₦airaland Forum

PIPsharingan:
Lol... Jorel Jorel,

I have left that hunt for you to feed on, we all know that the rate of fire from your machine gun matches the speed at which you spew words from your mouth.

I am out of strength, and my slashing precision is weak,
a rest would do to replenish my skill, The hustle(forex) will not end after today, so why fall in love with just one fight(pair)?

Happy slashing

Epic response! The bolded text shows you are a true Sensei.

Your results may not be jaw-dropping as some might expect, but your trading approach is just pure class. You are not meant for Retail level play. What you do is Institutional level.

Your discipline and accountability is highly commendable. I hope to be like you when I grow up (lol).

I've said this before and I'll say it again - Great things await you my dear Samurai.

I don't know what percentage of our imports come from China but I can imagine that it's quite a bit.
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Without boring you with all the technical details, this should take of some pressure from the Naira/Dollar rate. The only problem is whether there will be enough Yuan Reserves in the country to meet imports, else we will just see a skyrocketing of the NGN/Yuan rate.
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China is really pushing itself as the next Super Power. The internationalization of the Remnimbi and the pushing of Yuan as an alternative world reserve currency is part of that strategic plan. Sadly, in Nigeria, all you hear about are primitive bickerings of cave men. No National strategy!

laudate:
Are you saying ExxonMobil does not own shares in Mobil Oil Plc??

My bad. Someone has already pointed out to me that Mobil Oil is actually one of the 3 Nigerian subsidiaries of ExxonMobil. I have also confirmed this information to be true, so pardon my earlier indiscretion.

This is a difficult decision for the president and monetary authorities. There are benefits/challenges on either side of the divide, but the decision of policy makers is based on what they consider the priority of the economy.
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I believe the priority right now is to promote local manufacturing & production, especially in critical sectors of the economy. This will cause some temporary hardship but will lead to longterm benefits like job creation, improved Balance of Trade, self-sufficiency, etc.

The thing I find most disturbing about the fuel scarcity problem is that there is no coherent explanation as to why it is happening. Starting from policy makers to the Media to the National Assembly, etc, there is no unanimity of opinion as to the cause of the scarcity. One day, we blame Marketers, then Pipeline vandals, then Forex shortage, then Local refineries, then bla bla bla.
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The communication method/strategy of this administration is so out of sync and uninspiring. It even bothers on arrogance. They think just because they can regurgitate the stale rhetoric of defeat of BH and anti-corruption fight, we should all dance atilogwu for them.
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I still have implicit confidence in the administration and its direction, but they seem to be too comfortable and moving slower than Snail. Keynes said "In the long run we are all dead" meaning government needs to find temporary solutions to immediate problems, since we may all die waiting for long-term solutions.

enlightenedmind:
I cannot believe this.ExxonMobil has 3 affiliates operating in Nigeria. Mobil Producing Nigeria Unlimited (MPN) – Upstream
Esso Exploration and Production Nigeria Ltd. (EEPNL) – Upstream
and Mobil Oil Nigeria (MON) – Downstream

MOBIL OIL IS AN AFFILIATE OF EXXONMOBIL

It is like there is no one with a brain again in NIgeria

Point noted. Thanks for the compliments, by the way.

enlightenedmind:
Solution will not happen over night. My dear the problem is America has ban imports from all slave nations. And please i beg you just listen to me, APC or PDP, [b]MOBIL is an American institution and is working in America's interest. [/b]America creates institutions of poverty and destitution so nations would need them and they come to the rescue and then we owe hugely. We eventually have to devalue currency to pay back increasing poverty rates.
America provided weapons for the first and second world wars and all nations, on both sides were owing them after the war. Everyone lived in destitute for years to pay america back. Every nation is trying to free themselves.
Op please i beg you, you can be PDP or APC but please one thing Buhari is doing by these bans, is removing the shackles. We are fighting for our economic freedoms.
The british people specifically wrote in the constitution that the north should not be educated. But they 'highly recommended' decades later (when my poor village ancestors must have forgotten) that power be given to the north.
We need to begin to destroy those systems of hidden chains and claws in our systems. They are just clawing away. Angola, Zimbabwe has done this.
Please western powers will never allow nigeria to be developed if we do not stick this out. I know it is hard but dont worry. Send me ur email we will chat and forget our sorrows.

