₦airaland Forum

@ m0r0nic beaf

I can only laugh at those who want to eat their cake and have it. We still have fuel subsidy, even if it is reduced, so how do people expect govt to pay the marketers? With sand?
It is not good to protest without thinking or to protest for selfish reasons (rather than the future of our kids).

The subsidy should have been removed entirely.
Instead, we have are stuck with the unfortunate merry go round of increasing costs every year; in the meantime, the states and LG's generate zero money and only parasite on the the FG.
It is really hard to understand the mentality or morality of those who protested. IMHO, the protests would have been better served if people had protested for the following:

* Passing of the PIB
* True federalism
* Why states are mere parasites on Abuja
* Why LG's are mere parasites on Abuja, when the people aren't disabled

we protested because we know GEJ and his cohorts can do better than this

lets talk about this present day subsidy regime, the Cbn gov has already confessed he has evidence of round tripping , he said he paid subsidy on 15 fake vessels approved by customs.
what did madueke do? nothing

the reasons investors did not build refineries over the years was lack of cheap crude but the biggest reason is corruption
how?

licences were given to companies without the financial muscle to build refineries also part b of the license clearly states that these armed robbers have oil lifting license embedded in their refining license,
tell me who will choose refining over lifting where he makes instant profit and inflated subsidy?
what did madueke do? nothing as usual

do you know that NNPC does not have storage facilities for all those millions of products they are quoting and importing. how exactly does Nnpc wish to store 30million litres of pms? do you know that these fg goons went ahead to licence importers without storage facilities leading to the govt paying extra
for storage on a product they are paying over 70 naira as subsidy can u beat this
stup1dity and incompetence?

what did iweala and madueke do? nothing,

do you know that these leppers in Nnpc have no grading structure for imported pms low grade,mid grade and high grade all are pms same subsidy, same price even ethanol blends have subsidy paid on them,
can you beat that?
even abroad where the products come from have different prices. some are far cheaper than others which ordinarily should attract low subsidy

what did madueke do? nothing.

do you know that these bingos at Nnpc dont maintain their pipeline networkswhich ordinarily should link one depot to the other, they have to pay extra for tankerstransporting these products all are
subsidies.even though their foreign jv partners are maintaining over 1000 pipeline networks in
Nigeria.
what did madueke do? nothing.

do you know that under madueke's watch demurrage is paid as subsidy to these importers .how cant they be reponsible for their import schedule? is it not commonsensical for madueke to prioritize the discharge of those vessels quickly in tank farms as not to attract demurrage for a product you are subsidizing?

and they want us to tighten for a better future? which future ? can iweala,Sls and madueke plan for a sustainable future if given the task? dead failures.


for every extra kobo you pay on pms you paid for madueke's incompetence.now they can see high expenditure but cant see how their incompetence is inflating the subsidy regime. Do u seriously think iweala will see it
coming if truly the economy will crash?


Let us analyze the genere and politics of these issues There are more misnomers than facts surrounding this subsidy brouhaha.

First,

the Govt said the economy will collapse, ridiculous indeed

secondly,

the Govt said oil importers are a 'cabal', nearly fell off my seat. Comrades, there are no cabals, in 2009 the
scarcity of petroleum products became intense and the Govt admitted that Nnpc through its subsidiary PPMC has failed Nigerians by their inability to meet up with
the supply of pet. Products and that phenomenon gave rise to licensing of some people to 'assist' the Nnpc in doing their job for which they are paid for. Please don't forget that hitherto, Nnpc has been doing the importation and refining themselves before corruption eroded their common sense.
These importers went abroad and came back with a price Nnpc is already aware of comprising of logistics, storage and administrative costs, these were quantified before they arrived at a price.The FG now fixed a price tag of 65naira on Pms and agreed to be reimbursing the importers the balance not oblivious of the fact that the landing cost is higher than the stipulated price
To my greatest chagrin, the Jonathan’s administration woke up and termed them
'cabals' who are fleecing the nation.


We are not docile, If Nnpc lived up to their responsibility, we won’t have need for the importers in the first place.There is no doubt that the subsidy regime is met with corrupt practices, is it not the responsibility of the govt to clamp down on those malfeasance?

the Governor of central bank confessed during the town hall meeting that he paid subsidy to 15 fake vessels who connived with customs to falsify their papers. is this not fierce corruption? And we have a shameless commander in chief? by the way, how many naval officers patrol our waters on tax payers account? efcc,icpc etc The only solution that came to the minds of this disgruntled PDP administration is to remove subsidy into-to not minding its inflationary consequences.

This is the si1liest approach any human being with brain if they have one can summon.

Thirdly,

Jonathan insulted the intelligence of Nigerians telling us that we don't benefit from this subsidy except for the importers and he had the unbridled temerity to be advertising it on NTA saying the rich are getting richer. This people are demons.

I feel sorry for people that think that competition will crash the deregulated price erroneously juxtaposing it with GSM.

Do you know that the price of crude being the raw material for refined pet. Products are sold at the same price world over? If you agree to this, then, even if you deregulate and license 5million importers the product will still be expensive because crude itself is expensive.You will still need to subsidize it to 65naira, exactly why deregulation of diesel in part did not work.The only reason you have not bought diesel @ 200naira is because there are so many illegal refineries who bunker crude, settle JTF and refine diesel at a lower price.This people still pose a great threat to the importers who buy at a higher price that is why you get diesel @ 140naira elsewhere but in the delta i buy as low as 70naira. At this verge, you will not over rule the fact that these unscrupulous elements contribute to the availability of diesel.

I still feel sorry for those who think the Govt should build more refineries, that will not solve the problem either because there is no cheap crude to supply these refineries. Do you know that even the petroleum products from our present refineries at a disappointing capacity attract subsidy? that is what Sanusi is not telling Nigerians. This Sanusi's buisness model of increasing local price to attract investors is misleading.

He should ask himself why so many buisnesses left the USA for Asia and Africa between 1998 till 2008.The reason was because cost of doing buisness in America was high so there was need to tap into Africa's cheap land and asia's cheap labour. If you increase the pump price the spiral inflation will discourage investors, you pay high for land,labour, enegy etc.

A brief insight in Nigeria's oil and gas model gives us a better outlook The oil production of Nigeria stands at 2.37 million barrels of crude daily. Nigeria get this crude in a JV (joint venture) with IOC's (international oil companies) and the Nigeria's cut stand btw 55% to 60% of thelot, if we go by 60% then, that gives a total of 1.4m barrels daily.If we average the crude price from 2009 till date, the price falls close to 100usd/bbl.In that case, Nigeria makes 140,000,000usd daily from this JV. Nigeria has a policy called DSO (domestic supply obligation) which mandates 250,000bbl/d of this crude to be refined and consumed locally,In monetary terms, the Nigerian govt is giving us 25,000,000usd worth of crude to refine.

Our three refineries at optimum capacity utilizes about 450,000bbl/d which gives 45,000,000usd in monetary terms in other words, the price of raw material in this case, crude, accrued to our refineries comes at 45m usd per day, if you add refining cost and profit of 6usd per bbl,The total cost becomes 270,000,000usd per day.There is no way you can refine that crude at that price and sell it 65naira/ l and make profit. Meanwhile, once we mark out that 45m usd worth of crude for our refineries (assuming they are working at optimum capacity), the govt has already lost 45m usd from their 140m usd daily earnings (which will affect budget implementation) and after refining will still spend more money to subsidize it to 65naira/ l (you now understand why NNPC subsidizes the products from our refineries) With this analogy, you will agree with me that if all our refineries are working optimally, the govt will spend 3times our present day subsidy to bring the pump price down to 65naira/l .
So, for those of you clamoring for refineries should be careful what you wish for because there is no cheap crude for you to refine.

I have argued abinitio that the sales of other derivatives of crude will bring down the cost of most sort PMS,DPK etc but after doing some feasibility studies, I realized i was dead wrong. I further argued that to make cheaper crude available for our refineries, the Govt should reduce the price at which it is supplied unfortunately, the senate mandated the then GMD of Nnpc that the DSO must be sold at international crude price. This i believe was proposed for the

following reasons:


1 the refineries are working below capacity so what the heck does Nnpc use the crude for?


2, there is a benchmark on crude price for budget implementation.With these reasons, any existing or yet to exist refinery in Nigeria will get crude at a international price and must need subsidy to sell at 65naira/ l, at this cross road, the then GMD of Nnpc decided that all crude should be exported and subsidy be paid on imported products.

At this verge, i must reiterate here that competition amongst importers will only crash the negligible profit margin but not cost price .Even if every Nigerian becomes an importer of pet. Prods, we can never change the fact that crude in the int l market is already expensive before thinking of refined prod. So we must need subsidy to make profit.

Before this issue of subsidizing petroleum products can be addressed,You must have the following at the back of your minds:

1, Nigeria pegs a benchmark on crude prices to enable it implement budget. This stands at 75usd/bbl. And this crude is sort from the JV

.2, if crude price exceed the benchmark above, Nigeria makes excess crude revenue (ECR)
3, conversely, if we make excess crude revenue, the price of subsidy on refined products shoot up.With the above analogy, One can argue that the ECR be used to subsidize imported petroleum products since both are a function of each other unfortunately in Nigeria, it comes with its
own challenges.
By law, the constitution clearly states that all revenue accrued to the FG be shared amongst the three tiers of Govt.This alone makes it illegal for the FG to keep the ECR to itself for whatever reason.This is where the wahala started, during GEJ's campaign, he astronomically increased workers salary without consulting the state Governors,most Governors have refused to pay on the grounds that they cannot afford it. On that grounds Taraba, jigawa and some other states have a genuine case.With the above development, the states started scrambling for funds and remembered the ECR and insisted it must be shared to enable them pay the new wage and develop infrastructures.
(you now understand why all state governors are for subsidy removal
including the literally "one of us" comrade Adams oshiomole, because they know it will be shared just like the ECR)


The way forward:


In the short run:


FG, must
consider these options
1, identify and tackle the corruption and incompetence prevalent in the subsidy regime above. That will push down the cost of the subsidy in the first place.Like i said in April, no matter how sincere GEJ think his administration is, he cannot make any reasonable progress in the face of corruption,

2, the power projects must come upstream before removing subsidy, this will reduce the demand on pet. Products to a very great extent.

