₦airaland Forum

Netanyahu1:
You see the government have deceived Nigerians that there is only one way to success and they are buying it hook line and sinker.

I won't say that...more like introduction of 6334 standardised everything...

Theoretically, even now, you can write SSCE Nov/December and get admission into university with a JAMB score...without finishing secondary school. (Note..I said theoretically)

Also, you don't have to go to university...a good techincal school plus extra training is just as useful.

The guy went to a teacher training college, then write GCE O level after self tutoring then GCE A level.

That was how some people did it in those days.

Interesting life

olmoRoc:
Do they import the fuel, or refine it locally?

They do....

Petrol remains the only cheap commodity left in Venezuela amid the collapse of most of its economy, but the oil industry is now also struggling to meet basic domestic demands.

Experts say the industry is operating below 40 per cent of its potential output. Last month, the International Energy Agency reported that Venezuela is and will probably remain “the biggest risk factor” in a global supply crisis that may soon tip the market into deficit.

The speed of decline in production has been vertiginous, with output falling by 100,000 barrels a day in February, according to Bloomberg. The Central University of Venezuela says production is reaching its lowest point in 70 years.

Most of the enormous oil reserves Venezuela has access to – almost 25 per cent of all the oil controlled by the world’s biggest producers – is heavy crude, and needs to be diluted with lighter oil to become a commercially viable product.

In 2016, with its own industry failing to deliver, Venezuela imported diluents for the first time in its history. In the two years since, those imports have grown to as many as 200,000 barrels a day, mostly from the US, according to Francisco Monaldi, fellow in Latin American energy policy at Rice University in Texas.

The long queues for food and medicine in Venezuela are now well documented, but lines of cars waiting outside petrol stations – something that would have been unthinkable a few years ago, when petrol cost $0.01 (0.7p) per litre – are becoming more common.

Filling your tank is still cheaper than drinking water in Venezuela, but the industry can no longer meet domestic demands – and is having to put exports first. Monaldi says that if production continues to fall to below a million barrels, the consequences could be catastrophic.

“The domestic consumption of oil is around 450,000 barrels and Venezuela needs the exports to repay its debt with Russia and China,” he says.

“They have to import for two reasons. One is the collapse of the refining infrastructure and the other is that its oil is naturally heavy so they need to import diluents to blend with their oil to re-export it.




Source: THE INDEPENDENT

themanderon:
At least one thing is cheap, petrol. All oil producing nations sell petrol to its citizens at very cheap prices, heck some countries made it that their citizens are entitled to some litres of free petrol per month. But here our government continues to lie to us, giving us reasons why fuel cannot be cheap. They say we import so petrol will be sold based on the international price of crude. Yet when it fell they started with another excuse why it cannot fall. Yet buhari will claim he is a man of integrity. Rubbish.

1.Nigeria actually sells fuel at very cheap prices...Only Venezuela, Iran, Ecuador, Algeria,Kuwait and Sudan (the northern part...not South Sudan)...sell it cheaper.

2.Average oil price across theworld is $1.17. Nigeria sells it at $0.42 per liter.

3.Saudi sells it at $0.52 per liter, Dubai at 0.67 USD per liter...Many African countries like Ghana and Ivory Coast sell at $1.08 per liter (2 times that of Nigeria.).

4.Fuel is very cheap in Nigeria.

5.Now here is the reason why Government cannot make fuel cheaper in Nigeria....it is because doing so means spending millions of scarce foreign exchange on subsides...which don't make any impact.

6.Here is how subsidy works. I am a yam seller. I want to sell yam tuber at N900 per tuber.I bought it at N600 per tuber fromthe farmer. Government tells me i should sell yam at N200...while they pay me N300 as 'subsidy'. This means that I lose N400 for every tuber of yam I sell. Is that good business practice?

Because I am not earning enough from yam sales. I cannot pay the farmer, pay transport costs, and take care of my family and my dependents because I am losing everytime i sell. Do you think I would be happy.

7.Govt is paying a subsidy(it pretends it isn;t but it is...via some creative accounting at NNPC...that's why NNPC does not want to releaseits accounts for auditing)...of about N26 per liter of fuel sold. That is only enough to make a marketer pay landing fees.(ie the cost of importing one liter of fuel into Nigeria is N171 as at December last year)...but cannot give marketer a profit. (And then there are the millions of naira owed from the past administration to the marketers that have not been paid).

8. Long story short...marketers are selling fuel at a cheap price in Nigeria...which does not let them make profit...which means no money to invest in the petroleum sector...which means , among other things, that we are not creating the jobs we need to create. And that is why marketers engage in scams...collect money for fuel they don;t import...or sell fuel in other African countries that sell at $1 perliter..and earn lots of cash. If they did not do that they would have collapsed.

