ProblemChild1
post=132100354:
But why?

Because Togo has just one stadium and their national team would train and play there a week after Ghana’s game.

Niger, Mali, Bfaso finally free from foreign military bases.

Togo denies Ghana’s request to host leaving Ivory Coast as the only option left.

popizaino:
Suprising to see kenya 🇰🇪 have more airports than Japan . What are they doing with this number of airports ?

Airstrips included?

isan:
Prime Oshoala would have 97 or 98

Exactly. Oshoala of 2014 - 2016 especially.

casualobserver:


I am not aware of that. But even if that is the case it is just short term. By definition he makes more selling refined products than the cost of the crude.

Very marginal gains but the polypropylene should give him extra 700 million to 1 Billion dollars yearly if my calculation is correct.

casualobserver:
it does not. Don’t just make empty statements. Back it up with reasoning and facts
/data. I have told you why he does not need Nigeria. Dangote has been producing diesel and jet-A1 since June. He has been exporting over 90% of it. He can do the same with petrol.

He has been producing diesel for months, have you seen colorless diesel in the market?

But Dangote is still having problems importing with dollars. As we speak, two ships are stuck on the sea and refused to sell crude to him because he is struggling to fund his Letters of credit in dollars. He needs this naira deal as a base for survival.

Mandate1:
you're wrong sir. There's nothing like international price for a commodity produced locally. You can't be using international price for a commodity you have comparative and absolutely advantage above others.

Subsidy in Nigeria is as a result of buying fuel at the International market while abandoning our refinery.

Now that we have Dangote refinery, international market price holds no water. We only pay for the cost of extracting raw crude and refining at Dangote refinery. FG does not need to subsidise anything again.

You only pay subsidy for a commodity that is too expensive to produce or not produced at all in you country. Nigerians have no reason buying fuel above 300 with Dangote refinery in place. #300 is even too expensive.

This would make sense if all our crude oil is produced by NNPC but that's not the case. So the cost of producing the crude by shell,chevron, etc is done in dollars. The cost of producing crude worldwide is done in dollars. Producing crude is not thesame as producing cocoa beans or cash crops.

tefund:
NNPC as a company doesn't produce up to 350k per day of crude ,the bulk of our crude is produced by IOC and a good percentage of NNPC crude is already tied to foreign loan ...

You are wrong. Since 2005, NNPC always preserved 445,000 bpd of crude which is called Domestic Crude Allocation (DCA). This is what they have been using as SWAPS and doing forward contracts with. Because of the subsidy corruption, NNPC have been exporting little from this DCA since 2016. This is also a major reason the naira has suffered as terribly as it did since 2016.

tefund:
Are you aware Dangote refinery imports the bulk of its crude?NNPC can only meet a fraction of its total need..

NNPC would sell 385,000bpd crude to Dangote in Naira from October. That's over 60% of all the crude Dangote needs and a good deal given Dangote has been struggling to pay for his imported crude and some ships are stuck in the sea and have refused to upload to him so Dangote needs this deal from NNPC as well.

designking:


Exactly... Dangote actual price cannot be less than ₦1,000.

The advantage with local production is that, the subsidy is easier to pay as Dangote will pay tax and FG is also a co-owner of the refinery.

Eventually subsidy on petrol will be totally removed as Naira strengthens. With local petrol production, the pressure on the Naira will moderate allowing Naira to exchange around ₦1,000 - ₦1,200 to a dollar in the near future. This implies a 30% reduction in the cost of petrol.

The focus should be how local petrol production eventually stabilise the Naira-Dollar exchange rate.

Exactly and Naira may not stabilise in the immediate though because Dangote would still have to import above 250,000bpd crude oil in dollars and NNPC's crude to Dangote in Naira means NNPC is not exporting that crude so the net gain is little.

The biggest problem for the fx market in all of these would have been Dangote taking all those Naira he gets from selling in Nigeria and then seeking for fx with all of those from the CBN. That would have meant more pressure on the naira but the president solved that issue by arranging with Afrexim Bank. Afrexim would take all the naira from Dangote and give him dollars. Afrexim can then get those dollars back from Nigeria in small measures overtime so as not to put pressure on the fx.

designking:
Without a subsidy on petrol, price per litre might go as high as ₦1,100 and this will spell doom for the government and APC. The opposition wants petrol to sell above ₦1,000 and this will be a template for civil unrest.

The best option is to subsidize petrol for now using Naira and also doing crude-petrol swap with Dangote Refinery.

This way, we can reduce the pressure of the Dollar allowing Naira to exchange around ₦1,000 to ₦1,200. Also inflation will gradually reduce.

A stronger naira means cheaper petrol. Within the next 6months the economy will greatly stabilise.

Naira may not stabilise in the immediate though because Dangote would still have to import above 250,000bpd crude oil in dollars and NNPC's crude to Dangote in Naira means NNPC is not exporting that crude so the net gain is little.

