Nonsense, accent is no where near Urhobo, claiming Ochuko?.

Seems like one of those sleeper agents being used to whip up sentiments against the NDA.

i doubt the NDA would ever stoop so low to make the struggle personal, they have consistently said their fight is against the Nigerian state and their attacks was rightly tagged "operation zero economy" ( how does Zahra's life affect the economy as a single event)", which they seem to have diligently followed, they have never for once implied that the fight is personal, so whoever is concocting such a video should know that it's purpose is already dead on arrival before right thinking Nigerians.
Try another lie.

PS: the so called Ochuko seems like someone speaking under duress.

Lalasticlala Mynd44 OAM4J Seun could you guys please take this nonsense off Nairaland so Nairalanders can focus on meaningful threads.

Thanks and please do accept my most Esteemed Regards
NavierStokes

Security vote of the past administration erroneously reported as arMs fund now recently reported as money from ONSA's imprest account. For Pete's sake where else was Dasuki supposed to be withdrawing money if not the CBN? Zenith bank? UBA?
Can the current administration swear that the current ONSA banks with private banks or they keep security vote in cash in Aso rock?

Why jingle continuously 2.1billion usd the equivalent of 400 billion at the time, whereas all charges against dasuki and all others are less than 5 percent of the total sum.

Where is Dokpesi who was the first casualty of this investigation? Why has Dasuki not been arraigned "properly".

Illiteracy or naivete is the bane of our Nigerian society as we know it, today.

Margaret has really changed. God bless their marriage.

Ps : Also good to see she ended up with an inko-tariah.

So why the hurry to flag off the project then if not to shore up support for the forthcoming July rerun elections.
Legborsi, who told you Ogonis do not have the requisite manpower to initiate a clean-up, have you scouted for Ogoni sons and daughters in institutions abroad? Personally as one having no direct interest in the exercise, I know more than 5 PhD environmental researchers in the UK, of ogoni origins. Scale that up across the uk and then around the world or rather put politics aside and call for applications if you wouldn't receive a huge number of very impressive cvs.

Was the government not aware of these challenges before rushing to press and making it feel like Jonathan and co were stupid.

I will say it for the umpteenth time on this forum, Ogoni cleanup if we will be honest with ourselves is still a long step away, only on another thread we are talking about the chronicand debilitating issue of the cash calls owed by NNPC and you expect them plus JV partners to cough up 1billion usd clean-up fees. The government needs to present her concrete plan as regards funding as anything short of that is lied and an attempt to hoodwink the gullible people of ogoni.

Its an issue that pertains to people's lives and I believe the government shouldn't play politics with it.

Only a week or two ago they have started renewing chatters of resuming oil production in ogoniland.

Maybe that's how the government intends ramping up oil production, good strategy , sooth the people's minds by flagging off a clean-up then gaining access to their oilfields, resume production and tell them more stories in the long run.

Btw tit pls attach a source, although I do not need any source to tell me what I already know.

shukuokukobambi:


The cash call issue is the main issue and its being going on for years. Despite the fact that most of these oil companies have it better in their PSC's in Nigeria than most places, the failure of govt in meeting up their financial obligations is just killing.

If only NNPC had been taken off govt control since.....

A panacea!!!

shukuokukobambi:


No matter how they push it, right sizing or down sizing is inevitable. Reading oil and gas dot com will reveal how many thousands of oil workers have been dropped worldwide. Its not a Nigerian problem and these are even in regions where nothing like cash calls features in their business.

I know Kachikwu has started some novel financing strategies e.g the $1.2B deal with chevron but the reality is that govt's failures over the years have stretched them to breaking point and something might give soon.

Yea the right sizing has been taking place worldwide but then mostly not from producers as much as it is from drilling contractors and service companies. Here in Nigeria the right sizing is knocking at the doors of these producing companies, having previously swept through the service guys.
Left for oil prices alone most of the producers are weathering the storm pretty well, but when you include the cash call issues, government's over regulation plus the restiveness then the producers have to go beyond cutting off fat and start chopping the bone as well.
Let's address their concerns one after the other, cos this style of carrying crude without remitting nothing doesn't show any will or empathy or understanding from the government.

otokx:
These unions keeping taking Nigerians for fools, where were they when petrol was increased to 145 naira per litre?

