₦airaland Forum

another route map

http://www.blackborderbuild.com/uploads/6/9/0/1/6901039/nigeria_rail_route.png

Sincere9gerian:
So what is the route of the railway

This map might help

Akpabio must rule this country someday.

A state-owned Chinese company has signed a $12 billion agreement to build a railway along Nigeria’s coast that it billed as China’s single largest overseas contract, state media said Thursday.
China Railway Construction Corp. Ltd. (CRCC) signed the official construction contract with the Nigerian government on Wednesday in Abuja, the Xinhua news agency said.
The Nigerian railway will stretch for 1,402 kilometres (871 miles) along the coast, linking Lagos, the financial capital of Africa’s largest economy and leading oil producer, and Calabar in the east, according to the report.
The $11.97 billion deal marks China’s largest single overseas contract project so far, it said, citing CRCC.
The news came two weeks after Mexico cancelled a $3.75 billion bullet train deal only days after it was signed with a Chinese-led consortium headed by CRCC — the sole bidder — reportedly due to concerns about transparency.
CRCC chairman Meng Fengchao said the Nigeria project will adopt Chinese technological standards and lead to $4 billion-worth of Chinese exports of construction machinery, trains, steel products and other equipment, Xinhua said.
It will create up to 200,000 local jobs during the construction and a further 30,000 positions once the line is operational, he said.
“It is a mutually beneficial project,” Meng was quoted by Xinhua as saying.
Trains will travel at a maximum speed of 120 kilometres per hour on the link, the report added.
China has dramatically stepped up its presence on the African continent in recent decades as it seeks more resources and new markets for its economy.
Trade between China and Nigeria totalled $13.6 billion last year.
Chinese Premier Li Keqiang promised more investment and more Chinese technical expertise during a visit earlier this year.

- See more at: http://www.vanguardngr.com/2014/11/china-firm-signs-12-bn-deal-build-nigerian-railway/#sthash.9TsbB3AT.dpuf

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Wednesday disclosed that 50 biggest bank debtors accounted for 32.02 per cent of lenders’ total loans to the private sector as of May 2014.

The governor, who made this known at the second National Credit Bureaux conference in Lagos, however, said the central bank was working towards expanding bank loans to the private sector.

He also said the CBN was committed to punishing fraudulent borrowers.

Emefiele said, “The reform policies of the central bank have gained grip and resulted in a sound financial system. The ratio of Non-Performing Loans to gross loans as of May 2014 stood at 4.24 per cent, 0.76 basis points below the five per cent maximum threshold set.

“We are however yet to see the dispersal in the loan portfolio as the top 50 and 100 obligors account for 32.02 per cent and 41.34 per cent of the gross credit to the private sector.”

The governor further said he was committed to championing policies that promote the sustainability of hard-earned macroeconomic stability, while also enhancing financial access and reduction of cost of credit.

According to him, the CBN will “pursue a zero-tolerance policy on fraudulent borrowers, and improve the credit culture in the banking system by working towards reducing the effect of information asymmetry in the credit market.”

For some years now, he said the CBN had pursued policies which were aimed at stabilising the financial system that had been threatened by unpleasant banking practices such as accretion of toxic assets.

Emefiele recalled that private credit bureaux were established to play the vital role of assisting the CBN in the effective management of credit risk within the banking system.

He noted that credit bureaux had grappled with various challenges notable among which were the absence of a unique identifier, poor quality of data and low compliance levels by financial institutions.

The CBN governor, however, said, “The credit bureaux have continued to record steady increase in the number of records of registered borrowers. From a mere 78,189 in December 2010, the total number grew to 18,640,000 in June 2012. The number as of May 2014 stood at 26,623,156,”

“I want to commend the bureau operators for this feat and charge them not to rest on their oars as we still have more grounds to cover if we must have a robust credit reporting system.

Oits part, he said the CBN was committed to providing the required regulatory support, stating that the central bank had already made it mandatory for all financial institutions to have data exchange agreements with at least two credit bureaux.

