₦airaland Forum

Welcome, Guest: RegisterLoginWith GoogleTrendingRecentNew

Stats: 3,330,012 members, 8,443,485 topics. Date: Saturday, 11 July 2026 at 09:07 PM

Toggle theme

Jayriginal's Posts

Nairaland ForumJayriginal's ProfileJayriginal's Posts

1 2 3 4 5 6 7 8 ... 17 18 19 20 21 22 23 24 25 (of 97 pages)

Christianity EtcRe: Mind Control Drugs Used By Ritualist And Robbers.. by jayriginal: 7:59pm On Apr 15, 2016
Datura is "gegemu" abi?

Wait let me check

Edited :
It is.
Christianity EtcRe: Eat Your Tithe Before The Lord by jayriginal: 7:56pm On Apr 15, 2016
Joagbaje:
There are 2 kinds of tithes . The annual tithes is taken to the house of God . It is given through the Levites



Nehemiah 10:38 (KJV)
And the priest the son of Aaron shall be with the Levites, when the Levites take tithes: and the Levites shall bring up the tithe of the tithes unto the house of our God, to the chambers, into the treasure house.


The second one is the one used as feast every 3 years
So which Levite has been giving you your tithes?
PoliticsRe: Fayose Hails US Govt, UK Telegraph Reports On Buhari's Witch-hunt Of Opposition by jayriginal: 7:32pm On Apr 15, 2016
searchng4love:
we r saying the facts!
Buhari never said Nigerians are criminals. That's a fact. He said there were Nigerians in jails in other countries. That's a fact.
PoliticsRe: Fayose Hails US Govt, UK Telegraph Reports On Buhari's Witch-hunt Of Opposition by jayriginal: 7:21pm On Apr 15, 2016
searchng4love:
APC has no interest in facts...can't wait for 2019 campaigns..... first to do no dey pain..
So you admit you're just making stuff up.
PoliticsRe: Fayose Hails US Govt, UK Telegraph Reports On Buhari's Witch-hunt Of Opposition by jayriginal: 7:14pm On Apr 15, 2016
caleb404:
Buhari insulted us all when he came to UK. He called us criminals.
He never said anything of the sort but then your type really isn't interested in facts.
Car TalkRe: Pls Guide Me: Btw Peugeot 206 & 406 Which Is Better by jayriginal: 2:19pm On Apr 15, 2016
lopmaidx:
I would even in my sleep, really want to give u a lot of information about Peugeot. Check Peugeot Car with Attitude on Car talk section and go though it u would learn a lot or u could contact me to send u the links to even a Peugeot blog very informative plus we also have a whatapp group too
If he goes there he go run oh.
Christianity EtcRe: What If The Universe Is A Test Experiment? by jayriginal: 11:08am On Apr 15, 2016
As far as what ifs go, it could very well be.
BusinessIMF Approves Reserve Currency Status For China's Yuan by jayriginal(op): 8:15am On Apr 15, 2016
The IMF will add the yuan to its basket of reserve currencies, an international stamp of approval of the strides China has made integrating into a global economic system dominated for decades by the U.S., Europe and Japan.

QuickTake The People’s Currency
The International Monetary Fund’s executive board, which represents the fund’s 188 member nations, decided the yuan meets the standard of being “freely usable” and will join the dollar, euro, pound and yen in its Special Drawing Rights basket, the organization said Monday in a statement. Approval was expected after IMF Managing Director Christine Lagarde announced Nov. 13 that her staff recommended inclusion, a position she supported.
It’s the first change in the SDR’s currency composition since 1999, when the euro replaced the deutsche mark and French franc. It’s also a milestone in a decades-long ascent toward international credibility for the yuan, which was created after World War II and for years could be used only domestically in the Communist-controlled nation. The IMF reviews the composition of the basket every five years and rejected the yuan during the last review, in 2010, saying it didn’t meet the necessary criteria.
“The renminbi’s inclusion in the SDR is a clear indication of the reforms that
have been implemented and will continue to be implemented and is a clear,
stronger representation of the global economy,” Lagarde said Monday during a press briefing at the IMF’s headquarters in Washington. Renminbi is the currency’s official name and means “the people’s currency” in Mandarin; yuan is the unit.

