₦airaland Forum

OlujobaSamuel:
you dey use hardly find? me go talk sey there is none.

I only used 'hardly' so as to have room for maneuver. Truth is, I know no single developed country which became developed under democratic rule. Democracy is confusion!

I can swear I have seen a very identical sycophantic report to this one some months back. Let's forget the bad Ore to Lagos road for now, the worst road in Nigeria is currently the Onitsha to Enugu road, why would someone not tell Fashola or FERMA to treat this road as an emergency/priority?

SouthWestBlood:
The other day, it was scarcity of rice. Another day, rice importation ban lifted. And today we are to start rice exportation. Which one do we believe?

I'm sure you and all others didnt see where it said 5 years?

You can hardly find any developed country globally that became developed under a democracy.

RZArecta:
The only reason this PIB saw a second reading is because the proposed benefit accruable to oil producing communities has been removed after much bullying by our northern masters

This is absolutely true, as long as that bit of the bill on benefits accruing to oil communities remains watered down, then the bill is as useless to the oil communities as used tissue paper. I wonder what's so hard in doing this thing right so the nation can rest for once.

ehissi:
Heeeey!!!

Na waaaaoooh!! obailala colleague don come!!

Associate Professor - abi na Reader na e UNILAG dey call dem - don come again.

So na the likes na e you dey Jealous ba??

Bikonu my people in the "likes" department, continu to do the needful.

No be FTC again be the koko again Ooh; na likes na e make me moving target for die hard APC fans.

For your mind, you have quickly gone to check the dictionary meaning of stvpid and were impressed; that why you quickly release one kawai.......

You whey sabi budget and budgetary process explain to us, that have never had the pleasure of an academic education.

Somebody will bring fragments - only proposed infrastructural projects that hasn't even been debated/reviewed/approved - of a budget (2018) not in debate or in review before the National assembly and want to use it as a basis for the biggest loan the country has ever sought in the history of its existence - the loan is even bigger than our foreign reserves - and for you whey go "school" e make sense.

Please, take me to the cleaners on this.

Shebi, you will first draft budget, Present it for approval - of which both the means of achieving the capital to sponsor such a budget will be discussed along the way whether through duties/taxes, project revenue or the instrument of debt.

Instead, we have a President who instructed that approval be sought for a massive loan for only infrastructural projects in a budget (2018 budget) that is not even before the Senate for review not to talk of approval............................

Another Abracadabra fan!! Dia ris God Ooooh!!!

APC die hard fans and Abracadabra are like...........abeg make una help me with that Zuma picture.....

Fact is that you lack basic understanding of simple concepts, hence everything to you is abracadabra. Most annoying is that even when someone tries to explain simple things to you, you instantly repel the explanation even before you read it simply because you prefer it being abracadabra. You are obviously a firm believer in the saying that 'Ignorance is Bliss.'

ehissi:
Lol....


Uh Ooh!! Its now you want a discussion!

Mr (abi na Mrs) "well read, I don't do conversations with ignorant people"...

You now want a discussion/conversation, why the sudden change of heart??

Because name calling and insults is no longer effective to making your points or you just discovered how unintelligent it was to bring up the 2016-2018 defence?? Which one??

I must say that I am well amused by your sudden change of heart. Even the most ardent of Buhari/Kemi Adeosun fans for done run commot for this thread by now...

No be small focused discussion............

Just incase you are lost, I would remind you of where this exchange started from, here's my 1st post to you where I highlighted my 3 simple points:

obailala:
1. N3.64tr has been seized from people under investigation but that does not mean N3.64tr is disposable income available to the govt to spend especially when the cases are all still in court. And of course, before those protracted court cases come to an end (for the money to be available), the nation still needs to move forward. Meanwhile the official statement on the funds recovered was clear on this, actual cash recovered is less than N150bn total. We must learn to read beyond catchy headlines and read the true contents of reports, else we end up confusing ourselves. http://www.thisdaylive.com/index.php/2016/06/05/keeping-his-promise-buhari-announces-recovery-of-n3-4-trillion-in-one-year/

2. Once again, it's important that you read beyond the 'sweet' but misleading title of any report you come across. 79% was on a pro rata basis for the first 3 quarters of the year, so it's actually N3.6tr spent, not N4.79tr. Not that it matters though.

3. Finally, the planned borrowing isn't for 2016 budget, its for 2016 to 2018, the intention is to secure the loans early enough to prevent the same mess (delays) of 2016 reoccurring..

