₦airaland Forum

A corporal with 11m bank account? do they make that much from check points?

Nigeria is a story land

ok, the robbers have been caught now return the subsidy

mustapha should be released and made the head of a combat squad to eliminate the bokos, the guy is trigger happy no be small

SANUSI THE ECONOMIC MAGICIAN

One big problem of Nigerians is our inability to scrutinize people’s pedigree.
Look at president Jonathan for instance, this is a man with zero success story as both deputy and Gov. of bayelsa state, zero success story as both vice and acting president yet Nigerians delude themselves he is the messiah even when it was clear that unscrupulous people were donating to his campaign, we still believed he will take us to the promised land on luck.
Let us talk about this mystic economic team Jonathan put together, who are these people?
I for one have no bias against any public official in which ever capacity but I have zero tolerance for incompetence.
Has sanusi’s economic model ever worked in this country? Which economic school of thought does he belong to and what is his mission in this country?
I asked this because I am an ardent follower of events in our economic sphere and have never been shy to put Sanusi’s parlance and pragmatism of economic solutions to a test, but as I speak, sanusi’s economic agenda eludes me.
This is a man who inherited a banking sector which according to Business day 2006 edition averred that “for every five Nigerians with a good job, three are bankers”.
Today, we have a Sanusi who in his usual voodoo economic jingoism has created more unemployment and inefficiency in the banking sector than the military junta.
Who is this man Sanusi?
In the words of his predecessor who consolidated these banks, “the banks were more financially robust” and doing bigger business but along the line something happened.
There was partial deregulation and the cost of diesel went all time high and very scarce, some of those companies who took loans from the banks were running high over head cost and couldn’t survive the tsunami of events that followed,
Job cuts, and eventual closure was the case. During the last days of chukwuma soludo, the businesses were already down so no way to repay the bank loans.
The banks were stranded but soludo applied wisdom, in his words ‘’ decision making in the banking system must carry the instrument of perception along’’ and that was exactly what he did, he quickly created an EDW whereby the near distressed banks could quietly access Govt. loans to revive their institutions hoping to keep people’s confidence in tact while the banks gradually recover.
Here comes our Sanusi with his usual economic parlance and political jingoism.
Destroyed the first instrument of perception which soludo fought so hard to preserve by coming on National television to announce that those banks are not healthy. Till date, we lost one of the most viable sectors of this economy; we lost meaningful employments and international confidence in our banking institutions in its entity, thanks to Sanusi’s voodoo economic theories and mystic economic solutions.
I ask again; who is this Man Sanusi and his mission in this country?
I leave you to be the judge of preceding events from Sanusi’s actions. After consulting his economic oracle, he boldly told Nigerians that the way forward is to bail out the banks (which he destroyed) and SME’s (small and medium scale enterprise) hoping that they will bounce back in business to repay the bank loans.
Till date, Sanusi has not given Nigerians the progress report of those bailed out banks and SME’s especially those in the textile business.
Today, by throwing his weight behind full deregulation in the downstream sector simply tells me that Sanusi’s witch doctor did not tell him exactly which economic formula destroyed his banks. Perhaps he thought that his SME ‘’palliative’’ was good enough for miserable Nigerians who don’t mind trading a permanent position job for a contract job which was what his SME’s were offering or rather, our employments for underemployment.
This is a man that ignores the basic on ground economic theories that work in the country for some mystic economic solutions.
That begs the question; should you deregulate fully the downstream sector, what becomes of those SME’s and how do they repay the loans you gave to them considering that energy cost and inflation will triple their over head cost? Or has his voodoo economic solution already categorized them as mere collateral damage in his economic reform agenda?
Let us analyze some of sanusi’s Hennessey inspired economic formulae.
First he said that by withdrawing subsidy they have destroyed corruption and broken the financial bones of the ‘’cabal’’ benefitting from this subsidy regime, is this really true?
If the landing cost of PMS is about 110naira and government’s inefficiency bloats it to 141naira (ofcourse, storage,transportation,deumurrage etc as enshrined into the subsidy are all Govts ineptitude).
“Citeris paribus” under the subsidy program, a marketer earns 110-65 (ie if ideally Govt clean their mess)
And without subsidy, a marketer makes 220,180,165-110 who exactly did this economic magician break their finances? Because what I see in my economics kwashiorkor is Govt transferring the burden of import deficit to the people not the marketers losing money like sanusi claims.
Secondly, his liquor economics made him believe that he will save money in the face of spiral inflation, and went ahead to justify the inflation saying it is by a little fraction not more than 10% increase, lol. What indices did this acclaimed “pundit” use in measuring this?
