₦airaland Forum

Totalrecovery:
Oga Bua, watin concern dollars with cement manufacturing, no be for Nigeria here you dey tap lime stone abi you dey import your own??

How is your naira valued?

Caskdoe:
No. Dangote is monopolizing everything in Nigeria. Emefiele gave him dollars at cheaper rate and loan him money. Have you ever heard where a central bank of a country is lending money to an individual

When your economics teacher was teaching about financial derivative market contracts (future contract), you were busy writing love letters.

crestedaguiyi:
you would not have reached were you are if not for Northern governors and presidents support.

Its actually crazy to have one of the richest men in the world come from one of the poorest nations of the world, it clearly shows usurpation

Been the richest is having more assets and less liabilities not your Igbo brothers keeping money in bank account and spreading it at ceremonies.

CodeTemplarr:
That's for people buying crude and not a govt that has unfettered access to crude oil. I already stated it will reflect as a shortfall in crude oil revenues so stop trying to be unnecessarily argumentative.

According you, the government will have zero cost of crude production simply because they government?

HighQue007:
Nothing concern Nigerians with GDP dem just won eat and don’t care how the economy does it. Na why these politicians been dey take advantage of us. They practice majeobaje politics so they can win next election. No one wants to do the hard job.

I believe so much in Tinubu. He is redirecting us to the right path. Paying loans, clearing debt, local government autonomy amongst all but Nigerians just want to use thier minimum wage to buy one bag of rice 😂

E lo Fakan ba le 💯💯

Your ignorance of economics is top-notch, you are expecting to buy a bag when Tinubu is decreasing your GDP? Continue to joke!

ivandragon:
It is not sound if the peculiarities of the socio-economic situation of the country is not taken into consideration.

Can't you also see that the very position you are taking clearly shows that subsidy is not the problem?

What even necessitated pms subsidy in the first place? Was it not mismanagement of the economy? So is the economy now properly managed?

Anyway, most Nigerians have chosen to endure bad governance, so the mismanagement continues.

PMS is subsidized because is under the care of government through NNPCL and government don't do business to make profit.

CodeTemplarr:
Refining and subsidy have no link. Someone is refining the one we are currently buying and subsidising unhindered somewhere so stop saying subsidy was maintained at the expense of local refinery. It is a case of refinery refining and selling at intl price to whoever wishes to subsidize the crude products.
Let me ask you, now that the refineries(govt ones) are dormant, aren't we paying workers salaries and spending more trying to fix them? That tells any honest person that the problem is the people there and not the subsidy itself. Govt can decide to sell petrol at N100 if it is locally refined and crude locally sourced. It will only lead to shortfall in crude sales revenue. They are already paying salaries of the idle refiners and spending more than Dangote to fix refineries not as big as his.

The lies about intl mafia being part of the conspiracy to keep local refineries down holds no water because Dangote built a bigger and far more complex one from scratch.
Same corruption that is killing refining and crude industry is same one ravaging every other sector of the economy.

A litre of petrol that cost over N1,000 to refine will be selling at N100 without subsidy, what brand of self-deception are you using?

okoroemeka:
who will muster?are you the minister of petroleum?or maybe the refineries director,it seems you are still living in an utopian world if you think Nigeria could have functional refineries and a new one,you don't even know the depths of corruption in this country,those refineries are been sabotaged by the same people that owe and charged to repair it,the NNPC,now tell me how it will work,this people are making so much money from importation of this things that they see local production as a threat,dangote is another example

The future of Nigeria depends on oil refineries when green, renewable energies and electric cars are taking over the world? This is sure sign that Nigeria is a futureless country.

sulaak:
It is called corruption. Nigerian government officials have seen a new mechanism to fleece the country: the new airline will be subsidised by the government, salaries will be paid like Ajaokuta and the old refineries, and no services will be rendered.

Nigeria's government cannot operate anything.

That is the way Nigerians want it, you can see how they suggesting FG should own mores shares in Dangote refinery through NNPCL even with evidence of dead NNPCL refineries.

Olurondo:
Even though all these Governors are from different political parties-PDP,APC and APGA,they all have one thing in common,they are all thieves.These bastard governors just want to borrow money to steal.What have they done with the increased revenue from Oil Subsidy?Awon Oloriburuku!

