₦airaland Forum

Go and read the article in the links again, but read it slowly this time...

But lets help here with few paragraphs from the new article... PunchNG/SaharaReporters:

The figure was disclosed in a document presented by the NNPCL to the Federation Account Allocation Committee (FAAC) during its February meeting in Abuja, PUNCH reports.

The government has outlined a plan to clear the outstanding subsidy within 210 days, according to the document obtained by our correspondent.

The report revealed that the subsidy debt initially stood at N10.499 trillion, but N2.756 trillion was recovered between November 2023 and September 2024, bringing the balance to N7.74 trillion.

A month-by-month breakdown showed how the debt steadily increased: June 2023 – N1.402 trillion; July 2023 – N1.48 trillion; October 2023 – N1.81 trillion; March 2024 – N4.68 trillion; June 2024 – N6.97 trillion, and September 2024 – N7.74 trillion.

The subsidy amount represents 14.07% of Nigeria’s N54.99 trillion 2025 national budget.

In August 2024, it was reported that the NNPCL requested a refund of N4.71 trillion from the government for petrol imports.

nairalanda1:
7 trillion is what the government owed NNPC at the end of the subsidy regime in October 2023.

The same people that hired comedians and rented crowd to protest when GEJ wanted to remove the subsidy are the crew claiming today that they have removed subsidy... yet NNPC is still paying importers for under-recovery, the new name for subsidy...
Check the two links below before we carry megaphone to shout.. shamsidy is gun...
https://www.legit.ng/business-economy/energy/1607172-nnpc-sends-message-fg-petrol-imports-landing-costs-cost-increases-high/

https://www.nairaland.com/8358255/fg-confirms-plan-pay-7.7

nairalanda1:
It isn't.

Subsidy removal is working. The only thing is we should have done it a long time ago.

Doesn't make tinubu government good tho

You have been lied to or you refused to consider the empirical data.

When did the subsidy payment stop, that is if it has even stopped? What about the recent news of over 7 Trillions NNPC was to pay importers?

To help entire countries you need to show how many million barrels are being physically smuggled across the various borders around Western and Northern Nigeria?
Lats look at 5 million liters per day? tell how many trucks needs to do that round trip? We are talking over over 300 trucks daily?

nairalanda1:
Smuggling was helping entire countries. At our expense.

The day I realized it in 2012 was a great day of waking up for me

Do you know how many liters Niger or all those other countries need as daily consumption? Do you know how many truck or millions of jerrycans are need to meet even 10% of those daily needs?
Smuggling may help few communities closer to the border but definitely not an entire nation... So it remains what is ... pure propaganda...

nairalanda1:
Unfortunately it is very true, especially the smuggling bit.

In 2022,.fuel was 190 in Nigeria, 1000 in Niger..smuggling resulted.

And our fuel consumption was reaching 100 m barrels a day. A lot of that was going to other African countries. Niger and Ghana for example.

Now? We consume 50 million , half of which is refined here and no subsidy paid.

Niger caused their problem by themselves.

Go back and read my argument... this una lamba has been debunks times and again...
Starting from the overinflated daily consumption to the logic of subsidy benefits neighboring nations... What is the work of your Customs and Immigration officers in border control?

Facts are facts... Data is everything... no room for propaganda. How many trucks or jerry cans do you need to smuggle daily to make such impact...

helinues:
Wait, is it that some of you can't come up with superior arguments apart from shouting propaganda upadan

What's propaganda about this news? Did you read and comprehend it sha?

Another lamba, another lie... another propaganda...
Between June 2023 and Nov 2024, NNPC has reported payment of about 10 Trillion in subsidy or its baptismal name called under-recovery... Tell me is shamsudeen, sorry subsidy really gun/gone?

Coming to the matter, for smuggling of 4.5million liters of petrol you need at least 100 tankers of 40,000 liter capacity in and out of the borders daily.
tell me, is the border too porous that such tankers can be passing. In fact you need like 200 tankers since a tanker will need like 2 days to make the round trip.

No be this govenor shut down schools for 5 weeks due to fasting...
Obi abeg, leave that side, this one has nothing to offer...

BTW what happens to Datti Baba-Ahmed in all these horse trading... Is he an expendable with no electoral value?

To have a chance to comot Tunumbu, you guys need to be more strategic and also bring credible players on board...
For now, jus dey play

Who was the governor of Lagos and President of Nigeria when the Enron barge scam happened? Why were they not joined in this court case and all....like the Haliburton oil scam case and the Italian oil giant too?

