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Politics › Re: Petrol To Sell For N230 Per Litre In March –marketers by COMPAQ(m): 3:39pm On Mar 01, 2021

EgunMogaji2:
Yawn.

Make it N500 per if you want, just make it available. Because if you see the fight today at a gas station you’ll think they’re giving gold bars away for free.

Petrol is cheap in Nigeria. The argument should be what are they doing with all the road taxes collected.

Exactly!! Instead of the endless fight for everything to remain cheap, we should instead be demanding accountability from our leaders. Even if factors of production stay same for decades, price will increase via natural inflation.

Even in America to buy what $1 would buy in 1975, you need $3 today.

1 Like

Politics › Re: Petrol To Sell For N230 Per Litre In March –marketers by COMPAQ(m): 3:32pm On Mar 01, 2021

As far as I'm concerned the income side of the equation is the problem, not the price.

Minimum wage should be like N100k. Though that would mean those in govt payroll needs to reduce by like 30%. Most of them are adding little to no value anyway.

Politics › Re: Petrol To Sell For N230 Per Litre In March –marketers by COMPAQ(m): 3:23pm On Mar 01, 2021

just2endowed:
you have a point but the tax web presently is not catching enough nigerians. for me, i pay tax here and also VAT constantly. bu there are other people that do another job but they dont pay tax.

It can never catch enough Nigerians unfortunately because too many people are in the informal economy, with no record. Ideally landlords should be paying WHT on rent but no one does. People who buy and sell properties should be paying Capital Gains tax on the profit, but no one does.

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Politics › Re: Petrol To Sell For N230 Per Litre In March –marketers by COMPAQ(m): 3:20pm On Mar 01, 2021

ijustdey:
https://www.newtelegraphng.com/petrol-to-sell-for-n230-per-litre-in-march-marketers/

FG should just talk with NLC and do 2 things. Add N5k per month to everybody's salary as an extra fuel allowance.

And secondly reduce tax rate from 24% or so to 22% (or 20%) for other salaried workers not on government payroll.

I've kuku told myself that my next car in Nigeria will be a Toyota hybrid.

1 Like

Politics › Re: Backward Integration In Sugar, Cement And Petroleum: Who Are The Beneficiaries? by COMPAQ(m): 2:38pm On Mar 01, 2021

jaxxy:
Many people and companies in Nigeria can do it. It’s not rocket science. Just don’t force detrimental policies on the people to the advantage of a few. Protect the masses.

That’s what we did and still doing in telecoms sector to have cheaper data and call rates.

I thought most Nigerians complain that our data and call tarrif are expensive.

1 Like

Politics › Re: Fuel Pump Price May Drop To N100 - Ita Enang, Presidential Aide by COMPAQ(m): 11:18am On Mar 01, 2021

edoairways:
The petroleum sector is already deregulated.

bros it is not deregulated o. NNPC is sole importer at the moment. that one na wuru wuru deregulation.

2 Likes

Politics › Re: Fuel Pump Price May Drop To N100 - Ita Enang, Presidential Aide by COMPAQ(m): 11:16am On Mar 01, 2021

dre11:
https://www.newtelegraphng.com/fuel-pump-price-may-drop-to-n100-presidential-aide/

The chap doesn't know what he is saying. Nigerian government officials are known for making flippant, unrealistic, illogical statements.

In the current clime, I struggle with how unsubsidized petrol can be less than N100. Or maybe he's thinking that since 'backyard' are stealing the crude, the cost of input is zero.

1 Like

Politics › Re: Ngozi Okonjo-Iweala's First Day As WTO Director-General (Pictures) by COMPAQ(m): 9:34am On Mar 01, 2021

naptu2:
WTO @wto

https://mobile.twitter.com/wto/status/1366284637023203328

Make madam no disgrace us in any way o. I do not expect her to, but considering the opposition to her appointment, many in the American govt will still be snooping around for anything that can be used to tie her up and bundle her out.

Politics › Re: Reps Demand Documents On ₦2.2 Trillion Foreign, Domestic Debts Utilisation by COMPAQ(m): 9:32am On Mar 01, 2021

adenigga:
Source: https://m.punchng.com/Business/Reps-demand-documents-on-N2.2tn-foreign-domestic-debts-utilisation

The accounting structure of the Federal Government and its parastatals and agencies is a mess.