Bruv this is a different matter, its about upstream issues, although when upstream sneezes, mid and downstream catch the cold.
By the way of these issues are not addressed in a timely manner, we may as well start coming to terms with fuel non availability as a part of our daily lives. Little or zero fuel supply.

shukuokukobambi:
The cash call debt inherited by this admin is in excess of $6Billion and its still increasing.

Last last, buhari go need to carry Aisha and Zahra go do money juju for okija or soka because I don't know where he and Kachikwu go see money settle these gbese with low oil prices

They need not pay all at one go, as it wasn't acxummulated in one goal, they just need to show the will, settling this thing in small sums until it's cleared.
Right now companies are using reserves to pay salaries, things are getting out of hand, the right sizing is just around the corner.

The government, past and present are truly stifling the growth of the oil and gas industry in Nigeria, with this issue of cash calls, how do they expect the companies to stay afloat without direly needed funds.
I really hope the government does something fast before we start seeing more rapid declines in production.

I hope she continues with these visits after the rerun elections of this month's and.

Posidonius:


The Prague astronomical clock, or Prague orloj.


Its the 3rd oldest clock and the only one still functional.

Yup bro.

anonimi:


Your avatar is that of teh oldest clock somewhere in Eastern Europe, right?



[img]https://www.nairaland.com/avatars/1m8e370o0s0tfqvq26amda2czw3qg9pn1091777[/img]

Yea the Prague orlog, in Prague. The world's oldest.

anonimi:


Thanks.

No worries boss.

anonimi:


I thought that winter is when demand would be high to heat their homes in the northern hemisphere, not so
Anyway when shall we be in control of our own destiny by being producers of real, value-added goods instead of exporting primary resources that we do not have the technology to even know of their existence?
When shall we stop being just consumers?

Nope summer is the driving season. In winter,refineries undergo maintenance and the heating is usually through gas.

obailala:
Too many children and adults with child brains on Nairaland these days. Even if Aisha wants to go to the US, she will go on a diplomatic passport and as such, even if she's the biggest fraudster in the world, she cannot be touched.

C'mon Obailala
Pls see below, concerning Diplomatic Passports:
Also note that a diplomatic passport doesn't necessarily imply diplomatic immunity.


"WHO DOESN’T QUALIFY"

Applicants with criminal records
Applicants with international arrest warrants
Applicants of interest by international intelligence agencies
High profile applicants with a questionable reputation
Applicants younger than 30-35 years of age unless they’ve achieved something outstanding

Government through her agencies frustrating business. This government interference isn't just good at all for business. That's the challenge the IOCs face in Nigeria being about the most over-regulated business environment in the world.
You collect crude from these companies for sale, without remitting cash calls forcing them to make do with little returns and a struggle to stay afloat, now you direct them on whom they will sell their little forex to, what has NNPC and CBN done with all the 60% returns they get from most of the JVs.
As we speak some IOCs are dipping into their reserves to pay staff salaries while others are owing their contract staff and contractors.
Talk about running a system to the ground, these people are hell bent on doing so meanwhile there are countries out there looking for these investors.

“Frankly, I will not plead for the report of the conference to be considered by your government. Governments come and governments go. The problems will remain. We will all be judged by whether we were part of the solution or part of the problems,”

You have said it all, only if they are wise enough to get the message, unfortunately wisdom and this administration are like east and west

“Frankly, I will not plead for the report of the conference to be considered by your government. Governments come and governments go. The problems will remain. We will all be judged by whether we were part of the solution or part of the problems,”

You have said it all, only if they are wise enough to get the message, unfortunately wisdom and this administration are like east and west.

maxzzo1:

We saw it coming dat it is a Scam right from on set , using 30yrs to clean ogoni tells u Buhari is a fraudster.....

Reclaiming polluted sites spans many years on average. But the issue here is one of a structure which hasn't been put in place.

freeze001:
E be like say dey want to tell u another story again o!
E be like say dem want to act another movie again o!
(*Singing tinz...)

Shebi we like to deceive ourselves in ds country? When people stated clearly that this govt was just a fraud lookin to steal and loot as well as promote an evil agenda of ownership/Lord v Serf runs, they were termed wailers.

