₦airaland Forum

drnoel:
I was telling someone that this thing was too fishy. Its the and that China was the destination for progress but they didn't believe me.

IzonOwei:
serious problems for marginal field owners who spend much on enhanced oil recovery methods to produce oil..this might lead to a lot of job losses which isnt good news..oil pipeline vandals...buhari and his team should adopt true federalism and let niger deltans handle their fellow niger deltans...

sonnie10:
I still think adding value to crude oil is a way out of this predicament. If the refineries were working, more revenue would been generated from local consumption and even from sales of refined products to other African countries. Consider other by-products of petroleum that would have been used in allied industries. From polymer for polythene bags and plastics to derivatives for detergents, greases and lubricants all of these are presently being imported. Our chemical industry is under developed and as a result of this, importers will continue to drain Nigeria Forex to get these products in.

AFCON AND ELEME petrochemical was meant to do all of these, jobs would have been created and other related industries would have been established.

Fertilizer production is a totally different issue. At this time when every body is talking about agriculture as alternative source of revenue, Nigeria can no longer depend on importation of fertilizer or its raw materials. This is the time to look inward and optimize available local contents which are abundant as petrochemical products.

Liquefied Natural gas is another product that is being underutilized. What happens to taking a cue from the practice in other places, where gas utility companies effectively distribute this gas to every home and charge per use. This would save an average house hold considerable amount of money, which translates to more spending power.

og2711:
Talk to real experts in the oil sector. No one will even produce at less than 100% profit ($22 per barrel). Nigeria is between $11-14 to produce. These oil companies hype up the price to defraud our clueless government as they are the ones who pay the exploration costs..

Bevista:
Because you need to stay in the business and maintain your market share pending when prices rebound. If you exit now, you loose your customers to other producing countries.
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And as most oil purchase contracts are done upwards of 5yrs, it will be very difficult to come back and win customers if you exit now and prices rebound later.

Bevista:
@jpphilips - just stumbled on this thread again and noticed your banter with the other bloke. You guys seem to be making some interesting economic argument, but unfortunately, it's all getting watered-down by the personal attacks.
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It would be nice to read comments that does not drag the personality of commenter into it. Now, I feel even more justified and vindicated that I did not respond when my earlier comment was quoted.

Facilitating ease of doing business and the telecoms revolution are not in the same league. Of course, it will be difficult for you to recognize that.

Let me put it simply. Telecoms revolution would have happened without OBJ's input. It was always coming.As a fast growing economy, we needed it, the companies registered intent and OBJ conceded. So yeah, I have every reason to downplay it.

1. The difference is in the peculiar reason why they are given the fund. You don't seem to think things through before you open your buccal cavity or let your hands do their thing on a keyboard. The entire cost of the bail-out fund for the banks was N3t--http://businessnews.com.ng/2011/09/09/n3-trillion-official-cost-of-bank-bailout-cbn/. That is half Nigeria's 2016 budget. In contrast, extended discount window is a way of telling the banks to continue what they were doing. Let me put it this way. EDW is a way to endorse what the banks are doing, giving them more leeway, and are carried out routinely. Bailouts is money wrapped with a middle-finger and accompanied with calls for reforms. Soludo is one of the major reasons (I use 'one', because the financial crises was another major reason) why we had to spend that much money. If he had done his job, Sanusi would have spent much lower, and less banks would have been affected by the 'Sanusi tsunami'. It's that simple.

2. Mergers and Acquisition is not the same as buying and leasing land, there are many dynamics at play. I am not a financial expert, but I will do my best to use my limited knowledge to prove the fallacy of your statement. Investors did not lose "all their money" during the acquisitions, their stocks were simply revalued.

3. If Sanusi really had to give money to the Islamic Banks is debatable. But the real question to ask is if he broke any laws by doing so. He did not. Don't bring your averse for a religion to a logical debate.

