₦airaland Forum

These guys wasted their boom just like Nigeria . unlike Nigeria, you can see some of the effects on the ground like improved infrastructure.
They were busy building cosmetic infrastructure and paying expatriates as much as $300,000 instead of developing their people.

I am not going to go hard at you but there is more to a software infrastructure than what you have put up there.
A million things can go wrong with a software system.
like the Google that you use. This is what makes it work.
This is just one warehouse out of many that powers Google.
This is just component of the entire infrastructure.

dionpholly:
Wonder shall never end, with this our Nigerian governments, caption this in Ogun-State capital, Abeokuta this morning.
Ogun-State government is now urging Ram seller to pay tax on every sallah ram and with stamp placements on each ram

Wonders?
I wish the Avengers reduced the oil to zero.
Where do you people expect government to get money from in order to provide services?
What you express where is at the very root of the lack of the concept known as CITIZENSHIP.
CITIZENSHIP also mean OWNERSHIP.
Ownership of your government.
Ownership of what your government does and doesn't.
Ownership of your community.
Ownership of country

Or you think government has a money tree behind government house.
By the way, it should be nothing less than N5000.
If you do not pay taxes, why should you expect anything from the government.
As in roads, hospitals,bridges etc.
If you think someone us nit paying taxes for the roads through which you transported those rams, think again.
Some are paying with polluted lands and waters while lagos is being starved to feed beggar states

This is the reason why Nigeria will never develop.

Diversification is not just talk.Diversification requires a complete change of mindset and priorities.
Buhari is making a mistake if he thinks that he can command diversification from Abuja.
Diversification requires that states, the LGs and the federal government work like the wheels in a clock.
With mechanised year round agriculture, Kogi alone can feed this country.

sleekymag:
Your calculation is even wrong. Any price above the benchmark of $38 is meant to go to the excess crude account. From the $38, they have done their calculations already and accurate income to the budget is supposed to be N820 bn.

Did you see using the current price and Rough calculation
Just to show you that the excess make no difference on the zero based budget.

sleekymag:
Bro, they knew that perfectly that was why they put benchmark at $30, except you want me to believe they're even more clueless. Besides cost of production is less than $30 as Kachikwu said earlier on in the year.

The government is running a zero based budget.
If they find the money good, if not , no problem .
It is a living document.

sleekymag:
Yea...N2.2trn for domestic and international borrowing is too much in my opinion, relative to the total budget. If however that's the route they're going, let them go there already, and finance all they say they would in the budget. Using current oil prices being low as an excuse is just not tenable. Budget benchmark $38, current price is in the $44 range.

The difference is the difference between the current price and benchmark is 6 and half a dozen.
A rough calculation Using the current price.

Current price -$44
Cost of production / barrel - $30

Gross Profit - $14

60/40 share - $8.4

Joint venture capital - $4

Left over of $4.4 per barrel to go to the federation account
We are currently averaging 1.5 million barrels per pay.

You are looking at only $6 million per day.
or $180 million per month
Or $1.56 billion per year.
Or roughly N600 billion per year.

Going by what Jonathan the political elite did to the excess crude account of $22 billion , this is peanuts. You would not know such an amount was even released

sleekymag:
Lol, funny you. If you had gone through my post properly and without bias, you would have seen that the entire expected crude oil sales contribution to this year's budget is N820bn, which is just 13.5%. What happened to the remaining 86.5%? Why isn't government trying to ensure that is wholesomely intact? Did u see the second quarter drop of non-oil revenues of N134bn? Do you know how 3rd and 4th quarter figures would be?

Yes I had to use the term, budget of so-called change, because, why would they put N2.2trillion deficit in the budget? They want to borrow 36.6% of the budget to finance it? Who does that? It's deception in the first instance bro.

Internally generated revenue,domestic and foreign borrowing.
The borrowing is to acts as a stimulus and at the same time, start moving the economy from an import dependent economy.

When your friends, your parents or let say people you know are paid a salary, what happens?
One angle

The money goes into a bank.
You spend some of the money on food, transportation, etcIf you do not own your own home, you pay your house rent.
Let us assume that that you do not buy any foreign food or service.
Like Monopoly, the money circulates a few times at the bottom of the economic pyramid( poor) as it moves up and accumulate at the top of the economic pyramid(Rich).
Those at the top of the pyramid in Nigeria have an excessive taste for foreign goods and services even though they are mostly not producers of wealth. They are mostly middlemen who recycle wealth created elsewhere.
Because only a few people are producing real wealth especially foreign exchange wealth from export, More Naira accumulates within the upper part of the pyramid.
We all know what they do with excess money.
They hoard the dough Swiss account Cayman,Seychelles resulting in the removal of forex from Nigeria and living behind excess naira.
Excess naira mean in circulation means excessive inflation.
This makes it difficult for the government to put more naira into circulation.
Based on the disfigured excessive consumption based economy left behind by Jonathan, Nigeria has to look for an $25 billion dollars per annum just to feed our import everything habits.That extra $25 billion is equivalent to our flexible reserve.
If Buhari has allowed Jonathan's economy to continue, It is safe to say that we would have been in the same shape as Venezuela by now with an humanitarian crisis on our hands

NwaNimo1:
What is Kemi doing about this?

