River State: Militants Blowing Up Oil Pipeline - Politics (3)

River State: Militants Blowing Up Oil Pipeline - Politics (3) - Nairaland

Nairaland Forum › Nairaland General › Politics › River State: Militants Blowing Up Oil Pipeline (4035 Views)

Re: River State: Militants Blowing Up Oil Pipeline by casualobserver: 6:05pm On Mar 18, 2025

djon78:
The $20bn remittance is from Nigerian diasporas

Remittance is not generated by Govt but by Nigerians working overseas returned as black tax.

Hope you are aware?

Oga you clearly don’t understand how the banking system works. In the past, a man in America sends money to Nigeria he sends his through back channels because the rate is higher than the official rate. The dollars stays outside the banking system. Either in the hands of the mallam or in the hands of the recipient until they need to change it. With the reforms, you can transfer the dollar to someone in Nigeria via the official banking system. The recipient will get his Naira AT A GOOD RATE and the dollar goes into the Nigerian banking system. That receiving bank will be credited with the dollars. That bank now has dollars to sell to anyone who needs without looking for dollars from CBN. That bank has a customer that needs dollars, he doesn’t have to go to a mallam or the CBN because the bank can give him a competitive rate. That is how you formalize diaspora remittances into the system that was not obtainable previously.

At the end of the day what is forex for? To make foreign transactions. If a business man can get dollars from his bank because somebody in New York has sent dollars to their account, then he doesn’t have to utilize the dollars at the CBN.

Do you get it now?

Nobody said diaspora forex belongs to the government.

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Re: River State: Militants Blowing Up Oil Pipeline by TheGoodJoe(m): 6:08pm On Mar 18, 2025

djon78:
The $20bn remittance is from Nigerian diasporas

Remittance is not generated by Govt but by Nigerians working overseas returned as black tax.

Hope you are aware?

What made me reply your first mentions is your claim about VAT

I told you VAT is generated from the money circulating within the economy.

While in college overseas in my economics class. My economics professor never taught anything about( and everything my lecturers pointed about over 10 years ago is still a very big problem for African Nations)
VAT is not on +ve sides on the assets in any country s balance sheet.

So I mentioned place where earnings come on the assets side of the countrys balance sheet.

These are:

i. Oil earnings
ii. Diaspora remittance
iii. Foreign direct investment
iv. Other exports like agriculture
v. Customs, NPA,

So Govt should focus on those areas that bring in foreign earnings

VAT is more about money circulating within the country.

Economic advisers should advice our leaders right.

While in college overseas in my economics class. My economics professor never taught anything about( and everything my lecturers pointed about over 10 years ago is still a very big problem for African Nations)
VAT is not on +ve sides on the assets in any country s balance sheet.

I would be very grateful if you expand on this. Just briefly. I am struggling to really merge why money flowing from the people to the government is not a government asset.

Re: River State: Militants Blowing Up Oil Pipeline by TheGoodJoe(m): 6:11pm On Mar 18, 2025

casualobserver:
Oga you clearly don’t understand how the banking system works. In the past, a man in America sends money to Nigeria he sends his through back channels because the rate is higher than the official rate. The dollars stays outside the banking system. Either in the hands of the mallam or in the hands of the recipient until they need to change it. With the reforms, you can transfer the dollar to someone in Nigeria via the official banking system. The recipient will get his Naira AT A GOOD RATE and the dollar goes into the Nigerian banking system. That receiving bank will be credited with the dollars. That bank now has dollars to sell to anyone who needs without looking for dollars from CBN. That bank has a customer that needs dollars, he doesn’t have to go to a mallam or the CBN because the bank can give him a competitive rate. That is how you formalize diaspora remittances into the system that was not obtainable previously.

At the end of the day what is forex for? To make foreign transactions. If a business man can get dollars from his bank because somebody in New York has sent dollars to their account, then he doesn’t have to utilize the dollars at the CBN.

Do you get it now?

I don't get it at all.

Money from diaspora to the bank is exchange for household utilization. Dollars gotten from the bank for business men is for business.

None of these counts in anyway as government revenue. I think that is the context of the discussion.

Diaspora money is not a revenue. Money from crude exports is the major source of revenue for Nigeria. Diaspora money isn't.

Re: River State: Militants Blowing Up Oil Pipeline by casualobserver: 6:13pm On Mar 18, 2025

TheGoodJoe:
Wrong. Oil is our major source of government revenue. Take out oil, take out taxes from oil multinationals and you have a collapse of the system. Total collapse. Why do you think government, despite the oil revenue kept borrowing to run the system? The reliance to pay back the loan is mostly on crude exports.