4. Listen to yourself. Misappropriating accomplishments. Sanusi did not give us Internet Banking, the banks did. Soludo did not give us ATM machines, ATM cards, or Interswitch; the banks did. Interswitch is a private company like Quickteller and Verve.

The Banks gave you internet banking under whose policy? Quickteller was licensed by who?
Are you saying that you don't know that internet banking operations rolled out as a result of the "Cashless policy"?
Look at a newt with negative IQ is asking me to sound intelligent.
You don't even know how Internet banking came to be?
this must be a secondary school leaver. I feel so sorry for myself.

This is the only information that will be difficult to source from Google as I expected you goofed.
I knew you were a fake when you had no analytical strength, just google, copy the article and paste. how you convinced yourself it makes you intelligent is the bedazzling part. That explains why it took you ages to respond the last time, which is very unusual for a jobless bloke like you.

When next you consult Google, ask him which medication to switch to

There is a reason why I always support my facts with researchable valid data. Let me spell it out for you.

Oshogbo local champion, hope your Bank is no longer giving you internet banking from Shagari's policies

It streamlines discussion, arguments, and theories. If you dispute the Nigeria's unemployment rate data of 9%, then you can as well dispute the figure on population, size of the economy, number of people that have been killed by Lassa fever. When it comes to data, you don't cherry-pick the ones that suit you and dismiss the ones that don't without providing reasons that hold water. You say our government's data is based on a database that is not comprehensive. And you are comparing the data with Russia that is a communist country, has the largest land-mass on the planet, with tight controls on free-speech and has been repeatedly caught pants down trying to sell a rosy situation when the real deal is much worse. Or Iran that is doing all it can to prove that the US/EU sanctions are not really affecting them that much, or Saudi Arabia that is killing citizens that dare question the regime and runs a welfare scheme that cost tens of billions dollars annually.

You really want to discuss Iran when you have no idea where internet banking came from?

When our GDP was rebased, GDP for each year was re-calculated going as far back as to 24 years back (from 2014 when the re-base was done). The rebasing, aside to show the true size of Nigeria's economy, was done to show how each sector contributed to the economy. So my previous point still stands and it also proves how shallow you reason to iterate that I opined that "all the parameters that contributed to the growth was effective in 2013".

Gentlemen, our internet nuisance is discussing GDP when he has no idea where internet banking came from, someone kind should remind him it is not an Aguiyi ironsi's policy before he says it to his wife

4. You call the PIB bill stealing? I am getting tired of replying your callousness. A bill that has been supported round the industry with very little opposition and will increase nationalistic involvement is what you call stealing? Are you high on something? Are you even Nigerian?

The PIB bill is the best thing to happen in the oil and gas sector, and that it has not been passed proves that there are many unpatriotic powers at play.

The ambitious fvctard really want to discuss PIB? Google brain.

About the deepwater oil fields. Is it the same oil fields that are been sold/offered for sale by the multi-nationals now. http://uk.reuters.com/article/total-nigeria-sale-idUKL5N0RD4ID20140916

PSC was introduced in 1993, it was edited in 2000 and again in 2005. Even with editing it two times and selling off 22 licences throughout his tenure, he did zilch to plug the rot and huge leakages in the sector. And I do not know why you should call that an achievement.

A. It was not initiated by him
B. What he did is akin to PMB restructuring NNPC. It is nice, but is not a noteworthy achievement.

I do not agree. And it proves one thing, that have a flawed understanding of the English language.

I made a logical conclusion with a fact-based theory. PMB failed in his first stint as a military ruler. In his 12 years vying for the presidency, he never made a valid economic criticism. Rather he was making assertions that were economically impossible, stabilizing world oil price, and ensuring $1 equates N1. So why did you and every person that voted PMB believe that he would magically transform the economy?

Let me ask you, when a job candidate shows up with fail grading in his/her college certificate, says trash in the interview (performs poorly), do you give him/her the job?

As far as managing an economy is concerned PMB is a failure. History repeats itself. If you voted for him solely because of fighting corruption, then fine. But do not complain about the ailing economy. That is the tradeoff. Lopsided corruption fight for mismanaged economy.