The Chinese Yuan’s Journey to Global Reserve Status: A Timeline
The addition will take effect Oct. 1, 2016, with the yuan having a 10.92 percent weighting in the basket, the IMF said. Weightings will be 41.73 percent for the dollar, 30.93 percent for the euro, 8.33 percent for the yen and 8.09 percent for the British pound. The dollar currently accounts for 41.9 percent of the basket, while the euro accounts for 37.4 percent, the pound 11.3 percent and the yen 9.4 percent.
The yuan weakened in offshore trading Tuesday amid speculation China’s central bank will rein in intervention now that the IMF vote on reserve-currency status is out of the way. The long-term goal is for very few interventions, People’s Bank of China Deputy Governor Yi Gang said at a briefing, adding that bigger two-way fluctuations are normal.

In a preliminary report in July, IMF staff estimated the yuan would have a weight of about 14 percent to 16 percent. The weighting will affect the interest countries pay when they borrow from the IMF. It may also affect the scale of inflows the Chinese currency receives in the coming months.

Monetary System
The decision establishes the yuan as a fixture in the very international monetary system Chinese leaders criticized following the global financial crisis. In a landmark 2009 speech, PBOC Governor Zhou Xiaochuan argued a global system so reliant on a single currency -- the U.S. dollar -- was inherently prone to shocks. That conviction set off a global push by China’s leaders, including now-President Xi Jinping, to have the yuan included in the SDR, which countries can use to supplement their currency reserves.
The IMF staff recommendation was based on increasing international use and trading of the yuan, policy reforms that allow yuan to be used smoothly in SDR operations, and steps by China to step up data disclosure, the fund said. A more detailed staff report will be released later Monday or Tuesday, IMF officials said.
“It’s a big win for Beijing as they look to bolster their image and to get the respect they think they deserve,” said Timothy Adams, president of the Institute of International Finance and a former U.S. Treasury undersecretary.

QuickTake The Peoples' Currency
The IMF endorsement is a bright spot in what has been a tumultuous year for the world’s second-biggest economy, which has been buffeted by slowing growth, a tumbling stock market and a shift by authorities toward a more market-oriented exchange rate.
The IMF’s decision is a “win-win” for both China and the world and acknowledges China’s achievements in economic development and reform, the PBOC said in a statement on its website. The U.S. supported the fund’s staff recommendation to add the yuan, the Treasury Department said in an e-mailed statement without elaborating.
Approval is unlikely to have much impact on short-term demand for the yuan, given the SDR’s minor share of global reserves, according to economists at banks including HSBC Holdings Plc and ING Groep NV.
Adams said that rising demand may be “evolutionary” and “a process that will likely be pronounced.”
The decision should boost efforts by Xi to open up China’s financial markets. China implemented a series of reforms to win IMF support, such as opening its onshore bond and currency markets to foreign central banks and reporting its reserves to the IMF.

G-20 Host
The question is whether China, which will host meetings of the Group of 20 economies next year, will try to leverage the IMF’s support to pursue broader changes to the global monetary system. In his 2009 speech, Zhou suggested the IMF expand the use of the SDR to tap its potential as a "super-sovereign reserve currency."
The IMF’s move may also spur political blowback in the U.S., where Republican lawmakers have blocked efforts to expand the voting shares of China and other emerging-market economies at the fund. Senator Bob Casey, a Pennsylvania Democrat, said in an e-mailed statement that the decision “validates China’s history of cheating on its currency,” a history that’s hurt jobs and wages in his state.
The Washington-based fund created the SDR in 1969 to boost global liquidity. Under the Bretton Woods system of fixed exchange rates, countries pegged their currencies to the U.S. dollar. But for nations to increase their dollar reserves, the U.S. would have to run persistent current-account deficits, threatening the value of the greenback.
The SDR addressed this dilemma by serving as a supplementary reserve asset to augment countries’ gold and dollar holdings. While the SDR isn’t technically a currency, it gives IMF member countries who hold it the right to obtain any of the currencies in the basket to meet balance-of-payments needs.

http://www.bloomberg.com/news/articles/2015-11-30/imf-backs-yuan-in-reserve-currency-club-after-rejection-in-2010
Car TalkRe: Pls Guide Me: Btw Peugeot 206 & 406 Which Is Better by jayriginal: 7:59am On Apr 15, 2016
treasureboy:
ok ok. would you recomend a peugeot to ur brother anyday??
Yep I will. I'd also advice him not to let any quack mechanic touch it.
Car TalkRe: Why Car Headrest Is Detachable by jayriginal: 1:45pm On Apr 14, 2016
thesicilian:
Don't need to be told. Still ongoing.
Ok we are waiting.

