₦airaland Forum

The TUC of Nigeria is concerned about printing of new naira notes but isn't showing concern as to why despite the huge drop in crude pricing oil pump price is still same yet all over the globe pump price of petrol, diesel and kerosene is dropping.

Nigeria is just a country on another planet I swear.

That's the beauty of true democracy. People and the opposition being the custodian of government resources. Tell me how fayose will steal without looking at his back now.

The EFCc won't be needed in Ekiti, the opposition are the watchdog.

Chukwugekwu:
your action alone shows that you are nothing but boko fools....

Which action o? Are you well at all? Sure you're not suffering from brain fatigue ? Becos I don't see what your mention has to do with what I put up there. I think you're exhibiting early sign of being deranged and the sooner you seek treatment the better.

Moronic and stupid mofo.

Emma3030:
guy make use of your brain before you make comment, some some of your comment is really disgusting .you mean that government should go to your house and monitor the kind of dress you put on before coming outside. Let me educate you once again, suicide vests is just like a cloth me and you wear everyday but strapped with explosive. In your own chicken ideal, go eat is clueless because she don't go house to house, bathroom by bathroom and even toilet by toilet to check the kind of cloth your mother wear before going to market? Subside mission is an ideal sowed in to the mind of those brainwashed guys. Untill you start educating your people there and start giving them a new orientation ,subside mission can not stop.i even heard some people saying suicide mission is a jihad and is part of Islamic life. Stop blaming the government and take up ur responsibility

Why not try get proper education and learn proper paragraphing and use of tenses. I could not read more than the 1st time in your quote.

Can you please modify, do your paragraphs well, correct all the grammatical blunders and then resend this mention.

Thanks it won't be well for the PDP and Jona for making you turn out this way. How can your life be better if this is all you can put together after all the years from primary to university ? Your future is hopeless truly.

Who doesn't know he was involved. A lying man of SaTAN.

How convenient it is that he gave out the jet on lease few weeks to the botched money laundering or gun running business, how convenient it was for the NSA to use same flight that was just recently leased out yet not licenced for such operations to be used to ferry the monies, how convenient that a private jet flew from the presidential wing of our Airport to break customs and immigration checks, how convenient that GEJ was at the handover of the so called DONATION by church members, how convenient it is that a FEDERAL GOVERNMENT can come forward to claim responsibility for a COVERT OPERATION, whats the essence of COVERT if not to deny if the deal goes awry but in our own case our FG came out singing that it is our money we ordered the purchase. See how convenient it is.

Only moronic and senseless Nigerians will believe the tales by moonlight story of a arm purchase. How many arms will $15million buy for the Nigerian Army? Yet the defence chiefs and the Minister of Defence does not know anything about the deal. An NSA who controls no boys scout or man-o-war is buying arms for his shooting practise and hunting exhibition.

Isnt the country Nigeria a joke? When it produces leaders who can't even use their commonsense

If all we have in our excess crude account is $4.1b after all the 5years of high crude sales. The benchmark has always been $75-$79 yet this useless gatherings of thieves can come out and tell us they saved only $4.1b. Obasanjo paid off our debt to the Paris club and other creditors worth $12b yet jonaTAN kept $4.1b in 5years with crude selling higher and production higher than obj since there was no militancy activities to blow up pipelines, kidnap oil workers, prevent oil flow yet the Nation is poorer.

Governors demanded their share of the oil bonus. They were denied despite the NGF winning a court judgement that the excess crude account is illegal the FG kept operating it and siphoning money through the back-door.

Our oil bonus was used to buy more and more JETs for the presidential fleets, more bullet proofs cars for their convoy, our presidential fleet has one of the largest with about 11 private jets and 4helicopters yet the British PM does not have 1.
$10.8b that the minister of finance agreed is not accounted for 10months ago is still NOT ACCOUNTED for despite the fact she told us she has appointed auditors. Those are where the monies went.

Ifeanyi Ubah and other subsidy thieves all PDP members or sons of prominent PDP members are all walking free today yet they stole billions of our oil earnings and our commonwealth through a scam petroleum importation bizness. Those are where our monies went just to benefit their cronies.

No roads, no light, no water, no mass lowcost housing, lowest foreign reserve in 12years despite huge gain in oil price differentials, lowest amount of monies in the Excess crude account since the ObJ regime that introduced it, yet State Governors have been receiving lowest amount of allocation since last year making most not able to pay salaries and contractors yet the country made billions from the oil windfall but pity nothing on the ground to show where the money went.