So if you want to wait till 2019 to recognize you made a mistake, be my guest.
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Use your brain. The billions of dollars in private investment that were entering Nigeria under GEJ believed and bet their fortune on those statistics. Unless you can show me your manufacturing complex, you can shove your opinion in the pelvic region of your body where the sun does not shine.

Soludo is an attention-seeker and technocrat cum politician who is only minded about his gains. Nigeria's poverty rate is at 71%, what does he want it to be pegged at. The World Bank is the world's leading economic body. I am not saying they can't make mistakes, but I will pick them any day over a tenured consultant. He had his opinion which he stated and was summarily debunked by World Bank officials.

Ask him if the cost of the new survey he is proposing justifies the numerical changes between the NBS figures and the possible realistic figures. If the change was not huge, of what use was organizing a new survey from the scratch.

And to cap it off, why did NOI have to reply him when the World Bank had vindicated her. What more did she have to say. Silence, they say, is the best answer to a ****.

Ok! you believed Iweala's statistics I guess, IQ test for you, show me any Country in the world with Iweala's debt profile, same debt/GDP ratio, same inflation rate with 71% poverty. Just one country if you can!!

Don't be deceived, Abacha did better with investors than Jonathan, Jonathan only attracted "middle men","percentage takers", "Racketeers" and "licensed con men". It was jonathan that taught us that a militant can jet off with a pastor's private jet with millions of dollars in cash to procure arms for a country.
NIMASA a government agency became over night ATM for militants. It was jonathan that told us that even the government can be conned in daylight through subsidies and the same Government remain helpless despite its apparatchik. All are investors by your standards, #spits#

Tell us how world bank vindicated her forged statistics? let me guess, by denying her the World bank presidency in preferance to a green horn?
No point asking you to use your brain, just borrow one.

Again, your poor understanding of the English language prove you unfit to engage in an intellectual discussion with me.

I said "GEJ's major plan was to involve private partnership and unbundle the sector because the vested interested of the power/diesel generator cabal made it difficult for any government-sponsored efforts to prosper. You can read up on the Roadmap on Power he unveiled in 2010."

Plan of which much was instated but not all and which is still on-going as we speak. I admonish you to read this page so you are better informed http://www.mondaq.com/Nigeria/x/364664/Oil+Gas+Electricity/Power+Sector+Privatisation+in+Nigeria+Opportunities+and+Challenges

If you are attempting to say OBJ should be applauded for wasting Nigeria's money with virtually nothing or little to show for it, then yes show your support for inefficiency, incompetence, wastage, and corruption. OBJ is single-handedly responsible for the glut in the power sector. We can manage the failings of the military rulers, after all they failed in every other sector so there is nothing new. But OBJ had the opportunity, the revenue, and the reason to change things but performed woefully. Unfortunately GEJ who was trying to clean his mess got roped in to take the blame.

About the projects, here is something for you to digest...

https://i1295.photobucket.com/albums/b636/LordAdam/Wikipedia_Incomplete_zpslbrmnjjm.jpg

You want me to waste my time with an incomplete article. Suck It!!!
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Do you "unbundle" what does not exist? Do you "privatize" what does not exist? So Obj built, then GEJ unbundled and privatized .
The task I gave you was simple, list out the plants that was constructed during the reign of Jonathan, OBJ's speak for itself. writing Kilometers of cable that can not carry beyond 5,000MW is best read as a lullaby for your pregnant wife.

Don't amuse yourself to believe you have the mental capacity to enlighten me. I do not mean to sound disrespectful, but save your enlightenment for someone else, not me. I am above your league.

Then again, I should ask you, who do we accord the praise for ending the BH scourge (even though most of the reclaimed territories were recovered under the last administration, and that PMB did not buy any weapon until the military declared victory a few weeks back)?

Even then, you goofed by greatly misinterpreting my statement, I said "polio was eradicated under GEJ" not "polio was eradicated BY GEJ."