This is partly why fraud is so easy to commit in Nigeria. The accounting system is so opaque, disjointed and unintegrated that money can leave on account and never get to its destination and there are no system controls to prevent this from happening, much less identifying it.

Federal Government should be utilizing a fully integrated ERP system such SAP to manage the affairs of the country, but even with the "brilliant" minds in government, they will never suggest, much less implement it for selfish, corrupt reasons.

Crime › Re: 28 Police Officer Killed In Three Months, Police Plan Measures To Curb Attacks by COMPAQ(m): 8:16am On Mar 01, 2021

Kingscee:
By Precious Igbonwelundu, Nsa Gill, Sunny Nwankwo, Damian Duruiheoma, Mike Odiegwu, Kolade Adeyemi, Okungbowa Aiwerie, Augustine Okezie, Chris Njoku, Rosemary Nwisi and AbdulGafar Alabelewe

https://thenationonlineng.net/28-policemen-killed-in-three-months/

It is a sorry state of affairs that police in Nigeria cannot protect themselves. How can they then protect us?

Hoodlums now attack police stations and go scot free, with policemen running for their lives. With no equipment to even call for back up. Even the back up people sef will take style to delay coming for fear of getting killed.

The future of this nation worries me o.

Politics › Re: Nigerians Will Be Shocked By Those Behind Girls' Abduction - Says Matawalle by COMPAQ(m): 8:10am On Mar 01, 2021

UltimateSpice:
.

https://punchng.com/nigeriansll-be-shocked-by-those-behind-schoolgirls-abduction-says-matawalle/

If you know something say it. If you can't say it, then shut up! Nigerian politicians like to do this kind of nonsense. What for I can't imagine.

That's how IBB said he would reveal why he annulled June 12 in "due course". A man that is very close to his grave.

Samething a few months back someone said if he reveals what he knows about NDDC, Nigeria will cease to exist.

If you can't say why you know, SHUT UP!!

Politics › Re: Backward Integration In Sugar, Cement And Petroleum: Who Are The Beneficiaries? by COMPAQ(m): 1:25am On Mar 01, 2021

lexy2014:
We aren't talking of abroad or Donald Trump. U claimed payment of taxes is one of d benefits of this policy that favours just a few in Nigeria. Now we see that it has no benefit in taxes as u so put it. Dangote doesn't pay indirect taxes.

Dangote uses mostly foreign contractors especially Indians to do his jobs. So leave that side. Was it dangote refinery that changed d landscape of lekki, eko Atlantic and vgc? How did u arrive at that conclusion? Before dangote, there was free trade zone. So it's not dangote that changed d landscape of ibeju-lekki.

This is vague:

"Benefits abound via multiier effects to the economy...".

My question was asking for specifics:

"What exactly are d benefits to d economy that u are touting?"

Its simple economics 101 dude.

Politics › Re: Backward Integration In Sugar, Cement And Petroleum: Who Are The Beneficiaries? by COMPAQ(m): 11:09pm On Feb 28, 2021

lexy2014:
So u mean I to wasn't willing to take d risk? Is "everything working against" dangote and co mentioned in d story?

Taxes paid? Are u aware that dangote barely pays taxes as a result of being a beneficiary of some of d policies mentioned in d article?

What exactly are d benefits to d economy that u are touting?

Dangote barely pays corporate tax agreed. Neither does Trump or most Billionaires abroad. However Dangote pays other indirect taxes. Staff he employs pay PAYEE. Jobs are created in ancillary support businesses that support his main business. Contractors etc And those ones will pay tax. Dangote refinery alone is changing the real estate landscape of Lekki axis and making land owners in that axis millionaires. Those in the surrounding villages of Dangote refinery would otherwise have gone to the grave with their valueless land.

Benefits abound via multiier effects to the economy, but we are all fixated on Dangote himself.