In an economy without a functional price regulatory agency and a comatose standard organization with shabby police officers? In an economy where everybody is his own LGA and can fix rates with impunity? What drives this man’s economic sagacity? Witch craft?
Thirdly,
Sanusi is consistently lying to Nigerians that an increase in pump price will attract investors to build refineries; this is the verge where I think sanusi should go back to school.
SLS is not enlightened enough to understand why there was an exodus of indigenous American companies between 1998 to 2008 to Asia and Africa, reason; COST OF DOING BUISNESS or better put, UNFAVOURABLE BUISNESS CLIMATE.
With unfavorable tax laws, incessant labor wage reviews and land acquisition challenges, most companies couldn’t survive and they left US en masse conversely, land grab in Africa and cheap labor in Asia became viable alternatives.
Today, a drunk CBN governor in his usual rhetoric, capitalizing on the chasm of academic deficiency of average Nigerians is proposing that increase in pump price which will directly translate to high energy cost (in a generator driven economy), spiral inflation and high cost of labor will attract foreign investors to build refineries. Is it not ridiculous?
What kind of voodoo economic theory is that?
sanusi quickly forgot to tell Nigerians that their existing refineries even at a disappointing output is subsidized.
Mr Sanusi should have asked himself, when we deregulated diesel, did we attract heavy duty companies, diesel refineries and why?
According to his business model, I was expecting that after the deregulation of diesel, we would have had companies like CAT,Ingersollrand,Volvo,Ebara,bosh,Groove,Capco etc even refineries enhanced to produce more of Diesel with limited petroleum by products relocating their plants to Nigeria to benefit from our diesel profitable market. But in reality, that wasn’t the case and i will explain why;
Take shell for example, the presence of SPDC in portharcourt has given rise to a plethora of servicing companies rendering one or two services to shell and that is how it works. These servicing companies are equally employers of labor.
Does sanusi think that the refining companies will be servicing themselves? Is that possible? When you destroy the business environment for these smaller servicing companies to thrive, how exactly do you want the refining companies to thrive? For the few that will survive, at what cost will they render their services? Shouldn’t the investors consider these in their feasibility studies?
How will they cope? If at all it works, most components and services are definitely going to be outsourced to neighboring countries creating jobs for Ghanaians and Nigerians than Nigeria.
Some servicing companies will rather relocate to nearby countries and leave skeletal operations here in Nigeria just to stay in business; sanusi will end up exporting services elsewhere.
I am deeply ashamed and embarrassed at the caliber of people that take decisions for this nation.
I say it for the umpteenth time; we don’t need to create problems to solve problems, what we need is to ensure that Nigeria has cheaper oil on ground, that will attract investors as against sanusi’s high pump price economic theory which will breed inflation and closure of smaller companies.
The IOC’s (international oil companies) operating in Nigeria has told us that it takes less than 12 usd to extract 1bbl of our crude oil.
Why is sanusi not thinking of creating a solution from that angle? if NPDC can guarantee us just 150,000bbl/d of this cheap crude at less than 12usd, the market will be attractive, add refining cost and other cost to push it to about 22usd/bbl a pms of 30naira per litre will be achievable from these refineries and inflation will reduce by over 40%.leaving us with a plethora of servicing companies which will translate to more jobs.
Is this too much for Madueke and Sanusi to sit and figure out? Other than their inflation marred solution.
Lastly
Sanusi lied that the subsidy reinjection fund will be used to build refineries; I can’t help but pity his unrealistic mystic economic solutions.
How much is the FG’s cut in the SURE fund? Less than 600billion, what kind of refinery will that build? I hope sanusi is not confusing refineries for fuel dispensing stations or are we heading for another IMF/world bank debt burden? I don’t just get it.
Where will this SURE funding appear from? I didn’t see it in the 2012 budget proposal, is it right to increase the suffering of the Nigerian people and go back and implement your constitutional annual budget?
Where is sanusi going to get the crude oil to supply these refineries? From the little we make from our JV? I hope this man is not taking us for a ride?
This same crude we use to implement our budget? Which sells at international price? This man is cynical.
How did we end up with two monsters sanusi lamido sanusi and Allison Madueke at the same time?
I can see a pattern in Sanusi’s line of thought;
if a bank is performing poorly, CLOSE IT DOWN
If the subsidy regime is performing poorly; SCRAP IT.
Can Nigerians please help me ask Sanusi if it is a crime to proffer real economic solutions to economic challenges other than throwing away the child with the bath water?
Should we fold our hands and watch our Economic magician Sanusi scrap the economic foundation of our survival?
Sanusi and Allison madueke are doing a great disservice to this nation though I don’t expect Mr. President to fire them because he is too incompetent to read the hand writings on the wall.