Na Kemi finger you take vote?

All the economic theories sanusi was talking yesterday just went out of the window.
Economist can talk cost theories and rub their bellies.
Presidents must consider the social cost of such theories.
For Nigeria, there are no benefits to devaluation especially as the country exports nothing.
Everything moves with dollars in Nigeria. Everything.
We may as well change our currency to dollars.
In liberation economics, you carry yourself by yourself .

If I asked me, I think the government needs to restore order in the creek.Even at the expense of 0 barrel of crude oil production.
The government is at war with the Niger -delta is a long way away from the government is at war with criminals.
These are not freedom fighters.
The 1 million barrels of crude oil the government is still pumping has not made them and the citizens to make the hard choices.
Only those hard choices will lead to anything remotely close to true restructuring.
I still see a lot of wasteful spending. Maintains that skyscraper in new York annually can't be less than $1,000,000 per annum.Get rid of it. Use some of the money to buy something smaller.
How many embassies do we have in Scandinavia and other countries to whom we do not sell anything.
That bloated dysfunctional civil service is another animal entirely.

What do you expect?
Who are those holding people hostage

Politicians,
Rent collecting businessmen
Pastors /Imams
Unions
Civil servants

Ever since SAP was medicated, The property and wealth of the state has been consolidated in the hands of a few.

Ever since the fuels subsidy fraud, I do not take these clowns seriously.
The hemorrhaging could have been stopped then.
The only thing members of NLC need is a sack.
You will only hear their voice when they want more money
Apart from the armed forces and medical personnel, follow the advise of Georgian president and disband the damn civil .
They only work for themselves. I cannot think of one thing that this civil service runs that work. Yet, nobody is giving EFFC clues about who is stealing or who stole what.
Throw the jobs open to all.

nigeriapolitics:
Ok thanks

No insult intended. You are right and I agree to an extent. But we cannot continue to blame outsiders for our problems.
Maybe they gave us the rope but we are the people hanging ourselves.
If you asked him, I think the Arabs have done more damage to black Africans than Europeans and African have done more damage to themselves.
You definitely did not lose north Africa to Europeans.

nigeriapolitics:
The advent of Europeans to Africa brought destruction rather than development:
Reasons: African were living peacefully and prosperously on fertile agricultural land and lucrative indigenous economy and craftsmanship in villages, towns and cities before the arrival of the Portuguese in15th century
Democratic system of goverment : Old Oyo Kingdom, We have a democratic system of government. The Alaafin as the president, Oyomesi (senate) to checkmate d excessive power of d Alaafin, Ogboni (judiciary arm).
Introduction of Slave trade: Available evidence suggested that 38- 48million able men were taken away from Africa. Europeans took away Our (Africans) Human resources to develop their countries with little or no payment.
They encourage intra and inter state war and rivalry, supply arms to tribe that will be of benefit to them using Egba as a case study, took able men and women away leaving aged and sick one's behind, many developed state were destroyed.
De population and dislocation of Africa society, cripple our indigenous economy and craftsmanship, all supervised under their watch.
The zeal to look forward to build an healthy society seems meaningless as their advent acted as factor that retarded the orderly progress of Africa by sowing a dreadful harvest of insecurity, bloodshed and misery.
Abolition of Slave Trade : Eurocentric scholars attributed the abolition of slave trade to humanitarian,Christianity and refer to slave trade as a blessing in disguise, in which I totally disagree, it was abolished as a result of Industrial Revolution (Replacement of Men by machines) d slave services were not needed as much as before.
They needed a new market for their finished goods, oil to lubricate their machine, railway and for making soap. Abolition of slave trade was as a result of self interest of the Europeans.
Infrastructure: The only Infrastructure they embarked on was the ones of benefit to them. Eg Roads and railway were constructed to link the exploited raw materials to the seaport where they can be easily transported to their continent. In 1930's, 4000 Europeans had 12 modern hospitals while 40millions of Africans had 52.
Education: Education was left to the private sector to handle, 3R was the syllabus: Reading, writing and Arithmetic, reason for introducing education to us was never to develop us but for subordinate purpose, to have an interpreter, exploitations, create mental confusion, development of under developed people.
Agriculture: They develop only cash crops that are useful to them and Promote it's cultivation.
Border: Border was drawn by group based on their greed and exploitation policy without considering cultural differences.
By Jumoke Afusat
Constructive criticism, addition, subtraction and recommendation of ideas are welcome

You need to include those who influenced your last name to complete this write up.

just regular military gear.
The Nigerian coast has to be the most lawless coast on the planet.