Oyibo should be helping us chase these people too since we cannot help ourselves against their greed. It takes at least two hands to clap.

anonimi:
Is it not strange that more than two years after Buhari assented the constitution amendment to allow states generate power, Lagos has failed to resuscitate the Enron barge project, like they have done for the 1984 cancelled Jakande light rail. Stranger than fiction.

Funtua from bbu katsina? Where dey dey see all these big money

https://punchng.com/militants-blow-pipelines-linking-warri-kaduna-refineries/

Also see below report excerpts from AriseTV report:
He noted that the Warri refinery cannot produce petrol, producing only SRN (Straight Run Naphta), and cannot produce premium motor spirit (PMS), essential for the country’s fuel needs. Furthermore, he said that the refinery’s infrastructure is severely compromised, with a crucial 46km pipeline, which was intended to transport crude oil from Escravos to Warri, having been vandalised in 2016. Despite the damage, the subsidiary of the Nigerian National Petroleum Corporation (NNPC) responsible for pipeline operations has yet to provide an update on its condition.

He stated, “It is also important to note that that same trunkline is what provides feed or the loop for you to take crude oil from Warri all the way to Northern Edo state, Auchi to Lokoja to Suleja in Niger state, then to Kaduna.

https://www.arise.tv/kelvin-emmanuel-nigerians-emotionally-attached-to-moribund-refineries/

GeneralDae:
Can you show this report that says the pipeline that feeds Warri with crude is damaged?

Never a time that NNPC imports directly as an entity. It issues the import license to marketers who import on its behalf. So its still NNPC that pays them and take ownership of the imported products.
If NNPC insists they are not importing, they let them show where they are getting the products they are selling at their retail outlets since none of the Federal refineries are working to any substantial volume. In fact they maybe producing diesel and other products not not petrol.

Warri is not yet working as its reported that the pipelines that feed it with crude is damaged. 60000 refinery in Port Harcourt cannot product more than 5/10 truck loads of petrol depending on the size of truck ie 33k or 66k liter trucks.

Putindbutt:
So, the importers that are scared according to this article in the link below belongs to NNPCL?. I don't envy your bitter existence at all. Is Dangote not presently in court to revoke the Importation license of fuel marketers?. They more you open your mouth, the more you sound dumber.
https://www.nairaland.com/8353418/importers-fret-dangote-lowers-petrol

Can you then tell us where NNPC is getting the petrol and other fuel they are selling, since Dangote has said they are not the ones supplying to NNPC, and its also clear PH and Warri are not refining any tangible volume for now if any at all. Pipeline stockfeed for Warri is damaged and currently under repairs according to report while the 60k liters old PH refinery even if its doing 100% can only boast of about ten truck output of petrol per day which not even enough to supply PH city talk less of SS/SE.

TimeManager:
The misconception stemmed from the fact that some people confused every fuel Importation and attribute it to NNPC. But they are ignorant of the fact that there are independent marketers under different umbrella bodies who always look to import cheaper fuel from abroad into the country to complement the fuel supply in the country.


-Kiss the truth!

no test, no evidence only grammar and you are disproving... which kain proff you be sef?

Wahala wahala wahala

Actually the person you quoted was not saying the full gist.
It was only referring to Instant Filled Milk which is what the news article was also about.
But there is full cream milk which is very much like closer raw milk from cow.
So all milk is not milk.

casualobserver:
I remember trying to educate people on Nairaland about this a few years ago and all I got was abuse. Your so called evaporated milk and powdered milk is nothing but vegetable oil.



Cv: babaawooo47 I hope you can read. You were arguing with me last year.

What happens on expiration or end of tenure? Won't the money be returned to the original bank account? What happens if the bank no longer exist?

Omonigeriarere:
TB and bonds are purchased by FG and not bank, and the money left your account to CBN's account immediately if the bid is successful. So, I doubt whether it could be affected by liquidation.

I may be wrong though.

So your bond, TB or whatever securities bought is periodically or finally repaid through your bank account.
If that bank gets liquidated, your account number also goes away with it.
So there will be some impact, which may finally be rectified with some discomfort... Abi you no reason am so?

Omonigeriarere:
I don't think the liquidation/winding up of bank can not affect the bill/bond you bought in any way. Let your mind be at rest.

Yes, the concern is the ability of the FG to fulfil the obligation down the line when it matures.
I read somewhere that in some FGN Bond they are issuing future date Promissory notes in lieu of crediting the subscribers.
There are also some concerns now even with some delays in payout for the FGN Savings Bond maybe who knows the reasons.

