₦airaland Forum

good

Ok

Okay

Mjshexy:
I'm not arguing on whether u have lived longer than me in Abj or not, but all am saying is that when u see somtin bad pls say it's bad & condemn it. The said allocated areas re indeed green areas, the original plan was distorted just to compensate themselves. If past ministers have done it before it doesn't mean we should continue dat way, no one is above the law. So aunty Introvert i honestly have no beef wit you...cheers

I have no beef with you either... If dino and his group has evidence they should move so that we will get justice no matter who is involved.... The original master plan of Abuja has to be distorted because master plans are never static but dynamic and in the case of Abuja where there is rapid population increase. Are you aware that sunrise hills (opposite Abacha barrack), maitama extension, apo extension and many more were meant to be green areas but the increase in population in Abuja has allowed for changes (although house there now run into millions).

yommys01:
Poor argument. Past ministers did it doesn't make it right and they were not probed because GEJ was ready to do worst.

Did you read the past ministers response to the allegation...?

Old news. Emefiele is now CBN governor

Great

cc. Lalasticlala mynd44

Marketers import product despite subsidy removal

TO close the gap created by the shutdown of Port Harcourt and Kaduna refineries, the Nigerian National Petroleum Corporation (NNPC) has embarked on a massive importation of Premium Motor Spirit (PMS). Also, major and independent petroleum marketers have continued to import PMS into the country despite the absence of subsidy in the 2016 budget.

The refineries were shut owing to crude supply challenges arising from recent attacks on vital oil pipelines. The Kaduna Refinery was already producing 3.2 million litres of petrol as at December last year and would have saved about $5.33 million for the country when it is 90 per cent operational. And the Port Harcourt refinery was recording a daily PMS yield of over 4.1 million litres before the attack on the pipelines.

NNPC has, therefore, been responsible for 78 per cent of the total fuel consumed in the country, while the major and independent marketers fill the remaining 22 per cent approved by the Petroleum Product Pricing and Regulatory Agency (PPPRA).

PPPRA had given NNPC 78 per cent of the allotment to import fuel while the private importers who hitherto shipped in over 60 per cent of the allocation are now left with about 22 per cent of the total allocation.

The fuel imports were approved for all the five major oil marketers and 15 independent marketers. The allocations to five members of Major Oil Marketers Association of Nigeria (MOMAN) were cut by about 70 per cent, while the NNPC allocation was jerked up from 40 to 78 per cent.

Contrary to expectations that the reduction in import allocation to private marketers of petroleum products and the breaches in Bonny-Okrika crude supply line to the Port Harcourt Refinery and the Escravos-Warri crude supply line to the Kaduna Refinery would lead to fuel scarcity in the country, an investigation showed that the product is available all over the country.

The Guardian’s checks revealed the availability of products all over the country though not being sold at the official price of N86.50k per litre as the price is higher in some states than the price approved by the Federal Government. It was learnt that though the Federal Government has approved a new petrol price, the average pump price is still well above N100 per litre.

Apart from Lagos and its environs where the product sells at the official price, a litre of fuel in Akwa Ibom, Imo, Anambra, Zamfara, Yobe, Kwara, Taraba and some other states is still as high as between N120 and N130.

Meanwhile, private petroleum product importers have continued to meet their 22 per cent allocation despite government’s silence on subsidy in 2016. Although they have always complained about the non-payment of subsidy arrears and difficulty in sourcing foreign exchange for fuel importation, an investigation by The Guardian revealed that the marketers have been importing fuel under the current circumstances.

Neither MOMAN nor Independent Petroleum Marketers (IPM) was willing to give reasons for the continued supply of PMS despite the uncertainty surrounding subsidy in 2016. But according to a marketer who spoke with The Guardian in confidence, they have to continue to import to be in business as they are still making profit under the new pricing regime.

According to the source, with the landing cost of PMS put at N59.35 as at February 8, 2016, ex-depot price, N76.50; expected open market price, N73.65 and the regulated price put at N86.50, marketers can survive without subsidy.

“We have made a case to the Federal Government to support IPMAN in mobilising our foreign partners in importing petroleum products at no cost or without subsidies payment to government. We have done all our mathematics that through our new model of crude oil swap arrangement, we can wet the country with petrol and kerosene and still gain from the transactions,” the source said.

The marketer noted that if the government removed the fuel subsidy and regulated the price at which the major oil dealers sold to other independent marketers, this would bring down the price of a litre of PMS.
“The first thing the government should do is to remove the subsidy on fuel, because the so-called subsidy is going into some private pockets. Then, it should regulate the price at which major petroleum dealers should sell the product to other independent marketers,” he said.

The Minister of State for Petroleum, Dr. Ibe Kachikwu, had affirmed government’s resolve to scrap oil subsidy because of an alleged fraud around it.

Kachikwu said the non-payment of subsidy would remain the same, as long as market trends allowed. The price modulation, according to the minister, is not an outright removal of petrol subsidy. He explained that a periodical review of the petroleum pricing template and a flexible management of the pricing system would be considered.

The price modulation, the government stressed, would be predicated on a N97 per litre projection, which would be a cap on the price of fuel with a gradual increase between the band of the current price of N87 and N97 until a fair price was reached in the pricing review.

There has been an argument whether government should continue to subsidise petrol in the country, with the organised labour insisting that government should continue to pay subsidy.

The President of the Trade Union Congress (TUC), Bobboi Kaiýgama, said since the price of crude oil in the international market had dropped drastically, there was the need for government to drastically reduce the price of fuel locally. He advocated a stakeholders’ meeting to discuss the subsidy and why it has become impossible to refine and purchase fuel at N50 per litre.