2 Likes

Politics › Re: Backward Integration In Sugar, Cement And Petroleum: Who Are The Beneficiaries? by COMPAQ(m): 11:04pm On Feb 28, 2021

OnlyDeCapPlease:
Haven't you noticed that the richest men in the world are people that came up with innovative ways of doing things. Look at Amazon, Tessla and Microsoft. They did not come into an existing market, stifle the opposition and become a monopoly. There's only so far you can go doing that. Having said that I must say that I don't blame anyone for doing that. Even Americans and Europeans will do the same (and have done so in the past) if given the opportunity. Its the job of government, regulators and law makers to checkmate such activities.

Amazon and Microsoft are constantly being looked at as monopolies. Did you not see the Senate hearings a few months ago when Amazon, Apple, Google, Facebook and Microsoft were grilled by US senate for like 2 days over anti competitive and monopolistic practices??

4 Likes

Politics › Re: Backward Integration In Sugar, Cement And Petroleum: Who Are The Beneficiaries? by COMPAQ(m): 11:02pm On Feb 28, 2021

South Korean economy is dominated by Samsung, Hyundai/Kia.

Those companies control almost 60% of Korean economy.

It has its pros, but also its cons. Wouldni like our economy to more diversified away from Dangote and BuA? Yes I would, but other people have to come forward. It won't happen if all the rich men just sit in Banana Island in their mansions.

I keep saying Nigerians like easy business. Banking and Oil and Gas where little technical skill is required. Have you spoken to some bank marketers? Totally daft. Can't even tell a good story of why you should bring your money to their bank. Thats why they send sexy women most times. Elumelu recently bought an oil block from Shell. Why hasn't he done something more intellectually demanding like a refinery or petrochemical complex. Cos drilling and selling oil, while it also has its own technical demands, is relatively easy money.

7 Likes 1 Share

Politics › Re: Backward Integration In Sugar, Cement And Petroleum: Who Are The Beneficiaries? by COMPAQ(m): 10:49pm On Feb 28, 2021

tiredoflife:
Surely there is always that foolish fool

Why must you insult. Must everyone have the same opinion as you.

1 Like 1 Share

Politics › Re: Backward Integration In Sugar, Cement And Petroleum: Who Are The Beneficiaries? by COMPAQ(m): 10:43pm On Feb 28, 2021

kirajustice:
TAYO IRANTIOLA, Lagos

https://politicsnigeria.com/backward-integration-in-sugar-cement-and-now-petroleum-who-are-the-real-beneficiaries/

Tayo Irantiola writes from Lagos Nigeria...

Benefits to the economy goes beyond the price of the final product. There are jobs created - direct and indirect, economic activity created, technollogy transfered, taxes paid etc

Also there are many factors that contribute to the factors of production and ultimately cost of a product. Nigerias inefficient economy doesn't help. There was a report recently that it costs $1000 to transport a container from China to Lagos, but to deliver same container from Apapa port to Ikeja ,transporters were charging N150k due to difficulty to move at the ports.

Agreed that the policies could be implemented better and it seems like the same names come up - Dangote,BUA etc, but they seem to be the only ones willing to take the risk and there are also benefits to the economy as I explained above.

Most Nigerian rich men like easier money. They prefer trading to manufacturing. Import for N50k, sell for N100k and no value added.

I can't take the risk they do, doing such huge business in Nigeria where everything is working against you, so if they also make huge profits for their risk, why should I complain.

6 Likes 3 Shares

Politics › Re: FG To Sell Oil In Naira To Dangote Refinery by COMPAQ(m): 10:26pm On Feb 28, 2021

Agboriotejoye:
Sorry sir.
But our currency was actually doing well before IMF came along during the time of sale IBB and asked us to deregulate. It was also part of the loan deal then that we privatise most of our industries. Part of that loan agreement as well was opening up our economy to "foreign investors".
So I'm not just picking on IMF for nothing. They simply latched on our corrupt government enterprise to make our economy a consumer economy that favours them.
That said, as at 1999 when democracy came on, or refineries were comatose or close to being. OBJ who never believed in govt enterprises wanted them sold off which he eventually did only for yaradua to reverse it.
The point I'm making is that since the time of IBB, no govt has shown AÑY seriousness to get our refineries working.
So what I'm saying is not exactly new.
On the question of subsidy. When our refineries were working in the 70/80s, we don't pay subsidy on fuel. It was same IBB (again) that started the era of subsidy.

