₦airaland Forum

dre11:
www.punchng.com/forex-scarcity-banks-in-multi-million-dollar-racketeering/

Was this not the reason the re I troduced form M and A.we warned Nigerians they tagged us wailers oyah nah ova to una

lookandlaff:
the children of the people who are sending their children abroad for an education are not coming back home to teach...a fair number of them won't even come back. it is the children of the middle and upper classes and they dont go abroad to study to be teachers, children of the middle class no longer go into teaching. If govt is sponsoring teachers/lecturers abroad then they are not getting their forex at the black market rate.

Wrong assumption. They are now coming back home. The tide is changing. I'm a living example.

Atlantian:
And I can assure you that the decision to channel request of funds for medicals and study abroad is pushing the demands for the dollars to the blackmarket, and remember, the higher the demand, the higher the price. Watch the Naira collapse in just few weeks. Cos the class of people that sponsor folks to study abroad and get medicals abroad, are not the class who cares about money, but how to spend. I am one of them, and I dont care, but remember to watch the value of the local tender. I give you my word, the value of naira will plummet like a falling kite.

Dead already pounds trading @430

worlexy:
LOL, I don't argue with kids. it's glaring that you don't know anything about economics. At a point when a barrel was about $33 they were saying the cost of production was above the selling price, now that it has fallen below $33, if you have functioning brain I won't need to tell you the implications of that

Both of you should try and improve your arguments plz with healthy arguments we learn new things myself inclusive @ Boss you are totally wrong worlexy is right. Check my list up there and see the difference in oil production and see where we Nigeria stand. Even if we sell at a loss those thieves we support will still want to sell just to keep thier banks in the xtra greens.In the UK some oil wells are being scrapped all together. If you have anyone in the Oil and gas sector in Scotland ask them don't just take my word for it.

989900:
The above DOES NOT make Saudi or OPEC, 'irrelevant' to price. See Iran's recent 'entry effect' for example.

Check the list again.if they try to reduce production other countries arround them will increase production ie China?Iran would increase thier too as they have not had the o port unity to supply the world. They are also good in thier technology so might soon reduce cost of production

Adminisher:
It takes a follower of the clueless Goodluck Jonathan to believe that Nigeria's oil production is above selling price. A young impressionable mind that believed Railway revamp, Power sector revamp and Infrastructure revamp will also believe that falsehood. The cost of production is far far below what is quoted. Apart from that Nigerian oil is doldrums at a premium any way.

I spent two and a half decades in Nigeria's oil industry. The real cost of production used to be the lowest I'm the world and shot up briefly only due to security issues in 2011 to 2013 but never up to even MENA countries production costs. Most of our fields have recouped all their capital expenditure and there is not much expensive secondary recovery going on in Nigeria .
To make things even easier for us the stupid militants of the Niger Delta have just closed in about 5% of our so calked expensive production but the funny thing, the price of oil did not even change by 0.0000001 per cent so that is that for some cold realities .
The FG is doing what is right. We have to pally with India and China. India is now in a better position than China. They have an average income per capita of $1500 , China has now gone up to $7000. India has 1.something billion people as well. 300 million people are below the age of 25. Maybe 250 million people are going to be moving from lower class to middie class. That means they will be consuming a lot of energy driven goods - cars, electricity , food etc. . The Buhari government moved fast with meetings and bilateral agreements with Modi. He is also going to China in some days time for finance, energy , transportation and Defence talks. Since we booted the fake PhD holder from office, we have moved pieces on the chess board more astutely even without all the crude oil money that we had in the past.
The FG should continuing wrecking the lives of treasury looters and setting international traps for them and their looted funds . Nigeria will change for the better. SURELY.

you guys will just jump into conclusions, here is an extract from the wall street jonal, tell me if we are at a loss or gaining or if the cost of production goes above the cost we sell the oil

Profits for those countries where extraction costs are less than market prices have been hit by a huge boost in production and falling production costs. World oil production rose by 2.9 million barrels a day in the 12-month period to July 2015. Iraq, where production rose by 1.1 million barrels in the period, is the major factor, and U.S. production rose by 600,000 barrels a day between July 2014 and July 2015.

The problem for most OPEC producers and national oil companies is that their countries’ budgets depend on oil and those budgets were drawn up with far higher prices than $45 a barrel. Some countries have banked a sizeable rainy-day fund. But even Saudi Arabia is beginning to feel the pinch of drawing down these funds. The Saudi monetary authority has reportedly withdrawn up to $70 billion from its global asset funds as of September.