3, Nigeria must accommodate Gas export, port duties and other forms of revenue in their budget implementation policies.

4, Govt must never invest an extra kobo in our moribund refineries, by doing otherwise, the cost price of the refineries will rise to an extent that it will no longer be attractive to investors or will prolong their repayment plan Thereby making it very capital intensive.

5, Instead of deceiving Nigerians with their cabal bullshit and deluding them that they don't benefit from this subsidy, the FG should channel that propaganda withintense lobbying to the senate,NLC and civil society organizations to stop the state governors from demanding for the ECR, this can be achieved by the FG asking the state to pay whatever increment they can afford for the workers that way the ECR will be used for subsidizing pet. Products.



In the long run:


Nigeria must seek local production capacity.It is no longer news that Nnpc and its subsidiaries have failed woefully in meeting the needs of the Nigerian people. Nnpc through its subsidiaries Npdc and Ngc are saddled with the responsibility of the above for oil and gas production respectively, but as i write, the current production of NPDC stands at a paltry 90,000bbl/ day which is a huge failure for an agency set up 23yrs ago,

The IOC's has made us believe that it will cost less than 12usd to extract 1bbl of our oil.
The Management of NPDC must be reshuffled and if possible experts brought in on contract basis to improve NPDC's production.These experts must be placed on targets appraised by milestones.

In ogoni land for instance, Anglo dutch has a lot of abandoned production facilities and marginal wells and others scattered all over the country, these can be bought by NPDC with the money FG want to waste on refineries to improve production,

If NPDC can extract oil at 12usd/bbl and make a little profit, with this cheap oil available, Nigeria will have no reason going to the JV.
This cheap crude is what will attract investors to build refineries and create jobs against sanusi's pump price increase to attract investors and create another monster called INFLATION, A 250,000bbl/d refinery will cost a little above 5b usd, dangote alone can afford two of those only if NPDC can guarantee cheap oil. This is why no investor is coming to build refineries. A crude price of 18usd/bbl from NPDC will guarantee pump price of less than 30naira per litre of pms from these refineries.With this plan,By the end of this Administration, NPDC will have robust production capacity and the refineries will guarantee steady refined products. These refineries shouldn't be operated by the Govt for any reason.The FG will generate revenue from both ends, export of crude and export refined products and the production of NPDC must be increasing periodically. this is necessary because Nigeria as a member of OPEC has a limit to crude export but we can earn more revenue from petroleum products export. Once the above takes effect, there won’t be any need to be paying subsidy because pump price will be around 23naira/ l and inflation will reduce by 40‰.

Now, how competent is Allison Madueke and iweala if they can’t figure this out? To think of removing subsidy at this stage where there is no electricity and high corruption rate will be tantamount to economic suicide.

I cant believe iweala and sanusi are using trial and error approach to economic solutions please try the next country or preferably Haiti.

What iweala forgot is that in the face of inflation, the cost of running Govt projects will be high, All Govt contractors will definitely come back for contract variations or Abandon those projects.
As a sound economist, she should tell Nigerians the value of 1.3 trillion naira
( she intends to save on subsidy removal) in the face of 60% inflation and how many projects Nigerians will benefit from the subsidy remova? If you remove subsidy and the money disappears, then it is a NO NO for Nigerians.

Now, let us analyze possible solutions to
this economic quagmire.

I have a deal for iweala.


fight corruption and inefficiencies in the subsidy regime and bring it down to
300billion for this year. The management of Npdc must have a
Target of 150,000bbl/d by dec 2012. on january 2013 subsidy will go by 50% and by dec 2013 Npdc should guarantee 200,000bbl/d on
1st january 2014 subsidy must go 100%. with or without the refineries on ground, then if Nigerians are sacrificing, they will know it has a limit pending when refineries that will utilize the cheap oil on ground arrives.
tell me what WE are sacrifising for today? eternal slavery?

I and my generations cannot and will not sacrifice for Govt's incompetence.

Nigerians should never accept partial deregulation, it is more dangerous than total deregulation because Nigeria hasn't a price regulatory agency who ordinarily should put the markets and commuters on check.

Deregulation in the down stream sector is not same as telecoms, we need structures to support it which Nigeria have not got unlike the later.

0

As much as i abhor the security apparatchik of this nation, the poster said [color=#990000]GAS pipelines, there has not been cases of Sabotage on gas pipelines, don't type because your fingers itch.

the few cases of gas pipeline vandalism were done in error where most times the ROW of condensate, crude and gas interchange and the criminals get confused once they hit a gas line they curse and walk away, so security is not the issue here once properly labeled.
export gases are delivered at very high pressures not your everyday macabre dance.

other forms of vandalism that comes to gas pipelines are mere pitting (a type of corrosion) due to poor maintenance (CP and IP). so, most times the pipelines burst on their own after operating for several years.

also there are cases where companies transport condensate through gas lines, in operation terms, its designed with the MAOP of gas lines but it transports condensate, once those criminals get the info, they burgle it for condensate not necessarily gas.

Navigation is another serious concern most captains are high, they hardly read signs so they anchor carelessly those anchors tend to cause great damage to pipelines.

Vandals like Mend may burst them as mere economic sabotage but those cases are on the low side,
make no mistakes, the real bunkery guys are professionals not some street urchins, the urchins have all gone with pipeline explosions of the past.[/color][/color]

As much as i abhor the security apparatchik of this nation, the poster said [color=#990000]GAS pipelines, there has not been cases of Sabotage on gas pipelines, don't type because your fingers itch.

the few cases of gas pipeline vandalism were done in error where most times the ROW of condensate, crude and gas interchange and the criminals get confused once they hit a gas line they curse and walk away, so security is not the issue here once properly labeled.
export gases are delivered at very high pressures not your everyday macabre dance.

other forms of vandalism that comes to gas pipelines are mere pitting (a type of corrosion) due to poor maintenance (CP and IP). so, most times the pipelines burst on their own after operating for several years.

also there are cases where companies transport condensate through gas lines, in operation terms, its designed with the MAOP of gas lines but it transports condensate, once those criminals get the info, they burgle it for condensate not necessarily gas.

Navigation is another serious concern most captains are high, they hardly read signs so they anchor carelessly those anchors tend to cause great damage to pipelines.

Vandals like Mend may burst them as mere economic sabotage but those cases are on the low side,
make no mistakes, the real bunkery guys are professionals not some street urchins, the urchins have all gone with pipeline explosions of the past.[/color]

@ Ayodele

Soludo was not competent. So far, Sanusi has demonstrated much better managerial competence.
That Sanusi is a Northerner is also not an issue here.
Sanusi has tried, salvaging the banking industry from the horrible mess Soludo plunged it into

what magic did soludo use to stabilize inflation and forex that eluded sanusi? Manager indeed

Soludo's banking recapitalisation was good strategy but it was shabbily implemented
Even before Sanusi came in as CBN Boss, the N25Billion recapitalisation scheme was already failing. Before Sanusi came in, Sprink Bank was already in crisis arising from faulty implementation of the N25 Billion recapitalisation.
Soludo's CBN failed woefully in the regulation of the banks.The Bank CEOs had full freedom to do as they liked with depositors funds in a corrupt country. Kudos to Sanusi who came in to clear the mess.
Had it not been for his intervention, Banks like Afribank, PHB, Wema, Spring, Intercontinental,Union,Unity Bank would have been liquidated and the depositors, staffers as well as shareholders would have lost all, all together in terms of deposits, entitlements and investments respectively.
You can imagine the impact that the simultaneous collapse of 10 big banks would be on the Nigerian economy which is a weak and struggling economy.
However, what i am not happy with is the selective partial treatment applied by the CBN in the resuscitation process of the affected banks.
For instance, Afribank's shareholders lost their shareholding outright while the same criteria was not applied to other distressed banks whose shareholders still have their shareholdings intact not eroded. That was not fair.
Sanusi may have his faults as a Manager but he deserves encomiums for saving the banks from imminent collapse.
By saving the banks, he saved the deposits of the vast majority,over 90% of bank customers whose individual deposits are less than N50,000.00.
Soludo was a professor of economics, now we can see that his professorship was on paper.In real practice, his professorship failed.

Lemme take your posts gradually so that we may appreciate these two Icons better.

Soludo's banking recapitalisation was good strategy but it was shabbily implemented
Even before Sanusi came in as CBN Boss, the N25Billion recapitalisation scheme was already failing.

The original poster admitted that the banks had issues but were merely economic beyond the control of the CBN. Each time we talk about deregulation, sanusi et al point to GSM which was one out of many deregulations that recorded partial success.
The man sanusi does not tell you the truth. 70% of the SME’s that were stimulated by the soludo era almost collapsed because of deregulation but people did not know.

Did you understand why the refineries were sold to Dangote at a give away price in the name of deregulation? do you know why smart people opposed it (thanks to yaradua's ingenuity)?

The revelations from the subsidy brouhaha has pointed that oil in Nigeria is expensive
(of course, your honest Sanusi forgot to tell you that subsidy is being paid on products from our refineries since 2008)

and there was no way Dangote could have ran that refinery like the Govt expected, that aside, Dangote’s mission was simple, buy the cheap refinery weigh his options, sell off the tangible parts, set up a logistic base for his conglomerate and that will be the end of the refinery.

Some people that saw the end of that road stood up to it while people like you thought that privatization paid off. Now that we know ; can you ask dangote where he intends to buy the oil he intended to refine? At what cost? And at what pump rate? The answers will shock you.

Yes, the deregulation was a govt affair but indirectly it affected the banks because deregulation increased the over head cost of struggling SME’s who took loans from the bank. While they closed the banks became stranded. This picture is commonsensical and that was what Soludo saw, what did Sanusi see? The answer will give you an insight to how both Governors reasoned.

