₦airaland Forum

seguno2:
See as you expose yourself anyhow.
Buhari is borrowing to COMPLETE roads initiated by Jonathan while bragging about increasing reserves.
If Buhari is dull, must you also be dull to follow him
You better redeem yourself before it is too late.

GavelSlam:
If Jonathan neither completed the roads nor left sufficient funds in the reserves what money are you expecting him to use ?
At least you are not even disputing the roads.
I can't ask you to receive sense when the basic compartment to receive it is not even available.

seguno2:
Why are you blaming and complaining like Buhari
Government is a continuity.
If Jonathan left no reserves, where did Buhari get the money for his junketing world tour and multiple bailouts?

GavelSlam:
Is he not investing in infrastructure?

Are roads not being built even with Sukuk?

Are rail lines not being laid?

Are international markets not being commisioned?

We must have a buffer for future lows in oil price.

If you prefer a reckless president you have your chance in 2019 but I assure you Buhari would be re-elected.

lexy2014:
which infrastructure are u referring to?where in d country are d rail lines being laid?what is being sold in d international market that makes it international?was d "international market" a federal or state govt project?so d president will leave abuja 2 nassarawa just 2 go and commission market?

GavelSlam:
Sukuk.

If you must ask silly questions you must get reciprocal answers.

Rotentina:
*Justifies Buhari's frequent foreign trips
*Says no regret putting Jonathan forward as
President

By Gabriel Olawale, with agency repiorts
LAGOS — Former President Olusegun Obasanjo
has expressed angst against those asking him to
account for recovered Abacha loot, describing them
as illiterates and stupid people.

He also said there was nothing wrong in President
Muhammadu Buhari’s frequent trips as, according
to him, Nigeria needs to be in touch with important
centres of the world.

Obasanjo, who stated this in an interview, weekend,
said the role of his office was to facilitate the
recovery process and not how it was put to use.
He said: “They said the money recovered from
Abacha, I should account for it. What stupidity! The
man who asked for it, the man who gave the
judgement or who answered them are all stupid,
with due respect.

“I don’t keep account, all Abacha loots were sent to
Central Bank of Nigeria, CBN, and every bit of it was
reported to Minister of Finance. My job was to write
where we can get help to recover the money.

"Every penny that comes out of it went to CBN, so if
they want to know what happened to the money,
they should call CBN governor or call the Minister
of Finance.

“But again, it shows ignorance, total ignorance,
which is lacking and you wonder, are these people
educated? They can also approach the man who
helped us in recovering process to give the list of
money recovered and where he took it.”

On fluctuating oil price
On fluctuating oil price, Obasanjo said President
Buhari was lucky than he was, saying: “When I
assumed office in 1999, I inherited $3.7 billion in
reserve, while Buhari met $30 billion, almost 10
times of what I met then, and the price of oil then
was $9. When it got to $20, I was dancing

GavelSlam:
Read the news and stop asking people to do it for you.

GavelSlam:
Sukuk.

If you must ask silly questions you must get reciprocal answers.

lexy2014:
so d president is using loan to travel?

GavelSlam:

He's using your personal savings.

rxmusa:
President Muhammadu Buhari is indeed working. Oh God please give him more wisdom and guidance to lead this nation to greatness.

Fuel Scarcity! Before you crucify Mr President....

Most people propose two solutions and blame the president for inability to select one of the two. The popular suggestions are:-
A--Fixing our refineries
B—Return of fuel subsidy regime
I am not in the oil industries but I read what happens.
Before we discuss further let’s state some facts:
1- It’s obvious landing cost of petrol and its distribution to fuel station, is quite above 145 naira per litre.
2- Daily Fuel consumption in Nigeria is about 35 million liters
3- Our four refineries installation capacity is 445,000bpd.
4- When refined, a barrel of crude produces average of 13% pms (petrol)
5- Therefore our refineries (The four we have) can produce about 8 million liters of petrol per day when they operate at full capacity
6- Fixing the obsolete refineries (of 1983) can cost govt about $2bn (close to a N1tr)
7- Returning the subsidy regime for petrol to be sold at N145/liter will cost govt about 1.5bn naira daily, equivalent to 550bn naira annually. Of which a lot will be looted by marketers crudely.
8- Average share of FG from monthly FAAC is N235bn naira monthly, N2.8tr annually. Of which 65% goes to salaries and other recurrent expenditure. The balance is less than a trillion.

