₦airaland Forum

I have a feeling the refinery will actually be ready by 2019.

The refinery was earlier planned to be sited at Olokola free trade zone in Ondo state, but the LASG did a lot to woo Dangote to bring the refinery to the Lekki free trade zone

It is great, but i will want to fg to build its own too, they can privatise it afterwards, we should not allow monopoly.

Nigeria uses a whopping 35% of our forex income to import refined oil products

Tolexander:
Those praising Abacha, calling the loot, a reserve are myopic!

If Abacha had not died, what would happen to the loot?
Still a reserve abroad I guess?

There is a sarcastic undertone to the tweets na, you cant afford to understand the tweets on the face value.

Nitwits, your "brother" corners hundreds of millions, enjoying his loot with his wife and children, while you labour in vain with next to nothing as reward.

refreshrate:
All to what?

How many people have lost jobs?
How many have gotten jobs

In fact no need arguing with you the BBC that the same man always runs to when he wants to address you and your kind has come up with this, so continue in your folly.

you see your life, you are running away, I am going to force you to think, if you hang around. yes people wil lose jobs, it is not rocket science? Nigerias economy is wired around oil sector, and once something goes wrong there, it affects many others. Most oil coys are sacking workers for obvious reasons, there is a trickle down effect, govt revenues are dropping, meaning even govt contractors will not be paid and contracts will be abandoned, contractors will sack their workers, e.t.c

I repeat this govt will only weather the current storm, it cant stop it. If the previous ones had done a yeomans job diversifying the economy in the midst of plenty, we wont be this strongly hit.

refreshrate:
oga next time when they ask you to highlight policies, do that. All you have succeeded in doing is stating the present economic situation.

coming here to state the issues rather than how the government is intending to solve them as asked clearly says alot about your thought process.

whatever level you think you are, your responses betray you...then again empty barrels they say...

If you are not aware of the curtailing policies, and refusal of the govt to devalue the naira, then why should i be communicating with you.

Are you aware of ban on some 41 imported items?
are you aware of the restructuring and cleansing process in top revenue generating agencies like NNPC, nimasa, firs. npa ?
Are you aware of TSA?
Are you aware of the refusal of fg to devalue naira against what IMF want?
are you aware of the impact of devaluing the naira?
are you aware of efforts to get the refineries working, and a MINUTE improvement in refinery production?
are you aware that the current admin has refused to go the austerity ways even in trying times , but choosen to spend a lot on capital projects in 2016?

How much can a 7.5 months govt do, when it came in the midst of a thick storm?, it is common sense bro, use it.

I keep thanking God, GEJ was not the one who was in charge of facing this storm. from 114 usd/barrel to 30usd/barrel is no small storm, he can only weather it, no matter the screams on diversification, if we start now, beneits might start trickling in by at least 12 months from now.

Dont be driven by emotions, use COMMON SENSE.

refreshrate:
Firstly youre very rude in your manner of approach.

Secondly, get real 'managing the storm' requires policies in the right direction.
Even for your level of thinking, can you highlight one single sensible policy directed towards managing the storm?

Thirdly, please try and be reasonable in your response, im not going to allow you bring me down to your level and beat me at being whatever it is that you are.

Thank you

sharp drop in oil price FOREX income has dropped by over 60% , meaning FOREX expenditure mostly via imports must drop correspondingly. the deficit is becoming so much, that the use of FOREX reserve to make up the deficit will be unsustainable with out curtailing policies. Crude oil price today has it the 30usd mark. We are in a storm, a big one at that, a 7.5 months old administration came in at the thick of the storm.

Lastly, i cant see you on any sensible level as i look down on you, from the peak i am, with a perception of you as some one with a lack of common sense.

olas24u:
You are not blaming GEJ,s economic team?production is the key to sustainable development,the pressure on the naira is due to imported goods and capital flight by foreigners and foreign companies in Nigeria.Buhari is on the right track .

Oh yes, due to sharp drop in oil price FOREX income has dropped by over 60% , meaning FOREX expenditure mostly via imports must drop correspondingly. the deficit is becoming so much, that the use of FOREX reserve to make up the deficit will be unsustainable with out curtailing policies.

refreshrate:
Erm sir, I thought that was why the present administration was voted into power?

To change things?

Or its by highlighting and screaming at the rooftops blaming the previous administration (skillfully avoiding even the ones before that) the solution to the problem sir?

Are you yourself not tired of the blame game sir?

At what point does accepting responsibility come in to play? ...sir?

shhhhh, they can only weather the storm, they cant stop it. Stop being delusional. This current administration will manage the storm better, no doubt about that.

