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 Politics › Re: MURIC Warns FG Of Fuel Scarcity Masterminds, Looming Labour Strike by theoldpretender(m): 12:08pm On Oct 29, 2018 |
asuustrike1:Yes, considering that I was one of those who backed subsidy removal then, and I was no PDP fan then, but a good policy must be supported regardless of who proposed it. We already had a good example of how deregulation works in the GSM industry. In the beginning it was deregulated. Govt did not control prices. As a result SIM. cards cost as high as 10000 naira, and people were complaining. But because govt was not controlling prices, money flowed in, allowing GSM companies to invest in facilities, and eventually prices came down. Nigerians unfortunately only saw price increase. Not the benefits. |
| Politics › Re: MURIC Warns FG Of Fuel Scarcity Masterminds, Looming Labour Strike by theoldpretender(m): 11:54am On Oct 29, 2018 |
adedehinbo:I did not insult you, yet you insulted me. Good morning. We are already wasting billions and preventing job creation by maintaining subsides. You won't like it if government sets prices of the things you sell, in essence dictating how much profit you make, and making you broke. Subsidies don't work 1 Like |
| Politics › Re: MURIC Warns FG Of Fuel Scarcity Masterminds, Looming Labour Strike by theoldpretender(m): 11:50am On Oct 29, 2018 |
nawtyme:You are looking at a guy who backed GEJ subsidy removal. And the sad thing was that back in 2012 we were in a better position to remove subsidies. Sadly, most Nigerians did not think long term. And yes by now we would have been in a better place. Like no fuel subsidies, NNPC being a more accountable organisation, more investments in refineries, etc. We can still get there now if PMB dies the needful and removes what he himself called a scam. 1 Like 1 Share |
| Politics › Re: MURIC Warns FG Of Fuel Scarcity Masterminds, Looming Labour Strike by theoldpretender(m): 11:35am On Oct 29, 2018 |
If MURIC wants an end to fuel scarcity, then deregulation IE allowing marketers to set the price of fuel and removal of subsidy is the answer. The thing is, landing cost of fuel now is N180. Fuel at the pump is N145. Marketers are running at a loss, so they engage in subsidy scams or scarcity scam so that they can make enough to balance their books. NNPC too enjoy subsidy because of looting opportunities If deregulation happens, yes we will pay 250 naira for fuel, BUT, the whole subsidies scam will end. And investment would flow in, especially for things like refinery. NNPC would even.have cash to fix refineries and related infrastructure and people like Dangote will make a profit, pay their loans that they took to build refinery, and even build more. And competition will eventually bring prices down like for GSM. Oil subsidy must go 5 Likes |
| Crime › Re: Police Officer Involved In Anita Akapson Killing, Part Of Investigating Team by theoldpretender(m): 10:50am On Oct 29, 2018 |
Mklanceee:Then give me the names of the investigation panel as well as the name of the police woman who did the shooting so that we can confirm the information. Because lately I am getting uncomfortable with stories that have "sources said". I know the npf is bad... but lying is worse |
| Crime › Re: Police Officer Involved In Anita Akapson Killing, Part Of Investigating Team by theoldpretender(m): 10:43am On Oct 29, 2018 |
annnikky:No it won't It would either end up with Policemen upping the violence and even justifying it on the grounds of self defence, or policemen refusing to do their jobs. Either way, anarchy results. There are better ways to deal with the problem |
| Crime › Re: Police Officer Involved In Anita Akapson Killing, Part Of Investigating Team by theoldpretender(m): 10:29am On Oct 29, 2018 |
annnikky:So you are saying that everytime someone is killed by the Police, we should shoot two policemen at random.? If we followed your suggestion, anarchy would result. And you won't like anarchy |
| Crime › Re: Police Officer Involved In Anita Akapson Killing, Part Of Investigating Team by theoldpretender(m): 10:23am On Oct 29, 2018 |