When I used 'under,' I demonstrated tact to show that the polio fight was not a one-man fight or a fight that happened in just one administration. Nevertheless, Nigeria was declared polio-free by WHO when Jonathan was in power after he intensified the fight. Don't be a blind hater. If I had used "by" then it suggests that "Jonathan eradicated polio all by himself, which is not accurate". So your statement is invalid. Try harder next time: Oh wait, there will be no next time.

You can as well say eradicating Ebola was the handiwork of USAID, Doctors without Borders, and many philantrophic individuals/organizations that made donations (both in public and in private). Your hypocrisy and hate stinks to high heavens. HELL has need of your services.

Time and again you have proven your inadequacy to make meaningful points. You should take a bow, re-educate yourself on how to argue points, and, I say this at the risk of sounding demeaning, check your mental status.

Nigerians of voting age should have their IQ checked before they are given Voters cards.
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To every other person (including you jpphilips) that wants to take the tempting plunge of replying me with a rebuttal for any of my post in this thread, know that I will not waste my time to educate you. I have far better things to do. The only reason for my reply in this thread was to inform Bevista of certain facts he may have overlooked while making his conclusions.

Although I anticipated rebuttals from like-minded folks that unfortunately do not have his level of intelligence and insight, I made zero provisions to reply such people. So if you have an opposing opinion, go F**K yourself with it. Don't quote me. I will not reply you.

I have based all my conclusions on facts you too can find if you search hard enough, I refuse to be the one to lift you from your mental slavery.

-Lord

giantstrides:
I'm sorry for the late reply, I got banned briefly. Concerning the currency issue, I think this article will help.

www.russia-insider.com/en/business/russia-breaking-americas-oil-price-monopoly/ri12174

scachy:
Clap for yourself Mr.over sabi. Only a fool or perhaps, a fvcktard like u called ur self (cos it's certainly not me) that ll engage in verbal abuse to a fellow he or she doesn't know simply because they air their view. Everybody must not be in darkness with u. U need to Grow up this 2016.

gunpoint:
You are obviously a dim-witted idi.ot to allow a seemingly good debate degenerate to the level where you are questioning my comprehension skills, it is only a fool that will leave issues and go off on a tangent like you did.
Probably a school age child who knows nothing about intl politics, please ask you teacher or mom to explain a few things to you, like world geopolitics. And how to talk to people with courtesy

domiron:
Same money gotten from oil was invested in the Niger Delta, not money from the other states. Get your facts right before coming here to display your stupidity.

Even his top 2 achievements are questionable:
1. Telecommunications would have entered Nigeria at one point or the other. That it entered under OBJ is not an achievement. Should we also applaud the Shagari regime for bringing in computers? Did OBJ not oversee the colossal failure of NITEL? Was OBJ MTN, Econet, or Glo that spearheaded the widespread development of the telecommunication sector? What exactly did OBJ do other than sell licenses at exorbitant costs and wasting the government revenues?

2. Nigeria's financial sector is a joke. It has always been. Soludo's market recapitalization did not stop Sanusi from exposing the rot in the sector that led to famous "Sanusi tsunami" that saw several bank executives (most notably Cecilia Ibru) having to vacate their lofty positions. Even Soludo's begrudged "20 to 25 banks supporting the whole nation" is BS. There are over 5000 commercial banks in the US [although the figure has consistently fallen almost exclusively due to market forces and stricter fiscal policies (note not monetary policies)]. Over a quarter of those banks have just one office. They have national, regional, and local banks; a move that Sanusi gravitated to when he became CBN governor.

Who asked PMB to increase national budget by about 40% when he knows Nigeria does not have the funds to finance the budget? Every sane country hit by the oil price fall is reducing government spending and PMB wants to increase his. What is his rationality? With a weak reserve, weak currency, and dwindling revenues, PMB is doing exactly the same thing the stupid military leaders (himself included) did when we had oil price fall in the 80's that led us to pile the debts that OBJ canceled. Can the senile dictator not learn from past mistakes.