One big problem of Nigerians is our inability to scrutinize people’s pedigree.
Look at president Jonathan for instance, this is a man with zero success story as both deputy and Gov. of bayelsa state, zero success story as both vice and acting president yet Nigerians delude themselves he is the messiah even when it was clear that unscrupulous people were donating to his campaign, we still believed he will take us to the promised land on luck.
Let us talk about this mystic economic team Jonathan put together, who are these people?
I for one have no bias against any public official in which ever capacity but I have zero tolerance for incompetence.
Has sanusi’s economic model ever worked in this country? Which economic school of thought does he belong to and what is his mission in this country?
I asked this because I am an ardent follower of events in our economic sphere and have never been shy to put Sanusi’s parlance and pragmatism of economic solutions to a test, but as I speak, sanusi’s economic agenda eludes me.
This is a man who inherited a banking sector which according to Business day 2006 edition averred that “for every five Nigerians with a good job, three are bankers”.
Today, we have a Sanusi who in his usual voodoo economic jingoism has created more unemployment and inefficiency in the banking sector than the military junta.
Who is this man Sanusi?
In the words of his predecessor who consolidated these banks, “the banks were more financially robust” and doing bigger business but along the line something happened.
There was partial deregulation and the cost of diesel went all time high and very scarce, some of those companies who took loans from the banks were running high over head cost and couldn’t survive the tsunami of events that followed,
Job cuts, and eventual closure was the case. During the last days of chukwuma soludo, the businesses were already down so no way to repay the bank loans.
The banks were stranded but soludo applied wisdom, in his words ‘’ decision making in the banking system must carry the instrument of perception along’’ and that was exactly what he did, he quickly created an EDW whereby the near distressed banks could quietly access Govt. loans to revive their institutions hoping to keep people’s confidence in tact while the banks gradually recover.
Here comes our Sanusi with his usual economic parlance and political jingoism.
Destroyed the first instrument of perception which soludo fought so hard to preserve by coming on National television to announce that those banks are not healthy. Till date, we lost one of the most viable sectors of this economy; we lost meaningful employments and international confidence in our banking institutions in its entity, thanks to Sanusi’s voodoo economic theories and mystic economic solutions.
I ask again; who is this Man Sanusi and his mission in this country?
I leave you to be the judge of preceding events from Sanusi’s actions. After consulting his economic oracle, he boldly told Nigerians that the way forward is to bail out the banks (which he destroyed) and SME’s (small and medium scale enterprise) hoping that they will bounce back in business to repay the bank loans.
Till date, Sanusi has not given Nigerians the progress report of those bailed out banks and SME’s especially those in the textile business.
Today, by throwing his weight behind full deregulation in the downstream sector simply tells me that Sanusi’s witch doctor did not tell him exactly which economic formula destroyed his banks. Perhaps he thought that his SME ‘’palliative’’ was good enough for miserable Nigerians who don’t mind trading a permanent position job for a contract job which was what his SME’s were offering or rather, our employments for underemployment.
This is a man that ignores the basic on ground economic theories that work in the country for some mystic economic solutions.
That begs the question; should you deregulate fully the downstream sector, what becomes of those SME’s and how do they repay the loans you gave to them considering that energy cost and inflation will triple their over head cost? Or has his voodoo economic solution already categorized them as mere collateral damage in his economic reform agenda?
Let us analyze some of sanusi’s Hennessey inspired economic formulae.
First he said that by withdrawing subsidy they have destroyed corruption and broken the financial bones of the ‘’cabal’’ benefitting from this subsidy regime, is this really true?
If the landing cost of PMS is about 110naira and government’s inefficiency bloats it to 141naira (ofcourse, storage,transportation,deumurrage etc as enshrined into the subsidy are all Govts ineptitude).
“Citeris paribus” under the subsidy program, a marketer earns 110-65 (ie if ideally Govt clean their mess)
And without subsidy, a marketer makes 220,180,165-110 who exactly did this economic magician break their finances? Because what I see in my economics kwashiorkor is Govt transferring the burden of import deficit to the people not the marketers losing money like sanusi claims.
Secondly, his liquor economics made him believe that he will save money in the face of spiral inflation, and went ahead to justify the inflation saying it is by a little fraction not more than 10% increase, lol. What indices did this acclaimed “pundit” use in measuring this?
In an economy without a functional price regulatory agency and a comatose standard organization with shabby police officers? In an economy where everybody is his own LGA and can fix rates with impunity? What drives this man’s economic sagacity? Witch craft?
Thirdly,
Sanusi is consistently lying to Nigerians that an increase in pump price will attract investors to build refineries; this is the verge where I think sanusi should go back to school.
SLS is not enlightened enough to understand why there was an exodus of indigenous American companies between 1998 to 2008 to Asia and Africa, reason; COST OF DOING BUISNESS or better put, UNFAVOURABLE BUISNESS CLIMATE.
With unfavorable tax laws, incessant labor wage reviews and land acquisition challenges, most companies couldn’t survive and they left US en masse conversely, land grab in Africa and cheap labor in Asia became viable alternatives.
Today, a drunk CBN governor in his usual rhetoric, capitalizing on the chasm of academic deficiency of average Nigerians is proposing that increase in pump price which will directly translate to high energy cost (in a generator driven economy), spiral inflation and high cost of labor will attract foreign investors to build refineries. Is it not ridiculous?
What kind of voodoo economic theory is that?
sanusi quickly forgot to tell Nigerians that their existing refineries even at a disappointing output is subsidized.
Mr Sanusi should have asked himself, when we deregulated diesel, did we attract heavy duty companies, diesel refineries and why?
According to his business model, I was expecting that after the deregulation of diesel, we would have had companies like CAT,Ingersollrand,Volvo,Ebara,bosh,Groove,Capco etc even refineries enhanced to produce more of Diesel with limited petroleum by products relocating their plants to Nigeria to benefit from our diesel profitable market. But in reality, that wasn’t the case and i will explain why;
Take shell for example, the presence of SPDC in portharcourt has given rise to a plethora of servicing companies rendering one or two services to shell and that is how it works. These servicing companies are equally employers of labor.
Does sanusi think that the refining companies will be servicing themselves? Is that possible? When you destroy the business environment for these smaller servicing companies to thrive, how exactly do you want the refining companies to thrive? For the few that will survive, at what cost will they render their services? Shouldn’t the investors consider these in their feasibility studies?
How will they cope? If at all it works, most components and services are definitely going to be outsourced to neighboring countries creating jobs for Ghanaians and Nigerians than Nigeria.
Some servicing companies will rather relocate to nearby countries and leave skeletal operations here in Nigeria just to stay in business; sanusi will end up exporting services elsewhere.
I am deeply ashamed and embarrassed at the caliber of people that take decisions for this nation.
I say it for the umpteenth time; we don’t need to create problems to solve problems, what we need is to ensure that Nigeria has cheaper oil on ground, that will attract investors as against sanusi’s high pump price economic theory which will breed inflation and closure of smaller companies.
The IOC’s (international oil companies) operating in Nigeria has told us that it takes less than 12 usd to extract 1bbl of our crude oil.
Why is sanusi not thinking of creating a solution from that angle? if NPDC can guarantee us just 150,000bbl/d of this cheap crude at less than 12usd, the market will be attractive, add refining cost and other cost to push it to about 22usd/bbl a pms of 30naira per litre will be achievable from these refineries and inflation will reduce by over 40%.leaving us with a plethora of servicing companies which will translate to more jobs.
Is this too much for Madueke and Sanusi to sit and figure out? Other than their inflation marred solution.
Lastly
Sanusi lied that the subsidy reinjection fund will be used to build refineries; I can’t help but pity his unrealistic mystic economic solutions.
How much is the FG’s cut in the SURE fund? Less than 600billion, what kind of refinery will that build? I hope sanusi is not confusing refineries for fuel dispensing stations or are we heading for another IMF/world bank debt burden? I don’t just get it.
Where will this SURE funding appear from? I didn’t see it in the 2012 budget proposal, is it right to increase the suffering of the Nigerian people and go back and implement your constitutional annual budget?
Where is sanusi going to get the crude oil to supply these refineries? From the little we make from our JV? I hope this man is not taking us for a ride?
This same crude we use to implement our budget? Which sells at international price? This man is cynical.
How did we end up with two monsters sanusi lamido sanusi and Allison Madueke at the same time?
I can see a pattern in Sanusi’s line of thought;
if a bank is performing poorly, CLOSE IT DOWN
If the subsidy regime is performing poorly; SCRAP IT.
Can Nigerians please help me ask Sanusi if it is a crime to proffer real economic solutions to economic challenges other than throwing away the child with the bath water?
Should we fold our hands and watch our Economic magician Sanusi scrap the economic foundation of our survival?
Sanusi and Allison madueke are doing a great disservice to this nation though I don’t expect Mr. President to fire them because he is too incompetent to read the hand writings on the wall.

