₦airaland Forum

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IbeOkehie:
Sorry you wrote earlier that Shell profit from Nigeria for 2021 was $20 billion. Thank goodness your comment is recorded here, I quoted it.



You're trying to confuse issues.

Worldwide revenue for Shell was likely $261 billion, worldwide profit was about $20 billion. I've directed you to an authoritative source. If that's not enough, here's the annual financial summary from the global company website, it lists a profit of $20b -

https://reports.shell.com/annual-report/2021/strategic-report/summary-of-results.html

The Guardian report you first quoted didn't say anything about Shell Nigeria profits or revenue, it was about the worldwide company.

It's a pity you can't accept you made a mistake. That's the usual Nigerian reaction and it's a pointer to what is wrong with the country.

Have a good day.

ok it was revenue I meant to say. Shell revenue in Nigeria is even more than $20b, last year tax to Nigeria govt was $4.4. this year alone tax is $6b. The bottom line is hold your CBN responsible for the fall of naira. Thank you and have a good day

Cognitivereason:
the first bolded is necessary as you guys who claim educated and obidient do not understand basic economic principles and the realities that obstruct Nigeria's progress

no government looted more than in abacha tenure...you claim that this government looted more is solely based on emotions and hatred for this government rather than proven facts

you need to understand that stealing of public funds is not directly the cause of economic disasters or high rate of currency devaluation..Abacha alone stole money in USD that can cater for some geopolitical zones for 2 years..money that we are still fighting to recover from foreign banks..yet foreign reserves increased from around 400 million USD to over 9bn USD before he died...He fought inflation from 54% where he met it after he dethroned Shonekan to 8.5% when he died..let me not even go into the oil revenues...and the same guy looted over 2bn USD...(N1.4 trillion in todays money) go and read history b4 u argue blindly..Abacha made all this achievement due to the Oil booms..the same oil booms that made saudi arabia and UAE what they are today because they used theirs better..

your claim that there were no lootings in Obi time is total falacy..you want to tell me all the monies disbursed to house of assembly memebers were utilized judiciously including those all allocated to his cabinet and even LGA...please mention one main project done in anambra in Peter Obi's glory.. Obiano is the best governor of anambra especially in infrastrucuture..you think he continued in the trend of savings anambra will be what he is today?..have you heard of the pandora papers..inshort let me stop here


between 1993 and 2016 $6.06bn was spent on TAM..pls was buhari in power in any of these years..aside 2016 where the money spent was coming from approvals done and being disbursed by GEJ..by 2016..PMB terminated any contract and for that period ..not a single penny was approved for TAM ... if you have any one for that billions wasted for TAM..question OBJ,GEJ,yar adua, abdulsalami...etc..

moving on NNPC and the finance minister at that time (kemi Adeosun) were instructed to devise another may of getting that refinery to work without the money from from FG accounts..Kemi and the NNPC boss at that time brought in the orginal builders of the refineries and asked them to carry out an accessment of what they built..after all negotiations and agreement done ..PMB approved their request of $1.5bn to start PH refinery..the funds comes from Private investors in form of loans to fix the refinery..today PH refinery is under complete overhaul ..we see the out come of the different approach by PMB next year compared to the last 4 administrations who siphoned public funds in the name of TAM...according to the orginal builders PH refinery will process 60,000bpd ..it at the end it does work..then you can now call Buhari a thief..

https://guardian.ng/saturday-magazine/cover/refineries-endless-tam-as-money-guzzling-scheme/

Obi manifesto is to transform Nigeria from consuming to producing economy..the question is how..is it by producing cars and phones or what exactly..if his aim is not to bring back our refineries to cut fuel imports then he will fail woefully...we import fuel and petrochemicals more than any bloody item you can think of..yall think producing economy is when we start empowering aba people to make more shoes and clothes or producing our own cars,..your joking...all of these things will eventually prove to be useless if we do not produce fuel and the necessary petrochemical products..

FYI fuel and petrochemical imports swallows more than 30% of our reserves..any body who is looking at producing something else other than this is wasting his time..Emiefele and PMB believed this is what we need to save our economy and naira not saving money or reducing any cost of governance..this is why PMB instructed CBN to pump billions of forex to Dangote in CBN exchange rate to quicken it construction.he terminated TAM and brought a new approach to fix the Fg owned refineries ..There is now a huge market for gas..PMB borrowed loans to finance pipelines to europe through AKK project... anyone who will abandon any of this laudable progress to save money and produce unnessary items will fail...

At the end of the day you still agree with me. You said previous govt spent $6.06B on TAM and the refinery is still not working. What happened to the money?

ufotunang:
... where do CBN have enough dollars to sell to BDC when the country does not earn much dollars.thriugh exportation...nigeria is a consuming country...we import a lot...no much revenue iscoming to the country to the federation account....the federal government is even collecting loan from china to fund the budget...so a country that does not earn much dollars.. then how can CBN have enough dollars to sell to BDC. I do not think you understand what I have been explaining to you in my write ups above to you

I tried not to bore you with intricate details regarding Nigeria external revenue but at this juncture, I have no choice. Here we go Crude oil revenue 80B per year Diaspora remittance 60B and LNG 30B total 170B. Your CBN announced that the country spent 80B on importation yearly. Ask yourself this simple question how can a country like Nigeria consume 80B on importation? Impossible. CBN monthly outflow to banks in support of the naira is $500m instead of doing that all I am advocating for is to give the banks $100m and $400m to the BDC. The official exchange rate on CBN website is 416 but this 700 nonsense is the BDC exchange rate. BDC does not have dollar liquidity so to attract dollars they have to inflate their rate. 95% of the consumers source their dollars from BDC.

