₦airaland Forum

Chubhie:
I must confess that current realities has shown that Buhari lacks the soundness of mind to proffer innovative cutting edge ideas to a complex Nigeria.

onatisi:
How can u make a lawyer with no basic economic educational qualification or experience the chief financial and economic planner of a country in this modern age and expect positive results? Are there no qualified economist anymore in Nigeria?we have qualified economists who are presently making other countries work and better simply because those countries have listening presidents who don't behave like gods . Why can't the president appoint ppl like pat utomi and co? But he won't because of 2 reasons,one is they wont take shit from him and secondly is that those ppl won't wipe tinubu dirty ass.

wirinet:
Can you tell us that person you know that possesses the soundness of mind to proffer innovative cutting edge ideas to a complex Nigeria. I hope you do not mention Goodluck Jonathan.

onatisi:
the solution is simple ,let every state in Nigeria construct her own refinery. Let state partner private companies to establish refineries in each state
mini refineries will only take 1 year or 2 to complete . There is no big deal in all these.

The capital outlay for any 100,000 barrel per day (bpd) refinery is about $1.5 billion, while a 24,000 bpd modular refinery is roughly $250m. Therefore, it is easier to access funds for the modular refining modules (through US Ex-IM Bank).
http://www.vanguardngr.com/2014/03/crude-refining-africa-way-forward/

otokx:
Vanguard and false news.

wirinet:
Utopic idea. Where will the states get the money to build the refineries when they can hardly pay salaries? A small 24,000 BPD capacity refinery is estimated to cost $250million, and that is even without putting into consideration the NIGERIAN FACTOR.


Then how will the refineries in each state get access to raw material - crude oil? Is the FG to lay pipelines to all 36 states in Nigeria? or the refineries will transport crude oil by road using tankers?

Then which state institution had ever succeeded in Nigera?

Abagworo:
Vanguard is a useless media outfit working hard to disrupt Nigeria's peace and development.

Ioannes:
getting better and better.

Nigeria has no business importing fuel, whether refine or crude.

if we can't repair our refineries and build more, then let's all sell our cars and start using horses and donkeys.

RUBBISH!

onatisi:
How can u make a lawyer with no basic economic educational qualification or experience the chief financial and economic planner of a country in this modern age and expect positive results? Are there no qualified economist anymore in Nigeria?we have qualified economists who are presently making other countries work and better simply because those countries have listening presidents who don't behave like gods . Why can't the president appoint ppl like pat utomi and co? But he won't because of 2 reasons,one is they wont take shit from him and secondly is that those ppl won't wipe tinubu dirty ass.

Chubhie:
With all due respect to osinbajo, he is hanging out with the wrong crowd. Buhari is too rigid and senile to take ideas from a sound mind as osinbajo.

Bevista:
It has absolutely nothing to do with experience. The PDP had no experience in 1999 when they took power, but only had to rely on the experience of a former president. APC, too, is relying on the experience of a former president since this is their first outing at the Federal level.
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PDP would have been exposed more than whatever we are experiencing now, had they met an economy as devastated as it is now. Do you really understand the implications of $27pb oil? If you had any idea, you would temper your criticism for the administration.
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In any case, as a democracy, it is better to have at least 2 experienced political parties to given citizens options to choose from, so that one party does not always blackmail us to vote for them by playing the experience card.

onatisi:
I stated in clearly that it is a private public venture. Try and give a business man the right to build a refinery in any state of the nation and tell him to operate it and be the sole marketer for that state ,it is then you will see how many investors will bid for such licenses. If countries can construct pipeline from one country to another ,what is the big deal in making one from Easter Nigeria to the west?.
We keep making mountains of problems out of simple problems which only require simple solutions with enough political will

janellemonae:
That would be the best solution if we can supply our own demand without the exchange rate pressure & waste of money we spend on product imports. But DTS just a solution to one of our problems.

The other major problem is DT we would then be at the mercy of workable pipelines carrying crude to the local refineries in a timely manner. Wt all the challenges wt militants & pipeline thieves, there will be scarcity every other month. And DTS how we'll find ourselves back to imports again.

Then there's also d major problem DT crude oil fields might be too expensive for Nigeria to drill.Maybe we even end up importing crude to run our refineries.

Our problem & OPEC problem is DT govts are d ones running d oil business in these countries. America has private companies running its oil business. Govts have no business running businesses. The no 1 rule is innovate or die. Govts know nothing about innovation.

onatisi:
I stated in clearly that it is a private public venture. Try and give a business man the right to build a refinery in any state of the nation and tell him to operate it and be the sole marketer for that state ,it is then you will see how many investors will bid for such licenses. If countries can construct pipeline from one country to another ,what is the big deal in making one from Easter Nigeria to the west?.
We keep making mountains of problems out of simple problems which only require simple solutions with enough political will

porka:
Enjoying your brilliant analysis on the sideline but have to quickly drop this intervention. 

