₦airaland Forum

This many SA, SSA, GM, Chairmen etc No commissioners yet. Alex Otti should be careful with having a bloated cabinet and strings of advisers etc. Abia cannot afford a big government

My understanding is this;

1. Ordinarily without subsidy, NNPC sells its share of (profit) crude oil in the international market and remit to the federation account

2. With subsidy, NNPC 'buys' refined products at international prices, say N390 per litre and sells at subsidized rate of N160 per litre to Nigerian marketers who add their own mark up and sell at N185 per litre to make their own profit

3. The difference between N390 cost price and N160 subsidized price is paid for by NNPC using crude that should have been sold and money remitted into federation account

4. Reason why there was little or no remittance into federation account by NNPC for a long period of time

5. Because little or no revenue accrued into federation account, FG and States couldn't get money allocated to run their govts effectively leading most times to massive borrowings to cover recurrent and capital expenditure

Above is a simple summary of how it works. Fundamentally, subsidising consumption is fiscally not sustainable fir a country like ours that can't afford it (compare Saudi Arabia with more than 10million barrels of crude production daily for about 35 million people with Nigeria that produces 1.3million barrels per day for 200million people. One can afford to subsidize while the other will soon collapse if it continued subsidizinh).

Now there are lots of questions about the subsidy scam within NNPC which I believe is the biggest scam in our history as volumes and crude production numbers have been grossly inflated and under reported respectively on a daily basis that was is claimed as subsidy is hugely more than what it actually should be. That has gone into private pockets. If you add massive crude theft under the watch of security forces and NNPC, you then appreciate the scale of the heist.

NNPC leadership and officials have a lot of questions to answer and that place should be completely purged and probed for crimes committed against Nigerians.

IReV was meant to make the process transparent but the role of party agents at polling units is far more important in my view. I believe PDP and APC had this covered and were transmitting their own results from their agents to their collation centres. Not sure if LP did the same. In fact it was PDP that provided LP with the info about the Lagos Presidential poll.

Till now, I haven't seen results of a full collation by either PDP or LP which points to the possibility that there was neither a collation or if there was one, that it didn't result in a win for either. Pray, what did these parties do with the IReV results that were duly uploaded for Senate, HoR, Governorship and State House of Assembly elections? I haven't seen nor heard of how IReV validated or invalidated announced results for those other elections.

The Chinese loans were tied to specific projects mainly rail, airport and the AKK pipeline project. These will generate revenue with time as no profit making entity will invest in those sort of projects except govt. It closed a tiny bit of our infrastructure gap so I am fine with it. What current govt should do is to concession those projects to professional managers with revenue targets to enable us earn as much as we can to repay the loans.

The author was clever to focus on bilateral loans only with the Chinese loan accounting for the biggest chunk in that category. However much more is owed to the multilateral institutions via bonds, promissory notes etc. Our exposure to China is small compared with other African countries so there is no cause for alarm. To put it in perspective as someone said, Dangote Refinery costs almost 4 times the loan owed to China.

Gajagojo:
The problem in the case of Nigeria is not capital but management.
Nigeria is a very lucrative route because we have numbers.
The issue is management. You cannot run a serious business when appointments to the board are based on federal character with a lot of nepotism. People just bring a note from one godfather and they are employed. Private sector won't allow that

This is spot on. By the way, this applies to private businesses too. I like Onyema's patriotism and drive but he has to sort out his lousy operational management by recruiting experienced and capable managers. The shenanigans with poor customer service, prevalent delayed and cancelled flights at short notice etc gives the impression that Air Peace cannot manage local operations talkless of that of a flag carrier.

The policy suggestions came from professionals across the oil and gas industry. It is a bold policy which when implemented will really unleash the potential of our energy industry.

There is a combination of short term actions around stopping crude oil theft, completing on going divestments, merging numerous regulatory bodies to provide clear directions, taking away policy setting powers of NNPCL and longer term actions around selling down stakes in JVs and turning them to the highly successful NLNG models.

There are clear targets with timelines to be met with consequences for non delivery. It is the first time I've seen a detailed coordinated policy document and action plan to get us there. True that Atiku had similar vision but never backed it up with a detailed plan as this. We are surely on the right path

Adblg0610:
Bola Ahmed Tinubu won’t betray anyone, he is already planning ahead for the next election, by trying to bring as many A- list powerbroker on board as possible.
He did the same thing, on his assumption of office as the Governor of Lagos state and that is why he has a firm grip of the state.
Under Governor Ganduje’s watch as an incumbent, APC lost the presidential , senatorial, house of reps ,governorship and house of assembly elections in Kano state. Isn’t it obvious who controls the state.

