₦airaland Forum

Fake Prophet. These the fools that keep giving Christianity a bad name. Why is he not seeing where they are?

I don't like people who keep claiming "God" told them what definitely emanated from their heart.

Mogidi:
It is impossible to get an objective evaluation of GEJ's presidency on Nairaland. The heteromorphic hatred of GEJ on Nairaland is in the main inspired by tribalism and nothing else. There are so many examples but am picking one of the newest. There's a thread here that implied Dame Patience travelled to AU meeting with 24 aides.

Thread starter referenced Shakara Reporters as the source. Without checking other online newspapers (not that it mattered) the goons went to work.
Reuben  just posted (Abati's rejoinder) to Shakara reporters detailing only 32 aides went with (wait for it) GEJ. Dame Patience never took any aide to the AU meeting, an obvious fact from the onset.


Why are the goons not in that thread apologising for getting it so wrong. Come to  think of it they may be there (with egg on their faces) spinning their lies uncontrollably.

Why has truth become a foible affecting the majority on nairaland? Yes I've got the answer> "Tribalism". Posting an out and out lie to discredit Dame Patience shows their arguements carry no weight, value or intelligence, hence the resort to banalities.

These muppets are bereft of decent human ethos.
Do I think they will change in future?
Ans= Of course not. But guess what, you can't do anything to GEJ until 2019.

GEJ carry go!!!

Chia I pity the hypocrisy of these Jonathan's sycophants. Even Abati did not state the how many aids the first lady eventually went with and more importantly you inserted ynaija.com as a link for your Reuben Abati's rejoined.  Are you saying you blog (ynaija.com)  is an authoritative source than Sahara reporters?

Bros I like your effort to drive traffic to your site but for goodness sake, stop confusing Nigerians - just swallow your portion of the loot.

CORRECTION!
President went to Addis Abbaba to campaign for AU Chairmanship and got humiliated by the President of Benin republic, Yayi Boni. Presidents opposition was led by Ghana. Read the intimidation here https://www.nairaland.com/nigeria/topic-857891.0.html

BTW, when will Reuben Abati (GEJ) reply this my post or have he posted already?

AU officials know that the first thing Jonathan will do is to:
1. Ask for tenure elongation.
2. Remove all form subsidy in Africa.
3. Unleash Boko Haram in the continent and ask Africans to live with it and pray for them to repent.

Its time to add a human face to these rubbish and terror in Nigeria.

Who are those funding violence in our country? The providing money and aquiring weapons for these groups:
- Boko Haram
- MASSOB
- MEND
- OPC

[size=14pt]"The head of a criminal gang is a full certified member"[/size]

Thank God this is not official ND stand point.

Is it not the same Niger Delta that gave passage to the Nigerian Army in 1968 for the invasion of my home town?

Guys make una better let the sleeping "wounds" be. Simple tell your brother Mr. Luck to sit up or step out if he is confuse as of what to do. I do like cowards.

Since the end of the subsidy protests, here in Enugu, I have not been able to watch AIT or RayPower. Is there any explanation here?

^^^No mind them.

"I voted for Jonathan, not PDP" 

I have always said this, A Leader Of A Gang Is A Full Member!

To put fuel my car today was something else. First many of the Stations are not selling, at those selling N150 to N175 - I still had to waste nearly 4 and half hours just to get it.

Today in Kano

https://a5.sphotos.ak.fbcdn.net/hphotos-ak-ash4/404712_360495193964927_302221556458958_1580954_191343919_n.jpg

My people I am asking where is the "Fresh Air" that was promised by President Jonathan and his team? Have we finished it, is it what we are enjoying or is it still afar

I have tried to plot the graphs to see if its still ahead, but the projections are that if not changes the way they are now, we will be heading off the cliff.

With the event (both press releases and events), it tends to suggest that the once Kabir Sokoto (Xmas Day Bomb Suspect) was arrested - An Opportunity presented itself.

He Escaped -> Nigerians when gaga -> Some Officers where suspended -> Oga Issued order, threats and lion fist -> the man was Rearrested -> All Sins where forgiven

From all indications, its becoming obvious that the past Nigerian Leader that President Jonathan is following in his foot-step is Gen Sani Abacha. Do you agree?

olawalebab:
Jonathan Presidency, one month-one trouble

More like One week - More trouble.

More subsidy party
[img]https://www.nairaland.com/attachments/558087_Mrs-jonathan-2_jpge831652e8d51d8a29a08f0544cc7cd94[/img]

So who have collected the billions I told you

The day Ngozi and Sanusi came to AIT regarding the Subsidy issue, she said some of the revenue from oil subsidy will be added to youwin. I ask: After spending 50Bn and nobody have been empowered, they want to add more funds?

So who have collected the billions I told you

The day Ngozi and Sanusi came to AIT regarding the Subsidy issue, she said some of the revenue from oil subsidy will be added to youwin. I ask: After spending 50Bn and nobody have been empowered, they want to add more funds?