The earlier we put the blame where it is, the better. This is not the first time CRUDE OIL was selling for less than $30/bl, it sold for $16/bl in 1999 and $8/bl during Shagari's presidency in the early 80s.‎‎

Bevista:
I appreciate your contribution in trying to enrich the discussion. Though I have not quoted your full comment (because of space management), be rest assured I read it fully.
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Though I supported PMB in 2011 and 2015, I have to say that I am somewhat disappointed with his handling of the economy till now. I am most unimpressed with the delay in appointing ministers, the budget controversy and the tight FX policy controls.
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I also want to admit that, in retrospect, it does appear OBJ was the best manager of the economy in the last 16 years. He paid off $12billion debt to the Paris Club, left over $60b in Foreign Reserves and over $20b in Excess Crude Account. The banking consolidation and telecoms revolution all happened during his tenure. All this happened with an average oil price of less than $45 over his 8yr tenure.
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Having said that I think it is completely uncharitable to discredit PMB by comparing the current economic realities with OBJ in 1999. Even though oil was $16pb in 1999, do you know what our Federal budget was by then? I'll remind you - it was ~N300b. I admit that the exchange rate was ~N98/$ by then. However, using an inflation rate of 9% over 16yrs, PMB would need oil price at ~$63pb and a meagre budget of N2tn to be on the same economic footing with OBJ in 1999. Sadly, the old man needs to fund a N6tn budget with $28pb oil price. Add that to the fact that our population has grown from 120m to over 170m now, and you will appreciate the weight on the shoulder of the old soldier.
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It is my candid view that, economically, the Jonathan era was the worst in our democratic history. The average oil price during GEJ's 5yr reign was over $90pb, yet the country was left with less than $30b in FR and ~$2b in ECA. One cannot even point to any major economic activity that happened under him. Our power generation stood at less than 4,000MW in 2015, which is about what he inherited in 2011.
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Now, this is not an exercise in blame as that would be an effort in futility, but this is just to offer some perspective to your earlier assertions. As @janellemonae noted earlier, president Obama inherited a collapsed economy from president Bush, yet today, the American economy has witnessed unemployment lower than it has ever been in its recent history (5%). The Stock Market made new all time highs under Obama. President Buhari has a similar situation to turn around the country and write his name in gold. History will not remember what made you fail but simply your success or failure.

Chubhie:
Buhari and Apc are curses to Nigeria. it is not rocket science that Nigeria won't survive four years of these two destructive forces---Apc and Buhari.

Goke7:
I suspect the Nigerian banks are in trouble, there were rumors of this late last year but was quickly dispelled, it looks like the banks don't have the liquidity or cash to support some of these transactions any longer, the forex retrictions here and there I suspect are just measures to cover up for the banks who are in trouble, I have asked a cbn guy about this but no one wants to speak up.

If you consider the bad debts that some of these banks have especially when they were naming and shaming their debtors last year, will give an indication to this. It could be that to avoid panic among Nigerians about the banks, that's why we can't have an effective communication from any quarters.

kennyman2000:
Hmmmmm... I really wish 2017 is already here, make dangote refinery begin production make we bullshit this oil importation of a thing. I think this blacklisting of a thing is linked to further devaluation of naira by those our oyinbo enemies.

EasternActivist:
Okay..
APC zombies and change agent come and defend your dulardinho. Which to you is your messiah.

GenBuhari:
Buhari policy is to eventually stop fuel imports.

These guys are simply speeding up the attainment of that objective.

Keneking:
Great decision.

- reforms in the banking sector is ongoing
- reforms in forex management is ongoing
- reforms in political administration is ongoing
- export is now our focus
- fuel business is to be driven by NNPC
- economic reforms now on the way to be led by entrprenuership
- economic growth to be bottom - up

Amazing actions by government ...Sai Buhari

yaki84:
whr dis osinbajo sef?
has he gone back to redeemed?

wirinet:
Can you tell us that person you know that possesses the soundness of mind to proffer innovative cutting edge ideas to a complex Nigeria. I hope you do not mention Goodluck Jonathan.

Chukzyfcb:
I don't think we would even benefit much from the dangote refinery. According to the writeup above, its written we consume daily 40million litres of petrol, our refineries produce a meagre 6.7 million litres,
port harcourt refinery = 4million litres per day kaduna refinery = 1.3million litres
Warri refinery = 1.4million litres
So even with the addition of dangote refinery, we are still short of about 33million litres!!! Even dangote refinery I doubt can yield such daily. We would still have to source for the shortage & mind you, the demand for petrol may increas over the years to come

Bevista:
6.7m litres is the current refining output. At optimal production levels, the combined output of our refineries will be in excess of 10m litres/day.