Below is my 2nd post to you reiterating my previous point and expressing my dismay at your childish/unserious response:

obailala:
I sent you a link to read but you obviously ignored it. Also, for you not to be aware that the planned borrowing is for 2016-2018, this is another evidence that you have refused to read. Apparently you are either incapable of reading or comprehending, or you just prefer being ignorant for the fun of it. Whatever the case, there is no point conversing further with someone who has chosen to be ignorant.

And here's my 3rd and last post to you urging you to quit jumping about and drifting away from the point:

obailala:
You seem to be forgetting very quickly and diverting away from our discussion. I did not justtify or defend the presentation of a loan proposal without evidence; so stop trying to act all smart and sanctimonious by explaining what i already know to me.

Our discussion was simply on the value of recovered loot, go back and read my comment again. You claimed the govt already had N3.6trn but still wanted to borrow; I simply pointed out that the N3.6trn is still under litigation and cant be touched by govt. I also corrected the figures you quoted on the 2016 budget 79% implementation. Thirdly, you asked why the government needed $30bn to fund budget when 2016 was already finished, i simply pointed out to you that the proposed loan is for 2016-2018. Try and be focused on our discussion.

Now judging from the above reminder, are you sure you are sound enough to read and comprehend?

Can you kindly explain what you just wrote up there about me 'changing my heart'?... cos from our conversation, you are the only one who kept drifting away (probably for a lack of any meaningful response)... Or do you confuse me with someone else?

I'm actually compelled at this time to wonder how old you are.

PentiumProf:
I feel your pains
If you were dangote non of these would have happened
Zoogeria is cursed

freeze001:
Did u see this part? Or u have selective reading disorder? Are the enumerated concerns in the op not obviously designed to frustrate his business? So should he fold his hands and pull out of business because Nigeria is having selective forex challenges? Have u read anywhere that Dangote cannot access forex? Why not require d FG to encourage indigenous manufacturers? Dirty Afonja!

SnowJay92:
If already established moguls like Dangote still get billions in forex subsidy, why can't those still trying to gain ground receive same?

People just have a habit of not paying close attention, that's why whenever arguments are raised on businesses lamenting lack of forex, everybody remembers Dangote; and 'most' people always tend to link the favours Dangote gets to his tribe, irrespective of the fact that Dangote somehow has been able to enjoy these favours from every government irrespective of tribe.

Just for information, the last time I checked, CBn gave higher forex priority to Dangote refinery due to its sheer importance and potential impact on the economy when completed. I can't remember Dangote tomato also getting this same forex preference as his tomato business is also on the verge of shutdown due to the exact same problems Erisco laments about.

http://guardian.ng/business-services/dangote-blames-closure-of-tomato-plant-on-influx-of-foreign-products/

The CBn needs to sit up though to solve these forex allocation problems, but while we are at this, we must learn to understand that everything isn't always about tribe.

Too bad... The last seems to not have been heard of this forex scarcity wahala..

This reminds me of Ohakim's scam 10,000 jobs. How do you just employ thousands of people with no job description?.... Civil service is already bloated with thousands of people doing nothing productive, but government's idea of job creation is just adding more people to the numbers. They could as well just pay them salaries/job-seeker allowances.

NOETHNICITY:
Can't the Foreign currencies be sent tru unconventional means by evading banks. The cheating at the expense of the sender is jus very annoying.
Pls overlook my ignorance on this matter

Yeah there are unconventional means, but security of your funds can't really be guaranteed. You could choose to save up the funds and hand over cash to someone returning to Nigeria (very unsafe). There are also several unconventional money transfer vendors, you give them your dollar/pound etc and they pay you the agreed outcome in Naira into the Nigerian account of your choice and you also give them a fee which is typically a little percentage (E.g. 3%) of the amount you want to transfer. These unconventional money transfer vendors are the only option left at the moment to send money down to Nigeria at a 'reasonable' exchange rate. Security of your hard earned cash isn't guaranteed though cos you are basically handing over your money to a stranger based on trust.

Very good development, hopefully they meet the target date of completion; kudos to Dr Eruani Azibapu. It was reported sometime earlier this year that Integrated oil (capt Iheanacho) would complete their own modular refinery in 2016. Does anyone have any news on that project?
http://www.vanguardngr.com/2016/04/integrated-oils-116m-refinery-ready-year-gmd/

If only the owners of the remaining 20 modular refinery licenses can hasten up and do something, these mushroom refineries might just be the surest way out of this recession and gateway to Nigeria's prosperity. Meanwhile, Oga Ifeanyi, does anyone know if he's taken any license to build a refinery?.. Or is he only interested in just importing, storage and distribution?.... Money bags like that who made their money at Nigeria's expense are in the best position to restore the economy if they wish.

