn't vote for Jagaban, Today I am regretting”.
He said, “We are suffering in Nigeria, we have become lazy even in our own father’s land. We are drivers and that’s how we survive. LASTMA (Lagos State Traffic Management Agency), VIO (Vehicle Inspection Office) all collect money from us. Please Tinubu, do something about this hardship.
“We are the same people that beat up others so you could become the President. Some of them people we beat were our father’s mates, but we beat them up. We did that just because of you so you could become the President, and we kept saying it was our turn.
“Look at it now, the outcome is suffering, we cannot even buy rice again. You cannot buy N1000 food and be okay. I bought food of N1200 today and my kids have not eaten at home.”
He also expressed worry that he would be beaten for the comments he was making about Tinubu.
“I know that what I have said now, they will still come to beat me at home. I know that for sure,” he said.
iwaeda: I went to best schools and can't be swayed by PROPAGANDA.
Propaganda lies by people of IntegriThief like this one below
ManirBK: Aug 28, 2023 The Federal Government says it has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.
The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.
He said that the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving the business environment for local and foreign investment.
Edun said that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis.
He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.
In distractive projects like this while basic services, amenities and utilities worsen? Utilities like water, services like free basic education for all children and free basic healthcare for all residents?
Any other leadership from the state of EXCELLENCE that has been turned into a glorified ghetto since 1999?
Lawmaker scores Lagos Water Corporation low
A Lagos State lawmaker, Mr Saka Fafunmi, on Thursday expressed dissatisfaction at the performance of the state Water Corporation.
Fafunmi, a member of the Lagos State House of Assembly (LAHA), said in Ikeja that the corporation had not been able to justify statutory allocations to it.
The lawmaker, who represents Ifako-Ijaiye Constituency 1 at the assembly, spoke to the News Agency of Nigeria (NAN).
He said that the corporation had the capacity to generate much fund internally through water rates but had relied solely on government funding because of poor performance.
'' Anyone that is using water will be willing to pay for it; the corporation has not been giving us water.
"Is there any new community that Water Corporation has given water? People depend on boreholes; even government estates have industrial boreholes.
"Why do we keep pumping money into an agency that does not give us the desired results?'' he asked.
He noted that the Adiyan Waterworks was located at Ifako-Ijaiye, where many of the residents had resorted to digging boreholes as a means of getting water.
''A lot of people are falling sick because they don't drink clean water.
''In the same compound, where you have sewage, is where you have a borehole.
''There is no way you can manage the sewage that it will not leak and pollute the water; everyone drinking such is drinking contaminated water,'' he said.
The lawmaker urged the corporation to increase water reticulation and supply to residents.
ALTERNATEID: Why should any sensible person criticize the Nigeria first policy? Is that criticism or sheer stupidity? Apart from personal attacks, what exactly did Atiku say in this press release that makes any sense to a reasonable person?
Reasonable people know that who are enjoying the sweat of the masses in taxes should lead by example and deeds not by chochocho balablu words.
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.
obembet: As if atiku dey use Innoson or Nord. Even Dino never near anything Nigeria
Is Atiku the one who removed subsidy, devalued Naira, raised taxes to worsen unemployment, inflation, extreme poverty, insecurity etc as the APC shege beat continues after 10 years of extraordinary cluelessness covered up in propaganda?
What has changed for better since ebilokan made his 2011 expired soldier president of the FRN
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.
yarimo: ATIKU trying very hard to get the correct IPOB mumu bottom 🤣 ATIKU please try again
Ebilokan has tried already and succeeded to get our mumu button going for Stockholm syndrome praise.
chisomkachy: Nigerian President Bola Tinubu’s first supplementary budget includes a fleet of SUVs for himself and his wife, a presidential yacht and the renovation of his villa amid a cost-of-living crisis for some of the poorest people in the world.
The proposal — which seeks additional funding beyond the annual budget approved by Tinubu’s predecessor — comes as the government asks Nigerians to persevere through pain caused in part by a raft of economic reforms ushered in by the new president. Africa’s most populous country faces rampant unemployment, soaring food prices and a plummeting currency.
Federal lawmakers approved the president’s request for extra spending on Thursday, but eliminated the provision of 5 billion naira ($6.01 million) to buy a presidential yacht. Instead, they doubled the allocation to a student loan fund to 10 billion naira, according Abubakar Bichi, chairman of an appropriations committee in the House of Representatives.