PreyingMantis:
It is sad that you've chosen to keep your eyes perpetually on the rear-view instead of looking ahead. Elections have long been over. Buhari won and is in charge now. He owes Nigerians the duty and obligation of good leadership. Nigeria is going under and it will be a shame if Nigeria goes under while he's still in charge. History will always remember him for that. It seems he has no idea on how to pilot this ship. Things are going from bad to worse

Chukzyfcb:
That's still a far cry from our demand of 40million litres. And u can agree with me that even with the addition of dangote's refinery, we'll not meet up to the vast demand!

Bevista:
40m litres/day is the figure PPPRA has been quoting for some years now as our daily consumption. However, during the Ministerial screening, Ibe Kachikwu said that he believes the proper number should be closer to 30m than 40m.
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Most industry people believe that the 40m figure was used merely to profit unduly from the subsidy regime.

porka:
‎Enjoying your brilliant analysis on the sideline but have to quickly drop this intervention. 

Please note: BUHARI's so-called experience is a very horrible one. If that's what the APC is depending on at the federal level then they have made an extremely grievous mistake. 

It's everything [ENTIRELY and ALL have] to do with Buhari himself. His idea about governance STARTS and ENDS with corruption. It's his mind set. To Buhari, everyone is corrupt and everything is corrupt. That's not a pleasant personality to rely on. 

Even at that, his strategy in‎ combating that corruption is to JAIL everyone. Just jail. How do you even go about the jailing? What's the method? What prosecutorial strategies have you developed for 35 years? NONE! Nothing! 

No new laws have been brought to NASS on the perceived or real lapses identified in the fight against corruption over the years. No new strategy. It's the old strategy of shouting 'THIEF, THIEF' at every passers-by to encourage LYNCH action. And the Vice President is a PROFESSOR OF LAW. 

Buhari's two interventions in our national life as head of government have been in the period of low energy prices. One would think that the so-called first experience after the Shagari administration was toppled would have taught Buhari one lesson or another in dealing with the economic shocks arising from crude oil prices volatility. But NO, he didn't bring any lesson to the table. Neither during the campaigns nor after taking office. 

Comparing Obasanjo's experience with Buhari's is like matching USAIN BOLT with a PREGNANT WOMAN ‎on a 100 meter dash. 
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Obasanjo was fast enough to propose two laws within weeks after taking office as a demonstration of his resolve to tackle grafts and financial crimes. But he was ‎smart enough to realize that the economy was in a dire strait and needed urgent actions. 
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Crude OIL SOLD for $16‎/bl in 1999. Nigeria was heavily indebted to London and Paris Club (bilateral and multilateral creditors) with the consequence of an acute debt overhang. External reserve was almost non-existent. Unemployment was a CURSE back then. The financial institutions and markets were terribly underveloped. Infrastructure was in a very bad shape. Industrial capacity utilization was down to 30 something percent while unsold manufactured goods filled up the warehouses of our conglomerates due to fierce competition from import/smuggled items from Asia. We had more than 70 toothpaste brands in the market at the time, for instance. Power generation was hovering around 1000mw to 1300mw.
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What is more? The media was very hostile to Obasanjo at the time‎. A section held Obasanjo responsible for the political fate of some persons in the past while others simply couldn't bring themselves to trust a military man in a civilian apparel so soon after Abacha's highhandedness.

But he rose to the occasion. ‎He didn't spend 7 months consulting marabouts on the formation of his governments. He took the bull by the horn and tackled challenges as they emerged.

Fast forward ‎to 2015-16. The groundwork has been done. The heaviest stones have been lifted leaving only pebbles to be picked along the way. The critical media [FOR ONCE] for one reason or another has surprisingly been friendly (docile). The state of infrastructure has improved - financial infrastructure at least has improved greatly.‎

Buhari and APC just needed to focus on the economy that has largely been modernized for them. They met a technology driven economy which would have made the work much more easier - even for the so-called corruption fight. Unfortunately, the experience after 8 months is extremely horrible. ‎

The earlier we put the blame where it is, the better. This is not the first time CRUDE OIL was selling for less than $30/bl, it sold for $16/bl in 1999 and $8/bl during Shagari's presidency in the early 80s.‎
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If the Buhari and APC could not even prepare an ORD‎INARY BUDGET document, then it's not likely they have the answer for anything. 

Right now, NIGERIA'S ECONOMY is under ‎DOMESTIC SANCTIONS. The sanctions have been imposed on Nigerians by Buhari just because he and his party don't know their right from their left. All we hear is that they want to LIFT PEOPLE OUT OF POVERTY [with 5000 naira]. Some terms they read up on the internet but have no single idea what it means.