I hope those dumbass dogs that were quick to disown their own because of a mirage will realise their stupidity and rally themselves towards total emancipation and freedom from the choke-hold of this dubious Federal government.




Does this show any sign of seriousness? After tye flag-off, what next? These are things that should have been in place even before d political jamboree of an opening ceremony!

I started putting out these arguments from the last administration, but this cuirrent government is so "blessed" with die-hard supporters that believe every nonsense they spew out.

bigboss80s:
Well obviously it was political. The government was in shock after the first wave of attacks by NDA and felt they needed to do something immediately to look competent.

I believe Buhari intends to proceed with the clean up but the flag off was clearly rushed.

That said people should give him the benefit of doubt and a little more time and support.

Buhari is a man of his words.

Hehehe at the last statement.

“The Federal Government is broke, and the money for the cleanup exercise is not there. The facilitators will tell you ‘polluter pays’, but the truth is that Shell and it’s OIC partners own less than 50 percent of OML11. The Nigeria National Petroleum Corporation is also part of the ‘polluting’ Joint Venture. With billion in cash calls outstanding already, I’m afraid that Shell will not move until the Federal Government releases its own funding. Shell revenue was down by 89 percent in 2015. Federal Government’s revenue is also down by almost 50 percent. The truth is that the Federal Government is not ready,”

The optimism raised by the flag off of the implementation of the United Nation Environment Programme (UNEP) report on Ogoniland 24 days ago, might soon be replaced by cynicism. Many in Ogoni and around the world had reckoned that the June 2, 2016 ceremony was to be a major breakthrough in solving one of the most serious environmental crises humanity has faced. But the seeming inability of the Federal Government to constitute the governing council and board of trustees 24 days after is now fuelling a feeling of disappointment that the exercise was perhaps without altruistic motives.

For a people, whose environment has been recklessly treated since the 50s by the activities of oil companies operating there, the thought that the much-anticipated cleanup of their environment is still being delayed for some inexplicable reasons, leaves them with a deep disappointment and pessimism about the whole process.

President Muhammadu Buhari, who was represented by Vice-President, Prof. Yemi Osinbajo, at the launch of the clean up of Ogoniland and other oil impacted communities in the Niger Delta at Bodo, had affirmed that his administration was determined to put right past wrongs, as the Ogoni people have been unfairly treated and their environment unduly degraded and polluted over the years.


The President, who promised to bring justice and succour to the people, noted that oil exploration and production has been going on in Nigeria for six decades. And while oil has given a boost to the Nigerian economy, the ecosystem of the Niger Delta has been severely damaged, as fishing and agriculture have been badly affected. According to him, there are Acts, enactments’ guidelines and regulations to govern oil industry operators. However, either due to lack of will or wilful non-compliance with environmental laws and regulations, the environment was put in jeopardy.

He recalled that the administration of former President Olusegun Obasanjo had engaged UNEP to undertake an environment assessment study of Ogoniland and that the report was submitted to President Goodluck Jonathan in 2011, but the implementation was not accorded the necessary support it needed. According to him, the delay to implement the report has resulted in the continual suffering of the Ogoni people through exposure to air, land and water pollution. He explained that with the flag off, the administration was, thereby laying a solid foundation for the restoration of the fragile ecosystem of Ogoniland and the rest of the Niger Delta. He raised the people’s hope, when he declared that he has given directives for the establishment of institutional framework to drive the clean up process.

“I have given approval to the constitution of the necessary institutional framework that will drive a hitch-free implementation of the UNEP Report. Our lives, socio-economic and political interests depend to a great extent on the quality of our environment. The cleanup of Ogoniland has embedded in the programme, livelihood and sustainable development components. A Centre of Excellence that will identify the skill gaps and provide the necessary training will be put in place. The methodology for the cleanup will ensure job creation for the youths. The agro-allied industries required for the processing of the agricultural produce will also be put in place in the course of the clean up project,” he said.

But with no sign in place of the requisite institutional framework to drive the process 24 days after the ceremony, which was characterised by much pomp and pageantry, former chairman of the provisional council of the Movement for the Survival of the Ogoni People (MOSOP), Professor Ben Naanen, has expressed that a feeling of disappointment is gradually setting in and might become widespread disillusionment and cynicism.

