₦airaland Forum

jmaine: The SEC probe where Hembe was disgraced and the Farook Lawan Cap banking induced fuel subsidy probe.

Wasn't the pension thief Maina convicted by our deplorable laws made relevant by the laziness of our lawmakers.

If Tambuwal is serious about his anti corruption pontification, he should kindly engineer his colleagues to pass a law proffering a death/life sentence verdict for corrupt officials . . . .

You dey mind d HYPOCRITE??.... If d Devil himself wan enter 9ja politics against any person in Govt, he only need to manble a few words and SHOUT 'corruption, corruption', and FOOOLS wud lind up behind him, hailing him as their new found 'Saviour'....#patheticlots

What NONSENSE is Tambuwal saying? He mentioned 4 cases to 'prove' his point: Subsidy case, Pension Thieves, NSE Probe and Oduah's case. The Subsidy suspects are been prosecuted in court as we speak (after d same HOR messed up their own Probe panel); the Pension Thieves are also been prosecuted in court; the NSE President case was simply a case of PERSECUTION by members of d HOR who were angry Mrs exposed one of them of attempting to demand bribes from her (Hembe, d member of HOR in question, is presently been prosecuted in court), no case of corruption either from a PriceWatersCorpers or even d HOR probe report itself ever established any corruption case against her; while, d Oduah case report is not yet out. How then is d President 'condoling Corruption'??..... Anyways, let Tambuwal not worry. The 'hammar' wud soon move towards him and his cohorts in d house. Maybe then he wud properly undastand what 'condoling' reali is....

Mr Knowitall: You people are funny. Nigeria's economy is no where near the fastest. In fact, the argument can be made that Nigeria's economy is

one of the most inefficient and sluggish economy in the world. Well, actually, maybe Nigeria might be somewhere near the top if we

are speaking of nominal GDP. However, nominal GDP is almost totally useless because it does not positively affect the lives of the

average citizens. But as far as real GDP? NO WAY my friend!! China's real GDP is growing much much faster than Nigeria's.

This is the reason why we are seeing positive changes in China: updated infrastructure, growing middle class, increase in

home purchase, etc... you people need to stop wetting yourselves over false information, Nigeria still has a very long way to go.

cheers.

OLODO. What is 'nominal GDP' and what is 'real GDP'? Wetin be d difference??... Sm people for NL sha!!

Why shld Govt be building hotels??

take dat: ^those in the NA will also argue that the executive wants a lower benchmark so as to have more money in the ECA which would be depleted to fund their political ambitions in 2015.

In 2012 even with a $79 benchmark, we still sold 'Sovereign bonds' worth of N544billion to fund the 2013 budget deficit. If we have to reduce the oil benchmark for 2014 budget to $76.5, we will need to float more sovereign debt instruments which may lead to the escalation of the rising debt profile of the country.

We are already faced with the menace of oil theft, which means lower production of crude oil and less oil to sell. When we sell less oil, we won't be able to meet our revenue projection and will have to resort to more borrowings to finance the budget. It makes more economic sense to have a higher benchmark as we are yet to effectively deal with the menace of oil theft.


With a benchmark of $79 for 2012, we all witnessed how states complained of difficulty in paying their bills on a regular basis and impoundment of their monies by the FG simply because of revenue shortfalls in the Federation Account. Won't the states face more difficulties if we reduce the benchmark to $76.5?

The HOR also have their points.

Oh lawd!! You are so CONTRADICTING yrself here, guy... You said Sovereign Bonds to fund Deficits, BUDGETARY Deficits ie d Deficit projected in d budget based on d approved Oil benchmark. That you increased d benchmark might not mean that d Deficit (hence d bonds you wud raise wud decrease) ESPECIALI if the Projected Revenue falls significantly (which is d Crux of d mata here). In fact, if that happens you may then have to raise more bonds to fund d budget cos d Deficit (Expenditure- Projected Revenue) wud increase..... I wud later on reali comment on d Economics, esp relative to likely happenings in d Global market next year (eg Changing Oil market architecture, effects of imminent US Treasury Easing, etc) of this issue later

take dat: No be Budget Office you dey work again ? @Ndu, predicted a scenario where the price of crude oil would be below the benchmark say,$50.


If the price oil crude oil falls below the benchmark used in passing an appropriation bill into law, an 'Amendment Bill' can be used to adjust to the reality of the time.

Virement is an administrative transfer of funds from one part of the budget to another. If the price of crude oil falls to below the benchmark, we will not have the funds to run the whole budget so virement allows the executive to prioritize and move funds from one part of the budget to another. In the event of an unprecedented fall in oil price, a certain percentage can be moved from the capital vote to the recurrent when unable to pay personnel costs(salaries, and related employment benefits) because of fall in the projected revenue.