He added, “All banks are required to obtain credit reports from at least two credit bureaux before granting any facility to their customers while quarterly portfolio checks must also be carried out to enable them determine borrowers’ current exposure to the financial system. We are currently reviewing compliance levels and in line with our zero tolerance policy for infraction, the appropriate sanctions would be imposed onerring institutions.”

http://www.punchng.com/business/money/50-debtors-owe-32-of-bank-loans-emefiele

SamIkenna:
Price is likely going to level off around $70. The reason is because even though Canadian tar/oil-sand oil extraction is both capital intensive and messy which should keep oil price well above $70s, Alaskan oil and gas is still very much in play. If Alaskan oil comes in full (which will certainly come) alongside shale/fracking oils, countries like Nigeria, Angola, Gabon, etc that depend solely on oil revenue will be in financial trouble.

In the US today, there's a renewed resolve to go full blast on domestic energy sourcing. My hunch is that a new America that depends less on foreign energy is emerging. The oil wars and unending petro-dollar funded terror has taught US govt a bitter lesson. If Nigeria is going to survive this coming avalanche it needs to tighten its belt now because low oil price is here to stay.

And by the way, I commend Ogun state for targeting budget execution with 45% IGR. I expect Anambra and Abia to sit up and go even further because the 40yr free pounded yam with ofe nsala in Abuja is about to be slashed.

The price decline of the past 6 months was more of a market share war. The Saudis and OPEC played it just right. Everybody was waiting for them to cut production 3 months ago, but they wisely refused. The North Americans are the ones cancelling projects and now they want price stability. What happened to the free market.

BlackTechnology:
If this information is true, I throw my cap in respect to you for your fact finding missions.



Nigeria is living on a borrowed time of wealth.


We must diversify our export trade and encourage indigenous production of essential products especially electronic mechanical etc goods which is best achievable through resource control and fiscal federalism

The major thing this country needs, is a better funding source for government. An economy of $522B, should be able to bear a 15% tax burden across board. Not one single commodity bearing that responsibility. Our economy should be able to deliver about $70B in tax revenue anually

I am still waiting for people to explain what boats filled with journalist were doing on the high sea on Sunday. The guns found on their boats were handed over to the navy and the so called journalist detailed for statements.. I hope people don't start fires they cannot handle.

The EPZ cuts across Gbaramatu kingdom communities of Oporoza, Okpele-am/Tebujor, Opuedebubor, Atanbaghene, Okerenkokogbene, Opuede, Jouala, Opuede-Zion, New Jerusalem Zion, Azama, Ghan-ama Zion, Mekama and Ikpokpo.

Don't make silly comments unless you know what you are talking about. The days of injustice and thievery are over.

saxywale:
price of oil is not going up soon. McKinsey predicted $45ish dollar / barrel in January. This is the drilling season of shale oil and SADG oil in north America. The drilling coy are in full blast. Saudi is ready to sell its surplus oil for cheap as it has huge forex reserve. former troubled regions Libya, Iraq, Isis(Syria) e.t.c are all pumping out oil in full force and selling for cheap. Russia has signed multi billion dollar deals with China ( one last week) to supply China oil and gas. Shell had a good foresight by selling off its huge asset in nigeria. So who is going to buy our oilNigerians should brace for impact.

$45 is not likely, 90% of the new oil sources from the North america cost over $70 per barrel to produce. If oil slides to $70 most of fracking and heavy sand oil from North America will shut production down. Many projects for 2015 are already on hold, because of price uncertainty.

Sirniyeh:
Nigerians,

Should I call it lack of vision, misplaced priority or mental deficit? I don't understand why Nigerians desperate to travel abroad, and then find themselves in slavery act!

Imagine, the only reason someone will take N5 million to go abroad (for greener pasture) they call obodo oyinbo, is because he is a stark f0000l.

How on earth could you spend even N500,000 ($3,000) to travel to a foreign land in search of greener pasture when most of the people you are going to meet do not have N170,000($1000) in their account.

During my adventure in U.K in last October, i went to meet several of my friends who have boasted that they were studying, or working at a good place. Infact, I wept sighting one of my University lecturers with Ph.D. as gateman! It was shameful...

