₦airaland Forum

Emu4life:
This OPEC caps doesn't make sense to me. How can Saudi Arabia, Iraq, Iran, UAE, Russia, Kuwait and others with small population have times 5 (or even more) of the Nigerian qouta despite our large population?

If we have sensible leaders, we should have exited OPEC and targeting 10m barrels production per day.
Honestly, this OPEC qouta shit doesn't make much sense.

OPEC is truelly an Arab organisation. Nigeria has no OPEC business when we are generally a gas-exporting nation.

DrTee1:
It only shows how much we plan...

We knew Pesiero's contract was expiring. Regardless of whatever, we should have had a substantive coaching option if we weren't going to retain Pesiero...

Nigerians don't plan for the future; they are always looking for get rich schemes

Simonjef:
Yet there is scarcity of Money even in the street an banking Hall

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There is a scarcity of products, food, and fuel, and too much money is chasing fewer goods.

This is basic OA Lawal Economics: if you print money, you create inflation because your currency, in this instance, the Naira, is not linked to production.

The two solution is to reduce the Naira supply and increase products in the country

nonhuman:
A man called tribalist when did he begging to have sense

All Nigerians are tribalists. We trust and believe in our ethnic culture first.

IbeOkehie:
Those asking why NLNG sells in dollars...it's a matter of law and regulation. I'm not sure of all the particulars, but generally there are two legal kinds of gas in Nigeria -

1) Domestic or domgas

2) World gas

NLNG was formed to service the world market Because NLNG is controlled by PRIVATE investors AND the world market price of natural gas is UNREGULATED, the company has been a great success. NLNG has been the most profitable company on Nigeria for decades.

Side note - it was President Babangida that put the reforms in place to make NLNG possible. It was supposed to be a fully owned Nigerian government company but IBB chose PRIVATE led investment structure as under SAP policy.

There's a 100% Government owned company called Nigeria Gas Company that handles the DOMESTIC GAS market, which is is PRICE REGULATED and subsidized. They're the ones who are supposed to supply cooking gas at a subsidized and affordable price. 🙄

Do I need to say any more? Nigeria Gas Company is an inefficient, corrupt and moribund entity just like every other thing owned by government.....Ajaokuta Steel, Federal Universities, NIPOST, NNPC , Federal Mortgage Bank, TCN that suppresses electricity supply...and on and on.

It appears that NNLG is taking over the functions of NGC. Socialism, price regulation, subsidies and government ownership is KILLING NIGERIA.

The ONLY solution to the Nigeria Crisis is FREEDOM...frre markets, socio- economic and political freedom. That's all. Do it or die, nobody is begging you.

Good Luck to Nigeria.

That explains it. Thanks

However, Ajaokuta and Alscon were privatised by the OBJ government and failed to the point that the government had to pay the Indians $ 500 million (shared with Malami) to release the steel plant. Privatisation cannot work if the country doesn't have effective civil services.

Nigeria Gas Company is an inefficient, corrupt and moribund entity, just like every other thing owned by the government.....Ajaokuta Steel, Federal Universities, NIPOST, NNPC , Federal Mortgage Bank, TCN that suppresses electricity supply...and on and on.

jmoore:
Paying the naira equivalent of dollars is the same thing.



Are they selling at a lesser price should be the point.

It is not the same thing;

if the product is made in Nigeria and marketed in Naira, then the buyer only needs to earn Naira to buy the product, which will add value to the Naira. As there will be a demand for the Naira and less demand for the dollar.

Nigeria government have dollarize the economy

APC never had a plan to improve Nigeria or fight insecurity.

WhiteWood:
Lol, Obi will always be a boy but I think he's right about this, because increasing the monetary policy rate and cash reserve ratio can cause job losses in sectors that depend on bank loans and credit. Just sticking to traditional economic theories will not be enough to handle Nigeria's current complicated economic problems. All I want is progress for Nigeria --Kudos Obi

Peter Obi is wrong and right.

He is wrong to say that increasing the interest rate to 22.5 % will worsen the economic situation because the the best way to fight growing inflation is to increase the interest rate.

He is right that unless Nigeria addresses the ongoing insecurity, there will be no food production, and inflation will continue in the background.

Increasing the interest rate is a short-term solution, but addressing the insecurity problem is the long-term solution to Nigeria's problem.

Nigeria requires trained state and local government police across all states and local government.

The most critical way to manage our high rate of inflation and decline in production is for the government to address the issue of insecurity in the country, which will allow for increased food, and crude oil production, and an overall increase in production,

Geometrix:
What's actually the overiding need remaining in OPEC? Angola left or was about to leaving the other day because their interest as a nation is not being met. Ecuador and quatar has left OPEC.
Won't Nigerian leaders be Patriot and think out of the box for once.
Is it written anywhere that you can't sell your oil if you don't belong to OPEC?
Meet local needs/demands for oil first especially in times of an emergency.

Nigeria's oil production cannot even meet the OPEC 1.5 million quota!

tollyboy5:
The newspaper guys are bunch of nonentities. There's nothing new in the news, just repeating same old content to feed the public.