This news report has a number of problems 1.It makes an assertion that the police officer involved with the shooting is part of the investigation 2.Then they refuse to give the name of the officer involved. 3.The report says at the end that the person who actually fired the shot is in detention.So how can a detainee be investigating his crime. All I know is someone is essentially making an unproven allegation. Police abuse cases sell newspapers. I know the Police get issues, but until I see evidence, this story amounts to lies against the Police. So sorry, but I don't believe this news report. 1 Like |
| Education › Re: Rivers State University Student Writes Open Letter To The University's VC by theoldpretender(m): 7:52am On Oct 29, 2018 |
To all those saying that university should provide facilities before increasing fees... I say to them... With which money? Most Nigerian universities are broke. Add the fact that it is going to take 3trillion naira at least every year to make sure universities stay well equipped. You cannot ask universities to give what they don't have, unless you want them to take hefty loans to provide the facilities which would make things worse 1 Like |
| Crime › Re: 21-Year-Old Nigerian Arrested For Groping And Assaulting A Lady In Italy. by theoldpretender(m): 9:33pm On Oct 28, 2018 |
What no names? Mission terminated. Repeat Terminated. 1 Like |
| Culture › Re: Stop Electing Leaders Without Education To Public Offices – Sanusi by theoldpretender(m): 9:03pm On Oct 27, 2018 |
VaselineCrew:You are talking a lot of sense... Yet...Sowore won't win...(and I say this as someone who is his fan) BECAUSE 1. How much coverage does his party have across Nigeria.? Even Buhari's CPC...which he started up on a whim...had tentacles across much of the country within 5 months of its founding. Sowore basically exists on internet. 2.How many Nigerians know who Sowore is? Apart from the 'internet crowd'....meanwhile...most Nigerians know who Atiku or Buhari is...even to the point of knowing who their familes are,and what kind of food they like for breakfast. It is the same for people like Moghalu, Sonaya, etc....no one knows them , and no one cares. Nigerians meanwhile..complain about how evil government is...but at the end of the day....they are going to vote for the guys they know. In other words...stability. (Sowore meanwhile says he is going to legalise indian hemp. In a country where anyone who smokes the stuff is promptly regarded as a miscreant, even when proven otherwise?) 6 Likes |
| Culture › Re: Stop Electing Leaders Without Education To Public Offices – Sanusi by theoldpretender(m): 8:57pm On Oct 27, 2018 |
WaffenSS:I liked your post...and I am no fan of Atiku...but Atiku has an OND...which back when he graduated could get you (I believe)a job as a bank teller....the same job that university graduates fight for today. 5 Likes |
| Politics › Re: Ganduje Bribery: 2 Pupils Missing After Jafar Jafar Protest (Photos) by theoldpretender(m): 1:40pm On Oct 27, 2018 |
Ganduje....Bring Back Our Pupils....  10 Likes |
| Foreign Affairs › Re: American Politics Thread: Trump Is The 47th President! by theoldpretender(m): 6:05pm On Oct 26, 2018 |
TheShopKeeper:Sayoc appears to be a Trump supporter...who is of Native American descent.... |
| Politics › Re: Budget Office: NNPC Paying N53 Subsidy On Every Litre Of Petrol by theoldpretender(m): 4:18pm On Oct 25, 2018 |
AtikuDeman:Two words. Landing cost of fuel. (well, actually 4 words). We import most of the fuel we use. In 2012, landing cost was 92 naira. Went up to 132 in 2015, hence the increase. It is now 180. And Dangote refinery opening wont bring prices down. Dangote spent 9bn dollars on his refinery. 6 bn of that is a loan. That is why subsidy must go. GEJ decision to raise fuel from 65 to 140, later to 97 makes a lot of sense. If Bubu removes subsidy, prices will go up. And nnpc won't have excuse to spend money on subsidy, thus the corruption there will end. And fuel prices will eventually fall when competition sets in. 1 Like |
| Politics › Re: Budget Office: NNPC Paying N53 Subsidy On Every Litre Of Petrol by theoldpretender(m): 2:36pm On Oct 25, 2018 |