We all know that Nigerian politicians corrupt, but to realize that an increase in the volume of naira decreases it's value makes look stupid. Remember, petrol subsidy was never remove but people like you are very easy to deceive.

Yelight:
As much as I'm not a fan of the reckless borrowing of the state governors. The narrative the FG's urchins are trying to push out that FAAC has increased by 40% is not completely true. It has truly increased in figure but greatly reduced in value. What the state could do with their "little" allocations during Buhari failed regime cannot be done with the "increased" allocations under the super failed FG of Tinubu. VALUE NOT FIGURE!!!

This is the comment I was looking. The APC super clueless regiment of Tinubu uses the volume the money to measure performance rather the value because the more the volume, the lesser the value. I'm not surprised because Tinubu promised to reduced the purchasing power of Nigerians during his electoral campaign and supported by tribalists and religionist. The higher the FAAC allocation to states, the more useless naira becomes.

jaxxy:
Inaccurate. Fuel isn't same price all over the world..

in the US its $3.44
in dubai and Saudi its less than $1

Fuel should be sold less in oil producing countries with slight fluctuations due to demand and supply.

Oga, different grades of petrol are sold around the world. For example, U.S have averagely four grade of petrol in their pump machine. The PMS grade we use in Nigeria is grade of petrol, and not are petrol are PMS.
So, comparing the prices of petrol in different countries without comparing their grades looks illogical.

Promismike:
Was Tinubu, Pastor Adeboye and others arrested when they organized a protest against former president Johnathan. No!!

Since when does organizing a protest become a crime in a country that claim to be democratic. What is different from the APC regime and military regime.?

Nigeria really needs serious redemption or disintegration cos Nigeria is already sliding completely into a failed state.

APC is a communist party, Nigerian version of American democrats.

Boxnaijatv:
https://www.premiumtimesng.com/news/top-news/723986-exclusive-nigerian-govt-freezes-37m-worth-of-cryptocurrency-traced-to-suspected-protest-organisers.html

Freeze crypto wallet on a decentralized blockchain?
APC government and shadow chasing are 5&6

SOSPITAS:
It's in the interest of this country for his refinery to work, it's even in the interest of the entire west Africa for that project to succeed. Cheap energy is the corner stone of Industrialization and one of the major demand for dollar is for the purchase of energy in the international market. Just imagine the ripple effect it will cause if 60 - 80% of our energy demand is supplied by this refinery and all transactions conducted in naira, imagine that! Again, imagine if our west African brothers decides to source supply of energy from this refinery and the transaction is done in naira too.
This is probably the reason the IOC are sabotaging this project, they want to turn it into another failed project like the steel company in kogi built by the soviet.
This project needs to succeed for the sake of the black man, dangote has taken a huge risk on this project, it's time for the government to take another risk by going against the IOC to ensure the success of this refinery.

Nigerian been an oil dependent economy in the 21st century when electric cars and green energy is taking is heading for disaster while Dangote refinery is a $20 billion cluelessness. Imagine building oil refinery when refineries are shutting down?

trutharena:
Looks like Dangote has finally found his voice! Maybe he's tired of being quiet while others talk. It's about time we hear more from him, especially when he's making moves that affect the economy. Let’s see what this new level of communication brings!

With wrong investment like oil refinery?

SmallmebigGod:
I am suggesting that we should allow market fair play. All refineries be it private or government own should get share of available crude based on capacity.

Glo is coexisting with MTN that is true privatization. The masses have benefited from the competition in that sector. Leading to price being more favorable . Monopoly is never a good option.

With a poor quality network, what a joke!

Image123:
Oga supply petrol and kep these drama at bay.

When you are ready to face reality, petrol is heavily subsidized.

portacabin:
it will 100s of billions of dollars and several years to ramp up production from several OMLs to meet production of 650 ,000 bold. Do you know that SPDC ( not Snepco) is producing about 130,000 bold now. This was a company that produced more than 1 million bopd years ago. Even the total oil production from the fields sold by SPDC is not up to 150,000 nopd

Production from oil wells depreciates over time as the volume of oil in reservoir reduces.