Oil price don clock 30usd today oooooehhhhh, 20 usd clearly in sight.

From the color of the baby's hair, she is malnourished, this is probably the best looking baby in that camp .

My heart goes out to the babies and orphans in that camp. Be that as it may, it should be forbidden for people to conceive and give births in those camps.

bidemi12:
I still remember when daniel amokachi insulted him by refusing to shake his hand during the presentation of the cup to the team. Lol. . . . .

Hey bros, i was going through old /past FTA threads and saw your posts, i planned to quote you for clarification, but the thread is locked up. How can i reach you? my gmail account is chinchum256@gmail. I hope to hear from you.

Djicemob:
What is a 42" TV doing in a prison and how would a prisoner be taking selfie and making calls in a prison?

Op you are high on coke

It is EFCC detention facility, not a conventional cell of Nigerian prison.

PDP will win, a 33 ,000 + votes lead is no joke, the remaining lga can not change the tide. Dickson has won sef.

You need FDIs ! How you arrive at most indigenous industrialised is laughable. There are several industries owned by Nigerians in Lagos, same with Ogun state.

All these yam eaters sef !

They ate the yam in different form, some as roasted yam, boiled yam, porridge yam, pounded yam e.t.c , they must vomit.

Demdem2:

Why not, we expect far more than a trillion in 2016. Even more than our expectation from the budget. All federating states will benefit from it. Am confident, Ali will deliver.

i hope so too, but we must temper our expectation with the ban of 41 imported items, he made mentioon that the customs lost out on potential 250 billion income because of the ban in the space of 3-4 months i guess in 2015.

We can expect over a thrillion naira in 2016 then.

chai, i commited fraud , the norm was to pay school fees/construction of school hall fees at the bank, and bring the bank teller of payment to the bursary office in school to be converted to receipt. I was to pay 2,500 at a First bank account, i simply paid 500, and in the place for amount in words, i purposely left the first line blank, and wrote five hundred naira only in small letters, once i was out of the bank premises, i added 2 in front of the 500, and wrote " two thousand and"on the blank line. (I doubt if the Banks internal control of these days will permit this though) At the bursars office, i tendered the bank teller, and i was given a receipt of 2,500.

I never shared my evil deed with anyone during that period, i had less than 3 months left to my ssce exams, feeling like the "smartest" student in the school , i was shocked when a month later, some students names were called out by the school principal of commiting a similar fraud, but it was a student who overheard their evil deed who actually reported them, and crosschecks with the bank revealed they were guilty, i almost fainted on the assembly ground, i had less than 8 weeks to my ssce exams, the caught culprits had expulsion from school as their penalty, it was only a matter of thorogh probe of all receipts with the bank, i would be found out, i would be out of school, i would be shamed, i would be.....

The comprehensive probe never happened till i wrote my final exams, i was SAVED, i look back at my barely 15 year old tiny self, and wonder if i can steal someones PEN now I could have graduated to bigger frauds , but.. i am close to incorruptible NOW

what?

fitzmayowa:
Have thought about this too and I see no reason why the states can't prosecute anyone who stole/diverted funds meant for the state for other means....

I wonder why they usually take the EFCC route all the time...

If states cases are to be opened, i can bet PDP will still be the biggest casualty, it was controlling at least 21 states as at time of election, in fact, it was over 25 states at a point in time.

Wailing can never stop from PDP apologists.

Ganjafama:
Bro let it fall to $15 sef. Atleast that will force the government to seek for alternative sources of income. We have iron ore, gold,bauxite and other solid minerals in abundance. Whats stopping us from exploiting them.

offcourse it is a sweet bitter situation that will force a change, but in the immediate, there would be gnashing of teeth, all those things you listed will not start fetching considerable income at least within 12 months, the best time to diversify an economy is in the midst of plenty.

RaptorX:
There is no implications, the only people that will feel it are the looters in government. To ordinary Nigerians it doesn't make no difference if it sells at $200 per barrel or $20 per barrel.

Stop saying this, stop !!!. It is too myopic.

Every one will face the brunt, infact ordinary nigerians will feel it the most, the looters in government have enough loots stashed somewhere that will act as a buffer. Value of Naira is crashing, inflation is going upwards, prices of everyday consumables is on the upward trend. Oil workers are losing their jobs in droves due to the fall in price, state governments can not pay salaries, and you keep saying "it makes no difference"?

NaLaugh:
You're failing to see the point as stated. GREED is the root cause of the problems NOT lack of funds.

e.g Last year, the Bayelsa state government budget/spent 33.8 BILLION Naira to build a governor's office. LINK TO ARTICLE

Think about that. What on earth could this building possibly have or do to warrant such disgusting expenditure in the face of widespread poverty and infrastructural decay in the same state?