Finally, is there any law that stops state governments from investing in modular refineries?... Okowa, Dickson, Wike, Udom, Rochas, Mimiko and even executives of non-producing states, is there any law prohibiting states from establishing refineries as a business/profit/revenue creating venture?

tiwiex:
I appreciate ur response. However, fa fa fa. Fowl. So Buharis plan was to borrow money to fund budgets? No plan to maintain or increase revenues. He spent a whole year screaming crocodile smile and messing up economic stability. Now he wants to borrow 29b. I hope into the entire history of Nigeria, we have not borrowed a total of that. That is from independence. Please all this explanation can't work. He has started making peace with Niger Delta. Let him make d best of what we have internally first. So far he has been found wanting. This government struggled to prepare our budget. They are not mature to manage a loan. PMB needs to learn how to manage pur diversity. He has failed woefully. A loan is a lazy approach to his leadership.

A loan is the only way out of the current recession and hunger, there are no two ways about it, except a miracle happens and oil prices jump back above $100, but we all know that ain't going to happen.

The tragedy of nigeria is that at a certain point when oil sold above $100 and there was excess forex, instead of saving, the little reserves we had were eroded and upon the mega forex income at the time from high oil prices, the govt then was still borrowing massively. The irony of this all is that 'majority' of those opposed to borrowing today were in 100% support of the last government's careless borrowing and spending and they wanted to perpetuate that govt. But today when borrowing has become a necessity for survival, these same set of people have all grown wise patriotic. Don't get me wrong, I am not comfortable with the massive level of borrowing being proposed, but i just had to point out that irony.

Finally you said there wasnt any plan to maintain or increase revenue?... FYI, you need money to make money, the little details released on the breakdown of the proposed funds show that a 3050mw power plant is to be built, gigh speed rail lines connecting the nation are to be built; some education, health and agricultural intervention funds were also included in the details. If these things listed above are not considered by you as projects that can improve revenue and the economy, then I wonder what alternative suggestions you have.

ehissi:
Any given day, I'd rather be called ignorant - asking simple questions is the cure - than talk issues like a paid zombie (for which there is no clear cure).

The link you shows only proves what I have always said but zombies no dey gree make I hia word. That the government has allegedly "recovered" huge sums of cash/assets returned by looters who are begging for mercy not to go to jail.

I ask a simple question, will a man seek to return criminal proceeds wilfully in the absence of a plea deal?? Abi EFCC and DSS don dey use jazz dey interrogate people??

They say Obanikoro wants to return cash, at the same time Obanikoro will go jail. Except the cash was seized, wilful return point to a deal of some sort which usually involves getting a lighter sentence or avoiding jail time altogether.

Anyway, back to the topic, I guess I read a lot better than you do.

Infact, I read so much better, that I don't need a soothe sayer to tell me that it will be a criminal offence for the house to approve such a loan.

I also know that blanket approval for loans without a supporting document is tantamount to fraud.

Asking approval for a loan for expenditure under a budget (2018) that is not even set before the National assembly for debate is unheard of except under the "incorruptible" administration of Buhari with Lai Mohammed as information minister.

Its like you asking a bank to offer you a loan for a project you want to do in 2019 but you want the approval now and you have no copy of the documents itemizing the details of such project.

You are nothing but a fraud, a thief to make such a request from a bank, not to talk of placing such demand on the National assembly and for you to even be discussing that "borrowing for 2016-2018" crap is proof that the tissue paper I want to use to clean my bum bum after I drop this phone is far more profitable and valuable than the certificate(s) you may have acquired from whatever education you may have acquired that makes you feel qualified to just make mentions any moniker you see on Nairaland and call them ignorant..............

You seem to be forgetting very quickly and diverting away from our discussion. I did not justtify or defend the presentation of a loan proposal without evidence; so stop trying to act all smart and sanctimonious by explaining what i already know to me.

Our discussion was simply on the value of recovered loot, go back and read my comment again. You claimed the govt already had N3.6trn but still wanted to borrow; I simply pointed out that the N3.6trn is still under litigation and cant be touched by govt. I also corrected the figures you quoted on the 2016 budget 79% implementation. Thirdly, you asked why the government needed $30bn to fund budget when 2016 was already finished, i simply pointed out to you that the proposed loan is for 2016-2018. Try and be focused on our discussion.

ehissi:
Chairman!! You can lie for africa sha!!!

The people that want to borrow, say they are doing it for to fund infrastructure deficit.

You come dey add 2018 budget, whey no even dey set.

Meaning, 2018 budget draft has already been set??

Abi is this Lai Mohammed!!??

Government said they have recovered #3.64trillion in cash/assets, you dey talk your own village parade.