Late submission will attract a dededuction of some marks.
Car TalkRe: Pls Guide Me: Btw Peugeot 206 & 406 Which Is Better by jayriginal: 12:56pm On Apr 14, 2016
treasureboy:
feedback am getting off line is not encouraging. Eeverybody is talking toyota! So no other car rockss in naija apart from Toyota?
Not true.

The issue is that our mechanics seem to understand toyotas better, and the toyotas apparently handle mechanical and electrical abuse better than most other models.

Because of that, people will discourage you from using any other thing but a Toyota. If you take the time to learn about your car, ensure best maintenance practices, you will enjoy your car whatever model it is.
Car TalkRe: Why Car Headrest Is Detachable by jayriginal: 12:41pm On Apr 14, 2016
thesicilian:
Is this the true, official reason or something that was seen in a movie and just sort of makes sense?
That's where your own personal research comes in.
PoliticsRe: Nigeria's Spends $1.8billion On Fuel Imports Quarterly by jayriginal: 12:24pm On Apr 14, 2016
See people saying they should build refineries. The same people saying the government is too slow and abusing their fathers are talking of building refineries.

Are refineries built in a day?

Are you willing to endure the fuel scarcity and high prices until the refineries are built, staff trained and employed?

What do Nigerians really want?
Christianity EtcRe: Ash Coloured Well Maintained Honda Baby Boy. 4 Plug 400k by jayriginal: 11:00am On Apr 14, 2016
This ought to be in the autos section but I guess you posted it here cos you heard that Jesus and his crew moved about in one accord?
Car TalkRe: Advice Needed: Should I Buy A 2003 Audi A6 I4 1.8turbo 20v As A First Car by jayriginal: 2:07pm On Apr 13, 2016
A friend of mine owns that car. I'm not sure I'd advise you to acquire it.
If you do decide to go ahead, find a competent mechanic and electrician /rewire.

Read up about the car and it's common faults, ask Nigerian owners what their experience is like, follow best maintenance practices , brace yourself and hope for the best.

If you allow people to tamper with your electrical system you will regret it. I think this car's biggest issues are electrical.
Car TalkRe: 8 Things That Reduce Your Car’s Fuel Economy by jayriginal: 2:00pm On Apr 13, 2016
Still on tires, proper inflation matters.

Your average "vulcanizer" will just pump all tires for all cars the same.
Car TalkRe: Brake Pads And Brake Lining Which Is More Effective? by jayriginal: 11:00am On Apr 13, 2016
airsaylongcon:
Siena talk forced me to do a lot of reading about cars ọ. I used to drive and Audi 80 B3 (still drive it when I just want to mock about). I never knew anything ABOUT audi platforms until I saw Siena tell someone that he (Siena) has no clue what an Audi Tiger Face was. My jaw dropped. I'm like "what other name can someone call Tiger Face again?" ended up reading so much stuff and found a Tiger Face is an Audi 80 B4 and the jallopy I had was a B3. Now I'm knowledgeable all the way to B6 (cos that's the latest I've handled). I've got wiring diagrams, maintenance manuals and all what not from B3 to B6. Some in Russian sef that I translated to English.
Nice!
Car TalkRe: Brake Pads And Brake Lining Which Is More Effective? by jayriginal: 8:56am On Apr 13, 2016
airsaylongcon:
When u have got a reputation of been on top of your game in your field, whatever you says goes
Oh I don't doubt his experience, I'm just pointing out the follow follow mentality of people endorsing things they don't understand simply because it sounds complicated.
Car TalkRe: Brake Pads And Brake Lining Which Is More Effective? by jayriginal: 8:15am On Apr 13, 2016
Everyone saying Siena has the best answer, whether they understand what he said or not.
grin
PoliticsRe: Boko Haram Members Flee Sambisa Forest - Army by jayriginal: 8:09am On Apr 13, 2016
4Kemzy:
Boko Haram? I thought they have been decimated technically.
What exactly do you understand by technical defeat.