You said again and I quote
Before Sanusi came in, Sprink Bank was already in crisis arising from faulty implementation of the N25 Billion recapitalization.

If you think Sanusi did better with Spring bank (defunct citizenbank) than soludo then ask the shareholders. I have on record what the shareholders return on investment was with soludo and where it stands presently.
Also I will attach evidence of growth projection of spring bank under soludo and what it is today, these growth projection covers
1 return on investment
2 expansion beyond the shores of Nigeria
3 employment and economic sustainability
perhaps with these documents we may not need a judge.


You said and I quote;

Soludo's CBN failed woefully in the regulation of the banks.The Bank CEOs had full freedom to do as they liked with depositors funds in a corrupt country. Kudos to Sanusi who came in to clear the mess.

Just tell me that the conjecture above is weed inspired  if not “will you decide to cure your child of TB or will you rather poison the child after all TB is a killer disease?
Sanusi’s witchdoctor cured The child (banks) of TB (corruption) with a poison that eventually killed the child please explain it to us how that sounds like a solution to you.

You said again;

Had it not been for his intervention, Banks like Afribank, PHB, Wema, Spring, Intercontinental,Union,Unity Bank would have been liquidated and the depositors, staffers as well as shareholders would have lost all, all together in terms of deposits, entitlements and investments respectively.

Your statement above goes further to prove that you are a victim of Sanusi’s lies

First can you present one evidence that these banks will have been liquidated if sanusi didn’t intervene?

Soludo admitted that the banks were unhealthy and he created the EDW to keep customers confidence in tact while the banks recover, is that not common sense?

There was corrupt practices no doubt but that was not the “killer”, the killer was deregulation not corruption which was a mere salt to an existing injury.

Did you see the evidences sanusi presented to show how unhealthy the banks were?

90% were bad loans

72% of the bank debtors were exposed to failed oil and gas deals ranging from oil lifting to mergers and acquisitions.

What was the biggest challenge of the oil and gas industry in the last 5yrs? Militancy,Deregulation and local content?  


Let me explain further.

local content policy in oil and gas sector prompted indigenous companies to buy stakes from their foreign partners as the only option to stay in business, the local banks were financially robust (thanks to soludo’s consolidation exercise) and they gave them loans

some had running contracts already with oil companies, borrowed money from banks but couldnt deliver due to militancy issues, the clients refused to pay and the bank loans were not repaid.

others were exposures to oil lifting deals which partial deregulation put them at the brink of bankruptcy when subsidy was removed in part (diesel and kerosene).

In other words, the oil and gas policies left these banks stranded which from Sanusi’s evidence has proved it.  

why did Sanusi focus on crime fighting which contributed less than 30 % of the problem  than sympathizing with the banks whose 70% downfall were bad Govt policy?

He didn’t end there, 2yrs on, he vigorously started a campaign of full deregulation obviously telling the world that he did not understand what contributed to 70% failure from the evidence he presented.

I bet this is not the kinda Idol you want to compare with his predecessor that created and funded the EDW for the banks.

you said;
You can imagine the impact that the simultaneous collapse of 10 big banks would be on the Nigerian economy which is a weak and struggling economy.

You seriously believe that the incompetence of sanusi will allow him realize the above if it was real?

Coming from a clown that is comfortable with 75% withdrawal of subsidy whose 100% could have saved the economy from collapse,

Coming from a tabularaser that confessed paying subsidy on 15 fake vessels because customs presented fake papers to him

Coming from an ingrate that is using tax payers money to bail out boko haram victims even when state and fedral Govts have done same,

Coming from a confusionist that banned ATM in public places but intends to create a cash ease society,

You said
However, what i am not happy with is the selective partial treatment applied by the CBN in the resuscitation process of the affected banks.
For instance, Afribank's shareholders lost their shareholding outright while the same criteria was not applied to other distressed banks whose shareholders still have their shareholdings intact not eroded. That was not fair.

I call it total incompetence


I am disappointed that you are taking Sanusi serious, admit it now that we all still stand a chance, Sanusi and Madueke are doing a great disservice to this country. with his level of incompetence i will only take him serious if i met him a patient at Yaba Psychiatric home.

The last time I checked  “to serve Nigeria is not by force”

[b]lets talk about this present day subsidy regime, the Cbn gov has already confessed he has evidence of round tripping , he said he paid subsidy on 15 fake vessels approved by customs.
what did madueke do? nothing

the reasons investors did not build refineries over the years was lack of cheap crude but the biggest reason is corruption
how?

licences were given to companies without the financial muscle to build refineries also part b of the license clearly states that these armed robbers have oil lifting license embedded in their refining license,
tell me who will choose refining over lifting where he makes instant profit and inflated subsidy?
what did madueke do? nothing as usual

do you know that NNPC does not have storage facilities for all those millions of products they are quoting and importing. how exactly does Nnpc wish to store 30million litres of pms? do you know that these fg goons went ahead to licence importers without storage facilities leading to the govt paying extra
for storage on a product they are paying over 70 naira as subsidy can u beat this
stup1dity and incompetence?

what did iweala and madueke do? nothing,

do you know that these leppers in Nnpc have no grading structure for imported pms low grade,mid grade and high grade all are pms same subsidy, same price even ethanol blends have subsidy paid on them,
can you beat that?
even abroad where the products come from have different prices. some are far cheaper than others which ordinarily should attract low subsidy

what did madueke do? nothing.

do you know that these bingos at Nnpc dont maintain their pipeline networkswhich ordinarily should link one depot to the other, they have to pay extra for tankerstransporting these products all are
subsidies.even though their foreign jv partners are maintaining over 1000 pipeline networks in
Nigeria.
what did madueke do? nothing.

do you know that under madueke's watch demurrage is paid as subsidy to these importers .how cant they be reponsible for their import schedule? is it not commonsensical for madueke to prioritize the discharge of those vessels quickly in tank farms as not to attract demurrage for a product you are subsidizing?

and they want us to tighten for a better future? which future ? can iweala,Sls and madueke plan for a sustainable future if given the task? dead failures.


for every extra kobo you pay on pms you paid for madueke's incompetence.now they can see high expenditure but cant see how their incompetence is inflating the subsidy regime. Do u seriously think iweala will see it
coming if truly the economy will crash?


Let us analyze the genere and politics of these issues There are more misnomers than facts surrounding this subsidy brouhaha.

First,

the Govt said the economy will collapse, ridiculous indeed

secondly,

the Govt said oil importers are a 'cabal', nearly fell off my seat. Comrades, there are no cabals, in 2009 the
scarcity of petroleum products became intense and the Govt admitted that Nnpc through its subsidiary PPMC has failed Nigerians by their inability to meet up with
the supply of pet. Products and that phenomenon gave rise to licensing of some people to 'assist' the Nnpc in doing their job for which they are paid for. Please don't forget that hitherto, Nnpc has been doing the importation and refining themselves before corruption eroded their common sense.
These importers went abroad and came back with a price Nnpc is already aware of comprising of logistics, storage and administrative costs, these were quantified before they arrived at a price.The FG now fixed a price tag of 65naira on Pms and agreed to be reimbursing the importers the balance not oblivious of the fact that the landing cost is higher than the stipulated price
To my greatest chagrin, the Jonathan’s administration woke up and termed them
'cabals' who are fleecing the nation.


We are not docile, If Nnpc lived up to their responsibility, we won’t have need for the importers in the first place.There is no doubt that the subsidy regime is met with corrupt practices, is it not the responsibility of the govt to clamp down on those malfeasance?

the Governor of central bank confessed during the town hall meeting that he paid subsidy to 15 fake vessels who connived with customs to falsify their papers. is this not fierce corruption? And we have a shameless commander in chief? by the way, how many naval officers patrol our waters on tax payers account? efcc,icpc etc The only solution that came to the minds of this disgruntled PDP administration is to remove subsidy into-to not minding its inflationary consequences.

This is the si1liest approach any human being with brain if they have one can summon.

Thirdly,

Jonathan insulted the intelligence of Nigerians telling us that we don't benefit from this subsidy except for the importers and he had the unbridled temerity to be advertising it on NTA saying the rich are getting richer. This people are demons.

I feel sorry for people that think that competition will crash the deregulated price erroneously juxtaposing it with GSM.

Do you know that the price of crude being the raw material for refined pet. Products are sold at the same price world over? If you agree to this, then, even if you deregulate and license 5million importers the product will still be expensive because crude itself is expensive.You will still need to subsidize it to 65naira, exactly why deregulation of diesel in part did not work.The only reason you have not bought diesel @ 200naira is because there are so many illegal refineries who bunker crude, settle JTF and refine diesel at a lower price.This people still pose a great threat to the importers who buy at a higher price that is why you get diesel @ 140naira elsewhere but in the delta i buy as low as 70naira. At this verge, you will not over rule the fact that these unscrupulous elements contribute to the availability of diesel.

I still feel sorry for those who think the Govt should build more refineries, that will not solve the problem either because there is no cheap crude to supply these refineries. Do you know that even the petroleum products from our present refineries at a disappointing capacity attract subsidy? that is what Sanusi is not telling Nigerians. This Sanusi's buisness model of increasing local price to attract investors is misleading.

He should ask himself why so many buisnesses left the USA for Asia and Africa between 1998 till 2008.The reason was because cost of doing buisness in America was high so there was need to tap into Africa's cheap land and asia's cheap labour. If you increase the pump price the spiral inflation will discourage investors, you pay high for land,labour, enegy etc.

A brief insight in Nigeria's oil and gas model gives us a better outlook The oil production of Nigeria stands at 2.37 million barrels of crude daily. Nigeria get this crude in a JV (joint venture) with IOC's (international oil companies) and the Nigeria's cut stand btw 55% to 60% of thelot, if we go by 60% then, that gives a total of 1.4m barrels daily.If we average the crude price from 2009 till date, the price falls close to 100usd/bbl.In that case, Nigeria makes 140,000,000usd daily from this JV. Nigeria has a policy called DSO (domestic supply obligation) which mandates 250,000bbl/d of this crude to be refined and consumed locally,In monetary terms, the Nigerian govt is giving us 25,000,000usd worth of crude to refine.

