₦airaland Forum

Proudlyomonna:
His joining shows he is truly by heart dedicated to the plights of the Nigerian people.
The majority people you meet outside nairaland where you get tribally hatefiled people like burob,helinus,softmirrow etc Hausa,Igbo,Yoruba hustling on the strees of Nija agree that tpain is the biggest threat to running business,na majorly jobless people wey dey feed off others like thugs,etc stand with apc,minus hynek tpain cant get 10k votes in his hometown in iragbiji.

The Coalition will stand,this men already agreed together that in the hands of tpain,there might be no Nigeia anymore,never has Nigeria seen anything close to this level of clueslessness nd total failure

Metrofox:
You guys can keep your special purpose criminal

ijustdey:
Nigeria will pay an interest of 11.85 percent per annum on the $3.3 billion “pre-export finance facility” (PxF) facilitated by the Nigerian National Petroleum Company (NNPC) Ltd and arranged by Afrexim Bank, TheCable can report.

Until now, the fine details of the transaction, which has a five-year tenor, had been withheld by all parties involved.

A similar cocoa-backed $800 million facility arranged for Ghana by its cocoa marketing board attracts an interest of 8 percent per annum.

Bilateral lenders, such as the International Monetary Fund (IMF), would typically charge 1-3 percent with a longer tenor.

In the details seen by TheCable, Nigeria pledged a total of 164.25 million barrels of crude oil — at 90,000 barrels per day — starting from 2024 to repay the loan through Project Gazelle Funding Ltd, an “orphan” special purpose vehicle (SPV) incorporated in Bahamas for the PxF.

Effectively, the NNPC has pledged 38.58 percent of five years’ worth of tax and royalty oil to secure the loan.

Nigeria pledges over $12 billion worth of oil
At the beginning of 2024, a barrel of Nigerian oil was sold at the international market at $77.93 per barrel, according to the Central Bank of Nigeria (CBN) data.

At $77.93 per barrel, the 164.25 million barrels of oil pledged by Nigeria equals $12.8 billion — about three times more than the facility taken.

Pre-2014, the national oil company used to remit an average of $3 billion from oil sales every month.

Officially, Project Gazelle Funding Ltd (PGFL) is the borrower while the NNPC is the “sponsor” and will pay with oil to the SPV to liquidate the loan.

To make the repayment, the NNPC will forward-sell 90,000 barrels per day of Nigeria’s share of offshore crude oil under the production sharing contract (PSCs) with the oil companies.

Under PSCs, the companies usually pay royalties and taxes by giving the oil equivalent to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service (FIRS) respectively.

The NNPC in turn exports the oil on behalf of NUPRC and FIRS and remits the proceeds to the agencies.

This is part of the revenues paid into the federation account and shared by the three tiers of government.

But under the PxF, the revenue from 90,000 barrels per day will be used to service the loan in the next five years.

The loan arrangers will get a commission of $66 million or 2% of the facility, TheCable further learnt.

Nigeria will pay 2 percent penalty per annum in the event of a default.


‘DOLLAR LIQUIDITY TO STABILISE THE NAIRA’

The national oil company announced in August 2023 that the PxF was to support the federal government “in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market”, describing it as “a relief for the naira”.

It called the facility “crude oil repayment” with an upfront cash loan “against proceeds from a limited amount of future crude oil production”.

At the time, the dollar exchanged for an average of N775 in the official market and N885 on the streets.

The rates have now moved to N1,035/$ (official) and N1,230/$ (parallel).

Nigeria’s outstanding forex liabilities are currently thought to be over $7 billion.

In an explainer after announcing the PxF last year, the NNPC said its exposure is very limited, “covering just a fraction” of their entitlements and that “there are no sovereign guarantees tied to it”.

It said it “will also equip the Federal Government with the necessary dollar liquidity to stabilize the Naira, with limited risk”.

A strengthened naira as a result of the initiative, it said, “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”.

It also ruled out subsidies, maintaining that a stronger naira “will result in lower prices from the current level, making subsidies unnecessary. The deregulation policy remains unchanged”.

Critics questioned NNPC’s involvement in getting loans to boost forex reserves when it should be concentrating its efforts on bringing in more oil revenues.

There were also questions over the decision to pledge the tax and royalty oil belonging to the entire federation to secure the loan.

Analysts also queried why the details of the deal were never made public.

https://www.thecable.ng/exclusive-nigeria-to-pay-11-85-interest-on-3-3bn-afriexim-nnpc-loan-pledges-164m-barrels-as-security/amp

Burob:
Keep deceiving yourself in clueless ignorance, na your prerogative.