So who have collected the billions I told you guys

The day Ngozi and Sanusi came to AIT regarding the Subsidy issue, she said some of the revenue from oil subsidy will be added to youwin. I ask: After spending 50Bn and nobody have been empowered, they want to add more funds?

Imagine Nigerians plan and strike independently? Boko Boys will be a tiny reference.

Konnektions146:
this news is everywere in enugu and people are sayin its true but cos i dont know, lets watch andd see but a paternity test will be a good one

[size=14pt]The worst is that the said girl is not even pregnant let alone having a baby[/size]

I love this. Give them hell. It would have been very wrong to allow this madness go unattended to.

Carry go!

Kingsway Building - Opkara Avenue, Enugu,1959.

https://a8.sphotos.ak.fbcdn.net/hphotos-ak-ash4/400873_10150446085549263_363111729262_8797264_34601053_n.jpg

P & T , Enugu, 1959.

https://a4.sphotos.ak.fbcdn.net/hphotos-ak-snc7/384835_10150446085624263_363111729262_8797266_1849555133_n.jpg

Dr. Nnamdi Azikiwe, Premier of Eastern Region, introducing Dr. Michael Opkara at N.C.N.C. rally 1959.

https://a1.sphotos.ak.fbcdn.net/hphotos-ak-ash4/403754_10150446085379263_363111729262_8797261_1557236086_n.jpg

[size=16pt]The Real Cost Of Fuel (without Subsidy) In Nigeria[/size]

By Izielen Agbon Izielen Agbon

On December 10, 2011, if you stopped at the Mobil filling station on Old Aba Road in Port Harcourt , you would be able to buy a litre of petrol for 65 naira or $1.66 per gallon at an exchange rate of $1/N157 and 4 litres per gallon. This is the official price. The government claims that this price would have been subsidized at N73/litre and that the true price of a litre of petrol in Port Harcourt is N138/litre or $3.52 per gallon.

They are therefore determined to remove their subsidy and sell the gallon at $3.52. But, On December 10, 2011, if you stopped at the Mobil Gas station on E83rd St and Flatlands Avenue in Brooklyn, New York, USA, you would be a able to buy a gallon of petrol for $3.52/gallon. Both gallons of petrol would have been refined from Nigerian crude oil. The only difference would be that the gallon in New York was refined in a US North East refinery from Nigerian crude exported from the Qua Iboe Crude Terminal in Nigeria while the Port Harcourt gallon was either refined in Port Harcourt or imported. The idea that a gallon of petrol from Nigerian crude oil cost the same in New York as in Port Harcourt runs against basic economic logic. Hence, Nigerians suspect that there is something irrational and fishy about such pricing. What they would like to know is the exact cost of 1 litre of petrol in Nigeria .

We will answer this question in the simplest economic terms despite the attempts of the Nigerian government to muddle up the issue. What is the true cost of a litre of petrol in Nigeria ? The Nigerian government has earmarked 445000 barrel per day throughput for meeting domestic refinery products demands. These volumes are not for export. They are public goods reserved for internal consumption. We will limit our analysis to this volume of crude oil. At the refinery gate in Port Harcourt, the cost of a barrel of Qua Iboe crude oil is made up of the finding /development cost ($3.5/bbl) and a production/storage /transportation cost of $1.50 per barrel.

Thus, at $5 per barrel, we can get Nigerian Qua Iboe crude to the refining gates at Port Harcourt and Warri. One barrel is 42 gallons or 168 litres. The price of 1 barrel of petrol at the Depot gate is the sum of the cost of crude oil, the refining cost and the pipeline transportation cost. Refining costs are at $12.6 per barrel and pipeline distribution cost are $1.50 per barrel. The Distribution Margins (Retailers, Transporters, Dealers, Bridging Funds, Administrative charges etc) are N15.49/litre or $16.58 per barrel. The true cost of 1 litre of petrol at the Mobil filling station in Port Harcourt or anywhere else in Nigeria is therefore ($5 +$12.6+$1.5+$16.6) or $35.7 per barrel . This is equal to N33.36 per litre compared to the official price of N65 per litre. Prof. Tam David West is right. There is no petrol subsidy in Nigeria . Rather the current official prices are too high. Let us continue with some basic energy economics.

The government claims we are currently operating our refineries at 38.2% efficiency. When we refine a barrel of crude oil, we get more than just petrol. If we refine 1 barrel (42 gallons) of crude oil, we will get 45 gallons of petroleum products. The 45 gallons of petroleum products consist of 4 gallons of LPG, 19.5 gallons of Gasoline, 10 gallons of Diesel, 4 gallons of Jet Fuel/Kerosene, 2.5 gallons of Fuel Oil and 5 gallons of Bottoms. Thus, at 38.2% of refining capacity, we have about 170000 bbls of throughput refined for about 13.26 million litres of petrol, 6.8 million litres of diesel and 2.72 million litres of kerosene/jet fuel.