Let's start from there.
PoliticsRe: Dino Melaye And His Cars' Number Plates by jayriginal: 1:22pm On Apr 12, 2016
The Peugeot is the best of the lot.

Dino obviously loves cars and he has the means to sponsor his habits.
ComputersRe: Which Weighs More? Full Or Empty Flash Drive? by jayriginal: 6:34am On Apr 09, 2016
Sempumping:
cheesy ...No weight difference
Seems that way to me as well.
Car TalkRe: Why Don't Car Dealers Import Diesel-powered Cars To Nigerians? by jayriginal: 9:43am On Apr 08, 2016
6digitscomrade:
well i fill up my tank for 12,700# and it lasts me for a month and 24/7 days a week AC is on..and am a night crawler...dont look at it from d rear look at d benefit on d long run...i think diesel cars are cheaper in all ramfication if u were in europe u wud av a rethink..d thing i see here is we still dont av competent mechs...except u visit certified service spots which ofcourse will be more expensive dan kasali at mile2 bus stop...lol
Nice.
Nairaland GeneralRe: Rainfall Breaks Tall Tree In Gombe. Photos updated!! by jayriginal: 3:33pm On Apr 07, 2016
Looks like a palm tree to me
Foreign AffairsRe: Angola, Hit By Collapse Of Oil Prices, Seeks IMF Aid by jayriginal: 2:27pm On Apr 07, 2016
sapiosexual1:
When zombies begin to draw parallel with countries like Angola, you know we have hit rock bottom. Una no see other oil producing countries like Algeria and middle east countries compare with.
A year on and we haven't done anything tangible to further diversify the economy- We're in the rainy season, fertilizer hasn't been distributed, Agric extension outlets haven't been empowered. irrigation dams haven't been built. The only notable thing the Agric sector has plans for is to import grass! Jeez!!
The mod that moved this to FP should be ashamed of himself
It's obvious you don't know the volume of oil Angola produces
RomanceRe: See This Military Styled Pre-wedding Photo Shoot by jayriginal: 10:51am On Apr 07, 2016
They ruined it with the footwear.
Car TalkRe: First Fully Covered Bike With AC Made In India by jayriginal: 10:25am On Apr 07, 2016
Varagous:
looks more like a covered tushed tricycle. its cool by the way.
You're right.
PoliticsRe: Nigeria Fuel Crisis, Why I Blame Jonathan-Onyebuchi by jayriginal: 4:29pm On Apr 06, 2016
Omoalhaja7:
Onyebuchi wrote: NIGERIA'S FUEL CRISIS - WHY I BLAME GEJ