Finito.

I am tired of ignorant people talking without figures. When I post I back it up with figures.

Since you are so knowledgeable and so sure of yourself, I am sure you have no problem providing the data or figures, evidence that back what you say.

I am telling you right now you can’t present the figures because you don’t know what you are talking about and are an ignoramus!

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Re: River State: Militants Blowing Up Oil Pipeline by TheGoodJoe(m): 6:15pm On Mar 18, 2025

I told you VAT is generated from the money circulating within the economy.

While in college overseas in my economics class. My economics professor never taught anything about( and everything my lecturers pointed about over 10 years ago is still a very big problem for African Nations)
VAT is not on +ve sides on the assets in any country s balance sheet.

I think I get it.

I will look at it as a business. The business grows when it makes money from utilizing its assets. If it makes money from within the organization, no matter what it does, it does not grow because it is the same assets.

However, if it trades its assets with outside businesses and makes a profit, the business grows. If it makes less the business falls.

VAT, is still within the organization. No matter how much the government makes from it, the general business is not growing.

I will still like a better take from you.

Re: River State: Militants Blowing Up Oil Pipeline by TheGoodJoe(m): 6:16pm On Mar 18, 2025

casualobserver:
I am tired of ignorant people talking without figures. When I post I back it up with figures.

Since you are so knowledgeable and so sure of yourself, I am sure you have no problem providing the data or figures, evidence that back what you say.

I am telling you right now you can’t present the figures because you don’t know what you are talking about and are an ignoramus!

You can make your point without being verbally abusive. Figures will not change the context. The context is that Diaspora money is not government revenue. No matter the figures you put out, it will not change that fact.

Re: River State: Militants Blowing Up Oil Pipeline by casualobserver: 6:21pm On Mar 18, 2025

TheGoodJoe:
I don't get it at all.

Money from diaspora to the bank is exchange for household utilization. Dollars gotten from the bank for business men is for business.

None of these counts in anyway as government revenue. I think that is the context of the discussion.

Diaspora money is not a revenue. Money from crude exports is the major source of revenue for Nigeria. Diaspora money isn't.

Did I read somewhere where you claim to be an economics student? Jesus wept!

Do you also have a problem with English?

Did I say anywhere that diaspora money is govt revenue? I said it is the largest source of forex FOR THE ECONOMY. That does not mean diaspora forex is owned by the government or is revenue for the government.

One has to be teaching someone who claims to be an economics student economics on Nairaland!

My friend you really don’t understand some basic concepts. For someone who claims to be a student of the subject. And your English comprehension is very poor. Which in itself makes communication hard work.

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Re: River State: Militants Blowing Up Oil Pipeline by casualobserver: 6:23pm On Mar 18, 2025

TheGoodJoe:
You can make your point without being verbally abusive. Figures will not change the context. The context is that Diaspora money is not government revenue. No matter the figures you put out, it will not change that fact.

Then please don’t respond to my posts next time. I really get irritated by people who lack English comprehension and make me repeat things I already explained previously.

If you see my handle move along.

Again for the umpteenth time I never told you diaspora remittances are govt revenue. Like I said you lack English comprehension.

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Re: River State: Militants Blowing Up Oil Pipeline by TheGoodJoe(m): 6:24pm On Mar 18, 2025

casualobserver:
Did I read somewhere where you claim to be an economics student? Jesus wept!

Do you also have a problem with English?

Did I say anywhere that diaspora money is govt revenue? I said it is the largest source of forex FOR THE ECONOMY. That does not mean diaspora forex is owned by the government or is revenue for the government.

One has to be teaching someone who claims to be an economics student economics on Nairaland!

My friend you really don’t understand some basic concepts. For someone who claims to be a student of the subject. And your English comprehension is very poor. Which in itself makes communication hard work.

Where did you hear I am an economist. funny man.

I am in the health field. I am saying diaspora is not government revenue. I am glad you agree on that point. The point is that Crude is major source of government money.

Finito.

Re: River State: Militants Blowing Up Oil Pipeline by casualobserver: 6:24pm On Mar 18, 2025

TheGoodJoe:
Where did you hear I am an economist. funny man.

I am in the health field. I am saying diaspora is not government revenue. I am glad you agree on that point. The point is that Crude is major source of government money.

Finito.

I never told you it was govt revenue in the first place! Why are you people so thick?