Knowing it cannot build a mega refinery for lack of resources, the FG resolved to engaging the billionaire Dangote, and giving him all kind of support to build a mega refinery for the benefit of all.
If we insist on subsidizing oil now, remember the FG may not be able to provide the required Forex to Dangote for timely completion of his project.
If we insist on fixing our refineries, we may end up with “biyu babu”, spending the money without getting the result.
Now, considering above, it will be futile to spend the limited resources we have on fuel subsidy or trying to fix refineries.
We have only one option, which is allowing the marketers to sell at competing prices. While we await Dangote with his refinery. Hopping his MOU with the government is masses oriented.

Until then lets be patient

GavelSlam:
If Jonathan neither completed the roads nor left sufficient funds in the reserves what money are you expecting him to use ?

At least you are not even disputing the roads.

I can't ask you to receive sense when the basic compartment to receive it is not even available.

DMathematical:
According to the PMB led FG, In 2017 alone:

- FIRS made 4 trillion naira

- Customs 1.5 trillion

- With Extra Billions USD in foreign reserves

His budget for 2016, 2017 & 2018 (4, 5, 8 trillion) is bigger than all of Jonathan's Six years combined!!!

Oh . . . and yet you ask on his behalf, for what money to use?

olatunji21:
I have this question to ask..Instead of looking for loan, can't the govt just dip its hand into this Reserves, take about $5billion to fund critical infrastructure... Strictly infrastructure, no payment of salary, no subsidy payment, no bailout of any sort. just infrastructure.. Why is it so hard?

Desyner:

BrandSpurNG: Gross official reserves increased by US$1.92bn in January to US$40.69bn. The rapid accumulation of US$12.69bn over 12 months is due to two sizeable Eurobond launches, a small diaspora bond issue and the recovery in oil export revenues (through the NNPC’s share of production).

the bold part is 99% the reason for the increase and not those other self-serving factors the writer is trying to sell us.

lexy2014:
if d highlighted is d reason 4d swell in d size of d foreign reserve, then this is actually a race being run backwards. Eurobonds are loans which Nigeria owes d investors that financed d bonds it floated. So I dont no how this is an achievement

GavelSlam:

seguno2: :


See as you expose yourself anyhow.
Buhari is borrowing to COMPLETE roads initiated by Jonathan while bragging about increasing reserves.
If Buhari is dull, must you also be dull to follow him
You better redeem yourself before it is too late.

..........

I can't ask you to receive sense when the basic compartment to receive it is not even available.

divinehand2003:
This is a welcome development. But my question is why is there no concomitant effect on the current high exchange rates? Why is this not changing the cost of garri in our local markets? Or is this another propaganda by the APC to win cheap political points again?

Lai Mohammed, over to you.

GavelSlam:
Does budget = Money spent ?


Does budget even = Money at hand?

mapet:
1. First off, this is a professional assessment form FBNQuest and not FG stating it as an achievement.
2. Eurobonds are loans, Yes! but what is missing in your submission is what the loans are used for. They obviously did not just collect loans and put it in reserve.......

mapet:
and you want to support this assertion of yours with stats that says so.......or should we assume is something you pulled out of your "ass"?

divinehand2003:
This is a welcome development. But my question is why is there no concomitant effect on the current high exchange rates? Why is this not changing the cost of garri in our local markets? Or is this another propaganda by the APC to win cheap political points again?

Lai Mohammed, over to you.

ItsMeAboki:
No responsible govt would want to revert back to our former import based economy where cheap Dollar was made available to Nigerians to squander on luxury or unnecessary foreign products at the expense of our local industries.

Secondly, there is always a time lag from when a new policy is implemented and when its impact will begin to be felt; just watch and hold your breath from next year 2019 Nigeria and Nigerians would be in a better place.

All the positive indices of improved economy are coming to fore: increased foreign reserves will bring about stability to the foreign exchange, a stable exchange rate is good for business because it allows ppl plan ahead and also gives confidence to foreign trading partners who may be unsure of the country's liquidity.