Our three refineries at optimum capacity utilizes about 450,000bbl/d which gives 45,000,000usd in monetary terms in other words, the price of raw material in this case, crude, accrued to our refineries comes at 45m usd per day, if you add refining cost and profit of 6usd per bbl,The total cost becomes 270,000,000usd per day.There is no way you can refine that crude at that price and sell it 65naira/ l and make profit. Meanwhile, once we mark out that 45m usd worth of crude for our refineries (assuming they are working at optimum capacity), the govt has already lost 45m usd from their 140m usd daily earnings (which will affect budget implementation) and after refining will still spend more money to subsidize it to 65naira/ l (you now understand why NNPC subsidizes the products from our refineries) With this analogy, you will agree with me that if all our refineries are working optimally, the govt will spend 3times our present day subsidy to bring the pump price down to 65naira/l .
So, for those of you clamoring for refineries should be careful what you wish for because there is no cheap crude for you to refine.

I have argued abinitio that the sales of other derivatives of crude will bring down the cost of most sort PMS,DPK etc but after doing some feasibility studies, I realized i was dead wrong. I further argued that to make cheaper crude available for our refineries, the Govt should reduce the price at which it is supplied unfortunately, the senate mandated the then GMD of Nnpc that the DSO must be sold at international crude price. This i believe was proposed for the

following reasons:


1 the refineries are working below capacity so what the heck does Nnpc use the crude for?


2, there is a benchmark on crude price for budget implementation.With these reasons, any existing or yet to exist refinery in Nigeria will get crude at a international price and must need subsidy to sell at 65naira/ l, at this cross road, the then GMD of Nnpc decided that all crude should be exported and subsidy be paid on imported products.

At this verge, i must reiterate here that competition amongst importers will only crash the negligible profit margin but not cost price .Even if every Nigerian becomes an importer of pet. Prods, we can never change the fact that crude in the int l market is already expensive before thinking of refined prod. So we must need subsidy to make profit.

Before this issue of subsidizing petroleum products can be addressed,You must have the following at the back of your minds:

1, Nigeria pegs a benchmark on crude prices to enable it implement budget. This stands at 75usd/bbl. And this crude is sort from the JV

.2, if crude price exceed the benchmark above, Nigeria makes excess crude revenue (ECR)
3, conversely, if we make excess crude revenue, the price of subsidy on refined products shoot up.With the above analogy, One can argue that the ECR be used to subsidize imported petroleum products since both are a function of each other unfortunately in Nigeria, it comes with its
own challenges.
By law, the constitution clearly states that all revenue accrued to the FG be shared amongst the three tiers of Govt.This alone makes it illegal for the FG to keep the ECR to itself for whatever reason.This is where the wahala started, during GEJ's campaign, he astronomically increased workers salary without consulting the state Governors,most Governors have refused to pay on the grounds that they cannot afford it. On that grounds Taraba, jigawa and some other states have a genuine case.With the above development, the states started scrambling for funds and remembered the ECR and insisted it must be shared to enable them pay the new wage and develop infrastructures.
(you now understand why all state governors are for subsidy removal
including the literally "one of us" comrade Adams oshiomole, because they know it will be shared just like the ECR)


The way forward:


In the short run:


FG, must
consider these options
1, identify and tackle the corruption and incompetence prevalent in the subsidy regime above. That will push down the cost of the subsidy in the first place.Like i said in April, no matter how sincere GEJ think his administration is, he cannot make any reasonable progress in the face of corruption,

2, the power projects must come upstream before removing subsidy, this will reduce the demand on pet. Products to a very great extent.

3, Nigeria must accommodate Gas export, port duties and other forms of revenue in their budget implementation policies.

4, Govt must never invest an extra kobo in our moribund refineries, by doing otherwise, the cost price of the refineries will rise to an extent that it will no longer be attractive to investors or will prolong their repayment plan Thereby making it very capital intensive.

5, Instead of deceiving Nigerians with their cabal bullshit and deluding them that they don't benefit from this subsidy, the FG should channel that propaganda withintense lobbying to the senate,NLC and civil society organizations to stop the state governors from demanding for the ECR, this can be achieved by the FG asking the state to pay whatever increment they can afford for the workers that way the ECR will be used for subsidizing pet. Products.



In the long run:


Nigeria must seek local production capacity.It is no longer news that Nnpc and its subsidiaries have failed woefully in meeting the needs of the Nigerian people. Nnpc through its subsidiaries Npdc and Ngc are saddled with the responsibility of the above for oil and gas production respectively, but as i write, the current production of NPDC stands at a paltry 90,000bbl/ day which is a huge failure for an agency set up 23yrs ago,

The IOC's has made us believe that it will cost less than 12usd to extract 1bbl of our oil.
The Management of NPDC must be reshuffled and if possible experts brought in on contract basis to improve NPDC's production.These experts must be placed on targets appraised by milestones.

In ogoni land for instance, Anglo dutch has a lot of abandoned production facilities and marginal wells and others scattered all over the country, these can be bought by NPDC with the money FG want to waste on refineries to improve production,

If NPDC can extract oil at 12usd/bbl and make a little profit, with this cheap oil available, Nigeria will have no reason going to the JV.
This cheap crude is what will attract investors to build refineries and create jobs against sanusi's pump price increase to attract investors and create another monster called INFLATION, A 250,000bbl/d refinery will cost a little above 5b usd, dangote alone can afford two of those only if NPDC can guarantee cheap oil. This is why no investor is coming to build refineries. A crude price of 18usd/bbl from NPDC will guarantee pump price of less than 30naira per litre of pms from these refineries.With this plan,By the end of this Administration, NPDC will have robust production capacity and the refineries will guarantee steady refined products. These refineries shouldn't be operated by the Govt for any reason.The FG will generate revenue from both ends, export of crude and export refined products and the production of NPDC must be increasing periodically. this is necessary because Nigeria as a member of OPEC has a limit to crude export but we can earn more revenue from petroleum products export. Once the above takes effect, there won’t be any need to be paying subsidy because pump price will be around 23naira/ l and inflation will reduce by 40‰.

Now, how competent is Allison Madueke and iweala if they can’t figure this out? To think of removing subsidy at this stage where there is no electricity and high corruption rate will be tantamount to economic suicide.

I cant believe iweala and sanusi are using trial and error approach to economic solutions please try the next country or preferably Haiti.

What iweala forgot is that in the face of inflation, the cost of running Govt projects will be high, All Govt contractors will definitely come back for contract variations or Abandon those projects.
As a sound economist, she should tell Nigerians the value of 1.3 trillion naira
( she intends to save on subsidy removal) in the face of 60% inflation and how many projects Nigerians will benefit from the subsidy remova? If you remove subsidy and the money disappears, then it is a NO NO for Nigerians.

Now, let us analyze possible solutions to
this economic quagmire.

I have a deal for iweala.


fight corruption and inefficiencies in the subsidy regime and bring it down to
300billion for this year. The management of Npdc must have a
Target of 150,000bbl/d by dec 2012. on january 2013 subsidy will go by 50% and by dec 2013 Npdc should guarantee 200,000bbl/d on
1st january 2014 subsidy must go 100%. with or without the refineries on ground, then if Nigerians are sacrificing, they will know it has a limit pending when refineries that will utilize the cheap oil on ground arrives.
tell me what WE are sacrifising for today? eternal slavery?

I and my generations cannot and will not sacrifice for Govt's incompetence.

Nigerians should never accept partial deregulation, it is more dangerous than total deregulation because Nigeria hasn't a price regulatory agency who ordinarily should put the markets and commuters on check.

Deregulation in the down stream sector is not same as telecoms, we need structures to support it which Nigeria have not got unlike the later.

[/b]

the solution to ur problem can be solved by two things, remove subsidy, let IOCs or local refineries buy crude at market rates and sell to nigerians for profit,
1 subsidy is killing us softly, govt should not participate in distribution and retailing of products
2 nigeria should grqadually move in the direction of refining all its product, lets sell only refined products


second, is why should govt own 60% of the IOC operations in nigeria, i actually cant point to any tangabole benefit this has brought after 30yrs. Govt asks itself to stop flaring gas, now tell me thats not funny,

[b]my brother it is not that simple, we pay subsidy because our oil is expensive and we need help to extract the oil.
nothing much will change, even the crude refined in our refineries are subsidized because THE CRUDE IS EXPENSIVE.

if the issue of cheaper crude is not addressed forget it, we will continue running around in circles till christ come.

i dont see how subsidy removal solves the problem either, if you remove subsidy, the consumers pay more while the importers and local refineries feed fat nothing will change.

what subsidy does in a lay man's term is a cost sharing formula where the Govt pays part and we consumers pay part.

if you trace the genere of the issue, the Govt failed to provide electricity which increased demand which further increased subsidy.

but the solution is from source where the oil is cheaper, if you have cheap oil, you don't need to subsidize it because pump price will be lower.

if the refinery that utilizes the cheap crude is in the country it will create jobs oando, capital oil will all become distributors as against importers that's the only way to hit them hard.

they will all build refineries cos nobody will want to be a major distributor of a 30naira / litre commodity without Govt subsidy,

you talk about refining our own oil well, it is a funny thing to say because your share is just 1.4m bbl/d if you add refining cost to it, how much will you make from a barrel of refined product?

meanwhile, you have a budgetry benchmark of 70usd/bbl for 2012 pray you make that much from your refined products and cost of logistics and refining it juxtaposed.
do you get it now?[/b]

if you have time to read i will paste my initial post so you can understand this problem and the way forward

@ poster

you cant even write english and you take "proud" in virginity, how more f00lish can u be?

english can guarantee you an admission to higher learning, give you grades that will gurantee a good job to a better life but here you are worrying about a slimy stinking piece of flesh that vomit puky stinking blood on a monthly basis.

get a life

@ poster

pls change the subject to " an ugly virgin needs help"
virgin or no virgin, you are ugly and that is an irredemable fact, men will still reject you even with ur virginity.

what makes you think that you are better than a pretty lady with 4kids.

below is an excerpt of an advice given to some lunatic that fell for your like and trust me a great number of men share the same sentiment, pay attn to the conclusive part, you will realise that you are in the same shoes as the patients' subject.

trust me sleeping with you will only give nightmares because you are irredemably ugly virgin or not. save it for your step dad.