ALSO READ: The Case for $1 Gas

For countries like the U.S. and Canada, where no national oil company exists, the negative impact of low crude prices is felt first in the amount of money that producers spend on drilling and developing new wells. The decline in capital spending has been well-documented and is beginning to have an impact on production. By the end of this year, U.S. production could be half a million barrels a day below its 2014 level.

That should lift the price of crude, but the increase is now expected to be slow developing, not least because there are still about 3 billion barrels of crude sloshing around in storage tanks around the world — and very likely several dozen million more swimming around in circles offshore, waiting for buyers.

Here is Rystad Energy’s list of production costs for the 20 largest oil-producing countries:

Kuwait – $8.50 a barrel
Saudi Arabia – $9.90
Iraq – $10.70
United Arab Emirates – $12.30
Iran – $12.60
Russia – $17.20
Algeria – $20.40
Venezuela – $23.50
Libya – $23.80
Kazakhstan – $27.80
Mexico – $29.10
China – $29.90
Nigeria – $31.60
Colombia – $35.30
Angola – $35.40
Norway – $36.10
United States – $36.20
Canada – $41.00
Brazil – $48.80
United Kingdom – $52.50
Production costs are a combination of capital and operating costs and are based on a survey of some 15,000 oil fields across the 20 countries.

By Paul Ausick



source http://247wallst.com/energy-economy/2015/11/24/us-cost-to-produce-oil-is-36-a-barrel/

989900:
LOL . . . if Saudi's petroleum minister says "we will stop production for 2 days", the market reacts . . . even if Nigeria stops production for a week , prices would go up (market will react). It's a 'speculative market', a vulnerable and volatile one BTW -- every information, misinformation, action and inaction, causes . . .

That's what we use to think,there are too many producers now for that to happen, the market is saturated, the fall in production is not only due to influx of new market but majority is due to new technologies and cheaper way to produce crude .
Here is Rystad Energy’s list of production costs for the 20 largest oil-producing countries:
Getting oil out of the ground is not cheap, and as crude oil prices remain around $40 a barrel for U.S. West Texas Intermediate (WTI) and $44 a barrel for Brent (North Sea) Crude, producers have to be able to produce a barrel for less than that in order to make a profit. The U.S. only barely makes the cut, with a per barrel cost of $36.20, while the U.K. ($52.50) and Brazil ($48.80) are well below the profit line and Canada ($41.00) is likely losing money as well, since most of its crude sells at a discount to WTI.

The cheapest oil to produce comes from Kuwait, where the per barrel cost is $8.50. Saudi Arabian crude costs $9.90 a barrel to produce and Iraqi crude costs $10.70 a barrel to get out of the ground. The data were compiled by energy research firm Rystad Energy and reported on Monday at CNNMoney.




Kuwait – $8.50 a barrel
Saudi Arabia – $9.90
Iraq – $10.70
United Arab Emirates – $12.30
Iran – $12.60
Russia – $17.20
Algeria – $20.40
Venezuela – $23.50
Libya – $23.80
Kazakhstan – $27.80
Mexico – $29.10
China – $29.90
Nigeria – $31.60
Colombia – $35.30
Angola – $35.40
Norway – $36.10
United States – $36.20
Canada – $41.00
Brazil – $48.80
United Kingdom – $52.50

Sant1m:
The price of the dollar now, has always been the real value of the dollar for more than 3yrs now, the price before now was sustained by corruption. what had sustained the price at close to 200 before now was our leaking CBN vault under PDP. The leakage under a corrupt PDP ensured that there was enough supply of dollars in the(parallel) or black market, the corrupt dollars flowing in then from NNPC, CBN, NIMASSA etc ooh $2.1b armsgate dollars all found their way to the hands of mallams , with these type of corruption, dollar was sustained around 200 in the black market because of illicit supply from those who opened our vaults and shared our money out to friend and relations. The difference now under PMB, is that by blocking leakages the supply to mallams have drastically reduced yet demand remains static, hence the pressure is pushing up the price towards equilibrium. The baned items by CBN is just to ease the pressure as we pursue diversification in the long and shout run. Under the PDP model of corruption supplying to the parallel market instead of incomes from production, we were only postponing the evil day, but under this deliberate and sustained effort, expect a genuine rebound in the near future, it will not go back easily to 200 in the parallel market. Investment and diversification is the only true way to go. The road to true nation building is deliberate, it takes a strong leader that will go against the status quo, it will not be perfect, as mistakes will be made but if PMB can help us sustain for 8yrs at least, people will start coming to Nigeria for school and medical tourism also. We shall get there

Guy quick question
DId you do Economics in School?
Have you earned a dollar b4?
Have you spent a dollar b4?

