₦airaland Forum

Oddfinder001:
Yes o.. there's already an agreement btwn the fg and dangote as regard ur 1st statement. Dangote will get crude below market price.

Getting it below market price should be a good thing if you're not a witch.
It will make his refined fuel cheaper.

If for example let's say Dangote buys a barrel at the official price of, let's say $102, and the costs of refining that barrel is $20, he would have to sell back that barrel for $127 (including profit) and filling station will add their own profit. And you and I will buy that barrel for $130.

But if he gets the oil below market price of, let's say $85 and he refines it for that same $20, he would sell it for $107. Filling station will add their profit and me and you will buy it for $110.

So unless you're a witch, Dangote buying crude oil less than the official price should be a good news to you.

Taigaban:
But before now Nigeria had four Refineries that were running, why did we not attain the status of the most industrialized black Nation?

Our love for cheap things killed the refineries.. Money that was supposed to be used to make the refineries work were being used to subsidise it for us.

do4luv14:
I though I was the only one that see it so, Just as those PHCN, And their people, Are constantly bleeding us of our hard earned money, Without reasonable Lights,

That's how I fear for This too, Dangote other products, are costlier at home here, But Cheaper in other countries,

It's as if they are making us pay for the shortfalls of Those other countries,

The Dangote workers working in those other countries do not receive the same pay as Dangote workers here.
The taxes he pay to their Government isn't the same as here. Dangote expenses in those countries is smaller compared to here. Hence things will be cheaper there than here..

Or you think Dangote will sell his cement in America for the same price he sells them here. By the time he calculate his workers minimum wage, taxes, etc, the price of his cement in America will increase..

It is not everything you talk about with emotions.. Learn to think things through..

luluosas:
This is a single individual building a brand new refinery from the scratch, yet government with huge resources couldn't maintain her 4 existing refineries. Who do us in this nation?
Honestly, Nigeria has no business in oil importation, but because of high corruption in high places, they left the oil sector to die so that they can feed on the huge returns from their corrupt practices through importation of oil. What a country!

Thank God that Obi is coming

Try not to be talking with emotions and learn to use your head.

Dangote is a single individual alright.. But he's not the one building the 2nd Niger Bridge, Lagos-Ibadan expressway, Kano-Maiduguri Road, Nnenwe-Oduma-Mpu road, Construction of Ikom Bridge in Cross River State, rehabilitation of Nguru-Gashua-Bayamari Road, `construction of a two-lane Bridge over the Cross River at the Cameroon-Nigeria Border, rehabilitation of the Ikorodu-Shagamu road, expansion of Abuja-Keffi dual carriageway, rehabilitation of Keffi-Akwanga-Lafia road project valued at N101.1bn, completion of the construction of the Chanchangi bridge along the Takum-Wukari road, Rehabilitation of Onitsha-Enugu Expressway, Rehabilitation of Sections 1, 2 and 3 of the Enugu-Port Harcourt Road.

Dangote is not the one paying more than 22,000 graduates currently benefiting from N-Power scheme in the Southeast alone, receiving a total of N679 million in N-Power Stipends monthly.

Dangote is not the one paying the army, navy, airforce, police, customs, immigration, EFCC..
He's not the one paying for all those fighters jets, helicopter and military weapons.

Dangote is not the one building the Zungeru power plant, and other dams and power stations in Nigeria.


Neither is he the one paying all the federal workers, including lecturers, teachers, airport workers etc.

So please don't you compare Dangote and FG..

Fiscus105:
If u truly understand Nigeria financial predicament, you wont talk as if Nigeria is a Russia.

I'm very sure you are ignorant that CBN is print naira recklessly and that, naira is everywhere, devaluing every hour.
I will also advice you to educate urself one of of the reasons CBN wants to redesign naira.




Bye.

Actually, you're the clueless one here. Ghana and other African countries will start demanding our naira to buy refined fuel, and the excess naira in Nigeria will reduce..

This is more of common sense than economics.

CSTRR:
This dangote better satisfy the Nigerian market, first.

The supply should so much that the prices crashes in Nigeria.

Any artificial supply controls should be resisted by the govt.
It's our resources.

You can't use our crude to satisfy your thirst for foreign dollars at our expense.

Actually, you shouldn't expect fuel price to crash. Rather it will increase.. This is because fuel subsidy will finally be totally removed.