In discussing this very volatile issue, let me make one point very clear. I speak from a very informed perspective. This is not just one of those social commentaries.
I worked in the downstream petroleum sector for about 36 months as legal counsel and this was at the peak of the subsidy crisis. I handled and prepared critical documents, advised on transactions and participated in the subsidy scheme as a staff of the one of biggest indigenous players in the sector. I have a perfect understanding of the system from the point where these products are negotiated and bought from refineries abroad to the contract for their shipping....from arrival at the Port in Nigeria to the inspections and the final destination at designated tank farms, so I speak with authority. When the subsidy probe started, I also made several submissions to the National Assembly Committees and also was at the EFCC during the investigations.
Weak and reactive leadership is a disaster to any organization that has it. The hallmark of great leadership is the ability to identify risks and institute effective risk management systems. No organization in this world can survive uncontrolled hemorrhage of scarce resources.
The subsidy scheme became an issue under President Obansanjo. It was under him that the concept of petroleum importation became full blown. For reasons best known to the wily Owu Chief, our four refineries were left to rot while our country relied on fuel importation. That policy remained the biggest disservice former President Obasanjo did to this country.
However, as bad as that policy was under OBJ, there was still some level of sanity and control. At no time under OBJ did subsidy payments exceed 190 billion Naira annually. There were stringent measures that controlled the participation of companies under the subsidy scheme.
Just before OBJ left office, he sold two of our refineries to Dangote and Otedola, a measure that would have worked if fully implemented. It is beyond doubt that the private sector remains the best economic and commercial managers. Government is a cesspool of waste and corruption.
When late President Yar'adua took over, he rode on a staccato of uninformed voices to reverse the sale of the refineries. He reversed the sale but did nothing to bring the refineries back to work. He continued to run the subsidy scheme and kept the restive sanity in the system. As at the time Yar'adua died, Nigeria's subsidy burden was about 230 billion Naira per annum.
Now for the uninformed, the petroleum subsidy scheme is a system where the federal government, on a bid to reduce the cost of fuel paid by Nigerians chooses to pay the difference between the landing cost of petrol imports, the prevailing price of the commodity at the international market and what is actually sold in Nigeria.
For instance, if the landing cost of petrol in Nigeria is, say, N 115, and after adding lightering charges and other logistics costs, the price of petrol should be N147, the federal government asks the marketers to sell at N97 and decides to pay the marketers the difference per litre.
Now enter President Goodluck Ebelechukwu Azikiwe Mainasara Jehoshaphat Effiong Jonathan!
Under him, subsidy costs jumped from 200 billion Naira to over 1.2 trillion in the first two years of his government.
Why? What happened?
Did the population of Nigerian triple within that period or did the number of cars quadruple? Was there an industrial revolution?
The answer is simple. Again, I speak from an informed position.
Due to weak regulatory regimes, the downstream sector became an all comers affair. Every Tom, Dick and Harry entered the business. Companies with no verifiable addresses, no tank farms, no vessels, no financial structures, no bank guarantees all became fuel importers. It was a bazaar. It is only in Nigeria that such bizzare things can happen. Emergency millionaires were made in days. Time and space won't allow me to give you details of the unbelievable things that happened. Every top official of the federal government became an emergency fuel importer or middle man. Importation licenses were hawked openly. All you needed was for the PPPRA to give you a license to import. You could sell it for millions just outside the door.
Now there is a complex web that links the Petroleum Ministry, the DPR, thE Navy, the NPA, NIMASA,PPPRA, DMO, CBN and Commercial Banks in this fraud. Documents like the sovereign debt statements and the sovereign debt notes flew about and our money kept disappearing. From about 30 companies in the scheme, the number shot up to 300. Monthly, billions of Naira were paid out to people who have never had any contact with a Jerry can of fuel in their lives. No verification, no authentication, nothing. Money was being paid with reckless abandon. Dr Okonjo Iweala and Mrs Alison Madueke were all there watching!
It got so bad that some people will arrange with ship owners......take a two day hire of an empty ship, move it to Lagos Port, berth it there. Officials of the PPPRA, Petroleum Ministry, DPR will come there to inspect an empty vessel and certify that the empty vessel carried 10,000 metric tons of petrol, collect their money and walk away. The vessel simply sails away and three weeks later, close to 6 billion Naira will be paid as subsidy when not even a single drop of petrol was brought in.
It was when the government saw that it could no longer sustain that level of waste that GEJ made that attempt at removing subsidy which was stoutly and rightly rejected by Nigerians.
If you recall, the call for the probe of the Subsidy fraud didn't even come from the Presidency. GEJ never called for any probe. Neither did Alison Madueke nor Okonjo Iweala. The call for probe was triggered off by the submissions of Senator Bukola Saraki on the floor of the Senate when he took time to tell the sad story of the biggest fraud in modern Nigeria called FUEL SUBSIDY.
Nigerians should ask GEJ to tell us how our subsidy burden jumped from 200 billion to 1.4 trillion in two years.
Between 2008 and 2013, the PPPRA was about the most corrupt government office in Nigeria. People who worked there lived like Emperors. They spent dollars like there was no tomorrow. Only the privileged found their way there. Each time I went to their office in Abuja then, I left with a heavy heart. This country is in serious trouble.
The only time sanity came to that sector was when GEJ brought Reginald Stanley, former Group General Manager of PPMC who also headed the London Branch of the NNPC into the picture. Reginald Stanley cleaned up the PPPRA, redeployed close to 80% of the workers and rejigged the subsidy program. It was then discovered that more than 60% of the funds paid as subsidy in the last three years were paid wrongly and fraudulently.
That was when the subsidy probe started. Out of the over 300 companies that were collecting subsidy, it was found that not up,to 30 were really importing fuel. Close to 700 billion Naira were stolen in the subsidy scheme. Till date, not a single person has been convicted.
Again, throughout the five years that GEJ ran this country, not one single attempt was made to even find out what is the problem with our refineries.
And yet, people say I shouldn't blame GEJ!
Who should I blame?
My father.....in his grave?
Bump
PoliticsRe: Fuel Scarcity: FG Pays N156bn Fuel Subsidy Claims To Marketers by jayriginal: 3:59pm On Apr 06, 2016
From March to May 2015, yet some have the effrontery to claim that we never had it this bad before.