This thread makes me laugh;

it reminds me of a friend i met sometime in Nigeria, this guy told me that where he comes from in Anambra State, there is this ritual that the Men use their semen to make money, the ritual is a spiritual dimension targeted at using the semen as a conduit to get to generations unborn, because its spiritual, when eventually they get married, the doctors can’t really see anything, all the tests will prove them to be okay, but in the end the family remains childless,

at the end of our meeting, i pondered over his story but never thought that a reasonable girl will fall for such crap until i remembered the ''virgins''

young man, u have so much sentimental attachment with this girl not becos you love her but u re thrilled with the fact that at her age, she is still a virgin dats y it seems so much a big deal to you,

Let me ask you another question, have you ever dis virgined a girl in your lifetime?
of course i can guess your answer, when u were stuck with her for 11yrs only God knows if u aint a virgin yourself,

the day u will disvirgin a girl then you will understand y pple here tell u its all hype, psychologically, u re entering dat marriage with high expectations and trust me u will surely be disappointed,

let us get down to common sense; these are girls that are created with equal number of hormones like their counterparts, coexist in the same society, the next question is y re they not like the other girls?

second question; can i cope with the reason y they re who they are?

do you think it is easy for them as the weaker vessels to retain their virginity till such age while we the stronger in most cases cannot retain, it wont be out of place to say that they have a stronger counter force to say NO irrespective of the circumstance, which ever it is
i bet you my friend you cant cope,

in my opinion, those girls re not Normal, they re not your everyday girls, they are not Adventurous, dont mind them when they say, if we get married, we will have lots of sex
then ask her what happened to the restraining force that kept her for 28yrs, mere marriage cant remove that, ie when you hear experienced people tell you they re never good in bed even in marriage
reason;
they are not adventurous and they are not thrilled by what is new, the only reason she will have intimacy with you even in marriage is procreation any thing outside that you re on your own, its a psychological issue

During my early years, i was opportune to do a practice on clinical psychology and my patients then were one of a kind, at a point i wanted to write a book about a psychological disease called virginity

during one of my sessions,there was this couple that the wife always denies him sex, or sometimes would want to trade it for favors, so when they told me their story, i tried counseling them, but i realized something, the lady in question has something she thinks abt herself

outside the irrational things she says like ''if u wanna send me packing then keep me the way i was when u married me''
words like  '' you think im like any other girl you pick on the road'' and a lot of bullish stuffs that i perceived is making her think she is superior to her husband because of her sexual canopy

i decided to take them on separate sessions to my greatest chagrin i realized the lady in question is a Narcissist, though i nearly misconstrued it for  pride
it was at this verge that i asked the question and she said of course YES with so much pride in her eyes

then i ran a scan through my mind and found out that the force behind that social anomaly is Narcissism and phobia.

then i understood why someone will want to trade her sexual disposition.
dats wen you hear words like

''no sex before marriage''

psychologically speaking,

she sees it that she is coming with a big stuff as such, you should make a big move to earn it.and the contest continues even after marriage, in the end you, will definitely lose control of your home to cheap sexual blackmail for peace to reign.
or she is so scared that she cant compromise if the union is not justified meaning; she is trading her virginity for marriage,

before you marry this girl, ask your self the ff questions

CAN I COPE WITH EXTREME NARCISSISM?

CAN I COPE WITH HER SEX PHOBIA?

cos those are the two main reasons why they are still virgins at 28 and make no mistakes, these reasons never disappear even in marriage, if you ask me, u seem like someone who cares about sex, without mincing words, she aint your type, look elsewhere,

Virginity is just a physical state that u wont know when it disappears on your first nite(ie if she will let you) Grin Grin its all about societal perception, just the same way the white girls cry at Michael jackson's concert and in Africa they think well, he is a good dancer Making his money Grin Grin

A woman's worth is not rated under her sexual canopy, its just that our today's women have run out of ideas to add value to themselves other than a piece of meat with tension stress less than 0.00102nm Grin Grin what a shame we bought the trend,

i have a million and one instances to make you understand that you are about to make a mistake of your life,

make no mistakes again, never you think that a virgin in marriage will never cheat, cheating has no connection with marriage whatsoever, ask your self, the girls that cheat, were they not once virgins? in other words, if you marry her, dis virgin her and give her reasons to cheat, she is up to it, the same way you can marry a non virgin, gives her reason to stay and she sticks with you.

My advise; the only virgin that is worthy of marriage are the ones that never told you they are virgins in the first place,or make assertions that insinuates it but somehow, they were able to wade you off sex for personal reasons, some could be upbringing some could be religion in this case, u will see for yourself that she has a great deal of respect for God in all ramifications not only on sexual matters(cos she can as well use it as a front), any thing short my dear, ''BAGGAGES AT OWNERS RISK''

lets talk about this present day subsidy
regime, the Cbn gov has already confessed
he has evidence of round tripping , he said
he paid subsidy on 15 fake vessels
approved by customs.
what did madueke do? nothing

the reasons investors did not build
refineries over the years was lack of cheap
crude but the biggest reason is corruption
how?

licences were given to companies without
the financial muscle to build refineries also
part b of the license clearly states that
these armed robbers have oil lifting license
embedded in their refining license,
tell me who will choose refining over lifting
where he makes instant profit and inflated
subsidy
what did madueke do? nothing as usual

do you know that NNPC does not have
storage facilities for all those millions of
products they are quoting and importing.
how exactly does Nnpc wish to store
30million litres of pms?
do you know that these fg goons went
ahead to licence importers without storage
facilities leading to the govt paying extra
for storage on a product they are paying
over 70 naira as subsidy can u beat this
stup1dity and incompetence?

what did iweala and madueke do? nothing,

do you know that these leppers in Nnpc
have no grading structure for imported
pms low grade,mid grade and high grade
all are pms same subsidy, same price even
ethanol blends have subsidy paid on them,
can you beat that?
even abroad where the products come
from have different prices. some are far
cheaper than others which ordinarily
should attract low subsidy


what did madueke do? nothing.

do you know that these bingos at Nnpc
dont maintain their pipeline networks
which ordinarily should link one depot to
the other,
they have to pay extra for tankers
transporting these products all are
subsidies.
eventhough their foreign jv partners are
maintaining over 1000 pipeline networks in
Nigeria.
what did madueke do?
nothing.


do you know that under madueke's watch
demurrage is paid as subsidy to these
importers .
how cant they be reponsible for their
import schedule?
is it not commonsensical for madueke to
prioritize the discharge of those vessels
quickly in tank farms as not to attract
demurrage for a product you are
subsidizing?


and they want us to tighten for a better
future? which future ? can iweala,Sls and
madueke plan for a sustainable future if
given the task?
dead failures.


for every extra kobo you pay on pms you
paid for madueke's incompetence.
now they can see high expenditure but
cant see how their incompetence is
inflating the subsidy regime.
Do u seriously think iweala will see it
comming if it was true that economy will
crash?


Let us analyze the genere and politics of
these issues
There are more misnomers than facts
surrounding this subsidy brouhaha.
First,
the Govt said the economy will collapse,
ridiculous indeed

secondly,

the Govt said
oil importers are a 'cabal', nearly fell off
my seat.
Comrades, there are no cabals, in 2009 the
scarcity of petroleum products became
intense and the Govt admitted that Nnpc
through its subsidiary PPMC has failed
Nigerians by their inability to meet up with
the supply of pet. Products and that
phenomenon gave rise to licensing of
some people to 'assist' the Nnpc in doing
their job for which they are paid for.
Please don't forget that hitherto, Nnpc has
been doing the importation and refining
themselves before corruption eroded their
common sense.
These importers went abroad and came
back with a price Nnpc is already aware of
comprising of logistics, storage and
administrative costs, these were quantified
before they arrived at a price.
The FG now fixed a price tag of 65naira on
Pms and agreed to be reimbursing the
importers the balance not oblivious of the
fact that the landing cost is higher than
the stipulated price
To my greatest chagrin, the Jonathan’s
administration woke up and termed them
'cabals' who are fleecing the nation.


Assuming Ruben Abati goes abroad to buy
a TM underwear for 1k and decides to sell
it 1.5k adding purchase price plus logistics
plus profit and the Govt tells him to sell at
900 naira, wont he ask for the 600naira
balance? When the incompetent NNPC
agrees to reimburse him, then he has
become a cabal stealing from the GOvt?
We are not docile, If Nnpc lived up to their
responsibility, we won’t have need for the
importers in the first place.There is no
doubt that the subsidy regime is met with
corrupt practices, is it not the
responsibility of the govt to clamp down on
those malfeasance?
the Governor of central bank confessed
during the town hall meeting that he paid
subsidy to 15 fake vessels who connived
with customs to falsify their papers.
is this not fierce corruption?
and we have a shameless commander in
chief? by the way, how many naval officers
patrol our waters on tax payers account?
efcc,icpc etc
The only solution that came to the minds
of this disgruntled PDP administration is to
remove subsidy into-to not minding its
inflationary consequences.
This is the si1liest approach any human
being with brain if they have one can
summon.