The majority of that budget certainly wouldn't go into the actual building, but to line the pockets of the crooks involved.

This would be the same state to complain about inadequate funds to pay workers. Do you know how long 33.8 billion can pay workers for?
Again, greed is the root cause.

It's the same greed that has the Nigerian senate being the highest paid in the world, while they debate the feasibility of N18,000 minimum wage.

Honestly, I feel bad for people who have to live in Nigeria to deal with such garbage.

At the moment, greed is not the only problem,

If there are 5 individuals in a room that need 10 cups of rice to be fed well, and you give them 4 cups of rice, that is a problem. The team leader of the 5 individuals might corner over 2 .5 cups from the 4 cups allocated, meaning 1.5 cups is left to be shared amongst 4 individuals, that is a greed problem, but that is not the only problem.

NaLaugh:
This is my exact sentiment. When I see talks online about the price of crude going to crap, and its effect on the Nigerian economy, I just laugh.

Nigeria's economic/developmental problems have NEVER been about a lack of incoming funds. Greed is the root cause.

If it sells at $200 or $20, the outlook for the average Nigerian makes no drastic change. Only those who perpetually steal the money will feel significant effects.

Some even mention "recession" in relation to this. How can an economy go from comatose to recession?

You are kidding ??

If it gets to 20usd for prolonged period, most states civil service will shut down this year. @over40usd, 22 states needed bail out to pay salaries.

12 years low at the moment. year 2004 as at midaday, it is now 32 usd.

She has bleached out all the dark components on her outer skin. This is not her real complexion.

emmydollars4life:
Is a pity that private lifestyle have turned to public opinion, how do this dirty looking man know about the financial involvement in the relationship. Who deserve a job now?

dirty looking ? It seems you are an idiiot, that is a renowned 71 years old professor of art. Is he dirty because he is not putting on coat and tie?

joe4christ:
Sorry, the errors came as a result of my engagements, I've been busy lately, and I had to reply you cos you were more sentimental in your analysis than rational, and of a fact, you are the one issue here, I was just using your own words against you, your analysis are nothing but nonsense.
If the 3 refineries we've got are currently producing 6.7million pms to meet local demand out of the average local demand of 40m, from thesame refineries that were almost non function 8months earlier, but could now be producing 6.7m litre within the space of 7month of this new administration overseeing it's affairs,
Can't your irrational mind no matter how demented it is, see possibility of this administration achieving more?
Your analysis spew lots of sentiments which could only have come from a pessimist with a deluded mind so shallow as the depth of hades...
Work on yourself dude...

I think you are seeking for attention, with all due respect, you are unintelligent.
My first post on this thread was not aimed for individuals within your IQ strata. Do not expect further response.

joe4christ:
You really must have difficulty comprehending simple things. You said from the report on this thread, that Nigerian 3 refineries are currently producing 4.7m litre of Pms out of 40m litre per day thereby, 4.7m/40m litre of Pms = 17% of fuel currently meeting local demand, which still requires the refinery to produce additional 83% which is 35.6million litre of Pms to meet local daily demand of 40m litre.
And I simply advice you put your head together and give this administration more time, for if they could achieve this capacity at the shortest period of 7month, then they could do even more in few year time...
So, put your brain to use chairman

you are not smart !.

All the refineries can never produce 40 million litres, even at 100% efficiency. , and no where did i mention such.
Average daily need for petrol of 40 million litres is not the same as refinery capacity. Most of you write jamb several times simply because comprehension eludes you. Your attention to detail is shabby also, the report mentioned 6.7 million litres, you are writing 4.7 million litres.

joe4christ:
Are you this inpatient in real life Pls make use of your brain by putting on your thinking cap.
If this administration could bring to fusion the refinery to a workable capacity of 17% withen 7months, imagine what they'll be able to achieve within 3yrs 5months.
Abeg, be reasonable for once jare!

keep shut, you iddiiot.

My analysis is far above what your brain can comprehend. Where did i mention that refinery is now at a workable capacity of 17%?

What kind of education do you simpleton get that you miss out on basic comprehension?

Kikero112:
Even if government started building new refineries, it is going to take some time to complete them.

Anyway.....I think that one good idea would be mini-refineries.We don't need to build a giant project in the name of refinery.

The time to start is now. 18-24 months, we can have new refineries. It is not rocket science, even rocket science is not as complex as perceived.

Nigeria uses 35% of its foreign exchange to import refined fuel, should we be weaned of fuel importation, it will impact the value of naira .