And come to think of it. This man inherited the exact same situation in his first stint. What do you say about a man that cannot learn from his mistakes or fails a second time for the same condition that he couldn't solve in his first stint?

Before you compare Nigeria's 300b budget in 1999 to 6t budget in 2016, can you for a moment compare the size of the Nigerian economy between 1999 and 2016?



Nigeria's GDP in 1999 was $35.87b
Nigeria's GDP in 2013 was $521.8b
How many percent increase is that?

Look at this graph and see how much of it expanded between 2010 and 2015 compared to 1969 to 2007.

PMB is a failure. He is a disaster. And that you supported him twice (in 2011 and 2015), proves that you believe in fairy tales. At no point during PMB's time as a presidential candidate did he make an enlightened and concrete economic criticism of the government, unlike Atiku. Why did you believe he would have something to offer if he magically held the nation's piloting chair?

1. Facilitating a relatively better environment to run a business. I use the world relatively, so that I can compare pre-GEJ days to GEJ days. Let us talk about the Inflation Rate, under OBJ, inflation rate rose from 6% in 1999 to 18% in 2001 (a 300% increase). When NOI took over in 2003, Nigeria's Inflation Rate was 14%, when she left in 2006, Inflation Rate had fallen to 6% (a more than 200% fall). OBJ left the nation with an Inflation rate of 5%, which rose to 13% when GEJ assumed government in 2010. Under, GEJ for the first time in 16 years, Inflation Rate fell continuously year over year to 8%.

2. Let's talk about infrastructural challenges since that is where you will gravitate to...

[quote]A. Power: Unenlightened people are quick to point out that power only improved marginally under GEJ. What I would want to ask you is if the vision for power under OBJ and GEJ was the same? OBJ believed in government spending, GEJ did not. OBJ invested circa $20b in Power in 8 years and all you can boast of is an increase of around 2000 MW and you are jubilating. GEJ's major plan was to involve private partnership and unbundle the sector because the vested interested of the power/diesel generator cabal made it difficult for any government-sponsored efforts to prosper. You can read up on the Roadmap on Power he unveiled in 2010.
Under Barth Nnaji, much of the reforms were instated and for the first time in Nigeria's history, millions of dollars were pumped in by private interests into the power sector. In 2013, the discos emerged. An the roadmap effect was felt.

Power generation increased from 2800MW in 2011 to 4517MW in 2015.Electricity transmission lines increased from 4,550km in 2010 to 15,760km in 2015. The electricity distribution capacity of the power sectoralmost tripled from 3,658MW in 2010 to 9,200MW in 2014. Transmission substations[b] increased from 121 to 162, with additional 122 projects under construction[/b]. In fact, under him, the first coal-to-power plant in Itobe, Kogi, to be constructed by Zuma Energy Nigeria Ltd was envisaged. As a reference, coal accounts for 39 percent of electricity generation in the US in 2014, and 41% of global electricity distribution. What's more is that we have 2 billion metric tonnes of untapped deposits around the Anambra Basin. Why did OBJ not think of it, since he was better than GEJ? What about the special CBN intervention N210b electricity fund meant to be available for private investors to borrow? Is that not better than just throwing money in the air? In fact to find out more -- check here

Elections are over, Jonathan privatized the power sector you said, who built the assets that were privatized OBJ!! that murders the argument right?
Here is the list of Power plants in Nigeria, subtract 4-5yrs from their completion date and tell me how Your Jonathan built them, despite huge oil windfall
https://en.wikipedia.org/wiki/List_of_power_stations_in_Nigeria

Chukzyfcb:
Yes, its just a mere opinion. If there's nothig tangible to back it up. That was how sanusi, a CBN Governor at the time said 20billion dollars is missing, only for pwc audit to prove otherwise. So my friend, so long no document can prove such statement, its just a mere suggestion. That's how we roll in 9ja

wirinet:
It is possible that we consume up to 40 million litres a day. I consume close to 100 litres weekly to run both office and home as PHCN is yet to resume for Christmas break in my area. So imagine what lagos alone with over 2 million homes would be consuming just on generators. If I am assume Nigeria has a minimum of 15 million households with our estimated 170 million population, majority without electricity, then If even 5 million households consume 4 litres daily with " i better pass my neighbor" generator, then only generators would consumption at least 20 million litres daily. We have not even started talking about cars and artisans like barbers, welders and small businesses.