Nigerians and their short memories.
Nairaland GeneralRe: Fuel Scarcity And Price Hike.. If You Want To Blame Somebody, Blame Jonathan. by jayriginal: 3:55pm On Apr 06, 2016
baridamben:
It's been so terrible the past few days, as the queue grows and the waiting goes, with the people scrambling to buy the black gold, even at astronomical cost of 300 to 400 naira per litre, and under scorching harmattan sun, the dreaded fuel scarcity looms... It seems we're only now just opening some of the parting gifts that our uncle Jonah bequeathed us in the dying days of that ill-fated administration.
.
We've known, of course for a while now, that In that little gift envelope was a whopping 413 billion naira of debt owed to Major Oil Marketers (MOMAN) who import oil for Nigeria. Yes, I know... That you would begin to wonder why the government would owe so much to these people after all the money we got from over 5 years of that windfall. But it was not normal, it was an artificial creation of that infamous cabal or, simply put, the owners of MOMAN, and aided by the government. Subsidy claims were cooked-up in a grand conspiracy against the Nigerian State... the NNPC, CBN, ministry of finance, accountant general of the federation, and every single person who should make sure it never happens, all conspired against Nigeria to aid and abet one another to arrangee the book in such a way that the nation, Nigeria, would be owing these people billions and billions of naira in subsidy claims for petrol they only delivered on paper, but never in reality. And all these things happened, even as our oga at the top stood idly by.
.
Let's jog our memory a little bit and recall once upon a time, at least some seven months ago, when the major oil marketers were worried, that since the economy was giving Okonjo Iweala some serious overdose of high BP, and Buhari was claiming to not know what subsidy is.. So they thought to themselves, that if Jonathan could not pay the debt in an oil boom, is it Buhari who is claiming not to know what subsidy is that would now pay them when the price of oil has fallen and the economy is broke? So they thought, it was time they held the nation by the balls and get their money when they could. And true to it, they held our pair of balls and squeeze it really haaard, the result was a tumbling economy that shook the whole nation like an earthquake. Banks were operating for half a day, manufacturers were packing up and running away from the sinking ship that is Nigeria, even MTN of all people threatened to shutdown for lack of fuel to power their mast. Power generation dropped down to just a little over 1000MW as the economic wheels practically came to a screeching halt.
.
All this happened, until the timely intervention of the senate committee on petroleum, headed by a certain senator Magnus Abe, who salvaged the situation by begging the oil importers to resume operations that the incoming APC government would pay the debt. And the importers yielded after extracting a commitment from the then incoming president, GMB, who promised to pay them the money in his own administration.
.
Now, Buhari has taken over, he's cleaning the petroleum industry, discovering some of the frauds and cancelling some of the oil swap deals to review them in line with current economic realities and global best practices. He has reduced the number of importers, or subsidy thieves if you like, from 43 to 29 to block leakages, and he's implementing other reforms. But one of the most critical reform is that the NNPC will, in 2016, begin to import fuel directly on its own, and no longer through those importers who we're indebted to now. This is a beautiful news for Nigeria, sweet music to our ears even, but a terrible-terrible news for the subsidy thieves, that government is making a long term plan to do away with them.
.
So, as soon as the NNPC made that announcement, those importers, who are themselves some of the most powerful men in this country (Wale Tinubu, Mike Adenuga, Femi Otedola, etc), decided to fight back... They decided to ask for their money, then perfected plans to pretend as though they didn't have any kobo with which to import fuel, unless government gives them their money. The government got wind of this plan and quickly decided to pay them, 413 billion naira, an amount not budgeted for which would've been appropriated in the 2016 budget. Government has again been cornered by powerful forces and must cough out so high a figure in a crippling economy. So Buhari approved it, and the NNPC quickly made the announcement to assure them that their money is on the way, to pre-empt what we're seeing today, with the only thing remaining being a bill to the senate to that effect. If the senate does not approve, the president cannot direct the CBN to credit their account.
