₦airaland Forum

oziegbe2015:
the cabal gej refered to that where responsible for the fuel subsidy scam, some of those his same cabal friends e.g tony ayeni that would later come to the pdp campaign donations and start pledging billions

Who is tony ayeni?

berem:
Even you his paid agents on nairaland can never be millionaires. hahahaha!!

Did she/he just type paid agent

oziegbe2015:
this man up and his statement is the problem of nigeria. This is why u cant help this nation. A few cabal are eating nigeria dry and some people with brain cancer would still be in their support

Which cabal?

Army house cleaning is currently been carried out. Nobody forced you to join the army.

I pray Goodluck help create more millionaires and billionaires till 2019. Some people have to provide the jobs for my APC friends.

Eziachi:
I kept trying to help you but you chose to be drowning in fiction. Mass deportation of foreigner was already a past event before the army removed Shagari. Shagari asked or gave them weeks to leave or face the consequences and people were leaving in trailer load, especially in Lagos, Aba and Onitsha, where many of these migrant were residing. This event happened well before the military took over, and should be a common knowledge to you.
Humanitarian disaster? Give me a break.

Why are you lying, major gen Magoro, the man responsible for implementing the policy is still alive. The humanitarian nightmare at the seme and idroko borders happened under Shagari? Look at this man trying to invent reality.

Eziachi:
Never mind New York times, this is a fact a nursery school pupil in Nigeria should know. It was Shagari's govt that deported the migrants mainly Ghana nationals.

Yes, Shargari asked immigrants without papers to leave, and it was done in an human way. Buhari, also asked immigrants to leave,the way the policy was implemented became an humanitarian disaster, which made headlines across the globe.. The New York times article is from May 1985. So, what are you trying to spin here.

Adminisher:
The army embezzled money to buy mostly second hand T72 M tanks. There are many T 90S tanks available for purchase in Russia. There has always been a deliberate attempt by the military to prolong the war and people's suffering with the complicity of Jonathan. These tanks and 4.5gen combat jets should have been acquired three years ago. Ordinary Kenya has hundreds of these now.

Please tell us the army's weapons acquisition budget since 1999 to date.

Why are you people wasting your fire power now. Wait till feb 2015, all this dry raking will be put to test. Head or tail, the Nigerdeltans are going to win. So, reserve your animosity till 2015, you will need it all, to overcome the incoming hurricane.

GEJ till 2019

obailala:
Idiott!

Put a bullet in your alamjiri skull

Poverty is truly a bad thing. The sociological and physiological damage it leaves in a people are way more harmful, than their physical appearances. Because Ayeni bought Nitel, he should not contribute to the political campaign of his choice? Money is the life blood of politics, as our system matures, more billions will be spent by politicians and their supporters to win elections. That's the way it works around the planet. What we should ask of them, is a public disclosure of the people donating. No secret accounts or payments from unknown parties. PDP and GEJ did the right thing, by having a public fundraiser, where you and I can point to who gave what.

Rich people will always be at the front of the table, that's life. Don't cry about it, just try your best and become one of them.

GEJ till 2019.

obailala:
The problem with all these lies is that a lot of gullible uninformed people are actually deceived by these false stories of achievement. Lokoja - Abuja road was awarded by OBJ and up till now, it hasnt still been completed yet but GEJ's people claim it is his achievement. Another annoying claim of the GEJites is the Onitsha - Owerri road which was also built to 99% completion by OBJ. The moment GEJ stepped in, that road is also being read as Jonathan's achievement in the East.

Obj also awarded the east-west road, the second Niger bridge, the benin- ore road, the Ughelli power plant rehabilitation, the Sapele power plant construction, the new transmission station in Agbor, the Warri port expansion and rehabilitation I can go on and on.. Before, he left office they were fully funded and the projects were all complected, ABI. Obj performed all this miracles, yet nobody but you and your fellow maggots saw all this projects. People like you need to drown in your hate, because the madness disturbing you people will never be cured.

Firefire:
By God's Grace!

I am working towards getting a confirmed and written statement from GEJ, promising what his plans are for coming years if given another opportunity of four years.

Firefire:
yeah,

But full deregulation and transparency on the part of subsidy removal could save Nigeria in coming days.

It must happen in 2015..

AKUNWATA1:
BROS E BE LIKE SAY YOU DON PORT

Never Never Never , I was never in support of the minimum wage increase and rescinding, the removal of petrol subsides. My two disappointments.

[s]

Nicklee:
Jonathanians are seriously taking Nigerians for a ride. Y'all must think Nigeria is made up of grossly inept people like your educated illiterate pay master.

