₦airaland Forum

budaatum:
No it wasn't. But after they build their refinery with the money they borrowed and have to pay back plus the return on their investment, I'm certain they hoped the price would rise so it's profitable for them. And the first thing I would have done before laying the very first brick if I were them is get an agreement on fuel subsidy because government no de pay, and I'd rather place my investment on market forces.


I wonder how much Port Harcourt and warri refineries petrol you have ever put in a car.

In fact, homework. How much petrol have Port Harcourt and Warri Refineries produced in the thirty years they were built?


The refineries your military built do not work I don't think.

Stop spitting nonsense, refineries worked in this country and I grew up buying Nigeria fuel in my dad's car. I don't expect a genz to know that anyway. Infact I went on excursion to warri refinery and I saw petroleum being refined live from the catalytic cracker.
As mentioned earlier, it's a lazy approach to blame Nigeria's problem and use it to take the easy way out.
Are you even aware that Dangote and otedola won bid to purchase the refineries as far back 2007 and wanted to invest heavily long before subsidy removal was even mentioned but yaradua came back and cancelled the deal.
If the investment will not be profitable, how were they able to buy the refineries without subsidy removal, you just spit out of ignorance to justify rubbish. There's always modality to work out for local consumption that will make refineries profitable without subsidy removal because there's already a law that guarantees 450000bpd for local consumption but it's because the government is lazy in thought and want easy revenue that's why they removed subsidy.
I have schooled you enough and won't respond to you again.

budaatum:
I doubt Tinubu had a choice in the matter when to remove subsidy. I can't see anyone investing ₦10b+ building a refinery without first making sure they can sell at market price, which is higher than subsidised price. Investors aren't usually that stupid with their money.

Hardship? I wonder what he'd say when other subsidies are removed, like the subsidy to employers of labour that distorts wages called Youth Corp!

Was the price of fuel #700 before Dangote and BUA started building their refineries abi what nonsense are you saying.
What about port Harcourt and warri refineries built over 30 years ago, have they removed subsidy before the refineries were built? The truth is the government is lazy and bereft of ideas and only took the easy way out. If the military can build refineries without removal of subsidy, why is the civilian government unable to do same?

IAmHim1:
please more SHARES than LIKES so lots of people can read this creativity

I had to read what you posted again and I must say oil full your head.
The problem is many people like this abound in Nigeria with creative thinking that can solve Nigeria's problem but the system is so rotten that they can't even get close to leadership position. You see what you posted here if just one state governor in Nigeria is creative enough to adopt this as his only project for a year tenure, that state will be the richest in Nigeria. All what the 36 dundees elected as governor and the Chief Dundee in aso rock can think of is oil and how to share money every month. No creative thinking but how to share money, I have concluded that Nigeria is a caused country and God has planted the leaders there to ensure it fails perpetually.

GerogeI:
I know I wrote this before, when the started touting floating naira as if they knew what it meant.

A free market has opposing market forces. So a floating naira must have two opposing forces. But because these olodos do not understand that currency' trade in pairs,
They think the opposing market forces are willing buyers and willing sellers. This is totally wrong. The market pricing opposing forces for currency are import demand and export demand.



For those moaning about how we must increase out export and production, this is not about trade balance. Nigeria's trade balance us not bad because oil price has been at 100 usd for a while.
For those talking about clamping down and converting people's forex accounts, that will actually have the opposite effect. The more you centralise and regulate, the more you are telling the market that usd is prime and naira us useless. The a third force, government is forcing devaluation of naira indirectly.

The truth is that I cannot believe either, that whole Central Bank does not grasp common secondary school economics concepts of demand and supply.

Import in (demand for) foreign currency and export in (demand for) local currency. Which we do not have.
In Nigeria the corrupt system makes it the worst, since the time of military theives to the civilian theives, we import in foreign currency, and export also in foreign currency. Naira is not even internationally exchangable by law following Awolowo's wisdom from the Biafran war.

