₦airaland Forum

And what has happened to money laundering laws in this country that $5m will be withdrawn by one man. Who is even the signatory to that account sef?

Oloshi Oloriburuku noni!!!

changes1:
again?

Well I always knew sahara reporters will never carry any good news concerning Nigeria...

If they say they shouldn't wear hijabs they'll say no one should tamper with their religion..

Now they are hiding bombs under the hijab..

If the men blow themselves cos of 72 virgins, what will the female suicide bombers get?? 72 d1cks?

Bunch of brainwashed goats..

RIP to the dead.

Religion or no religion hijab should be banned forthwith in all northern states till further notice. Simple! Na craze dey worry us ni?

Are these people addicted to bombing? Which kain wahala come be this sef?

djustice: I'm waiting for the Asiwaju Criminal Notebooks to come and piss all over this thread. I am an indigene of Lagos State, and when I visited Uyo in 2010, I was stunned by the rate of development. I've hated Fashola, Tinubu and the whole ACN nonsense since then.

Consider that the total revenue for this state has never been up to half of total revenue in Lagos. Also consider that they have about twice the land mass of Lagos State to develop, and yet they have more roads per square km, a fully functional airport, complete with hangar.

In Lagos, we're still talking about how we will "soon" start building an airport, 13 years after the idea was first broached by Tinubu.

I also noticed that there is no single toll road in Uyo. Not one! And all the roads are better than our single toll road in Lagos[i]djustice: I'm waiting for the Asiwaju Criminal Notebooks to come and piss all over this thread. I am an indigene of Lagos State, and when I visited Uyo in 2010, I was stunned by the rate of development. I've hated Fashola, Tinubu and the whole ACN nonsense since then.

You may wish to consider the population densities of both states before making this ascertion. Reason being that so little can be achieved where there is not enough space for such. It will be easier to have such facilities sighted in UYO at a time like this but wait for these infrastructures to stay the next 5 to 6 years. I hope the same praise songs will still be sang. Meanwhile the pixes i am seeing addresses only UYO the state capital, what of Oron, Ikot abasi and other towns in Akwa Ibom state. Don't they deserve same amount of attention as Uyo? Abeg gather your facts right before coming out here to talk.

Consider that the total revenue for this state has never been up to half of total revenue in Lagos. Also consider that they have about twice the land mass of Lagos State to develop, and yet they have more roads per square km, a fully functional airport, complete with hangar.

In Lagos, we're still talking about how we will "soon" start building an airport, 13 years after the idea was first broached by Tinubu.

I also noticed that there is no single toll road in Uyo. Not one! And all the roads are better than our single toll road in Lagos[/i]djustice: I'm waiting for the Asiwaju Criminal Notebooks to come and piss all over this thread. I am an indigene of Lagos State, and when I visited Uyo in 2010, I was stunned by the rate of development. I've hated Fashola, Tinubu and the whole ACN nonsense since then.

Consider that the total revenue for this state has never been up to half of total revenue in Lagos. Also consider that they have about twice the land mass of Lagos State to develop, and yet they have more roads per square km, a fully functional airport, complete with hangar.

In Lagos, we're still talking about how we will "soon" start building an airport, 13 years after the idea was first broached by Tinubu.

I also noticed that there is no single toll road in Uyo. Not one! And all the roads are better than our single toll road in Lagos

I seriously wonder why PDP is getting worried about the ACN,ACPC, ANPP and APGA Merger. Why all these unnecessary attacks on persons for freely expressing their political intentions and affliations. Let the masses decide which party and/or which persons are capable of taking up the cjallenge of moving this country forward in 2015. For me PDP has not got it anymore.

na2day!:
What movie? a movie published to the internet 3 months ago.

The guys storming the embassy don't even have internet , this is not personal rage.

Sadly they are pawns in a game they are not aware of. the ones inciting (enticing ?? ) the violence really couldn't care less about the movie, on the anniversary of 9-11 they'd have found any ruse for an attack.

Especiall after the "we kill Osama" talk of Obama during the convention.

Its even on record that Al zawahiri's Libyan assistant was killed by a drone this week and he immediately went online to call on the Libyan to avenge his death!

But guys seriously who ever did that movie F'ed up big time. I think American being the land of the free is beginning to cause more harm than good. they really need to be careful with the liberty given to everyone so as not to abuse such.

na2day!:
Obama's support for Arab's spring is coming home to roost!
You cant force democracy on these people, they need a strongman with a strong stick to keep them in line!
Ghaddafi, Mubarak et al are gone!
The Islamic fundamentalists have taken over!
America! welcome to Arab's winter

You can say that again. i hope this winter will not turn out to be too cold for the USA

Which way Nigeria sef.Is this our own dividend of democracy?

Abeg Fash Carry Go joo! FASH FOR 2015!!!

Did anybody listen to the townhall meeting on this issue as conducted by thisday newspaper? If you guys did, then you can all agree with me that the reason why subsidy is being removed is simply because the government lacks the political will and courage to enforce the laws of the land. People have been fingered as being part of the so called 'CABAL' illegally ripping us off through this subsidy, it has also been proven that the quoted consumption figure for PMS in Nigeria which was used to estimate the subsidy being paid is false and instaed of government, just as comrade Falan said to address the crime being perpetuated and reconcile the books for better accuracy so we can know truly what we are paying for subsidy, they decide to remove the subsidy entirely with a promise that the savings will be reinvested into social ammenities etc.

