₦airaland Forum

Whalis:
Many of us seem not to know what is happening. The government wants petrol to sell above 1500/l. This is the only way they won't have budget deficit. Anything less as Dangote is trying to help out is anti-government but pro-people. He will be fought with anything available including using government agencies.

Conspiracy theorist in chief....just pull bunkum out of Ur anus and start spreading myopic narratives.....sad thing is there are many headless buffoons out here who would swallow your cock and bull story hook, line and sinker.

ebexofficial:
Tinubu will not use his veto power here

Why should the petroleum minister who is also the president veto something that is beneficial to his own interests?

Agbegbaorogboye:
Was crude at 4m when debt was paid in Obasanjo era?
When did Buhari say he wants to push production to 4m and why is Osinbajo to blame

Debt was not paid in Obasanjo's era it was cancelled.

Yes there was talk of that I will look for the link later

He was the coordinating minister of economics and specialist in sharing tradermoni

https://www.theheritagetimes.com/oil-and-gas-we-are-looking-to-ramp-up-production-to-at-least-4-million-barrels-per-day-buhari/

Modified

This affects our local currency value,the more we import and demand for dollars to pay for imports, the more our currency value drops.

There are some demons benefitting commissions and kick backs from these fuel imports transactions that don't want it to stop.

This is very evil and satanic.

Mynd44:
Whoever taught you econonics owes you a profound appology

He's correct, you are not. Even your spelling betrayed you

Proudlyngwa:
Just two questions
What brand and What location.

Back to the topic

Issue of crude is a very dicey one.

Crude is supposed to be sold in dollars, but it's constituents except when being exported are meant to be sold in local currencies.

The problem is Past government have sold our crude upto our grandchildren allocation, and we are not producing enough for local consumption.
During Buhari s era, there was an understanding to ramp up production to four million barrels, why that was not achieved only yemi Osibanjo can explain.
Until we have our daily crude above 4 million don't expect any improvement, because we won't be able to meet local consumption quota, pay up our debts and still have some dollars for expenditure left.

Why are you so confused?

Why do you want Osinbajo to explain why Buhari, as president and petroleum minister, failed to do what you understand was to be done?

HOW do you understand that we can do more than our OPEC quota of 1.5 million barrels?

Is Tinubu the past government that sold future oil to get the Afreximbank loan to defend the Naira for his N300/$1 short term goal

nlfpmod:
As Explained by O'tega Ogra:

EXPLAINED: What you need to know about @nnpclimited's $3billion Emergency Crude Repayment Loan from Afrexim Bank
@afreximbank

1. What is the $3 billion loan about?
The NNPC Ltd. secured an emergency $3 billion crude oil repayment loan from AFREXIM Bank. This is not a crude-for-refined products swap but an upfront cash loan against proceeds from a limited amount of future crude oil production.

2. Is this loan risky for NNPC Ltd. or the Nigerian Treasury?
No. The exposure for NNPC Ltd. is very limited, covering just a fraction of their entitlements. Additionally, there are no sovereign guarantees tied to this loan.

3. What's the benefit of this loan to Nigeria?
The loan will assist NNPC Ltd. in settling taxes and royalties in advance. It will also equip the Federal Government with the necessary dollar liquidity to stabilize the Naira, with limited risk.

4. How will the loan be disbursed?
The funds will be released in stages or tranches based on the specific needs and requirements of the Federal Government.

5. Will this affect fuel prices?
A strengthened Naira as a result of this initiative will lead to a reduction in fuel costs. This means that if the Naira appreciates in value, the cost of fuel will drop and further increases will be halted.

6. What about subsidies? Are they coming back?
No. A stronger Naira will result in lower prices from the current level, making subsidies unnecessary. The deregulation policy remains unchanged.

7. How will the loan be repaid?
The loan will be repaid against a fraction of proceeds from future crude oil production. It's a strategic move that ensures a balance between our current economic needs and future production capabilities.

8. What is the difference between this and previous swap deals?
This is not a crude for refined products agreement where the government does not earn any proceeds from the swap.

OPEOLUWA also explains:

This is great news. This is a form of Volumetric Production Payment (VPP). It is a structured investment that involves the owner of an oil or gas interest ( Nigeria/ NNPC) borrowing money( $3 billion) against a specific volume of production of crude oil. The investor or lender (Afrexim bank) receives a stated monthly quota of crude oil often in raw output, which is then marketed by the VPP buyer( Afrexim ). Buyers could include investment banks, hedge funds, energy companies, and insurance companies.

Simply put, Afrexim is borrowing us $3 billion which will be used to help stabilize the naira in exchange for a daily quota of our crude oil production.

