₦airaland Forum

anigbajumo:
You are right but this government won’t do anything on that PH refinery but the only viable option for now is dangote refinery. You can’t borrow for an individual at the detriment of over 200mllion people no matter the advantages.

even when what your borrowing to fund is the hope of over 200 million people? .. do you see any means of Nigeria producing fuel if it not through Dangote?..

It either Dangote refinery, it petrochemical and fertilizer plant together will save atleast 30% of our foreign exchange or we continue to suffer

Port Harcourt refinery is under complete overhaul as I type

okeysoninv:
another useless lie. Nigeria exports 1.3 barrels a day multiply by 365days that's is about 500million barrels multiple it by 105dollars you are get close to 50b dollars. that's for crude oil. then gas 35b cubic meters a Price of cubic meters of gas is 2usd. you are getting 70b USD. then non oil exports you can find the figures. finally add 20b USD remittances. total dollars revenue is more than 150b USD .where is the money? emefiele need to answer.

dollar revenue has never reached 80bn USD..

you are forgetting that the exponential rise in crude oil export value will directly lead to the rice in the value of imports specifically petroleum product as we use the excess dollars to now pay for the rise in cost of fuel..

and please this is not the issue or add and subtract.

provide links that backs ur multiplication and division..

Nigeria's export has never exhided 60bn USD
except you want to argue with the world bank, world trade organisation, OEC, tradingeconomics, PWC and the likes that report similar things

https://www.worldstopexports.com/nigerias-top-10-exports/
https://globaledge.msu.edu/countries/nigeria/tradestats
https://wits.worldbank.org/CountryProfile/en/NGA

okeysoninv:
they are not telling Nigerians the truth. our import doesn't reach $80b annual so where are dollars earns from oil, gas, remittance, other solid minerals and agriculture going. we need explanation.

they are not telling you lies either

for example..in 2020..we imported $52bn worth of goods but only exported $42bn worth of goods of which 90%is crude oil..

can you see the imbalance.. why wont you have a starve foreign reserve

https://oec.world/en/profile/country/nga?flowSelector1=flow1&yearlyTradeFlowSelector=flow1

anigbajumo:
Not possible, The only help we can do is to provide excess fX for him….Our current debt to revenue is negative as at second quarter of 2022, Deficit of over 300billion…Imagine adding up of billions of Naira via supplementary budget because of one private investor?? That’s not a wise decision bro…

if we have to borrow on his behalf..it is welcomed

getting Dangote refinery to work with end fuel importation, end fuel scarcity, stabilize the forex market, end bad or adulterated fuel, save a whooping 25% of our foreign reserves...

inshort we can say good buy to fuel shortages for life if government now opens port Harcourt refinery...the advantage by far supersedes any disadvantage which ofcourse transferring FG revenue to him...

we need that refinery now!

Everlastingson:
In all these your analyses you seem to forget that the country is ruled by thieves. The thievery of the ruling class is the key reason things are so bad. We need someone who will stop or at least reduce the looting, otherwise nothing will work. Because they will steal every kobo. As it stands now only Peter Obi will stop their looting. He did it in Anambra State.

oga forget stealing...are you saying anambra politicians didnt steal during Obi's time..we are talking about what will help reduce the devaluation of naira ..ur talking of stealing...

as far as am consigned naira is directly dependent on a strong export value and buoyant foreign reserve..
Abacha looted Nigeria dry..yet his tenure witnessed inflation dropping from 53% to 8% and a massive pump in the foreign reserves by over 400%...

you dull folks need to wake up to see that managing and saving money like what Obi did in anambra isnt what is going to save our economy...reducing the cost of governance is not what bring an emergency fix to our economy...looking at what eygpt, vietnam and the rest did isnt going to solve it either..the emergency solution to our economic crises for now is to BRING BACK OUR REFINERIES AND BAN FUEL IMPORTS!!

anigbajumo:
To the best of my knowledge, The CBN is providing FX at official rate to dangote but we av to believe that our Refinery must come back to Life…Both GEJ and OBJ spent billions of dollars on TAN yet no any tangible results, The problems we are facing are not limited to Buhari alone both previous administration lack foresight on how to build a nation. Your last paragraph can’t be achieved with having refinery in place.