As long as this is the case, there is no role for naira in the international trade, so floating it will put it under free fall. To float the naira, Nigeria's crude oil and other exports must be sold in naira. If you cannot do this, simply peg the exchange rate like the military theives did and stop deceiving yourselves!

You sound so knowledgeable about the subject , can you break it down further pls.
Are there macroeconomic theories backing this . Perhaps you can cite examples of countries doing what you proposed.

Islie:
https://www.vanguardngr.com/2024/02/ph-refinery-to-begin-operations-as-shell-supplies-475000-barrels-of-oil/

Nlfpmod

This is just an orchestrated decoy and a diversion strategy by APC to their zombies.
They want you to use this one to hold body so that you will calm down and not protest.
Is this not the same refinery they said will begin operations by December 2023.
APC is shameless I swear.

Nvestor02:
This so called people are misinformed and they are blind to the what president Tinubu is doing. If you all can check all the news media.

There is overwhelming news of how the Police, Amotekun and Soldiers are arresting the bandits and kidnappers one after the other.

Eradicating insecurity is the first step of Nigeria greatness and Tinubu is not joking with it at all.

With security, Farmers will be able to go to farm and food will become cheaper.

The fact here is that most Nigerians Citizen has been pampered and spoilt by how Government dey pay subsidy for them.

Coast of living in Nigeria is one of the lowest, if you guys tour around the African continent you will know this.

Small bottle of coke is 200 in Nigeria but in Ghana its N720

And in south Africa it's N940, same as Zambia and Zimbabwe.

In liberia Bag of rice is around N170, 000.

This comment here is one of the reasons I am an advocate of firearms to be legalized in Nigeria. I will ensure you never get the chance to make this stupid and insensitive comment again in life.
Even without possession of firearms, a 2 by 2 wood can do the job for me and awon to ni e a foju sukun eh. Ogun a feje eh we ni.
I have always said APC zombies need to be exterminated for Nigeria to have peace, they are part of the problems we have today as they embolden bad leadership.

Judolisco:
very little to do with fuel? Why una no dey fear God like dis.. Petrol price was increased from 200 to almost 700 per litre and u are saying it has little effect on inflation?

I am telling you this as a macroeconomics and as a producer of consumption good myself.
I sold off my farm last year as the cost of production was no longer sustainable. To import feeds jumped from 4m to 10m within 2 months. As I am typing this it has jumped to around 16m because exchange rate has increased again to 1500, coupled with that customs also increased their rate to 1430/$.
Who do you think will bear the cost? That's why a crate of eggs is now selling for 4000, if you like stick with your own believe. You sound just like the slowpoke Tinubu you are blaming because you don't even know the root cause of the problem you want to tackle.

Judolisco:
It all borders on fuel price... Reduce fuel price and everything go normal

The cost of living and the hyperinflation in Nigeria today has very little to do with fuke price or subsidy removal.
The elephant in the room is the naira devaluation, every good you purchase in Nigeria has an element of importation from toothpick,groceries and agricultural products hence it's no brainier that exchange rate will increase by 100% in less than a year and attendant inflation will not follow.

DeOTR:
Which policies? I hope you're not talking about subsidy removal and floating of naira?
Only an idiot would be borrowing to pay subsidy and defend the naira. Shey you want the government to loan your future away all in the name of subsidy?
You people should better think of ways to be productive and useful to yourselves.
Buhari has loaned out our future already, all this patch patch that Tinubu is doing is just to see if the little that's left can be savaged. If he resigned and returned the country back to the way it is, in two months, we'll be back to complaining about the new person again.

