₦airaland Forum

ODUBEZE:
Lacks constructivism!
Be loosed from the chains of hatred!

And you think the original article was constructive?

liberty300:
what are you asking me for? Ask Buhari supporters, they're the ones that got us into this mess in the first place

Well, I am one of them but I still do not understand how I got you into this. A lower deposit rate should translate to a lower borrowing rate which should be positive for business and the economy.

My concern is that deposit rates are usually not lower than inflation rate, else folks are not going deposit their funds with the bank. This is economics pal, so you can ignore your political bias for now.

Dear NOI, I believe that you and Oshio have some personal scores to settle and it is entire possible that it is tied to the loan you referred to. My concern, though, is to know whether the issues that the governor raised are cogent and true.

I personally do not believe that you aided and abetted the corruption, but you simply looked the other way while it happened. You were the CME and Finance Minister, yet you just sat there and watched as our common patrimony was being frittered away on the altar of politics.

liberty300:
Diamond bank Is 3.3%

It doesn't make sense. Why would a bank pay less than inflation rate? It defies basic economics & finance theory.

But it was ok for GEJ to remove Sanusi and replace him with Emefiele.

I don't care if the propaganda is true or not. The president will exercise his constitutional prerogative as he deems it fit. In any case, Emefiele appears to have been complicit in a number of corruption cases during GEJ.

Sounds like a very strategic trip. In the fullness of time, all the scattered dots will connect and the full picture will become obvious.

"Impatience is not a virtue" - PMB (Oct 1, 2015)

I'm sure folks here will be saying that the post was reserved for the Minister of Petroleum - Bubu himself.

Duru1:
Must everybody be on the wheels of a locomotive? There are some person in the engine room firing up the coal. All of them are focused on one thing, thus, realization of Republic of Igbo land or reconfigured Biafra. What is there too much to ask for?

No! You should be here in the thick of things. When the statistics will be rolled out in future, then I would like you to be part of it. When the tabloids report "100 killed", you think it sounds like child's play because you or yours are not involved.

Be careful what you wish for pal. When you throw stones in the market, you never who'll be the victim.

Duru1:
Per the bolded in red, none of the above is applicable to me. It is very shameful most Nigerian have the virus of silly assumptions. As for the NL, it is a public domain and not limited to dingbats from the zoo called Nigeria.

I take it that you are venting your vile vituperations from outside the country. Maybe it's about time you come back home and be in the forefront of the struggle.

afolag:
I think u dnt knw APC well....mid way to a yr she will tell you stories y dat is impossible.
If we can save such a huge amount which nation will not put in place the necessary strategies to mke dat possible. Following the fact that it can help settle the #5000 payment to d unemployed youth.
Note it down and let see wat happens by mid 2016 wen u ask her hw far wit $5bn we dey try save.

I do understand your cynicism, and you may well be proven right in the end. But I don't think it's an APC thing, it's rather a general attitude of public officials irrespective of party.

I will still give her the benefit of doubt, and believe she can make some progress.

porka:
He he he he

Civil servants' legitimate emoluments are now "wastage" to be "saved".

I read somewhere in the article "...she would scrutinize the prices government agencies pay for plane tickets, office supplies and other items."

The issue of Civil Servants salaries was to prevent it from increasing, and not necessarily to decrease it.

ProfessorPeter:
Nigeria cannot fight war on two fronts . Buhari defiant altitude, born to rule mentality and i am an ex general belief including his dictatorial policies will certainly bring the downfall of Nigeria. This IPOB protest is avoidable.

Educate me please. What role is Buhari playing in the agitation for Biafra. Kindly be specific.

obasiken:
Saving during recession. Lol. Think of how to generate money not how to save oil money. Dumb leaders

She is "Saving" the money from being wasted. Not necessarily putting it into a Savings account.

$5b annually. That would be an extra N1trillion added to the budget annually.

I pray she has the skill and will to pull it through.

Oshiomole and Fayose should please focus on delivering good governance in their various states. The FG, APC & PDP have official communication channels, so these governors should just give us a break.

Oshiomole obviously hates NOI as much as Fayose hates PMB - a sad fact that dilutes their otherwise valid comments.