9. Venezuela has the cheapest fuel in the world.....but that is at the expense of billions of dollars of their foreign exchange RESERVES. Which means their forex reserves get drained...fast...and meanwhile, markteters cannot make profits because subsidy money paid to keep fuelprices low does not cover all their costs. (And it costs far more to refine fuel in Venezuela than it does in Nigeria due to the fact that most fuel in Venezuela is offshore, and also has a high sulphur content..which raises costs.).

10. In Nigeria, Bubu wanted tokeep fuel at N87 per liter...until Emefiele and Kalichukwu showed him how it was affecting our foreign exchange reserves. That is how/why prices rose to N145. And even then it is still cheap. If we were serious, we should be selling fuel above N300 per liter. Just like Ghana and Ivory Coast do.

greyham:
When this administration is over y'all will go crazy. The new name is "under-recovery" subsidy is old school

I am.not a fan of this administration because they keep subsidies.

I wasn't a fan of the previous PDP led administrations for the same reason.

Deregulation works. As seen in the GSM.sector, where Obasanjo's refusal to bring in subsidies so that we could pay less for phone credit is one of the reasons why.our GSM. Sector is not awful

BedLam:
What happened when Buhari was the head of state. Same recession? Was that oil slump too ? The people are the problem of this country.

Buhari took over in December 1983.

In 1982, oil prices collapsed. Shagari.was already talking about austerity measures in early 1983

BedLam:
my strategy should have been tax them. It's not their fault that they inherited the land. Apartheid land tax should have been better. Some of the Whites are now moving to Russia where Putin is ready to welcome them.

I like the tax idea, at least the land remains productive

Not Zimbabwe style invasion that may satisfy justice, but leave the economy messed up

metroid:
Similar thing would have happened to if Nigerian government got same sanctions true or false?

Possibly, BUT, that would be because we are not diversified enough to buffer the effect.

See China and Japan... two countries who focused on industry and technology. Result, even if the EU or US sanctions them, they will be strong enough to ride it out.

Venezuela was in the same mess in the 1980s and the government then was friends with the US., so even sans sanctions the same issues happen.

Economic diversification is not just for growth, it is for security too.

BedLam:
South Africa might be heading this way soon.

Yeah, I just hope Ramaphosa does.not carry out his land expropriation plans.

Yes, whites have stolen most of the land, but the same white farmers earn lots of forex for the nation. And there aren't enough qualified black farmers to replace them(and I say this with sadness, and as a Pan Africanist)

BedLam:
Idiot. Venezuela woes aren't from oil slump but bad leadership and the fact that they run a tight system of socialism. Get sense for once! What did Buhari managed ? Was that the first time oil prices went south ? Now that we have oil bounced back, why is the exchange rate not going back to previous bracket ?
One more time, get sense!

Nigeria.under Buhari did several things differently from Venezuela

1.Restricted imports.

2.Saved forex. Between 2015 and now, our reserves went from 28bn to 41bn $. Venezuela is down to less than $12bn.

3.Exchange rate won't go back to previous rate till oil goes above $140 per barrel, which is what we need it to be to balance the books.

4.When oil prices crash, oil countries take.heavy loans to stay afloat. When prices go up, we need to pay those loans back. Another reason why we don't have forex to buffer the naira.

5.Bubu is making one mistake though, subsidy. Yes, Bubu pretends there is no subsidy, but the truth is we have a subsidy that is keeping fuel below 145naira. And no deregulation means no investment, no new jobs,.no. added economic benefit.

6.One way we are not like Venezuela, we still have a lot of manufacturing at home, plus many of our manufacturers have learned to source raw materials locally. Example, we make toilet paper and beer in Nigeria, Venezuela has closed.down most of its beer and toilet roll factories(the last ones.closed a year ago)

Hector09:
Remind me of zimbabwe when one million zimbabwe dollar can not buy u bread its well, same here in Nigeria cus we are geting there soon razor blade is now 30 naira

Zimbabwe problem is that they handed over white farms, a major hard currency earner to untrained black farmers.

Of course economic collapse results.

If we want a Zimbabwe type economy, that means we sack all oil workers and hand over their jobs to people without the training.

metroid:
This is a result of sanctions from the US and EU to force the people to topple the government.

Sanctions yes, but made worse by the fact Venezuela is not diversified at all.

When you are importing even toilet paper (here in Nigeria we make most of the toilet paper we use here in Nigeria)

uridadole:
All mono cultural oil exporters are in deep crises. We must give kudos to Nigeria economic team and buhari for prudent economic management and diversification efforts.

True.

Bubu and his team did something Venezuela did not, save money EVEN when oil prices were low, and also.birng.in strict import restrictions.

I should also praise Emefiele, CBN governor, for midwifing some of the reforms too

Asquare84:
This is why we need to thank God, Nigeria is an oil exporting country like Venezuela but things are not as bad as Venezuela

Yes, because while we import, we are not as import dependent as Venezuela.

udoka55555:
oops

I dreamt that I was a billionaire last night....maybe this is the interpretation..