There are clearly two records of primary market FX data available for the period under consideration:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$
1982: Official - N0.673/$
1983: Official - N0.724/$
1984: Official - N0.765/$
1985: Official - N0.894/$ and Parallel - N1.70/$

The statistically meaningful thing to do is to interpolate between N0.90 and N1.70 to fill out the unreported data between 1981 and 1984. If this is done, the data looks like this:

1980: Official - N0.55/$ and Parallel - N0.90/$
1981: Official - N0.61/$ and Parallel - N1.04/$
1982: Official - N0.673/$ and Parallel - N1.186/$
1983: Official - N0.724/$ and Parallel - N1.304/$
1984: Official - N0.765/$ and Parallel - N1.399/$
1985: Official - N0.894/$ and Parallel - N1.70/$


2010: Official - N148/$ and Parallel - N155/$
Now:Official - N168/$ and Parallel - N193/$

Based on this, Naira lost value as follows:

Official Parallel
Buhari 23.48% 30.37%
Jonathan 13.51% 24.54%


However, in Buhari's period in power, Nigeria earned a total of $69.92B (in 2014 $) with [b]$41.95B [/b]accruing to the FG and states. In Jonathan's time, Nigeria has earned a total of $484.2B as at October (in 2014 $) with [b]$290.5B [/b]of that accruing to the FG and states. These numbers were derived from monthly records of crude sales (from CBN's website) and a roughly 60% vs 40% split between Nigeria and the IOCs respectively.

Nigeria has never seen as much record earnings in its history as we have seen in Jonathan's time yet there is nothing to show for it. Slow people want us to compare Buhari's 20 months in office with $41B and Jonathan's 60 months in office with $290B. What did Jonathan do with Nigeria's $290B record earnings? Why is the ECA just at $2B when countries like Norway have saved up hundreds of Billions this same period? Why is the foreign reserve still at $30B? What happened to the Sovereign Wealth Fund (SWF)? Jonathan and his cronies have 'gang-banged' (whatever that means) the economy and have absolutely nothing to show for it.

Nonsense!

[/s]

Keep your lies to yourself.

Firefire:
I get your point now.

But the government can as well reduce other expenditures, increase their IGR, reduce security votes to meet the workers salary.

Unfortunately government spending never comes down. That's why, we should only increase spending, when the economic and social payoffs are tangible.

Firefire:
I don't understand your lines sir ?

We did not have the money in 2011 to increase civil servants salaries. One of the main reason, the budget carries a 76% recurrent expenditure quota today. It was great politics, but very bad public policy. One of the two disappointments, Goodluck gave me

I was against this policy in 2011 and I'm still against it today. I have to give it to NOI, for implementing it, without the level of pain and chaos, I feared in 2011.

Oil-rich Arab Gulf countries stood firm against non-OPEC crude producers on Sunday, vowing they will not cut output nor hold an emergency cartel meeting to support slumping prices.


OPEC kingpin Saudi Arabia and Kuwait said they would not cut production even if non-OPEC members reduce their output, while the United Arab Emirates and Iraq shrugged off calls for an emergency meeting of the group.

"If they (non-OPEC countries) want to cut production they are welcome. We are not going to cut, certainly Saudi Arabia is not going to cut," Saudi Oil Minister Ali al-Naimi told reporters on the sidelines of an energy conference in the United Arab Emirates.

Kuwaiti Oil Minister Ali al-Omair agreed.

"I don't think we need to cut. We gave a chance to others and they were not willing to do so," Omair said, in a clear reference to shale and sand oil producers from North America and elsewhere.

"OPEC will not cut. Nothing will happen until June and there is no emergency meeting," he said.

The global oil market has become increasingly competitive in recent years with the surge in shale and sand oil production from countries outside the decades-old alliance of the Organisation of Petroleum Exporting Countries.


World oil prices have fallen almost 50 percent since June, mainly due to a supply glut, the weak global economy and a strong US dollar.

UAE Energy Minister Suhail al-Mazrouei was emphatic that OPEC, which pumps a third of global crude supplies, will not make any move soon to shore up the market.

"We will not interfere with market fundamentals and do something that is a short fix," he said.

"We need at least six months" to assess the market and "even if nothing happens when we meet after six months, we will not change our position," Mazrouei said.

Iraqi Oil Minister Adel Abdulmahdi also ruled out calls for an OPEC emergency session.

"We have to wait and see the reactions of the oil markets and other countries," Abdulmahdi said, adding that he believes oil prices will stabilise around $60 a barrel.