The lawmakers approved 1.5 billion-naira proposed to purchase SUVs for the office of First Lady Oluremi Tinubu — an amount larger than that allocated to many individual federal colleges. The supplementary budget also proposes almost 6 billion naira to purchase SUVs for the presidency — more than the amount initially allocated to fund a student loan program for poor families.
NLCreator666: Lagos Resident Laments Economic Hardship, Hunger Under Tinubu, Confesses To Beating Elderly People, Others To Make Tinubu President
A Lagos state resident has lamented his inability to get petroleum despite beating people including the elderly to vote for President Bola Tinubu in 2023.
In a video posted on social media, he narrated how life had been hard for him despite all he did to ensure Tinubu became Nigeria’s President.
He said, “We wanted to buy fuel but we have been unable to get. They even beat us at the petroleum station. I was among those that beat people at Idi-Oro.
“We went from house to house, asking people to vote for you (referring to Tinubu). You emerged as the President and now you are destroying our lives. Getting food to eat is difficult for us.”
He noted that despite the hardship, different agencies in the state have kept milking them through taxation.
"I voted for Jagaban, I was among those that flogged people we refused to vote Tinubu at Idi-oro. We went from House to House attacking people who didn't vote for Jagaban, Today I am regretting”.
He said, “We are suffering in Nigeria, we have become lazy even in our own father’s land. We are drivers and that’s how we survive. LASTMA (Lagos State Traffic Management Agency), VIO (Vehicle Inspection Office) all collect money from us. Please Tinubu, do something about this hardship.
“We are the same people that beat up others so you could become the President. Some of them people we beat were our father’s mates, but we beat them up. We did that just because of you so you could become the President, and we kept saying it was our turn.
“Look at it now, the outcome is suffering, we cannot even buy rice again. You cannot buy N1000 food and be okay. I bought food of N1200 today and my kids have not eaten at home.”
He also expressed worry that he would be beaten for the comments he was making about Tinubu.
“I know that what I have said now, they will still come to beat me at home. I know that for sure,” he said.
southsouthking: The money spent on this could have been channeled into building a small tech hub hall where people can learn about tech. How does this benefit the poor man on the streets of Anambra? Misplaced priority.
This is a misplaced priority no doubt when compared to a tech hub.
However, is a tech hub not a misplaced priority for the 36 states that have failed to employ and pay enough teachers for the free education of all children
G0odharddick: See what we're still celebrating in Nigeria. I'm not surprised besides there's no electricity 🔌 in Nigeria.
I was expecting to see a massive Dope skyscraper like that of Dubai or Australia with light all over, but a real niggar was disappointed 😞 ☹️
Currently, Nigeria is in the same league with Kenya, Uganda and Mali
We are lower than Kenya, Uganda and Mali when it comes to the LIGHT of education for all children as they are not leading the world in the number of out of school children, are they?
Even those children who are lucky to be in school are mostly in private establishments that are barely supervised by inadequate number of civil servants that are grossly underpaid. What do you think all the governors since 1999 have done with the allocations and IGR if they have all failed to employ enough teachers for the free education of all children? Do you think that they all stole the money
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.
Richtaiwo: First thing those people will say is, it is a lie from the pit of hell, and will start searching everywhere to confirm the report. While searching, they will be praying and fasting that let it not be true.
When they finally discover it is true, then come the next step: they will now say, is it his money he used in clearing the debt? I sabi those people even beyond themselves.
Unfortunately you no sabi anything, even plus including yourself.
Otherwise you would know that IMF is not the only lender to our country.
There is the World Bank, Afreximbank and others including local bond and CBN Ways and Means.
Do you have any clue why ebilokan has failed to achieve his N300/$1 short term goal two years after hitting the ground running aimlessly despite $3.2 billion Afreximbank loan against future oil sales to specifically defend the Naira? Instead of the better change promised, we have only experienced worse shege.
Afreximbank loan Fresh facts seen by BusinessDay have unveiled the length at which Nigerian National Petroleum Company (NNPC) Ltd went to secure a $3.2 billion loan from the African Export-Import Bank (Afrexim).
This unique financing arrangement, dubbed “Project Gazelle,” is structured as a Special Purpose Vehicle (SPV)-based Prepayment Facility (PXF), backed by a crude oil allocation from the royalties and tax entitlements of the Nigerian government, a first of its kind in Africa’s biggest economy.
“The facility is uniquely backed by Production Sharing Crude (PSC) i.e. (Federation) Royalty and Tax Oil (1st of its kind),” a document detailing the deal between NNPC and Afrexim said.
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.