Naanen told The Guardian that as at press time, there wasn’t any administrative or governance structure on ground to enable the programme takeoff immediately. He explained that Ogoni people are concerned about the seeming long time it has taken to kick off the entire clean up process, which the UNEP said would take between 25 to 30 years.

The university don, who questioned the rationale behind the flag off, when government has not put its acts together, said critics have been saying that the flag off was merely a political activity. And the only way government can disprove this is to move in immediately and commence action on the clean up exercise.

He said: “Government should immediately announce the governing structure, governing council, the fund and the board of trustees for the trust fund and the enabling law. These are critical processes that have to be done immediately to retain public confidence.”

Naanen stated that Shell Petroleum Development Company has repeatedly affirmed that the initial $1billion required for the cleaning is ready. He wondered why government seems to lack the political will for spending the money. The government, according to him, will not be paying for the cleanup exercise because the polluter pay principle is being applied, which means that Shell and its partners are the ones paying.

“We do believe that the cleaning will take place,” he said. “The current government is aware that Jonathan became unpopular in the area because of the non-implementation of the report. And so, it should not risk unpopularity in the area by continuing to delay. For now, there is a big reservoir of goodwill, even though people are cynical about the whole thing. But there is a reservoir of goodwill, which the government should tap into by immediately implementing the cleanup.

“The consequence is clearly disillusionment and the longer the delay continues, the greater the disillusionment. As I said, people will lose interest completely and begin to question government’s integrity. I believe the people trust President Buhari and the minister up till this moment. They still believe they are people of integrity and that the minister means well. But if this delay is allowed to continue, they are creating a difficult situation, whereby it will be difficult to regain public confidence,” he said.

Robinson Tombari Sibe, a geospatial and policy analyst from Bodo community, said based on his understanding of project management, a flag off should have been done only after the enabling framework has been set up and contracts awarded. He argued that a “flag off” without the enabling structures and framework is like putting the cart before the horse.

He recalled that in August 2015, the federal government had approved a set of actions to “fast track” implementation of the UNEP report. But rather than set up the Governing Council and Board of Trustees, as promised, government waited for 10 months and then went ahead to do a widely publicised “flag off”, without setting up the all-important framework.

“Do you now see why people are asking questions,” he queried. “The cleanup process is scientific and not political. Unfortunately, however, the whole process appears to be shrouded in politics, enough to scare away professionals that are not given to politics. As things stand, the Governing Council and Board of HYPREP have not been formally constituted. I’m told that the old HYPREP staff is being owed salaries for over a year, and no definitive position seems to have been made on their employment/contractual status.

Continuing he said: “No contract for the cleanup has been awarded. No verification has been done to ascertain if the things outlined in the report are consistent with what is on ground. No proper delineation exercise has been carried out to establish the actual geographic extent of the process. I’m not aware that any proper scoping of the work has been done. All of the items above will shape the scope and cost of the project. So, even if they are very sincere with their actions, I don’t expect that the actual clean up exercise will start in six months, unless they choose not to be meticulous, and thereby jettison global best practices. It’s important to note that the process does not end with the cleanup alone, there is also remediation and restoration.”

Though Shell has repeatedly affirmed that it has set aside $1bn for the commencement of the cleanup and the Minister of Environment, Amina Mohammed had in a tweet on June 12 2016 affirmed that: “there are resources to cleanup Ogoniland. SPDC will pay $1bn towards clean up,” Sibe argued that the funding arrangement appears to be tightly protected in a “black box.” He stated that for such an ambitious project that will span decades, it is important that the funding arrangement be as transparent as possible.

“The report was specific about a takeoff fund of $1bn, which in view of the recent monetary policy announcement, would almost double in Naira. How much will Shell put on the table? How much will the Federal Government (through NNPC) contribute? Do not forget that by virtue of the Joint-Venture arrangement, both Shell and NNPC are the polluters, and from the Polluter-Pays-Pays principle, they should bear the cost of the cleanup exercise. But this was not captured in the 2016 budget. Is Shell graciously picking up the entire bill, or will the Federal Government capture this in a supplementary budget that is to come? If this is the case, they should say it for all to know. A project like this requires a lot of transparency to build confidence and trust in all the stakeholders,” he said.