Truly the destiny of this Government is to bankrupt Nigeria. Other countries have started reducing oil prices because of low crude prices ours still remain same.

Any right thinking Nigerian should know we need to change this Government.

Obinoscopy:
I had wanted to ignore this post of yours cos it appears you can't make any argument without resorting to insults. But let me oblige you.

This crude oil that you are talking about, are we also producing them? The answer is obvious. Yes we produce them.

Now the next question is this. Do we produce them in large quantities that it would be large enough for local use and still there'd be much left for export? The answer yet again is obvious. Yes, it's large enough for export.

Now this leads us to the next question. Do we refine 100% of our crude oil meant for local consumption? The answer is an emphatic No.

Ok, now let's be more practical. Assuming a barrel of crude oil is $100 and the cost of refining it internationally was $40 (and cost of local refining be $10). Also assuming that we produce 10 million barrel per day but need a million for local consumption.

This means we can decide to sell just 9 million barrel of crude oil (revenue will be $900 million) and then refine the remaining one million barrel locally (expenditure will be $10 million). But since we don't refine locally we have no choice but to sell the whole 10 million barrel of crude oil (revenue $1 billion) and then import 1 million barrel of petrol. Whatever effect the international price had on the cost of importation of the petrol can be offsetted by the difference between $1 billion and $900 million (which is $100 million, I call it the cushioning money [I presume that's were our subsidy budget is calculated from]).

However, if the international price of crude oil drop from $100 then it means our revenue will dwindle and the cushioning money will dwindle. If anything, the reduction in international price of crude oil wld lead to an increase in fuel price over time. Not a decrease.

Sorry I don't read idiotic posts, I asked a simple question, what made this thread eligible for transfer to the foreign affairs section? If you can't provide an answer then leave it. Ive since moved on. Educate yourself you need it more than I do. I gat little time for rubbish

The military are on top of it, just like our president said after the suicide bombing in the school in Yobe " THE SUICIDE BOMBER WILL BE BROUGHT TO FULL JUSTICE" .

the dead bomber will be woken by GEJ to face justice. That's shows how clueless the government and its top military commanders are in the handling of the threat by Boko Haram. They have moved from a bunch of disgruntled and illiterate hungry boys to a large scale terror group with multiple cells divided across the country that are trigger and bomb happy.

Why can't we call for international help with boots on the ground to root out this boys? How much more blood must be spilled before the military accept this supposed insurgency had gone beyond the magnitude they are prepared for. Calling for help is not a show of weakness. American went to Iraq, Afghanistan and Libya with a broad coalition, not because it could not take on those countries all alone.

We need real soldiers with intelligence backup that will nip these attacks in the bud. The group is mobilizing arms and monies across the country through the raid on military armoury and banks.

What are we waiting for God's sake?

pendy79:
I really don't give a flying Bleep how many tines you update and modify your earlier post on this thread.

But can you explain why it was moved to foreign affairs? What's the diplomatic issue contained in this post?

I can safely say it is either you don't want people to be aware that there should be reduction on the pump price of petrol or you are too ashamed for more people to see how ignorant your arguement was.

It's okay then. Live with the consequence and your conscience.

You're indeed a funny one. Watch our resident ignorant mod move this to car/auto section

Obinoscopy:
We are an oil producing country. We export crude oil to those countries that ultimately refines the product into petrol for onward sales to oil merchants. Did you factor it into the equation?

You say the decrease in crude oil will decrease the cost of production of petrol, I agree. But by what margin? The cost production of petrol is not directly proportional to the cost of crude oil. Rather it's partly proportional. This is because we have to factor in other costs such as the cost of refining the said crude oil.

The reduction in the international price of crude oil doesn't affect us positively because we are exporters of the product. Rather the reduction affect us negatively. Our revenue has dropped. This means that the budget for subsidy will be affected. If anything, the price of petrol might increase if this trend cobtinues.

P.S. If our downstream and upstream sector had been full y deregulated and subsidy removed then it would have been a different story.

I really don't give a flying Bleep how many tines you update and modify your earlier post on this thread.

But can you explain why it was moved to foreign affairs? What's the diplomatic issue contained in this post?

barcanista:
this is why we need to continually enlighten Nigerians. The Mods and Admin are clearly not neutral.

He has yank the post off politics section to foreign.affairs.

Barcanista obiageli berem ngeneukwenu gbawe patrickmuf arch1 ilugunboy

barcanista:
bros This is a very simple economics. Let me explain..