What i saw within just two weeks was similar to what i have seen in Nigeria. A group of young Nigerians in a room playing cards, drinking, watching Chelsea v Man United at a bear parlour especially in East London where its encroached with Nigerians, its like Lagos Island or a typical local market in Nigeria where you can hear anyone calling mama Risika or baba bomboy.

What they could boast of was that they are not in
Nigeria at least no one sees them suffering and they
could act on the phone as if all is well. While many are stranded as a result of paper, those who have paper are stranded too. They can not afford to come to Nigeria.

Why selling our destiny into slavery?
Nigeria is a free nation littered with billions of Naira on the streets. Can't you see? Why then go abroad?

Please, if you have your relation who are still envisaging going abroad, help him out to invest his money in Nigeria to be master of himself than becoming slave in strange land.

Dr. Saint

Please repeat this story over and over again. I don't understand the youths of today anymore. Many of them are suffering aboard is actually an understatement.

tit:
Solution: no subsidy. supply and demand.
Allow, regulate and license the small refineries in the Niger Delta. No subsidy involved in that business. Get them to pay for their crude stock.
Let Mr. A get his petrol from Sierra Leone and come and sell to Nigeria people.
Let Mr. B get his petrol from Brazil and come and sell to Nigeria people
Let Mr. C refine his petrol locally and sell to Nigeria people.

If Mr. C is NNPC or any government parastatal, a unit that cost $1 in the market would cost it $100 to install, and they woud like to pass the cost to the public either by a charge on the federation account or a higher pump price.

QED, madam you try.

Nigeria, just damn Why do we make mockery of everything.

Chylo:
My chief, that one na true o. But the only thing that should happen is that the money Govt. pays for subsidy suppose to drop drastically, not all those trillion trillion we have been hearing. The pump price itself however, will not reduce until oil price gets so low that Nigerians themselves agitate to have deregulation.

Just like tit said, the people going to benefit from the reduction in crude price is the government. Nigerians cannot reap where they never sowed.

Sometimes, I wonder in what universe some of us reside. You want government to guarantee, there will be no importation of petroleum products in three years? What is stopping you from gong to Zenith bank, borrow N300B, then build your own refinery?

Chylo:
Oga, you are better off leaving your money where it is. Inflation is the only thing that can eat it's value there. The forex market no go affect am. Unless you are planning to use it buy something imported in future, its better you leave it there until the forex market stabilizes. It is possible that you buy exorbitant dollar now, and the price later normalize and you begin to cry.

Thanks

Why are we always sore losers? In life, you take the good and bad. You expect yourself to always keep wining?

To many story, please the government should not extend the SOE and all troops must be withdrawn from the northeast, so they can have peace.

^^^^^^ As long as you keep your revolution to your state and local government, nobody will care. Cross into another man's state, you become a trespasser, that must be stopped.

By Gbenga Ariyibi Ado Ekiti
Ekiti State Governor, Mr Ayodele Fayose has asked the human rights activist and lawyer, Dr Tunji Abayomi to shut his mouth up on issues he knew little or nothing about
Fayose, was reacting to the letter dated November 18,2014 authored by the legal practitioner to the governor titled; “Your threat to peace, order and governance leadership in the Ekiti State House of Assembly,where Abayomi was said to have condemned in strong terms on what happened in the House on Monday 17 ,2014 at the floor of the House where the PDP lawmakers had endorsed the list of the commissioner nominees sent to the House by the governor
Fayose accused Abayomi of double standard and exposing his naked hypocrisy.
Reacting through his Special Assistant on Public Communications and New Media, Lere Olayinka, in Ado Ekiti Wednesday, the governor said Dr Abayomi should stop dancing naked in the market place.
The governor said; “Nigerians should ask Tunji Abayomi where he was when former Governor Kayode Fayemi used 12 Action Congress of Nigeria (ACN) lawmakers to confirm the appointment of Local Government Caretaker Committee in 2010 while the Speaker then, Hon Tunji Odeyemi and other Peoples Democratic Party (PDP) lawmakers were in Abuja to meet with the president and the Deputy Speaker, Hon Saliu Adeoti was dead.”
The governor said “Dr Abayomi should first show to the public, the record of his complaints when the All Progressives Congress (APC) governor of Edo State, Adams Oshiomhole shut the State House of Assembly and moved the House sitting to the Government House.
“The lawyer should also show to Nigerians if he reacted by writing the kind of abusive letter that he wrote to Governor Fayose to Fayemi when he sacked duly elected Local Government chairmen and Councilors in 2010 and use of 12 ACN lawmakers (without the Speaker and Deputy Speaker) to approve appointment of caretaker committee.
“In 2010, not only did Fayemi sacked duly elected chairmen and councilors, his thugs invaded the Local Council Headquaters, killing Chief Adeleye Awolumate and injuring several people in the process.
“There is no record of any complaints from Dr Abayomi when all these happened under Fayemi, a self-appointed progressive.
“So, why is Dr Abayomi complaining now that Governor Fayose is trying to erase the footprint of illegalities that Fayemi left in Ekiti?
‎
“Isn’t it an advertisement of his hypocrisy and ‘mari maje’ human rights activism?

