₦airaland Forum

decatalyst:
Blatter has had enough, if you ask me.

Must he die at the helm


Power-drunk monster like our politicians.

bettercreature:
You've never been to ENUGU east then

bettercreature:
Yes i'm a IGBO MAN

A child suicide bomber, yesterday night blew herself up at Benisheikh, Borno State, killing no fewer than nine persons.

The suicide bomber, who was in the company of two other accomplices aged between 10 and 15, was spotted by ever vigilant Borno State Youth Empowerment Scheme (Civilian JTF).

However, it was gathered that while the Civilian JTF was in the process of screening the suspects, the carrier detonated the IED, leading to the death of 9 people, while 24 others sustained various degrees of injuries.


According to Colonel Sani Kukasheka Usman, Acting Director Army Public Relations, the security and emergency management agents have mobilized to the scene.

“The bodies have been evacuated and all those injured are receiving medical attention.

“The security agencies have intensified patrols and security checks in the area.

“While we condemn this dastardly act and commiserate with the families of these that lost their lives and the injured, it is pertinent to reiterate the need for more security consciousness and vigilance by all especially during the yuletide and New Year holidays”, Usman further stated.

bettercreature:
I'm very upset!

ITbomb:
The boy is free from the rape charge but now has to contend with blackmail

bettercreature:

misspicy:
5


i love to have something to play with when cuddling

Nigerians are unlikely to see any respite from fuel scarcity, despite the National Assembly’s approval more than N590 billion for fuel subsidy payments and the release last week of the initial N408 billion by the Ministry of Finance and Debt Management Office.

The Debt Management Office issued sovereign debt notes to fuel marketers, and the Central Bank of Nigeria redeemed the notes, with all marketers’ accounts credited.

Even so, most marketers are reportedly unable to increase fuel imports or even import at all due to non-availability of US dollars to pay for such purchases.

Part of the problem is the convoluted process for fuel imports. First, thePetroleum Products Pricing Regulatory Agency (PPPRA) issues allocation letters to various marketers to import fuel.

Thereafter, marketers apply to the Directorate of Petroleum Resources to issue import permits based on the pricing agency’s approval. This step often takes as much as two weeks. Fuel marketers then contact foreign oil traders and refineries for fuel supplies. Once suppliers and the marketers agree on prices, the supplier issues pro forma invoices.

The marketers open Form “M” which they submit to their various local banks. The local banks then seek the CBN’s approval to open letters of credit, a process that takes about seven days. Once the approval is obtained, the local bank opens a letter of credit and seeks a foreign bank to add confirmation to the letter of credit. The foreign/confirming bank in effect grants a loan to the Nigerian bank. Usually, the expectation is that the loan would be repaid within a period of 60 to 90 days after shipment and presentation of documents showing shipment and delivery.

SaharaReporters learnt that many fuel marketers had opened letters of credit and even provided naira to local banks, but many of the local banks have been unable to access dollars from the CBN to enable them to clear past due obligations under letters of credit already granted.

Owing to a series of defaults, many foreign banks have been reluctant to handle Nigerian banks’ letters of credit.

An executive at one of Nigeria’s major commercial banks disclosed that some of the bank’s letters of credit issued in March have yet to be paid till date. He added that, with rapidly falling oil prices, Nigerian banks would not have sufficient dollars to meet past and present obligations.

Nigeria’s external reserves currently stand around $30 billion, with total forex requirement by the fuel marketers around $1billion.

To worsen matters, fuel marketers have been compelled to pay the Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Ports Authority (NPA) in dollars, even though the Federal Government has barred the spending of dollars within Nigeria.

CBN officials disclosed say the bank was not offering dollars indiscriminately because some fuel marketers were reselling dollars obtained at official rates in the parallel market at huge profits. The CBN sells dollars to banks at N199. One fuel importer alleged that, instead of offering the foreign currency to them, banks were selling dollars in the black market for N270-280.

KIKO720:
put van gaal as ISIS manager, & they will stop
attacking

guruvick:
My Blood is Blood

SINNZ:
#TeamMarriedToJesus

mikolo80:
gligible part nigbana

mikolo80:
Yes it is,a negligible part.

mikolo80:
Oil money not nigerias gdp.two different things.

Genea:
A good reputation is better dan silver and gold

Khd95:
Iranian military is no match for the nigerian military

Fairgodwin:
It wouldn't even be my dog in the first place. Imagine waking up this sight late at night.