₦airaland Forum

Cashewman:
Apex Bank is an independent Body.
Supreme Court has lost their control base on political inducement from political players.
Governor's are not with the masses, rather trying to used masses to achieve their political money inducement during the upcoming election as a result on currency notes in their warehouse.

Validated:
For what? CBN says you should go and deposit your old note. However, you will sign a form to explain the source if your explanation and amount are not compatible, your BVN will be locked and EFCC will meet with you.

When Buhari says NO VOTE BUYING, you guys think he is joking.

Una go cry blood!

wellmax:
N750k

ednut1:
they have no powers. They surrendered it to colonial masters

sarrki:

ocelot2006:
JESUS CHRIST!!! JUST LOOK AT THIS BLOODY POST RIDDLED WITH BLATANT LIES!! How the hell do you sleep at night

The most extensive project implementation in the power sector with the HIGHEST number of power stations built and commissioned occurred under GEJ. That's not even including extension and rehabilitation of both our transmission and distribution systems, or the massive and audacious sector reform. It is thanks to GEJ that power rose from a paltry 1500MW to 5000MW. Tell me, what the FVCK has Buhari done.

The GEJ administration is responsible for rehabilitating and building the longest length of roads nationwide. THIS was confirmed by the present minister of Darkness and Works Fashola HIMSELF! Yet you're here spewing CRAP.

The GEJ administration was equally responsible for the massive rehabilitation of both air and rail transport facilities. It is thanks to that quiet man from Otuoke that Nigerians now enjoy the rail network, a system whose earlier decay began under Buhari's watch in 1984.

The GEJ administration was responsible for the highest agriculture production output, all those new grain storage facilities, and drastically improving the nations food security. Yet under Buhari, we nation is now talking of an impending FAMINE! In a country with enough arable land?? Fan-fvcking-tastic!

This administration has brought nothing but absolute hardship to Nigerians, no thanks to the gross incompetence displayed from the president to his henchmen, policy flip flops, procastinaton, and outright cluelessness. Yet folks like you quickly gulp up the numerous excuses giving by those airheads in power. Talk about Poor Leadership 101 and stupidity. Or do you folks think the rest of us are fools?? Jeez...

modelmike7:
...... Do you stay at Nasfat bus stop?!

KillerFrost:
http://www.vanguardngr.com/2016/05/nigeria-has-degenerated-since-you-took-over-fasehun-tells-buhari/

aljharem:
A man left government a year ago, his image still loom larger than life. Another came a year ago, everything he touched turned to dust!

In the realm of hypothesis, many said we would have been worse! I ask, what can be worse than this? A government run by NEOPHYTES and APPRENTICES? No economic policies in place.

Today, I am not convinced on devaluation. Next day, we will devalue to reflect present reality. Just before you think there is hope, you hear deregulation where government fixes prices of a commodity they can't provide. In another breath, oh, thank God we have removed subsidy on petroleum products. Just before you Erupt hope, the Vice president said we have not removed subsidy.

They banned the operation of domiciliary accounts and just as you say mama, they reversed themselves with unpardonable collateral
damage to commerce. Their broomstick must have swept their brains into the 'odo ogun'!

Nigeria is no doubt an animal farm!

Akanni Ola Balogun

maxwell767:

SonOfEl:
Spot on! Thank you jare

plaetton:
Dear Sir,
It's either you have ZERO idea what fuel SUBSIDY is, or, you skipped elementary 6 arithmetic, or, you are a very disingenuous SAI BABA-ist.

Let me first of all say that I support SUBSIDY removal. I supported it during the Abacha years, I supported it during the Jonathan years, and I still support it, but for Genuine economic reasons, not for silly, upsidedown kindergarten logic that you have insulted us with here.

Fuel SUBSIDY, under any disguise, is simply equivalent to gathering several trillion Naira every year, and then setting it on fire to burn, burn and burn.
No better description.

Like I said , elementary 6 math skills are all that is required to understand the logic of fuel SUBSIDY, something that Buhari claimed not to understand, and obviously didn't understand till now.

Fuel SUBSIDY is simply the difference, the negative difference between cost price( international cost price) of petroleum products, and , the government stipulated pump price that drivers pay at the fuel stations.

For example, if the cost and landing( bridging) cost of petrol is N140/l,but the government stipulated pump price is fixed at N86/l, it then means that whoever is making fuel available is losing the sum of N140(cost)- N86( selling price) = N54/l

Obviously, no one would do a business where they are losing a whopping N54 per litre.

So, the government, as part of social contract with the people, steps in to pay the difference of N54 in order to ensure that fuel is available at all times.

Are you following?

Now, since the price of petroleum products depends primarily on the international price of crude oil as well as our currency exchange rate, simple elementary school arithmetic should tell us that the SUBSIDY the government pays per litre grows and widens as either the price of crude oil rises, or, the value of our currency falls.

Now listen carefully.
When the price of crude rises, as it did during the GEJ era, the SUBSIDY, the difference between cost price and pump price ballooned to an astronomical level, to the point where the government of the day had no choice than to break its social contract with the people by adjusting the pump price upwards to NARROW the very wide SUBSIDY gap.
Are you following?
It is usually a hard and politically charged decision for any government, but this was common sense Economics.
The political pressure sooo great for the government that they eventually settled for just half of what they wanted.

Once again, economic prudence was sacrificed for political expediency.

And the money continued to burn, burn and burn.

But then,
A curious thing started happening last year.
The price of crude began to crash, crash and crash.
By simple elementary school arithmetic, it also meant that the fuel SUBSIDY gap began to NARROW, narrow and narrow , until it not only became ZERO, but actually went positive.

That's right.
In fact, as of last month or so, it was widely and repeatedly reported in the Nigerian media, and simple arithmetic concurs, that the federal government was making a whopping Profit of N10 or so per litre of petrol sold in Nigeria.

You get my drift sir?
Higher crude price = more SUBSIDY payments
Lower crude price = less or ZERO SUBSIDY payments.

Therefore your own arithmetic is null and void , simply because it failed to comply with the simple, immutable laws of elementary arithmetic.

Now, to the issue of the moment.

In as much as I support the removal of fuel SUBSIDY, the recent upward revision of the pump price of petrol to N145 is NOT, and I repeat, is NOT a SUBSIDY removal.

There was NOOooo SUBSIDY to be removed as of yesterday.

What the government did, which I still support, is that it raised the pump price of petrol for two main reasons:

1. To generate much much and desperately needed revenue to fund it's budget.
Bingo!!!
Does anyone still remember that the government has been hopping from place to place desperately looking for funds to finance it's budget ?

2. To liberalise the fuel supply system by making it attractive to private sector dealers and importers.

Killing these Two birds with one stone would ensure the steady and competive supply of petrol , as well providing badly needed additional funds for the government.

The only problem I have is the FRAUD of calling it fuel SUBSIDY removal, which it is definitely NOT.

ichidodo:
[color=#1980BC] Gbam!! bros abeg come chop rice. [/color]