Ofunaofu:
A chieftain of the African Democratic Congress (ADC), Prof. Festus Arunaye, has said former Vice President Atiku Abubakar would right the wrongs if he had done any while he was the vice president.

Arunaye, a national member, ADC Membership Revalidation, Mobilisation and Registration Committee (MRMRC), stated this during the inauguration of the 10-member Delta state committee on membership registration at the weekend in Asaba.

Addressing the party members in Delta, he sai,d following their inauguration, the National Executive Committee (NEC) of the party gave a clear directive that within 30 days, all states must submit interim reports on membership registration and financial accountability.

According to Arunaye, Atiku supports a free, fair and credible primary process and believes in collective victory, making the ADC a party to beat in the forthcoming general election.

“Also, I will tell you is that Atiku Abubakar wants to right the wrongs, if he had done any wrong while he was the Vice President. Atiku has not condemned any other aspirants coming together to form the coalition.

“Atiku believes that they will all go to the primary, which will be free, fair, and credible, and that any person who wins, the ADC will work for that person.

That is the goal and mission of our great party,” he said.

Arunaye explained that the inauguration of the committee was necessitated by the need to ensure transparency and accountability in the revalidation and registration process.

He noted that the hoarding of party membership cards, which was the case in the past, would not be experienced in the new ADC because the state, LGA and ward chairmen would not have any contact with the cards.

Arunaye urged members of the Committee to live above board and ensure that party cards were not hijacked by money bags, even as he disclosed that the cards had unique features that would make it difficult to be used outside the state.

The national committee member stated that membership cards would be distributed according to the demand of every state and warned against collecting money on behalf of the national body, insisting that cards must not be collected by proxy and all payments must be made to a dedicated deposit account.

“We know that ADC is a coalition of different faces of politicians, some of whom have been in government for long and have amassed substantial wealth to buy off the cards. This ADC doesn’t want that to happen.

“If you are in the village, you have an equal opportunity of having your card, and it is duly accounted for in Abuja through the database because as you pay into the account, you will have the information that you are a financial member of the party.

“Secondly, we are going to follow the physical registration with electronic registration. The App for that is being developed and would be ready in the next five days for all the states and the FCT. So, this is a new era of politicians that have come together to uplift our dear nation from pilfering and mismanagement and for the people at the grassroots to have a stake and equal opportunity with the money bags in the party,” Arunaye said.

Responding on behalf of the 10-man committee, the chairman, Dr Leo Ebinim, assured that they would work to strengthen the party’s membership base, enhance mobilisation efforts, oversee the revalidation and registration of members in the state and report back within the stipulated time

https://leadership.ng/atiku-coming-to-right-the-wrongs-adc-chieftain/

Tradepunter2:
Peter obi is a clown..... the man has no principles... he's no different from zik, who should have split the country when others wanted to leave..... the greed that kpai him, na same greed in obi..... if tinibu will push the nation to divide, then let it divide

Ab0bii:
Peter obi or nothing!
Trust me dollars will not work this time, I rather vote the druggie than AA

seunmsg:
Atiku who doesn’t even respect the right of southerners to be president is not the one to right any wrong. Atiku is only trying to be president to achieve his personal ambition and to further entrench the Fulani born to rule hegemony.

Above is even aside his well documented history of corruption, support for extremism as seen in the murder of Deborah, extreme reliance on marabouts, ability to greedily convert state assets to personal assets etc. It will be an extreme disaster if such a character is ever allowed to become the president.

DaInferno:
I'm still yet to understand why Peter obi joined adc

And as for this person, what wrongs is the thief whom even Obasanjo despises; coming to right. Person d contest since 90's una still want carry president give am, as how

Proudlyomonna:
Oya talk watin you dey do as work or business first .
How you go get life for Nija con still like this tinubulation?se you nor dey use fuel,gas,electricity?se you nor dey run logistics and expenses for business?? Oboy you nor get work you be jobless lazy man wey dey feed from mummy thank you thats why you nor know se tpain na the greatest disaster to befall the economy of Nija.

DaInferno:
I'm still yet to understand why Peter obi joined adc

And as for this person, what wrongs is the thief whom even Obasanjo despises; coming to right. Person d contest since 90's una still want carry president give am, as how

discusant:
Have you ever heard of a president or head of state who deliberately led his country to split, or dissolve? No leader will do that.
H

MatrixCircle:
They said " Buhari was a military man and will be able to tackle insecurity Jonathan couldn't, we ended up with Buhari that brought the worst security situation in Nigeria with fulani militias .

Again, they said Tinubu is coming to build Nigeria the way he built Lagos, we ended up with this version of PBAT without a clue of how the government works.

Trump came to American politics with MAGA , make America great again 🙄, people are now asking "is America great yet ??


Now Atiku is coming to SCAM us ......