I will pack my 10000naira to Venezuela and change it to Bolivar..

that will be like 1000000000 Venezuela currency!!!!!

off to Venezuela I go!!

Good luck

Venezuela has lots of beauties. (I'm not joking,they used to win Miss World lots of times)

Hector09:
All these our ancestors tha dont want to rest in peace they are just defecting frm one grave to another

If you want to run for office,you are free to do so,

Those ancestors you are mocking...once it is even one year to election, they start runningaround like young men.

Macron of France....you think say them dash am French presidency like that? No...what you see in Macron is 10 years of hardwork.

Get up from your computer...and join a political party. Run around. In ten years time...you could be a Governor or even President self!

Noel1:
From my personal experience, I can boldly say 95% of YOU NIGERIANS ARE SCAMMERS.

Not all of us.

I'm not, and so are many of my countrymen. I even despise scammers.

The internet is not representative of the world.

CodeTemplar:
They should settle their differences as none of the two states can single-handly fund that school.
All state in Nigeria look up to FG for free oil money and the allocation coming in has to cover many things, I suggest it remains a university of technology to moderate their operation and funding requirement and they should settle their differences amicably.
Osun and Oyo should share admission slots according to the percentage of funds they contribute.
To me, it is a choice between quality and quantity.

Therein lies the problem

One thing Nigerians need to realize is that since 2013...when government told ASUU that the 2009 agreement was no longer feasible...and back then we had high oil prcies.....it was either we raise fees....or we find alternative sources of funding.

And agric is not it, neither is solid minerals.

That means a fee increase, or another IMF loan....or we continue producing poor quality graduates because lack of funds.

Good.

Hope others follow

tyson98:
Flatoscopic element eweka

Actually, the guy is a US citizen

post=69740131:
SAY NO TO TRIBALISM PLEASE...............in advance!

NCAN reporting

Subject is not Hausa, Yoruba or igbo

Subject is a US citizen.

Be advised, abort mission

Repeat, abort mission

Explorers:
A Nigerian prince and his accomplice are accused of bamboozling hundreds of job seekers out of thousands of dollars by promising them high-paying gigs in New York.

The Manhattan District Attorney's Office said Osmond Eweka, 31, and his friend Kamel McKay, 27, pretended to run two consulting firms in Manhattan telling clients that if they paid a fee they would be placed at various jobs across New York City.

Prosecutors said some of the jobs Eweka and McKay promised their victims were for hotel housekeeping and front desk receptionists.

The men used the popular job-seeking website Indeed.com to find their victims.

Source please, by the way

Once again, another scam artist gives Nigerians a bad name.

Lock him up

shotuns:
Did the last regime saved for the rainy days? You save and some useless politicians will use them for their personal gain. I am fully in support of President Buhari using up all the money for pending projects, so many important but yet to complete projects are on ground, no savings for rainy days at the moment, rainy days will cater for itself.

No, we have to save.

At the moment, oil prices are hovering around $70 per barrel. We need it to be at $140 per barrel to balance the books...and right now, more savings is needed.

Good idea!

They will not only keep their jobs if the weight comes off, they will live longer and healthier lives too!

lordtosan:
Take a joke bro. Life is too short to be too serious.

Besides, I have seen virgins die by accident and malaria. All die na die.

I know na joke ...but kai...some of the things I have seen due to my job in healthcare.(and even as a student)..sometimes, I find it difficult to laugh.

Of course that is what he would say....

IN REAL LIFE....the girl will port to a European or American university and graduate with a first class...in law or business, or even medicine.

Timaya just wanna get some kudi...via publicity.

lordtosan:
A university that doesn't give room to lash babes is that one a university.

See as lack of lashing don make her old.

i've seen a lot of lashed babes, and lashing babes...in my practice with things like HIV, secondary infertility,PID, herpes, kaposi, chlamydia, etc....

iammo:
I hope Mr amaechi helps us bargain for this with the Chinese

You will end up paying expensive ticket prices.

It is very expensive to build and maintain high speed rail

Hahnemann:
This China are copying Nigerian's technology at a high pace.

The tech behind high speed train was developed in the United Kingdom in the 1960's and first adopted in Japan

Am sure some people will say that it is. Impossible in Nigeria, but the truth is it is possible if we stop being an import dependent nation and become a manufacturing nation.

I don't see APC taking us there or PDP. All they.want to do is share money equitably

Yankee101:
Then kick out these distributors. If oyinbo will give us steady power bring them in.

With all the oil and gas (Dubai powers on oil), Rivers and God given sunshine (solar cells are at it's cheapest ever!) We have no reason to wait for 5 years. We flare gas every single second!

Must we do our own revolution like Ghana and France?

We can bring in foreign investors, but they will raise bills drastically to recoup their investment