Knight1's Posts
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@ uzoo in front of my tv. ![]() or sometimes (the dining room) ![]() but seriously, the location of the activity isn't consequential. very seriously |
INDISCIPLINE that's what gives birth to corruption, ethnicism/tribalism etc |
the 23 hours is a joke o. haba!!!! but if it takes more than four hours, then we've wasted a loooooooooooooooooot of money! |
Joagbaje:1. what is the purpose of mature prayer please? speedier answer or it keeps God happy or what? 2. if you are healed, why do christians still fall ill? have headache etc. It means the provision for you healing has been made. 3. what makes the 'greater' is not necessarily because of the 'height' he has attained alone, the blessing makes you a 'greater' too. that someone gives me something sufficiently makes him a greater. i make this point very carefully so as not to be misconstrued consider Heb 7 pls 4.God bless you is a prayer to whom then? 5. i think you might need to define the term 'blessing' because in ALL of Paul's letters he blesses the recipients of those letters in one way or the other. And I am sure that it wasn't in Paul's power to make those blessings come to pass! |
the truth is subsidy can and should be sustained. what should be removed is corruption!!! my reasons are[quote author=kj_hova link=topic=789991.msg9422843#msg9422843 date=1319638451]I shall answer your 5 questions before narrating to you how this Subsidy thing works. 1) YES. There is a subsidy on PMS (petrol) & HHK (kerosene) but not on AGO (diesel) and other petroleum products. 2) NOT NECESSARILLY. Subsidizing any product/service is dependent only on a nation's long term macro-economic principles and not on the fact that the product is there. 3) Petroleum subsidy should be removed only when it is proven that its retention will damage the economy and/or that its removal will truly engender growth and development of Nigeria's downstream Oil & Gas sector. 4) Shortly after removal of subsidy, PMS pump price will likely double. Artificial scarcity may prelude the commencement of deregulation too as scrupulous marketers attempt to take advantage of increased price to mark up margins on old cargoes. On the long run, there should be stability in the supply-demand chain. I do not think however that it will necessarily lead to increase in local refining capacity nor do I foresee any sizable decrease in pump price of PMS subsequently. Let me now attempt to outline my views on the subject. INTRODUCTION What you know as petroleum subsidy in Nigeria is officially referred to as the Petroleum Support Funds (PSF) Scheme. PSF was established in 2006 to replace the previous subsidy program which had become bogged down by glaring inefficiencies. The sole aim of the PSF was to stabilize the domestic price of pet products against volatility in international crude & products prices. PSF is funded (supposedly) from 2 sources, namely; government budget and accruals realized during the period of over recovery. Since “Over-recovery” here refers to the period at which the PPPRA (petroleum products pricing regulatory agency) approved price is higher than the market price of products, and this situation has never happened before in the lifetime of this scheme, government budget has effectively become the sole source of financing fuel subsidy. HOW THE PSF SCHEME WORK • PPPRA, previously mentioned above, releases a quarterly allocation of import quota to the various marketers in the industry based upon each marketer’s storage capacity (own tank depot or with a throughput agreement), past trading record amongst other indices. • Marketers import PMS product into Nigeria. Discharge of this cargo to depot is jointly attended by agents of PPPRA, DPR (Directorate of Petroleum Resources), Auditors for the Ministry of Finance and an independent Inspection Agent. The Shoreline Measurement document specifying quantity & quality of the discharged cargo is then executed by all parties present. The cost of the PMS at this point referred to as the Landing Cost is currently N128 to N136 per liter. • Marketers sell product at not more than the recommended ex-depot price of N55.50/L. Many depot owners actually accept as low as N52.50/L from bulk buyers or due to stiff competition. Retailers’ margin is N65 less ex-depot price less carriage cost to the station and sundry charges. • Marketer apply to PPPRA for refund of “under-recovery” (KNOWN AS FUEL SUBSIDY) submitting the shoreline measurements as evidence of shipment. Under-recovery here refers to the difference between Landing Cost and Ex-depot cost plus