₦airaland Forum

franugo:
uduaghan na name of pesin or toilet tissue Mehn dt guy is a JOKE! 8YRs nd almost nothing 2 show 4 it nd he also scammed a lotta people, my family included the guy is *makeinogocursepesinpapa

Nobody scammed you, you are just another pretending liar. There are too many of you in Nigeria.

Mauza the game changer signed Sharia into law in Bauchi state. How many hotels did he close or harass the owners with sharia police. How many bottles of beer did he ordered destroyed. Did he promise to spread sharia to all corners of Nigeria, God willing?

Mauza the game changer is the kind of northerner, I knew, growing up, they observed their religious practice and never tired to subjugate others. The man has a great future ahead of him. Come 2019, he stands a very good chance in the PDP presidential primaries. People know him for his truthfulness, fairness and a sense of that Nigeria we once believed in.

GEJ till 2019

The level of destruction and distractions a gang of fifth columnists inflicted on the army is real alarming. Thank God the army has caught on. I don't know, if you people know the level of damage you caused these NCOs and officers, you draw into your plots.. Their lives, career and families pay the price.

Collynzo22:
We know how to deceive ourselves so much.
This is an APC controlled state, this is a state where they say Fashola is working.
We curse T.A. Orji everyday but Aba is no where near as bad as this.
Shame.

WE like liars and pretenders in this country. Because Majority of us are liars and pretenders. I will take my "stupid corrupt" Uduaghan any day, before I touch any miracle worker in Nigeria.

nduchucks:
A very uninformed and narrow minded view.

Come back tomorrow, I will edit my reply to you.

Obiagelli:
We weren't standing on the queue to buy fuel and other made in Nigeria products.

I'm not a fan of revisionist like you. But today is xmas, I will withhold fire.

Obiagelli:
The naira? Seriously. How much is a bag of rice today even with all the yeye revolution in the agriculture sector

At least we are not standing on a long queue to buy the yeye rice.

olapluto:
Mr literacy, can you please tell us what happened to Nigerians when oil prices doubled over the past 16 years?
If you want us to look over the past 6 years of GEJ, what happened to the revenue from high oil prices? considering that subsidy was removed albeit partially

Ask your state government, how much was their allocation in 1999 and how much they have collected in the past 16 years. Lagos state alone has a budget in 2014, higher than Nigeria as a country in 1998 and 1997 combined together.

Obiagelli:
What are the impacts of the fall on the Saudi economy and its citizens, you read the minister say they will continue massive spending on infrastructure.

Careful when you point fingers.

What impact? unless you are a parasite waiting for government handouts . The price of oil means zero to the average Nigerian.

Saudi Arabia, the world’s largest crude exporter, on Thursday announced a 2015 budget with a huge $38.6 billion deficit due to the sharp decline in oil prices but still raised spending.
A statement read on state-run television said spending for 2015 is projected at 860 billion riyals ($229.3 billion) and revenues at 715 billion riyals ($190.7 billion).
Projected spending is slightly higher than the 855 billion riyals planned for this year, but revenues are 140 billion riyals lower than estimates for 2014, said the statement read after a cabinet session chaired by Crown Prince Salman bin Abdulaziz.
The budget shortfall is the first deficit projected by the OPEC kingpin since 2011 and the largest ever for the kingdom.
Over the past decade, Saudi Arabia overspent budget projections by more than 20 percent and if the trend is maintained next year, the deficit will be much higher.

The price of oil, which makes up more than 90 percent of public income in Saudi Arabia, has lost about half of its value since June due to a production glut, weak global demand and a stronger US dollar.
Saudi Finance Minister Ibrahim al-Assaf said this month that Riyadh will continue massive public spending despite the sharp decline in oil prices.
Assaf said the budget comes during “challenging” global economic conditions but reserves built over many years have given Saudi Arabia “depth and a line of defence that come in handy in times of need”.
In royal decrees issuing the new budget, King Abdullah called for “rationalisation of spending” and for the “accurate and efficient implementation of the budget”.
“You are aware of the slowdown in growth in the global economy and the events in the petroleum market that led to the sharp fall in oil prices,” the statement quoted the king as saying.
If oil prices remain at the current level of about $60 a barrel for benchmark Brent crude, Saudi Arabia is expected to lose half of its oil revenues of $276 billion posted in 2013.
No figures have yet been provided for this year’s budget results.
The International Monetary Fund has warned that due to the drop in oil price, Saudi Arabia will post a budget deficit this year.
But the wealthy kingdom, which pumps around 9.6 million barrels per day, can easily tap into huge fiscal buffers, estimated at $750 billion, to meet the budget deficit.

