₦airaland Forum

Skirmishes:
Funny enough.. Yola Electricity Distribution Company (YEDC) was bought by Atiku Abubakar during the privatisation programme. This is a major plus for Atiku..

YEDC has been in government hands since 2015...the original investor Integrated Energy could not handle the business

Here is the link

zeekeyboy:
What GTB and FG did to this guy ehn

ttmax09:
Don't mind those blaming the guy for hitv collapse. Both Gt bank nd Fg killed hitv, the same is happening to tstv now and our mumu government is watching.

I noticed your comments, and in response, I suggest you guys read the article linked below

Corporate Story The rise and fall of HITV

Denikayan:
Amnesty international need also give us reports about North Korea, Syria and Yemen


Abi their jurisdiction no reach there

Trust Assad and Kim, They will jail all of them

They do give reports on those countries.

(available on their website)

Ehiscotch:
HITV messed up. They couldn't compete with DSTV's monopoly. Anyways, they probably had their reasons.

Why are indian women always this radiant?

Hitv went into the market on the assumption that Nigerians bought cable for Premiership and Champions league.

Big mistake.

Apart from football....HiTV's package was very lean. News, doccumentaries, children's TV, religion, even Nollywood...

maestroferddi:
Thought it was a suspended sentence?

Bloggers and senseless sensationalism...

No,it was not suspended...Radio Nigeria reported this am that the Judge rejected the idea of 'suspended sentence' saying it was in the public interest that the defendant be sentenced as a deterrent to others.

Doyin2:
The solution is not subsidy removal,but getting our refineries working.

The hyperinflationary effect of removing the subsidy would be calamitous.

The problem is getting our refineries working will only mitigate things small...because our refineries fully working cannot meet all our fuel needs (the last one opened in 1988....30 years ago).

Dangote is there...but when it opens,it isn't going to go to full capacity yet...and even at full capacity...it won't meet all our needs.



As for subsidy....here is how it works. Say, I am a seller of shirts. I buy shirts at N2000 each and plan to sell them at N2500,making a profit. Government comes in, tells me to sell my shirts at N1500, and pays me a subsidy of N700 per shirt, giving me a profit of N200...which isn't enough for all my needs, nor does it let me do things like employ more salespeople, or buy shirts more easily.

That is what government has been doing to marketers...and why we ended up with the debt we are paying in the first place...and why GEJ (I am no fan of his) wanted to do something 'irrational' like remove fuel subsidy...because it was not sustainable.

And another thing...back to the shirt analogy....other people wanting to get into the shirt business would see my profit issue...and refrain frominvesting. Had I been allowed to make my profit normally,other people would have been attracted into shirt selling...and eventually prices would vcomedown via competiton.

Subsidy makes investment in the petrol sector difficult...and that includes building new refineries. Why build a new refinery and then sellfuel at a price less than the refining cost from the get go...? (Dangote took loans to get his refinery built...and i doubt he would love to sell at subsidy prices.). That is partly why our refineries are not working well....it isn'tprofitable to run them under subsidy regime.

Yankee101:
Election diversions

He promised to erase subsidies

He ended up increasing them

1.Bubu did not promise anything on subsidies, and the only comment he made was based on the 'scams' thatr were happening at the time...when markteters were collecting money for fuel not imported.

(Bubu ended that loophole by making NNPC the sole importer...though that has led to the corruption being centered in NNPC as regards subsidy.

2.No Nigerian leader is going to remove subsidy completely. Even Atiku that claims he will bring fuel to N90...when one liter of fuel costs more than N100 to produce....is not going to go through with his idea.

All Nigerian leaders will do is wait till the current subsidy is unsustainable...and then they will partially remove subsidy.

If BUBU had removed subsidy completely....fuel would be costing N250 per liter...and he and the enitre political class would be in danger of losing their jobs.

Greatidonis:
Subsidizing corruption and claiming to fight it, pls give one one billion to each Nigerian instead.

We are in this mess because Nigerians like you opposed subsidy removal...(well, partial removal) in 2012.

As far back as 2006, people in government were telling you codedly that fuel subsidy was not sustainable. GEJ removed it partially, you Nigerians complained, GEJ brought it back...and as a result govt went into debt maintaining a subsidy that it could no longer afford.

DKERIAN:
I thought PMB said the reason for increase in fuel price when he took over from GEJ from 87 to 145,etc was because he stopped subsidy payment,which other subsidy are we talking about?

The debt dating back from GEJ's time plus the first few months of Bubu's time. before he 'stopped subsidy'.

