₦airaland Forum

kkko:
Wetin I wan do with ur 2gb ram laptop or 512 ram phone. Ask buhari to buy for you

Say what?

9jakohai:
6.Nnpc is forcing marketers to sell at 145, leaving little room for profit making.Marketers under the current regimen cannot do business in the harsh circumstances

This doesn't follow because the marketers are not currently importing. This is the reason why they stopped.

eph12:
That if NNPC decides to dash out crude oil for lesser petroleum products, it won't affect the country as the crude oil is for their own consumption

Seriously? My point on this thread is that NNPC and the FG are two different entities.

OBAGADAFFI:
Have you ever registered a company before?

Just asking.

You cannot sue a company without the signatories .

A company owing you is different from the owner of the company owing you.

Amcon took over silverbird Galleria but did not go near Murry Bruce house because they are two different entities.

Too many people here don't understand what is going on so I'll try and break it down.

1) As at today, only the NNPC is importing PMS.
2) The landing cost is 171 but it's sold 145
3) Due to 2 above, it means the cost of PMS is subsidized.
4) Based on the VP's statement, lots of people think the NNPC/FG is paying money ala GEJ's time but this is wrong.
5) The subsidy the VP is talking about is NNPC running at a loss. The NNPC is not paying money to any marketer right now. This might change in the near future but not as at today.

hegelian:
obviously we all cant help you...
https://www.thisdaylive.com/index.php/2017/06/15/osinbajo-orders-payment-of-2bn-outstanding-subsidy-claims/ (if NNPC is not a subset of FG why is Osibanjo ordering the payment of subsidy and why is subsidy delayed because of the approval process...please refute this claim in the reports)

https://www.premiumtimesng.com/news/top-news/194245-senate-%E2%80%8Bapprov%E2%80%8Bes-n574bn-supplementary-budget.html
i expect you to defend this also..why did the senate approved 521billion on request from the FG for the payment of outstanding subsidy payment

please defend all these...if you want more i have them

Dude you currently have no idea what is going on right now and I can't help you.

Saaruman:
I thought vegetable govt said crude oil swap was scam? Why continue with what they call scam? Buhari terminated GEJ's crude swap (a system that largely contributed to stable supply and availability of fuel) calling it a scam, only for the same man to go back to his vomit just like fuel subsidy This govt is rudderless!!!

What's my business with that? All I am interested in on this thread is to educate peeps like you on the difference between the FG and NNPC.

OBAGADAFFI:
At times you need to keep quiet about issue beyond you.

Why are there 3 defendants not two if the owner and the company are the same?

OBAGADAFFI:
NNPC is not the only agency making money.

FIRS and Customs bring in Trillions every year.

Note: Every spending by the NNPC must be approved by the FG, including Joint venture agreements.

I am not arguing about that. It's the law but how many agencies really follow the law?
Anyway that's another post. My point on this thread is to explain the difference between the FG and NNPC. People think the VP is lying when he said the NNPC is paying for the subsidy not the FG and I'm trying to tell them that the FG and the NNPC are not the same and the VP is not lying. For this thread, I don't care about legality.

ochiosa:
does it then mean that deregulation remains the only solution?

In theory yes.

hegelian:
Mr Man stop exposing your ignorance....and when globacom commit fraud or treason who will be prosecutedthe fiinance director abi?? when innoson motors was accused why was the owner arrested and not the general manager why did we blamed gej for the stealing that happened under NNPC and GEJ for the rot in aviation at the time?chief the more you talk, the more look somehow so just keep it..i will be using your point to knock you without brinong any other point from outside eventhough there are plenty of examples

we go just dey hear new things from you guy..imagine FG is not the owner of NNPC

Innoson motors wasn't accused, Chukwuma Innoson was the one accused.
If you don't understand the concept of Legal entities, I can't help you.

9jakohai:
Exactly

You can't import as an independent marketer at 171 and be forced by nnpc to sell at 145.!

Another reason to deregulate. Let nnpc sell at n145, others can set their prices

Dude I'm all for deregulation.

eph12:
Really? Internal consumption that will be enough to subsidize for over 100 million people? You don't have enough info to defend your stand.

What is my stand?