I know that ..we need those refineries like now..

if Dangote is running out of money to complete....now is the time to give him part of our national budget to complete that damn thing...

SeaTrade:
It's like you're dangote hiding behind this moniker to cunningly draw forceful grant to your refinery.
Where will the refinery also get crude from to operate?
Is it not from here?
Don't you know this will further reduce our earnings as we will have lesser commodity to exchange in the place of forex?
If you take away 650,000bpd from Nigeria's current 1.4m bpd production,what will now be left?
Or will dangote now be buying from NNPC with dollars?
If he does this then what will it solve?
Simple solutions won't work in this case .

that simple solution is the only hope we have...dangote needs to finish his refinery damn quick..Fg needs to rush PH refinery rehabilitation as well and begin figuring out where to get loans to wake up kaduna, and warri refinery..

these 4 refineries will in total process over a million barrels of crude oil.. we only need about 600 thousand barrels of processed crude oil to sustain all our petroleum and fuel needs..then we export the excess outside..

lastly..Dangote bought two oil blocks from shell which is non operational... this is where he will get his own oil from..he is not going to tap from the exiting and functional oil blocks that produces 1.6million bpd of crude oil which we export..in summary Nigeria will pump no less than 2 million bpd of crude oil...1.6millionbpd to be exported and 500 thousand bpd for dangote

https://nairametrics.com/2020/03/12/dangote-to-commence-100000-barrels-of-oil-production/

Kingsbuchi:
There is sidewalk,watch the video well

you mean the extra space left before you reach the bush is what you call side walks...anyways..my point is that roads are accompanied with proper sidewalks built with concrete and elevated a little in urban areas with high pedestrian traffic not highways that run into rural areas and villages

ZombieTAMER:

No sidewalk
No lights

probably a paid urchin

side walk for a road that passes rural communities and bushes?

are you ok

besides it is still under construction ..there are metal plates installed on which streetlights will be mounted

FireUpNow:
Effect over borrowing from China by the clueless people in charge

borrowing doesnt devalue a currency

lol....black market are running of of dollars....they have to charge more in naira to attract dollars and discourage those buying it in high demand...

the same thing is what the CBN is experiencing.. when there is low supply of USD to keep up with the needs of importers..they either devalue the naira or reduce the supply and push the importers to rush to Black market for USD who course will also increase the rate because of demand...

except you are ignorant of how FOREX is earned ..Emiefele is doing what any CBN governor would have done..in order for the country not to run out of forex..naira has to be devalued to bring in more dollars and keep up with the cost of importations..

the solution to this doesnt lie with the CBN to a large extent.. we just need to look at what is consuming our forex the most..that is petroleum products,.. we need refineries now more than ever to stabilize the rate...even Peter Obi can not solve this without refineries..this is not about looking at vietnam or eygpt.. Dangote should be given more support than he is receiving to finish his refinery..

if we start rehabilitating our old refineries..it will take us atleast 3 years to bring it to live and it still might not meet our needs..what we need now is to support those who have started theirs and are almost complete..(Dangote).

we need to end fuel and petrochemical imports now...these commodities swallows 30% of our foreign reserves

brandsoncharlie:
It will cause those state that aren’t viable to sit up especially those with security issues before investors will be convinced to start operations.

and have you asked ur self how long it will take..for exmaple Ogun state, a major industrial hub with a large population doesnt have a single power plant..

if that state is disconnected from the national grid in the name of decentralization..
it means the entire residents and companies will all experience total black out..

a proper power plant that can power all the industries and residence will have to be no less than 600MW..
and it will take atleast 3 years to build such...so your telling me that the entire Ogun state should wait 3 years in total blackouts till they get power?

you all should reason critically abeg

chloedogie:
God help Nigeria. Govt should decentralize this power sector. Let states and local governments or communities who can lure private investors in do so and be disconnected from the national power grid. If an investor can come to generate, transmit and distribute to a certain number of communities let them do it. Come to countries overseas and see hundreds of different power companies serving different people. On my street alone there are like 4 different companies serving less than 20 houses. You have the right to choose which one favours your pocket.