Impoundment of appropriation funds, the decision of the President not to spend money appropriated by the NA.

Both Virements and Impoundments are not appropiate instruments in this instance cos they are merely used to MANAGE the budget process (ie move monies around various budget Heads Or Withhold d Expenditure of certain budgetary Heads/Items); they do not have any effects on d amount of monies available as Expendible Funds for the budget, and this is the Crux of d issue here. Ie how much wud be available as Projected Revenue in order to run d Budget, and the Consequences of such shortfall in d Projected Revenue relative to what would actuali accrue to d Federation Account for SHARING bw d National and subNational Govts. And moreova, what has Virement and Presidential Impoundment in d Federal level got to do with d budgets of d subNational Govts and how much is/isn't available for SHARING during FAAC? Do you honestly believe d States and LGAs wud accept any of those measures (that does affect their budgets anyways) OR just demand the monies be shared out of d ECA to augment d shortfalls like they have been doing this year?? So I still don't get why you saw d need to insert those two in d discourse. Maybe there is smtin am still not getting.....As for Amendments, yes that is ordinarily an appropiate instrument in handling shortfalls in budgets. But Amendment by nature is Political and requires lots of Compromise. And d budget year in question (2014) wud be a year of unbelievably heightened Politics- Poltics of Confrontation unfortunately, and not of Compromise. So how do you expect d National Assembly, esp this particular Assembly of Clowns who hv refused to stand above sillly pettiness and sat on extremely critical bills like d PIB for no explicable reasons, to possibly be sane/coolheaded enough to agree to Amendments if smtin as drastic as a significant fall in d Oil price happens in d International market next year??

*smh* @Nigerians.... After reading this thread, every single comment, I now reali realise and appreciate d concept of 'Government': which is that only a few persons should make decisions that runs a society/state, and not d Majority (except perhaps tru having d power to 'choosing' those few persons and influencing them). I now better appreciate the WISDOM of those persons who 'invented' this Concept. Might be the Smartest thing man ever 'invented'..

hardywaltz: I support the Reps on this matter, last year GEJ and his clueless team proposed $75 benchmark, then wanted to borrow to finance our budget, if not for the HOR that increased it to $79 benchmark and reduced the deficit in the budget Nigeria would have been in more debt. The annoying thing is that the excess crude will still be pilfered away and when Ameachi & his likes raise alarm, team NOI will start black mailing him.
This is December 8th and no budget is yet to be presented, instead the cow has jetted of to SA 6days before the burial is he the Chief Mourner?
Cluelessness!!!

Oh Lawd!!! This should be about d most Ridiculous comment I hv read here for sm time now. Amazing! Do you hv a clue how astonishingly CONTRADICTORY the @emboldened is?? Do you hv any idea at all?...*smh*

byrron: Sometimes I wonder if our so called reps and senators really understand what their duties are! If the government proposes $75/barrel so be it- all they need to do is to pass a law that states that the federal government can not take money from the ECA without been appropriated for by the national assembly just the way they also appropriate for all monies going out from the federation account or better still they shld scrap the ECA account and. Compel all excess crude oil revenue be paid directly into the federation account so that every dine can be appropriated for!

This to my opinion is called common sense! If the federal government like let them make an estimation of $100pb, that's their cup of tea- snc all excess funds generated will be paid directly into the federation account or they pass a bill making all spending from the ECA to be appropriated for by the national assembly and with such bills passed into law, the fg wouldn't v access to funds not appropriated for to play around with.

Let them just do the needful and spare me all this trash they raise up all the time when they have the powers to do the right thing without making all these noise!

The ECA is the Federation Account, guy; it is only a component of it..... Na wa for sm of una sha

kel4soft: No! The excess touched was not this year's EC Money. It was Pre-GEJ. From $9bn to $4bn.

Always learn to keep yr mouth SHUT when you do not know what you are talking about, K??

take dat: There is a legislative mechanism and process called Amendment bill, and even without an amendment bill, there are inherent clauses in the money bills such as virement and impoundment that can be triggered in an event of a free fall drop in the price of crude oil to anything below the benchmark.

The Executive and Senate both agreed to a benchmark of $76.5, so if we should go by your argument, they are also 'Senseless'.

What in God's Holy name are you talking about

bappahman: A gentleman headed PTF with just N2 on liter; legacies exist till 2day; another copies with Sure-P only to give 'Sure Poverty' and 500 billion missing

Which 'missing #500bn' money be dat? Was it yr father that stole d 'missing' money??