The company in question is Mobil Oil which is different from Mobil Producing (ExxonMobil). Mobil Oil is a wholly owned Nigerian company quoted on the Nigerian Stock Exchange. They operate within the downstream and midstream sectors of the Nigerian Oil & Gas industry. On the other hand, Mobil Producing Nigeria is a subsidiary of ExxonMobil which is an American company quoted on the New York Stock Exchange. They operate in the Upstream sector of the industry.

Just wanted to provide some perspective to guide your discussions. I also think it will be more engaging for you to discuss the merits/demerits of what was said rather than the usual 'colonial/conspiracy' banter.

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I'll lend my voice to this post before I pass.
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There is a difference between Reserves and Treasury. Reserves is used to meet import demand, international payments, repatriation of foreign Investments, etc while the Treasury is used for the running and administration of government. It is possible to have a healthy Treasury yet empty Reserves and vice versa. Ideally, a government cannot withdraw from the Reserves for the running of government.
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PMB never said he met an empty FX Reserves. He said he met an empty Treasury, meaning he met no money to run his government, even though there was $29b+ in Reserves to meet import demand.

victorels:
That is abou half of $1bil.
So the $1tril that they have saved, was it the amount they wold have paid as subsidy were it GEJ that is in office or the amount they have generated as revenue.

$1tn was never mentioned in the article. The only figures mentioned were $1bn & N1tn.

victorels:
so this $1Trillion, is it for how many months and since when did we begging to subsidize for federal government? What is the average that we pay per litter given that the naira has been fluctuating against the dollar.

It will be difficult to do this estimate. But I believe it is more.

I also hope that it doesn't include revenue from oil export. It will be double ojoro for them to try to merge the two.

#SayingmyThought

Let's work on a few assumptions (worst case scenario):
* 40m litres of PMS per day
* overage of N15/litre
* 10 months
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* 40m x N15 = N600m overage per day
* N600m x 30 Days = N18b savings per month
* N18b x 10 months = N180b
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The above analysis is very simplistic and may have a wide margin of error - since it may not account for a number of variables. However, the point was merely to provide some perspective about your assertion that saved figures should be significantly more than what is reported.

victorels:
It should be more than that o. We have been paying N8 to N16 on every liter of fuel.

He should tell us the average number of liters imported per day so we can do the estimate ourselves.

We need to know how much we even have in a federation account. Like how much has been recovered, how much has been collected by revenue house etc.

We were promised a transparent government.

#Accountability

According to PPPRA, Nigeria consumes about 35 - 40m litres of PMS per day. You can do your maths now, pal.

...I give credit to the government, because the situation is completely beyond their
control...

TBH, I am now convinced beyond reasonable doubt that Nigeria's problems is beyond leadership, but a societal one. Are we just intellectually deficient or chronically prejudiced.
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This was an interview where the Minister was specifically asked about the exchange rate situation. He tried to explain the factors that influence the rate making reference to oil price. He simply said the SITUATION (exchange rate) was beyond the president since he does not control oil price. He never said the ECONOMY was beyond the President’s control as misrepresented by the media.
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How the media gets away with such mischief is beyond me. Worse still is the fact that 80% of readers do not even notice this distortion of facts. These are people that will later assume leadership positions. With such shallowness among citizens, the future is even more uncertain.

vedaxcool:
[s][/s]It apparent you did not read the op. Sabotage done by criminals in places like bayelsa et al have created a situation that improvement made are undone in a second. Militants in the delta region have made ships avoid their areas for delivery of petrol.

Unfortunately, my brothers in the ND think militancy is an asset and a strategy to arm twist or blackmail the FG. Unfortunately, the victims are we Niger Deltans. It causes environmental pollution as well as discouraging Investments. Later, we will complain why everything is in Lagos.
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We need to be a lot more strategic in our thinking and actions. We've got international airports, deep ports, oil/gas, huge state govt revenue, etc, which should attract investment, yet we undo everything with militancy.
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Most Sub-Saharan Africans lack the the capacity to think and act strategically for their best interest. That is why those who consider re-colonization by the West may not be far off.

90% of those who commented above never read the article, else they would have observed that there is no where in the article where PMB has told the EFCC to probe GEJ. How does Garba Shehu and Femi Adesina saying that PMB had not had a secret pact with GEJ translate to PMB giving EFCC go ahead to probe GEJ?
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The writer or OP may have been mischievous in coining the Title, but the readers are even more indolent & pathetic. Victims of prejudice & poor education.