This is part of PBAT’s fiscal ideology he talked about in his article in 2015: “Oil is a passive asset in the ground. When cash-strapped yet in need of more revenue presently, a nation should also consider issuing guarantees on the future oil shipments on a price certain paid now; or selling a portion of its equity in the joint ventures.

Some may call this a variant of an oil futures. Whatever it is called, it should be considered particularly as a measure to improve our foreign currency position.”

For the first time we have a president with an ideology and he seem to be following through on his ideologies.

Ushman333:
This affects our local currency value,the more we import and demand for dollars to pay for imports, the more our currency value drops.

There are some demons benefitting commissions and kick backs from these fuel imports transactions that don't want it to stop.

This is very evil and satanic.

As long as we all get a quick fix to make ebilokan crash petrol price lower than what it was in January 2023, who cares about other implications now and in future

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

However, pump price of fuel hit N537 per litre days after Tinubu ended subsidy.

On Tuesday, the price climbed further to N617, a development that the Nigerian National Petroleum Corporation Limited (NNPCL) attributed to “market forces”.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.

King Wasiu Ayinde Marshall, a Fuji musician who performed at the rally, interrupted the president’s speech with chants as the crowd cheered.

On the campaign podium with the president were Vice-President Kashim Shettima; Pa Bisi Akande, interim National Chairman of the APC; Femi Gbajabiamila, Chief of Staff to the President; Senator Gbenga Daniel; among other bigwigs of the ruling party.

Tinubu went further to say Nigerians would defy the acute fuel scarcity at the time and trek to cast their votes.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200/N500 per litre. Go and relax, we will crash the prices,” he had said.

https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-

he had said in the 7th minute of the video.

https://www.youtube.com/watch?v=4JH8CC_JdUA

Mynd44:
Whoever taught you econonics owes you a profound appology

"Mr I know Better" Tell This Community What Your Brain Thought is on the Matter And Stop Been Childish

Since Government And Nigeria Economy Is Not 80% Oil Dependent let's Have Your Own Point of View.. Simple 👌🏾

When leaders are criminals this is what u get

anonimi:
Why are you so confused?

Why do you want Osinbajo to explain why Buhari, as president and petroleum minister, failed to do what you understand was to be done?

HOW do you understand that we can do more than our OPEC quota of 1.5 million barrels?

Is Tinubu the past government that sold future oil to get the Afreximbank loan to defend the Naira for his N300/$1 short term goal

Did u read what u posted at all, or your dick just rose and you decided to post.


Has Buhari ever taken responsibility for anything

This is 80% of Nigeria economic problem, despite the removal of fuel subsidy,it is still getting worse.

Nigeria lacks self sufficiency even in it's abundance God given reasorces.

Nigeria problem are the people (Nigerians) ;the masses and the leaders.

Proudlyngwa:
Debt was not paid in Obasanjo's era it was cancelled.

Yes there was talk of that I will look for the link later

He was the coordinating minister of economics and specialist in sharing tradermoni

https://www.theheritagetimes.com/oil-and-gas-we-are-looking-to-ramp-up-production-to-at-least-4-million-barrels-per-day-buhari/

Modified

Don't be a revisionist. Debt was paid in OBJ' s time. A whopping $12bn

Osinbajo was never "coordinating Minister". How can a VP be Minister? Are you sure you know what you're saying?

The news was in 2021. So you really expect them to take crude production to 4m from less than 1.5m they were doing in two years? Really?

ebexofficial:
Tinubu will not use his veto power here

The imported fuel is in Tinubu's interest, if you know you know.

adenigga:
Source: https://punchng.com/Naira-for-crude-crisis-Petrol-imports-rise-to-154m-litres-weekly

Lol

Nebuchadnezzar was a very good man when compared to Tinubu, Nebuchadnezzar later repented when he was turned into animal. I don't think Tinubu can ever repent, he may have been judged.

No one can ever deliberately choose to Perpetually destroy his nation through economic and political sabotage and people are supporting him.

May God run the lives of Tinubu supporters the way Tinubu is running Nigeria.

God will judge Tinubu.

Celestialsword:
This is 80% of Nigeria economic problem, despite the removal of fuel subsidy,it is still getting worse.

Nigeria lacks self sufficiency even in it's abundance God given reasorces.

Nigeria problem are the people (Nigerians) ;the masses and the leaders.

Imported petrol is heavily subsidized

anonimi:
Why are you so confused?

Why do you want Osinbajo to explain why Buhari, as president and petroleum minister, failed to do what you understand was to be done?

HOW do you understand that we can do more than our OPEC quota of 1.5 million barrels?