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Re: River State: Militants Blowing Up Oil Pipeline by TheGoodJoe(m): 6:24pm On Mar 18, 2025

casualobserver:
Then please don’t respond to my posts next time. I really get irritated by people who lack English comprehension and make me repeat things I already explained previously.

If you see my handle move along.

Again for the umpteenth time I never told you diaspora remittances are govt revenue. Like I said you lack English comprehension.

So what were you arguing, trying to play down crude returns?

Re: River State: Militants Blowing Up Oil Pipeline by casualobserver: 6:31pm On Mar 18, 2025

TheGoodJoe:
So what were you arguing, trying to play down crude returns?

You are an eeediot because you are still insisting crude is the govt biggest source of revenue which is false and in typical ignorant Nigerian fashion you continue to say it is but despite me challenging you to provide evidence you can’t.

The oil sector is less than 30% of govt revenue and less than 7% of our economy. The real significance of the oil sector today is forex where it is still a big contributor to the forex inflows OF THE ECONOMY! You are still stuck in figures from the past. Customs duty alone has been 25% of govt revenue for the last few years,

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Re: River State: Militants Blowing Up Oil Pipeline by Luckysbab: 6:46pm On Mar 18, 2025

helinues:
Consider the collateral damage, consider the crippling of the state economy.

Advise the militants not to tow that lane or they would regret it

They should advise the militants, but not Wike?

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Re: River State: Militants Blowing Up Oil Pipeline by TheGoodJoe(m): 6:55pm On Mar 18, 2025

casualobserver:
You are an eeediot because you are still insisting crude is the govt biggest source of revenue which is false and in typical ignorant Nigerian fashion you continue to say it is but despite me challenging you to provide evidence you can’t.

The oil sector is less than 30% of govt revenue and less than 7% of our economy. The real significance of the oil sector today is forex where it is still a big contributor to the forex inflows OF THE ECONOMY! You are still stuck in figures from the past. Customs duty alone has been 25% of govt revenue for the last few years,

Forex inflow is not revenue. Abuses won't save you.

We get forex inflow from diaspora for instance but it is not revenue.

Crude oil is the major source of revenue. If you disagree, tell us what is than hiding under abuses.

Re: River State: Militants Blowing Up Oil Pipeline by TheGoodJoe(m): 6:57pm On Mar 18, 2025

casualobserver:
I never told you it was govt revenue in the first place! Why are you people so thick?

You are resorting to abuses because you really can't back your claims.

The point is simple crude is our major source and a collapse of crude export will affect us terribly.

Re: River State: Militants Blowing Up Oil Pipeline by TheGoodJoe(m): 7:00pm On Mar 18, 2025

casualobserver:
You people should stop overestimating your importance.

Oil is important but it is no longer our largest source of government revenue and from 95%, it it now less that 50% of our forex revenues. Diaspora remittances bring in more forex than the oil sector and from 30% at one time, the oil sector is now less that 7% of our GDP.

Simple. The bolded point is wrong. Diaspora remittance is not revenue. Finito.

Re: River State: Militants Blowing Up Oil Pipeline by TheGoodJoe(m): 7:03pm On Mar 18, 2025

casualobserver:
You people should stop overestimating your importance.

Oil is important but it is no longer our largest source of government revenue and from 95%, it it now less that 50% of our forex revenues. Diaspora remittances bring in more forex than the oil sector and from 30% at one time, the oil sector is now less that 7% of our GDP.

Very funny. After all the abuses you are raining, you are still totally off.

Diaspora remittance is not revenue. grin

Re: River State: Militants Blowing Up Oil Pipeline by D1official: 7:42pm On Mar 18, 2025

alanto:
Are you from SS or SE. You can only come from one region, stopping merging the regions together, that's land grabbing

Just go to rivers now and tell them your name is femi and see as e dey be.

I guess it was south easterners that blew the pipeline too.

Re: River State: Militants Blowing Up Oil Pipeline by djon78(m): 8:28pm On Mar 18, 2025

TheGoodJoe:
While in college overseas in my economics class. My economics professor never taught anything about( and everything my lecturers pointed about over 10 years ago is still a very big problem for African Nations)
VAT is not on +ve sides on the assets in any country s balance sheet.

I would be very grateful if you expand on this. Just briefly. I am struggling to really merge why money flowing from the people to the government is not a government asset.

Let me point you to: this during 2008 global financial crisis, was Nigeria affected? No

Why? Because the country had accrued billions of dollars from crude oil sales during Obj era and Yaradua era. Coupled with Soludo s banking reforms

Those crude oil earnings are counted as +ve on balance sheet of Nigerias finance.