This is not enough to meet internal national demand. So, we send the remaining of our non-export crude oil volume (275000 barrels per day) to be refined abroad and import the petroleum product back into the country. We will just pay for shipping and refining. The Nigerian government exchanges the 275000 barrels per day with commodity traders (90000 barrels per day to Duke Oil, 60000 barrels per day to Trafigura (Puma Energy), 60000 barrels per day to Societe Ivoirienne de Raffinage (SIR) in Abidjan, Ivory Coast and 65000 barrels per days to unknown sources) in a swap deal. The landing cost of a litre of petrol is N123.32 and the distribution margins are N15.49 according to the government. The cost of a litre is therefore (N123.32+N15.49) or N138.81 . This is equivalent to $3.54 per gallon or $148.54 per barrel. In technical terms, one barrel of Nigerian crude oil has a volume yield of 6.6% of AGO, 20.7% of Gasoline, 9.5% of Kerosene/Jet fuel, 30.6% of Diesel, 32.6% of Fuel oil / Bottoms when it is refined.

Using a netback calculation method, we can easily calculate the true cost of a litre of imported petrol from swapped oil. The gross product revenue of a refined barrel of crude oil is the sum of the volume of each refined product multiplied by its price. Domestic prices are $174.48/barrel for AGO, $69.55/barrel for Gasoline (PMS or petrol), $172.22/barrel for Diesel Oil, $53.5/barrel for Kerosene and $129.68/barrel for Fuel Oil. Let us substitute the government imported PMS price of $148.54 per barrel for the domestic price of petrol/gasoline. Our gross product revenue per swapped barrel would be (174.48*0.066 +148.54*0.207+172.22*0.306+ 53.5*0.095+129.68*0.326) or $142.32 per barrel. We have to remove the international cost of a barrel of Nigerian crude oil ($107 per barrel) from this to get the net cost of imported swapped petroleum products to Nigerian consumers. The net cost of swapped petroleum products would therefore be $142.32 -$107 or $35.32 per barrel of swapped crude oil. This comes out to be a net of $36.86 per barrel of petrol or N34.45 per litre.

This is the true cost of a litre of imported swapped petrol and not the landing cost of N138 per litre claimed by the government. The pro-subsidy Nigerian government pretends the price of swapped crude oil is $0 per barrel (N0 per litre) while the resulting petroleum products is $148.54 per barrel (N138 per litre). The government therefore argues that the “subsidy” is N138.81-N65 or N73.81 per litre. But, if landing cost of the petroleum products is at international price ($148.54 per barrel), then the take-off price of the swapped crude oil should be at international price ($107 per barrel). This is basic economic logic outside the ideological prisms of the World Bank. The traders/petroleum products importers and the Nigerian government are charging Nigerians for the crude oil while they are getting it free.

So let us conclude this basic economic exercise. If the true price of 38.2% of our petrol supply from our local refinery is N33.36/litre and the remaining 61.8% has a true price of N34.45 per litre, then the average true price is (0.382*33.36+0.618*34.45) or N34.03 per litre. The official price is N65 per litre and the true price with government figures is about N34 per litre (even with our moribund refineries).

There is therefore no petrol subsidy. Rather, there is a high sales tax of 91.2% at current prices of N65 per litre. The labor leaders meeting the President should go with their economists. They should send economists and political scientists as representatives to the Senate Committee investigating the petroleum subsidy issue. There are many expert economists and political scientists in ASUU who will gladly represent the view of the majority. The labor leaders should not let anyone get away with the economic fallacy that the swapped oil is free while its refined products must be sold at international prices in the Nigerian domestic market.

The government should explain at what price the swapped crude oil was sold and where the money accruing from these sales have been kept. We have done this simple economic analysis of the Nigerian petroleum products market to show that there is no petrol subsidy what so ever. In the end, this debate on petrol subsidy and the attempt of the government to transfer wealth from the Nigerian masses to a petrol cabal will be decided in the streets. Nigerian workers, farmers, students, market women, youths, unemployed, NGO and civil society as a whole should prepare for a long harmattan season of protracted struggle. They should not just embark on 3 days strike/protests after which the government reduces the hiked petroleum prices by a few Nairas. They must embark upon in a sustainable struggle that will lead to fundamental changes. Let us remove our entire political subsidy from the government and end this petroleum products subsidy debate once and for all. It is time to bring the Arab Spring south.

Izielen Agbon Izielen Agbon writes from Dallas, Texas. izielenagbon@yahoo.com

He is former HOD , Petroleum Engineering Dept, former ASUU chairman, University of Ibadan, trained many operators in nation’s energy industry with pratical experience on our practices and policy focus in the last 20yrs

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