AyoolaIgwe:
he is ibo?
Or Yoruba?
Or from d South-South?
Tell us pls

So for your mind ifone is not Igbo he must be yoruba or housa make unu travel small to get enlightened una nor gree see as una brain stagnant now .This how someone referred to me as Igbo just cos Im not for the North or west.

AyoolaIgwe:
he is ibo?
Or Yoruba?
Or from d South-South?

FULANI.or U and ur likes forgot he is from DAURA?

RichYoungNigger:
What is he ??

He us Fulani, if in doubt plz consult www.google.com

Fourwinds:
ok... dat reminds me....


he was a clueless president...he sat on corruption...he carries innocent face but stealing was don't under his watch

8 months into this new Govt have you noticed the ammount of stealing going on plus lies and propaganda? This will tople the last govt

ckmayoca:
But the govt is giving the room for the corruption na. Govt don't work on proper plat form to monitor it's citizens so it's dem fault not the citizens. If developed countries don't have good data base they can't be earning all what aged and children are earning monthly.

Yes however it's these same thieves that you see everyday shouting govt is corrupt. This is the reason we need constant electricity cos that will ensure proper data base and accountability.

DickDastardly:
A 48- year-old mother of three children, Mrs. Saidat Bola Hassan, has been arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) at the Nnamdi Azikiwe International Airport, Abuja, after she allegedly vomited 15 wraps of white powdery substances that tested positive for cocaine.

The incident occurred during screening of passengers on an Egypt Airline flight to Jedda, Saudi Arabia, en-route Cairo.

After she vomited the substances, the woman was apprehended by NDLEA officials who discovered that she had ingested 80 wraps of cocaine weighing 904 grammes.

The NDLEA commander at the airport, Mr. Hamisu Lawan, said efforts were made to protect her from any harm arising from drug ingestion.

“As soon as we discovered that the suspected wraps she vomited tested positive for cocaine, we took measures to ensure her safety by preventing any harm that may result from drug ingestion. While under observation, she excreted 65 similar wraps. In all, she ingested 80 wraps of cocaine weighing 904 grammes. Her case is under investigation,” Hamisu stated.

Source:

http://thenationonlineng.net/woman-vomits-cocaine-at-abuja-airport/

I dey come make I go confirm the name

VickyRotex:
Empathize with Naija

Realy

FWJOBSNG:
According to Boason Omofaye, the head of business news at Channels television, who made this assertion this morning, overseas school fees and medical tourism have been placed on CBN’s foreign exchange prohibitive list.

By this directive, Nigerians who may need to go outside the country for education purpose or health care will have to get the foreign currency from the parallel market to carry out their engagements.

This reason for this new development could not be ascertained but it may not be unconnected to the weakening state of the Nigerian currency against the dollar on the parallel market.

Only yesterday, experts from all walks of life assembled at a business colloquium to debate if it is imperative to devaluate the naira.

The colloquium, facilitated by The Cable, an online newspaper, took place at the civic centre, Lagos.

Titled “Naira On Trial: To devaluate or Not?” had business tycoons, professionals, analysts, among others in attendance.

The keynote speakers took turns to share their insights on the topic focusing on the merits and demerits of devaluating Naira.


http://www.financialwatchngr.com/2016/02/12/cbn-bans-use-of-dollars-for-overseas-fees-medical-trips/

Ahah ahahah I laugh in multiple language. I believe some people will wake up from thier dreams if this news is indeed true.

ochiora:
People get mind sha. Now who will they blame for this? Everyday we keep shouting corruption on the part of our leaders, what are we ourselves doing to curb it from the grassroot level. I pray that everyone found wanting would face the full wrath of the law.

Exactly the real thieves are not in government and not elected

This was what we said yesterday but some of us thought the so called ghost workers are real people

Achuwa1:
Why is pmb appointing only hausa's in his cabinet,even for the position of youth & social media..
what about tht young man tht fought vigorously for apc thru its youth wing during last yr campaign.
. I can't remember his name but tht young man should have being compensated coz he was very outspoken & dished his words in full to pdp then.
so does it mean tht young was used & dumped,then one of Aisha jollof rice eaters from a rich background now occupies a position tht would have given to tht young man tht laid his life on the line for apc.
I will never work for any politician during election & I will be used by any of them..
GOD HELP THE YOUTH .,

Well I ain't no fan of PMB but frm last I checked he is not Hausa

989900:
"relevant", in the above ^^ is non-definitive.