Apart from Natural Resources which God bestowed in our lands, I would really like to know how much Sub-Saharan Africa has contributed to the advancement and betterment of the world.

Everything we have and do is borrowed (and we can't even copy well):
1. System of Governance
2. System of Education
3. System of Worship
4. Science & Technology
5. etc.

We just can't figure out things for ourselves and the world. We need to reevaluate our place in the world and contribute more. Black Africa needs leadership, something Nigeria is well positioned yet failed miserably to do. The Asians have China to look up to.

I wish the youths can stop venting vile vituperations on social media and start thinking more creatively.

DerideGull:
Per the bolded in red, the statement is more moronic than Daura Dumbass refusing to shake hand with female ministers while he shook hand with Queen Elizabeth II.

And you think hiding under a certain moniker in a faceless forum gives you the license to use derogatory terms on others. Or you think using such language validates your point and makes you appear more intelligent.

Piece of advice kid, learn how to advance your point without insulting others. Doing otherwise shows a child with inferiority complex who thinks deriding others will help lift his poor self esteem.

Krasid:
Isn't the ballon d'or an individual award.

It is, but CR7 is not necessarily head and shoulders above the others. And nearly all that have won the awards in the past did win some trophy.

mart2k:
I understand ur plight, for anybody to put Neymar b4 CR7 only mean one thing....d person is a diehard Barca fan. Barca fans hate CR7 wit passion

Sorry to disappoint you, I'm not a Barca fan but merely judging based on form and trophies.

In the year under review (2015), Neymar & Messi have won La Liga, UEFA Champions League & Super Cup. Messi almost won Copa America. This is aside their exceptional individual performances. On the other hand, CR7 has won nothing this year, even though his personal form is equally exceptional.

Messi.

Neymar has been spectacular of late, virtually carrying the Barcelona team during Messi's injury. However, Messi's form last season, playing in the finals of Copa America, and his few brilliances this season should be enough.

1. Messi
2. Neymar
3. CR7

It appears a bit unjust to deny Faleke the opportunity. After all, the Constitution expects him to be ready and capable of running the office of the governor should something happen to his boss.

On the other hand, it appears it would be better to give it to someone who truly aspired to become a governor, rather than someone who circumstances has forced it on him.

Not at our current growth rate.

We never laid the foundation for achieving growth. Infrastructure is in a mess. The economy is not diversified. Local manufacturing is dead. Interest rates and inflation are over the roof. Local consumption is low due to massive unemployment and underemployment.

These things don't just happen. It takes proper fiscal responsibility and planning to make it happen. Nigerian leaders are not known for such.

So sorry to disappoint you - the odds of that happening is low. We have the potential though, so it is still possible.

Height of mismanagement by Aregbesola.

It is ridiculous for him to blame FAAC allocation, when he should be taking responsibility for his fiscal policy decisions in plunging the state into huge debt with very little IGR.

missKiffy:
Take her as she is

Only if she presents herself as she is.

dridowu:
Honestly i just hope TheCable won't deny the news as time goes on.
Jonathan deny approving the $2.1bn arms contract.
Buhari govt insist the immediate past govt approve the contract.
Who should we believe, anyway, it left for Buhari team to present concrete evidence , also left for the judiciary to deliver concrete verdict without fear and favour.

Jonathan was tacit when responding to the issue. He said he never awarded a $2b contract "at once". That, to me is being clever by half. Technically speaking, he is correct but strictly speaking, he is wrong.

naijanaso:
We make comments on NL based on hate or like and not based on facts. Did FFK not say the truth here?

On Shaking hands with women: The president does shake hands with women. The female ministers in question were the Muslim ones. In Islam, married women are not allowed to shake hands with other men, so the president was simply respecting the women, their husbands and their religion.

On the Chibok girls: The president promised and he has not delivered.

On N5,000 to unemployed graduates: The 2015 budget was already passed before May 29, so that cannot be implemented this year, as it would then be extra-budgetary expenditure. The government has said it categorically that the issue will be addressed in the 2016 budget. So give them the benefit of doubt till then.

On protection of human rights: Are alleged criminals going to now hide under human rights to avoid prosecution? There is no country in the world where people don't account for their actions.