By your own assertion the government lied and no recovery was made, because if the investigations turn no solid leads or they lose the court cases; then they will most likely return such seized cash/assets

I tire for you Oooh. In any case, in the absence of an auditor general, all Buhari's moves to seek loan cannot sail through.

Due process requires his/her approval, common sense demands that a loan with no clear cut details on implementation nor repayment plan should be bounced.

Thank God for a living National assembly....

I sent you a link to read but you obviously ignored it. Also, for you not to be aware that the planned borrowing is for 2016-2018, this is another evidence that you have refused to read. Apparently you are either incapable of reading or comprehending, or you just prefer being ignorant for the fun of it. Whatever the case, there is no point conversing further with someone who has chosen to be ignorant.

ehissi:
This is my analysis from a previous thread

The current Budget is #6.07trillion, you say you have a deficit of #2.2trillion - meaning, you have no idea how or you do not have the means to generate #2.2trillion.

Then you send a request to borrow $29.9billion - which is #9.06trillion at official rate Ooh, parallel market rate is over #14trillion - meanwhile there is no clear economic blueprint available to describe in detail how the cash will be utilised to get us out of this economic turbulance and you are expecting sane human beings to approve such foolishness......

If all you are looking for is #2.2trillion why borrow #9.06trillion?? After all, you told the world that you have recovered #3.64trillion from looters, what are you looking for loan for?

Meanwhile, his mumu minister of communications is asking for $550million to put a Satellite - abi na flash-drive - in Space for data storage.

In my own opinion, Its this type of wastages, that they want to use to pay gbese for 2015 elections and recent elections in edo as well as upcoming elctions in ondo that they want to use a significant portion of that money for. And I am happy it wasn't approved.

[size=13pt]Except it is a lie, they should use the #3.64triilion recovered to fund budgetary deficit.......[/size]

I am not even talking about the monies that they claimed to have allegedly saved in billions from removing subsidy and from TSA and other things that Lai Mohammed, Amaechi and Vice President "Osunbade" have been presenting as facts to the media.

Does anyone even realise that the $29.9billion is even higher than our foreign reserves??

Nonsense and Ingredient..........


Plus!! The story on ground is that 2016 budget has hit 79% implementation. That #4.79trillion.

So what we need for 2016 is about #1.27trillion. Why borrow #9.06trillion??

The numbers don't add up. Buhari is hiding something. And why hasn't the auditor -general of the federation been appointed??

These people want to do abracadabra again Ooooo:!!

N3.64tr has been seized from people under investigation but that does not mean N3.64tr is disposable income available to the govt to spend especially when the cases are all still in court. And of course, before those protracted court cases come to an end (for the money to be available), the nation still needs to move forward. Meanwhile the official statement on the funds recovered was clear on this, actual cash recovered is less than N150bn total. We must learn to read beyond catchy headlines and read the true contents of reports, else we end up confusing ourselves. http://www.thisdaylive.com/index.php/2016/06/05/keeping-his-promise-buhari-announces-recovery-of-n3-4-trillion-in-one-year/

Plus!! The story on ground is that 2016 budget has hit 79% implementation. That #4.79trillion.

Once again, it's important that you read beyond the 'sweet' but misleading title of any report you come across. 79% was on a pro rata basis for the first 3 quarters of the year, so it's actually N3.6tr spent, not N4.79tr. Not that it matters though.

Finally, the planned borrowing isn't for 2016 budget, its for 2016 to 2018, the intention is to secure the loans early enough to prevent the same mess (delays) of 2016 reoccurring..

AllTheWayUp:


Reality setting in now. Senate told Buhari no borrowing . Go and use the recovered loot, if the recovered loot is not enough, recover more, if you need any law to help spend the recovered loot, like you already using the recovered buildings, send the Bill to National Assembly, and we will approve it effective immediately.
Hahaha, [size=14pt]why borrow $29.9bn when Diezani returned $90bn?[/size]


Only zombies will keep on falling for Buhari and his cabals lies and propaganda,

By tommorrow the Cabals will use EFCC and DSS to commence arrest of Prominent citizens and use it to distract Nigerians on the LOAN issue. That is how the Cabals operate,they use fake arrest without conviction to distract Nigerians from the lingering issues affecting the Nigeria Economy.

On the contrary, only empty skulls believe and spread such senseless information about $90billion being recovered.

Cardinal Rex - Adure ... Love egbuom

emmanuelpopson:
modular refineries are not bogus projects like the ones we know... how do NA destroy illegal refineries operating in Niger Delta. those are examples of modular refineries. they have minimum capacity unlike the gigantic ones...

so bro. its possible if only the oil importers will not make it unrealistic..
they feed on this forex to defraud the government by so. doing,investors will not want to venture into building a new one..

also the hostilities in Niger Delta is another issue.. militancy and pipeline vandalism may discourage would be investors not to build.. will the refineries get oil to refined after completion?.

those are the questions we should ask and answers required..