If Crude Oil price is on the high side, the importers pay more due to the cost of production that have effect on the refined product. Oil Merchants are not charities, hence will want to recover cost and make profit. The government spend more on subsidy.

When the Crude oil price is on the low side, cost of production reduces, cost of refined product falls, importers pay less than what they used to and less the government spend on subsify.

With the drop of global oil price, it is natural that the price of pump price of petrol fall in Nigeria is government is to maintain what it appropriated for subsidy or the government review what it spend on subsidy to reflect on current bills and use the leftovers to tackle capital project.


@ pendy79 thanks for the mention.

I kinda find it rather baffling that with the kind of information in the public domain somebody can still say this. Even imagine him saying "WE DON'T PAY A DIME FOR REFINED PETROLEUM PRODUCT SINCE WE PRODUCED IT"

With all the hues and noise surrounding the petrol pump price hike in 2012 and the revelation from.the subsidy fraud cabal. For someone who.is a MOD saying that shows the nation is in a bad state and this forum need to do a check on on itself.

Ngwakwe once argue with me about Buhari allowing emir of Gwandu bringing in 53suitcases of money into.the country and now this one saying Nigeria pump price of petrol is insulated from international crude price.

And these two are moderators..... Hmmmm

NgeneUkwenu:
The guy doesn't know anything other than moving pro-PDP threads to the frontpage! Obinoscopy is in the same class with chukwudi44! They are just ignorant folks!

I see. I no know say na the only duty he was selected for be that

anonimi:
Firstly our labour union looters should be more concerned about the DISPARITY between the ridiculous N18,000 minimum wage and the mega millions collected by our elected public servants working for the SAME government.

Now to the falling crude price and pump retail petrol price. Why should any SANE person expect a reduction in the pump price without first verifying the % subsidy currently paid by the government COMPARED to the recent fall in crude prices, which may not be fully reflected by those supplying us REFINED fuel.

The situation would have been much different if we had all endorsed Jonathan's proposal two years ago to completely remove subsidy, liberalise the sector and collect REVENUE from investors instead of paying to importers.
We allowed ourselves to be MISLED by the clueless trade unions and political opposition who ONLY wanted to score cheap political points.

My arguement is simple Goverment increased fuel.pricing two years ago stating the huge cost of crude in the international market, now if the justification for increasing is no longer there why still maintain same price regime when you're paying less to bring in same product into the country

Obinoscopy:
Bros Nigeria is an oil producing country. The price of crude oil in the international market wouldn't affect the cost price of petrol in Nigeria (we've never paid a dime for crude oil product, why should we, when we produce it?). Rather what would affect the cost price of petrol in Nigeria is the cost of refining crude oil in the international market.

So it means this your criticism doesn't hold water. A true economist knows that it doesn't hold water .

Really I'm perplexed seeing your write up on this thread.
Barcanista, gbawe, berem obiageli patrickmuf desola ngeneukwenu come see response of our mod on nairaland o

Obinoscopy:
Bros Nigeria is an oil producing country. The price of crude oil in the international market wouldn't affect the cost price of petrol in Nigeria (we've never paid a dime for crude oil product, why should we, when we produce it?). Rather what would affect the cost price of petrol in Nigeria is the cost of refining crude oil in the international market.

So it means this your criticism doesn't hold water. A true economist knows that it doesn't hold water .

Can't really comprehend the incoherent write up.you.put up here. "The price of crude oil in the international market won't affect the price of petrol in Nigeria"

How did you become a MOD on this forum if this is the way you reason? The imported petrol is refined from your pee or what? Are the importers buying at the rate they were few months ago.

If you lack comprehension about something why not just keep quiet rather than show ignorance. How can somebody in this modern age say crude oil price on the international market cannot determine the price of petrol in Nigeria. Is Nigeria on a planet on its own?

Seun what is your criteria for selecting people as MOD

There is need for citizenship rights and information in Nigeria. If the government has a subsidy claim in its budget and now prices are not what they thought it should be, then there is need for nigerians to either feel the impact of the crude oil price reduction on every litre of petrok, diesel and kerosene they buy or they see it reflect in an increase in the Foreign reserve or more funds in the sovereign wealth fund or probably more roads begin fixed, more housing projects, more airports and better and equipped schools.

There is more money to the federal government from the crude price drop since we are still paying same rates when crude was $145 compared to the $74 it is going for now.