Tannhauser:
The viability and economic importance of Dangote refinery simply proves that the failure of Nigeria's refineries were acts of deliberate and criminal sabotage sustained over several administrations, military and civilian.

There is more t the destruction of Nigeria as a nation than meets the eye.

The failure of our refineries were caused the fuel subsidy.. But we thank God Buhari will put an end to fuel subsidy before he hand over. This will be the best news for the next President whoever he may be.

alexsniz1:
Another benefits to other African countries while we suffer.....


Meanwhile contact me for your car AC troubles in Abuja on zero eight zero three five six one zero four three five

Fuel subsidy benefitted other African countries while we suffer. But with Dangote refinery, PH refinery (which will start production in December) and the Kaduna refinery (which Bubu just signed a MOU with South Korea for its repair), Nigeria will start refining our oil and fuel subsidy will end..

Definitely, fuel price will increase but the money we spend on subsidy will be spent on better productive things..

tctrills:
That's what Argentina said. We are not seeing any evidence than Nigeria would be different.
In 2008 when China began the massive construction of tail, the told the world that the project would pay for itself. Today, the project is running at a loss.
Nigeria is more corrupt than these countries so why do you think Nigeria would do a better job.

Argentina is not the only country that took loans.. There are other countries that took loans and are better for it..

I believe in division of labour.. While you see only the bad aspect of taking loans, allow me to see the good part biko.. Bye bye yo.

Fiscus105:
Hope you guys will be paying Dangote in dollars o.

We want our FDI to jack up ok.

It has been said before that African countries buying fuel from Dangote refinery will pay in Naira.. That way, naira will begin to get stronger, as it will be in more demand..

This should be a goodnews to lover of goodness.

dominique:
Once again other African countries will enjoy his products at cheaper prices while we'll have to pay through our noses for same. Can't wait!

Currently, fuel is cheaper in Nigeria than Ghana.
With Dangote's refinery here, fuel cannot be more expensive in Nigeria there than Ghana that will import from us

The unpatriotic Nigeria that love to rate Ghana over Nigeria, food don done o..
Foolish Nigerians that say Ghana is better because cedis is stronger than Naira but don't know cedis is also stronger than the Japanese yen and South Korean Won.

Exchange rate doesn't make a country bigger or small than the other.

tctrills:
Yes what about Egypt. First Egypt does not spend 92% of income on debt servicing neither does America.
The Nigerian government had a revenue of 9 billion dollars last year while the Government of Egypt had a revenue of 67 billion dollars. Clearly Egypt is in a better position to service it's debts.

Even at that Egypt is in danger of not being able to service it debt. The IMF has warned Egypt about taking further debt.

America spends 9% of government revenue on debt servicing. You must agree with me that this is much more healthy.

Secondly even in America we don't have any example of public debt paying for itself.

Nigeria will use loans to position itself to get more revenues to pay up it's debt.. It will happen and you'll see.

tctrills:
We can't continue to do foolish things and hope all will be well. We should learn from history.
The Greeks thought the same when they were borrowing
Pakistan said the same thing.
The worst part of this foolishness is that we have so many unfinished projects and the funds have run dry.

What about Egypt, America etc that borrowed and are better than they were? Nigeria will be better..

Uchek:
But you had the chance to solve the wicked consequence of theBerlin Conference in 1967 when Igbo seceeded from Nigeria. Sadly, your Yoruba kinsmen fought against that chance.

First the Igbos, through Azikiwe stopped Awolowo peaceful way of secession, when he wanted included in the constitution, a secession clause. That way any region that wanted out of Nigeria could do so peacefully and constitutionally.. But Azikiwe, in his short sighted greed of ruling over all of Nigeria frustrated Awolowo and made it treason to secede.

2ndly, the Igbos, Ironsi and Ojukwu, were the first to bring back a region who tried the secede. Adaka Boro broke away the Niger Delta Republic from Nigeria and formed a country. Then Ironsi ordered Ojukwu to bring back the ND forcefully back to Nigeria.
Adaka was caught, stripped naked and sentenced to death for treason..

You Igbos made the bed. So you must lie on it.

tctrills:
No, it would be your job to list projects that paid for themselves. I am listening.
Even in china, the multi billion dollars rail project build from 2008 is running at a loss. If the Chinese can run rail profitably, you think they would build profitable rails for you?
You seem to be very short sighted. What is the worst that could happen if you default?
You lose international credibility. That means no one would loan you money when you need it.
Your currency continues to be devalued.
China would have all kinds of economic leverage over you.
The billion dollars project would begin to face decay as the Chinese would not run them at a loss.
Investments in your country become more risky as your central bank and monetary policy would become extremely weak.
The investors you were hoping to invite would not be comfortable investing in your country.
You would also have lost of abandoned projects as the funding would dry up. This is already the case in Nigeria. The Chinese have stopped funding our rails since January this year.