They may not be massive projects, but they sure do require more than a year to complete from concept to commission. And no, those illegal refineries which are usually destroyed are not necessarily modular refineries, those are makeshift death traps.

Kabashin:
You are right.

Ahh.. I almost got confused myself reading through most of the comments on the first page. Sometimes one begins to wonder whether some people just intentionally send their brains on vacation when they make these dumb comments.

dunkem21:
Not only that BH was kind and humane by not sexually abusing the girls, these LEARNED gentlemen guided them thru extra moral classes and shaped their diction and phonetics..

A round of applause, my people

These one never got to sambisa, she was one of those that escaped over 2 years ago when the abduction was still taking place. I knew a lot of people would confuse this. Or could I be the one that's confused here?

Rizstar:
Orji Uzo Kalu you are the greatest enemy of Ndi Igbo because you had the opportunity to liberate Igbos as a governor of Abia State but you failed. Considering the position of Abia State expecially Aba to Ndi Igbo, you should have done something to position aba in the committee of cities but you failed woefully. Everybody know quite well that Igbos from all works of life converge in aba unlike any other city across Nigeria to struggle for survival. You built substandard 3 months life span roads and squandered the funds ment for Abia Strate development.

Since you did nothing as a governor, one would have expected you to give abians a technocrat as a successor as Tinubu, Obi et al did, rather you brought a greater thief in the person of t. a. Orji who finally buried abia state. Considering the state of things in abia state today, kalu you are supposed to bury your head in shame because you are the architect of the dilapidated point, which should have served as a uniting point to all Igbos and old eastern states in general.

As far as i am concerned, kalu you are supposed to be the last person to castigate Igbos. If Buhari were to be serious with his anti corruption fight, you and t. a. Orji are supposed to be in the deepest part of the prison cell by now. Looking at the state of affairs of Abia State, aba in particular, kalu please shut up. You deserve no respect and attention at all.

They have sent you to denigrade Igbos for our quest for liberation and freedom as a soft landing ground to your case with efcc. I am sorry to disappoint you. Your antics cannot and will not work anymore. Our eyes are wide open and we all know who and who our internal problems and enemies are. When the time comes you people will not have any place to hide. I repeat shut up Mr. Orji Uzo Kalu.

You are absolutely right on this, OUK screwed up Abia state big time and is even worse than Ochendo; OUK is worse because he actually imposed the cretin on Abians.

Lol... PDP the advisers

mesoprogress:
Uba is right. What he said is absolutely right. Fix petrol importation, fix rice importation (not by banning but increasing local production), naira will appreciate. This can be done in less than a year.

How exactly can this be done in less than a year?... The nation has only dead and decomposed refineries which are approaching 40 years old, do you really think refineries can be built in one year from conception to commissioning?

Islie:
http://www.vanguardngr.com/2016/11/buhari-can-crash-dollarnaira-disparity-ifeanyi-ubah/

qualityovenbake:
The federal government economy team needs to wake up and remove the dimness or blindness from their eyes. They should put their ego's aside and implement this useful information.

kings09:
Wit all d advisers buhari has, none cld even come up wit a practical solution as suggested in d article. Well am nt surprised, a dullard can only be surrounded by those as himself - bunch of dullards

Since last year the talk of modular refineries have been on the table. Early this year, Kachikwu announced that 22 licenses were given to private individuals to build modular refineries. Whether the private firms are actually building is a story for another day. It seems everyone is waiting patiently for Dangote to complete his mega-refinery and take over the entire market before others wake up and start wailing about monopoly.

Nothing exactly new has been said here by Oga Ifeanyi.

http://www.vanguardngr.com/2016/03/22-modular-refineries-bring-new-1-429mbpd-capacity/

Meanwhile one of the first private modular refineries seems to be at an advanced stage and may hopefully be completed soon.
http://thenewsnigeria.com.ng/2016/04/nigerias-first-modular-refinery-ready-this-year/

Hmmm.... Lesson learnt from this revelation is that figures and statistics on paper don't really mean anything.

One would have loved to see at least the Mambilla project come to life. But throwing out a proposal 100% without even a debate?.. Okay

The only reason things like this can happen is cos southern leaders are wimps who do not know what leadership is all about. Secondly, the only thing the north has which always gives them the advantage is their ability to put differences aside and unite when they need something. That can't be said of the south and it isn't the fault of the north.

Very ambitious.