Anyone can make a mistake or misread, there's nothing to it. Ms Janet Yallen, the Treasury Secretary (Minister of Finance) of the USA in a TV interview recently made a public admission that she made a mistake when she repeatedly said last year that rising inflation would be temporary.

okeysoninv:
ok it was revenue I meant to say. Shell revenue in Nigeria is even more than $20b, last year tax to Nigeria govt was $4.4. this year alone tax is $6b. The bottom line is hold your CBN responsible for the fall of naira. Thank you and have a good day

The major issue in Nigeria is not revenues, it's what the government spends the revenues on. President Buhari himself in his last budget speech said that fuel subsidies are having a major negative impact on public finances. Unfortunately the Nigerian people are determined that the subsidies must be maintained in order to keep the prices of fuel low.

So if indeed Shell paid $4.4 billion or ~₦2 trillion in tax, the Federation or Fed Govt spends double to triple that amount on just fuel subsidies alone. And Shell is likely one of the biggest tax payers in the country.

So you see the problem is spending not revenue.

Cheers

Greyworld:
This is a temporary solution to a permanent problem home you know that Sir

I am very much aware of that. The big problem coming down the pipe is going to be how to pay for the external loan the country is currently carrying. If the exchange rate keeps going up that means it is going to cost the country more just to service those loans

t2luv1:
I tried not to bore you with intricate details regarding Nigeria external revenue but at this juncture, I have no choice. Here we go Crude oil revenue 80B per year Diaspora remittance 60B and LNG 30B total 170B. Your CBN announced that the country spent 80B on importation yearly. Ask yourself this simple question how can a country like Nigeria consume 80B on importation? Impossible. CBN monthly outflow to banks in support of the naira is $500m instead of doing that all I am advocating for is to give the banks $100m and $400m to the BDC. The official exchange rate on CBN website is 416 but this 700 nonsense is the BDC exchange rate. BDC does not have dollar liquidity so to attract dollars they have to inflate their rate. 95% of the consumers source their dollars from BDC.

You people will just come online and start writing nonsense voodoo economics.

There is no way the central bank of any country in the world would prefer to give preference to BDC operators over banks as far as allocation of forex is concerned because banks are better regulated and are answerable to the central bank!

Onewazobia:
Share some insight with me plsss

Which niche do your sell most and are your work on low content or high content books?

Rahkman:
you use ur prepaid card,dollar prepaid card preferably

Thanks, but I don't have it.
I hope if I request for a dollar prepaid card from my bank it'll be granted?

t2luv1:
I tried not to bore you with intricate details regarding Nigeria external revenue but at this juncture, I have no choice. Here we go Crude oil revenue 80B per year Diaspora remittance 60B and LNG 30B total 170B. Your CBN announced that the country spent 80B on importation yearly. Ask yourself this simple question how can a country like Nigeria consume 80B on importation? Impossible. CBN monthly outflow to banks in support of the naira is $500m instead of doing that all I am advocating for is to give the banks $100m and $400m to the BDC. The official exchange rate on CBN website is 416 but this 700 nonsense is the BDC exchange rate. BDC does not have dollar liquidity so to attract dollars they have to inflate their rate. 95% of the consumers source their dollars from BDC.

....you said external reserves... crude oil revenue 80 billion, disapora remittance 60 billion, LNG 30 billion...total 170 billion per year....and where will the CBN get $500 million dollars that is 250 billion naira to give the 200 billion naira to the banks and 50 billion BDC exchange every month when Nigeria is paying fuel subsidy of up to 350 billon naira every month ..which is 4.2 trillion naira every year...to subsidize fuel...all this money that should had saved in the CBN..... federation account, excess crude account, external reserves used to pay fuel subsidy

t2luv1:
I am very much aware of that. The big problem coming down the pipe is going to be how to pay for the external loan the country is currently carrying. If the exchange rate keeps going up that means it is going to cost the country more just to service those loans

Sure, but at this point I believe we need a pragmatic approach to things. Because like subsidy every temporary solution to permanent problems is bond to fail...

ufotunang:
....you said external reserves... crude oil revenue 80 billion, disapora remittance 60 billion, LNG 30 billion...total 170 billion per year....and where will the CBN get $500 million dollars that is 250 billion naira to give the 200 billion naira to the banks and 50 billion BDC exchange every month when Nigeria is paying fuel subsidy of up to 350 billon naira every month ..which is 4.2 trillion naira every year...to subsidize fuel...all this money that should had saved in the CBN..... federation account, excess crude account, external reserves used to pay fuel subsidy

All amounts quoted are in Dollars

SavageResponse:
You people will just come online and start writing nonsense voodoo economics.

There is no way the central bank of any country in the world would prefer to give preference to BDC operators over banks as far as allocation of forex is concerned because banks are better regulated and are answerable to the central bank!

Better regulated in what sense? Have you ever tried to do a wire transfer to pay a foreign company using any of Nigeria's banks? 95% of Nigerians source foreign funds for their businesses via parallel markets. The official exchange rate is 416 but only the banks and a few connected businesses get to use that rate. The parallel is @ 700, the gap between the official rate and the parallel rate in the corruption tax. CBN disburses an average $500m to the banks to fund their forex requirements. All i am advocating for is CBN to give banks $100m and $400m to the BDC. To satisfy your need for oversight stipulate that they can sell to the masses at N510 this will make the artificial rate of N700 disappear.