View galleryRussia and OPEC-member Iran, whose economies rely heavily …
Russia and OPEC-member Iran, whose economies rely heavily on oil revenues, have spoken of a market c …
Saudi Arabia, Kuwait, the UAE, Qatar and Iraq pump around 20 million barrels a day, or two-thirds of OPEC output.

The cartel decided last month to maintain its production unchanged at 30 million barrels per day, which led to a slump in oil prices.

- No Saudi 'plot' -

The benchmark Brent oil price is hovering around $60 a barrel after losing almost half of its value since June.

Gulf ministers blamed "irresponsible" non-OPEC producers for the plunge in prices, but voiced confidence markets would rebound.

"One of the main causes is irresponsible production by some producers from outside the organisation," the UAE's Mazrouei said.

Naimi lashed out at non-OPEC members, blaming the global price fall on a "lack of cooperation by main producing countries outside OPEC, misleading information and speculators' greed".

The Saudi minister said some high-cost unconventional producers will not be able to continue under low oil prices.

Analysts have said Saudi Arabia is content to see shale oil producers -- and even some OPEC members such as Nigeria and Venezuela -- suffer from low prices rather than reduce output to boost prices.

But Naimi dismissed claims of a Saudi "plot" to push prices down for political reasons, insisting that the kingdom's policy is "based on pure economic principles".

Russia and OPEC-member Iran, whose economies rely heavily on oil revenues, have spoken of a market conspiracy to hold prices down after OPEC's decision to keep output steady.

Gulf countries are forecast to lose at least half their income from oil, or around $350 billion a year, at current price levels.

But Gulf bourses on Sunday rallied for the second day in a row, as oil prices steadied.

The Dubai Financial Market surged 9.9 percent, Qatar was 7.6 percent higher and the Saudi bourse rose 2.5 percent. Abu Dhabi shares increased 3.5 percent, Kuwait added 3.3 percent, while the small markets of Oman and Bahrain rose 5.5 percent and 1.4 percent respectively.

http://zeenews.india.com/business/news/international/gulf-oil-producers-stand-firm-on-opec-output_11472

duni04:
Truth is that we can't help the fact that we're an oil producing country. What we can do is to base our spending on non oil exports and probably channel a huge chunk, maybe 80%, of our oil revenues into a sovereign wealth fund. That way we can hedge our economic growth against actual production.

Yes we are an oil producing nation, yet oil is just 18% of the GDP. Nigeria needs to reconfigure her public spending. The sooner we carry out this process, the better. The economy has the capacity to finance our public spending without oil.

datribune:
U seem to be confused or what?. Ok let me break it down 4 u.
d economy collapsed under Shagari. d sage Awolowo foresaw what was ahead months b4 it happened & constantly warned d NPN to change its profligate ways but they didn't until d country was no longer credit-worthy. d NPN even called Awolowo a prophet of doom because of these predictions. Umaru Dikko lied dat d country was not broke & dat at least people were not eating frm d dust bin. History proved Awo was right & dat d NPN had completed d looting of d country & it was broke. In d last months of d NPN govt for d 1st time in nigerian history d fed govt could not pay salaries. No food, no money. Soap, milk, sugar etc popularly called essential commodities disappeared from d shelves. Multinationals like kingsway, UTC, PZ etc left d country. DIS WAS WHEN NIGERIANS QUEUED IN LINE TO BUY ESENCO (Essential commodities)
When GMB took over, d creditor nations & IMF knew dat d country had been severely weakened by d debt situation & wanted to hold d country to ransom wit their slavish conditionalities. GMB called their bluff. He refused to devalue d naira & devised an ingenuous system of barter 4 oil. This was highly successful & stabilized d economy.
Hahahaha "wit immediate effect". Only crooks & corrupt politicians were afraid of dat phrase & it was dem dat lost out. d phrase Wit "immediate effect" was coined by d Murtala Mohammed govt. d Buhari govt which was an offshoot of dat patriotic govt liked to use it whenever it wants to show its resolve.
d currency conversion was a master stroke of ingenuity dat made d loot of d corrupt worthless.
Anyday, anytime patriots will choose d days of Buhari/Idiagbon over d misrule of d NPN. Of course I'm not surprised dat supporters of d corrupt PDP which is a mutant of d NPN would not like Buhari. But in dis election it will not be their call. It will be d call of d masses who ar in d majority & ar fed up wit dis clueless govt. SAI BUHARI

Do you really know what you are talking about? damn .

Obiagelli:
Why not wait for datolee to answer my question, just keep cheering, don't go beyond your capacity

, as long it's not your capacity, then I have many reasons to cheer in this Country. Knowing, almajiris and liars like you will never get close to the corridors of power again. Yep, I will keep cheering for datolee, as you make the usual ediot of yourself.