King Abdullah authorised the finance minister to draw “from the reserves” to meet the deficit or through borrowing.
Ratings agency Standard and Poor’s lowered its outlook for Saudi Arabia to stable from positive following the slide in oil prices.
But S&P also affirmed its high ratings for Riyadh over the “strong external and fiscal positions” it has built up in the past decade.

- See more at: http://www.vanguardngr.com/2014/12/saudi-projects-big-deficit-2015-oil-price-drop/#sthash.yDCTQseS.dpuf

[b]6. (C) Turning to the presidential contest, Tinubu disclosed
that he does not like President Obasanjo because he
contributed to the end of democracy in Nigeria during his
tenure as a military president and is now benefiting from
that history. That said, Tinubu admitted that he and his
party, the Alliance for Democracy, must support Obasanjo.
Southwest Nigeria is Yoruba land and the President is Yoruba.
Tinubu"s party had no choice since it has not fielded a
presidential candidate. Moreover, Obasanjo is the only
candidate who stands a chance of blocking his rival, General
Muhammadu Buhari, whose ethnocentrism would jeopardize
Nigeria"s national unity. Buhari and his ilk are agents of
destabilization who would be far worse than Obasanjo. Tinubu
and many other governors are therefore implementing a
strategy to re-elect Obasanjo, partly in an effort to prevent
Sharia from spreading. Tinubu predicted that the President
will follow his own course, if re-elected, since he will not
need as many friends the second time around.

[/b]

https://www.wikileaks.org/plusd/cables/03LAGOS369_a.html

Eziachi:
Mr Connected: Why would he win Kwara and lost Katsina or Kano?

I bet you did not understand the comment you quoted.. Time has come for you to see an Alzheimer specialist

A 14-year-old Nigerian girl who was arrested with explosives strapped to her body told journalists Wednesday that her parents volunteered her to take part in a suicide attack.
The girl, who was identified as Zahra’u Babangida, was arrested in Kano on December 10 following a double suicide bombing in a market that killed 10 people.
She was presented to journalists by police and instructed to recount how Islamist militants allegedly forced her to take part in the attack.

She said her mother and father, both Boko Haram sympathisers, took her to an insurgent hideout in a forest near the town of Gidan Zana in Kano state.
She said one alleged militant leader asked her whether she knew what a suicide bombing was.
“They said, ‘Can you do it?’ I said no.
“They said, ‘You will go to heaven if you do it.’ I said ‘No I can’t.’ They said they would shoot me or throw me into a dungeon,” Zahra’u told journalists.

There was no way to independently verify her story and she had no lawyer present. No information was available concerning the whereabouts of her parents.
Police said they had instructed the girl to tell her story to boost public awareness about those responsible for the December 10 attack.
Faced with the threat of death, Zahra’u said she finally agreed to take part in the attack but “never had any intention of doing it.”
Several days later, Zahra’u said, she and three other girls, all wearing explosives, were brought to the Kantin Kwari market by unidentified men.

Zahra’u said she was injured when one of the girls detonated her bomb and then she fled the scene, ending up at a hospital on the outskirts of Kano where she was discovered to be carrying explosives.
Boko Haram has increasingly used female suicide bombers, including teenagers, as part of their five-year insurgency.
Kano, the largest city in the mainly Muslim north, saw four such attacks in one week in July, while similar bombings have hit the states of Bauchi and Niger.
Experts say the group has used girls as bombers to demonstrate the range of tactics they have available to sow fear across Nigeria.
If confirmed, Zahra’u’s story would be the first known case of parents volunteering their daughter to take part in a deadly attack.
Violence in northern Nigeria has intensified in recent months, raising security fears ahead of February 14 elections.

- See more at: http://www.vanguardngr.com/2014/12/parents-volunteered-says-14-year-old-kano-suicide-bomber/#sthash.ES2ACJIK.dpuf

“This man forgot the beings of earth, forgot the beings of heaven, in turn, he forgot the presence of God. The worst kind of behaviour agitated his hands – greed occupied the centre of his heart, and he was a creature that walked in darkness. This man wallowed in bribery, he was chairman of the circle of scheming, head of the gang of double-dealing, field-marshal of those who crept about in the dark of night.
“With his mouth, he ruined the work of others, while he used a big potsherd to cover the good works of some, that others might not see their attainments. He nosed around for secrets that would entrap his companions, and blew them up into monumental crimes in the eyes of the world. He who turns the world upside down, places the deceitful on the throne, casts the truthful down – because such is a being of base earth, he will never stand as equal among the uplifted.”