On the issue of N18,000 minimum wage: Has the president said he wants to review it downwards? Is he not the same person who quickly packaged bailout for States to enable them pay salaries?

If Fayose showed much interest and concern for his primary responsibility as Ekiti State Governor, it would benefit his people more.

He is now sounding like a real broken record. PDP has a spokesperson, so I wonder why he is trying to steal the stage from him.

He was competing with Oshiomole as the most irresponsible governor, but Oshio has left the stage for him to reign unfettered.

Devaluing the Naira will not necessarily improve the economy, but it might prevent an already bad situation from getting worse.

There is a limit to what the CBN (in the face of falling oil prices) can do without support from FISCAL authorities. What we are experiencing now is a result of previous failed fiscal policies & corruption. By now, we should have had a much more diversified economy, good infrastructure to support local manufacturing, efficient government revenue collection, etc. But alas, we didn't care and now the hen has come home to roost

Kemi & her team needs to get to work ASAP. The silence regarding fiscal economic policies of this government is deafening. We need to know what the direction, priorities and strategies are.

If something is not done quickly, then sooner or later, the CBN will allow the Naira to depreciate or face very dire unintended consequences. If manufacturers cannot get dollars to import raw materials, then we'll have to brace up for more job losses and lower government revenue. The economy will just shrink further, and with inflation still high, we might just be facing Stagflation.

The Fiscal Economic Team needs to immediately collaborate with the CBN to fix this 30yr old mess quickly. If they are already collaborating, then they need to start communicating to the rest of us.

MANGAM:
Photos from a palm oil mill in Malaysia

Do you know the name of the oil palm mill?

erunz:
please state anything u have seen since the arrival of this government, that justifies increase in our debt.

Abraham Nwankwo has disclosed that Nigeria’s external debt profile has risen to $11 billion as at last week as against the $ 9.4 billion recorded in March. Similarly, domestic debt profile was said to have rise

If you are comparing the debt profile of the previous govt and the new one, I think a better comparison would have been between May and now. However, the article compares between March and now.

On the Foreign debt, I can recall the president's request for Edo and Lagos states based on loans approved during the previous govt. On the local debt, I can remember bailout loans to state governments for salary payment.

Republlican:
Source pls

Sorry to disappoint you dear - the source is 'Yours Truly'. I watched the entire screening session of Ibe Kachikwu, so it is my summary of what transpired. But I can assure you that I have been entirely objective in my review.

You can watch the uploaded videos on Channels TV (Youtube channel).

While most of the batch 1 ministerial nominees spent an average of 30 minutes with the senate, Ibe Kachikwu was grilled for well over 90 minutes – understandably so, considering how strategic the petroleum sector is to the country’s revenue. Kachikwu demonstrated remarkable poise, confidence, and eloquence throughout the course of the screening. He also demonstrated deep knowledge and experience on the workings of the oil & gas industry, as well as having a clear plan to drive the petroleum ministry. He was, by far, my standout performer during the batch 1 screening.

Below is a summary of the major highlights from Mr. Ibe Kachikwu’s ministerial screening session with the Nigerian Senate.

Introduction...
Kachikwu stated that he has had a 30-year unblemished career in the oil & gas industry, starting from upstream, downstream and private sector. He went on to state how fortunate and privileged he has been to have enjoyed FG scholarships as well as Harvard University scholarship for his PhD in Law. He said he had learned certain principles from his dad including Humility, Service to Nation, Integrity, etc.

On ensuring consistent availability of refined petroleum products…
Mr Ibe stated that the short answer to ensuring consistent availability of refined petroleum products is getting local refineries to work. He noted that importation of refined products is not just disgraceful to a big country like Nigeria, but it is also a lot more expensive than local refining.

On the state of the refineries…
Kachikwu noted that the refineries are currently operating around 25% capacity contrary to the figures being bandied around in the media (i.e PHRC – 65%, while WRPC and KRPC below 10%). He stated that there will be a review of all refineries by December to ascertain if they can consistently operate above 65% capacity, and any refinery operating at less will be completely shut down for proper maintenance.

On whether he’ll use and promote existing version of PIB…
Kachikwu was of the view that trying to pass a holistic PIB may be a cumbersome process, so he suggests breaking up the PIB into critical aspects and dealing with them individually. He stated that the country looses in the region of $15bn potential investments annually by not passing the PIB.