.
But the oil importers would not be deterred, they don't care about the government or the people... They've never cared, they're the ones who made sure our refineries didn't work so that they would continue to stay in business and import fuel. And now Buhari is planning to get them out of business, so they must take their pound of flesh. If they crippled the economy, they thought, then maybe Buhari would negotiate. They pretended as though they didn't even believe that the government had the money to pay them, that the announcement was just a ploy to force them to keep importing, so they quickly announced to the nation that they have not seen any money, that their foreign exchange differentials has practically vanished hence they can't resume importation unless they get the alert.
.
So, as they were not importing, the nation began to run on reserves... NNPC said they have enough reserve to carry the country for some weeks until the senate approves the payment of the debt. The Tank Farm owners (JEPTFON), those who store imported petrol and sell to depot marketers (DAPPMA) to distribute to the whole country, reasoned that if the importers (MOMAN) were not giving them fuel, that their tank might run dry, hence decided to increase the price at the depot, especially the privately owned depots, even against DPR regulations. And with high price at the depot comes high price at the stations. This is just the market responding to market forces, when supply is low or practically non-existent as importers (MOMAN) were no longer importing, and public demand is high, then cost is expected to rise. It's as simple as that. And the funny thing is, even though the price at the depot were normal, depot petroleum marketers (DAPPMA) would still continue to hoard the product or sell at exorbitant rate as long as major marketers (MOMAN), or importers, are not adding to what is at the depot. This is why no matter what DPR or even the petroleum minister says, we should not expect to buy fuel at a normal rate until the bank account of the oil importers hit "credit alert".
.
The supplementary budget was sent to the senate on Wednesday, and all the major stakeholders in the industry held a meeting yesterday to resolve the crises . Although I'm not holding my breath until I'm told that the marketer's bank account have been credited, I'm highly confident that the issue will eventually pass away as soon as possible. But let us not forget why we have this problem in the first place, that there is massive corruption in the land conveyed in the vehicle of powerful forces. That Jonathan was not able to handle them, instead he fatten them up. And to be fair to him, he wasn't adequately prepared for such responsibilities. Never again should we allow those who are not well cut-out for leadership to mount the institution of governance, especially at the highest level. No matter how good their intentions were, you can never send a boy to do a man's job. We must therefore restructure our electoral reforms to make it impossible for any individual to be foisted on the people. I wouldn't deny some of the benefits that Nigeria derived from his weaknesses, but if he were a resolute leader at least, then the conditions that led to the fuel crises in 2012 would not have happened. If he didn't owe hundreds of billions of naira in an oil boom, and encouraged the situations that led to such debt, then we wouldn't be in this mess today. He left us with a country that was literally on life support - a sinking ship - and we're working hard to steady the ship. A country that couldn't pay salary to its workers, and even as we've steadied that ship, governors are now saying that they can no longer pay 18,000 naira minimum wage. These are the legacies of Jonathan, and we must not forget in a hurry, even as he celebrates his birthday alone.
Foreign AffairsRe: Harry Kitilya Carrying Bucket Of Water In Prison by jayriginal: 12:48pm On Apr 05, 2016
See luxurious prison.
PhonesRe: Whatsapp Has A Hidden New Feature And Here's How To Use It by jayriginal: 12:28pm On Apr 05, 2016
Works like a charm.

1 2 3 4 5 6 7 8 ... 17 18 19 20 21 22 23 24 25 (of 97 pages)