- See more at: http://www.vanguardngr.com/2014/11/shut-mouth-fayose-tells-tunji-abayomi/#sthash.4TWq2Uhc.dpuf

The Commissioner for Information in Osun State, Mr. Sunday Akere, has accused the Federal Government of secretly funding states under the control of the Peoples Democratic Party.
Akere said this in a statement made available to our correspondent in Osogbo on Wednesday.
He described this as double standard and an attempt to punish states which were under the control of the opoosition party.
While defending the inability of the state government to pay its workforce, the commissioner said that this was due to the steady decline in the allocation accruing to the state from the federal allocation.
He debunked the rumour that the huge debt profile of the state was the reason for its inability to pay workers’ salaries.
The commissioner added that Osun State was not the only state in the federation which was being affected by the paucity of fund.
He said, “It is unfortunate that one do not know the criterion that is used in sharing the revenue allocation these days because our state is now at number 36 on the table.
“We are aware the Federal Government said there is reduction in revenue accruable to the Federation Account, but we are also aware that the Federal Government funds some PDP states secretly through the back door at the expense of the states governed by the opposition parties.
“The reduction in the state allocation was not due to any debt profile. Federal Government did not single out Osun alone as been insinuated by the disgruntled elements, but as a result of what the Federal Government itself described as reduction in the Federal Revenue Allocation due to oil theft in the Niger Delta.
“Those who go around spreading false information are determined to set workers against the state government. The State of Osun is on number 36 on the revenue allocation sharing table.
“Even at this, there are several PDP states that have not been able to pay their workers salary regularly again since July2013 when the downward trend began with some owing between seven to eleven months salary while despite the politicking, we are still able to pay our workers up till September salary.”
Akere appealed to workers in the state for understanding for the time being, saying the situation would soon improve and normalcy would return to the system.

Osun accuses FG of secretly funding PDP states

http://www.punchng.com/news/osun-accuses-fg-of-secretly-funding-pdp-states


See what crude oil dey cause for one Nigeria.

You read through some comments here and you don't wonder any more why many are dying of poverty, in the land of plenty. Their level of ignorance is simply appalling.

Governments of the 36 states in the federation have requested to withdraw $2 billion from the country’s $4.11 billion oil savings account to complete projects and provide security ahead of February polls, Timothy Odaah, the chairman of the States’ Commissioners of Finance Forum, said on Wednesday.

Revenues to be distributed to the country’s three tiers of government in October – federal, state and local – were N593.33 billion, down from N603.5 billion in September, Accountant General Jonah Otunla said.

Central government revenues rose to N536.69 billion in October, up 6.9 percent from September owing to improvements in crude revenues, despite a sharp fall in global oil prices, Otunla also said.

http://businessdayonline.com/2014/11/states-seek-2-billion-from-oil-account-for-projects



Look at the big lie from hell. Complete project before feb 2015 . The drop in oil prices is a blessing in disguise.

I love Nigeria, a country of chest beaters. Let me go watch my game.

And the poverty continues.