I expectuch from an APC zombies so I'm.not surprised. It's the usual deceit and propaganda that you have been wired with to justify subsidy removal. I repeat Nigeria was not borrowing any money to peg naira or subsidize fuel. NNPC was only swapping crude oil for petrol all through buhari tenure with the use of the local consumption quota in Nigeria Crude.
It's the government's laziness to think of innovative ideas that took us to where we are and not subsidy. The government could not meet her OPEC quota and was not pumping enough oil so revenue was declining.
Why should the citizens be the one to pay for that by removing subsidy? Tinubu's government did not think of any innovative way of solving the problem of dwindling revenue but descended on removal of subsidy as a lazy way out through the use of propaganda and trust APC zombies to jump on the propaganda.
Also, even where you want to activate policies you do it within a timeframe and ensure plans are in place to attend to the resultant effect. Tinubu hurriedly took both decisions without any plans or even a swot analysis to deal with the attendant issues hence the problems we are having today.
That's why I mentioned earlier that Tinubus ill thought out policies is the reason we are in this mess now.

inoki247:
Lol na by force to work


Nd why're they writing dere Memo in English hope say no be fake cause na French dem speak pass ..

We need to do better with our knowledge base. Cameroon is a dual lingua state, Cameroon alongside Canada are the only two nations whose official language is both English and French .So they can write their official memo in any of the two languages or both.

leathalbeast:
it's not even a year since he has been in office yet u guys are shouting about, what do u guys expect him to do in 10 months ?

You still don't get it do you? Tinubu does not even need to do anything to endear people to him now.
Just ask yourself honestly if you were better off before Tinubu became president 9 months ago and now. If you answer that question honestly just like millions of Nigeria then the would be yes you were better off.
Hence, we do not need Tinubu to proffer any solution we just need Tinubu to return things to the way he met them before his ill thought out policies kill people with hunger.

MrPOTUS:
But na that useless buhari close border nah, why didn't these idiots protest den?

You are still blaming Buhari for something that's clearly Tinubu's ill thought out policies.
This was the same way you people excused Buhari for 8 years and you have started the same thing again for Tinubu.
Let's even assume you are correct about Buharis closure of the border is the reason for this hardship, does it take rocket science to reopen a border or it's simply a presidential order.
So why has it taken Tinubu 8 months and he's yet to reopen the border? The next thing you will say is that it's stone that's the problem.

chokekachy:
President Bola Tinubu has arrived in Abuja after his trip to France.

The author and finisher of poverty and hardship is back. The number one Pablo Escobar is back in town to increase your sufferings.

vanbonattel:
I have never laughed this hard in years.

There is hunger in Kano? Really

These people are comedians aswear, after voting in a bent, incoherent, bulabablu speaking ghost without any credentials or identity you now expect for food to be in Nigeria? Na by magic?

We warned you, you called us Obidients and that we were insulting you, okay, we apologise for the insult now, eat the apology, go ahead.

Remember, Atiku is still in the race for president, sorry, sheik Gumi or Shehu Shagari will get more votes that anyone.

Una never chee chomchin, e remain 7 and half looooooooong years o

Actually, Kano voted Kwankwaso and not the druglord.

Benwallt:
APC is your nightmare. It will remain so for the next 8years. Internet noise is welcome but we dey on ground

Mumu, you that APC is your blood, how has APC changed your miserable life?
You will keep living in penury while supporting APC with your maggot brain while we with sense will be living the good life.
Our reason for a better country is actually to liberate you from your chains, but if you insist on being chained then we can't help you.

fergie001:
Some bye-elections took place around the Country yesterday with some Court-ordered and others forced by resignations of some members of National Assembly taking up Ministerial positions.

INEC also suspended elections in Ikono/Ini, Kunchi/Tsayawa and Enugu South Constituencies.

Results as declared by INEC:

SENATE BYE-ELECTION

1. Yobe East
Umar Kalli (ADC) - 452 votes
Musa Mustapha (APC) - 68778 votes✓
Hussaini Auwalu (APGA) - 412 votes
Muhammad Jama Adamu (NNPP) : 251 votes
Kolomi Aji (PDP) - 18878 votes

2. Ebonyi South
Anthony Okorie Ani (APC) - 46270 votes✓
Ifeanyi Eleje (APGA) - 3513 votes
Linus Abba Okorie (LP) -2710 votes
Silas Joseph Onu (PDP) - 2783 votes