grandstar:100% agree. 1 Like |
| Politics › Re: Budget Office: NNPC Paying N53 Subsidy On Every Litre Of Petrol by theoldpretender(m): 2:35pm On Oct 25, 2018 |
grandstar:Oga....you really want APC out of power...  Seriously, no Nigerian government will attempt to remove subsidy....even though they know IT MAKES COMPLETE ECONOMIC SENSE....because all Nigerians will see is that fuel was N145 today, now it is N230. There would be revolution.... (Some people cited GEJ's increase of fuel price from N65 to N97 as their reason for voting him out in 2015). So, we will waste money on subsidy, and keep on doing so...because ....the people want cheap fuel. (The other day, some people were praising Venezuela for their fuel price of N40 per liter....forgetting that keeping the price low has drained their foreign reserve, and messed up their petroleum sector...zero cash for new investments). 2 Likes |
| Politics › Re: Budget Office: NNPC Paying N53 Subsidy On Every Litre Of Petrol by theoldpretender(m): 2:31pm On Oct 25, 2018 |
jamace:Thing is...if we had removed subsidy ...all this corruption won't be happening. The corruption is happening because marketers are not making enough cash under subsidy. As a result...they prefer to do fraudulent oilcontracts so as to collect money to keep their heads above water. All thisd would end if Buhari removes subsidy., and allows marketers to sell at the price they want to sell. That would end all the subsidy claim nonsense...and even in the long term bring about competition related price reduction. NNPC would finally have no excuses to hide under corruption. But because Nigerians like cheap fuel..... |
| Politics › Re: Budget Office: NNPC Paying N53 Subsidy On Every Litre Of Petrol by theoldpretender(m): 2:27pm On Oct 25, 2018 |
AtikuDeman: Maxymilliano:Back when Buhari made that comment...that was the time of the subsidy scams...when people were collecting subsidy claim for fuel not imported. Hence the comment. Thing is, many of those people who were doing it were doing so because under subsidy they could not earn suitable profits. So, they lied to stay afloat. Only one way to sortout this problem....remove subsidy, let fuel sell for N200 and above. YES....people will suffer...but NNPC won't have any justificaiton to continue with the corruption train a la subsidy. But we Nigerians want low oil price....not knowing we are fuelling the corruption machine. |
| Politics › Re: Budget Office: NNPC Paying N53 Subsidy On Every Litre Of Petrol by theoldpretender(m): 2:23pm On Oct 25, 2018 |
1. Anybody who thought Buhari had removed subsidy in 2015....needs his head checked. (Sorry!) 2.What happened was that landing price of fuel had gone up to N132...making the then N87 price unsustainable...meaning that we had to increase fuel...or marketers would have gone out of business. 3.Here is the truth....if you want subsidy to go...you have to let the marketers set the prices....not government setting the price. 4.Here is thecold reason why government is setting prices...if they were not, fuel would go up to N200 and above. 5.And if fuel goes up to N200 and above....the APC government would be swept out ofoffice via revolution. And replaced with a government who would promptly resubsidise fuel. 6.It is blatantly obvious, however, that we are wasting money on subsidy. N53 per liter can be used on better things...like railways, and power for example. 7.Anyone saying that we should fix the refinereis to bring down fuel costs...is also talking without understanding. I doubt that producing a liter of refined fuel in Nigeria would cost less than N200. So, Dangote will not save us UNLESS....we dregulate. Deregulation is the answer. GEJ was on to something in 2012. Nigerians foolishly told him NO. Now...here we are....a corrupt subsidyr egimen, corruption in subsidy payments, lack of investment in fuel, etc....WHICH WOULD NOT HAVE BEEN HAPPENING....if we had been sensible enough not to go on protest back then. Oil subsidy MUST GO...since 1993. 5 Likes 1 Share |
| Politics › Re: Jafar Arrives In Kano To Meet Lawmakers Over Bribery Allegation Against Ganduje by theoldpretender(m): 1:27pm On Oct 25, 2018 |