True that. Kwakwanso is the real deal in Kano. Tinubu is thinking ahead by working with him. Once Ganduje leaves office in the next few days, he is likely to be isolated but I believe Tinubu will accommodate him somehow. The clouds will gather against Ganduje eventually as SLS that he dethroned will be prominent in Tinubu's govt and you can't rule out some form of payback.

Edo no be Lagos!!
Bunch of jokers!!!
And the governor had the nerve to be criticising FG.
Make i waka pass abeg.

Oshio baba is a Moslem. Tough to want the 3 top positions be occupied by Moslems. He should step down his SP ambition accordingly

PerfectJUSTICE:
This man is the only person who would have completely silenced obedients before and after the elections only if he was given the APC presidential ticket because majority of these obedients for still vote for am las las....but what do I know

Not sure i agree. If VP got the APC ticket, it would have been difficult to get the Northern votes the way Tinubu did.

Secondly, Obidients will still not vote for him, using his 'sins' of marketmoni, tradermoni and the fact he was part of 'Buhari's' administration against him. I couldn't have seen him winning.

Let us even assume for a sec that what Reno says is correct. Removing 8% from Tinubu's votes will still not make him lose at this affects about 700k of Tinubu's votes. He has over 1.5mln lead over Atiku. Mind you PDP and LP votes in thos PUs will also be nullified.

I like the look and feel of this transition team. It is also a small focused team rather than the long unwieldy list we are more accustomed to. Each member of that list is an achiever in their own right. The trick is how to transit from transition to manage the bureaucracy through time. Implementation is as important as putting the strategy in place. I wish them and Abians the best of luck.

Ify should let this whole matter rest. It is politics and it is a dirty game. Maturity demands that you retrace your steps, analyse what happened and learn from it for the future. She and her hubby are still young with their lives well ahead of them.

One of my personal feedbacks to them is that it was perhaps not wise for Ify to have done that video campaign ahead of the elections. She should have remained in the background until the right time.

All politicians. Where are the young and women technocrats that was promised? The list needs fresh faces and ideas.

Obi should know that his opponents will come hard on him. For him to appear balanced, he should apologise for Datti's inciting rhetoric on national TV and call his supporters to order over vitriolic attacks on opponents and on the Judiciary. What he may be unaware of is that he plays into the hands of the Justices that will determine his case. If the attacks continue, the Justices will yield to emotions.

That said, all sides should calm things down. The APC attack dogs should be called to order and let peace reign in the land. All should submit to the process.

OBJ met $30bln debt, paid $18bln and got $12bln forgiven and written off. That was one of OBJ's lasting legacies of prudent financial and fiscal management despite oil selling for less than $50/barrel for most of his tenure.

PMB went on an infrastructure spending spree despite low oil revenue earnings thereby accumulating over $100bln debt. Not a lot of critical thinking or financial intelligence and management by this regime.

BAT I believe will work with professionals, seasoned financial, fiscal and monetary experts to turn things around. First off, oil and gas prices are relatively high and will favour him in the short term. All he needs do is to ensure there is security to allow maximum production. Next is to remove fuel and power subsidies to plug a N6-8trn hole. Next is to plug revenue leakages and further raise revenues through well thought out policies and visionary thinking. He has done this before so I know he can do it again. Once these are in place, our revenues will be tripled within his first 4 years and our debt servicing will be less burdensome. He then needs to restructure our loans into longer term, less interest yielding ones. We don't need to pay them off in a hurry as we need the funds for massive development and turn around of our economy. Best luck to him and his team!

I thought Olisa Agbakoba (SAN) was one of those casting aspersions on the integrity of the elections and going further to say he has little confidence in the Judiciary dispensing justice. What has changed? Respected voices like his should weigh their utterances properly before making them.

Beverlyjean:
Most of u think like illiterates ... who in his right senses will vote APC in SE ?? You really don't understand the igbos .... I am even surprised that APC got a few votes... go check out what happened to Andy Uba in the last gubernatorial elections in Anambra... the supreme court governor finished 4th in the last gubernatorial elections in imo ... if APC gets 15% on any SE state, then APC rigged to get the best they cud hv rigged ... SE are people that make their own decisions, they don't support evil , u can't convince them to do the wrong thing like what's happening in SW .... SW were just voting based on tribe disregarding voting the bad one , as long as he's SW ... if Osibanjo contested under LP and okorocha was APCs presidential flag bearer , the result will still not change... igbos are the only ones that don't vote based on tribe , they vote based on credibility...

This is political naivety. SE on its own can't win the Presidency even with 100% of SE votes. The region needs to play the sort of politics that reaches out to other regions particularly in the North. This is what Tinubu and the SW realised more than 8 yrs ago and are now reaping from a change in strategy. Hitherto, the regional politics played by Awo in the 60s and 70s and that played from 1999 to 2015 did not help the SW. In politics, there is nothing like 'i am a saint'. No one is by the way. Learn to play the game.