IyfeNamikaze:
Brethren, this is the difference between Islam and Christianity. One wants and ideological change while the other says KILL THEM ALL.
do you ever consider those innocent people who are going to be dislodged as that full military force is deployed? do you considerj the infrastructure that are going to be destroyed?
A man can fail, he can be killed or forgotten, but 400yrs later an idea will still exist. you don't know the power of ideas. bokoharam are killing In the name of an idea... and they die defending it. You can't touch an idea.. ideas do not bleed, they do not feel pain... they do not love. it is not the people that you should fight, rather it is the Idea. And only a superior Idea can you defeat an idea.

The pastor is absolutely right. Even if you wipe out these bokoharam boys, another one will spring out later. ALL those terror group you mentioned are still very much active.

Ever heard of maitatsine sect again since the 1980s. Terrorism and terrorist flourish in a stat were there is large disconnect between the government and the populace. They thrive on assume injustice and get easy and willing tools in unemployed and underemployed hands.

Do a research and see why terrorism thrive better in countries with low economic survival package for its citizenry. No well fed and fulfilled man will willingly go out to take the life of another just because he nourish an ideology.

Lone ranger cases abound but organised terrorist group are in good position in countries where people feel insecure, poor and see a bleak future for themselves and their children.

Dmacaw:
Guess who the madman is? Its YOU man and the retards who liked the trash you speewed. Now get busy.

You better seek cure for your psychotic seizures. I don't spew trash, go through my thread and I don't azzlick. If pastor bling is your benefactor since you're one of the gullible he gives out N50,000 to better the lot of your entire lineage it is understood why you lick and worship the ground he steps.

Bastard son of a nobody.

jmaine:
Tell us why you earnestly pray and desire things get worse in country simply because you don't like the man in power ?

I don't hate the man In power, I hate the performance of the economy with him in power. We have had windfall in crude oil prices for over 4years yet there is no commensurate infrastructure nor is our foreign reserves up in the sky nor are all social services/civil servants feeling the wave of good tidings. I have nothing personal against him I just hate the fact the economy and the state of the nation is in comatose with all sectors of the economy down

taharqa:
MUMUdum, d poverty rate was more than 67% about 3 yrs ago, and now (43.3%) according to this report. That na reduction, no bi increase, Ignoramus...

Mr idiot, I thought you will never recover from the reply I gave you the last time you quoted me in your mention.

Do you have eye problem joined with all the malaise bedeviling you? Was the report carried out in a rural or urban setting to get the realistic poverty rate in the country? Didn't the minister contradict herself many times on the performance of the economy?

Go online to the site of the ministry of finance and see if the figure of 43.3% quoted here is same as what is listed there.

You think I'm a nincompoop like you who have deficiency of vital medulla functionalities to read and comprehend that most foreign report on poverty rates are done in the urban areas meanwhile the situation are worse in the rural and not to quick assesible areas of the economy where abject poverty thrives.

You're so daft and need urgent test of your personality to always assume you can throw insults around not knowing it makes you smack of inferiority complex . Idiotic and psychotic sociopath. You better go seek help before you end up naked on the streets . slowpoke.

barcanista:
That is exactly the issue. Two things is expected to happen with the drop in oil price:
1. It is either the pump price per litre of petrol drops from N97 OR
2. The money appropriated for the subsidy is reviewed, and the balance be used for capital projects.

That's my exact arguement. Deregulation or not, the importers are not buying at same prices they did in june or july.

Yar-Adua reviewed lower from N70 to N65 per litre when crude suffered same type of drop when he came into power.

Governent should not take the quietness of people as foolishness.

It is either pump price is revised lower or the subsidy budget appropriated is returned to the federation account and is verified to be so.

Can't believe the opposition and trade unions are quiet about this clear rip off.

iamodenigbo1:
Principle of force of gravity does not work in Nigeria,in 9ja anything that goes up must conrinue going up or at worst Hang

That's a wrong assumption prices of commodity is govern by the laws of nature but thatof demand and supply.

Crude is at its worst in 4years, and it is appropriate that the populace should feel the impact of the drop. When it was high Nigerians paid higher and now it is low the goodwill should go round.

There is a large disconnect between the government and the populace. The arguement of deregulation or not is not tenable here. If prices were jacked upwards based on Crude highcost 2years ago, then it is normal and desirable for the price to go down now that crude is ridiculously low.

Even in Iran, pump prices which was increased has gone down.