Since NNPC scammed us with portharcourt refinery we have not seen anything. From supply the refinery with crude to it will be completed soon, wetin una claim say una complete last year lol.

Since Dangote refinery received crude oil, we've noticed zero impact of he refinery on the nations economy, Infact I no see nothing.

Orisirisi

Dangote is refining fuel but selling refined products to pay off his high dollar-dominated debt.

Nigeria needs to increase oil production to 3 million B/D to meet the 1.5 million OPEC quota and the 1.2 million refinery requirements.

chatinent:
In a typical construction in Nigeria, an engineer in Nigeria is made to work under a white engineer. It could also be that the Nigerian engineer has more paper qualifications than the white but he has to dig while the white seats in the tractor and orders everyone around.

Academic qualification without practical experience is irrelevant in Engineering.

christistruth01:
The Report can be updated

To reduce the 1316 agencies to 130.

APC government have screwed Nigeria

Whereas the Report recommended the reduction of 263 agencies to 151, the number of ministries, departments and agencies has increased to 1316. Even the current administration has increased the number of ministries and created new agencies. To that extent, the Steve Oronsaye Report is completely outdated.

Solitechworld:
We are too smart for our own good.... Infact that same over smartness is what is k*lling us as a nation.

Bill Gates is smart; committing fraud is stupid, and there is nothing smart about earning 22,000 Euros from social welfare fraud. a highly skilled cybersecurity consultant can earn that same amount of money a month in the UK.

kettykin:
some folks are just plain errors and blunders , so who exactly is his fault , Emefiele left the rates at below N750 to a dollar and today we have the rates at above N1500 to a dollar and someone who is now a round peg in a square hole is saying it is not his fault.


Can someone see how some people are brazenly dodging responsibility and looking for a scapegoat. someone should tell this fellow that the exchange rate was below N200 to a dollar while Emefiele was CBN governor before APC to into office.


This is now the new format of saying , i cant solve the problem .

Imagine the US chairman of the Federal Reserve Bank coming out in the press to say this, APC Government is the most irresponsible Goverment every

Emefiele was spending $1.2 billion per month to peg the Naira to the dollar at N450 to 1 dollar, while the dollar was being exchanged at N875 to the dollar.

Nigeria had no funds to support fuel subsidies and the Naira ....period.

GanagiBitrus:
Tinubu may be a smart politician but I rate him low as a leader.

Tinubu is a common crook. There's nothing smart in his politics. Using Agboros to steal the ballot boxes is not smart. Tinubu will lead Nigeria into disaster.

He is not a smart politician,

Massiveglory:
Definitely a game changer.
A new Nigeria is POssible

181mw is not a game changer in a country that requires a minimum of 60,000 MW to be industrialised.

brain54:
Double edged sword...

Many will loose their jobs.

If you ask me... The pros outweigh the cons.

I only wish President Tinubu can do more to cushion the effects of the implementation!

Nigeria cannot afford to employ people for the sake of employment. The government is not a welfare agency; if you want efficient and productive workers, then there should be fear that they will be sacked if they don't perform.

The Oronsaye Report was commissioned and completed in 2012 under the GEJ government, the failure to commission many of these reforms in the past is why Nigeria is struggling today, there is no short cut to the pain that Nigeria will have to face.

What is important is that reform starts from the top.


The government must cut international travel , private jet and replace Japanese Land Cruisers with Innosson SUV

G00dharddick:
Damn!

I see massive pains loading from our SW brothers, they'll evade this thread and wail bitterly while comparing abia to Lagos which is a very large dirty slum.

Now imagine Abia having 24/7 electricity, the pains wil be too much for our SW brothers

What has the SW got to do with the Igbo's economic development? Develop your region in peace

yemclef:
I do not have an issue with Atiku Abubakar comparing how the current government should recover from the ongoing economic mess with that of Argentina. My position is that Mr President and his team should cut down on government expenses, and possibly reduce ministry. There should be a clear-cutting practicable policy that can favour our economy. While the government cutting down expenses, they should not forget the nation should be more productive than consumption. Nigerians need transparency in government dealings especially the awarding and execution of contracts. The government should have strategies on how to attract foreign investors but no room for window-dressing strategies.

How can a government cut down on recurring expenditures in a presidential system of government with 36 states?

Njic:
Abubaka Atiku

privatizing nearly 40 state-owned enterprises,

I dislike Tinubu, but Atiku will be worse. His privatisation policy destroyed Nigeria steel and aluminium industry

Erons2000:
This life funny,the same oil and natural gas that Qatar have,is the same thing Nigeria have,but one is using there own well while the oda one is mismanaging dere own and running to Qatar that have the same resources like dem to beg them for investment.....make we continue 2 dey pray for naija

Qatar is not practising a political system that elects presidents with less than 10% of the registered electorates. A country with a poor political systems will always fail

Ogiame:
The profile of this man is intimidating and fits the position of a CBN governor....

Unlike the current patch-patch CV CBN clueless governor that looks like Smeagol in Lord of the Rings.