@ ekwah

i will not keep ringim as IG when i know he has zero reform agenda for the police force, that i call incompetence.

i will not remove subsidy in the face of mass poverty and boko haram threats knowing it can easily be hijacked by opposing groups rather i will fire madueke for letting the incompetence in NNpc to soar a 300bn program to 2trillion.

i will not subjugate the rights of bayelsans by imposing an incompetent goat as their gov with a kangaroo court judgement rather i will forsee the anarchy that will cause in a region too close to my economic foundation

i will fire the army chiefs when i realise his boys were aiding and abetting bunkering in his backyard otuoke.

i will fire all the police boses in charge during the summary execution of BH members amd will compensate them as a group.

i will not bother for au chairmanship knowing that the super militarized members womt commit their resources for its sustenance guess gej doesnt know that NATO is nothing without USA.
i will forsee the compromise on my internal security for missions in restive african countries while boko bombs away my destiny.

accept it now you are still alive, jonathan is clueless those bombs could be anybody

thanks for your response,

the issue of foul petrol is over ruled for now cos it started showing it back in the states, the mech guy in the states said it is a simple stuff and can be fixed anywhere only for me to bring it to Nigeria to Give my mechanic heart attack, all the same i will change both

you have not been able to isolate the two culprits, how do you know whether it is the catalyst or the 02 sensor? the scan mentioned only the catalyst the mechanic is suggesting we change the sensors but i don't see the relationship,also he couldn't verify the status of the catalyst though

thanks for your efforts

if the catalyst is the problem, how can it be repaired? and the oxygen sensors any implications?

@ niss parts
not black market fuel, the car failed emission test in the states before it came to Nigeria, it has been that way. just that the MIL goes off when reset and resurfaces after a while when rev at higher Rpm

2003 Toyota corolla 1.8l

only if Ringim knew that eradication of corruption in the police force will have a chain reaction in sanitizing this nation.

only if you knew that setting up an ordinary website where people can post evidence of police malfeasance will quickly eliminate the bad eggs while you are left with people that will make you proud.

only if you knew that the website can be monitored in the comfort of your office while a disciplinary committee headed by you will sanitize the force in less than one year.

if the Carnage in jos, bauchi, minna, sokoto and maiduguri is what you refer to as your best, then you are not worthy to be a herd's man let alone a cop.

i wish you Nightmares of Ghosts from people that lost their lives under your watch as police boss, may your ears be filled with cries of Agony from people whose properties and sources of lively hood were destroyed under your watch.

Your[b] BEST[/b] indeed.

Auto Gurus in the house;

what does this diagnostic code mean and how can it be fixed? car runs smooth and easy but check engine light is on.
any suggestions?

beaf!! reasonable, till the owner ask for his brain back

stories that touch, this nation will never know peace unless corruption is eradicated.
the police seem helpless in this situation is that supposed to be so?
these are all elements of corruption, incompetent people that cant think are given police jobs while competent people remain jobless, this is nepotism and corruption.

nepotism has crippled the npf people cant even give them imformation because they are brutal,unfriendly and totally corrupt.

was the IG the most qualified for the job?
same cant be said of the other cp's and Asp's but the most corrupt get the positions.

bayero quit crying encourage joboy to fight corruption, the force if saniized will get enormous support from people,
the story of pascal david is the height of police corruption, eu or no eu, pascal went to report to police that an aboki bought two drums of ether,
police had to detain him on false alarm charges without even going to the aboki's shop.
pascal regained his freedom coughing out 10k, a jobless guy.

case you dont know, boko haram is a curse placed on those officers by motorists. reap the evil you sow.
I feel sad for the collateral damages though

@ ojubi

paying retirees higher than active staff and subsidizing the excesses of that př0şťîťûţ1ņģ incompetent bingo madueke.
that is where their 57% went to.

@ uncle nna

the dso issue is still valid till date, since 2008, during the kupolokun era, 250,000barells per day is charged NNPC at international crude price.  do a litle research.
Allison madueke lied through her c.unt that more refineries will solve the subsidy brouhaha.
refinery is not the problem but "oil to be refined."
thanks for readimg the expose anyways its pretty long.

the guy that wrote about petronas actually caught the drift. ask urself;
how long did it take petronas of Malaysia,petrobras of brazil, CNPC of china and ENI group of italy to conquer their territories and beyond?
Allison madueke and her predecessors are busy self-service.ing with NNPC all year round.
very shameful.

@unclenna

another suicidal jv is sinking our proceeds from NLNG as we speak, leave matter for another day.