(And before you accuse me of blaming GEJ....the reason why we are here is because back in 2012...Nigerians said no to GEJ's foresight in increasing fuel prices....because all they saw was N65 now N145....not the fact that fuel subsidy was unsustainable).

Riversides2003:
They should not surrender pls, instead take them to Maiduguri where their talents would be useful.

Sounds cool...until you realise that you are sending them to an area they a) know nothing about b) climate, weather is completely different from what they know c) with no training on how to handle such environment.

Sure the Army has that issue too..that's why training is done in such a way that future soldiers can adapt to varied environemnt. Add the Civilain JTF.

The most important strike is the 2009 ASUU strike..which led to the famous 2009 ASUU/FG agreement...which stated that universites needed at least N1.5trillion naira in additional funding every year.

The agreement can be read here....2009 ASUU/FG AGREEMENT

All strikes that have happened since then have far more to do with failure to implement that agreement, than anything else.

I'm not a businessman, but I found this inspiring.

Jack Ma is the founder and CEO of Alibaba.

This is him in 1999 promoting his company to a few friends...

Watch, and be inspired please.

Original sauce: Bloomberg's Youtube channel. I do not own, nor did I make this video. Video is property of original owners...


https://www.youtube.com/watch?v=Up9-C4_8dVo

Kenekingisback:
Seen.

Add that the sole presidential candidate of APC is most likely not returning to power in less than 6months time.

Due to the following;
1. Old age and incompetence
2. Abysmal performance and poor governance.
3. High poverty and unemployment rates
4. Insecurity
5. Corruption

And the sad thing is we can say the same for his opponent and his party.

The man's opponent was also part of the crew that gave us APC too. Have they apologized?

Sad that Nigerians are not courageous enough to look away from PDP or APC

Instead we just keep on being like chickens voting for Christmas and rams voting for Eid

Some may return as Senators though, while some may become governors and deputies

kiddoiLL:
He he... don't be so surprised if they fish out those missing money and catch the people who might've taken it... These guys don go far with their security and Tech... Naija here?? Lol Almost all the boys for that road go cooperate and sort the money between themselves.. I love my naija

In 2005, a truck carrying several people was entering a Northern town in Nigeria. One of the occupants was counting money in his hand. Wind blew the money out of the hand.

Within minutes several young boys and men had gathered up the money, and handed it back to the owner( some of the boys had stopped the truck).

And the money was intact.

True story. I witnessed it, so nothing like lies

urahara:
Do you think the govt would give him protection to run things like a monopoly just as he is doing with cement ?

Don't know if they would...plus, Dangote (my opinion) does not have a monopoly on cememt...BUA and Lafarge are still around.

urahara:
And what if the fg decides to subsidise his fuel ?

I doubt government has money to subsidize fuel...what with corruption and the international oil price being below $100 (we need it at $140 for a balanced budget).

The fact that we are paying subsidy claims from the last admin...shows that we can't sustain this subsidy thing.

Subsidies also means poor profit for Dangote....he would earn more if he is allowed to set his price.

urahara:
If dangotes refineries are completed, do you think it would be able to meet up with nigerias demand ?

And at what price do you think he would sell for ?

Personally, I doubt...and I think he would be selling PMS higher than N145.

Let's wait and see though.

(When the refinery comes on stream, it would only refine 300000 barrels, then eventually go up to 600000 barrels by 2030)

olisaemeka1:
keep deceiving yourself ...so the citizens must bear the brunt of govt misdeeds all the time ?If you no that building refineries would solve the problem how comes the govt does not know that ? Let me ask you ...do you even know how many barrels of crude Nigeria produces in a day?

Two million barrels.

Yes, the government knows. But building a new refinery costs $9bn, we need three new ones at least...and our reserves would be depletedif we used it.

And we live in a democracy. If you don;t like your government, use your PVC.

ezkimow:
Are u juggling ur ballz, what did Jonathan do? Please

He tried, see how Nigerians responded....

It is no popular move.

ezkimow:
lol
Iee ihe e mere onwe gi

Btw-this theoldpretender and uharara Abi Na uhuru, why are you guys painstakingly explaining all these, during gej's Tenure did u guys not know it would be beneficial to remove the subsidy?..... Now you are here defending your foolish option (BuBu) Mtchew!!!

Karma is a Bitch!

U ppl should go and OCCUPY NIGERIA again naw.
Nonsense

Twas under GEJ regime that I first became convinced that subsidy must go.

In fact since 2012 I have been of the opinion that subsidy has to go, and have been following the matter since 1993.