Congratulations jare

9 years to complete a Ph.D. from low-grade UK university is not intimidating

Ordu then pursued a Ph.D. (Economics) at the University of Sussex from 1981 to 1990

lexy2014:
thats not what I asked.

1. why should GEJ have removed fuel subsidy?

2. how does not removing fuel subsidy prove that GEJ was not a real leader?

3. what are the right decisions a president is supposed to take that should qualify him to be president?

A decisive leaders should take the welfare and advancement of their country into consideration, to continue subsiding poverty by funding imported fuel subsidies at. a cost of $8 billion P?A, when they can invest in education , health care and a new refineries is madness and part of the root cause while Nigeria is in this current predicament.

Nigeria has limited industrial capability because the Nigeria leadership refuse to make the tiugh decision of developing a productive economy instead Nigeria will rather waste limited foreign exchange on importing good and service.

AllenSpencer:
Africans who crave for communist rule should learn from what is happening.

It is absolute authoritarian rule.

Russia is not a communist state, but I would rather have communism than the useless democracy that African practice

lexy2014:
why should GEJ have removed fuel subsidy?

how does not removing fuel subsidy prove that GEJ was not a real leader?

what are the right decisions a president is supposed to take that should qualify him to be president?

If you watched the 2012 fuel subsidies, GEJ senior government officials such as Iweala and Sanusi advised him to remove fuel subsidies and invest the $8 billion P/A that was being wasted on importing refined fuel on building local infrastructure including a new refinery.

Instead, he succumbed to APC bullying and public protest and continued the fuel subsidies, which have now been removed.



https://www.youtube.com/watch?v=RLd8o8z-2CU&t=4s

Frigga13:
The Yoruba Government...

Buhari represented Arewa fully.. had appointments from .. Northwest, Northeast, North central.. and other Nigerians..

Yoruba called him nepotistic and tribal taking all to North.. forgetting it was Arewa turn to rule..

Now is the southern turn

They Yoruba people shouting southern unity .. has turn southerners to southwest Yoruba..

Southeast and south south minorities are pushed out..
.. is good , the North is not bothered.. they’ve gotten over this Yoruba reality and patiently waiting for the next turn it will get to them..
Their young politicians are keep note quietly.. they’re know for patience as farmers..

The Southwest that always scream on paper .. already known not to take half of what they comfortably give without qualms.. are the people in mixed.. for it will come to them soon.. as they’ve clearly exhausted all arsenal of opposition attack.

Na reason Yoruba peeps will keep shouting “ igbos will never rule Nigeria “ because they never grind beans ,e don Dey smell., .. fear!! Fear of receiving what they give to others..

Just like yesterday Buhari 8 years don waka and north has gone quiet

Someday igboman will be on that seat... hehehehehehehehehe..

Some will die before the actual dead.

Yoruba, should enjoy their government.. and make sure they allow others enjoy theirs when it’s time

t

Yoruba people don't support Tinubu and his cabal, ebi pan wa

ovie8200:
Where are all those barstards that protesting and fighting Goodluck back in the days. Masket mouth, Professor Wole, former vp Osinbajo and other high profile Yoruba and northers. They are all blind and deaf suddenly. They thought God doesn't exist and watching.

If GEJ were a real leader, he would have removed fuel subsidies in 2012. Nigerians voted for GEJ and not all those high-profile Yoruba and Northerners you highlighted in your post. If a president cannot make the right decision, he should not be president.

fightingdemons:
Goodday Everyone, I want to ask a question on nairaland about crypto and wish to find answers here now hear are the question. what is crypto,what are it uses,what benefit is it to the economy and individual at large and how can one trade crypto etc thanks

Nothing

heniford2:
Black SA are worst people to associate with

I hope the White led DA win the next election; these people are shocking and distasteful.

Bridget95:
Go and read histrionic articles. They denied you history in school for a reason. BRITAIN bought the country for a certain huge amount.

Britain bought part of the SS for £800,000, which doesn't include 90% of Nigeria, which weren't under British control at that time.

Bridget95:
So the country is a property of a Christian country, yet people are behaving like its a gift from their god because Britain allowed them
to have power for its interest.

Is this what you learned from the article?


You are worse than an Islamic fundamentalist. When did Nigeria become the property of a Christain country?

AK481:
Once opon a time there was a yaba market ,that was doing so well and had the biggest line of clothing business ,the levy and tax paid made it one of the richest LG not just in lagos but Nigeria .

But one thing made the government of lagos sad , too sad. It was controlled by igbos ,the igbos who are typically traders .

They closed the market, built a gigantic mall and gave it to a yoruba man to lease or rent ,but first let the yorubas be the priority to rent to.

Today, the mall is being rented by snakes and lizard ,only the down floor have spar.

So where did the igbos go, well they still remained in a corner there,making their monies .

This ikeja computer village is another example .it will fail .

This useless victimisation of Igbos is getting too far; maybe the Igbos should return to the SE if they think the Yorubas don't like them. Tejuosho shopping mall has been in in Yaba since the 1970.