All one can say, is yell for the blood of Jesus.

Obj brought all the insults on himself.

Bondage APC, what a delusional party.

BlackHuman:
2011 repeat itself?....After this disastrous, terrible previous 4yrs?....The truth is jonathan has lost all the popularity he had going into the 2011 elections. The only thing he's hanging on rightnow is the Tribal-Sentiments and that's won't be enough....The whole "I'm a good guy", "underdog","I had no shoes", "They want to victimise me", "Aondaka","Pity me" Sentimental narrative is gone.

The same tribal sentiments you are spewing here . 2015, will play out in the same fashion as 2011. We are still talking of Nigeria.

We are still trying to sell this lie.Despite All Evidence To The Contrary

Why are some so disconnected from reality? The only state Buhari might win this time around is Kwara. 2011 will repeat itself.

Another make believe rubbish. Write it down today, Okowa is the next gov and Jonathan wins delta by 99% of the vote.

The tumbling oil prices that have slashed Nigeria’s revenue and roiled currency and stock markets in Africa’s biggest economy may have a silver lining: an excuse for the government to scrap fuel subsidies that cost as much as $7 billion a year.

It’s an opportunity President Goodluck Jonathan, concerned that such a move would provoke protests before his bid for re-election in February, may not seize, analysts say.

“Politics often trumps prudence and there’s an entrenched social expectation for fuel to be subsidized,” Gareth Brickman an analyst at Johannesburg-based ETM Analytic said in a Nov. 28 e-mailed response to questions. “The last time subsidies were reduced there were widespread protests, and given how contentious the political environment is in Nigeria with the elections and on-going ethnic divisions, it is likely this will be the case again.”


Nigeria relies on refined fuel imports to meet more than 70 percent of domestic needs and refunded importers as much as a third of the cost of supply in the past year ending in October, according to the Abuja-based Petroleum Ministry. This ensured the price of gasoline was capped at 97 naira ($0.54) per liter. Jonathan’s attempt to end the subsidies in January 2012 sparked a week of strikes and protests, paralyzing the economy and forcing the government to partially restore them.

A 2012 parliamentary probe recommended that 70 gasoline importers, including the state oil company Nigerian National Petroleum Corp., refund 1.1 trillion naira ($6 billion) in illegal fuel-subsidy payments, alleging “endemic corruption.”


State Refineries

While Nigeria is Africa’s biggest crude oil producer, which pumped 2.1 million barrels per day in November, its four ill-maintained state-owned refineries refine only 16 percent of their capacity for 445,000 barrels per day.

The subsidies discouraged private investors who obtained refining licenses from building plants because of concern that costs may not be recovered without market-determined fuel prices, according to Dolapo Oni, energy analyst at Lagos-based Ecobank Research.

With the 45 percent decline in oil prices this year, Nigeria’s oil unions, which ended a four-day strike on Dec. 19 to press for industry reforms, are asking for lower fuel prices to reflect the decline in crude prices, adding to public expectation of cheaper gasoline. They also want state-owned refineries fixed and an end to corruption associated with fuel imports.


“The unions want lower fuel prices because past increases were based on the rise in oil prices,” Emmanuel Ojugbana, a spokesman for the Petroleum and Natural Gas Senior Staff of Nigeria, said in a Dec. 17 phone interview. “So now that the price has fallen, we expect the government to also reciprocate.”

Break-Even Price

The “fuel subsidy is completely wiped out if prices fall below $70 a barrel,” Oni said. “We’re there now.”

In the spending proposals sent to lawmakers on Dec. 17, Jonathan plans to increase fuel subsidies 9 percent next year to 1.2 trillion naira.


Government estimates indicate “that the break-even crude oil price” that equals Nigeria’s pump price without a “subsidy hovers around $60 per barrel,” Finance Minister Ngozi Okonjo-Iweala said while announcing 2015 budget proposals on Dec. 17. “It’s only when our crude oil price for Bonny Light falls below this level that we can now talk about the issue of bringing down any pump price.”