However, under the PxF, the revenue from future oil production will be used to service the loan in the next five years.
“The objective is to use a structure that bridges the financing gap by making a prepayment for future deliveries of crude oil under Forward Sale agreements (FSAs) in line with the agreed crude oil allocation/delivery quantities,” the document added.
BusinessDay learned the collateral for the loan was based on barrels per day of crude oil from Nigeria’s royalties and tax entitlements which was structured based on prepayment for future deliveries through Forward Sale Agreements (FSAs).
“Up to 90 percent of excess cash (“Price Balance”) will be released to the Sponsor’s nominees’ accounts with the CBN, while 10 percent will go towards the prepayment of the facility,” the document said.
Further findings showed the repayment is expected to be over 57 months through equal quarterly instalments after a 3-month grace period while invitation for off-taker participation was pegged at a minimum ticket of $500 million
According to the Afreximbank-NNPC document, the loan facility was premised on NNPC Ltd recording an average liquid production of 528, 000 barrels of oil per day in 2021, which accounted for over 32percent of Nigeria’s total liquid production while the average gas production was 454,000 bpd, over 55 percent of Nigeria’s total gas production.
The document also showed NNPC Exploration and Production Limited (NEPL), a 100 percent wholly owned subsidiary of NNPC Ltd, had an average liquid production of 137, 000 bopd in 2021, accounting for over 8 percent of Nigeria’s liquid production while the average gas production was 124, 000 boepd, forming 15 percent of Nigeria’s total gas output.
“NNPCL’s contribution to Nigeria’s total liquid production is to increase from 32% to over c.40% by 2028,” the document said.
It also acknowledged an independent review which showed the upcoming production reserves that are under development comprise around 150 million barrels of crude that is split 46:54 between Independent Oil Company and indigenous production.
“NNPC Ltd is expected to receive an average net production entitlement of between 520,000 and 550,000 barrels of crude oil per day till at least 2027,” the document said.
The document also noted that there are no historical defaults by NNPC in any structured trade finance transactions.
NNPC Ltd had announced in August 2023 that the loan facility from Afreximbank was to support the federal government “in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market”, describing it as “a relief for the naira”.
It called the facility “crude oil repayment” with an upfront cash loan “against proceeds from a limited amount of future crude oil production”.
In the official market at the time, a dollar was worth, on average, N775 and, on the streets, N885.
As of January 4, 2023, the rates have changed to N1,035/$ (official) and N1,230/$ (parallel).
Nigeria’s outstanding forex liabilities are currently estimated at over $7 billion, according to findings by BusinessDay.
In an explainer after announcing the deal last year, the NNPC Ltd 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”.
Mirasteel: Before opening this thread I already know the tribe involved, please you guys should stop making it bad for Nigerians, please.
How has tribalism helped us since 1960
edet19892015: Unless you understand your role in society, you can never make any meaningful contribution.
According to the Greeks, they are three types of people on Earth, 1. The idiots, 2. The tribesmen, and 3. The citizens.
Studies show only 10% of Africans are citizens. The remaining 90% are either tribesmen or idiots.
1. When the Greeks used the word "Idiot", they did not use it as a curse word. Idiots are people who just don’t care. If they sit for exams, they will cheat. If they are in government they will steal.
An idiot does not care at all, if he eats bananas he throws the peels anywhere instead of putting them in a trash bin.
IDIOTS won't attend monthly neighborhood meetings. They won't pay security dues. They won't contribute to community development. Even when they see or know about something that will harm others in the community they won't report it. When they see/know/have something that will benefit their community they won't share.
In fact, Idiots don't care to register for or vote in an election, yet they complain the most. If they register to vote, IDIOTS will sell their votes for peanuts.
According to the Greeks, some societies have more idiots than tribesmen and citizens.
2. The next set of people are "Tribesmen", these are people that look at everything from the point of view of their tribe.
These are people that believe in you only if you are part of their tribe. It can be terrible to have a tribesman as a leader, he will alienate the rest.
When the Greeks talk about tribes, it’s not just about ethnicity, they also consider religion, gang membership, group membership, party membership and even cult membership as a tribe.
A great percentage of Africans are tribesmen, because they view everything from the point of view of their tribes. They trust only their tribesmen
3. The last group are "Citizens". These are people who like to do things the right way. They will respect traffic light rules even if no one is watching them.
They drive within speed limits. They respect the laws, and won’t cheat in exams. In government, they won’t steal. They are compassionate and give to others to promote their well-being.