HOUSE OF REPRESENTATIVES BYE-ELECTION

1. Akoko North East/North West Federal Constituency, Ondo State;
Ifeoluwa Babajide Ehindero (APC) - 35,504 votes✓
Olalekan Oladapo Bada (PDP) -15,328 votes

2. Surulere Federal Constituency I, Lagos State;
Mr. Fuad Kayode Laguda (APC) - 11, 203 votes✓

3. Akamkpa/Biase Federal Constituency, Cross River State (19 PUs);
Dr. Emil Inyang (APC) -15,930 votes✓
Austin Aidam (PDP) - 12,417 votes

4. Igabi Federal Constituency, Kaduna State; (16 PUs);
Zayyad Ibrahim (APC) - 43915 votes
Hussein Jallo (PDP) - 47313 votes✓

5. Arewa/Dandi Federal Constituency, Kebbi State; (25 PUs)
Rabiu Garba Kamba (APC) - 32432 votes✓
Abdullahi Umar Kamba (PDP) - 31858 votes

6. Nnewi North/Nnewi South/Ekwusigo Federal Constituency (5 PUs);
Uchenna Elodimuo (APGA) - 25412 votes
Peter Uzokwe (YPP) - 25518 votes✓

7. Orumba North/Orumba South Federal Constituency (16 PUs);
Christopher Okwudili Ezenwankwor (PDP) - 13087 votes
Chinwe Clara Nnabuife (YPP) - 14416 votes✓

8. Birnin Kudu/Buji Federal Constituency, Jigawa State; (8 PUs)
Aliyu Da'u Magaji (APC) - 42544 votes
Yakubu Adamu (PDP) - 43053 votes✓

9. Yauri, Shanga & Ngaski Federal Constituency, Kebbi State;
Umar Garba Uba (APC) - 54885 votes✓
Garba Hassan (PDP) - 16842 votes

10. Udenu/Igbo-Eze North Federal Constituency, Enugu State; (165 PUs)
Dennis Nnamdi Agbo (LP) - 23226 votes
Atigwe Simon Chukwuemeka (PDP) - 23863 votes✓

11. Yabo/Shagari Federal Constituency, Sokoto State; (26 PUs)
Abubakar Umar (APC) - 25738 votes (3741)
Umar Yusuf (PDP) - 27042 votes (2249)✓

12. Fika/Fune Federal Constituency, Yobe State; (1 PU)
APC - 31969 votes (0)
Mohammed Buba Jajere (PDP) - 32557 votes (93)✓

13. Faskari/Kankara/Sabuwa Federal Constituency, Katsina State; (20 PUs)
Shehu Dalhatu Tafoki (APC) - 49807 votes✓
Jamilu Lion (PDP) - 49067 votes

14. Kachia/Kagarko Federal Constituency, Kaduna State; (539 PUs)

Gabriel Saleh Zock (APC) - 42461 votes ✓
Austine Umar (LP) - 2311 votes
Umar Gurara (PDP) - 26208 votes

15. Jalingo/Yorro/Zing Federal Constituency, Taraba State (INCONCLUSIVE)
Tafida Sadiq Abbas (PDP) - 17214 votes
Umar Innocent Jabagang (SDP) - 15537 votes

Difference - 1677 votes
No of PVCs collected in cancelled PUs - 14759

Nigeria is such a weird country logic cannot define. Despite the hardship people are going through APC is still clearing the polls everywhere.
You better flee from this nonsense country if you have the means so that your children's future is not mortgaged even if yours has been swapped for a bag of rice.

Just tell us when it's completed,all these nonsense futuristic statement is irrelevant to us.
You can save the lamba for APC zombies.

HeeBraHim2:
This happen when you have competent people in the public position. Immediately I heard that Naira is on the rise.

I knew the news won't last longer because Tinubu appointee will tackle an.

Una dey see am now.

