₦airaland Forum

helpee:
[s]This is becoming nauseating. Everyday we are just kept busy with EFCC stories while the economy is nosediving. Ironically, it is a PDP senator in the name of BEN BRUCE that is trying to lead the economic revolution or at least a semblance of it. I wonder why people are not tired of all these charade everyday . The dss started with kashamu laying siege on his house for days and he is still senator till date. several cases followed since then practically everyday and till date not a single conviction has been achieved and youths that are mainly affected by this economic shutdown will come here and start saying they must vomit some stupid yams. There is no law yet in Nigeria that says parties must disclose their source of campaign funds so which one is this that EFCC want to know the source of PDP campaign money. Who will probe the source of APC campaign fund? This is what morsi and his islamic party was busy doing in Egypt and the rest they say is history. Pls, Buhari, save the future of Nigerian youths. we know you are too old and may no longer care about tomorrow but please, support BEN BRUCE to lead economic revolution for nigeria and put a stop to all these propaganda and media fight against corruption that is so far ineffective as reflected in the BUDGET OF YAMS prepared under your nose, , SHAMELESSLY PRESENTED BY YOU ONLY TO BE STOLEN BY YOU SIR. This my president is the height of corruption[/s]

In the past few months, the present administration has increased the tempo of its hunt for public funds suspected to have either been looted from government coffers, especially during the immediate past administration.
Al

Maghan37:
Why does everbody rhinks it is PJ as everyone 4gotten Turai yardua.

The wife of a former president may soon be invited by the Economic and Financial Crimes Commission (EFCC) to explain her role in the sourcing and disbursement of huge funds spent by the Presidency in the last two weeks before the general elections.

According to sources, the failure of the former head of the presidential Amnesty Programme to return to the country

hungryboy:
Mr Solomon Arase,
Catch the herdsmen,
You never catch,
You don already dey speculate say dem be foreigners,
Oga do your work were dem dey pay you to do, if you no fit do am, just shut up dey collect salary as you dey always do.

Topeakintola:
Thank you bro

It is what we need right now

Lalasticlala abeg do the needful

Another common sense thread

AngryNigerian:
...or you de look im face, wen b like, "Aphta I phinis funishn dzis kwuruft pholitishans...nobwody will eva kwundone any of dzis again!"

I kinda like dze man though

lookandlaff:
[s]
Jesus wept!

It is so difficult engaging people who are unable to reason, people who cannot use their brains, people who cannot think, people who are given a brain but refuse to use it, people who claim to have studied english but do not comprehend the English language. Educated illiterates!!!

For the last time:



Simple Definition of subsidy


: money that is paid usually by a government [b]to keep the price of a product or service low [/b]or to help a business or organization to continue to function


If the price of the product is already below the govt apprivved price due to market forces, then there is no need to pay a subsidy. A subsidy only arises when the market price rises above the govt approved price. @ the current price of Oil in the world market, the landing cost of petrol is below the govt regulated selling price of petrol @ N86l so there is no need to pay any subsidy.


If market forces have brought the price of the product below your approved price then there is no subsidy to pay, if it rises above the approved price then the subsidies will resume hence the "if". @ say $80 a barrel, the landing cost of PMS is above N86 so we pay subsidies, @$35 the landing cost of PMS is below N86 so what subsidy is there to pay? how can you pay a subsidy when the cost is below your selling price?



You cannot "remove" a subsidy that doesn't exist. at current price of crude there is no need tp pay a subsidy on petrol. it doesn't mean we have removed subsidies.


You set the price of something @ N10 but the actual cost is N12, so you pay a subsidy of N2. but the cost of the item drops to N9 it means you no longer have to pay the N2 subsidy, it does not mean you have "removed" the subsidy, all it means is "for now" you are not paying any subsidies. you keep the N1 profit as a buffer in case (i.e "if" ) the cost should rise above N10.

English is our problem, starting the the quack journalist who wrote the headline, we misuse words, not currently paying subsidies is not the same as "removed" subsidies.


Don't engage me anymore please, if you still don't get it then youve wasted your education.[/s]

Iroh88:
The recommended punitive reprimand for flouting this law, if it sees the light of day, is grossly insufficient for me as a deterrent. The jail time for the offender is short and the minimum fine for the financial institutions involved is too small.

We need a lot more drastic means if we want to really discourage these folks from getting their hands soiled.

Regardless, this is really commendable from the president. Gradually but surely, we'd build institutional frameworks that make looting very unattractive for our politicians and businessmen. It was what I voted him for, it is exactly what he's doing.

Just like Obiagelli said, my loyalty to Nigeria and her president remain firmly intact. All he needs is time. If after four years he gives me sufficient reasons to think otherwise, they so shall it be.


God bless Nigeria.

any bank that is found guilty of money laundering would be liable for the fine of not less than N25 million and a designated non-financial business and profession would get a fine of not less that N10 Million if found guilty of the offence.

oduastates:
I am waiting to see how long it will take them to pass the bill.
Nigeria has over $600 billion stashed overseas by her corrupt businessmen and politicians .

Topeakintola:
This is an opportunity for the Senate and HOR to step up and enshrine this bill into law

Regardless of your political affiliation, it is glaring that corruption is slowly eating up the country alive

This is a good bill that will provide institutional reforms in the country's public sector and also led to overall change

AngryNigerian:
Buu-buu's face though...

kITATITA:
I can bet you that they'll water it down before passage; if they'll even pass it

lookandlaff:
you clearly are not able to follow logic, the "if" exists because a subsidy regime is still in place, that you are not paying now doesn't mean it no longer exists. If you had abolished subsidies there would be no if, why are we so dull?