The Nigerian economy is still deceiving
Much more poorer than it is right now.
There isn't any much difference between the Nigerian economy and society of 1990 and today.
Anyone who left Nigeria for a good number of years can attest to this.
Minor cosmetic changes here and there (in and around lagos), but it remains the same shallow economy without any depth.

Electricity - none
Water - none
Wholesale Irrigation and modern farming - none
Manufacturing - basic
Heavy industry - for where?
Mining-?
Rail - same old locomotives since 1890
conspicuous consumption - A+++
Good Road - for where.
Religion - booming

Just like Jonathan brought
1 Facebook to Nigeria ,
2 increased the GDP from 0 to the largest.
3 Made Nigeria into the world largest rice exporter with farms that do not exist
Bunch of Villagers


Trains running from lagos,new York city to Toronto in 2009

https://www.youtube.com/watch?v=k0t_DsTNqZg

https://www.youtube.com/watch?v=ihmOjnpfKpQ

The clown was looking for low hanging fruits to campaign on after stealing or wasting $500 billions with nothing to show for it.
He put a few trains on ancient track paid for and rehabilitated by Abacha,Abdusalam, Obasanjo,yar adua.
He then went around town shouting transformation even though it had nothing to do with him apart from the 6 locomotives he bought.
Nigeria has been buying locomotives since I was born. The only constant is the snail trains and epileptic services .The main problem persist(It is an antiquated problem).
. The damn train breakdown, constantly derail until the next batch of locomotive is bought.
Not until obasanjo rail Road map did something Nigeria start to get serious. He set the ball rolling with Kaduna Abuja standard rail project. The road map was essentially derailed by the looting of the treasury by Jonathan and his 49 thieves.
Buhari has brought the rail Road map back on track.

Sealeddeal:
GEJ said that Nigerians will thank him when he is no longer in power and it's true.
@OP, has Buhari laid any railway track ?
Thank GEJ instead.

Putting 4 five million dollars locomotives on rail tracks rehabilitated and paid for by his predecessor is nothing to be thankful about.
Show us one thing he paid for out of the $500 billions

Give her a criminal record to make sure that she doesn't reappear in another position in future

Falana should stick to law and human rights.
No, they cannot spend it.
More naira in circulation basically more naira going after goods and services we do not produce or supply This will lead to more inflation and demand for dollars

What does he do for a living?

Lobbyists.
If you have the money, you can buy one
And they will sing any tune you want them to sing.
When did the teaparty Republicans start caring about human right.
Their entire time is spent undermining human rights watch,transparency international , amnesty international etc.

The so called investors, the smart ones started pulling out of commitment as far back as 2011,2012.
I laid out the current scenario in 2014.
Warned of the death by a thousand cuts during the subsidy fraud, diesel , fraud and kerosene fraud era.
Only a fool would put money in Nigeria at a when she was being bled to death.
Senior civil servants ( generals,professor) were on salaries getting to $4000 per month. How in the world will a poor country be able to sustain those salaries considering the fact that when you scratch the surface, the underlying situation was worse than it was 1982.
The same 2,000,000 barrels of crude. A worse infrastructure but with higher population and an elite class more greedy and less refined.

ZKOSOSO:
Keep saying it..... ko le possible raraaaaaa!!!
Restructure or remain stuck forever with Recession!!

Depression is looming soon!!

We can run but cannot hide forever!!!!

God Bless GEJ!!!

I hope you are not trying to tell us that he brought the call for restructuring to Nigeria the same way he brought Facebook to Nigeria.
God bless who and for what?

akinsadeez:
The Lagos government asked them to leave but where do they leave to in this Buhari economy? If they had money to live somewhere comfortable they wouldn't be shacked up in illegal buildings in Agege.

They even still sat in he rubbles after the demolition. What a sad site!

Back to their villages to grow the rice, yam, cocoa,oil palm, cassava etc needed to feed the country.
I have been to many villages in Nigeria from the north to East, middle belt.
Why anyone would leave such serene environment for a life of hopelessness in city ghettos, I do not understand.
I think the National orientation agency has work today. Instead of Lai Muhammed Wasting is time on finance issues he has no clue about ( like the money recovered from corruption is not enough instead of saying that putting more naira into circulation will lead to more inflation)

You know nothing about American politics.
The school feeding program is back by the American federal government.
It was a campaign issue before the program started
Obama campaigned on making the food offered more healthy and he did make changes.
Clinton is campaigning to provide early child care.

Like I said yesterday, ride on Ambode.
The LASG is always methodical about things like this.

I thought Jonathan transformed the same way he transformed the treasury and economy