From a scientific point of view, Sibe stressed that it is important to point out that the field sampling exercise, which formed the basis of the UNEP report, was undertaken five years ago. And from the environmental perspective, a lot can happen to the environment in five years. He noted that most of the things in that report would have changed, as the biodiversity would have been further depleted. Therefore, it is necessary to do on-the-spot assessment/analysis to establish the current condition of things.


He added: “This will form the basis of a proper scoping of the cleanup programme. All of these ought to have been done before any flag off. Unless they want to tell us that the entire orgasmic razzmatazz was only a flag off of intent. So, we might have to wait for a proper flag off of the project itself, when they have the structures in place and are ready to do the cleanup, remediation and restoration of Ogoniland.”

On his part, Alabo Ross George, a project management expert, told The Guardian that he completely supports the Ogoni cleanup project. He, however, observed that successive administrations have only examined the cleanup project through political lenses and their efforts have not been genuine. George noted that under President Jonathan, the big skew in the project was that HYPREP, the agency established to spearhead the clean up was placed under the Ministry of Petroleum Resources, which apparently does not have the technical capacity to manage such a complex and highly scientific environmental assignment.

He pointed out that the implementation of the UNEP report would be the first major environmental cleanup assignment in the Niger Delta. And curiously, even UNEP has not yet done a comprehensive design and blueprint of the project. So, the scope, methodology, risks, work breakdown and timelines are still sketchy at the moment.

“I commend President Buhari for showing the zeal and for flagging off the cleanup project. However, I consider that exercise as merely ceremonial, just like the MOSOP president clearly pointed out on June 2, and as amplified by Friends of the Earth the next day. In my two decades of professional project management, I am yet to see a project or programme that was flagged off without a project implementation plan, a project manager(s), programme or project structure, and a budget. The ceremony was politically correct, but fell short of best practice. These are the kinds of false starts that indicate major failure related risks at the onset of key projects.”

Another concern raised by George about the cleanup is the pathetic condition of all HYPREP staff, who have been home idling away and are being owed three years’ salary. Some of them were recruited as technical staff from some of the best environmental companies in Europe and United States.

“The Federal Government is broke, and the money for the cleanup exercise is not there. The facilitators will tell you ‘polluter pays’, but the truth is that Shell and it’s OIC partners own less than 50 percent of OML11. The Nigeria National Petroleum Corporation is also part of the ‘polluting’ Joint Venture. With billion in cash calls outstanding already, I’m afraid that Shell will not move until the Federal Government releases its own funding. Shell revenue was down by 89 percent in 2015. Federal Government’s revenue is also down by almost 50 percent. The truth is that the Federal Government is not ready,” he said.

But the convener, Ogoni Solidarity Forum, Celestine Akpobari, who was part of the cleanup negotiation process dismissed insinuation that the flag off was politically motivated. He explained that Ogoni people had expected that by now the governance structure should have been inaugurated and the $10m the president approved would have been given to them to kick-start the exercise.

“The consequence of further delay is that the pollution is spreading everyday,” he explained. “Pollution is not waiting for anybody and won’t stop spreading because there was a launch. Our people’s condition is getting worse, as people are dying everyday. The hope and confidence the people had after June 2 is waning, and they are beginning to say it was a fraud, a jamboree. They are are human beings. The reality is that it’s been over 20 days and we have not seen any concrete action. But those of us that are in direct contact with the minister still believe that the cleanup is for real.

“We will not blame those saying the flag off is a fraud since they are not directly in touch with the minister and so, don’t know who the minister is. They have heard about such cleaning up before. We have been here before. So, people have become very skeptical now. The faith they had on the June 2 has gone down considerably.”

Dr. Peter Medee, president of KAGOTE, has blamed the delay in the commencement of the clean up exercise on federal civil servants, whom he accused of not being proactive.

“When you are working with civil servants, you need to understand that it is characterised by high level of bureaucracy and red tape. We are concerned about the delay, but we also understand that we are working with civil servants and that they are always not proactive,” he said.

Notwithstanding the prevailing cynicism, however, Legborsi Pyagbara, president of MOSOP, remains optimistic that the requisite institutional framework will be put in place and the clean up project will proceed.