OBAGADAFFI:
https://www.premiumtimesng.com/news/231610-budget-osinbajo-responds-to-senate-ultimatum-directs-nnpc-others-to-comply.html


Lawmakers have for years accused powerful agencies like the state oil firm, NNPC, of non-compliance.

The Senate said the executive had breached the law “year in year out”, and issued a two-week ultimatum for compliance.

This part here is what I have been trying to tell you.
Do you know why they can flout the law, because they make money unlike non revenue generating agencies that need money to be given to them.

I am not arguing for the legality of what the agency are doing, I am saying when the VP says that NNPC not the FG is paying for the subsidy, he knows what he is saying.

OBAGADAFFI:
Is the FIRS no longer revenue generating agencies?

By logic if revenue generating agencies don't get allocations.

Why is the FIRS getting budget allocations.

Why is the President Buhari including NNPC in the Yearly Budget Proposal?

Buhari only put NNPC in 2016 budget and that's because the Senate has been fighting against arbitrary spending by revenue generating agencies.
This has been going on since time memorial.

9japrof:
I think you are shooting yourself more in the feet, if NNPC is the sole importer of PMS, why the scarcity, does it mean the government and it's agency are part of the grand conspiracy to ensure there is fuel scarcity?

If the NNPC, is the sole importer, why blame petroleum marketers?

If the government does swapping as alledged, why are we still paying for subsidy sicne it's a kind of trade and batter transact.

Osibanjo has lied many times in the past, he has said things that contradicted what his masters have said even including the chief lair in the information ministry, so Osibanjo has lost all morals remaining in him since he joined the government, so don't go there...

Other importers stopped importing because the FG refused to increase price. That's why there is scarcity.

Osibanjo lying is not my business.

eph12:
Yes I believe the VP meant crude oil swap for petroleum products. But if crude oil worth 1 billion is swapped for petroleum products worth 700 million, how is this different from paying cash? Is this money not supposed to be used by the government in other sectors and to fulfill campaign promises?

The NNPC is a black box that has been running at a loss for a very long time. I think the NNPC only generated a profit in the time of Ibe Kachikwu.

The NNPC reserves an amount of crude oil produced for internal consumption. That amount can be increased or decreased as the NNPC deems fit.

OBAGADAFFI:
LOL,

You mean FIRS and Customs dont get allocations?

http://www.pulse.ng/news/local/buhari-president-sends-2016-budgets-of-nan-nnpc-36-others-to-nass-id5282978.html

https://www.businessdayonline.com/senate-passes-n152bn-2017-budget-firs/

Has the Budget for NNPC bring passed for this year?


You need to understand how revenue generating agencies work in Nigeria.

hegelian:
if fg is not the owner of NNPC then who owns it?? please simple and direct answer? abi its owned by ghost?if fg is not the owner of NNPC why is it the responsibility of the president to appoint the GMD and why is the GMD reporting to the FG head(i.e the president)..why is the minister of petroleum the board chair on the NNPC??anwers we need bro...dont dull

Dude you need to understand the concept of legal entities.

Mike Adenuga owns Globacom. Saying Globacom paid for something is not the same thing as saying Mike Adenuga paid for that thing.

The FG is the largest shareholder of the NNPC. The FG is not the same thing as the NNPC.

9japrof:
Now do the maths, the record says it's up to 40 naira subsidy paid for every litre consumed in Nigeria, please do the maths for the litres consumed in Nigeria daily. Then whatever figure you generate, then check if it is within the amount " by law revenue agencies are allowed to spend of the revenue they generated"

You are assuming NNPC is paying cash. You do realise they could be paying via crude oil right?

For the last one month, NNPC has been the sole importer of PMS . The NNPC does crude oil swaps.

The VP is a lawyer, he knows not to say anything that can't be defended in the law courts.

OBAGADAFFI:
Have ever heard of parastatals.

CBN, NNPC, INEC might be independent, but they are still government agencies and not private entities.

All their revenues goes to the Feds through the TSA, they get yearly allocation from the government.

So if NNPC is paying subsidy it means the FG is paying subsidy.

Revenue generating agencies don't get an allocation, they generate their own money. If you don't understand this, then you can't understand what the VP is saying.

Have you ever seen the budget for NNPC or CBN?

9japrof:
Mr I tooo know, now the money the NNPC is using in paying for the so called subsidy, is it not the money that should have been sent back to the government coffers right?

So who is still paying for the subsidy? Government? Bill gates ?