@ rhino

that is not the point, I said it sometime ago that the downstream sector is a saint compared to upstream and your ascertion above was one of the points I raised.
what we talking about here is that officially Nigeria signed a death warrant agreement with these ioc's before they even agreed to come and invest here.
nobody is disputing malfeaseance but we are arguing on the official percentage,
in my own opinion I think the ioc's are generous to a country like Nigeria.
dont mind beaf and his niger delta cohorts who think that because they own the oil therefore everybody should sink.
the question I have for he likes of beaf is: can you bring it out?
out of the 517 major operations in oil and gas, nigeria has no single tech to support any and we make noise.
when gen buhari as NNPC boss was saying that our oil is useless if we dont own it all, guess most of us didnt understand what he was saying.
do you know that for the past 10yrs or so, the fedral govt has never contriibuted their 57% of exploratory funding
they choose to pay the iocs with oil and that is where rhinos fraud is perpetrated with impunity.
in other words
the iocs with their tech identify the oil reservoirs,
the iocs came with the liquid cash to fund exploratory oil buisnesses,
they own the patent technology that bring out the oil,
they operate the oil facilities based on their own standard to guarantee efficient oil supply,
while we seat like beaf in abuja hanging agbada left and right decieving ane intimidating nigerians, supplying the serious ioc's with jtf.

did i forget those incompetent corruption goose called NNPC that has failed beyond reach.

sounds like peeps dont know that NPDC a subsidiary of NNPC is tasked for 23yrs to give Nigerians oil solely owned by us, guess what! those incompetent goons are still at 90,000 barells per day after 23yrs of meritorious service,
23yrs of celebrating corruption
23yrs of grand incompetence,
23yrs of wasting billions paying retirees higher than active staff.

Nigeria is very lucky to get 57%.

I cannot but express my profound
gratitude and solidarity to the NLC,TUC
and other affiliate organizations.
We in the oil and gas sectors are solidly
behind you.

Let me quickly introduce ourslves, we are a
group of well meaning Nigerians in the oil
and gas upstream sector who wish our
voice to be heard in this battle to save
Nigeria.

While we negotiate with the government,
these perspectives must be adressed.

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

I saw on u tube sometime ago where the police was having fun killing some BH suspects, guess that is why they are feasting on the police.
tomorrow, if bus drivers start attacking police check points, we will most likely wear it a religious coat.
I tell you what, corruption is fast bringing this nation to its knees.

it was no news Jo-boy was spending 100m naira daily for campaigns now we pay the price, pathetic country with pathetic armed forces

@blacksta

you may be right to say SNG is credible but protest need people and efonomic loses to send a strong message if you want it to remain peafeful.

you need labor because they will pull workers from their jobs creating the desired economic loses while the jobless crowds makes up the population at the rally.

I forsee SNG working closely with unemployed Nigerians to pull crowds but work continues so a smart govt will just ignore them.

I dont see them achieving much without the workers.
serioisly if I were one of those guys paying labor rues I will cease immediately cos that toothless mutallab omar is not worth it, rightly put, I think the workers should protest this month should Nlc deduct monthly union dues from their salaries on the grounds that they need it to pay the increament they accepted from the govt.
person If I were in their shoes, I should take labor to court so that a competent judge will cease the opportunity to make it legally voluntary for one to either join nlc or not.
that way, nlc will die a natural death, imagine the good will of people they abused, celebrities were giving free shows and food to encourage the protest, unprecedented and ovewhelming turn out of Nigerians from all works of life.

omar and esele are lucky they are not pakistanis or libyans because they would be breathing their last by now.

Now, where is boko haram when we need you most? WHEN WILL YOU PUT A FATUA ON OMAR AND ESELE, THEY ARE A DISGRACE TO THE BLACK RACE.

Nairaland needs age restriction at this stage.

a blow out of formation gas doesnt need crude to burn, it is natural gas for God's sake, you will never know how such accidents affect you till you assemble at ojota.

opoki!! what a comment and username

people that had the chance of making a statement with their votes 9 months ago are now relying on unorganized labour to save their skin.

I feel im on the wrong side of the world

labor leaders should be burnt to death, imagine selling out at this critical time of our history, goons!! 97 naira, gosh