On the State he met the NNPC…
On the good side, Kachikwu observes that he met a lot of very good and committed staff who were yearning for leadership. Staff who knew exactly what the problems of the NNPC were and the solutions to such problems. On the bad side, he said he met huge corruption, poor contracts and poor structure. He said contracts have been reviewed to ensure that the terms yield the best value for the country. He notes that he met an NNPC whose annual expenditure was more than the aggregate annual budget of 3-5 states.

On whether he’ll honor invitations by the Senate…
Kachikwu says he’ll not just honor invitations from the senate but that he’ll ensure that the NASS receives monthly report on activities of the ministry. He stated that the requirement for knowledge and information is not a privilege given to Nigerians but rather a right the citizens are entitled to, and as long as he has influence at all, he’ll ensure that those rights are respected.

On promoting local content…
The minister-designate stated that the local content will go beyond contract administration and personnel issues, to incentives and investments. He said a Wealth Fund will be created to encourage Nigerians, banks and other financial institutions get into the complicated deep stream sector.

On experiences he brings from the private sector to the public sector…
Transparency – Mr Ibe said that some of the wild news he hears in the public sector are completely alien to the sector he is coming from. To quickly promote transparency, he said that PWC has been engaged to audit management accounts. He said he has also made a commitment to publish monthly reports of the NNPC.
Speed – He stated that speed is time and time cost money. He observed that speed in the oil industry can mean the difference between success and failure of a project.

On why investors with refinery licenses do not invest…
He stated that some of those who acquired licenses did so only for the purpose of crude allocation without any desire to invest in refineries, while some others acquired refinery licenses without any financial and business modeling to understand the refining business. He said that, going forward, all requests and grants of licenses will be reviewed to ensure that only those with business plans and who can deliver on such business plan will be given licenses.

On the continuation of subsidy regime…
kachikwu said that most people coming from the private sector will say an emphatic NO to subsidy, and that the president knows where he stands on the issue. He, however, noted that the president fully understands the need to do away with subsidy but that he is worried about removal of subsidy without first having palliatives in place to cushion the effect of such removal. He said some of the palliatives being discussed include things that affect every Nigerian such NHIS, railway development, power delivery, subsidy of transport tickets, etc.

He also noted that there was a lot of fraud in the previous subsidy regime and so it was important to establish what the true subsidy payment was. For instance, he said that figures available to him suggest that Nigeria does not consume 40m litres/day of PMS as estimated by PPPRA but rather sub 30m litres – thereby reducing subsidy by 25%. He said they are also working to resolve demurrage issues, which constitutes around 25% of subsidy payments. He believes that if the fraud component of subsidy is stripped off completely, then the true subsidy amount will be so small that it will be easy to fund it through other means other than the budget.

On exploration for oil in the Chad Basin…
He said that from recent reports available to him, there are initial indicative geological surveys to show that oil may well be found in the Chad Basin. He said the corporation will apply all energy and resources using modern technologies to ensure that the Basin is developed.

On stopping gas flaring…
He said the country would have to focus on investments to convert flare to money rather than just Penalty. He said that the single most important deterrent to gas development is the absence of policies, statutes, incentives and a masterplan. He said most countries like the UAE, Qatar, Saudi Arabia, etc have left Nigeria far behind and are moving fairly rapidly into gas development. He said he is absolutely committed to gas development both for local consumption and foreign supply, especially in the face of declining oil prices.

Subtle Indictment of previous administrations…
During the course of the screening, Mr Kachikwu noted that:
**(1) Previous subsidy regimes were characterized by fraud
**(2) No shut down maintenance had been carried out in the refineries for more than 10years
**(3) There was and still exist endemic corruption in NNPC
**(4) Previous administrations lacked Executive Will to follow through with reforms in the sector

Senator Akpabio also noted that for 7 months, the NNPC made zero (0) allocation to the Federation Account, leaving the government to only depend on contributions from FIRS, CBN, Customs, and other revenue generating agencies. He also noted that for 3 years, even as a governor of an oil producing state, he could not reach the Minister of Petroleum – a testament of how powerful the former minister was.