As per values how do you determine the values after say one and you want to liquidate your investment.
Like SUKUK investment from last 2 years drop to 88%. So if you bought 1,000,000 in 2021 its now worth 880,000 naira in 2024 if you wanted to sell it.

Will same fate happen to this dollar funds? Lose of value

ernie4life:
9.75% in dollars is not bad

Is this a good investment? Considering that SUKUK and other FGN bonds are dropping in values when you want to resell in between the tenor?

ernie4life:
Key Features.

Coupon/interest: 9.75% per annum.

Minimum Investment Amount: $10,000.00 and additional Investment in multiples of $1,000.

Frequency of Coupon/ interest payment: Semi annual ( twice a year)

Tenor: 5 years.

Can I pay dollar cash for this? : NO

Can I pay naira and they convert to subscribe for this? : NO

Can diaspora client subscribe for this: Big yes

It is a critical sector, govt should address their concerns.

Eba, agbado, rice everything has gone up by more than 1000 percent, so its natural for these people to also demand some price adjustment,
But let it be reasonable since you have the economy of scale due to volume.

You are right.
This is what you get when the government or selfish politician do not take the interests of their citizens serious.
Most serious economies do not allow these giant corporations with their hawking and selfish policies to override their national interest.

The Indians for example will ensure that the patents are sort of localized and the brands alternatives locally produced to greatly make the drugs affordable. The US recently did same for HBP drugs and like.

lozanni:
From the article, it's can be said that GSK took the divestment decision from Nigeria and other African countries for the purpose of increasing its profit margin to the detriment of Nigerian patients, especially those suffering from the Asthma ailment.
It is worrisome that over the years, our Pharmaceutical companies did not rise to the challenge to produce their own versions of Asthma reliving inhalers and antibiotics ((Augumentine is currently about N30,000 a bottle) which would have countered the excessive profit motive of the foreign pharmaceutical companies.
The Pharmaceutical Society of Nigeria (PSN), the private Nigerian Pharmaceutical firms and the Federal Government should meet and take cogent decisions that will enable the speedy production of high quality alternatives to those of foreign firms; this can be achieved through the provision of support to the local Pharmaceutical firms by the Government as this might save many lives in the end.

Wonderful, what you did here is amazing. Keep it up. Though you missed one important sub-article related to the corruption scandal involving GSK in China as alleged. But that's okay, you did a good job at the summary.
I pity for this generation, lots of lazy bones...
An article less than two pages and that is what y'all are shouting up there that it is too long.

Yet most of you will spend hours watching useless meme clips on YT, FB, TK, IG or other SM platforms...
Indeed the saying goes, if you want to hide something from a black man/woman, put it in writing.

While not totally absolving the bad government and poor grasp of the economic revival, this article puts another perspective to the story.
I will FIJ to also dig more in the exit of the like of Diageo/Guinness, etc.

earleswood:
Here are the key point/summary

- GSK UK has been systematically planning its exit from Nigeria for over a decade, with the ultimate goal of focusing on more profitable markets and implementing a distributor model.

- In 2016 they sold their drink portfolio against the wishes of local shareholders who wanted proceeds reinvested in local manufacturing.

- 2017 leadership change accelerated plans, exiting 15 African countries to boost profits 25%.

- Nigeria exit plan involved dividing the board, appointing GSK staffers, manipulating vote. Offers from buyers to keep business running were rejected.

- Exit has severely impacted patient access and care, with drug prices rising 10x+ as GSK allowed shortage of key medicines.

- Despite citing forex issues, GSK continued supplying Ukraine but rejected Nigeria deals that could have resolved forex problems.

- Overall the data shows GSK prioritized profits over patients, executing a long-term strategy to leave the Nigerian market while maximizing financial returns for shareholders. Local needs appear to have been an afterthought at best.

The key actions GSK should consider are:

1) Address why offers to solve forex issues were rejected if that was a real concern.

2) Justify how patient needs were meaningfully considered given drug access challenges post-exit.

3) Review governance process around board engagement and shareholder vote given apparent efforts to influence outcome.

4) Consider steps to improve local supply or alternatives for patients still reliant on GSK medicines.

That covers the high-level summary of the key details and issues that seem most pertinent for GSK to address based on the information provided. Let me know if any part needs more clarification or expansion.

This news makes no sense... To start with, the listed cars are not Electric cars or EVs, rather they are HEVs...

Secondly, Toyota already have lots of Hybrid cars or HEVs in Nigeria already like Camry Hybrid, Avalon Hybrid, Prius and Highlander Hybrid...so whats the hype about?