profit margin granted the marketers on the shipment. PPPRA is currently paying N78.45/L as under-recovery. • Upon acceptance of the marketers’ claims, PPPRA issues a Sovereign Debt Statement (SDS) in triplicate to the marketer, Ministry of Finance and the Debt Management Office (DMO). • DMO releases a Sovereign Debt Note (SDN) to the marketer with a 45 days maturity period. • Marketer can discount this note with a deposit money bank prior to maturity or upon maturity, present it to CBN who must then pay face value within 3 working days of submission. SAMPLE SEQUENCE FOR PSF • If you import 45m liters of PMS and landing cost is USD1,092/MT, your total cost will be N5,753Billion. • And you sell at Ex-depot price of N55/L, you will have proceeds of N2,475Billion leaving a shortage of N3,278Billion. • When PPPRA pay you under-recovery at N78.45/L amounting to N3,530.25Billion, your final margin will be 2,475+3,530.25=6,005.25; -5,753=252.25 N252.25million WHAT IS WRONG WITH THIS SUBSIDY As you can see, you are left with a 4% margin on almost N6Billion trade. Slight alteration to any variable like exchange rates, sales price, lending rates, under-recovery rates etc will quickly leave the marketer in serious financial straights. Plus there are numerous bribes to pay too. E.g. to get quarterly allocations, to confirm shoreline measures, to hasten processing of SDN and to effect redemption of SDN from CBN. The marketers will rather be free from these encumbrances and will prefer to import freely and price their products at market rates. There is also massive corruption on-going in the PSF scheme. Currently, politicians and government cohorts get import allocations from PPPRA despite that they have no wherewithal to run such transaction. There is also round tripping in which the marketers take shoreline measurements in Nigeria, quickly reload the product to the vessel and sell off at market rate in Ivory Coast or Togo yet claim refund on the same cargo. It is not just a handful of scrupulous marketers here, it has become a massive jamboree which is useful for financing political elections and enriching political camps! The man who heads the board of PPPRA as we speak is ex-senator Ahmadu Alli, former Chairman of the PDP! I haven’t accused him of anything, but you can draw your conclusions from the Nigeria you know. CONCLUSION I am not promoting General Buhari as a preference, but the man once said that the only problem with Nigeria is corruption. Once you solve that, there is nothing wrong with this country really. Somehow, I believe this. Personally I do not support subsidy in any way. My politico-economic principle is right pricing. I believe that this is how the USA or China got to the heights they have achieved today. However, it is clear that the main problem with the PSF is corruption. It is corruption that has ballooned the costs to the point it is beginning to rip the government purse. We cannot fund PSF for too long before FGN go broke and this is the simple truth. Subsidy should be scrapped but only after our government have mustered enough strength a now are you telling me that such loopholes cannot be plugged? can there not be proper monitoring of this by a dept directly under the prez? they say they want to build roads, how many people will be able to fuel their cars enough to ply those roads? build new schools? people can barely send their children to school with subsidy of the fuel they consume new hospitals? to run on generator? increasing the cost of medical aid? who will go to such hospitals? as i said subsidy is not what should be removed. corruption is. at least in that sector and get us refineries. if Jonathan cannot do that, he has no right to inflict hardship on any nigerian. it is not our fault that the govt is inefficient or he is a coward or that some of his friends (eg femi otedola) make their money from importation of petroleum products![/quote] |
will torres be eligible to play for arsenal? saw something on EPL website like he isn't still going to be able to play cos of suspension |
and if those ones fail too (one after the other i guess) they'll get okocha abi, then kanu, then Yobo? ehn? can we really say coaching incompetence of SIasia is what caused our problem? mscheeeeeeeeeeeew ![]() |
try to memorise things. stories, bible verses (if you are Christian). you can also learn to play a musical intrument (not drums); something you can play all the notes in. it sharpens the mind. you can keep a small note too or record on your phone what you have to do so you can always refer and be reminded |
clearly you have your answer. mehn that stuff's great. ![]() |