I don't think many people doubt that PO won Rivers State. I for one believe so. It is glaring and I believe the courts will overturn what INEC announced. The issue is that LP needs to overcome a 2.6mln votes deficit with respect to APC's votes and a spread of 25% in about 6 more states. All the states that LP is disputing are states that he already has at least 25% of votes. Focusing on them can add a few votes here and there to the tally but can't give the required spread. That is the real issue.

Surprising why DSS or FG spend time engaging people on this unconstitutional ING thing. Just ignore and follow laid down procedures according to the constitution. Giving it attention gives it the oxygen it needs to survive.

ICEWIN:
There is nothing wrong. Naira scarcity make am slash the price from onset,lets embrace the truth. His not deceitful according.

Sanwo was clear that price slash was to cushion the effect of hardship imposed by cash crunch and fuel scarcity. It was not envisaged to be forever. Once those hardships started easing, it made sense to go back to normal fares regime. I wonder what the fuss is all about.

Good move Seun but I wonder if this is not coming too late. Nairaland has wide readership and followership and moulds opinions. Things shouldn't have been allowed to degenerate to this level. That said, better late than never. You will keep DSS and other security agencies at bay too. Best of luck!!

With subsidy removal, oil price at $70/barrel and current exchange rate, petrol should retail at between N280 and N350 per litre

This Datti guy doesn't realise he may be pissing off the judges and therefore jeopardize LP's court case. What sort of dust yarnings are these?

Hold on a sec, what is Olumide saying? No candidate's name was on the ballot, only party logos and i'm sure Labour Party's logo was on the ballot. The issue of validly nominated candidate would have been sorted by the courts which incidentally is an internal party matter. This excuse from Olumide is weak.

Of what use is this visit to OBJ? Who is advising GRV? This is political miscalculation. OBJ is not liked like that by Lagosians and is a political featherweight in the SW. It will do more harm than good in my opinion.

If Emefiele has any sense of shame left, he will resign his position as CBN governor but as a Nigerian, he will choose to dance naked in the Market Square

I'm sorry but this is a cheap stunt by Peter Obi. There are several people like the lady who are trying to get going in life. There are many like that who are getting help from friends, family, corporate organisations and spirited individuals without any noise being made. What is required is a structural approach across board that helps create jobs and also access to funds to establish their businesses.

When I reflect further, I wonder how many ordinary folks' businesses have been severely impacted due to current cash scarcity, a policy that Obi supports and advises that we bear with. I prefer he takes a principled stand on things rather than pandering to whatever will increase his popularity or gain sympathy.

kpompey:
Your conclusion is very bias and no iota of sincerity. Sanwo Olu is a christian, regardless of whether he is fervent or not. So there is no need to persuade anyone to vote for him. Ambode and Sanwoolu who are candidates supported by BAT are Christians, and Tinubu and APC party structure never make religion a criterion for selecting a governor. The LP candidate will never emerge as Lagos governor, Yoruba youths are wise now. Now they realized that LP is igbo party. Labour party wants to destroy Lagos, even their candidate Gbadebo can not speak Yoruba fluently. We won't sell our heritage to this nuisance.

It is an observation i made. I am not attacking the religious affiliations or persuasions of the characters. I know religion is not an issue in SW and can't be used to divide them. That model of religious tolerance is one of the best in the world if not the best. My point is that politically, you have to reassure the many Christian voters in Lagos who may have voted LP in the Presidential elections to think again and not vote emotionally. I see the move as a wise political one, that is all I'm.saying.

kpompey:
Not christian fundamentalist...... Christian hypocrites. I am a Christian myself, and I know the agitation by the Christian leaders are for selfish reasons. Tinubu is a liberal muslim and not fanatics that can islamise the country instead put them to check. Today, before his acceptance speech, Sanwoolu deliver the opening prayer quoting bible verses as if it was a prayer meeting. Yet we have arrays of muslims there, no one cares. They need political appointment, street and houses in Abuja just Jonathan did for them.

While I understand your point, that Sanwo Olu prayer session today at BAT's acceptance speech was a carefully put together political move. Sanwo Olu became an emergency pastor, praying fervently for about 5 mins and quoting biblical passages. The move is to cast Sanwo Olu as a fervent Christian, designed to reassure those Lagos voters (particularly the Christian voters) who may have voted against BAT because of the MM ticket. The aim is to swing votes his way during the upcoming Governorship election in Lagos State. Very smart political move.

Peter Obi captured many people's minds and did very well. Just like Buhari in 2003, 2007 and 2011 who swept the entire North like a demigod but failed to extend his hand of friendship towards the South therefore couldn't win the presidency, there is a lesson to be learnt here. Hope it will be a useful lesson for next time

Ahmed0336:
Senate President in waiting

I think Senate Presidency may go to SE. In that case, if Umahi wins his Senatorial bid, he should be in pole position