Thirdly,

Jonathan insulted the intelligence of
Nigerians telling us that we don't benefit
from this subsidy except for the importers
and he had the unbridled temerity to be
advertising it on NTA saying the rich are
getting richer.
This people are demons.
When Ruben abiati's mother goes to the
market to buy vegetable at a price, does he
not know that the seller included cost of
transportation to that price?
So when the transporter buys PMS @
65naira and fixes his price based on that,
he says his mother did not benefit from
the subsidy that guaranteed the price in
the first place?
In a generator driven economy like ours?
It is either Ruben Abiati and his employers
are drunks or they think that Nigerians are
m0rons.

I feel sorry for people that think that
competition will crash the deregulated
price erroneously juxtaposing it with GSM.
Do you know that the price of crude being
the raw material for refined pet. Products
are sold at the same price world overl?
If you agree to this, then, even if you
deregulate and license 5million importers
the product will still be expensive because
crude itself is expensive.
You will still need to subsidize it to
65naira, exactly why deregulation of diesel
in part did not work.The only reason you
have not bought diesel @ 200naira is
because there are so many illegal
refineries who bunker crude, settle JTF and
refine diesel at a lower price.
This people still pose a great threat to the
importers who buy at a higher price that is
why you get diesel @ 140naira elsewhere
but in the delta i buy as low as 70naira. At
this verge you will not over rule the fact
that these unscrupulous elements
contribute to the availability of diesel, if
you are in doubt, anywhere you see cheap
diesel, ask the dealer the source of his
consignment If he is honest he will tell you
the truth, when i was told, i took an hr
20mins boat ride to a remote village in the
delta between Belema and Kola
communities and i saw the local refinery
myself.
Conduct a chemical test on those cheap
diesels if you are not convinced and you
will realize a lot of additives are
missing.Sounds incredible but those are
the realities on ground.You now know why
many importers in the delta hardly have
diesel.
I still feel sorry for those who think the
Govt should build more refineries, that will
not solve the problem either because there
is no cheap crude to supply these
refineries.


Do you know that even the petroleum
products from our present refineries at a
disappointing capacity attract subsidy?
that is what Sanusi is not telling Nigerians.
This Sanusi's buisness model of increasing
local price to attract investors is
misleading.

He should ask himself why so
many buisnesses left the USA for Asia and
Arrica between 1998 till 2008.
The reason was because cost of doing
buisness in America was high so there was
need to tap into Africa's cheap land and
asia's cheap labour.

If you increase the pump price the spiral
inflation will discourage investors, you pay
high for land,labour, enegy etc.


A brief insight in Nigeria's oil and gas
model gives us a better outlook
The oil production of Nigeria stands at
2.37 million barrels of crude daily. Nigeria
get this crude in a JV (joint venture) with
IOC's (international oil companies) and the
Nigeria's cut stand btw 55% to 60% of the
lot, if we go by 60% then, that gives a
total of 1.4m barrels daily.If we average
the crude price from 2009 till date, the
price falls close to 100usd/bbl.In that case,
Nigeria makes 140,000,000usd daily from
this JV.
Nigeria has a policy called DSO (domestic
supply obligation) which mandates
250,000bbl/d of this crude to be refined
and consumed locally,In monetary terms,
the Nigerian govt is giving us
25,000,000usd worth of crude to refine.
Our three refineries at optimum capacity
utilizes about 450,000bbl/d which gives
45,000,000usd in monetary terms in other
words, the price of raw material in this
case, crude, accrued to our refineries
comes at 45m usd per day
, if you add refining cost and profit of 6usd
per bbl,The total cost becomes
270,000,000usd per day.There is no way
you can refine that crude at that price and
sell it 65naira/ l and make profit.
Meanwhile, once we mark out that 45m
usd worth of crude for our refineries
(assuming they are working at optimum
capacity), the govt has already lost 45m
usd from their 140m usd daily earnings
(which will affect budget implementation)
and after refining will still spend more
money to subsidize it to 65naira/ l
(you now understand why NNPC subsidizes
the products from our refineries)
With this analogy, you will agree with me
that if all our refineries are working
optimally, the govt will spend 3times our
present day subsidy to bring the pump
price down to 65naira/l .


So, for those of you clamoring for
refineries should be careful what you wish
for because there is no cheap crude for
you to refine.

I have argued abinitio that the sales of
other derivatives of crude will bring down
the cost of most sort PMS,DPK etc but
after doing some feasibility studies, i
realized i was dead wrong.


I further argued that to make cheaper
crude available for our refineries, the Govt
should reduce the price at which it is
supplied unfortunately, the senate
mandated the then GMD of Nnpc that the
DSO must be sold at international crude
price.
This i believe was proposed for the
following reasons:


1 the refineries are working below capacity
so what the heck does Nnpc use the crude
for?


2, there is a benchmark on crude price for
budget implementation.With these
reasons, any existing or yet to exist
refinery in Nigeria will get crude at a high
price and must need subsidy to sell at
65naira/ l, at this cross road, the then
GMD of Nnpc decided that all crude
should be exported and subsidy be paid on
imported products.


At this verge, i must reiterate here that
competition amongst importers will only
crash the profit margin but not cost
price.Even if every Nigerian becomes an
importer of pet. Prods, we can never
change the fact that crude in the int l
market is already expensive before thinking
of refined prod. So we must need subsidy
to make profit.

Before this issue of subsidizing petroleum
products can be addressed,You must have
the following at the back of your minds:

1, Nigeria pegs a benchmark on crude
prices to enable it implement budget. This
stands at 75usd/bbl. And this crude is sort
from the JV
.2, if crude price exceed the benchmark
above, Nigeria makes excess crude revenue
(ECR) 3, conversely, if we make excess
crude revenue, the price of subsidy on
refined products shoot up.With the above
analogy,
One can argue that the ECR be used to
subsidize imported petroleum products
since both are a function of each other
unfortunately in Nigeria, it comes with its
own challenges.
By law, the constitution clearly states that
all revenue accrued to the FG be shared
amongst the three tiers of Govt.This alone
makes it illegal for the FG to keep the ECR
to itself for whatever reason.
This is where the wahala started, during
GEJ's campaign, he astronomically
increased workers salary without
consulting the state Governors,most
Governors have refused to pay on the
grounds that they cannot afford it.
On that grounds Taraba, jigawa and some
other states have a genuine case.With the
above development, the states started
scrambling for funds and remembered the
ECR and insisted it must be shared to
enable them pay the new wage and
develop infrastructures.
you now understand why all state
governors are for subsidy removal
including the literally "one of us" comrade
Adams oshiomole, because they know it
will be shared just like the ECR


The way forward:


In the short run:


All unions must ensure the FG, must
consider these options,

1, identify and tackle the corruption and
incompetence prevalent in the subsidy
regime above. That will push down the cost
of the subsidy in the first place.Like i said
in April, no matter how sincere GEJ think
his administration is, he cannot make any
reasonable progress in the face of
corruption,


2, the power projects must come upstream
before removing subsidy, this will reduce
the demand on pet. Products to a very
great extent.


3, Nigeria must accommodate Gas export,
port duties and other forms of revenue in
their budget implementation policies.


4, Govt must never invest an extra kobo in
our moribund refineries, by doing
otherwise, the cost price of the refineries
will rise to an extent that it will no longer
be attractive to investors or will prolong
their repayment plan.Thereby making it
very capital intensive.


5, Instead of deceiving Nigerians with their
cabal bullshit and deluding them that they
don't benefit from this subsidy, the FG
should channel that propaganda with
intense lobbying to the senate,NLC and
civil society organizations to stop the state
governors from demanding for the ECR,
this can be achieved by the FG asking the
state to pay whatever increment they can
afford for the workers that way the ECR
will be used for subsidizing pet. Products.


In the long run:


Nigeria must seek local production
capacity.It is no longer news that Nnpc
and its subsidiaries have failed woefully in
meeting the needs of the Nigerian people.
Nnpc through its subsidiaries Npdc and
Ngc are saddled with the responsibility of
the above for oil and gas production
respectively, but as i write, the current
production of NPDC stands at a paltry
90,000bbl/ day which is a huge failure for
an agency set up 23yrs ago,

The IOC's has made us believe that it will
cost less than 12usd to extract 1bbl of our
oil.

The Management of NPDC must be
reshuffled and if possible experts brought
in on contract basis to improve NPDC's
production.These experts must be placed
on targets appraised by milestones. in
ogoni land for instance, Anglo dutch has a
lot of abandoned production facilities and
marginal wells and others scattered all over
the country, these can be bought by NPDC
with the money FG want to waste on
refineries to improve production,

If NPDC can extract oil at 12usd/bbl and
make a little profit, with this cheap oil
available, Nigeria will have no reason going
to the JV.

This cheap crude is what will attract investors to build refineries and create jobs against sanusi's pump price increase to attract investors and create another monster called INFLATION,
A 250,000bbl/d refinery will cost a little
above 5b usd, dangote alone can afford
two of those only if NPDC can guarantee
cheap oil. This is why no investor is coming
to build refineries.
A crude price of 18usd/bbl from NPDC will
guarantee pump price of less than 22naira
per litre of pms from these refineries.With
this plan,By the end of this Administration,
NPDC will have robust production capacity
and the refineries will guarantee steady
refined products.
These refineries shouldn't be operated by
the Govt for any reason.The FG will
generate revenue from both ends, export
of crude and export refined products and
the production of NPDC must be
increasing periodically.
this is necessary because Nigeria as a
member of OPEC has a limit to crude
export but we can earn more revenue from
petroleum products export.
Once the above takes effect, there won’t
be any need to be paying subsidy because
pump price will be around 23naira/ l and
inflation will reduce by 40‰.
Now, how competent is Allison Madueke
and iweala if they can’t figure this out?

To think of removing subsidy at this stage
where there is no electricity and high
corruption rate will be tantamount to
economic suicide.

I cant believe iweala and sanusi are using
trial and error approach to economic
solutions please try the next country or
preferably Haiti.

What iweala forgot is that in the face of
inflation, the cost of running Govt projects
will be high, All Govt contractors will
definitely come back for contract variations
or Abandon those projects.