Brimmie: @Bolded: Are you Talaka Taharqa? He's gon' sue you for plagiarism!

Hehehehe.... MADT people full NL sha

Am trying to get Vids of some other Rice Mills so I can finish with Rice and go to other sub-sectors like Oil palm, Rubber, Fertilizer, Steel, Cassava, Ceramic tiles, IT, etc...

Very good. American-type 'Situation Room' don land Naija...... When dem go allow Nollywood act film using the place (or im replica) like Hollywood dey do?

HNosegbe: This Taharqa sef.

Wetin I do, Bros ??

otokx: Keep insulting but the facts are there, decrease in revenue from both oil and non oil exports. Increase in foreign exchange rate, rise in inflation.

NO, @otokx: am not insulting you, guy; am just calling it as it is. You are reali an OLODO and an IGNORAMUS. For instance, Nigeria's NonOil Exports wud actuali be bw $8-$10billion this year (compared to about $3billion for the last 2years and about $1billion or less just some few years ago). As a mata of fact, d data suggests that Nigeria is clearly on a path of finally Diversifying its Economy. In same vein, Inflation RATE has actuali decreased significantly from more than 12% yr-on-yr sometime last year to Single digit 7.8 in October this year (in fact, d Inflation Rate has basically been in d Single digit this year- a rare and a very very significant development). On Exchange Rate, yes d Naira has declined by about 2% so far this year against d Dollar, but still it is still one of d 'better' performing in d world, esp amongst d large Developing Economies (like Russia, India, Brazil, etc) where uncertainties in d global Economy particularly d temporary flight of international capital due to d expected quantitative easing earlier planned by d US Treasury. The CBN has been trying to keep d Exchange Rates relatively stable within its budgeted targeted range of #155(+/- #3); and they are largely succeeding in doing just that.... Your Assumptions, that formed d basis of yr Rants, are therefore wrong (or largely so except d dip in Oil sales). In other words, yr 'facts' are Wrong. So you see @otokx, when I call you an IGNORAMUS, am not actually insulting you; I just am saying it as it is...

otokx: Some insulted and abused Mandela but today he is being celebrated. We will not allow Nigeria to die before we celebrate.

When price of goods and services keep rising and our income from sales of oil and custom tax keeps reducing then it is clear that government is doing badly.

Stop been an IGNORAMUS (ie if you can). Any Economy where 'prices of goods and services' does not 'keep rising' (ie Inflated) is actuali d 'bad Economy'. You may ask Japan if in any doubts, OLODO.... And, that Nigeria's Oil Sales is reducing (actuali, doesn't measure up to budgeted estimates) yet virtuali EVERY indices of its Economy, including its NonOil Sector which is presently undergoing its greatest expansion and growth since d 1970s/early 1980s, should have told even an elementary mind more about the actual Resilence/Trajectory of that Economy, esp since d causative agents of d unfortunate dip in Oil Sales is Temporary.... #Growabrain,guy

otokx: December 1, 2012 it was 252 official rate to 1 pound.

December 1, 2013 it was 266 official rate to 1 pound.

Okonjo Iweala and Sanusi deserve Nobel Prize for Economics. They have impoverished the people of Nigeria on a grand scale.

What NONSENSE are you trying to spur with this comment? What's yr point?... You some times leave no doubt about how pea-sized yr brain really is, @otokx

He is part-Khoisan. They have epithelial folds in the eyes like some Southeast Asia populations, though they are not biologically related.

Tintinix: Ok, my new favorite section would be the Business section then, cos instead of wasting mb on pointless debates, maybe I will also glean some ideas on how to take advantage of these great developments.

You are getting d Scoop, abi??... I visit that section nearly everyday now

Yea, he went there to build a Railway with a Loan that the FG is magnanimously GUARANTEEING, baa ?

http://www.channelstv.com/home/2013/12/04/senate-approves-lagos-200-million-loan/

Safe journey Oga Fash, sha...

VIDEO CAPTION: Quarra Rice Mills in Kwara State



https://www.youtube.com/watch?v=rQnuh4-XTfY

*VIDEO CAPTION: Ebony Mills ( just 1 of the 3 there)



https://www.youtube.com/watch?v=YhrRuUMHVb4

*VIDEO CAPTION: IRS Rice Mills, Kano



https://www.youtube.com/watch?v=z2stmabIVBw

*VIDEO CAPTION: Growing Nigeria: a Rice Revolution: between 20mins-22mins Labana Rice Mills in Binin Kebbi


NB: Also see the effects of the Dry Season Rice farming that was introduced FOR FIRST TIME this year


https://www.youtube.com/watch?v=-ChQUAmuNaI

[size=18]RICE[/size]

I would start to provide Articles and Videos on the Revolution currently going on in the Nigerian Rice Industry, where more than 14 NEW Rice Mills have been opened in the last 3 years. Some of these Mills Vids would shown.