Pyagbara explained that MOSOP consented to the flag off because it was a reaffirmation of government’s commitment to oversee the clean up of Ogoniland. He described the flag off as significant in the sense that the federal government has openly dared the world to hold it accountable for its avowed commitment to implement the UNEP report.

He, however, insisted that government needs to expeditiously set up necessary framework such as the constitution of the governing council, the board of trustees and appointment of a project manager that will oversee the exercise.

Said he: “We agreed to the flag off because for us, it was largely a commitment to say we are kick starting this thing. Our thinking was that as soon as the flag off had been concluded, we will be moving quickly to getting the structure in place. It is the governing council that will approve even the building of the centre. It is the governing council that will also approve the integrated soil management centre, as well as approve all relevant trainings.”

The MOSOP President explained that pragmatically, there is no way the cleanup would have commenced immediately after the flag off. He stated that Ogoni currently lacks a pool of manpower to be deployed during the clean up exercise and that it will take some time to train Ogoni youths that will be employed at the various stages of the project. To this end, he urged the people to exert pressure on the government to immediately put up the required institutional framework to oversee the project.


“We need our own people to be deployed during the cleanup, but if we have not trained them properly for the job, there is no way we can expect the exercise to start immediately after the launch held on June 2. I think that the basic thing for us is to demand that those preliminary things that need to be done, such as training of the youths, getting the centre of excellence and integrated soil management centre be put in place. If we don’t do that, then at the end of the day, the transfer of technology we are anticipating to come with the project will not be achieved,” said Pyagbara.

MOSOP has, however, warned that further delay in the implementation of the report will inadvertently lead to greater expansion of the ecological footprint in the area, which will consequently spread the damage the more. To this end, it encouraged the Federal Government to put in place new regulatory framework that will reform extant laws, policies that have failed to prevent assault on the environment of oil producing and bearing communities across the entire Niger Delta.

“The cleanup exercise is not just for the Ogoniland alone, though it was specially developed out of a study done in Ogoni. But I think one good thing about the UNEP report is that it has defined how the whole issue of environmental governance in Nigeria had to be done. UNEP had clearly stated that there is need to reform the entire regulatory framework in this country. There is need for new institutions. If we have strong institutions in Nigeria, there wouldn’t have been need to get HYPREP and the Ogoni environmental authority. ”

Source:http://m.guardian.ng/features/cynicism-trails-ogoni-cleanup-after-ceremonial-flag-off/

ashjay001:


Bros, I don't av any inner info, I read btw d lines.

NNPC has been selling PMS at a profit for so long. We have just a shortfall of less than 500m barrels of crude for d past month, inspite of all d bombings. Recovery of looted funds. Reduced corruption in MDAs'(tsa). Increase in crude prices($49/barrel).

This govt coffers is swelling. I'm expecting serious movement in d economy.

A govt that is struggling with huge deficits in her budget will now set aside 550million usd for ogoni cleanup alone. Where is the law backing this exercise? How much is the budget of the ministry of environment?
There was a reason the previous administration did not commence with the exercise up till the time they left government. You claim to have no knowledge of the inner workings, please find a small space in your mind to reason with those who ask the pertinent questions.

ashjay001:


Learn to read btw d lines! After d 1st up-roar, av u heard anyone come out to label it a sham? In d entire statement above, did he label it a sham?

These goes to show that things are still moving in d right direction, u shouldn't need a news site to come and spoonfeed u!

D govt might be slow, but things will happen! U will, God willing, hear and see it! Ur unbelief won't change it!

Implement what? With which money? Where's the plan for 1 billion USD within 5 years, what's the plan? If you have any knowledge of inner workings of the parties involved as regards finance you will understand that there is no way the government through NNPC will be releasing 550million USD for ogoni cleanup at this time.
I have explained this severally from the first thread on Ogoni cleanup when this administration came on board and even to my ogoni friends outside nairaland, I wonder why they still seem surprised with what is playing out.

So why don't the government do something concrete before NPDC rushes to resume oil production in ogoni.

If that's not deceit my friend, then what is it?