The biggest problem for the fx market in all of these would have been Dangote taking all those Naira he gets from selling in Nigeria and then seeking for fx with all of those from the CBN. That would have meant more pressure on the naira but the president solved that issue by arranging with Afrexim Bank. Afrexim would take all the naira from Dangote and give him dollars. Afrexim can then get those dollars back from Nigeria in small measures overtime so as not to put pressure on the fx.

Deltamani:
EXCLUSIVE:
Randy Waldrum's resignation letter.


We wish his wife a quick recovery and goodluck to him and his family in the future..

Best news ever. I also wish his wife a quick recovery.

9jatriot:
If we check now, we may find them asking question like "Why build a stadium when people are hungry", as if there was ever a time when they were no hungry people.

Someone was also saying why build a coastal road when people are hungry and I told him: When Babaginda’s Government was building 3rd Mainland Bridge in 1986, people were also very hungry and many complained with this same sentiment. Today it is still one of the most important infrastructures in Lagos.

nairalanda1:
Uyo people are going to enjoy some world class football, including lots of Grade A matches, for some time.

Lucky them.

And if they complete their international airport, dejavu

Katampe Extension Abuja


https://www.youtube.com/watch?v=Z2Qp6uHtbV4?si=GS3-MQIBkzB1nfvL

Slightly off topic. Does anyone have any idea when the result of the domestic dollar bond would be announced? Wasn’t settlement supposed to be last week Friday?

AkoniMoipei:


So you think Kenya is the cheapest country in Africa, cheaper than Nigeria ? Jokes on you! There are tonnes of cheap aass countries like Nigeria where the value of the local currency is useless and a typical American would become an instant millionaire. But they dont go there. Why? Because of other things, including the quality of life, constant access to electricity, etc. Thats why Nigerians and other Africans are trooping to Kenya and vlogging about it day and night. It's important to understand that the conversation around black American travelers, including passport bros, isn't just about stereotypes or seeking relationships abroad. There are layers to this conversation that touch on economic freedom, cultural exchange, and even the search for identity outside the confines of Western society.

Your claim doesn't fully explain the diversity of motivations behind black Americans traveling abroad. Reducing the movement to a simple narrative of exploitation overlooks the complexity of why humans seek different experiences and connections in other countries.

It's also crucial to be careful not to lump everyone into the same box. Travel, whether for leisure, relationships, or self-discovery, is multifaceted, and discussions around black unity and empowerment can apply to many of these contexts, or NOT!

I encourage you to look deeper into the various reasons behind these movements and not just focus on the surface-level interpretation. Watch the initial video I shared that drove you nuts to understand why the guy interviewed (not Auston) moved to Kenya with his mum and has stayed for 10 years. Why didnt they move to Nigeria for instance? Thats all explained.

There are black Americans who have been living in Nigeria for years as well. They live and work quietly in mostly Abuja. Maybe not as many as what you would find in Kenya and Ghana especially but they are there.
It’s like a Ghanaian asking you why there aren’t so many black Americans in Kenya like in Ghana. If you answer by saying they go to Ghana for spirituality then Ghanaians would also accuse you of limiting the diversity of experiences of those black Americans travelling to Ghana to just spirituality.

BeforeJuly:

You need to stop posting 'passport bros' as some sort of Kenyan win here.

I've watched that guys content. All he has in his head is the cheap hook ups he can get in Kenya and Africa at large.

He finds Kenyan girls so friendly 😁

theenchanter:
white elephant. It wouldn't see the light of the day.

Why??

ProblemChild1:
Massive road construction with bicycle lanes in Abuja. Abuja is now looking more beautiful? This is beautiful I must say!
Wike is really doing a good job in Abuja.


https://www.youtube.com/watch?v=1E6J_JUoimg?si=72PRo1cCdT8xE9EY

Wike is planning an underground train system and a bus terminal.

adanny01:


That's in the case of private refineries.

Let me explain.

Say IOCs extract crude and give Nigeria 60% of it. Assuming 20% is enough for local refining and every derivative is gotten from it locally. We have our own pipelines to transport to refineries. The only FX need in the entire process is for maintenance equipment and training. This means that the price of all refined products is at least 80% independent of FX. It means one thing, that the 40% crude left will be sold for FX, and the pressure on the Naira is off because of refining.

Nigeria will now earn more than the demand for dollars to always import. Do you know that to build roads, we import Bitumen, a product of refining. Do you know we import fertilizer to farm, another product of refining. Imagine the huge list of imported products that we don't need dollars to import.

If you talk about the temptation to sell petrol at international price, let me ask you this. Does a farmer sell all his farm produce and go back to the farm to buy? Or does the farmer sell food to his family at market price? A farmer stores his entire produce, sells from his store as needed to buy other things he doesn't produce. He doesn't save money in the bank but produce in the barn. Price of farm produce go up because once a farmer needs goods or services, his produce must provide and that will determine the price he sells.