“Regrettably, we are far from the target presently. For instance, in the current National Assembly, women representation is at its lowest with only 5.6 per cent of the members of the House of Representatives and 6.5 per cent of the senators being women.”

Is it the president that will determine or influence who wins party nominations or gets elected into the Senate or HOR? What could Buhari have done to alter or favour those percentages? This is a societal problem and not that of the president. More women need to aspire for elective positions, political parties need to give more of them opportunities to represent them and finally the electorate needs to trust and vote for women.
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The president can/should only be held responsible for appointments, because that is directly under his area of influence.

Grow up man! You can't be everything to everyone. You seem to be swaying with the wind lately.

mile12crises:
And you were blind to read that "Authoritative sources have it that EFCC didnt find one kobo in Badeh's house"

If I understood properly what was written by Punch Newspaper (see link below), then I think $1m was found in one of the houses EFCC claim is owned by Badeh. However, the former General is claiming that he does not own that particular house (which the money was found). EFCC, on the other hand, insist that Badeh owns the house as his belongings including his photographs were found there during an EFCC search. It's up to you to choose who to believe, or you can save yourself the trouble and allow the judge choose.
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http://www.punchng.com/39533-2/

If he, eventually, comes up with the N2bn bail fee, can he prove the legitimate source of such earnings as a military personnel? Even the sureties must be "Clean", else you'll need to prove to EFCC the source of your wealth.
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Any means the government will use to recover looted funds is welcome. If bail fee is one of them, so be it.

Now that a major/sensitive appointment has been given to a Southerner, the rhetoric has changed from accusing the president of Northocracy.

The OP is as ignorant & misguided as the Nigerian media. Did the HMSP use the words Subsidy Removal or Un-bundling? No, he used the words Price Modulation & Re-organization, because they actually mean different things. But, typically, the media will either report based on their limited understanding of issues or print words that are sensational. The worst part is when the Senate prefers to react to media publication rather than consult with relevant government agencies/personnel for clarifications.
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For the records, Price Modulation allows government to fix prices of Petroleum products, where govt can either incur cost or have overage depending on the difference between the EOMP (Expected Open Market Prixe) and the official Pump price. In Subsidy Removal, government will either constantly adjust the official Pump price to be in line with the EOMP or completely allow market forces to determine pump price.
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Un bundling means breaking up the NNPC to different units, while Reorganisation means tweaking with existing structures to demand more accountability & profits. In the current NNPC structure, most Business Units (BU) simply go through routine activities every year whether they make loss or not. In the new proposed structure, all business units will be run as profit centers and their CEOs will make business decisions as if their jobs depended on the success of those BUs.

Dear senator BMB, I think our president can learn a lot from the British PM. But I also think that our NASS members can learn a lot from British MPs (Members of Parliament). For instance, British MPs use their personal cars or public transport (like trains) to go to work. But you lot use long convoys.
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Mr Senator, why are you silent about the wastages going on in NASS. Why not point out that the budget of NASS (N120bn for 2,500 people) is more than the annual budget of most Nigerian states (with population of more than 5 million each). Is that the way it is in UK?
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Dear senator, do MPs in the UK have police attached to them? I have seen you several times with attachee police paid by tax Payers. But, No, you won't say anything about that because you are true to type - a politician & hypocrite!

Swanye:
Can someone tell me the importance of condolence register?

I generally admire people who question norms and conventions. We must do things because there is a valid/cogent reason to do so, and not just because "it is always done that way".

Senator BMB is an intelligent man. He should use his intellect to offer constructive criticism on government programs rather than play to the gallery by resorting to shallow and infantile rants on SM.

We will no longer measure performance by the size of our budget or the amount disbursed; we must measure by the impact of that expenditure on the lives of Nigerians.

HMF, I think you have been grossly underestimated. I, personally, believe in you and I hope you prove your doubters wrong in the end.
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People compare you with our amiable NOI, forgetting that NOI was more than a HMF (Honorable Minister of Finance) but also the CME (Coordinating Minister for the Economy). Right now, even National Planning & Budget has been removed from the Ministry of Finance.
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For what this beautiful & intelligent lady has been profiled to do (Management of govt Finances), she is more than capable and so far doing an outstanding job. Most of the criticism directed at her has been done either unfairly or maliciously.

Even though this may not be considered a comprehensive economic policy, it atleast provides us with some form of direction and thinking of government. I wish all ministers could engage with the public in this way so people could be informed about direction of their various ministries.