Citizens often promote projects that benefit everyone. The Greeks called this group "The Citizens".
Some countries have more citizens than tribesmen and idiots, others have so many idiots.
A tribesman can become a citizen through orientation. And an idiot can become a citizen by training and constant enforcement of the law.
But things fall apart if you elect an idiot or tribesman to lead you if he has not been reformed.
Where do you belong? Are you an idiot, a tribesman or a citizen? Reflect on your life. Reflect about your immediate community, city, state and nation.
kokomilala: A Giant Step, Accompanied by Cymbals of Wailings
A good shot by Mr President. Any economy that's too import driven will not grow. That said, most of those kicking against the policy are those whose trade is import driven.
For those saying Tinubu stole mandate, I ask whose mandate? Peter Obi didn't have any won mandate, to start with. You can cry all you like, Tinubu is ur president and there is precious little u can.do about it.
To the mentally deficient, as u careen from one emotional outburst to another, try to see things from the prism of logic, not tribal lenses.
Is food no longer goods? Or ebilokan is too clueless to understand that, along with his blindfolded fanatics?
Masterstroke4: On July 8, 2024, the Federal Government announced a 150-day duty-free import window for food commodities to ensure a reduction in food inflation in Nigeria. The food commodities include maize, husked brown rice, wheat, and cowpeas.
The government also collaborated with states to expand land cultivation across the country.
Consequently, the government suspended duties, tariffs, and taxes for the importation of certain food commodities through land and sea borders.
Chilipepper: A Nigerian tailor has lamented bitterly after receiving a debit alert of N580k for a COVID-19 loan he took years ago. He said the money removed from his account was more than the loan he had taken. How much he borrowed years back is in the comments.
Photo Credit: Facebook/Zubi Con Cept
It is not just Nigeria that happened to him, rather it is the unfortunate gathering called APC that happened to him.
Squeezing out money from the poorest of the poor to provide luxuries for themselves and loot instead of employing civil servants and paying them well to deliver basic services and utilities to the people.
Is it just tribalism that has made us sink so low for these leaders looters to exploit us so much? Or there is someting else to it
chisomkachy: Nigerian President Bola Tinubu’s first supplementary budget includes a fleet of SUVs for himself and his wife, a presidential yacht and the renovation of his villa amid a cost-of-living crisis for some of the poorest people in the world.
The proposal — which seeks additional funding beyond the annual budget approved by Tinubu’s predecessor — comes as the government asks Nigerians to persevere through pain caused in part by a raft of economic reforms ushered in by the new president. Africa’s most populous country faces rampant unemployment, soaring food prices and a plummeting currency.
Federal lawmakers approved the president’s request for extra spending on Thursday, but eliminated the provision of 5 billion naira ($6.01 million) to buy a presidential yacht. Instead, they doubled the allocation to a student loan fund to 10 billion naira, according Abubakar Bichi, chairman of an appropriations committee in the House of Representatives.
The lawmakers approved 1.5 billion-naira proposed to purchase SUVs for the office of First Lady Oluremi Tinubu — an amount larger than that allocated to many individual federal colleges. The supplementary budget also proposes almost 6 billion naira to purchase SUVs for the presidency — more than the amount initially allocated to fund a student loan program for poor families.
obembet: No car is cheap now... Car is now asset. U can buy car 1M today and sell it 2M in less than 2yrs.
Thanks to APC government
You don't mean it? Despite all the promises made 10 years ago, you mean that things have only changed for worse
Emergingnation: Flashback: How Bola Tinubu spoke highly of Buhari in 2015, named PDP ‘Poverty Development Party
National leader of the ruling All Progressives Congress, APC, Bola Tinubu had during the presidential campaign in 2015, referred to President Muhammadu Buhari as the only solution for the security and economic challenges facing Nigeria.
During a mega presidential rally, the former governor of Lagos State recalled how some powerful nations in the world returned to army generals when they were challenged, saying “Major General Buhari would revive Nigeria’s economy”.
He named the current opposition People’s Democratic Party, PDP as the “Poverty Development Party saying they had nothing to offer.
His words at the time were; “Every nation has a period of their own challenges, when America was challenged, they turned to one great man, their ex-military general, General Eisenhower. When the French were challenged, they turned to their general, Charles de Gaulle.
“When Britain was challenged, they turned to their general. Today, Nigeria is economically and physically challenged so we turn to General Muhammadu Buhari. He is the right man for the job. If you talk about military experience, he has it abundantly, he has courage, simplicity, he has it abundantly.