I am also not into your PDP and APC nonsense.

Take your karma elsewhere.

lexy2014:
Bros u are trying 2 defend d indefensible. " govt needs 2 remove subsidy 2 attract investors/investments that will build local refineries". How did u come about that theory? Is dangote refinery not an investment? Which subsidy was removed b4 work started on it? What in d world is "creative accounting"? Fuel subsidy dates back as far a d IBB era. They have been removing subsidy since then. Till now, its still ongoing. All u have written is like going round in a circle.

D question u are refusing 2 ask urself is y did they allow d refineries 2 run aground? If u can answer that, then u will understand d business & profiteering side of fuel subsidy

Dangote got a nice set of loans to build his refinery. Add the fact that subsides are not being paid on diesel and kerosene and other products since 2013 at least....

Refineries ran around because bad management. That is why NNPC needs to be privatised

Anyway, if the refineries were working at full capacity, our fuel consumption is far.higher.than what they can accommodate.

lexy2014:
What has this govt done to put an end 2 importation?

Nothing...

But they can do something...remove subsidy and allow marketers set prices or the market to set the price of fuel and other refined products

That attracts investments/investors...who might build new refineries among other things.

The problem is....fuel prices go up...AND that means that the political elite get thrown out of office.

That's why governments, even strongmen governments like the Abacha government...kept subsidy...and raised the price when the landing/import costs were far ahead of the officialprices.

Problem is, marketers end up operating at a loss all the time.

Buhari was referring to so so so and so. Dude, what were those guys doing then that they are doing differently now. When buhari said fuel subsidy doesn't exist, who was he referring to?

Bubu was speaking as an opposition leader then...tapping into the anger of Nigerians to get elected.(That is what opposition pols do...they make comments to get elected. ).

But the reason why subsidy scams existed was

1.Before 2015...marketers were importing fuel at a high price...and selling it at the subsidised price of N87

2.This led to losses....

3.So marketers did things like making subsidy claims for fuel not imported, and smuggling fuel and selling it in neighbouring countries, or on the black market.

4.Then there was the kerosene subsidy which was removed...yet someone was still paying it. That was part of the then CBN governor Sanusi's cry about $20million missing.

That's why Bubu said subsidy was a scam.

But because Bubu said subsidy is a scam does not mean subsidy does not exist. It did...and it exists AS LONG AS GOVERNMENT SETS THE PRICE OF FUEL.



What Bubu is now doing is importing fuel via NNPC....alone. And subsidising the fuel via 'creative accounting'....leading to the subsidy mess. It is a temporary fix...but it does not solve the problem.

And the politicans all do it...because the alternative...removing subsidy .....is going to lead to a revolution.

lexy2014:
So in d end, Nigeria doesn't any business importing fuel in d first place.
But which subsidy are u talking about? Is it d one that buhari said is a fraud and that doesn't exist?

Well, since we need at least four new refineries the size of Dangote's refinery to stop importing...and we may need new ones as our needs go up....I doubt we need to stop importing.

I hate defending the APC...but for the record...Buhari was refering to the scams which led to peoplelike Otedola and company get imprisioned...as well as the kerosene subsidy scam...

The cold reason, however, why government keeps on controlling prices is that it does not want to be thrown out of power.

P.S
Our refineries can only produce less than 30 million liters of fuel per day. The last one was opened in 1988...since then our needs have increased.

frenzyduchess:
and you think if these marketers are allowed to fix their own prices they will not gang up to fix the price a high as #500 /ltr?. Oil markers are made up of the most self centered crooked Nigerians.

Say you are in business, you buy some yam for N800, and you want to sell them at N1200...per tuber.
Government steps in, insists you sell the yam at N500, and tells you they will give you N200 per tuber sold as 'subsidy claim'

Would you agree?

That's what they have been doing to the marketers all these years...and why many of them do things like

Make subsidy claim for fuel not imported
Sell fuel in other countries...

So that they can make profits, enough to keep their employees, and enjoy life.

urahara:
But if I may ask , why is it that this service providers can't seem to provide internet and calling services on par with that of countries abroad ?

Largely because in Nigeria we had to build the infrastructure to support the GSM network, while in other countries, the infrastructure was already on ground

abvictory:
So, even when you hiked the price to 145/litre, you still have the guts to tell us that subsidy has not been removed? OLOSHI Government.

The problem is...you misunderstand what subsidy removal entails...which is why you 'beleived the lie' of subsidy removal.

Subsidy removal works when

1.Government STOPS setting prices

2.Government allows marketers to set their OWN prices.