I don't have any issue with privatization or deregulation and neither should you. Deregulation gave us MTN, Airtel and co. Deregulation gave us zenith ,GTB and Co. The opening up of the economy has brought jobs, investment, innovation, taxes etc. Where would we be without these companies.

Not sure if that claim that we didn't have subsidy in the 70's and 80's is correct. But even if it is, we could afford it then. Population then was maybe 65mln. Now we are at 200mln. Number of cars on the roads has probably increased 4times since then. Meanwhile in real terms value of our dollar earning has reduced to almost a third in that time. What $1 could buy/build in 1975 will require about $3 now sue to inflation.

As far as I'm concerned anyway, we are throwing away our resources by subsidising petrol. The biggest beneficiaries are those in the big cities of Lagos and Abuja etc with 2or more cars. If you drive into Lagos island in the mornings. In traffic you see the plenty jeeps heading into VI and Marina with just oga and driver, guzzling petrol. Are you telling me those people can't afford N200 petrol.

For those who argue that it increases transportation of food etc, most all trucks that carry goods long distances use diesel which is already deregulated.

Even kerosene that the so called 'masses' use was deregulated a few years ago and heaven did not fall. Life still goes on.

Politics › Re: FG To Flag Off Eastern Rail Project On March 9th by COMPAQ(m): 7:46pm On Feb 28, 2021

MISSCONGENIALITY:
The rail line might never be Constructed. They wl start it and use it for 2023 campaign and then abadon it.
Have they Constructed the 2nd Niger bridge?

To be fair, 2nd Niger bridge has progressed far more in this administration than any other. It will be completed next year.

3 Likes

Politics › Re: FG To Flag Off Eastern Rail Project On March 9th by COMPAQ(m): 7:42pm On Feb 28, 2021

plaindealer:
Largest under any government in the history of Nigeria.

More than enough to start and complete these rail projects without borrowing 1 kobo.

Missed opportunity, now the usual suspects are crying over loans for infrastructures to better their lives, but did not say a word when the money was available, but looted viciously.

Sad.

Convert all of that to dollars. While in Naira it may be going up, in dollars its probably going down.

Politics › Re: FG To Flag Off Eastern Rail Project On March 9th by COMPAQ(m): 7:40pm On Feb 28, 2021

ntyce:
Why is the East not connected to the West via rail?

All roads leads to the North abi?

Sentiments aside a Lagos to Calabar rail makes the least sense. Railways are typically built to move stuff inland and from inland to the port.

With ports in Warri, PortHarcourt ,Calabar and soon Uyo. What would be the economic value of a railway running parallel to the coast?

Railway cannot be primarily designed to move passengers. It will never be profitable.

Its more sensible to get the ports in Warri, PH and Calabar working effectively.

2 Likes

Politics › Re: FG To Flag Off Eastern Rail Project On March 9th by COMPAQ(m): 7:37pm On Feb 28, 2021

SmartPolician:
This government has lots of underperforming ministers. In spite of that, Rotimi Amaechi is Buhari's best minister.
My only concern is that the ministry uses loans to execute all her projects, giving the impression that Nigeria is flat broke.

Are we not flat broke!?

Politics › Re: Dangote Wants Only Refinery License Holders To Import Fuel by COMPAQ(m): 6:10pm On Feb 28, 2021

This suggests using $25k as a basis of per barrel cost of setting up a refinery. Therefore 600,000 barrel refinery would cost circa $15bln.

So much from the guy who says I don't present facts.

3 Likes

Politics › Re: Dangote Wants Only Refinery License Holders To Import Fuel by COMPAQ(m): 6:03pm On Feb 28, 2021

Fixey:
For an overpriced project

CBN should give the same 3 billion dollars to all competitors and the FG should give them the exact same waivers across board

Slowpoke

Overpriced you say. According to you. Project costs can vary widely depending on where you are constructing it. Meanwhile Dangotes refinery is the biggest in the world.

2 Likes

Politics › Re: Dangote Wants Only Refinery License Holders To Import Fuel by COMPAQ(m): 5:58pm On Feb 28, 2021

Fixey:
I expected emotional guilt tripping rather than facts. Nice one with the deflection

I have presented plenty of facts, but you have presented none. Look at all the screenshot I have used on this thread.