As a sound economist, she should tell
Nigerians the value of 1.3 trillion naira
( she intends to save on subsidy removal)
in the face of 60% inflation and how many
projects Nigerians will benefit from the
subsidy removal.If you remove subsidy and
the money disappears, then it is a NO NO
for Nigerians.

Now, let us analyze possible solutions to
this economic quagmire.


I have a deal for iweala.


fight corruption and inefficiencies in the
subsidy regime and bring it down to
300billion for this year.

The management of Npdc must have a
target
of 150,000bbl/d by dec 2012.
on january 2013 subsidy will go by 50%
and by dec 2013 Npdc should guarantee
200,000bbl/d on

1st january 2014 subsidy must go 100%.
with or without the refineries on ground,
then if Nigerians are sacrificing, they will
know it has a
limit pending when refineries that will
utilize the cheap oil on ground arrives.

tell me what WE are sacrifising for today?
eternal slavery?

I and my generations cannot and will not
sacrifice for Govt's incompetence.

All unions should never accept partial
deregulation, it is more dangerous than
total deregulation because Nigeria hasn't a
price regulatory agency who ordinarily
should put the markets and commuters on
check.

Deregulation in the down stream sector is
not same as telecoms, we need structures
to support it which Nigeria have not got
unlike the later.

God bless you as you fight this battle for
mankind

Written by;

concerned oil and gas activists

bros, if you re still living off ur mum in anyway weda directly or indirect family support programme trust me, u re still and will remain a child in their eyes.
such opinion of dependence hardly make any sense to them.

lets talk about this present day subsidy
regime, the Cbn gov has already confessed
he has evidence of round tripping , he said
he paid subsidy on 15 fake vessels
approved by customs.
what did madueke do? nothing

the reasons investors did not build
refineries over the years was lack of cheap
crude but the biggest reason is corruption
how?

licences were given to companies without
the financial muscle to build refineries also
part b of the license clearly states that
these armed robbers have oil lifting license
embedded in their refining license,
tell me who will choose refining over lifting
where he makes instant profit and inflated
subsidy
what did madueke do? nothing as usual

do you know that NNPC does not have
storage facilities for all those millions of
products they are quoting and importing.
how exactly does Nnpc wish to store
30million litres of pms?
do you know that these fg goons went
ahead to licence importers without storage
facilities leading to the govt paying extra
for storage on a product they are paying
over 70 naira as subsidy can u beat this
stup1dity and incompetence?

what did iweala and madueke do? nothing,

do you know that these leppers in Nnpc
have no grading structure for imported
pms low grade,mid grade and high grade
all are pms same subsidy, same price even
ethanol blends have subsidy paid on them,
can you beat that?
even abroad where the products come
from have different prices. some are far
cheaper than others which ordinarily
should attract low subsidy


what did madueke do? nothing.

do you know that these bingos at Nnpc
dont maintain their pipeline networks
which ordinarily should link one depot to
the other,
they have to pay extra for tankers
transporting these products all are
subsidies.
eventhough their foreign jv partners are
maintaining over 1000 pipeline networks in
Nigeria.
what did madueke do?
nothing.


do you know that under madueke's watch
demurrage is paid as subsidy to these
importers .
how cant they be reponsible for their
import schedule?
is it not commonsensical for madueke to
prioritize the discharge of those vessels
quickly in tank farms as not to attract
demurrage for a product you are
subsidizing?


and they want us to tighten for a better
future? which future ? can iweala,Sls and
madueke plan for a sustainable future if
given the task?
dead failures.


for every extra kobo you pay on pms you
paid for madueke's incompetence.
now they can see high expenditure but
cant see how their incompetence is
inflating the subsidy regime.
Do u seriously think iweala will see it
comming if it was true that economy will
crash?


Let us analyze the genere and politics of
these issues
There are more misnomers than facts
surrounding this subsidy brouhaha.
First,
the Govt said the economy will collapse,
ridiculous indeed

secondly,

the Govt said
oil importers are a 'cabal', nearly fell off
my seat.
Comrades, there are no cabals, in 2009 the
scarcity of petroleum products became
intense and the Govt admitted that Nnpc
through its subsidiary PPMC has failed
Nigerians by their inability to meet up with
the supply of pet. Products and that
phenomenon gave rise to licensing of
some people to 'assist' the Nnpc in doing
their job for which they are paid for.
Please don't forget that hitherto, Nnpc has
been doing the importation and refining
themselves before corruption eroded their
common sense.
These importers went abroad and came
back with a price Nnpc is already aware of
comprising of logistics, storage and
administrative costs, these were quantified
before they arrived at a price.
The FG now fixed a price tag of 65naira on
Pms and agreed to be reimbursing the
importers the balance not oblivious of the
fact that the landing cost is higher than
the stipulated price
To my greatest chagrin, the Jonathan’s
administration woke up and termed them
'cabals' who are fleecing the nation.


Assuming Ruben Abati goes abroad to buy
a TM underwear for 1k and decides to sell
it 1.5k adding purchase price plus logistics
plus profit and the Govt tells him to sell at
900 naira, wont he ask for the 600naira
balance? When the incompetent NNPC
agrees to reimburse him, then he has
become a cabal stealing from the GOvt?
We are not docile, If Nnpc lived up to their
responsibility, we won’t have need for the
importers in the first place.There is no
doubt that the subsidy regime is met with
corrupt practices, is it not the
responsibility of the govt to clamp down on
those malfeasance?
the Governor of central bank confessed
during the town hall meeting that he paid
subsidy to 15 fake vessels who connived
with customs to falsify their papers.
is this not fierce corruption?
and we have a shameless commander in
chief? by the way, how many naval officers
patrol our waters on tax payers account?
efcc,icpc etc
The only solution that came to the minds
of this disgruntled PDP administration is to
remove subsidy into-to not minding its
inflationary consequences.
This is the si1liest approach any human
being with brain if they have one can
summon.

Thirdly,

Jonathan insulted the intelligence of
Nigerians telling us that we don't benefit
from this subsidy except for the importers
and he had the unbridled temerity to be
advertising it on NTA saying the rich are
getting richer.
This people are demons.
When Ruben abiati's mother goes to the
market to buy vegetable at a price, does he
not know that the seller included cost of
transportation to that price?
So when the transporter buys PMS @
65naira and fixes his price based on that,
he says his mother did not benefit from
the subsidy that guaranteed the price in
the first place?
In a generator driven economy like ours?
It is either Ruben Abiati and his employers
are drunks or they think that Nigerians are
m0rons.

I feel sorry for people that think that
competition will crash the deregulated
price erroneously juxtaposing it with GSM.
Do you know that the price of crude being
the raw material for refined pet. Products
are sold at the same price world overl?
If you agree to this, then, even if you
deregulate and license 5million importers
the product will still be expensive because
crude itself is expensive.
You will still need to subsidize it to
65naira, exactly why deregulation of diesel
in part did not work.The only reason you
have not bought diesel @ 200naira is
because there are so many illegal
refineries who bunker crude, settle JTF and
refine diesel at a lower price.
This people still pose a great threat to the
importers who buy at a higher price that is
why you get diesel @ 140naira elsewhere
but in the delta i buy as low as 70naira. At
this verge you will not over rule the fact
that these unscrupulous elements
contribute to the availability of diesel, if
you are in doubt, anywhere you see cheap
diesel, ask the dealer the source of his
consignment If he is honest he will tell you
the truth, when i was told, i took an hr
20mins boat ride to a remote village in the
delta between Belema and Kola
communities and i saw the local refinery
myself.
Conduct a chemical test on those cheap
diesels if you are not convinced and you
will realize a lot of additives are
missing.Sounds incredible but those are
the realities on ground.You now know why
many importers in the delta hardly have
diesel.
I still feel sorry for those who think the
Govt should build more refineries, that will
not solve the problem either because there
is no cheap crude to supply these
refineries.


Do you know that even the petroleum
products from our present refineries at a
disappointing capacity attract subsidy?
that is what Sanusi is not telling Nigerians.
This Sanusi's buisness model of increasing
local price to attract investors is
misleading.

He should ask himself why so
many buisnesses left the USA for Asia and
Arrica between 1998 till 2008.
The reason was because cost of doing
buisness in America was high so there was
need to tap into Africa's cheap land and
asia's cheap labour.

If you increase the pump price the spiral
inflation will discourage investors, you pay
high for land,labour, enegy etc.


A brief insight in Nigeria's oil and gas
model gives us a better outlook
The oil production of Nigeria stands at
2.37 million barrels of crude daily. Nigeria
get this crude in a JV (joint venture) with
IOC's (international oil companies) and the
Nigeria's cut stand btw 55% to 60% of the
lot, if we go by 60% then, that gives a
total of 1.4m barrels daily.If we average
the crude price from 2009 till date, the
price falls close to 100usd/bbl.In that case,
Nigeria makes 140,000,000usd daily from
this JV.
Nigeria has a policy called DSO (domestic
supply obligation) which mandates
250,000bbl/d of this crude to be refined
and consumed locally,In monetary terms,
the Nigerian govt is giving us
25,000,000usd worth of crude to refine.
Our three refineries at optimum capacity
utilizes about 450,000bbl/d which gives
45,000,000usd in monetary terms in other
words, the price of raw material in this
case, crude, accrued to our refineries
comes at 45m usd per day
, if you add refining cost and profit of 6usd
per bbl,The total cost becomes
270,000,000usd per day.There is no way
you can refine that crude at that price and
sell it 65naira/ l and make profit.
Meanwhile, once we mark out that 45m
usd worth of crude for our refineries
(assuming they are working at optimum
capacity), the govt has already lost 45m
usd from their 140m usd daily earnings
(which will affect budget implementation)
and after refining will still spend more
money to subsidize it to 65naira/ l
(you now understand why NNPC subsidizes
the products from our refineries)
With this analogy, you will agree with me
that if all our refineries are working
optimally, the govt will spend 3times our
present day subsidy to bring the pump
price down to 65naira/l .


So, for those of you clamoring for
refineries should be careful what you wish
for because there is no cheap crude for
you to refine.