Firefire:
Obiagelli,

Honestly, what is your point let me address it.

If I understand you correctly you were asking datolee the rationale of using parallel market price as a checkout point and benchmark it against input of Official rate ?

Official Rate at the beginning of GMB was 0.724 / $
Official Rate at the end of GMB is 0.894 / $
Paralled market rate was 1.5 / $

But datolee stated that he used the parallel market rate of 1.5 / $ being the amount you can get dollar at the time.

So what is your augment, please

That is the 1 billion naira question. She probably did not understand the intent of the thread she created.

datribune:
Those ar d facts. Few months b4 d economic collapse chief Obafemi Awolowo warned d nation of d impending danger & d effects of d profligacy of d corrupt NPN. It's chieftains like d late Cuba Okadigbo famously labelled him PROPHET OF DOOM. And then boom b4 d nation knew it there was an economic crises. No nation would borrow d heavily indebted Nigeria any more money. It was utter chaos like what we witnessed in Greece not too long ago. Thru economic ingenuity Buhari reversed d rot & stabilized d economy.

You don't want to do this today. We have dealt with this lies already. I asked you a simple question, when did Nigerians start standing out in long lines to buy essential commodities.

Why did creditor Nations pull their loans off the table? During the Buhari regime.

Buhari and economic ingenuity, I have not heard that before

The thousands fired every night on the NTA News, still rings like a bell in my ears. The phrase "retrenchment with immediate effect", was the catch word in 1984. Families use to watch the news, waiting to hear their fate. Over 200,000 lost their fed jobs in 1984. The middle class of Nigeria then,

Is it the currency conversion policy, that crippled families and businesses?

Economic ingenuity whoa, that's a new one. NPN's 4 years in power, never had one day that was as bad as the days of buhari

datribune:
Ur over simplification shows absolute ignorance of d type of hand dat Buhari was dealt when he became head of state. We ar talking of someone inheriting an economy dat was practically dead & resuscitating it & u thru ignorance of d depth & magnitude of d problem u ask whether he diversified an economy dat was practically dead. d NPN crooks looted d country to bankruptcy. No food, no money. Soap, milk, sugar etc popularly called essential commodities disappeared frm d market. Fed govt couldn't pay salaries & u ar here talking of diversification. smh

Where are you getting this facts from? Were Nigerians standing in line for essentials commodities before Buhari and after Buhari?

chemali:
The PDP has had an opportunity at it for 16 years and they failed. Why is it so hard to give the APC 4 years and see what could happen? At least excellent growth in IGR has being achieved majorly in APC controlled states.

Which APC states? apart from Lagos enjoying the status of Nigeria's economic heartland and Rivers, which other APC state, has a better IGR. The 2014 budget is the first budget trying to decouple oil from government spending.

I will give APC a chance if their leading candidate had any record of success. Unfortunately, I am not ready to hire an analog technician, in this new world of digital technology.

Remarkable:
Oga, stop lieing!

You avoided it because you didn't want to be disgraced and totally humiliated again.... anywhere you see Datolee, you log in with your other IDs or go into guest mode

Crazy guy.

classic

chemali:
Whose responsibility is it to make these hard choices to reform the policy? Does it look like the current administration will make these choices with billion naira donations from the elite that should pay a fair share to grow the economy as tax?

Responsibility lies with all of us. I have not heard any party come out and tell us how they intend to refinance our public budgets. Instead they want to fix the price of oil.

chemali:
Who has been responsible for this crime for 16 years? Oil and gas may account for 18% of GDP but our economy depends on it for survival.

Our morbid refusal to adjust our taxation policy is responsible for it. A country overrun by freeloaders and parasites. That's why everybody is crying about oil prices.

datolee:
WRONG!! CBN said it is 168 to a dollar http://www.cenbank.org/rates/ExchRateByCurrency.asp

187 is in the parallel market, 168 is the official exchange rate.. another question, are you exchanging your dollar at 168? the answer to this will surely answer your question about the exchange posted by obiageli.

I think we can close this thread now.

chemali:
How do you diversify when you squander revenues in period of high prices and now start firefighting in a low price regime? The only basis to attack Buhari was if his government saw a boom and a bust but he came into power in time of a bust and he steered Nigeria right. This conclusion can be gleaned from what happened to Nigeria's economy after he was overthrown.

For the size of this economy, it is a crime against humanity, that Nigeria still depends on oil and gas, for 80% of government spending. The economy is diversified already. Oil and gas represents only 18% of the GDP.