2 Likes

Politics › Re: Dangote Wants Only Refinery License Holders To Import Fuel by COMPAQ(m): 5:56pm On Feb 28, 2021

Fixey:
You heard. Smh. Clown

Even assuming CBN gave N1trln, that's only $3bln - for $ 14bln project. And like FG can give N1trln. Keep believing conspiracy theories instead of facts.

2 Likes

Politics › Re: Dangote Wants Only Refinery License Holders To Import Fuel by COMPAQ(m): 5:48pm On Feb 28, 2021

AFONJACOW:
One would ask, why Dangote is not a global brand competing with Others in Global market, why is it only in Nigeria and few poorer Africa countries he operating... Here is the answer, Dangote has nothing to offer to world first countries and he can't compete with any of these billionaires there because those guys are making their riches genuinely with their brains while Dangote depends on government patronage and monopoly to make his own money.. if you strips him off , all these sphere of influence, dangote will go broke because he don't have sense of innovation.. aboki nah aboki

Dangote had gone where the margins are highest. Why compete in a saturated market. Are we thinking at all. Do we not do our own personal business? Do you invest more in your product thats not moving? Why do you expect one set of principles for yourself and a different set for Dangote.

1 Like

Politics › Re: Dangote Wants Only Refinery License Holders To Import Fuel by COMPAQ(m): 5:44pm On Feb 28, 2021

richmond500:
did FG close down the refinery u built just to promote Dangotes refinery? ur uzor kalu will steal ur money and run to UK, Atiku steals and run to Dubai, Amaechi steals and run to Texas but u are here fighting a man who invest heavily in his home town, a man who provides job.
As long as he will not run to America and build big companies, he should keep monopolising us.

Abi o. Like federal government offers us anything better.

1 Like

Politics › Re: Dangote Wants Only Refinery License Holders To Import Fuel by COMPAQ(m): 5:43pm On Feb 28, 2021

Aconomist:
You are a monkey. I live in the U.S. Normal cement is between $3-4. You are comparing masonry cement and different grades of cement and confusing yourself.

You've used monkey 3 or 4times. You really must be a child. I won't descend to your level.

That bag of cement you posted there is 80pounds, which is 36kg. What we sell in Nigeria is 50kg. At 50k equivalent by simple proration that would be $5 which is either N2k or N2.35k depending on which exchange rate.

4 Likes

Politics › Re: Dangote Wants Only Refinery License Holders To Import Fuel by COMPAQ(m): 5:35pm On Feb 28, 2021

Fixey:
Okay. Dangote build a refinery the day he got license. Nice one

. Since you're smart in your eyes fool. When we talk monopoly it looks like we don't know what we're talking about. How many other people the FG granted license did the FG give the money to build them like they did with Dangote. Shioor

You're a big full that think he knows anything.

Stop being childish by insulting me. Calling me a fool adds little value to you or your argument.

5 Likes

Politics › Re: Dangote Wants Only Refinery License Holders To Import Fuel by COMPAQ(m): 5:33pm On Feb 28, 2021

COMPAQ:
FG did not give Dangote money to 100% build refinery. Dangote has his personal equity in the project. There is also structured financing from consortium of banks and support from CBN. I saw a headline from Emefiele recently saying CBN supported with N100bln. Thats just $250mln for a $14bln project.

Politics › Re: Dangote Wants Only Refinery License Holders To Import Fuel by COMPAQ(m): 5:31pm On Feb 28, 2021

Fixey:
Okay. Dangote build a refinery the day he got license. Nice one

. Since you're smart in your eyes fool. When we talk monopoly it looks like we don't know what we're talking about. How many other people the FG granted license did the FG give the money to build them like they did with Dangote. Shioor

And stop being childish by insulting.

You're a big full that think he knows anything.

FG did not give Dangote money to 100% build refinery. Dangote has his personal equity in the project. There is also structured financing from consortium of banks and support from CBN. I saw a headline from Emefiele recently saying CBN supported with N100bln. Thats just $250mln for a $14bln project.

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