If your business model is to import 100 per cent of your component and just be an assembly plant, then definitely you will face challenges because the influx of foreign exchange is not like what it used to be a year and half ago when we used to receive about 3.2 billion dollars on monthly basis and our outflow was around two billion dollars. Today, we are receiving just about a billion dollars.

So, about 18 months ago, Nigeria had a positive $1bn in monthly balance of trade, but today we have a negative $1bn monthly balance of trade. Yet, somehow, people still think the CBN should meet all forex demand. The FX Reserves would simply wipe out within 2 years.

Foxflames:
So Buhari's children are expected from foreign restriction. The Senate made valuable points and u can't find holes in them. We all know that most Nigerians would opt for uk university over nigerian. In uk engineering is 3yrs. In nigeria after 5yrs someone is bot sure of graduating due to strikes and lack of world class facilities.

Any former Nigerian president can afford dollars even @ N400/$ to send their kids to school overseas.
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I understand that most Nigerians would prefer a UK education because of quality and time, but the reality is that government does not have enough dollars to give to those private citizens. Just like every other citizen who cannot access official dollars, those who wish to send their wards to school abroad should source their dollars from independent sources.
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Senator BMB was one of those who called out the president for not devaluing the official exchange rate. Now that the president stuck to his guns and resisted devaluation, he now wants to access that cheap rate.

989900:
Education in all forms, and I mean ALL FORMS is absolutely non-negotiable.

Read the senators points again and tell me you have something better . . .

As we speak, there over 700,000 students from the US, UK, Russia, Germany, Thailand, France, and e.t.c in China, Singapore, studying.

Millions of students from all over the world in the UK, the US, France, Australia, Canada, Russia, Germany, and e.t.c. foreign education is a form of education no-country can do without, it's actually highly encouraged; mind you, this parents are not even asking for sponsorship, all they ask for is, to be able to pay 199 to a dollar, the same dollar they used to pay N120-N155 to a dollar for at the time some of their wards enrolled.
Is that too much to ask for when Dangote could get funds for foreign factories, the senators could get up to $100,000 each for some extra imported cars?!

Some countries pay up to $30,000 to their citizens who are willing to go study abroad . . . even though we can't do that now, is accessing Forex at the official rate to much too ask for?

Not to mention a good percentage of those foreign students would not even consider foreign education if there were no ASUU, NASUU, NLC, and whatever strikes -- making the victims pay for the failures of government.

Ok, folks are now looking for official exchange rate from the government to pay school fees. Meanwhile, the president has been called all sorts of names for holding the official rate at N197/$. What if he had acceded to the pressure and devalued to N300/$? Would they not buy at that rate to send their wards to school abroad?
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Nigeria is, probably, the only country in the world where citizens feel a sense of entitlement demanding for Forex from the government. Nobody is saying Nigerians should not send their wards abroad for foreign education, what the government is saying is that the available dollars is so small that they cannot meet most forex demand anymore (including school fees). Nigerians who need dollars for school fees should source it elsewhere outside government Reserves. That's exactly how I source dollars for my personal use. Nobody should feel more entitled to access official forex more than others. The government should be allowed to prioritize as it fits their economic & developmental agenda.

onatisi:
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I will advise you to desist from quoting my comments forthwith. If all you can afford is to use derogatory words with zero intellectual input, be informed that I won't be dragged into the playground with pigs.

The only vacuum in President Buhari policy is that he has not unfolded meaningful economic policy vision that can refocus the psyche of Nigerians to an inevitable future that is full of reaping the benefits of the sacrifice being made now. Buhari cannot rule in a visionless vacuum. He needs economic vision which can get the citizenry to fast-track the development of Nigeria. National Conference cannot fix this for President Buhari. Economic Development is not costless, it has pains incorporated. But if the Government unfolds Economic Policy that can make Nigeria know that soon, it will be comfort and happiness, Nigerians are willing to sacrifice.

Couldn't have put it any better myself. One of the best writeup on the current subject of devaluation.

McTobe:
without meaning to sound disrespectful sir u will make a very bad researcher and student. In line with valid & sound reasoning u can only challenge him to tell u the "How" of his assertion or wait to see if the federal government will give him the chance by consulting him and then u can be in the right order to criticize his moves. Not minding the merit of your post u are totally out of order

Noted Sir.