But the Manufacturers Association of Nigeria (MAN) described fuel subsidy, as a “major source of wastage of foreign exchange”, arguing that it would stop naturally with the privatisation of the oil and gas sector to promote emergence of private refineries.

The president of the association, Dr. Frank Udemba Jacobs, urged the government to revisit the issue of private refineries and carry out investigations into why those granted licences have not started operations.



http://www.ngrguardiannews.com/2016/02/nnpc-raises-fuel-import-as-kaduna-pharcourt-refineries-remain-shut/

Blue is painting.... primary 3 question

Lol

Karlovich:
A president with a degree in cattle rearing can't do anything positive. He's been busy touring the whole countries in the world

He's the president now and we have to deal with it.

slap1:
When you say Buhari knows nothing, people misunderstand it as insult, but the guy clearly knows nothing. They just tell him "Baba sign here", and he signs without reading because he won't even understand it assuming he reads it.

Yoruba people una well done o! See what you people have done to Nigeria.

There is no need for names calling.. we are just seeking a way foward and probably someone in authority will hear. Don't forget the pResident has a plethora of ministers and advicers including the CBN governor who should in fact direct him on the way foward. Emefiele came out to say devaluation is not the way foward as it would bring about inflation.

Mjshexy:
Why should he shut up, can't you see how this guys illegally acquired land in green areas or don't you knw what a green area is? It's because u don't stay in Abj that's y you don't knw how these guys allocate properties to themselves illegally, the law is not only for the poor but for the rich as well. Please if u have a prob with Dino go settle with him & stop this your blind sentimental argument

Without a doubt previous minister's have awarded lands meant to green areas to themselves and cronies, however, If you read the minister's response yesterday. He alluded to the fact that ministers hill was never designated as a green area but because of rocky and hilly nature, full development was possible. on a lighter note... If not anything self I believe I've lived longer than you in Abuja

Ok

Okay... The same Zuma that use $25mil to renovate his country home and is currently in court...

Thank God

Political analysts and economists over to you..

Would the devaluation of the Naira help solve some issues the economy is facing.

Or

Govt import ban on items will help.

“GIVE me lucky generals,” Napoleon is supposed to have said, preferring them to talented ones. Muhammadu Buhari, a former general, has not had much luck when it comes to the oil price. Between 1983 and 1985 he was Nigeria’s military ruler. Just before he took over, oil prices began a lengthy collapse; the country’s export earnings fell by more than half. The economy went into a deep recession and Mr Buhari, unable to cope, was overthrown in a coup.

Now he is president again. (He won a fair election last year against a woeful opponent; The Economist endorsed him.) And once again, oil prices have slumped, from $64 a barrel on the day he was sworn in to $32 eight months later. Growth probably fell by half in 2015, from 6.3% to little more than 3% (see article). Oil accounts for 70% of the government’s revenues and 95% of export earnings. The government deficit will widen this year to about 3.5% of GDP. The currency, the naira, is under pressure. The central bank insists on an exchange rate of 197-199 naira to the dollar. On the black market, dollars sell for 300 naira or more.

Instead of letting the naira depreciate to reflect the country’s loss of purchasing power, Mr Buhari’s government is trying to keep it aloft. The central bank has restricted the supply of dollars and banned the import of a long list of goods, from shovels and rice to toothpicks. It hopes that this will maintain reserves and stimulate domestic production.

When the currency is devalued, all imports become more expensive. But under Mr Buhari’s system the restrictions on imports are by government fiat. Factory bosses complain they cannot import raw materials such as chemicals and fret that, if this continues, they may have to shut down. Many have turned to the black market to obtain dollars, and are doubtless smuggling in some of the goods that have been banned.

Nigerians have heard this tune before. Indeed, Mr Buhari tried something similar the last time he was president. Then, as now, he resisted what he called the “bitter pill” of devaluation. When, as a result, foreign currency ran short, he rationed it and slashed imports by more than half. When Nigerians turned to the black market he sealed the country’s borders. When unemployment surged he expelled 700,000 migrants.

Barking orders at markets did not work then, and it will not work now. Mr Buhari is right that devaluation will lead to inflation—as it has in other commodity exporters. But Nigeria’s policy of limiting imports and creating scarcity will be even more inflationary. A weaker currency would spur domestic production more than import bans can and, in the long run, hurt consumers less. The country needs foreign capital to finance its deficits but, under today’s policies, it will struggle to get any. Foreign investors assume that any Nigerian asset they buy in naira now will cost less later, after the currency has devalued. So they wait.

Those who fail to learn from history...
Mr Buhari’s tenure has in some ways been impressive. He has restored a semblance of security to swathes of northern Nigeria that were overrun by schoolgirl-abducting jihadists. He has won some early battles against corruption. Some of his economic policies are sound, too. He has indicated that he will stop subsidising fuel and selling it at below-market prices. This is brave, since the subsidies are popular, even though they have been a disaster (the cheap fuel was often sold abroad and petrol stations frequently ran dry). If Mr Buhari can find the courage to let fuel cost what the market says it should, why not the currency, too? You can forgive the general for being unlucky; but not for failing to learn from past mistakes.


http://www.economist.com/news/leaders/21689544-president-muhammadu-buhari-repeating-economic-error-he-made-dictator-30-years-ago-hope?fsrc=scn/tw/te/pe/ed/hopethenairafalls

Cc lalasticlala mynd44

Dino should just shut up...

Simple and beautiful

God is great

Lies and propagandist everywhere

okay

The presidential fleet is the largest in Nigeria behind ARIK & AERO... He promised to reduce the number of planes and choppers when elected but oh no he's jetting all around the world like a rock star...


welcome back..

sorry ooo...

His thingy will be small....

Eyya.... I miss UI o... or rather I miss Ibadan amala and ewedu with gbègiri.

Wow....

;DWhat a story