Lol, look at this ill informed person. Dollar is on the rise since when? Are you just knowing dollar is on the rise since Tinubu became president since last year?
So in your mind now dollar is no more on the rise and Tinubu's appointees have tackled it.
We will have this conversation again next week.

ekhai:
WE DON'T HAVE FRIENDS IN AFRICA. IT'S HIGH TIME WE JOIN ANOTHER FOOTBALL FEDERATION. WE CAN SURVIVE IN EUROPE. THE WAY AUSTRALIA DECIDED TO JOIN ASIAN FEDERATION.

Lol,join Europe you said? The way they will be beating us ehn.
Even Africa we dey struggle, it's France , England, Germany etc you want us to go and be meeting. We won't even be qualifying for world cup again and the referee bias will still be there.
Better be careful of what you wish for.

MT:
You are attempting to disparage his success.

Have you forgotten how Obi was desperately jumping from one party to the other. Where was his political ideal?

Facts don't lie - He is your President, Commander in Chief of the Armed Forces, the defender of your constitution.

While you accused him of rigging, your "Yes Daddy" folded his arms looking and praying, right?

Field him again in the next 3 years, he will be resoundingly beaten AGAIN

To think that daft people like you are still ready to support and field a man that has failed woefully is the reason I think Nigeria can never be better.
The mandate given to Tinubu is not up to a year yet and he has failed in all indices. From security,economy, infrastructure etc.
Yet someone like you is already prepared to install him again , not for any reason but to make yourself feel good and punish some phantom enemies that don't exist.
You are your own enemy and the cause of your own sorrow if you don't know. The Obi you think you want to punish is already made and secured. It's your own life that will wallow in misery and poverty.
O ma SE oh. People like you are so daft and stupid in life.

Faiththatworks:
I have been asking this question since last week,and I really need some Intelligent Nigerians to please educate me.
What's causing the downward spiral of the Naira to the Dollar, Can the CBN and the Banks please release the industries where the dollar demand is coming from.
I can say for a fact that NNPCL already told us petrol is no longer subsided,all diesel and Aviation fuel importers have given them selves some sense and have totally reduced their importation because of the Dangote Refinery.
Even Manufactures have reduced importation of essential raw materials,from Drugs to household essentials,everyone is cutting back on importation cos of the high Usd,so what's causing the spike in Demand.
My economic theory is very simple and I hope I get some Intelligent rebuttals,anyone buying Usd this high at 1$ to 1400,will never make a profit on whatever they import.
No right thinking importer will do business at such a ridiculous rate and still expect to make a profit,so who's buying this Usd.
I daresay this spiral is just open ended round tripping,the banks and the bureau are really the ones buying and selling this Usd,they create an artificial supply and demand bogus economy just to milk the Nigerian economy.
EFCC,NSA,ICPC should categorize these people as Economic Terriorist and treat them as such.
God bless Nigeria.

It's not just the banks, individuals are also mopping up dollars to hedge against devaluation.
For instance , I bought 20000 for 1500 on Wednesday cos I can't watch savings go down the drain.
We all have lost confidence in the naira so you can't blame me.

CockPit:
You have anything against Gambia?

Come see how we dey enjoy life here. The low population of less than 3 million, and Cheap accommodation.

Don't mind him, the way Nigeria is going any country in the world right now is better than Naija.
Ukraine, Iran and North Korea are better than Nigeria right now.

Bobloco:
Bro, my question has nothing to do with the exchange rate.


My question is centered on what ₦10,220 could afford in 1978, comparing it to what it can afford today.

Do you get the gist, bro?

Ane you don't think that is doing more damage to your position?
If 10,220 can afford most things that are unaffordable now and it's almost 20m now, it means massive inflation has eaten deep into the nation between that period and now.
Conversely, $13000 as at then is just about $ 60000 now, hence it is still able to afford most things it could afford then so what exactly is the point you are making?

I am tired of this drug baron's government I swear. From one bad news to the other Tinubu should be renamed badluck.
O ti sun mi gan.

Bobloco:
Whenever Peter Obi speaks, you learn a thing or two.