Ist, a Recent Article on Daily trust(2 days ago) on the interesting Interview by the owner of Umza Rice Mill, in Kano State.

NB: Pay attention to the highlighted Section plz:


[quote][size=15]Nigeria can Compete with India, Thailand in Rice Production[/size]

When Alhaji Mohammed Abubakar started his Umza rice mill in Kano State two years ago, banks were running away from him. After building the 75,000 metric tonnes multi-million naira mill, he needed N500 million working capital, which the banks refused to give to him. But now, with his business flourishing and a credit line in billions of naira, he has become the darling of many banks. In this interview, Abubakar who was a member of the House of Representatives from 2003 to 2011 speaks on the prospects and challenges of rice milling in Nigeria. Excerpts:

How did you come about this rice mill?
Whenever somebody is thinking of development he chooses which aspect of life he wants to follow. As a business man before I joined politics, I always thought about how I can impact on my people and the society in general.
I have travelled to different places; I have been to India, Thailand, and I have seen how they grow their rice that we have been buying for more than 50 years. So, I started thinking on how I can delve into the area and that was how we started. I started it with a rice mill here in Kano. Because I learnt the rice we have here is the same with the ones in the countries I visited.
When did you start?
Actually I started building this place around 2008, but it was officially commissioned in 2011. It was commissioned by the Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi and many other important dignitaries.
What is the capacity of this mill?
Presently it is 75,000 metric tonnes per annum rice mill.
What were the challenges when you started the mill?
So many challenges; for example, securing the land and building it, infrastructure, electricity and water. It may interest you to know that we have a water treatment plant close to us, but when we received the bill for connecting the water we could not pay. So, we have to go and drill our own boreholes. We have about five industrial boreholes here because we use about 200,000 litres of water per day. So, these are part of the challenges. We have 1 million litres water treatment plants in the factory. Then after building the factory, the biggest challenge is how to run the factory, you know it is capital intensive. We need to buy from the farmers, process it and sell, that is how you circulate the money.
The very challenging issue is that the paddy comes once in a year; after the harvesting season you cannot buy it as much as you could, so you need a lot of money at a particular time of the year. That is the most challenging aspect of it.
How many tonnes of paddy do you buy from farmers annually?
If you are talking about sufficient quantity, you have to buy about 75,000 metric tonnes but you cannot get it for now. When we started, to get even 10,000 tonnes was challenging, but now we can buy up to 20,000 tonnes every year and it comes with a price also. When we started, the running cost came from the CBN, we had to see them and the Ministry of Agriculture with our initiative on this commercial agriculture for loan. That was how we were able to secure N500 million to start with; to buy paddy rice, process and sell. We got this through the help of Fidelity Bank, so we have to thank them for that, because when we started, we approached many banks but they all refused to grant us credit facility.
Your rice mill is located in Kura, a town famous for the cultivation of rice, one is surprised to hear that you are finding it difficult to get paddy. Why?
In fact, even the 25,000 metric tonnes we are buying, we are not getting it from this area because of the challenges; price and activities of middlemen. We are getting most of our paddy from Adamawa and Taraba states because it is cheaper and the activities of middlemen there are not like in this place.
The preference of Nigerians for foreign rice is negatively affecting our GDP. Is it that the rice you people are producing locally is substandard?
That is why we are competing with them; some people are even saying our rice is better than the imported rice. Because our rice is produced, processed in the same year, not like imported rice that in most cases are about five years or so old. Then, because we are handicapped we have no choice than to patronize it, but now people have choices.
It may interest you to know that most of t

Did d Resident Clowns commenting on d thread read d OP at all??*smh*.

@topic, those persons handling Public Info for d FG and d President, need to be shot publicly.

Dats all.

Afam4eva: I'm not responsible for moving threads to the frontpage. You can take it up with the supermods.

Then those 'supermods' must be a group of fuccktards, esp lately..... Anyways, nothing spoiled. I am becoming less and less interested in NL; Unfortunately...

[quote author=ndu_chucks]For once you are hailing legitimate success, as opposed to your usual almajiri praise singing. An improvement I must say. [/quote]You Imposter. You no wan change, abi??..... 'Ndu-chuks' you fit provide Info on how far d process of Resuscitating dams, esp in d North, dey now? At least, be 'useful' if na small sef

Who made Lawrence Oloye a Permanent Secretary? Abi, is that not d Oloye that I know, the renowned Thug (Agbero)?