What i am trying to say is that we cannot solve our fuel problems without solving our electricity problem. Having constant electricity can reduce our fuel consumption by up to half.

Bevista:
I appreciate your contribution in trying to enrich the discussion. Though I have not quoted your full comment (because of space management), be rest assured I read it fully.
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Though I supported PMB in 2011 and 2015, I have to say that I am somewhat disappointed with his handling of the economy till now. I am most unimpressed with the delay in appointing ministers, the budget controversy and the tight FX policy controls.
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I also want to admit that, in retrospect, it does appear OBJ was the best manager of the economy in the last 16 years. He paid off $12billion debt to the Paris Club, left over $60b in Foreign Reserves and over $20b in Excess Crude Account. The banking consolidation and telecoms revolution all happened during his tenure. All this happened with an average oil price of less than $45 over his 8yr tenure.
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Having said that I think it is completely uncharitable to discredit PMB by comparing the current economic realities with that of OBJ in 1999. Even though oil was $16pb in 1999, do you know what our Federal budget was by then? I'll remind you - it was ~N300b. I admit that the exchange rate was ~N98/$ by then. However, using an inflation rate of 9% over 16yrs, PMB would need oil price at ~$63pb and a meagre budget of N2tn to be on the same economic footing with OBJ in 1999. Sadly, the old man needs to fund a N6tn budget with $28pb oil price. Add that to the fact that our population has grown from 120m to over 170m now, and you will appreciate the weight on the shoulder of the old soldier.
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It is my candid view that, economically, the Jonathan era was the worst in our democratic history. The average oil price during GEJ's 5yr reign was over $90pb, yet the country was left with less than $30b in FR and ~$2b in ECA. One cannot even point to any major economic activity that happened under him. Our power generation stood at less than 4,000MW in 2015, which is about what he inherited in 2011.
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Now, this is not an exercise in blame as that would be an effort in futility, but this is just to offer some perspective to your earlier assertions. As @janellemonae noted earlier, president Obama inherited a collapsed economy from president Bush, yet today, the American economy has witnessed unemployment lower than it has ever been in its recent history (5%). The Stock Market made new all time highs under Obama. President Buhari has a similar situation to turn around the country and write his name in gold. History will not remember what made you fail but simply your success or failure.
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I still firmly believe that, in spite of all his inadequacies, PMB is still a better option to run the economy at this present time. With all the revelations of financial mismanagement, GEJ would simply have been an economic catastrophe with such low oil prices.

porka:
‎Enjoying your brilliant analysis on the sideline but have to quickly drop this intervention. 

Please note: BUHARI's so-called experience is a very horrible one. If that's what the APC is depending on at the federal level then they have made an extremely grievous mistake. 

It's everything [ENTIRELY and ALL have] to do with Buhari himself. His idea about governance STARTS and ENDS with corruption. It's his mind set. To Buhari, everyone is corrupt and everything is corrupt. That's not a pleasant personality to rely on. 

Even at that, his strategy in‎ combating that corruption is to JAIL everyone. Just jail. How do you even go about the jailing? What's the method? What prosecutorial strategies have you developed for 35 years? NONE! Nothing! 

No new laws have been brought to NASS on the perceived or real lapses identified in the fight against corruption over the years. No new strategy. It's the old strategy of shouting 'THIEF, THIEF' at every passers-by to encourage LYNCH action. And the Vice President is a PROFESSOR OF LAW. 