Watcharena:
at least it will reduce pressure on exchange rate , again does it make sense for you to extract your own crude export it to Europe then you go to Europe and still buy it as crude in order to import it back

What sense does it make for Dangote to use $20 billion for oil refinery in the 21dt century when the world is talking about green energy and electric cars?

Salewa97:
I appreciate Dangote for always keeping us in the loop. Transparency is key in this game, and his proactive approach is refreshing. This clarification will help dispel any rumors and keep the focus on the refinery’s progress. We are rooting for you, Dangote! Let’s get this refinery running smoothly.

Electric the don't need Dangote refinery

Litmus:
If you’re black, never trust Indians in your business of any type.

Are you aware that the largest world refinery is managed by Indians?

Solatium:
And you sure say this guy go school?
Dangote is financing a very huge project that has eaten deep into his wealth,he has little funds to play around with,by the time he finishes with that refinery project he will worth double of his present worth under 5yrs.
No be rocket science na simple economic indices now

Investing in a world largest single train refinery when oil refineries are planning to shut down is a sign of cluelessness. Dangote refinery will soon be a $20 billion 21st mistake.

mrvitalis:
What exactly are you talking about? Did you read by article at all or u just want to type?

I would advise you read your first comment again. You about Nigeria investing some dollars in Norway and the purpose of investment is to make more money. If Nigeria makes moneys dollars,it means naira appreciation translating to the volume of naira in circulation reduced. So, the amount quoted in naira will be reduced.

AnonPoet:
https://newsdirect.ng/omokris-grownairabuynaija-campaign-inspires-ace-lawyer-to-sue-mtn/

Nigerian government and corporate begging!

mrvitalis:
My plan is simple you don't give the 2 trillion no

You invest it like Norway... Investing it into SMP500 yields minimum of 10% yearly

You get 125 million dollars yearly

You reinvestment 40% to cover inflation

That's leaves you with 75 million dollars thats 120 billion naira

Say there are 40 federal University
With average of 20,000 students paying 150k
That's 3 billion per school 40 schools is 120 billion

Next year you can invest another 2 trillion to cover the infrastructure improvements of the schools... Each school get 3 billion to improve infrastructure

In 6 years you have covered university, polytechnics and collage of educations

And is free from that responsibilities

It's smart thinking

Your analysis shows that you lacked the dynamics of economics. If FG invest in Norway, it will yield more interest meaning Nigeria will earn more forex will is supposed to appreciate the naira and reduce the cost of commodities of also in naira.
So, using the current exchange rate is not accurate and the volume of naira in circulation has to reduce.

tunene66:
https://punchng.com/nnpcl-demands-n4-7tn-petrol-imports-refund/#google_vignette

Subsidy after subsidy removal, Tinubu will soon be awarded the "The Emperor of Cluelessness".

Blitzerz:
Which one be global market decline?

Stop covering shit

You need to learn how to use your internet browser wisely

SocialJustice:
There's a global panic, but if people are removing their money from stocks and BTC, where are they taking it to?

This is a very critical question

Honestey:
wHO STOCK MARKET HELP?

An educated illiterate spotted

Metalsmith:
FG and NNPCL should do whatever is necessary to allow Dangote Refinery to operate and produce petroleum products for the masses of this country.The price should be reasonable and affordable for the masses. about N550 per litre. Any issue of quality standards and pump price per litter should be resolved amicably without unnecessary rancor and mudslinging between NNPCL and Dangote Refinery Management. The overall interest of the masses should be paramount. The saboteurs in NNPCL should be identified and exposed to face full weight of the law. President Tinubu should have courage to expose and prosecute all individuals found culpable in subsidy scandal and non functional local refineries.

Are you ready to provide the required subsidy?

Niceme2020:
Landing cost of Diesel was around #1,600 when Dangote rooled out Diesel at #1,100 or so. Dangote can sell petrol at around #700, while filling stations can sell below #800,I think that is still manageable as far as subsidy payment is completely gone and fuel is available.

When you wake up from your dreams, a petrol that N1,000 to refine when will sell below that price except it subsidized.