Currently, this also translating into net inflow of foreign investment, as our stock market is becoming very attractive to investors along with the ease in doing business in the country; inflation is also reducing along with unemployment, just as growth in the non oil sector is being recorded - these are all positive signs to give Nigerians hope and confidence that their lives will improve in the near future.

Enemies of this government are in panic mode and therefore desperately doing their very best to discredit this administration through the various media outlets they own and control, because they know that once the economy fully recovers then any hope they have of unseating the president would be over as Nigerians would obliged to vote Buhari - their desperation through their various malicious propaganda is obvious to those among us with intelligence.

rxmusa:
President Muhammadu Buhari is indeed working. Oh God please give him more wisdom and guidance to lead this nation to greatness.

Fuel Scarcity! Before you crucify Mr President....

Most people propose two solutions and blame the president for inability to select one of the two. The popular suggestions are:-
A--Fixing our refineries
B—Return of fuel subsidy regime
I am not in the oil industries but I read what happens.
Before we discuss further let’s state some facts:
1- It’s obvious landing cost of petrol and its distribution to fuel station, is quite above 145 naira per litre.
2- Daily Fuel consumption in Nigeria is about 35 million liters
3- Our four refineries installation capacity is 445,000bpd.
4- When refined, a barrel of crude produces average of 13% pms (petrol)
5- Therefore our refineries (The four we have) can produce about 8 million liters of petrol per day when they operate at full capacity
6- Fixing the obsolete refineries (of 1983) can cost govt about $2bn (close to a N1tr)
7- Returning the subsidy regime for petrol to be sold at N145/liter will cost govt about 1.5bn naira daily, equivalent to 550bn naira annually. Of which a lot will be looted by marketers crudely.
8- Average share of FG from monthly FAAC is N235bn naira monthly, N2.8tr annually. Of which 65% goes to salaries and other recurrent expenditure. The balance is less than a trillion.

Knowing it cannot build a mega refinery for lack of resources, the FG resolved to engaging the billionaire Dangote, and giving him all kind of support to build a mega refinery for the benefit of all.
If we insist on subsidizing oil now, remember the FG may not be able to provide the required Forex to Dangote for timely completion of his project.
If we insist on fixing our refineries, we may end up with “biyu babu”, spending the money without getting the result.
Now, considering above, it will be futile to spend the limited resources we have on fuel subsidy or trying to fix refineries.
We have only one option, which is allowing the marketers to sell at competing prices. While we await Dangote with his refinery. Hopping his MOU with the government is masses oriented.

Until then lets be patient

MIKOLOWISKA:
demand and supply determine foreign exchange not reserve.
We buy more dollars than they buy Naira cos we don't produce anything.

Desyner:
This ur explanatn get k-leg oh! Forex is foreign currency govt exchanges with local currency when people go out(intl.) to buy things or return profits(investors).

MIKOLOWISKA:
OK Mr bow
leg
You have 100 Naira
You want to buy car wire toothpick
TV
You change Naira aka you buy dollars
What do they buy from you, only oil
You want 100 billion dollars they only want 1 billion dollars oil(they change to Naira which we all know they don't even bother to change, they just buy the oil in dollars gabdaya)

99 to 1 demand

MIKOLOWISKA:
Bros I know we have to defend our candidate but chairman, we are still am import dependent economy

ItsMeAboki:
Yes, not saying we are not; however, we are moving away from that and have stopped importing silly things like tooth picks and tooth paste or worst still Egusi and Ogbono soup (shockingly from India) with our hard earned forex - that can otherwise easily be produced locally.

Desyner:
Oga settle down and realize what yov are missing. The govt handles forex reserve directly and not the international buyers of oil. Your demand and supply logic of dollar-earning commodities is valid but you are bypassing the govt and it is giving it k-leg.

MIKOLOWISKA:
so where do the tooth picks we use come from now.i don't remember hearing of any tooth pick factory.
i'm very sure importers simply buy francs,import toothpick from benin,then beninoise buy dollars and import from china.
aka same noni,naira is not in demand

our forex is not hard earned
that's why we don't treatt it seriously
what stops you from selling egusi and ogbono in jars if not cans