“If you talk about great determination, a combination of vision and ability to perform, honesty and integrity, he has it abundantly.
“I laugh when the incapable government, ‘Poverty Development Party’ PDP were talking. They have nothing again to say, they now want to question the qualifications of General Buhari and look for his certificate”.
Following the manifestos in 2015 which projected the APC presidential candidate as a ‘saviour’, Buhari defeated the then incumbent president, Goodluck Ebele Jonathan with Nigerians expecting a total change in security and economy.
nairalanda1: A lot of british people tend to think the royal family are a drain on the national income.
At the end, we got to stop hating our race. Whites are not better than us.
That's that.
Just as rich people are not better FUNDAMENTALLY than poor people but have worked their way to become wealthy and powerful, so also white people have used their equal 24 hours plus talents to become better than we are.
Instead of complaining, should you not find out what the whites have done to evolve way better than we have since our common Cavemen days
I am sure you know what to do with the knowledge you gain from finding out.
anonimi: Neo-black Problem: Must Blacks Be Ruled by Whites in Order to Prosper?
In short, the neo-black dilemma may be framed as follows: is it better to live under white rule without political dignity but with basic life-sustaining standards for many;
or to live under black rule with illusory political dignity and without basic life- sustaining standards for the majority? @ @ The path forward for Africa lies in cultivating higher and adequate levels of personal and communal agential integrity as well as full personal responsibility and productivity. Not to mention creativity (including epistemic creativity), productive justice (such as merit and freedom), harmony and reconciliation at local and international levels, and a proper domestication of capitalism and other related values and institutions.
Africa must stop wasting her time on dreams of socialism because it is a system of wealth distribution primarily. Whereas, capitalism is a system of wealth creation primarily, and wealth has to be produced before it can be distributed.
To what extent is the emir different from the president in this regard
chisomkachy: Nigerian President Bola Tinubu’s first supplementary budget includes a fleet of SUVs for himself and his wife, a presidential yacht and the renovation of his villa amid a cost-of-living crisis for some of the poorest people in the world.
The proposal — which seeks additional funding beyond the annual budget approved by Tinubu’s predecessor — comes as the government asks Nigerians to persevere through pain caused in part by a raft of economic reforms ushered in by the new president. Africa’s most populous country faces rampant unemployment, soaring food prices and a plummeting currency.
Federal lawmakers approved the president’s request for extra spending on Thursday, but eliminated the provision of 5 billion naira ($6.01 million) to buy a presidential yacht. Instead, they doubled the allocation to a student loan fund to 10 billion naira, according Abubakar Bichi, chairman of an appropriations committee in the House of Representatives.
The lawmakers approved 1.5 billion-naira proposed to purchase SUVs for the office of First Lady Oluremi Tinubu — an amount larger than that allocated to many individual federal colleges. The supplementary budget also proposes almost 6 billion naira to purchase SUVs for the presidency — more than the amount initially allocated to fund a student loan program for poor families.
nairalanda1: ? So when the British government votes millions for their royal family nko?..it means the whites are their own greatest enemies.?
In what ways are the looters we hail as personal and tribal leaders competent and productive for the communities and country in comparison with British royal family?
If those we allow to emerge from among us into leadership positions are as hardworking to the benefit of the people as the British royal family is, then why would we be packing oursleves there and bragging about japa
anonimi: The migrant crisis in Libya and the Nigeria experience
The drive for survival and for greener pastures has continued to force millions of West African young men and women to gamble with death in attempts to cross over to Europe and other parts of the world. This quest to escape poverty, hunger, unemployment and insecurity, among other reasons, caused a major segment of Nigeria’s population to seek alternatives for better livelihood prospects for themselves and their families.
Those seeking economic survival see irregular migration as the best alternative, given the difficulty and resources involved in migrating through regular and legitimate routes. In many instances, very few of the original number who set out on these dangerous journeys live to tell their stories. While many regularly drown in the Mediterranean Sea, many also die in the deserts, and others are sold as slaves in a modern slave market.
Most of the victims of this trade are from West Africa. Many of them leave home with expectations of getting to Europe and other destinations perceived to have better economic prospects for them, but they end up in the slave merchant nets in North Africa. The victims are put in camps and sold in open markets in Libya, while the international community watches in silence. The geographical location of Libya renders it a transit route for migrants journeying to Italy and many other parts of Europe.
Phones › Re: The Birth Of GSM In Nigeria: Who Made The First Call? by anonimi: 2:44am On May 08, 2025