Saudi Alone cutting production would jerk up prices.

A couple of bomb explosions in Abu Dhabi today would spike prices.

And of course, low oil prices is neither good for Saudi nor Iran (even though it's dirt-cheap), as we speak, both countries are in talks to cut production already. Even the Russians are planning to do likewise.

The way the oil trade is now even if Saudi stops all together it will have no effect on prices. There are just too many producers and cost of production is different in different regions. We have venuzuella, Russia. Iran. Who r flooding the mkt

Boss13:
Thanks for the correction.

OPEC cutting down supply would help, but we have other suppliers. Though it is very expensive crack Shale Oil in the US, but it is still an alternative market. There is Russia too.

Shale oil exploration is way cheaper than conventional drilling of Wells hence therep into oil production by the US and the UK.this is facts.

989900:
Correct, but isn't Kachikwu a lawyer?

And, I think OPEC should cut supply to jerk up prices.

OPEC are no longer relivant in oil production quota since the likes of the USA and Iran began producing crude.

amacastel:
Have said it and continue to say it the problem we have in this country is the civil servants cos politicians are learners wia they are all sector of the civil service is so corrupt that even devil bow his cap for them

True word.we get blinded by stealing of politicians. The worst criminals are the civil servant

hmuhammad:
Nigeria’s crude oil output increased by 252,800 barrels per day in January, up from the 1.697 million barrels per day it recorded in December to 1.949 million barrels per day.
This development has also boosted the total production of the Organisation of Petroleum Exporting Countries (OPEC) in the month under review.
The price of Nigeria’s Bonny light however went down by $7.60 to $30.35 per barrel in January.
Specifically, total OPEC crude oil production in January averaged 32.33mbpd, representing an increase of 131tbpd over the previous month.
The cartel disclosed that crude oil output increased mostly from Nigeria, Iraq, Saudi Arabia and Iran, while production showed a decrease of from Angola, Venezuela and Algeria.
Besides, crude oil prices fell drastically again yesterday, after recording a slight increase for a few days.
West Texas Intermediate (WTI) declined by 6.26 per cent to $27.94 while Brent crude oil dropped by $30.32 per barrel.

The price of OPEC basket of 13 crudes stood at $28.33 a barrel yesterday, compared with $29.00 the previous day.
It said that the drop in the price of OPEC basket came as oil market oversupply and the slowing Chinese economy continues and has been compounded by an unusual drop of seasonal heating demand amid a continuation of the previous month’s mild weather in key consuming regions.
Advertisement


It noted that the values of the West and Northern African light sweet Basket components − Saharan Blend, Es Sider, Girassol and Bonny Light − decreased in value by $7.60 to average $30.35 per barrel in January.
OPEC said that despite strong demand for light sweet crudes in Asia over the month amid robust refining margins, a higher supply of light sweet oil put pressure on the Malaysian crude premium, causing the Tapis-Dubai spread to narrow.

It noted that regional light sweet crude grades were supported last month by freight rates that were at the highest levels seen in years. But falling costs of sending tankers from the Middle East and West Africa to Asia put pressure on shorter-haul grades.
“Refining margins in the Singapore hub have averaged above $10/b most of the month, up from around $8.60/b the previous month. Demand for spot crude in the Asia-Pacific crude market was affected slightly as refiners prepared for spring maintenance even as profit margins remained robust. Meanwhile, the Middle East sour crude benchmark Dubai was somewhat supported by robust demand from Chinaoil in the Platts crude oil price assessment window, as it purchased 16 cargoes over the month. Light sweet Tapis premium over medium sour Dubai decreased by 90¢ to $6.30 per barrel”, it added.

https://www.today.ng/business/78027/nigerias-crude-oil-production-up-by-252800bpd

Time to stop emphasis on crude oil export and focus on the solid minerals illegally mined up in the North

Obiagelli:
They are going to face the efcc, someone is behind those ghost names

yes the person who made up all those name, or mayBE two persons

Sanchase:
Some people don't just get it.

Ghost workers are represented by Individuals who manipulate names and receive salaries for non existing group of people.