One big problem of Nigerians is our inability to scrutinize people’s pedigree.
Look at president Jonathan for instance, this is a man with zero success story as both deputy and Gov. of bayelsa state, zero success story as both vice and acting president yet Nigerians delude themselves he is the messiah even when it was clear that unscrupulous people were donating to his campaign, we still believed he will take us to the promised land on luck.
Let us talk about this mystic economic team Jonathan put together, who are these people?
I for one have no bias against any public official in which ever capacity but I have zero tolerance for incompetence.
Has sanusi’s economic model ever worked in this country? Which economic school of thought does he belong to and what is his mission in this country?
I asked this because I am an ardent follower of events in our economic sphere and have never been shy to put Sanusi’s parlance and pragmatism of economic solutions to a test, but as I speak, sanusi’s economic agenda eludes me.
This is a man who inherited a banking sector which according to Business day 2006 edition averred that “for every five Nigerians with a good job, three are bankers”.
Today, we have a Sanusi who in his usual voodoo economic jingoism has created more unemployment and inefficiency in the banking sector than the military junta.
Who is this man Sanusi?
In the words of his predecessor who consolidated these banks, “the banks were more financially robust” and doing bigger business but along the line something happened.
There was partial deregulation and the cost of diesel went all time high and very scarce, some of those companies who took loans from the banks were running high over head cost and couldn’t survive the tsunami of events that followed,
Job cuts, and eventual closure was the case. During the last days of chukwuma soludo, the businesses were already down so no way to repay the bank loans.
The banks were stranded but soludo applied wisdom, in his words ‘’ decision making in the banking system must carry the instrument of perception along’’ and that was exactly what he did, he quickly created an EDW whereby the near distressed banks could quietly access Govt. loans to revive their institutions hoping to keep people’s confidence in tact while the banks gradually recover.
Here comes our Sanusi with his usual economic parlance and political jingoism.
Destroyed the first instrument of perception which soludo fought so hard to preserve by coming on National television to announce that those banks are not healthy. Till date, we lost one of the most viable sectors of this economy; we lost meaningful employments and international confidence in our banking institutions in its entity, thanks to Sanusi’s voodoo economic theories and mystic economic solutions.
I ask again; who is this Man Sanusi and his mission in this country?
I leave you to be the judge of preceding events from Sanusi’s actions. After consulting his economic oracle, he boldly told Nigerians that the way forward is to bail out the banks (which he destroyed) and SME’s (small and medium scale enterprise) hoping that they will bounce back in business to repay the bank loans.
Till date, Sanusi has not given Nigerians the progress report of those bailed out banks and SME’s especially those in the textile business.
Today, by throwing his weight behind full deregulation in the downstream sector simply tells me that Sanusi’s witch doctor did not tell him exactly which economic formula destroyed his banks. Perhaps he thought that his SME ‘’palliative’’ was good enough for miserable Nigerians who don’t mind trading a permanent position job for a contract job which was what his SME’s were offering or rather, our employments for underemployment.
This is a man that ignores the basic on ground economic theories that work in the country for some mystic economic solutions.
That begs the question; should you deregulate fully the downstream sector, what becomes of those SME’s and how do they repay the loans you gave to them considering that energy cost and inflation will triple their over head cost? Or has his voodoo economic solution already categorized them as mere collateral damage in his economic reform agenda?
Let us analyze some of sanusi’s Hennessey inspired economic formulae.
First he said that by withdrawing subsidy they have destroyed corruption and broken the financial bones of the ‘’cabal’’ benefitting from this subsidy regime, is this really true?
If the landing cost of PMS is about 110naira and government’s inefficiency bloats it to 141naira (ofcourse, storage,transportation,deumurrage etc as enshrined into the subsidy are all Govts ineptitude).
“Citeris paribus” under the subsidy program, a marketer earns 110-65 (ie if ideally Govt clean their mess)
And without subsidy, a marketer makes 220,180,165-110 who exactly did this economic magician break their finances? Because what I see in my economics kwashiorkor is Govt transferring the burden of import deficit to the people not the marketers losing money like sanusi claims.
Secondly, his liquor economics made him believe that he will save money in the face of spiral inflation, and went ahead to justify the inflation saying it is by a little fraction not more than 10% increase, lol. What indices did this acclaimed “pundit” use in measuring this?
In an economy without a functional price regulatory agency and a comatose standard organization with shabby police officers? In an economy where everybody is his own LGA and can fix rates with impunity? What drives this man’s economic sagacity? Witch craft?
Thirdly,
Sanusi is consistently lying to Nigerians that an increase in pump price will attract investors to build refineries; this is the verge where I think sanusi should go back to school.
SLS is not enlightened enough to understand why there was an exodus of indigenous American companies between 1998 to 2008 to Asia and Africa, reason; COST OF DOING BUISNESS or better put, UNFAVOURABLE BUISNESS CLIMATE.
With unfavorable tax laws, incessant labor wage reviews and land acquisition challenges, most companies couldn’t survive and they left US en masse conversely, land grab in Africa and cheap labor in Asia became viable alternatives.
Today, a drunk CBN governor in his usual rhetoric, capitalizing on the chasm of academic deficiency of average Nigerians is proposing that increase in pump price which will directly translate to high energy cost (in a generator driven economy), spiral inflation and high cost of labor will attract foreign investors to build refineries. Is it not ridiculous?
What kind of voodoo economic theory is that?
sanusi quickly forgot to tell Nigerians that their existing refineries even at a disappointing output is subsidized.
Mr Sanusi should have asked himself, when we deregulated diesel, did we attract heavy duty companies, diesel refineries and why?
According to his business model, I was expecting that after the deregulation of diesel, we would have had companies like CAT,Ingersollrand,Volvo,Ebara,bosh,Groove,Capco etc even refineries enhanced to produce more of Diesel with limited petroleum by products relocating their plants to Nigeria to benefit from our diesel profitable market. But in reality, that wasn’t the case and i will explain why;
Take shell for example, the presence of SPDC in portharcourt has given rise to a plethora of servicing companies rendering one or two services to shell and that is how it works. These servicing companies are equally employers of labor.
Does sanusi think that the refining companies will be servicing themselves? Is that possible? When you destroy the business environment for these smaller servicing companies to thrive, how exactly do you want the refining companies to thrive? For the few that will survive, at what cost will they render their services? Shouldn’t the investors consider these in their feasibility studies?
How will they cope? If at all it works, most components and services are definitely going to be outsourced to neighboring countries creating jobs for Ghanaians and Nigerians than Nigeria.
Some servicing companies will rather relocate to nearby countries and leave skeletal operations here in Nigeria just to stay in business; sanusi will end up exporting services elsewhere.
I am deeply ashamed and embarrassed at the caliber of people that take decisions for this nation.
I say it for the umpteenth time; we don’t need to create problems to solve problems, what we need is to ensure that Nigeria has cheaper oil on ground, that will attract investors as against sanusi’s high pump price economic theory which will breed inflation and closure of smaller companies.
The IOC’s (international oil companies) operating in Nigeria has told us that it takes less than 12 usd to extract 1bbl of our crude oil.
Why is sanusi not thinking of creating a solution from that angle? if NPDC can guarantee us just 150,000bbl/d of this cheap crude at less than 12usd, the market will be attractive, add refining cost and other cost to push it to about 22usd/bbl a pms of 30naira per litre will be achievable from these refineries and inflation will reduce by over 40%.leaving us with a plethora of servicing companies which will translate to more jobs.
Is this too much for Madueke and Sanusi to sit and figure out? Other than their inflation marred solution.
Lastly
Sanusi lied that the subsidy reinjection fund will be used to build refineries; I can’t help but pity his unrealistic mystic economic solutions.
How much is the FG’s cut in the SURE fund? Less than 600billion, what kind of refinery will that build? I hope sanusi is not confusing refineries for fuel dispensing stations or are we heading for another IMF/world bank debt burden? I don’t just get it.
Where will this SURE funding appear from? I didn’t see it in the 2012 budget proposal, is it right to increase the suffering of the Nigerian people and go back and implement your constitutional annual budget?
Where is sanusi going to get the crude oil to supply these refineries? From the little we make from our JV? I hope this man is not taking us for a ride?
This same crude we use to implement our budget? Which sells at international price? This man is cynical.
How did we end up with two monsters sanusi lamido sanusi and Allison Madueke at the same time?
I can see a pattern in Sanusi’s line of thought;
if a bank is performing poorly, CLOSE IT DOWN
If the subsidy regime is performing poorly; SCRAP IT.
Can Nigerians please help me ask Sanusi if it is a crime to proffer real economic solutions to economic challenges other than throwing away the child with the bath water?
Should we fold our hands and watch our Economic magician Sanusi scrap the economic foundation of our survival?
Sanusi and Allison madueke are doing a great disservice to this nation though I don’t expect Mr. President to fire them because he is too incompetent to read the hand writings on the wall.