Is there something to learn whenever Tinubu speaks?

Bulaba and balabu is the only thing you can learn from the drug infested fellow called Tinubu.

Paraman:
https://www.google.com/amp/s/punchng.com/reps-receive-40-bills-on-constitution-amendment-set-december-2025-deadline/%3famp

The most important thing they need to include in the constitution is what they are not willing to face.
There should be a clause in the fraudulent constitution to allow for referendum to make any part of the country that want to leave leave in peace. This amalgamation is not working.
There should also be room for plebiscite where the citizens will decide what favours them and not some clowns in Abuja.

EreluRoz:
You can't tell me what and what not to post here. Go back to my first response to you.

Will you shut up old fool. You are being corrected for supporting rubbish yet you are still proud in your stupidity.
If I see some of you supporting this ongoing nonsense where I am I will punch you I swear.
Even if I want to restrain myself the aptamil I'm now buying for 21k or the drugs I'm buying for my aged mother at 100k will not allow me.
Be careful to say this cos you will get what you are asking for.

Throwback:
Why should exchange rate of the dollar cause a rise in the cost of living inside Nigeria?

That is the problem the government needs to address.

Eliminate importation of the commodities we should never be importing, like our fuels.

Are we importing agricultural products?

Those agricultural products you think we are not importing , we are importing them indirectly.
Fertilizers, feeds for chickens and even crop seedlings are being imported in Nigeria. Hence an increase in exchange rates is an increase in agricultural produce.
Even where we are not importing, I heard that Nigerian yam is being transported to Ghana hence the reason the local yam for consumption is now very expensive.

sirpharrell:
It is obvious that the recent steep decline in the value of the naira is not due to any proven economic factor.
It is artificial, mainly due to speculations by Nigerians.
I think the government should not intervene but ensure that there is little or no room for arbitrage as they seem to be doing lately.
Let the naira even fall down to 10,000 to the dollar if that is what the currency speculators want.
The market will naturally get to a bursting limit, like all ponzi schemes are bound to, where late entrants will lose heavily.
There is no difference between ponzi and what they are doing now.

What you postulating is easy in theory but very stupid and unwise in practice.
Adam Smith said and I quote "In the long run we are all dead" .
Trust me before dollar even get to 5000, there will be widespread chaos in the society. You think you have seen kidnapping just wait for what is coming.
Nigerians will start eating themselves, I don't pray so though.
The government should better intervene and not listen to this your dangerous advice.

Throwback:
Atiku’s defeat to Tinubu is so painful to Atiku that he will never get over it, even if he abandons Dubai and relocate to Nigeria so he can get his dying wish to rule Nigeria even if for 1 day.

He will continue to toil in vain with his boy, Adaobi.

How old are you child? Do you think we are joking here or what?
The country is in tatters and your concern is Atikus defeat to Tinubu.
Very soon you and your family members will be kidnapped and you will face reality.mumu boy.

I was warned last year that once this drug baron is declared as the president I should immediately relocate my family to the US.
I waved it off thinking he cannot at least make things worse than buhari since I felt he'sore exposed.
Alas, this is just 7 months after, this evil useless drug baron has made buhari look like a genius in all indices. He's worsened the economy while naira is now worthless. Kidnapping and robbery has become the order of the day while he's busy enjoying himself in France.
All of you that brought this evil on Nigeria will never end well in life.

linearity:
OPEC quota only try to limit production so as to control global pricing.

OPEC does not control who you supply or sell to once produced and Nigeria can cut her OPEC quota down anytime she wants and that would gladden OPEC because it will increase global price and benefit OPEC.

Nigeria can also increase her production above OPEC quota if she so desire.

Leave the ignorant fool let him keep supporting evil. Does he even know that Nigeria has not met her OPEC quota of 1.8m BPD for over 5 years now. We are barely producing 1.3m BPD and at a time we didn't even reach 1m.
So how can one ignoramus justify importing crude oil because of OPEC quota that we are not even able to meet.