Buhari's two interventions in our national life as head of government have been in the period of low energy prices. One would think that the so-called first experience after the Shagari administration was toppled would have taught Buhari one lesson or another in dealing with the economic shocks arising from crude oil prices volatility. But NO, he didn't bring any lesson to the table. Neither during the campaigns nor after taking office. 

Comparing Obasanjo's experience with Buhari's is like matching USAIN BOLT with a PREGNANT WOMAN ‎on a 100 meter dash. 
‎
Obasanjo was fast enough to propose two laws within weeks after taking office as a demonstration of his resolve to tackle grafts and financial crimes. But he was ‎smart enough to realize that the economy was in a dire strait and needed urgent actions. 
‎
Crude OIL SOLD for $16‎/bl in 1999. Nigeria was heavily indebted to London and Paris Club (bilateral and multilateral creditors) with the consequence of an acute debt overhang. External reserve was almost non-existent. Unemployment was a CURSE back then. The financial institutions and markets were terribly underveloped. Infrastructure was in a very bad shape. Industrial capacity utilization was down to 30 something percent while unsold manufactured goods filled up the warehouses of our conglomerates due to fierce competition from import/smuggled items from Asia. We had more than 70 toothpaste brands in the market at the time, for instance. Power generation was hovering around 1000mw to 1300mw.
‎
What is more? The media was very hostile to Obasanjo at the time‎. A section held Obasanjo responsible for the political fate of some persons in the past while others simply couldn't bring themselves to trust a military man in a civilian apparel so soon after Abacha's highhandedness.

But he rose to the occasion. ‎He didn't spend 7 months consulting marabouts on the formation of his governments. He took the bull by the horn and tackled challenges as they emerged.

Fast forward ‎to 2015-16. The groundwork has been done. The heaviest stones have been lifted leaving only pebbles to be picked along the way. The critical media [FOR ONCE] for one reason or another has surprisingly been friendly (docile). The state of infrastructure has improved - financial infrastructure at least has improved greatly.‎

Buhari and APC just needed to focus on the economy that has largely been modernized for them. They met a technology driven economy which would have made the work much more easier - even for the so-called corruption fight. Unfortunately, the experience after 8 months is extremely horrible. ‎

The earlier we put the blame where it is, the better. This is not the first time CRUDE OIL was selling for less than $30/bl, it sold for $16/bl in 1999 and $8/bl during Shagari's presidency in the early 80s.‎
‎
If the Buhari and APC could not even prepare an ORD‎INARY BUDGET document, then it's not likely they have the answer for anything. 

Right now, NIGERIA'S ECONOMY is under ‎DOMESTIC SANCTIONS. The sanctions have been imposed on Nigerians by Buhari just because he and his party don't know their right from their left. All we hear is that they want to LIFT PEOPLE OUT OF POVERTY [with 5000 naira]. Some terms they read up on the internet but have no single idea what it means. 

wirinet:
Utopic idea. Where will the states get the money to build the refineries when they can hardly pay salaries? A small 24,000 BPD capacity refinery is estimated to cost $250million, and that is even without putting into consideration the NIGERIAN FACTOR.


Then how will the refineries in each state get access to raw material - crude oil? Is the FG to lay pipelines to all 36 states in Nigeria? or the refineries will transport crude oil by road using tankers?

Then which state institution had ever succeeded in Nigera?

Goke7:
I suspect the Nigerian banks are in trouble, there were rumors of this late last year but was quickly dispelled, it looks like the banks don't have the liquidity or cash to support some of these transactions any longer, the forex retrictions here and there I suspect are just measures to cover up for the banks who are in trouble, I have asked a cbn guy about this but no one wants to speak up.