While ending the subsidies now may be painless because of the low oil prices, there are risks for the government if they rebound and the costs are passed on to the consumer, according to analysts including Philippe de Pontet, Africa director at New York-based Eurasia Group.

‘Partial Subsidy’

“The timing is ripe for a partial subsidy cut, but probably not an all-out removal, which could trigger a backlash and give the opposition rhetorical ammunition” ahead of the election, de Pontet said in a Nov. 26 e-mailed response to questions. Extended oil-price declines provide an opportunity for a “phased reduction less jarring than the full cancellation” attempted in 2012, he said.


With oil as the source of about 70 percent of government revenue and 95 percent of foreign-currency income, pressure has mounted on the naira, forcing the central bank to devalue the currency last month. Fuel imports are one of the key sources of foreign-currency demand pressure. The currency has declined 13 percent this year against the dollar, making it the worst-performer after Ghana’s cedi out of 24 countries tracked by Bloomberg in Africa.

New Capacity

As much as 600,000 barrels per day of additional refining capacity may become available in Nigeria by 2018, twice the amount of oil products consumed in the country, as two plants now under construction, start producing, Oni said. These include Dangote Group’s 500,000 barrel-per-day plant in Lagos. Increased local refining will eliminate the cost of importing fuel and help ease pressure on the currency.

Even at current levels, the price of gasoline in Nigeria at $2.26 per gallon ranks at 55 out of 61 countries, data compiled by Bloomberg show. Fuel prices in Nigeria are higher than that of all other OPEC members except Angola, according to the website Globalpetrolprices.com.

Yet, the consensus of analysts interviewed by Bloomberg is that Jonathan won’t end subsidies with elections looming, though he might revisit it later.

“The government is just trying to be careful in case there’s any major shock that will send the price back above $100 per barrel,” said Oni. “It would want to avoid the backlash from two years ago when there were strikes and protests.”

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editors responsible for this story: Alastair Reed at areed12@bloomberg.net Dulue Mbachu, Antony Sguazzin, Karl Maier

The Nigerian economic engine has not gone on overdrive, yet we are taking our rightful position in the community of Nations. God bless Nigeria. Backward never.

Nigeria’s efforts to shore up its currency are crushing foreign-exchange trading.

There were 10 trades in the naira during the 5 1/2 hours through 2:30 p.m. in Lagos, compared with 418 trades on Dec. 16, according to data compiled by Bloomberg from at least 42 local and international banks. The Central Bank of Nigeria last week said lenders must clear positions daily after previously being allowed a net-open position of 1 percent of shareholder funds. It also ordered dollars bought from banks be used within 48 hours or sold back to the regulator.

“The perception has undoubtedly been left by the central bank that these are capital controls,” Ayodele Salami, who oversees about $200 million of Nigerian equities as chief investment officer of Duet Asset Management Ltd., said by phone from London. “It creates more volatility.”

The slump in trading shows how Nigeria is struggling to curb currency declines as crude oil’s 50 percent slide from this year’s high hurts producers from Saudi Arabia to Venezuela. The central bank’s steps stand in contrast to Russia, where the world’s largest energy producer has resisted capital controls, last week raising interest rates by the most in 16 years to stem a slide in the ruble.

Liquidity Collapse

The naira strengthened 0.9 percent to 184.05 per dollar by 2:30 p.m. in Lagos, paring losses this quarter to 13 percent, the most in Africa after Malawi’s kwacha.

“Liquidity has collapsed,” Samir Gadio, head of African strategy at Standard Chartered Plc in London, said in an e-mail yesterday. “There is still no activity in the foreign-exchange market following last week’s regulatory measures. The risk with the current situation is that the black-market rate may soon diverge significantly from the interbank foreign-exchange rate.”

Policy makers in Nigeria, which gets 70 percent of government revenue and almost all export earnings from oil, have proposed spending cuts and last month raised interest rates 100 basis points to a record 13 percent in a bid to stem capital outflows and defend the naira. The central bank on Nov. 25 also moved the naira’s official peg for twice-weekly auctions to a midpoint of 168 per dollar from 155 and widened its trading band to 5 percent either side from 3 percent.


Losing Control

“Because the central bank is taking different measures almost every day, it looks as though it’s losing control,” Stuart Culverhouse, chief economist at frontier-markets investment company Exotix, said by phone. “That’s the bigger problem for investors.”