Is Tinubu the past government that sold future oil to get the Afreximbank loan to defend the Naira for his N300/$1 short term goal

That is the most amusing thing about BATist

They blame Buhari for using crude to borrow money without evidence while their God publicly used crude to borrow money in public. Worse still, the total crude allocated to pay back the loan far exceeds the total loan amount value. Where the rest of the money goes no one knows

Gboss247:
Imported petrol is heavily subsidized

That is impossible for the Aṣiwaju ọmọlúwàbís who said that subsidy is gone two years ago.

It just doesn’t make sense at all for him to say what he does not want to do.

Hummm.
Pump price is likely to be increase in the coming days.
I still can't figure out why nnpcl stop selling crude to Dangote in naira as against the order given by Tinubu.
No stability in this country.

Agbegbaorogboye:
Don't be a revisionist. Debt was paid in OBJ' s time. A whopping $12bn

Osinbajo was never "coordinating Minister". How can a VP be Minister? Are you sure you know what you're saying?

The news was in 2021. So you really expect them to take crude production to 4m from less than 1.5m they were doing in two years? Really?

The same way you guys took Buhari and Tinubu to be the minister of petroleum.
Osibanjo was in charge of the economy.

I didn't say it, they said it

Since we want to go with half truths I guess the Paris club debt cancellation was an illusion

the landing cost of imported PMS dropped to N797 per litre.

what made the landing cost to drop?

When sane Nigerians point out the flaws and pitfalls in the way and manner bat 'removed' pms subsidy and devalued the naira, his miscreants will be yapping nonsense.

The rising cost of subsidy on pms was only a symptom of deficiencies within the system. Without addressing those deficiencies first, the simple removal of subsidy was never going to successful in the sense that it would provide some level of relief for the masses.

The manipulative removal has only further enriched bat and his cronies while representing a false sense of increased revenue when in reality, the revenues are the worst they have been since 1999.

OkCornel:
It’s the unseen hands of the IMF overlords at play here.

Curiously, it would also satisfy the interests of the owners of the Malta blending plant where petrol is imported from.

We’ll see if the government is really keen on standing by its own currency as the legal tender for crude oil deals on its own soil!

Only and best comment here so far

You only ended up validating his submissions

Proudlyngwa:
Just two questions
What brand and What location.

Back to the topic

Issue of crude is a very dicey one.

Crude is supposed to be sold in dollars, but it's constituents except when being exported are meant to be sold in local currencies.

The problem is Past government have sold our crude upto our grandchildren allocation, and we are not producing enough for local consumption.
During Buhari s era, there was an understanding to ramp up production to four million barrels.
https://www.theheritagetimes.com/oil-and-gas-we-are-looking-to-ramp-up-production-to-at-least-4-million-barrels-per-day-buhari/
why that was not achieved only yemi Osibanjo can explain.
Until we have our daily crude above 4 million don't expect any improvement, because we won't be able to meet local consumption quota, pay up our debts and still have some dollars for expenditure left.

Mynd44:
Whoever taught you econonics owes you a profound appology

Maybe the reverse is the case because the OP has a valid and logical submission there

Whalis:
Many of us seem not to know what is happening. The government wants petrol to sell above 1500/l. This is the only way they won't have budget deficit. Anything less as Dangote is trying to help out is anti-government but pro-people. He will be fought with anything available including using government agencies.

The Gofanment should make it sell at N2000.

One of the Executive Ronuhs quoted you

Proudlyngwa:
The same way you guys took Buhari and Tinubu to be the minister of petroleum.
Osibanjo was in charge of the economy.

I didn't say it, they said it

Since we want to go with half truths I guess the Paris club debt cancellation was an illusion

Took? Buhari named himself minister of petroleum

Who are the they who said Osinbajo was in charge of the economy? They must be high

Stop exhibiting ignorance. Paris club cancelled $18bn of the $30bn debt and the rest was paid off. Gosh!!

Mynd44:
Whoever taught you econonics owes you a profound appology

Can you kindly provide your own explanation?

After removing subsidy and spending billions of dollars on unending "roundabout maintenance" and alleging the resuscitation of refineries . . . petrol import is on the up and up, fuel prices still high .
Somebody pls tell me , where is the gain ?
APC is a monumental fraud. A criminal gang of conscienceless rogues.

Lithiumite:
Conspiracy theorist in chief....just pull bunkum out of Ur anus and start spreading myopic narratives.....sad thing is there are many headless buffoons out here who would swallow your cock and bull story hook, line and sinker.

Simple thing, bring a superior argument. If this guy insults you, you will start to call mods that you are being insulted.

Proudlyngwa:
Did u read what u posted at all, or your dick just rose and you decided to post.


Has Buhari ever taken responsibility for anything

But Tinubu took $3b loan from Afrexim using future crude oil sales as collateral, so blaming past governments and absolving this one is just mischief at play here.

Mynd44:
Whoever taught you econonics owes you a profound appology

Plz explain cuz I seem to agree with him...