VAT is not an earning into Nigeria s coffers. It's money generated within the country.

I personally believe over taxing the people shouldn't be the the priority right now.

Example when the US and the entire globe entered a terrible recession from Obama s first term in 2008. Top global Banks like Lehman Brothers went under and many Western financial centres were hit hard

What did Obama do?

He cut interest rates to 1 basis point
Bailed out some financial institutions that were under
This enabled them to loan out money to businesses
Then as businesses started generating again, after 2 years the federal reserve now increased interest rates to encourage savings

EU central Bank, Bank of England did same.

During that 2008 financial crisis Asian economies were not bothered because because they learnt there lessons from Asia's 1997 financial crisis. They reformed and were insulated during the 2008 global crisis

When a country is in recession
Over taxing the people is not the way to go. Rather creat an enabling environment, support Small Scale and Medium Enterprises(SMEs). Govt officials should completely cut cost. There is so much colossal waste. Those monies should be channeled to still support more SMEs.

Then as the people are generating ok. Govt can now over tax the people.

Singapore did same, China did same, India did same, Indonesia did same, Brazil did same, Turkey did same.
Guesss what they are all doing well for there citizens.

When I look at leaders sometimes I weep for Nigeria. We have everything to fix this country. Instead of us to come together as people to make this Nation work all you see is bitterness, divisions, hate. The West, Asians, even the Arabs will look at us and be laughing. We must wake up as a people.

I recommend these books for you

1. Singapore from third world to first world written by Lee Quan yew the prime minister of Singapore

2. My vision by sheikh Al Mouktam the ruler of Dubai

Visionary leaders build a Nation from toddler to greatness.

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Re: River State: Militants Blowing Up Oil Pipeline by Cabalgeneral: 8:30pm On Mar 18, 2025

helinues:
The advise to the rivers people is to continue making peace. Don't allow the politicians to turn your state into something else.

I have been reading from some people claiming militants would blow up pipeline should Fubara is impeached.

That should be regarded as pure jokes as this government will never tolerate any saboteurs on oil pipeline

To be forewarned.....

Not politicians naa Igbo, that is indirectly supporting ijaw because of ikwerre don't want them are the problem.

Remember what wike did to Ipob.

Re: River State: Militants Blowing Up Oil Pipeline by bdon12: 8:41pm On Mar 18, 2025

helinues:
The advise to the rivers people is to continue making peace. Don't allow the politicians to turn your state into something else.

I have been reading from some people claiming militants would blow up pipeline should Fubara is impeached.

That should be regarded as pure jokes as this government will never tolerate any saboteurs on oil pipeline

To be forewarned.....

See not everything is abt force.Nigerdelta millitants were blowing up pipeline for a decade n fighting millitary without d millitary ever winning.Its always better to take d peaceful route.Naija cannot afford to reawaken wat yar adua spent billions to kill.I hope this doesn't detoriate

Re: River State: Militants Blowing Up Oil Pipeline by Gggjhhj: 10:54pm On Mar 18, 2025

helinues:
You no get talk. What you wrote above na Awada Keri keri

Continue been faceless, lazy Yoruba motherfuckers, God help ona type say this na faceless forum, you can only make noise on your keyboards.
But if u tyt u fit still show your face, rather than making all the noise on a faceless forum, if you no collect

Re: River State: Militants Blowing Up Oil Pipeline by muyico(m): 7:55am On Mar 19, 2025

gidgiddy:
That will make things much worse, these guys know the creeks, it will take the Soldiers years to know the creeks

soldiers is there now! Will heaven fall now?

Re: River State: Militants Blowing Up Oil Pipeline by gidgiddy: 7:58am On Mar 19, 2025

muyico:
soldiers is there now! Will heaven fall now?

You think these guys have fight Soldiers? All they have to do to really hurt Nigeria is destroy oil pipelines at night

Re: River State: Militants Blowing Up Oil Pipeline by muyico(m): 8:02am On Mar 19, 2025

gidgiddy:
You think these guys have fight Soldiers? All they have to do to really hurt Nigeria is destroy oil pipelines at night

notinz will happen,if they do anyhow they will receive wotowoto, Tinubu isnt in that post to joke with u people, ride on baba

Re: River State: Militants Blowing Up Oil Pipeline by helinues(op): 10:48am On Mar 19, 2025

gidgiddy:
You think these guys have fight Soldiers? All they have to do to really hurt Nigeria is destroy oil pipelines at night

Your own no pass make you dey support evil things. So as how you supported Ipob who locked their grandparents for house for over 2 years

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