If you consider the bad debts that some of these banks have especially when they were naming and shaming their debtors last year, will give an indication to this. It could be that to avoid panic among Nigerians about the banks, that's why we can't have an effective communication from any quarters.

gunpoint:
At any point in time, the armed wing of Iranian supported movements are subservient to the political arm of the movement, so if there is a problem and you wana negotiate, you know who to call! Lemi hear you say that about the Saudis who go creating monsters everywhere even they can no longer rein in. Dude, bottom line is that they are both terror sponsoring regimes, HOWEVER, one is better than the other!
Coming from a Christian, i will go with the Iranians everyday of the week!
They ain't the ones killing or sponsoring the killing of Christians by proxy everyday mate!

Psychodavidovic:
Proud C & S Member ..

agarawu23:
No evidence to Prove he is in Nigeria there is Lagos in Portugal

gunpoint:
Unfortunately this is a lie. Though Iran supports a few terrorist organizations, part of Iran's policy is yo seek legitimacy for these organizations. Hezbollah is a political party in Lebanon, the Iraqi Shiite militia is a legitimate force recognized by that govt and so on and so forth. Not so the Saudis, they fund terror cells the world over. Iran actually preaches political Islam, albeit their Shiite version, Saudi preaches theological Islam, the wahabbi version, the type that says kill who ever disagrees with you, stone this person, dismember that person.
They are both evil to degrees, BUT SAUDI ARABIA IS THE GREATER EVIL OF BOTH

persius555:
In recent times, economic relations btw the US and the saudis has been strained as regards the saudis insistence on flooding the market with enough crude to frustrate the US shale oil production. Why do you think america is bent on lifting economic sanctions against iran after decades? On realising this, the saudis have in recent times also consolidated ties with russia and israel (iran's number one enemy).
At the moment, russia is trying to cool frayed nerves btw the two middle east leaders. For all i care, the lifting of iran's sanction by the US and NATO countries has only suceeded in heating up the ME. Israel and saudi arabia have a common enemy in iran, russia and the US both have contentious issues to resolve in ukraine but are willing to play neutral actors. As for iran, over the years they have mastered the art of fighting proxy wars effectively, so long as we effectively check BH and any sunni inspired militancy,now is the better time to deal with iran over zakzaky issue. Release the sheikh and make iran sign an undertaken that him and his member will be peaceful in going about their religious proceedings according to the rules of the land. The iranians will see this as diplomacy contrary to the saudi's execution of a fellow sheikh. No one is interested in un-necessary power tussle, just international diplomacy. Moreover, russia and china are assets we cant afford to lose right now. As for the iranians, a change in govt at the white house will definitely spell doom for them.

TheDevilIsALai:
The Iranians do not blow hot empty rhetoric.

They are not in the business of negotiated dialogue.

This is evident with their demand for the release of the now executed Saudi Shiite cleric by the Saudi govt which they retaliated immediately with the summary execution of Quatari royals who where abducted by an obscure Iraqi shiite militia backed by Tehran.

Now that the Iranians have openly tabled their demands for the unconditional and immediate release of El Zakzacky, I believe they are doing this from a point of leverage and knowing how the Iranians roll they would have had a strong response already in place targeting specifically prominent figures or their relatives in the Nigerian Govt and the Sunni community.

erico2k2:
Even at low Oil prices we will never buy petrol at below N180 cos at the moment it's $1/lyre in the US due to cheap oil prices. If we use that rate we are talking N200. vat at %20 N220.so to answer the OP there is No gains for you.

erico2k2:
U guys will wake up and type from where the sun don't shine.did you end up telling the OP what he stands to gain and where the hell did you see KD refinary working?in your dreams?how did the crude get there bearing in mind we need heavy crude like the ones from venuzuella? Sometimes I think cheap weed is on the lose.

teamchocolate:
You have obviously misunderstood me.. there is nowhere I said minister of health equals surgeon general... Nigeria's health system is quite like no other... I was just trying to infer from my post that the head of any medical team is always the doctor (M.D) however you want to look at it...


Particularly in the Nigerian context, it is imperative that a doctor heads the health system.. allied health workers should remain just that...allied!

And just curious, the chief medical officers you met, were they doctors or allied health workers... I have had a brief stint with UK NHS, pls humor me and tell me they were allied health workers...