Be pessimism all you want..
Nigeria loans will pay for itself

ghiloman28:
As much as this is laudable Lagos traffic and nonchalant attitude of average Nigerian man working in government office will melt it down.

The traffic is really a big issue. But then Lagos is smallest State in Nigeria, yet it has the highest population.. Traffic is really going to be a big issue..

But I'm sure things are being done to make things easy.

Felixamos:
No be must say you go speak English but no worry sha I understand your question. Writing a simple English sentence is difficult right ?

My answer is no. I've not benefitted directly from Obi but the plans that guy is coming with, when him win no be only me go benefit but all Nigerians.

You even understand the meaning of benefitting directly from tinubu or you just wan claim wetein you no be online ?

The real big man na offline oh!! So you get your own property for island? I know say you go wan answer yes too ..

Man! You no gats dey lie to me oh! I no know you and you no know me. You hear?

How did Anambrains benefitted from Obi?

Felixamos:
I no go argue with you on this sha. But I believe we can both agree that he has benefited or will benefit from tinubu directly(hence the blind followership) yeah?

Can you say the same thing for yourself? You wey be poet

Every Nigerian will benefit from Tinubu's presidency just like every Lagosians benefitted..

Tinubu is the best man for the job

tctrills:
Your first statement shows you really have very low understand of our economy.
You did not even quote a single data to show that Nigerian investment is growing.
Could you please list the investments under Buhari so we can compare with other governments.
Then again you retold the APC lie that oil revenue reduced under Buhari.
You APC guys forgot that oil was rarely up to $40 under Obasanjo.
The average price of oil under Buhari was above $60. The lowest price was $30 during the first 3 months of covid.
The average price of oil under Yaradua and Jonathan was $80.
So if you do your maths, oil was more expensive under APC.
The idea that projects would in time pay for themselves is actually a lie. Below are a list of countries where projects did not pay for themselves.
1. China's extensive rail project.
2. Sri Lanka's infrastructural projects
3. Brazil's massive projects of the 80s and 90s
4. Argentina
5 Pakistan
6. Greece
7. Spain
8. Italy
9. Portugal
Do you want me to go on?

Yes I want you to go on.. You only stated projects that didn't pay for themselves but in your pessimism failed to listen projects that pay for themselves..

And also, what's the worse that would happen if the loan default? The Chinese will take over right? But it wouldn't still matter, because it's still Nigerians that would be using the trains, airports, refineries etc..
It is still Nigerians that would be employed.. So if e reach that stage make e reach...

CoronaVirusRelo:


No incumbent governor will decamp to Labour Party. Not even ONE politically influential person will decamp to the party.

The party cannot hold, and does not stand a chance of upsetting APC and PDP. The margin is wide.

Labour Party will die a natural death after t
Peter Obi loses the 2023 general elections.

nothingspoil70:
We will like to know the owners of these prefered bidders

The names of the companies are clearly stated. It is now left for you to research about them.

tctrills:
You seem to be a bit confused. We were discussing debt not Tinubu.
No one said infrastructure is unimportant but I was educating you on the dangers of excessive debt.
Your government has destroyed our economy and impoverished the nation with debt. We are now more uncompetitive.
I never said you shouldn't vote Tinubu. I believe you are an adult and you know what you want
I am only trying to educate you on the way the economy works.

You obviously have no idea on how the Nigerian economy works..

Nigeria is having more foreign and local investment now more than ever.

Nigeria would have developed at a snail speed (if at all) with only oil revenue..

Oil revenue plummeted almost when Buhari took over Government. Coupled with fuel subsidy, Nigeria revenue would never have been enough to develop the country. So Buhari had to take loans.

Any other investment Buhari wanted to do without investing on roads, bridges, rail roads etc would have been a waste of time. .

For example, before completing the Ajaokuta steel industry (let's even forget about the court cases that was on ground), a railway needed to be built to carry iron ore from the source to the steel company.. Without a constant supply of raw materials to the steel company, building it would have been a waste of time. Once the furnace is turned on, it can't be turned off for at least 20 years.. So completing the company without linking it to it's raw materials would be stupid.
Those links I'm talking about is the railways which needed loans to be built..