What Kemi is saying implies those responsible for such act will be apprehended and made to pay up all the funds stolen from the government. Ghost workers don't just occur, there are people who initiated them so those people are responsible period.

walaaaa, your head dey there,someone has brought back sanity at last.

Ganjafama:
I want correct something. The ghostworkers are actually employed per se , but thru the backdoor. Their files are with the ministries but they don't show up for work. What they do is wait for bank alerts at the end of every month.

And in the case of teachers who are the greatest in numbers of ghost workers?

TomLepskie:
Those that hv been going to the banks to cash the money are the ghost workers, abi na ghost the enter bank go fill and sign the teller?this is ghost demystified.

Guy na one person or few group of persons dey cash the money,

Obiagelli:
You mean ghosts have been spending the money too? I wonder who the clown is

Ghost workers are non existent workers (names) planted by corrupt govt officials to steal salaries.the greatest numbers are in public schools.

ObidikeObinna:
Stop acting like IPOB novices

When they say "Ghost Workers", they dont mean they are actual ghosts

It means that they are not directly employed by the Civil Service but they are enrolled in the payroll system

They are used as conduits to siphon public monies

@Topic

This is a very good development

Any measure to block leakages is very welcome

It will go a long way to help the #PDPHouseOfHunger

You guys make one laugh no B small,and 50 people actually liked what you wrote up there, who told you there are faces behind the 23k workers, they are non existent names put on govt payroll to syphon money .if there is a face behind the names then they are contractors as they are not directly employed by the govt,simple as that.If coc Int has 100 staffs and 10 of them are ghost workers it means the HR Boss and payroll Boss has added 10 names into the payroll with backing account,they will later go back and withdraw these monies, but with BVN,this is now a bit difficult.The only reason the Ghost workers are being fished out is cos of physical verifications being carried out by various ministries.If there where faces behind the names they would have come out to verify themselves.

Eledan:
IPOB miscreant, as usual it's either you are an illiterate or just rather getting mischevious, either way you are very silly.
We all know what the term "ghost worker" means, obviously the salary goes into verifiable account and people that maintain and run the account are the "ghost worker".

Rubbish,Ghost workers are no existent workers which someone makes up to collect salaries.The are ghost as the word implies, if there are faces behind these names then they are no longer ghost workers .

harmony940:
My brother you see one of the most greatest challenge that Nigeriana as a Nation is facing is the use of Cash to buy things around its borders and the world in general. Take of instance,a Nigerian goes to Benin Republic to buy used shoes,with the Nigeria Naira being converted to Cephass,that alone as weaken the Naira,He buys the used shoes,smuggled it to Nigeria makes good profit at the detriment of the economy. Its time for him/her to celebrate because he has made good profit,what is the next step,he goes again to Benin Republic with the raw cash the naira,converts again to Cephas and buys the ankara,foreign beer,and a new car to change his/her status in benin and for the big party in Nigeria. He makes a very great mistake now he smuggles all these things into Nigeria.
We should patronize our goods and one day it will become a standard product,we cant expect everything to be ok at first.
When be begin to buy our own product and export it to even the neighboring countries and the world,our Naira will appreciate greatly.
Let the federal Government close the seme border for just two weeks you will see how the Naira will bounce back,we cannot be improving the economy of another nation by smuggling things in, at the detriment of our own dear country.
As i said earlier the government is critically looking at the non oil sector to drive the economy,Steel,Iron,and other minerals have to be taped,agriculture needs to be given a serious priority.Diversifying the economy is a very crucial issue,it is an economical shift,and if it is not done with great wisdom,the whole economy will collapse.
In addition why on earth should we pay money to the Benin Republic Government for custom duties,when clearing our cars,why cant we used the ports to ship whatever we buy from Benin republic to the Nigeria Ports. The federal government should enforce that,and stiffer measures should be placed on anyone that violates this procedures. It is only Nigeria that i see the government buying arms with millions of dollars in cash,there fore killing the naira.

The rich and not happy because all their accounts are being monitored by the BVN,via the central bank....all accounts are being verified,and it will get to a time where anyone with suspicious accounts will be called upon to make clarifications of how and what they did to make such money.

To strengthen the Naira me and you and most importantly the PRESENT Government needs one or two parts to play,I still believe in Nigeria,we might not live to enjoy the great days,but what of our children and grand children.

God me and you,and every one who reads,God bless Nigeria.

I am at work and on my mobile phone. Will respond. D to you wen I get home