3.In theory...that means that if Bubu removes subsidy...NNPC sells fuel at N200, Total sells fuel at N230, Oando at N240, Conoil at 235, Forte at N245.

4.Again in theory...Nigerians buy fuel from the guy with the LOWEST prices..(NNPC has long queues, others have very few cars). Competition sets in, prices go down.

5.We saw this in the GSM industry. Prices initially high (my dad's MTN sim cost him N10000. Needless to say, he has not changed that line at all!).then fell due to competition, fresh investment, new faces, better technology brought in.

urahara:
Refineries which are defunct and which the government can never revitalize and which private investors can never invest in because the oil subsidy sham will require them to operate at a huge loss

Exactly!

Even now...I doubt Dangote is going to be operating his refinery under 'subsidy conditions' He would be forced to cut jobs to save money.

hucienda:
Something that should have been history since 2012 but currently rearing its ugly head all because of bitter politics of the then-opposition now government.

One does not need a soothsayer to tell him or her that the current APC-led FG would increase the price of petroleum products should they find themselves somehow again in Aso Villa post-May 29, 2019. That's one part of their Next Level.

M. Abubakar is realistically at the moment out of entire opposition groups, the only way out of this mess Nigeria has found herself. Never again should incompetent and unprepared people ever take charge of government - most especially at the centre.

Basically, no one wants to remove fuel subsidy.

Remember, GEJ was opposed by a large section of the Nigerian people...not the opposition, who just fell in behind...simply because most Nigerians could not see the benefit of fuel subsidy removal. All they saw was 65 to 140.

What governments have been doing since the 1980's is 'partial removal' (Hint...it is not full removal UNTIL government stops setting a price). That is what GEJ did in 2012 and what Buhari did in 2015...and all they wait for is for the landing cost to be higher than the fixed price (In 2015...when Bubu increased prices..landing cost was N132. Price was N87 officially).

A full removal means prices as high as N250 or more right now (Under GEJ...prices would have amped up to N170 or more if he had stopped finxing prices). That means revolt. And that means many politicans would be out of a job (which is why the opposition backed the protests of 2012.Opportunity knocks but once....).

That is the sad reality of Nigeria...Nigerians sometimes force their governments to take bad economic decisions in the name of poverty. And as a result...we are still paying subsidy claims dating back over years....NNPC has become 'scam central'...and there is no new investment in our petroleum products sector.

Time for subsidy to go.

lexy2014:
So address y we are importing in d first place

We have four new refineries...and the last one was built in 1988...30 years ago.

Since then, our needs have increased.And the refienries no has not increased.

This is due to several reasons

1.NNPC is a govt run business...and most NNPC workers treat it as such.

2.Due to subsidy...NNPC does not make enough cash to build new refineries.

Now...to improve the no of reifieries...we have to stop government from setting the price of fuel..ie removing sbubsidy.

Yes...Dangote refinery...BUT...Dangote probably spends more than N150 to make one liter of fuel. I doubt he is going to sell fuel at N145 per liter.

justphillips:
And your point is See why this country will never get better, never! We have idiots and fools amongst us, that is if this mumu isn’t from Sudan sef

Basically we import most of the fuel we use.

We only have four new refineries, and we need to build at least 4 more to keep all refining at home. The last new refinery we had was opened in 1988...30 years ago. Since then population has increased, cars and generator has increased.

In 2015 , when government increased the cost of fuel, the landing cost was N132. We were selling fuel at N87 per liter. The marketers were losing at least N50 per liter of fuel...so govt 'increased fuel prices'..ie partial removal of subsidy.

Now that landing cost is N195. Fuel is sol;d at N145. NNPC is doing corrupt Baru economics to 'subsidize fuel' A complete and total removal of subsidy would end all those abuses...and yes, fuel will go up to N200 and above.

BUT....investment would flow in, we would probably have more new refineries, and the scams would end.And crucially...prices will fall.

jmaine:
Pure lies. The FG after due consultations and findings In a study arrived and agreed to inject 1.3 trillion naira to revitalize the Universities using the NEEDS assessment.

This injection was staggered into tranches of N220 billion annually starting from 2013 which happens to be the only year that agreed amount was paid.

Therefore, your assertion in the bold is utterly wrong and misleading

That is the 2013 revision to the 2009 agreement, which was a comedown for ASUU after the then government told them 2009.was untenable.

And now that 2013 agreement has been beaten down again.

Still stand by my assertion though. The 2009 agreement was very thorough. And I believe it is the template