Obasanjo fought the Lagos state government for wanting to do it way back if I'm correct. Imagine that Lagos state had been able to execute that project and are off the national grid, won't there be sufficient power to be distributed to the remaining states that are not proactive or financially strong to carry out similar projects? And I want to believe that if Lagos state had been able to successfully execute that, mark the words ''if'' and ''successfully'', some states too would have just had a simple template to copy and paste.

I worked for shell sometimes ago and there is this power generating station called AFAM that had a JV with Nigerian government. The annoying thing is that AFAM was only able to to send out less than 40% of what it was generating due to terrible transmission line being managed by govt/TCN. Sometimes less than 20% will go out and the plant was fully operating. Power was just lying wasted in the plant. Even the few that we were able to send out, for government to be able to keep up to its own part of the MOU by paying was a war. Funds were not coming in and generation production was gulping huge money.

It is not as easy as you make it look.

If the grid is decentralize then nearly half of the states will not have power simply because they do not have power plants..

or do you think after the whole system is decentralized.. states and LGA that become disconnected completely will lobby investors to come and build power plants and power their communities in a matter of days?

until we have powerplant operating every state and they are able to cater for the needs of that state..you cannot decentralize the system..

what we need to do now is fix the transmission lines..the transmission lines are the sole reason why we cant even transmit our full genrating capacity which is over 12,000MW.. fix that first and increase the capacity well above 50,000MW.. then state can now lobby investors to come and build power plant..once we get sufficient amount of generating plants then we decentralize..that way states wont suffer black outs..

I hope you know fully decentralizing the grid will cost billions as the entire transmission infrastructure will have to be redesigned to supply specific states or sub stations in specific states

wicked wike

well the rehabilitation is real .let just hope by 2026 the plant is fully revived..

Ogagun57:
The Bishop is confused man. In the North today, Borno receives highest fund donation from overseas. This is much more than any state of the federation.

It is as a result of foreign funds going into Borno which is the most hit state of terrorism that made the money available in Borno state.

can you be explicit about the foreign aids borno has and how much the state has received
this is not even about projects..

Ortom can not pay common salary.. there is nothing you can use to justify that..Ortom is a failure

okeysoninv:
rubbish comparison, compare also many international ngo funding bornu state government, north east development commission, how many is benue state getting. don't argue blindly

you are the one arguing deaf and dumb..

what exactly stops benue state from executing projects.. are you telling me Benue is the most impoverish state in Nigeria.. Yahaya bello has multiply projects.. did he get the money from NGOs?..what about Ebonyi and Nasarawa dat just built a cargo airport..did the governor of nasarawa run to UN and NGOs for help..is there anything like north central development commission giving nasarawa and kogi an advantage over benue?..go and check the poorest states in Nigeria is Benue amongst top 10? so what are you saying

do you know Benue states yearly budget?..

TheOgaBoss:
privatization does not necessarily mean selling it to friends, point to a source where he was quoted as saying he will sell to family and friends.

https://www.youtube.com/watch?v=N_FvWR1byrY


https://www.youtube.com/watch?v=E7E--Ow6AWE

Dinner is served

there is no way any political party would have chosen a christian from the North...the problem is that drug lord..

the only way to correct this imbalance is if someone poison the fool and APC agrees on another candidate most likely Osinbajo worst case Amaechi or the party is doomed

Prince111111:
Baba na true you talk am..but their hypocrisy and incompetency no go allow them gree.

there is nothing true in what he said..

Atiku proudly said he will sell NNPC to family and friends..
GEJ also sold the distribution part of power..

Buhari has not sold a NNPC for a penny.rather it is being commercialized meaning that you can now buy shares in the company trade it stocks..and it can be listed on the stock exchange market.