Please be reasonable and don't reason with sentiments

No. By law revenue agencies are allowed to spend a portion of the revenue they generated.

kkko:
Keep quite idiot.

Come and seize my phone and laptop na.

booblacain:
OK, I see it now. Well, I feel it still boils down to the fact that the government is paying the subsidy, they are just using the NNPC to do so.

Something like that.

dasrackhor:
NNPC and FG are they not the same.
Wetin person no go hear...

If FG and NNPC are the same then the CBN and NNPC are also the same (your logic) right?

hegelian:
mr man stop your rehtorics, is NNPC a ghost that doesnt defend its own budget if Nigeria have been working upside down, is that not why we voted in mr integrtiy to fix?why still comparing the failure of now with the before when we expect change?isnt that a statement of failure?
budget of a ministry is a block of budgets from all MDAs, agencies and parastatals that make up that ministry....so bros stop your fooling cos we aint kindergaten students....has the govt filed? yes absolutely!!! is there a room for improvement? yes definitely!!! what we shoud all be doing is to ask them to sit up and do the right thing not defending errors and stupidity all in the name of support

Dude I'm not here to argue with you about the failure or success of Buhari.
I'm only here to educate those that understand the difference between the Federal Government and NNPC.

Rainmaker69:
One of the most closely guarded secrets in Nigeria is that NNPC is not a government parastatal or department. NNPC is a limited liability company with shareholders and a board of directors. The Federal Government has a large say in the management and affairs of NNPC only because it is the majority shareholder. Other OICs and entities are shareholders in NNPC.
Therefore, in actual fact, NNPC is not government, its just a national carrier, like Nigerian Airways. The real regulators are the Ministry and DPR. Unfortunately, several decades of scheming, manipulation and undermining caused by over-regulation has placed NNPC and DPR at the top of the food chain.

God bless you.

Is the NNPC a limited liability or an act of Parliament? Other agencies (CBN, NPA) also have boards of directors and the likes.

hegelian:
bros you are makeing a fool of yourself the more...if NNPC which is a subset of a ministry with a functioning minister have not submitted its budget of 2017, what does that tell you? a sane person will know that the minister of that ministry is either very incompetent or stupid or at best utterly corrupt,which translate to the fact that the govt is imcompetent and cluelessly corrupt(and here the president is the head of the govt and also the minister of petroleum with an agency under him that have not submitted 2017 budget that has only a few days to end...what an irony)....my brother the more you try to defend the indefensible the more you appear foolish (sometimes its best to keep quiet)

Dude I have told you to go and learn how Nigeria works. Historically, revenue generating agencies don't submit budgets to the Senate.
They make the money they spend unlike non revenue generating agencies that require money to be allocated to them.

NNPC'S budget is totally different from that of the Ministry of petroleum.

hegelian:
i think you are the dull one..NNPC is a subset of petroleum ministry and GMD NNPC report to the minister of petroleum and ministry of petroleum defend budget...so what are u sayinglike i said everybody is not a fool or silly, so now come again and bring another turn

Dude you obviously don't know how Nigeria works.

Let me help you, as at November 1 the NNPC had not submitted it's 2017 budget.

https://newtelegraphonline.com/2017/11/nnpc-customs-cbn-33-agencies-yet-submit-2017-budget/

PS: once upon a time, the Senate refused to approve the budget of the SEC because of their fight with Aruma Oteh, and the woman didn't send them.
Sanusi also refused to submit a budget for the CBN.

booblacain:
Wow, nairalanders and attitude. I thought we were having a conversation here and you had good knowledge of how these things work. Here I was thinking I could learn something from you. Not everyone is here to argue man, and do not say things you can't back up with facts or at least a clear explanation, it exposes your ignorance.

NNPC's MD is a political appointee. He would do anything to remain on that sit.
It's part of the reason presidents see the NNPC as their bank. All the need to do is appoint some loyal.

booblacain:
Politics? How does NNPC gain politically by subsidizing fuel?

Ask the NNPC's MD.

Lanretoye:
nairaland minister for petroleum,so when market price per barrel increased as against when the subsidy was removed and the demand and sales of Nigerian crude oil has also appreciated,your next economic policy is to introduce subsidy right?
see someone calling people illiterate on the thread,smh.

Do you even understand what you wrote?