Therefore Nigeria will sell refined products to Nigerians not for profit, but for the good of our economy. As it is, there is profit in transporting our crude to refine in a far away country, there is tax to that country, there is profit for that refinery which will also pay tax, there is profit and tax to export finished products to Nigeria, lastly, there is transportation back to Nigeria. All this profit and tax could easily amount to half of the cost per liter we pay. All these will be eliminated with local refining.

There is no way we can pay for fuel at international price if we refine.

Even Dangote cant sell at international price.

NNPC would be losing fx from that 20% it’s selling at a subsidized level. So if NNPC refines that crude and sells it at 500 locally when they could have sold it at 900, they lose a massive profit and gain little compared to exporting that crude for dollars but if they sell closer to 900, then that may be better for them.

adanny01:


Let me itemise my reply respectively.

1. Yes, it was consuming a large amount of Forex. Are you aware subsidy is back and they are spending more than double the amount they were paying before Tinubu removed it? Do you have an idea how much fuel will be if there is no subsidy? Our economy will be dead, 500k minimum wage will not even work. Our currency will be worst than Ghana. Subsidy was very important for the stability of the economy, the only way that government was supposed to remove it is not by outright removal and palliatives, the only way is local production.

2. There has never been budgeting issues, NNPC is simply too corrupt to function well. Revenue projection is the backbone of budgeting but with NNPC that is not transparent with or without subsidy, government will always have a challenge. Subsidy is not the issue of budgets.

3. Subsidy is not the reason local production of petroleum products has failed. It is corruption and greed. Look at exactly how they are treating the Dangote refinery, isn't it obvious that there are some people that don't want us to refine crude?

4. How is the loss of revenue the result of subsidy. It is simple corruption. Removal of subsidy is like throwing away a baby with the bath water.

5. Has the smuggling ended by removal of subsidy. When Buhari close all land borders, the smuggling reduced to the minimum, we all saw it. So how is subsidy responsible for smuggling?

You have to understand that subsidy is not a bad thing. It is the people incharge that are responsible for all the issues. Tinubu said revenue doubled since the removal, what he didn't say is that inflation also doubled and the entire additional revenue he saved has no value.

When you speak of local production, you must also consider that crude oil is priced globally using $. So the production of crude oil in Nigeria is priced in dollars, so even when we refine locally there is this temptation to set it at the international price.

Elsueno:


I still stand by what I said. SAP IS SHYT, and any further implementation of SAP again would be a disaster for us.

Like Ur western masters, ur criticism is directly at the average Nigerian, You expect them to endure the incompetence of the political elites to the benefits of ur western masters, as all the stolen $$ loot would be stashed away in western banks.


Don't even compare Argentina to 9ja, their president reduced ministries, travelled commercial airlines when he was sworn in.

As opposed to tulumbu who immediately increased number of ministries, bought luxury cars 4 himself, lawmakers & wife. Spend billions in mansion. Private jets & yatch.

Did Tinubu buy luxury cars for lawmakers or lawmakers bought for themselves?

Akwamkpuruamu:


Obi won't have devalued the naira instantly and that makes a hell lot of difference. Devaluation should come in place when you have built policies and export production oriented policies first

Isn’t that what Buhari was doing? So why was he criticised then?

Honestey:
Everything I read here doesn't make mathematical sense. You can't tell me that now that I'm paying you more, I'm owing you more. Please those at NNPC should tell us if they need calculator because it sounds like they are still using fingers to calculate figures oo

It’s simple. Landing cost of imported petrol by NNPC doubled due to the naira rate.

nairalanda1:


It is a mistaken assumption that devaluing the haira has anything to do with subsidy. At best it would have made the cost of petrol go up to N1500 per liter or more.

But as you know, your beloved Tinubu essentially recommenced subsidy in October 2023, and thus, we lost even more money...alongside the money we lost from buhari under subsidy.

At the end, that 9trillion leaves a huge deficit in our budgeting, which has to be filled with loans.

I don't like GEJ, but looks like you guys goofed when your masters led out you people to disrupt subsidy removal in 2012, which would have been the last time we could have done this painlessly.

Karma is always a harsh mistriess.

You are funny. Even at 700 people were protesting recently that it should be brought down to 300 but here you are saying it should be 1500. Can you pay for it at 1500?

kingsways:
I believe it’s an impeachable offence to spend public funds without appropriation


I don't get how the government who said they removed subsidy and more than trippled fuel retail prices have ended up paying more subsidy than governments who actually did pay subsidy.

Naira devaluation.

That Edo queens midfielder with long hair at the middle, who’s she? A good playmaker.

Enugu Nigeria


https://www.youtube.com/watch?v=Ga0KKazQUhE?si=83tfLfpN-pqo8wSc

Jamestown123:
WTF!!! 22%? No wonder things are freaking expensive in Accra, I didn't even took notice of that. Omo I ran back to my naija base immediately oo.

22% for an African country is fvcking too much. Here in Nigeria it was only increased to 7.5% from 5% a few years ago.