Nigeria’s state governments have requested an extra $2 billion in federal money to cover shortfalls caused by falling global oil prices, an official said Wednesday, highlighting the severity of the country’s revenue crunch.
A panel of finance commissioners representing all 36 states has asked that the money be dispersed by mid-December, saying that without the funds governments may fail to pay salaries and meet contract obligations.
Fully funding security measures before general elections in February next year could also be jeopardised, said Timothy Odaah, the chairman of the States’ Commissioners of Finance Forum.
“This amount of money is needed for state governments to complete their expected obligations,” he told AFP.
“It is a request that we wish Mr President (Goodluck Jonathan) will accomplish,” he added, saying that all state government unanimously agreed on the need.
The panel asked that the funds be released from the oil savings account, which experts say has been depleted over years due to persistent budget shortfalls caused by widespread graft.
Finance Minister Ngozi Okonjo-Iweala said at the weekend that Nigeria was facing “serious challenges” because of the oil price slide and announced special measures to help cope with the falling government revenues.
They include a cutback on foreign travel for government workers and new taxes on luxury items.
The US boom in oil extracted from shale rock has helped create a global supply glut and lower prices.
Nigeria’s main crude product has been trading at $79 per barrel, down from above $100 just two months ago, with oil exports accounting for 70 percent of government revenue.
Odaah echoed a call from analysts for Nigeria to aggressively diversify its economy to make the country less vulnerable to market shocks.
“It is a clarion call for us to reduce our dependence on oil,” he said and argued that state government programmes must be prioritised because they are most effective in targeting job creating sectors such as agriculture.
A cash crunch before general elections was also dangerous, Odaah added, because “political activity engenders some insecurity” and states need funds now to make preparations.
Nigeria has a complex and fiercely debated system of sharing federal money — including oil revenue — among its states, which is driven by population and other factors.
Odaah said that if approved, the extra $2 billion (1.6 billion euros) will be distributed using that mode

- See more at: http://www.vanguardngr.com/2014/11/states-ask-extra-2-billion-amid-revenue-crunch/#sthash.5OXbXZ0g.dpuf

Obiagelli:
I see you are his online spokesperson

, you needed an answer.

Sirniyeh:
Tompolo is a coward. Why not go to North East to confront BH. Yeye animal in kinghong clothing. What Nigerians don't know is that, Gej has hidden agenda to split the nation after his defeat in 2015 election. He dares not tamper with Tompolo

See your brain, go to northeast to do what?

Obiagelli:
Which kind yeye blackmail be this? Where was Tompolo under obj or abacha.

Tp aka Tompolo was at the same place he is today. In his village in Gbaramatu Kingdom. Ask the dead col Dung, he knew TP, ask Ibori he knew TP ask Obj's national security advisers, they personally met with Tompolo. Tompolo has always been at his place in Gbaramatu Kingdom for almost 21 years.

May the oil earnings become $10 per barrel, let's see the people in Nigeria, that will suffer the most.

Adewale Maja-Pearce became a contributing opinion writer for The International New York Times in the fall of 2013. Mr. Maja-Pearce is an Anglo-Nigerian writer, essayist and critic who was born in London in 1953 and lives in Lagos, Nigeria. He is the author of several books, including “Loyalties and Other Stories,” “In My Father’s Country: A Nigerian Journey,” “How Many Miles to Babylon?” “A Mask Dancing: Nigerian Novelists of the Eighties,” “Who’s Afraid of Wole Soyinka?” and “Remembering Ken Saro-Wiwa, and Other Essays.” He has also written several reports on elections and on human rights violations in Nigeria, and has edited several volumes of poetry and short stories.

Mr. Maja-Pearce’s essays and book reviews have appeared in Granta, The London Review of Books, The Times Literary Supplement, Prospect and other publications. He currently runs Yemaja, an editorial services agency; The New Gong, a small publishing company; and a personal blog.

Mr. Maja-Pearce is a graduate of University College of Swansea, Wales, and holds a master’s degree from the School of Oriental and African Studies, University of London. He has worked as the Africa editor of Index on Censorship, a London-based organization devoted to freedom of expression, and as the editor of what was the Heinemann African Writers Series.

RatandBot:
Check Google.

Read the story again before you make your empty noise.