NNPC is still owned by the FG and the various states with shares in it..get the difference

Oga you wanted to sell it to family and friends

Rubbish

2023 should come quickly abeg

Subsidywise20:
Right now we have a choice between

1.Paying subsides to Dangote or NNPC...or both, and spending an increasing amount on subsides due to rising production costs, and cost of doing business per year. At the expense of the budget...either way, we still end up paying too much money and taking loans to cover the resulting budget deficit. (Funding subsides from raised taxes is another matter)...plus subsidsing Dangote essentially means we don't let him make enough of a profit to run and upgrade his refinery...which leads to it breaking down, and then we back to square one.

2.Not paying subsides, meaning prices go up to over N400 per liter....BUT...government saves the subsidy money and uses it for education, health, sports, welfare, salaries, etc...meanwhile profits in the petroleum sector attract investment...plus government gets increased revenue in the form of tax...in return for some years of high fuel prices.

They both come at a cost let see how Obi and Yusuf will tackle it

Oyiboman69:
after seven years and counting, you're Supporting their policies. I hope you're going going to equate your natural resources, standard of living, corruption to sri Lanka?.
By comparing Nigeria to Zimbabwe and sri Lanka just gave you away... I know where your support lies....

lol..
you are very funny..what makes you think Nigeria shouldnt be compared with venezuela and sri lanka..

besides who compared resources u are so unstable in ur reasoning...

I am relating the policies these countries took..
inshort the economy of Nigeria, Sri Lanka and venezuela are not entirely different.. they are all rich in hydrocarbon and ofcourse oil export accounts for over 90% of all forex inflow..more than 60% revenue is gotten from oil..this is the same in all three..so what makes it different...they are all highly corrupt, were all wealthy during the 1980s in the early era of oil

the reason why Sri Lanka and Venezuela failed was because their central banks were not allowed to make economic policies autonomously..everything was politically oriented to meet the demands of their masses...until they ran out of forex everything cast..

this is different in Nigeria...look this things are all on the net, youtube will do justice to it..

your simple problem is ignorance..

I am not supporting any government...i comment on issues based on facts not emotions and prejudice..

I even wants Obi to lead next..so that Nigerians can understand that these things are not magic.. How want to see how he will fix ASUU strike, beat inflation to 0%, and provide 24/7 power most importantly let see how he will tackle and even prevent even the regular thieves ur street in the name of insecurity

Subsidywise20:
At the end, the solution is simple.

Make universities autonomous...so that they can do two things.

1.Set up their payment system, eg UTAS

2. Raise fees for extra funding.

But the government and ASUU are scared of doing that...meanwhile, unless someone can find about 1 trillion naira in extra funding (my estimate) for education alone this year, government cannot find money to fund ASUU.

unfortunately universities cannot run autonomously ..that will make them private university in every way

Oyiboman69:
and you didn't see that the masses are at the receiving end....
What about their past policies,who feel the effect?.
If you know you lack social decorum and moral upbringing, stop quoting and insulting yourself....
Akpa kill you....

if you know u have no clue about a particular issue ...dont ever quote me to argue what you cannot finish..

if those policies were not there Nigeria would have been Sri lanka...
The CBN devalued naira so much2015.. you all wailed out of ignorance.. you didnt know what CBN was preventing..

Sri Lanka was still sluggishly keeping it rate when their government knew they were seriously running out of forex..Google is ur friend..One litre of PMS is like gold in that country...they got to a point they had to ban fuel because their reserves had run dry ..no dollars to import it

the same things happened in Venezuela and Zimbabwe ..it got worse to the point that they introduced several new currencies which later lost value..

even ghana had witnessed something similar that they and to dump their old currencies in 2007 and introduce a new one..

Nigeria is still maintaining it own currency since introduction..although it is losing value like most countries..but CBN has to do everything to adjust to harsh realities..you will not understand..
spend time reading books and like I said...dont every comment on something you have no clue about

Oyiboman69:
but you claimed that the excess money in circulation is the sole cause of inflation, according to your posted definition.

How long will you people continue to defend the incompetence and profligacy of this administration....

i didnt say it is the cause of inflation..