Now tell me this, GEJ govt now says N1.5tr is what we are paying for subsidy and we all know this is false as mentioned above. this figure has been used to estimate for projects expected to be funded by GEJ govt as mentioned by the Petroleum minister in the meeting e.g Abuja-Lokoja expressway, Lagos-Ore-Benin expressway etc. What then will happen to these projects if after we remove the subsidy and the savings do not amount to N1.5trillion naira? If this is the plan of the administartion, how come it was never mentioned in the budget breakdown that a certain normal of Capital expenditures will be funded from savings from the subsidy removal?

Abeg who is fooling who here?

You may wish to read this article again(if you have before) on true cost of fuel  in Nigeria by Dr Izielen Agbon and see if it makes sense


[b]By Dr. 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[/b]

Lets face it girl! you are just infactuated by your sister's husband and you call it Love. Actiona like this will eventually lead you to a living a cagy lifestyle always afraid of what you do due to the guilt that is built up in you.  This will even get worse because with this kind of silly and nasty feeling, you will never be a faithful wife to your man and what is most abonimable is that you will still be sleeping with your sister's wife even when you get married to yours.

Imagine what will happen when the bubble bursts and the reaction starts with your husband catching you red handed with your sisters husband on top you in the Kerewa act. Na FIRST DEGREE MURDER be dat.

My advise is this. Get your self involved with a guy in school and get committed to him. Have him do all the things your sister's husband does for you that way he can now be a distraction for you towards your in-law.

Above all "GET CLOSE TO YOUR CREATOR". He always knows how to make a way where there seems to be no way.

NLanders. Let us be sincere to ourselves. I do not see what GEJ will give to this country that he ought not to have started sinec May last year. Every action and policy he has made had always been more reactive than pro active. I honestly do not expect mush from him since as far as i am concerned he still lacks the leadership experience needed to pioneer the affairs of a great nation like ours.

I would say give Buhari the chance to finish the good work he started in 1983. At least if not for anything, he would be able to bring corruption rate down to a very minimal level so that you and i can still believe in this country. I strongly believe that if corruption is taken out of the equation of Nigeria's woes, every other thing will automatically fall in place.

BUHARIIIIIIII all the wayyyyyyyy!!!!!!

I am totally bemused, psychologically liquidated and mentally stratified by these on going political shokolokobangoshe. In fact i feel like em em em---- somebody pls contact Obiagbohon for help---- .

This is just Pathetic and too shameful to behold!!!.

God help all of us!

Pls let nobody point accuse finger to anybody or call anybody a thief. All of them in both chambers, Melaye, The Leadership, Bakole and whatever are all T H I E F S. so no one should say democracy won, win what?

Thiefs fighting thiefs so what is democracy in this? Let Melaye and his gangs come out and swear that since they assumed office as Rep. Member no ghana must go were drop on their car boot or drop in their house or can they swear they have be living with their salary since their inception as senator? So what is here now to celebrate or to say democracy has won? Correct rubbish people!!!!!!!!![i][/i]
Bros,
Easy small. even though all of them are guilty of one form of corruption or the other but the fact is people like Dino tried to expose such atrocities and is suffering for it. If the likes of him were up to 15 in number in the house, then we would at least be seeing some transparent operation going on even if it is not meant for the benefit of the citizens. One day the masses will key on outcomes of such transparencies and this will lead to a big change in our perception of our leaders and their activities.

I hope they see this union for real and not another movie being acted. Wish them the best sha

Abeg make una tell Mikel to stop buying take away foods and make proper use of that big kitchen. That is to say GET MARRIED!!!. I fit give am somebody sef.

You can watch the videos of the football mafiosi (Amos Adamu) here.
After making so much money from COJA, U-17 and World cup e no do am. Thats why they have refused Samson Siasia from getting the job of Super Eagles coach because the guy no gree to 'cooperate' with them.[i][/i]


Haba Guyman, How does this one concern Siasia appointemnt again. now. Siasia appointment is simply awaiting due process shikena. I take style pity Adamu(Adam) Sha considering the fact that he is being touted to rreplace Isa hayatou as CAF president. Abi una sure say no be Efe(Eve) deceive am again as e do before for garden of Eden this time for FIFA garden

Let us face the fact here. GEJ is too fragile to carry the weight of this country's wahala. He Scares me with his inconsistencies. The so called solution to the power problem was supposed to start with the privatisation exercise of the power sector which was carried out some weeks back. This was announced to have taken off and it was because of the pronouncement that caused PHCN workers to down tools  so their outstanding areas could be paid. These arreas have finally being paid but till now nobody knows who and who are running power sector as planned.

The so called fuel stabilization that GEJ is being credited for has simply been as a result of government not removing the subsidies yet on petroleum and this did not start with him so what miracle has been done in this regard. I was watching one of the packaged documentaries on GEJ's acheivement on one of the Media stations and to my utmost shock and amazement, i saw where the construction of one of the substations in Katampe area of Abuja was being added as GEJ's achievement. This substation i am aware has been on for close to 4years now.

Let us all pray seriously about the outcome of the 2011 elections so that God will give us who he has chosen for this country and not who is making us think he has been chosen for this country. Amioo

My concern is how quick GEJ was in making conclusive statements about the blast after visiting the victims of the blast when investigations have not even fully commenced. I suggest he learns how to compose himself as a CIC he is and not polarize the investigations. I hope he is not reading a script already written for him. Ha that one go be serious wahala ooo