Buhari wanted to link all seaports by rail.
He wanted to link the LAKIJA corridor (you should read about it) to Lagos seaport that was why he built the Lagos to Kanu to Maradi railway (which generated a lot of controversies). That rail way needed loans to be built.

Trying to diversify to other source of revenues was a long term plan which was too expensive for Nigeria, hence Nigeria needed to take loans.

Nigeria needed to buy fighter jets and other weapons to fight insecurity.. We needed loans to get those things.

So who cares, if we spend N92 out of every N100 we make to service debts? In time, those projects built by the loans would start paying for themselves..
Thank God the Chinese loans have a long repayment term of 15 to 20 years. So we have enough time to pay back the loans.


Like I always tell people, in the next 15-20 years, Buhari will be regarded as one of the best President of Nigeria. Because it is around then that Nigeria will see the good effect of what he's doing now.

tctrills:
I just remembered one more thing.
Greece, Spain, and Italy what do they have in common? They are super beautiful places. They are among the top 12 visited countries yet they mess up their economies due to excessive debt.
Investors are not rushing to these countries. So the idea that you need to go broke from borrowing just to make your country beautiful for investors is naive and childish.
Investors care about only 2 things, security and profit and Nigeria has neither of these. We are rated 131 in the ease of doing business and one of the least safe nations on earth.

Lagos is among the top investment place in Africa. Tinubu would make the whole Nigeria like that.

Like it or not, there's a correlation between foreign investments and good infrastructures.

Cyntie55:
I'm OBidient and I don't drink beer or any alcohol. All we want is a better Nigeria.

I only pity the people who take this man serious. Reno is irrelevant trying to stay relevant!

Nigerians Please let us give Peter Obi this golden opportunity to rule us.

Baba Mikano and Bobo Chicago El chapo will make Nigeria situation worse rather than better if elected.

If you owe a billion dollar company, would you employ a manager whose $20 million investment in the previous company he managed is now less than $5 million or a man how was able to grow his previous company revenue from N600 million to N7 billion?

Remember you inv3eter your hard earned billions in that company.

Trash..

Compare Anambra with other States with similar IGR and federal allocation..
Was Anambra State better than those States in that time period?

TemmyT002:
We shouldn't be asking this question.
The senators and representatives enjoy a lot of frivolous money and they have never been owed for a day.
Meanwhile, their usefulness is nothing. They are not really needed.
Priority should be on the lecturers who are ten times more useful.

The monkeys danced and rejoiced when they heard the man that always pursue them from the farm was dead.
But the following year, there wasn't any fruit.. It was then they realized the man was a farmer.

abobote:
Yes they deserve their salary.
The strike caused by the Federal government inability to keep to the agreement. Its not the fault of the lecturers

What agreement? The one late Yar Adua made with them?

If you read that agreement, you'd know that Yar Adua is the biggest scammer in Nigeria and that our lecturers aren't as smart as we think they are for actually believing any Government can fulfill that agreement.

caracas:
How do you know it was obidients hat criticized him?

Even a blind man knows an Obidient.

CSTRR:
He doesn't need to win those states.

OK o.

Vote4Obi:
Peter Obi winning Kaduna and Lagos would be the biggest shocks of 2023 elections.

God bless Peter Obi, GCFR!!!

Grandeur of delusions.

Won't he still win Borno and Sokoto too?

tctrills:
First, you make many errors.
Present-day Egypt is not the same as in the bible days. Only the name and geography are retained. The indigenes of ancient Egypt were not Arabs.

Secondly, how much Egypt is owing is not important in this discussion. We could check how much the US is owing or how much Japan is owing but that would not help the Nigerian case.

Now, this is what is important:
Nigeria's debt service-to-revenue ratio was up to 92 percent this year from 76 percent in 2021.
Let me explain what this means to you. It means that whenever Nigeria makes N100 we use N92 to service our debts then we spend the remaining N8. This is why we keep borrowing more and more to remain afloat.

In 2023 we would be spending more than 100% to service debt. Do you now understand why it is foolish to be looking at other countries as models for indebtedness?

Nigeria has to borrow to make the country beautiful enough for foreign investors to invest in the country.
Any disadvantage of borrowing is just a small price to pay for the Nigeria we all want.