ChrisMafian:Like PDP, like APC. Right now, there are millions of Nigerians ready to vote forparties composed of people like Ganduje and his opposite number Atiku. But ask them to take a risk and vote in honest , new people...and they won't. Keep on voting APC and PDP...keep on voting for poverty. 2 Likes 1 Share |
| Foreign Affairs › Re: Suspicious Packages Sent To Obama, Soros, CNN & The Clintons by theoldpretender(m): 4:36pm On Oct 24, 2018 |
Naza25:I doubt. There are unhinged people on both sides of the political spectrum in the USA. 15 Likes 3 Shares |
| Business › Re: Worst Days Over For Nigerias Economy, Says Tony Elumelu by theoldpretender(m): 1:16pm On Oct 24, 2018 |
No, the bad days would be over when we can fund our budget from sources that don't include oil...and where every part of Nigeria is productive...using whatever raw materials they have to make things that wouldmake the world a better place. Simple. 1 Like |
| Politics › Re: Reps Approve More Borrowing For Presidency by theoldpretender(m): 1:13pm On Oct 24, 2018 |
KanwuliaMama:Well it is...I doubt i have denied that in any of my posts. What I am doing is trying to explain WHY we are borrowing. We are not earning enough money. That makes things bad...but throw in the wastefulness you speak of, and it makes things worse. We should cut waste...but we should also accept that we are not a rich nation, and spend our little money SENSIBLY (Which would help cut waste...). P.S I am not an apologist for the APC government. As a Nigerian, I am dissapointed in the corruption and waste that I see. But...the corruption and waste is making a bad situation worse. |
| Politics › Re: Reps Approve More Borrowing For Presidency by theoldpretender(m): 1:09pm On Oct 24, 2018 |
tetralogyfallot:1.Yes, that's the scary thing. (And by the way, that is one of the reasons why GEJ was borrowing even with the high oil prices of his regime...because we did not have enough cash from oil). 2.Let's put it into persepctive. You have two familes A and B and in both familes., husband and wife earn N400000 combined in both familes per month. Family A has 2 children, family B has 10 children plus dependents. As a result...family A has no financial worries, family B has financial worries...and has to borrow....despite both A and B having the same income. Nigeria's population is too big for the amount of oil revenue we earn. That's why everybody feels marginalised.(And that's why despite producign the same amount as the UAE...we have more issues) 3.That;s why we have to urgently diversify....and eventually do as China did...and become an industrial powerhouse. Indistrialising however takes time...and means many lean years. That;s why APC nor PDP wants to do that....they would rather follow polices of sharing the money.Then there is the nauseating corruption.... 1 Like |
| Politics › Re: Reps Approve More Borrowing For Presidency by theoldpretender(m): 1:02pm On Oct 24, 2018 |
KanwuliaMama:1.UAE is an oil dependent economy. Thing is, they produce the same amount of oil as does Nigeria for a population of just 11 million people.(Nigeria has 200million people) As a result...they have more money to spend UAE's breakeven is $60 perbarrel. Right now, they are earning an extra $20 per barrel. Nigeria's breakeven is $140 per barrel...we are losing $60 per barrel by contrast. (If all the oil money we earned in Nigeria was spent on the South South alone, it could look like the UAE.) 2.China has an industrial economy...which is based on heavy manufacturing. They have a lot of techincians too(Nigeria is a country that despises techincal people...instead everyone wants to go to university). If we were to follow China's example. there would be some years of hardship...but it would be worth it. |
| Politics › Re: Reps Approve More Borrowing For Presidency by theoldpretender(m): 12:51pm On Oct 24, 2018 |