^^^
most oil company offices are closed even in ph but the fields are still active,
I doubt if there is anything done in those offices that the workers cannot do at home all email correspondence and superior authorizations are still flying around.
Nlc thanks for trying though

@ brown auto

mayne you dont get it, subsidy removal was sanusi's idea, well meaning Nigerians are telling him that he has a plethora of humane options.

like the one below



I cannot but express my profound
gratitude and solidarity to the NLC,TUC
and other affiliate organizations.
We in the oil and gas sectors are solidly
behind you.

Let me quickly introduce ourslves, we are a
group of well meaning Nigerians in the oil
and gas upstream sector who wish our
voice to be heard in this battle to save
Nigeria.

While we negotiate with the government,
these perspectives must be adressed.

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

thank you gist, asuquo is talking like peterside on Ait 2 days ago, because I can afford this I can afford that therefore everybody should go to hell.

where do Nigerians get these economic models, imagine a grand mother paying thrice for the price of firewood just for peterside not to drive 4 cars. asuquo is in5ane.

this is what I know about sanusi and sweet grammer cannot change that unless he proves himself otherwise not with rhetorics but real pragmatic economic solutions, then I will start taking him serious.





One big problem of Nigerians is our inability to scrutinize people’s pedigree.
Look at president Jonathan for instance, this is a man with zero success story as both deputy and Gov. of bayelsa state, zero success story as both vice and acting president yet Nigerians delude themselves he is the messiah even when it was clear that unscrupulous people were donating to his campaign, we still believed he will take us to the promised land on luck.
Let us talk about this mystic economic team Jonathan put together, who are these people?
I for one have no bias against any public official in which ever capacity but I have zero tolerance for incompetence.
Has sanusi’s economic model ever worked in this country? Which economic school of thought does he belong to and what is his mission in this country?
I asked this because I am an ardent follower of events in our economic sphere and have never been shy to put Sanusi’s parlance and pragmatism of economic solutions to a test, but as I speak, sanusi’s economic agenda eludes me.
This is a man who inherited a banking sector which according to Business day 2006 edition averred that “for every five Nigerians with a good job, three are bankers”.
Today, we have a Sanusi who in his usual voodoo economic jingoism has created more unemployment and inefficiency in the banking sector than the military junta.
Who is this man Sanusi?
In the words of his predecessor who consolidated these banks, “the banks were more financially robust” and doing bigger business but along the line something happened.
There was partial deregulation and the cost of diesel went all time high and very scarce, some of those companies who took loans from the banks were running high over head cost and couldn’t survive the tsunami of events that followed,
Job cuts, and eventual closure was the case. During the last days of chukwuma soludo, the businesses were already down so no way to repay the bank loans.
The banks were stranded but soludo applied wisdom, in his words ‘’ decision making in the banking system must carry the instrument of perception along’’ and that was exactly what he did, he quickly created an EDW whereby the near distressed banks could quietly access Govt. loans to revive their institutions hoping to keep people’s confidence in tact while the banks gradually recover.
Here comes our Sanusi with his usual economic parlance and political jingoism.
Destroyed the first instrument of perception which soludo fought so hard to preserve by coming on National television to announce that those banks are not healthy. Till date, we lost one of the most viable sectors of this economy; we lost meaningful employments and international confidence in our banking institutions in its entity, thanks to Sanusi’s voodoo economic theories and mystic economic solutions.
I ask again; who is this Man Sanusi and his mission in this country?
I leave you to be the judge of preceding events from Sanusi’s actions. After consulting his economic oracle, he boldly told Nigerians that the way forward is to bail out the banks (which he destroyed) and SME’s (small and medium scale enterprise) hoping that they will bounce back in business to repay the bank loans.
Till date, Sanusi has not given Nigerians the progress report of those bailed out banks and SME’s especially those in the textile business.
Today, by throwing his weight behind full deregulation in the downstream sector simply tells me that Sanusi’s witch doctor did not tell him exactly which economic formula destroyed his banks. Perhaps he thought that his SME ‘’palliative’’ was good enough for miserable Nigerians who don’t mind trading a permanent position job for a contract job which was what his SME’s were offering or rather, our employments for underemployment.
This is a man that ignores the basic on ground economic theories that work in the country for some mystic economic solutions.
That begs the question; should you deregulate fully the downstream sector, what becomes of those SME’s and how do they repay the loans you gave to them considering that energy cost and inflation will triple their over head cost? Or has his voodoo economic solution already categorized them as mere collateral damage in his economic reform agenda?
Let us analyze some of sanusi’s Hennessey inspired economic formulae.
First he said that by withdrawing subsidy they have destroyed corruption and broken the financial bones of the ‘’cabal’’ benefitting from this subsidy regime, is this really true?
If the landing cost of PMS is about 110naira and government’s inefficiency bloats it to 141naira (ofcourse, storage,transportation,deumurrage etc as enshrined into the subsidy are all Govts ineptitude).
“Citeris paribus” under the subsidy program, a marketer earns 110-65 (ie if ideally Govt clean their mess)