We demand same for Nigeria and Nigerians

barcanista:
The Oil Price drop should be of a concern to us in Nigeria Sir. Our government over the years failed to use the Oil $$$$$$ to develop other money sectors of the economy-manufacturing, tourism, Agric, Sport etc that would have positioned us to be less oil dependent. Another funny thing is that our government over the years have been looting all our common wealth accrued from the Oil $$$$$$. It is a shame bros, a very big shame

The silence of the labour unions and the civil society in Nigeria is deafening. If pump price was increased because of high crude prices why will it not go down now if the crude price has dropped?

Government cannot claim it is still subsidising now can it?

Hold your breathe though the price drop is in the STATES and not Naija. Why do we still have pump price of petrol at N97 per litre if crude is going at the lowest in 4years.

Importers are getting at reduced prices hence the differential should be felt by the populace.
Where is the Labour Congress, civil society groups, Human rights activists something isn't right in Nigeria. Across Europe and America fuel prices are dropping yet it is stagnant and remained same price when crude was going for $145/barrel now it is $74/barrel why are nigerians still paying same rate.

Government should tell us where the subsidy claim budget will be used for since crude price differential is now consumed by the current prices.

Where are the opposition in Nigeria? Crude prices are down, cost of buying the product is down too so why are Nigerians still paying N97. Nigerians were made to pay more when crude prices when up, now it is down to its lowest in years then the price of petrol should drop.

MODs seun ngwakwe obinoscopy mynd44 help move this thread so awareness can get to Nigerians to demand a cut in price for pump price of petrol and diesel.

Probably about two years since it’s been this low,” a driver said.

“It’s been a long time,” driver Danielle Jackson said.

In fact, AAA says prices are the lowest they’ve been since January of 2011. More than 20 states will go below the $3.00 mark this week.

“It’s great, I’m so excited I can fill my tank in under $40,” Jackson said.

The price at a Gulf station in Washington Township reads $2.73. But just about anywhere you look along the Black Horse Pike, prices are just as low and dropping.

We found $2.72 if you’re willing to pay cash. But why the drop?

“I’m not asking questions,” driver Jennifer Scott said.

AAA says inexpensive crude oil prices, healthy supplies, low demand and no hurricanes to date have reduced the barrel cost and all that trickles down to the consumer.

“My car is a gas guzzler, so it’s good for me,” a driver said.

“I love them, I love spending less than $50 to fill my tank and I have premium, so that’s awesome,” Scott said.

AAA expects prices to drop another 10 to 20 cents by the end of the year.


http://philadelphia.cbslocal.com/2014/10/22/local-drivers-enjoying-price-drop-at-the-gas-pump/

We don't even know who to believe again in Nigeria. Our Harvard trained professor said the economy is on.track few weeks ago only to turn coat few days later to say Nigerians should manage.

The poverty level is even greater than 43% more than 60% if reports and detailed survey is taken into cognizance. The figure will go higher in the next few months with states struggking to pay salaries and meet their contractual obligations.

A friend called from 9ja saying he has not received pay in 5 months running now despite being in the so called private sector, an insurance firm. The economic index is bad and the future bleak for any thinking Nigerian, the PDP has been a curse and a clog in our wheel of development.

Imagine despite a huge crude oil pricing for 4years, increase in pump price of petrol and end of militancy in the Niger delta yet our foreign reserve keep going down and the military I ss complsining of low budget.

Where exactly is the monies?? Anyone to help ask.

Gbawe:
Bro, we are used to this sort of abuse of power. It is the Nigerian way after all. We are a people, despite conventional education, still emotionally and democratically immature. The notion of behaving in a just and equitable manner always is not something some Nigerians are ready to accept let alone live by.

This is one of the reason the poor and disenfranchise do not currently have a voice or strong representation in Nigeria. The Nigerian elite, in positions of influence same as the mods and the owner of Nairaland enjoy, abuse their powers and use it to intolerantly muzzle the wishes, opinion, voices and aspirations of the Nigerian people. I accept what Nairaland is and you will notice I am never found complaining here. This is because I know that the supporters of GEJ who run this forum will never prevent future development that are meant to be. GEJ is a terrible President Nigerians want to see the back of. The discriminatory antics of Nairaland administrators will not change anything.

It is kinda childish and infantile to behave like a teenager who never had toys to play with as tots the way they select topics to go to the front page and when you complain or point it out they hide it or ban u.

At times I feel like deleting my profile but then realise that is exactly what they want. We won't give up