are you very sure about the sugar? |
well, i think the issue is that we acquire things out of convention and not necessarily because we need them. My parents almost always eat in the sitting room, you set the table for them yet my dad once (i think) got a dining table from india! it's just part of normal furniture so people acquire them without any real plans of using them unless there are a lot of guests. as for those who read/pile books on the dining table, i used to be guilty of that until recently. ![]() |
very warm shawarma and very chilled maizube sweetened yoghurt ![]() |
that is one superb couple. gala and lacasera. ![]() the relationship is, MARRIED ![]() |
lol ![]() well i could, after carefully explaining what the term'egyptian' in the present day would connote |
oloriooko:TRAGIC!!!! JUST TRAGIC! so because a man is a shepherd/pastor, he automatically acquires immunity? kai kai kai!!! |
@ joagbaje Joagbaje:can you not see this? The Lord be with your spirit. Grace be with you. there are two statements in that sentence. the second is the 'utterance of grace'. God is omnipresent, very correct. but he doesn't manifest his presence everywhere. that is the point of the prayer. and i don't even know why praying to GOd to be with you should be an issue ![]() It's not like He's complaining, |
i have never used any of those but i've learnt that on nigerian roads, the more commmon the car the better. gx470 is almost toyota, parts are more available so for me, as a layman, i'd naturally go for lexus. btw if you have noticed, lr3 nigerian used is usually very cheap for what it should be compared to the price of brand new. that probably says something about the vehicle ![]() |
Alxmyr:thank you jare. was just about to write that. And if you even vote to ban him, what happens? ban him from NL, will you ban him form Nigeria too? or the world? if you see his posts and are uncomfortable with it, move on!!! ![]() |
i think punch. but the none of them is serious tribune's sold to the sacked pdp guv's in southwest, they have refused to move into the new century punch is slightly tilted to ACN as thisday is to the national pdp daily trust is just plain rubbish. people should not pay to read such crap. the nation is the southern version of daily trust. just sucking up to tinubu and acn and insulting every one pdp so . . , punch may be read most but we really don't have a quality journalism driven national newspaper! |
had a car for like two weeks now. no plate number in abuja or lagos, i believe some folks here must have experienced this too. what's wrong with this country sef? simple thing like plate number? ![]() |
LagosShia:yep. SO ![]() |
that's dangerous ![]() |
Depilot:i do not believe this report one bit! btw isn't it a little late for that? |
this is one of the reason's i don;t trrust SLS. is he not aware that there is a legal tussle over the ownership and board of IB? so what hapns if the courts rule in Erastus favor? ![]() |
A CAr tracking device guy told me this astonishing story. In Lagos, a car was stolen, same day the windscreen was removed and the VIN was replaced with another(made in Lagos VIN). That's the beginning of what happens, then repainting occurs and finally they send it to dealers who sell the vehicles as 'neat almost new tokunboh'!!!! yep, it's gotten that bad in naija |
CASE DISMISSED!!! VERDICT FOR THE DEFENDANT!!! ![]() |
i've stopped believing anything that comes out from tribune and the nation especially on ACN and PDP respectively issues |
fair performance |
hercules07:i'm tired of hearing this rubbish abeg. DId ACN not contest in 2007? the Election was won in 2007 by MImiko! only when he was in court did the ACN claim to support him (the kind of support that they have failed to disclose up till today) DId they bribe judges on his behalf or pay his legal fees? Come next year by God's grace, if the people will, MImiko will win again and nothing will happen!!! ![]() |
@op it amuses me when people like you believe the bible JUST ENOUGH to attempt to disprove it. and then when they fail, they researcht the same bible and believe another part in an attempt to disprove it, and they fail again ![]() |
Nancydearie:POST UME IS ANYTHING BUT FAIR. JAMB MAY NOT BE PERFECT OR FAIR BUT NOT TO THE EXTENT OF POST-UME. POST-UME IS A WAY FOR UNIVERSITY STAFF TO FIX UP ADMISSION FOR THEIR CONTACTS. |
BUILD MASSIVE PRISONS IN ANTICIPATION OF THE CROOKS TO BE HOSTED. btw the prison will be in maiduguri so they can enjoy some hot sahara breeze!!! |
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(the dining room) 



VERDICT FOR THE DEFENDANT!!!