Even Innoson, Nord and the like have true EVs so what are we talking about..
Saglev, is about to start producing EVs in Ikorodu, Lagos Nigeria as announce... now that should be the exciting news, not this one...

Na wa o
Is this not old gist now revived? I hope this will bring the dollar down to 600naira before sunday.
Damage control in full swing...
But why delete the earlier twist, oga media aide? just asking for my neighbours?

How good is this Fidson Pharma Commercial Papers? Rates very enticing but how reliable are they?

Someone pls explain the discounted rate vs Implied Yield thingy seeing its not up to 365 days period? Will the rates be pro-rated?

To find the average speed for each part of Megan's trip, we need to use the formula:
average speed = total distance / total time
The total distance for each part of the trip is 165 km.
Let's assume that Megan's average speed on her way to see her friends was x km/h. Then, her average speed on her way back was (x - 22) km/h, since she had to reduce her speed by 22 miles per hour (35.4 km/h).
The time it took Megan to travel to see her friends was 165 km / x km/h, and the time it took her to travel back was 165 km / (x - 22) km/h.
Since the trip back took 2 hours longer, we can write the equation:
165 km / x km/h + 2 hours = 165 km / (x - 22) km/h
Solving this equation for x, we get:
x = 55 km/h
Therefore, Megan's average speed on her way to see her friends was 55 km/h, and her average speed on her way back was 33 km/h.
The time it took Megan to travel to see her friends was 165 km / 55 km/h = 3 hours, and the time it took her to travel back was 165 km / 33 km/h = 5 hours.

turmacs:
Please who can help me solve this maths with workings attached?

Don't be too generous
The thing has never even crossed 4000MW for a full week, talk less of nearing 5GW or 6GW...
Yeye dey smell

onumadu:
Does anyone notice that Nigeria has NEVER generated or distributed anything beyond 6000 megawatts?
It has always fluctuated between 2000 and 6000 megawatts, government after government -FOR DECADES.
Despite all the grammar, the more things change, the more they remain the same.
So when next they come with all the grammar, don't raise your hopes because you should know that they are lying.

You dont say?

You seemed to have contradicted yourself with your second statement as against that diagram you posted.
How do you produce Jet -A1 and DPK(diesel fuel) without also bringing out petrol, LPG and kerosene at the same time in commercial quantities?
Calm down and look at that diagram again.

reddingtonblack:
What you need to understand here is Pms is the end product of crude oil, these diagram should help


@ inception its more insightful to test your products gradually for feedbacks, if the by products are good technically the end product is good



kakamorufu be calming down, na phase by phase

You have a point.
Some people are just too shallow and gullible.
Has the current news contradicted what David said?
They said the refinery will start producing diesel and aviation fuel from ending of January o, after stock piling crude oil since from Dec 2023.
BTW Dangote also has full fuel importation license.
Can you see, offloading and onloading...

Question I will still want any good petrochemical or industrial chemist in the house to answer is: How possible to commercially produce only diesel and aviation fuel without other lesser boiling point derivatives like LPG, petrol, even kerosene?

epainos:
"Small small" bro.

David might be too hasty to push some things out at times, but oga...with what went internally in the business model (the corruption...settling here and there)...hmmm, I agreed with David.

However, FG and Dangote know how to do wayo na. See...some magic don happen to put temporary measures there.

Instead of cursing David...thank him for making FG and those demons quickly adjust to make this happen. If not for that guy who tackled them, this wouldn't happen fast like this.

So, "small small" oooo.

Someone finally asked a very intelligent and thought provoking question.
In a normal refining process, petrol and kerosene comes out first before aviation fuel and diesel which is even among the heaviest and last.
So the whole gist is still not adding up.

Beverlyjean:
The only thing I don't understand is the production of only diesel and jet fuel... and not pms... but diesel and jet fuel are by- products from pms .... so how are they now producing diesel and jet fuel without pms

Nothing like clandestine... when he is not doing secret bunkering... if he is producing petrol he will say, he cannot hide it.
The big question is how can the refinery be producing diesel and not first produce petrol as one of the first products of the refining process.
Is it possible to produce diesel with petrol in the first instance in a commercial refinery. Petrol and diesel which one has higher boiling point?
The whole story is not adding up, we need more explanation, but make dem no explain tire o.

christejames:
I am having the haunch that this Dangote Refinery is also producing PMS (fuel) but they are clandestinely hoarding it waiting for the right prize that will favour them before they dish them out to the markets...