Government has "cleaned-up" via mouth action and eager to get back to business as usual (production).
When we said the whole clean-up has been a sham arrangement and plot to get back to oil production, some people will want to argue on what they have no inkling about.

He should look for Felix tuodolo, most of the militant groups have released communiques requesting for him in that position.
That will be a much better deal for the govt acceptable to all parties.

obailala:
Bravo!... this total devaluation seems to be the way forward seeing as no other approach was working. Hopefully it will totally bridge the forex scarcity gap someway somehow.

Yea bro the market started with an initial guess of 253 naira to the USD as the first iteration, it will work it self to a new equilibrium or solution in the coming days. I hope that equilibria at this point isn't 600naira to a dollar, cos each day of delay that passed, pushed our equilibrium point further to the right.
Hope you are having a great week already?

obailala:
@NavierStokes
I'm sure you are an intelligent person, can you please suggest what you think the government should do about this knowing fully well this caused by a forex shortage?

Do you suggest the FG/CBN opens the reserves and pays out the remaining forex in the vault to the foreign airlines to maintain their business?

obailala:
So in essence, it's still all about devaluation?.... It's quite amusing how people scramble to blame every forex related issue on Buhari's refusal to devalue. Sometimes I just wish this devaluation would be done so we can rest, and then I wonder what next our expert economists would put the blame on.

Foreign airlines are requesting passengers to pay only in dollars, the implication is that a $1000 ticket when purchased by passengers with dollars from the black market would cost roughly N320k instead of N200k which it should have cost if paid for in Naira. Now the very same people lamenting this higher cost of acquiring tickets are blaming Buhari for this hike and are suggesting devaluation of the Naira as the solution. I'm still wondering how devaluation can be a solution to this issue of price hike when oil prices are still down and forex still scarce.

Navierstokes
Float the currency and reserves will remain at best constant levels all modern nations operate a floating currency exchange. If only the currency has been billed in the bus when the slide began we wouldn't have been here at this point. I will tell anyone who cares to listen, with falling oil prices out currency was twice devalued, but inflation was single digit, negligible effect of prices of things in the market. Now our currency is fixed and we read sad news everyday. To what end are we maintaining a strong naira, that sanusi would spend over 117billion usd defending the currency? To what end are we maintaining a strong naira if it can not be exchanged in the intl scene?
The government's insistence on a strong naira at this point has been more of political rather than economic. And this government is banking on dumb luck that the price of oil will rise soonest, not because there is any calculated plan in place. Imagine what is happening to our revenues, customs isn't maing as much as projected because of largely reduced imports, marketers haven't been importing petroleum products due to forex shortage, FIRS by nexus isn't also recovering as much. To say our projected non oil revenue so greatly reduced.

Even the government meeting IOCs to provide forex to oil marketers, you think IOCs don't know black market? If PZ and others can patronize the black market, what stops the IOCs from valuing their cash at black market rates.

Those who are against devaluation to not love this country more the those who do. We all want a better Nigeria, one we can be proud of.

I just came across this post sometime ago, in our discussion on the currency controls.
This seems like a stitch that wasn't done in time, almost like the government and cbn came late to the party.

Oshio, there is a big difference between the words CHANGE and CONFUSION, as it is you guys are doing very well on the latter, getting more and more confused with each passing day.
Hear him talk about corruption when his boss is in court stalling a case with multiple SANs.

Talk about running a google search for "confused" and we have your party returned as the result.

You and your party are the problem, not the solution.

Nigerians wanted good change, I read their comments in the build-up to the elections and handover, and shake my head in pity for the bad market they bought into.

DLondonboiy:


when we say these things they think we are joking...

just for a doubting Thomas or two...I'd give you 3 quick ones...
1.Osinbandee LIED when he said he spoke with Buhari. Nobody has spoken with Buhari. I don't know what he stands to gain with these lies..

2. Buhari needs rest/prayers.... He is seriously sick. I don't know why they are hiding it from the public.

3.Buhari would not come back on Sunday!!

I rest my case!!

Brother we are praying for this guy to really get well and lead the nation to greater height, but some people don't seem to know that not everyone on nairaland talks for talking sake, based on the level of info they are exposed to in reality.
I pray he gets well and also that everything works out fine for the President in particular and country in general.

Dlondonboiy over to you.