English is not hard to understand
I said inflation simply means excess money in circulation in an economy..

meaning that once you hear anything inflation..that is what it means..

now inflation is caused by many things..

insecurity, lack of power so manufacturers cant produce optimally etc..

but the CBN is not incharge of insecurity or electricity so it has no business there...
what the CBN is charge of is commercial banks ...so they issue out monetary policies to tackle the issue as that is what is within their power..

if there are other causes ...like the two I mentioned causing inflation then dont complain to CBN...go and shout at the minister of power and service chiefs

emiefele has done what he has to do within his power and control

VeeVeeMyLuv:
Yes in a "normal" country!
But mehn Naija case is remarkably damn different!
If there's plenty money in circulation that calls for rate hike as an interventionary measure to stem the inflationary tide why then are majority of the citizinery complaining of severe hardship arising from a lack of money?

I think this inflation is fueled by devaluation of the local currency, lack of sincerity of purpose and lack of transparency of the government, corruption in high & low places, govt backed insecurity.

this is very true..

but you should note that devaluing the naira is as a result of insufficient forex coming in..

if our foreign reserves run dry...we will become another sri lanka... sri lanka situation was so worse that the country had to ban the importation of fuel simply because they had no forex to buy..

Nigeria cannot afford to be in such situation..
so the central bank when ever it reads that there is a significant drop in forex inflow...the most effective way to pump back more forex is to devalue the naira.. there is no plan B ..if the CBN doesnt take such action and the reserves runs dry..we are all doom..

a popular presidential aspirant called Kingsley Moghalu who worked for the CBN years ago has always argued that the CBN needs to further devalue the currency...people thought he was mad..you want to argue with a Harvard graduate?..insufficient forex is one of the issues marketers face ..that is one of the reason petroleum product are scarce and even expensive because they have to run to black market whose rate are high to import fuel

https://www.premiumtimesng.com/news/top-news/485602-why-naira-crisis-is-likely-to-get-worse-moghalu.html

alwayspositive8:
You are right with yoour definition. But the fact remains that is there really an excess money in circulation. I think what emefiele needs to focus on is the other side of inflation " few goods". His policy should increase production and not stiffens in.

this particular policy doesnt necessary stiffen production..there is already excess money that can pay for what is produce..

it primarily to reduce that excess money..
the other way to tackle it is to boost production...but the result doesnt happen so quick

there are also policies that drives production especially in agriculture (anchors borrowers program is an example)but most times these things go out of balance..therefore the CBN has to tackle it from both sides.. it a global practice not a nigerian thing

Oyiboman69:
In your learned opinion... is this the only cause of inflation?.cos it seems you're far from reality....

everyone cannot be dull and cynical..it why I decided to comment on the thread...

if there are other causes of inflation like insecurity ...oga is it the CBN's job to now tackle it..why are u sounding so daft and uneducated.

no one is arguing if there are no other causes and ways to tackle it..the security forces have their path to play, those handling power, manufacturing etc...the same way THE CBN AND OTHER COMMERCIAL BANKS HAS THEIR OWN PATH TO PLAY!! and the CBN's role as the regulatory body for financial transactions and commercial banks has to issue out it own monetary policy which is cushioning money leaves the bank!!
..
if you believe that there are other causes like insecurity..then go and complain to the service chiefs not Emiefele

PHOTSEE:
Inflation simply means, shit!!!
What are are trying to say, there is nothing to buy who toldyou? And people are hungry no food to eat, where is the money by the way. Why are the farmers not in their farms? insecurities, killing , loss of life and properties
No farming, are going on farm in the north , high price of less produced farm product with no purchasing power to buy. No employment for the youth.
Do you know that our agro product are now imported form Cotonu by southern Nigeria !
Treasure bill and bond and financial market still remain shity with low interest rate of 3% interest and cbn to the bank 14% . The question is how many interest rate should we have in how finiacial institution and market?

Your government borrowed form China where are the Money,what did they do with it?

money borrowed from china were used for lagos - ibadan railline, abuja - kaduna railline, abuja - keffi - lafia - makurdi expressway, abuja - metrolline.. all these project are either completed or 90% completed..

dont derail the thread..

it wont sound logical to you.. but inflation means there is too much money in circulation...you can simply ask for help to understand using google rather than advertise ur ignorance