And without subsidy, a marketer makes 220,180,165-110 who exactly did this economic magician break their finances? Because what I see in my economics kwashiorkor is Govt transferring the burden of import deficit to the people not the marketers losing money like sanusi claims.
Secondly, his liquor economics made him believe that he will save money in the face of spiral inflation, and went ahead to justify the inflation saying it is by a little fraction not more than 10% increase, lol. What indices did this acclaimed “pundit” use in measuring this?
In an economy without a functional price regulatory agency and a comatose standard organization with shabby police officers? In an economy where everybody is his own LGA and can fix rates with impunity? What drives this man’s economic sagacity? Witch craft?
Thirdly,
Sanusi is consistently lying to Nigerians that an increase in pump price will attract investors to build refineries; this is the verge where I think sanusi should go back to school.
SLS is not enlightened enough to understand why there was an exodus of indigenous American companies between 1998 to 2008 to Asia and Africa, reason; COST OF DOING BUISNESS or better put, UNFAVOURABLE BUISNESS CLIMATE.
With unfavorable tax laws, incessant labor wage reviews and land acquisition challenges, most companies couldn’t survive and they left US en masse conversely, land grab in Africa and cheap labor in Asia became viable alternatives.
Today, a drunk CBN governor in his usual rhetoric, capitalizing on the chasm of academic deficiency of average Nigerians is proposing that increase in pump price which will directly translate to high energy cost (in a generator driven economy), spiral inflation and high cost of labor will attract foreign investors to build refineries. Is it not ridiculous?
What kind of voodoo economic theory is that?
sanusi quickly forgot to tell Nigerians that their existing refineries even at a disappointing output is subsidized.
Mr Sanusi should have asked himself, when we deregulated diesel, did we attract heavy duty companies, diesel refineries and why?
According to his business model, I was expecting that after the deregulation of diesel, we would have had companies like CAT,Ingersollrand,Volvo,Ebara,bosh,Groove,Capco etc even refineries enhanced to produce more of Diesel with limited petroleum by products relocating their plants to Nigeria to benefit from our diesel profitable market. But in reality, that wasn’t the case and i will explain why;
Take shell for example, the presence of SPDC in portharcourt has given rise to a plethora of servicing companies rendering one or two services to shell and that is how it works. These servicing companies are equally employers of labor.
Does sanusi think that the refining companies will be servicing themselves? Is that possible? When you destroy the business environment for these smaller servicing companies to thrive, how exactly do you want the refining companies to thrive? For the few that will survive, at what cost will they render their services? Shouldn’t the investors consider these in their feasibility studies?
How will they cope? If at all it works, most components and services are definitely going to be outsourced to neighboring countries creating jobs for Ghanaians and Nigerians than Nigeria.
Some servicing companies will rather relocate to nearby countries and leave skeletal operations here in Nigeria just to stay in business; sanusi will end up exporting services elsewhere.
I am deeply ashamed and embarrassed at the caliber of people that take decisions for this nation.
I say it for the umpteenth time; we don’t need to create problems to solve problems, what we need is to ensure that Nigeria has cheaper oil on ground, that will attract investors as against sanusi’s high pump price economic theory which will breed inflation and closure of smaller companies.
The IOC’s (international oil companies) operating in Nigeria has told us that it takes less than 12 usd to extract 1bbl of our crude oil.
Why is sanusi not thinking of creating a solution from that angle? if NPDC can guarantee us just 150,000bbl/d of this cheap crude at less than 12usd, the market will be attractive, add refining cost and other cost to push it to about 22usd/bbl a pms of 30naira per litre will be achievable from these refineries and inflation will reduce by over 40%.leaving us with a plethora of servicing companies which will translate to more jobs.
Is this too much for Madueke and Sanusi to sit and figure out? Other than their inflation marred solution.
Lastly
Sanusi lied that the subsidy reinjection fund will be used to build refineries; I can’t help but pity his unrealistic mystic economic solutions.
How much is the FG’s cut in the SURE fund? Less than 600billion, what kind of refinery will that build? I hope sanusi is not confusing refineries for fuel dispensing stations or are we heading for another IMF/world bank debt burden? I don’t just get it.
Where will this SURE funding appear from? I didn’t see it in the 2012 budget proposal, is it right to increase the suffering of the Nigerian people and go back and implement your constitutional annual budget?
Where is sanusi going to get the crude oil to supply these refineries? From the little we make from our JV? I hope this man is not taking us for a ride?
This same crude we use to implement our budget? Which sells at international price? This man is cynical.
How did we end up with two monsters sanusi lamido sanusi and Allison Madueke at the same time?
I can see a pattern in Sanusi’s line of thought;
if a bank is performing poorly, CLOSE IT DOWN
If the subsidy regime is performing poorly; SCRAP IT.
Can Nigerians please help me ask Sanusi if it is a crime to proffer real economic solutions to economic challenges other than throwing away the child with the bath water?
Should we fold our hands and watch our Economic magician Sanusi scrap the economic foundation of our survival?
Sanusi and Allison madueke are doing a great disservice to this nation though I don’t expect Mr. President to fire them because he is too incompetent to read the hand writings on the wall.

people really take this sanusi serious