zombieTRACKER:1.Pay attention to my points...especially the bit where I say we have to fight corruption. 2.I am just defining the problem. Before we even talk about wastage...the fact is, we are not earning enough money from oil in the first place.The wastages make it worse. (I think that our economic modelof relying on JUST exporting stuff , instead of making stuff...leaves us vulnerable to external adverse factors. ) 3.Eventually, any sensible economic policy for Nigeria would be based on removing subsides, fighting corruption, spending more on power ...with the aim of inviting more investors,local and foreign. Once our economy is based on industrial development....we can move forward.(That's why I cant support APC or PDP....I don't see those stuff in their programs.Just more of the drab old populism..and chicken in the pot politics...without thought on how we would rear the chickens.). p.s...I did not insult you, yet you chose to insult me. This is an anonymous forum, however, don't just go round insulting people you don't agree with. Thank you Also,if you are responding, please make your points in decent language. I am open to disagreement , but I do not appreciate being called trash. |
| Politics › Re: Reps Approve More Borrowing For Presidency by theoldpretender(m): 12:45pm On Oct 24, 2018 |
tetralogyfallot:Fitch Ratings, a global leader in financial information services, has offered up their per barrel of oil, break-even statistics on some of the major oil-producing nations in the Middle East, Africa and North Asia. To estimate the break-even price to attain a balanced budget, Fitch used an oil forecast of $52.50 a barrel, on average. A few of the countries’ break-even numbers are astonishing—especially Nigeria—which is the worst off with an estimated oil price of $139 a barrel. Kuwait is in the best position, needing only a $45 oil price average to balance its budget. Though a company is obviously different from a country, a major focus at TAG Oil has always been to keep production costs low, not just on the operations side but with G&A as well. TAG currently has a break-even point of US $34 per barrel ($25 – $27 /boe not including G&A). With Brent crude sitting at an average of $55 a barrel this year, we’re doing ok. Check out Fitch’s forecast 2017 break-even oil prices, per barrel: Nigeria at $139 Bahrain at $84 Angola at $82 Oman at $75 Saudi Arabia at $74 Russia at $72 Kazakhstan at $71 Gabon at $66 Azerbaijan at $66 Iraq at $61 Abu Dhabi, United Arab Emirates, at $60 Republic of Congo at $52 Qatar at $51 Kuwait at $45 Source |
| Politics › Re: Reps Approve More Borrowing For Presidency by theoldpretender(m): 12:40pm On Oct 24, 2018 |
ElChidi:When PDP was borrowing...it was all good, eh? Plus....EVEN if Atiku wins in 2019....I doubt we would STOP borrowing. The problem is, we are not earning enough from oil...and we have to borrow to make ends meet. Diversificaiton is the answer.... |
| Politics › Re: Reps Approve More Borrowing For Presidency by theoldpretender(m): 12:35pm On Oct 24, 2018*. Modified: 12:56pm On Oct 24, 2018 |
So long as oil does not reach the breakeven price...we will continue to borrow. Oil is at $81. To balance the budget...we need it to be at $140 as at last year. (Saudi Arabia needs it by $86,Kuwait at $45). If you want to stop borrowing we have to do several things.... 1.Diversify the economy...short term, agric and extractive/solid minerals. Long term, INDUSTRIES 2.Cut waste by .....removing subsides, ACTUALLY fighting corruption, and reducing the size of government. 3.Spending more on power deliberately. 4.Security. In my honest opinion, we cannot just stop borrowing. If we do that, we would end up with an even worse situation than now. Modified 1.For more information about breakeven prices...see here. 2.Please if you are quoting me, I am ready for any post disagreeing with me. But any sign of bad language would get you reported to the moderators. I have insulted no one on this thread, and I see no reason why you should insult me. Thank you. 3.I won't be voting APC or PDP in this upcoming election. In my opinion, they aren't doing what we need to get usout of this mess. Esepcially when it comes to wasteful spending on subsides, governance cost, corruption, etc. 7 Likes |
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