Steps taken by the central bank are “short term” to stabilize the market, spokesman Ibrahim Mu’azu said by phone from the capital, Abuja, declining to comment further.

The efforts do not amount to capital controls, Charles Robertson, global chief economist at Renaissance Capital Ltd. in London, said by phone. Nigeria has had to take different measures to Russia because it is “more fragile,” more dependent on oil and faces elections in February, which makes it harder to enact monetary policy, he said.

Elections Approaching

Dollar demand may be “temporarily high” before the vote and should ebb with the holidays approaching, Richard Segal, head of emerging-markets credit strategy at Jefferies International Ltd. in London, said by e-mail. The central bank may lift the rules in a month, provided there are no more oil shocks, he said.

Nigeria’s economy remains resilient in the face of falling oil prices and may expand 5 percent next year, Aurelien Mali, a senior analytical adviser for Moody’s Investors Service, said in a statement yesterday. Moody’s rates Nigeria’s debt at Ba3, three levels below investment grade, with a stable outlook.

Nigeria is drifting toward political violence that may result in disputed elections and authorities need to take action to stop it, Brussels-based International Crisis Group said in a report last month. President Goodluck Jonathan’s ruling People’s Democratic Party will face an opposition led by former military dictator Muhammadu Buhari, the stiffest challenge since the PDP came to power at the end of army rule in 1999.

The central bank has other options it can use rather than the administrative measures announced last week, said Salami of Duet, which manages $5.5 billion in equities. This could include raising interest rates, using reserves more aggressively or increasing cash-reserve requirements on foreign-exchange deposits, he said.

“It’s behaving like a rabbit caught in the headlights of an oncoming car that doesn’t know which direction to go,” Salami said. The measures announced last week “have made a bad situation worse,” he said.

To contact the reporter on this story: Paul Wallace in London at pwallace25@bloomberg.net

soloiky:
The Constitution of Nigeria is our problem Not the problem. What will you say about Senators determining their own salary. A senator goes home with N29m every month.

Name one senator in Nigeria taking home N29M, and prove it, for us to see.

The presidency has a total budgetary allocation of N26.6 billion Can we compare how much states controlled by APC or even PDP spend in their different government houses.

rhames:
Hello all. I need an investor for a bakery and confectionery area up north and my financial requirement is N15 million nairapayable through profit sharing in ratio 50-50 in three years. Anyone interested?

Is this bakery currently operational?

oziegbe2015:
ok since u knw my state of origin tell me my age too.

The OP asked for civility. That's not going to stop me from calling you a liar that you KNOW, YOU ARE.

spinna:
If Benin - Ore road that was once Nigeria's stubborn generational curse can be made smooth ...

If trains that i never saw working IN MY LIFE can start to work ...

If i see the best rated election(s) in this dispensation.

If the road to Oyo town can be made so smooth that i have to watch my speed lest i take off . ...

If Ibadan express (which was manageable ) can be renovated with efficiency (as is being done )

If my freedom of speech is so respected that even if i insult the President and his wife i won't hear jackboot on my door at 3am. . . (a freedom many abuse )

Then the person that did these that so many others failed to do at least should be allowed to continue and do more.

Better the devil you know than the devil you don't know.

Nigerians wise up so you won't regret , so you won't bite your fingers and say "had i known" .

Freedom is sweet ,let's not forget the darkness of the past.


(please keep comments civil )

The truth will always set us free.

oziegbe2015:
i am a native of ozoro delta state for u info

You can lie sha.

nwaanambra1:
Childish rant.

Dumbass pick your medicine. Shameless liar.

psquaret:
It's just too unfortunate that you are a Nigerian.its a same and A pity

Oh God, Oh God, save the soul of this Nation. I will be happy never to share the same space with you.

nwaanambra1:
Why is it that Army matters gives you erection!

That's how you uttered that poo from your gutter smelling mouth about those guys sentenced to death.

I know your type - forming rambo on faceless forum but when u hear the sound of hunters gun u will tear your legs apart in your haste to escape the scene - talk less of AK!

Your type thinks that being a soldier is all about irons & bones! In civilized clime, the first rule of being a soldier is - you are first and foremost a human and all your deeds and actions must be adjudged to be humane by all standards even when dealing with a dangerous enemy!

We don't need to talk on a faceless forum, we can always do it face to face. Stop spinning around my comments on this forum with your one million monikers. Shameless liar, you can make plans for us to meet face to face.