I have argued abinitio that the sales of
other derivatives of crude will bring down
the cost of most sort PMS,DPK etc but
after doing some feasibility studies, i
realized i was dead wrong.


I further argued that to make cheaper
crude available for our refineries, the Govt
should reduce the price at which it is
supplied unfortunately, the senate
mandated the then GMD of Nnpc that the
DSO must be sold at international crude
price.
This i believe was proposed for the
following reasons:


1 the refineries are working below capacity
so what the heck does Nnpc use the crude
for?


2, there is a benchmark on crude price for
budget implementation.With these
reasons, any existing or yet to exist
refinery in Nigeria will get crude at a high
price and must need subsidy to sell at
65naira/ l, at this cross road, the then
GMD of Nnpc decided that all crude
should be exported and subsidy be paid on
imported products.


At this verge, i must reiterate here that
competition amongst importers will only
crash the profit margin but not cost
price.Even if every Nigerian becomes an
importer of pet. Prods, we can never
change the fact that crude in the int l
market is already expensive before thinking
of refined prod. So we must need subsidy
to make profit.

Before this issue of subsidizing petroleum
products can be addressed,You must have
the following at the back of your minds:

1, Nigeria pegs a benchmark on crude
prices to enable it implement budget. This
stands at 75usd/bbl. And this crude is sort
from the JV
.2, if crude price exceed the benchmark
above, Nigeria makes excess crude revenue
(ECR) 3, conversely, if we make excess
crude revenue, the price of subsidy on
refined products shoot up.With the above
analogy,
One can argue that the ECR be used to
subsidize imported petroleum products
since both are a function of each other
unfortunately in Nigeria, it comes with its
own challenges.
By law, the constitution clearly states that
all revenue accrued to the FG be shared
amongst the three tiers of Govt.This alone
makes it illegal for the FG to keep the ECR
to itself for whatever reason.
This is where the wahala started, during
GEJ's campaign, he astronomically
increased workers salary without
consulting the state Governors,most
Governors have refused to pay on the
grounds that they cannot afford it.
On that grounds Taraba, jigawa and some
other states have a genuine case.With the
above development, the states started
scrambling for funds and remembered the
ECR and insisted it must be shared to
enable them pay the new wage and
develop infrastructures.
you now understand why all state
governors are for subsidy removal
including the literally "one of us" comrade
Adams oshiomole, because they know it
will be shared just like the ECR


The way forward:


In the short run:


All unions must ensure the FG, must
consider these options,

1, identify and tackle the corruption and
incompetence prevalent in the subsidy
regime above. That will push down the cost
of the subsidy in the first place.Like i said
in April, no matter how sincere GEJ think
his administration is, he cannot make any
reasonable progress in the face of
corruption,


2, the power projects must come upstream
before removing subsidy, this will reduce
the demand on pet. Products to a very
great extent.


3, Nigeria must accommodate Gas export,
port duties and other forms of revenue in
their budget implementation policies.


4, Govt must never invest an extra kobo in
our moribund refineries, by doing
otherwise, the cost price of the refineries
will rise to an extent that it will no longer
be attractive to investors or will prolong
their repayment plan.Thereby making it
very capital intensive.


5, Instead of deceiving Nigerians with their
cabal bullshit and deluding them that they
don't benefit from this subsidy, the FG
should channel that propaganda with
intense lobbying to the senate,NLC and
civil society organizations to stop the state
governors from demanding for the ECR,
this can be achieved by the FG asking the
state to pay whatever increment they can
afford for the workers that way the ECR
will be used for subsidizing pet. Products.


In the long run:


Nigeria must seek local production
capacity.It is no longer news that Nnpc
and its subsidiaries have failed woefully in
meeting the needs of the Nigerian people.
Nnpc through its subsidiaries Npdc and
Ngc are saddled with the responsibility of
the above for oil and gas production
respectively, but as i write, the current
production of NPDC stands at a paltry
90,000bbl/ day which is a huge failure for
an agency set up 23yrs ago,

The IOC's has made us believe that it will
cost less than 12usd to extract 1bbl of our
oil.

The Management of NPDC must be
reshuffled and if possible experts brought
in on contract basis to improve NPDC's
production.These experts must be placed
on targets appraised by milestones. in
ogoni land for instance, Anglo dutch has a
lot of abandoned production facilities and
marginal wells and others scattered all over
the country, these can be bought by NPDC
with the money FG want to waste on
refineries to improve production,

If NPDC can extract oil at 12usd/bbl and
make a little profit, with this cheap oil
available, Nigeria will have no reason going
to the JV.

This cheap crude is what will attract investors to build refineries and create jobs against sanusi's pump price increase to attract investors and create another monster called INFLATION,
A 250,000bbl/d refinery will cost a little
above 5b usd, dangote alone can afford
two of those only if NPDC can guarantee
cheap oil. This is why no investor is coming
to build refineries.
A crude price of 18usd/bbl from NPDC will
guarantee pump price of less than 22naira
per litre of pms from these refineries.With
this plan,By the end of this Administration,
NPDC will have robust production capacity
and the refineries will guarantee steady
refined products.
These refineries shouldn't be operated by
the Govt for any reason.The FG will
generate revenue from both ends, export
of crude and export refined products and
the production of NPDC must be
increasing periodically.
this is necessary because Nigeria as a
member of OPEC has a limit to crude
export but we can earn more revenue from
petroleum products export.
Once the above takes effect, there won’t
be any need to be paying subsidy because
pump price will be around 23naira/ l and
inflation will reduce by 40‰.
Now, how competent is Allison Madueke
and iweala if they can’t figure this out?

To think of removing subsidy at this stage
where there is no electricity and high
corruption rate will be tantamount to
economic suicide.

I cant believe iweala and sanusi are using
trial and error approach to economic
solutions please try the next country or
preferably Haiti.

What iweala forgot is that in the face of
inflation, the cost of running Govt projects
will be high, All Govt contractors will
definitely come back for contract variations
or Abandon those projects.

As a sound economist, she should tell
Nigerians the value of 1.3 trillion naira
( she intends to save on subsidy removal)
in the face of 60% inflation and how many
projects Nigerians will benefit from the
subsidy removal.If you remove subsidy and
the money disappears, then it is a NO NO
for Nigerians.

Now, let us analyze possible solutions to
this economic quagmire.


I have a deal for iweala.


fight corruption and inefficiencies in the
subsidy regime and bring it down to
300billion for this year.

The management of Npdc must have a
target
of 150,000bbl/d by dec 2012.
on january 2013 subsidy will go by 50%
and by dec 2013 Npdc should guarantee
200,000bbl/d on

1st january 2014 subsidy must go 100%.
with or without the refineries on ground,
then if Nigerians are sacrificing, they will
know it has a
limit pending when refineries that will
utilize the cheap oil on ground arrives.

tell me what WE are sacrifising for today?
eternal slavery?

I and my generations cannot and will not
sacrifice for Govt's incompetence.

All unions should never accept partial
deregulation, it is more dangerous than
total deregulation because Nigeria hasn't a
price regulatory agency who ordinarily
should put the markets and commuters on
check.

Deregulation in the down stream sector is
not same as telecoms, we need structures
to support it which Nigeria have not got
unlike the later.

God bless you as you fight this battle for
mankind

Written by;

concerned oil and gas activists

goodluck didnt play mortal combat, this is the time to apply combo and finish them off.
no netotiation finish them!!

beaf beaf beaf pls tell joboy that silva will fight back

mend dont strike again 58billion is in the budget for you guys, a govt that pays off terroris looooooool

As an employer, no we dont

As an employee, yes we do.

thank God boyloaf don leave water, chei, that guy slap nearly deaf my boy for trespassing without approval.

i cant see that his big chest in the picture, in reality the guy heavy die. i enjoy his angry moments die.

at least miscreants can be useful, for those of you talking thrash, thank your stars you dont come from where these peeps come from, you will hardly be useful in life.
well done Yaradua

when will they return the subsidy now they have caught the culprits? i don't mind another strike

lairs lawyers indeed.

those charge and bail lawyers chicharito and co or whatever they call themselves think that all Nigerians have the stomach for corruption and gross ineptitude, perhaps beaf is your role model but keyamo doesn't give a sh1t.

do you know how many lives that are wasting on daily basis as a result of this insane judgment from a mentally marooned judge on a daily basis?

Feyamo should save a criminal some repute and go and Appeal then what? the criminal judge goes home while the justice system decays?

are you guys OK? are you a product of a corrupt system that you didn't feel a scintilla of disgust typing such ignoble opinion of yours?

the damn criminal judge needs to be exposed not just by issuing a press statement but ostracized, isolated and made a pariah just like any other common criminal cos i don't see the difference.

what if it was a murder case and the victim cannot afford an appeal? then what? the judge collects money and walks just like that.

let me remind you that injustice is the Genesis of all the social ills in our present day society.

the injustice meted to the Ogonis gave birth to MEND

the injustice meted to BH is the reason we sleep with all eyes open and you want a criminal judge to get a national honor after delivering a kangaroo judgment like this?

how long did it take for BH to regroup and destroy the freedom of millions of Nigerians by one singular act of injustice tell me?

how long do you think it will take before a faceless group decides to take on judges and the whole legal framework?

how long will it take the NPF to recover from BH reprisals?

how long will it take before one act of injustice continues to keep millions in endless curfew around the states? think, think, think think,

ethics and decorum are mere cosmetics and luxury that the justice system cannot afford in a glaring case of justice torpedo.

did you read the kangaroo judgment that upheld yaradua's presidency? even yaradua himself was ashamed of the judge.

he should thank his stars he didn't deliver that judgment in a city like sao paulo trust me the least he can Get for this is a wheel chair.

@ kachi

u dey mind them? a company sent a withdrawal letter to mopol 19 in ph asking for an officer attached to the company be removed on the grounds that he said " i will shoot myself and anybody who says nonsense about boko haram".

wait till you are shot before you will believe