Do you understand what a regulated market is?


on your point aboout budget, the budget is based on $38 a barrel, at that level there is no need to subsidize fuel so why make provision in the budget when you don't anticipate a need for subsidies? That you don't make provision because you feel there wont be a need doesn't mean you have abolished subsidies.


Put it this way, you pay your child'd school fees, government now says we education is your child's school is free. Because there are no more school fees, when you plan your expenses you dont allocate money for school fees. But all of this does not mean you have decided to stop paying for your child's school fees. The day govt starts charging for school fees again you will make provision for school fees.

You saying govt has removed subsidies because it currently has no need to pay subsidies is like saying a mana has said he is no longer going to pay his child' school fees simply because for now there are no fees to pay.

asorocker:
This is really a funny appointment, making a former bank MD the SA to the minister for budget.
If this is not the height of misplaced appointment then it is just too glaring a sign of incompetence in selecting ministers

However, another hope to tackle money laun­dering cases in Nigeria has been rekindled by President Buhari, who recently sent the “Money Laundering (Prevention and Prohibi­tion) bill 2016” to the National Assembly for con­sideration. [b]In analysis, the bill seeks to establish Bureau for Money Laundering Control (BMLC), which would be independent in the discharge of its functions and responsibilities. According to the “Money Laundering (Prevention and Prohibition) bill 2016”, any perpetrator of the crime is defined as “a person who knows, ought reasonably to have known or suspects that property has a criminal origin, commits an offence, if he conceals, dis­guises, converts, transfers or removes the property from Nigeria. The bill prescribes stiff penalty for anybody found culpable of the offence and upon conviction shall be in imprisonment for a term of not less than seven years without the option of a fine. Under the “Money Laundering (Prevention and Prohibition) bill 2016”, any bank that is found guilty of money laundering would be liable for the fine of not less than N25 million and a designated non-financial business and profession would get a fine of not less that N10 Million if found guilty of the offence. The proposed bill also stipulates three years imprisonment or above for anybody that fails to report persons involved in the illicit act.[/b]

It is self-evident that Buhari’s anti-money laun­dering bill is in tandem with the urgent necessity to establish a formidable financial intelligence body to combat money laundering, terrorist financing activities and other predicate offences in Nige­ria. Such a body — as required under the Money Laundering (Prohibition) Act 2012 (as amended), the Terrorism (Prevention) Act 2013 (as amended) or any other relevant law or regulation — would have mechanisms for sound policy and decision – making requiring adequate, quality and timely information analysis necessary for tracking and choking off the flow of proceeds from illicit activi­ties that could impact negatively on our economy and national security in a more deeply or rapidly way.

Obiagelli:
80% of these agencies should be scrapped, they are absolutely useless.


6. Petroleum Technology
Development Fund (PTDF)
7. New Partnership for Africa’s
Development (NEPAD)
8. Nigeria Social Insurance
Trust Fund (NSITF)
9. Nigerian Content
Development and Monitoring
Board (NCDMB)
10. Federal Mortgage Bank of
Nigeria (FMBN)
11. Tertiary Education Trust
Fund (TETFund)
12. National Information
Technology Development
Agency (NITDA)
13. Petroleum Equalization
Fund

23. Industrial Training Fund
(ITF) (xxv) Nigerian Export-
Import Bank

16. Bureau of Public
Enterprises (BPE)
17. Petroleum Products Pricing
Regulatory Agency (PPPRA)
18. Standard Organization of
Nigeria (SON)

Useless agencies

Kenobus:
Nigerians are too gullible! Subsidy hasn't been removed from pms. They shd stop the lie! If subsidy is removed the price would be above N100. Think

lookandlaff:
when you go to school, call yourself educated, read an article where it expressly tells you subsidies have not been removed but you still argue otherwise, why are we such educated illiterates?


did you not see this part in the article?

"the over recoveries from both PMS and HHK would be saved by the government and used to fund future subsidies if the need arose."


1. why would you be funding future subsidies if subsidies have been removed?

2. did you see any official announcement from the govt that they have abolished the subsidy regime?

lookandlaff:
actually the saving would still have been made even if Jonathan was still in government. Buhari did not remove subsidy, Oil prices fell to a level where we don#t have to pay subsidies. I'm very much in pro Buhari and against everything Jonathan stands for but Buhari can't claim credit for what he did not do, just as you can't blame him for the mess he inherited..but .he hasn't removed subsidies, there is just no need to subsidize at current Oil price levels. Wait till he stops importation of fuel then give him credit.

PhockPhockMan:
How na?

baralatie:
Does the inec guidelines super cede the electoral act

Aufbauh:
Even me wey no be parishioner i saw it coming when Fr Mbaka said that Jona dove no gree fly.....
Come to think of it Bishop Onaga for use superior power to make Jona dove fly na as him get power pass Mbaka

Anyi2015:
pray and ask God abt it ok stop making noise

abuayman:
It shall come to pass

loopman:
In your own dictionary, OBJ was a northerner.
The problem with you people is short memory and you think everyone easily forget like you do.
Northerners will definitely vote a Fashola if he performs relatively well in his current assignment, they don't reason nor play politics of hatred and vengeance like you play, which has brought you to this unenviable political position you are.

Baawaa:
The different is clear