VoodooDoll:

@DivideUs

Exchange rate movement is likely to be against the Naira.

Naira came under pressure in the last quarter of 2011 for various reasons. This led to a depreciation of the USD/N rate.

If inflation kicks in and takes hold then you can expect the US/N rate to trend towards N165 to N170 in the first quarter of 2012 and perhaps trend towards N180/N190 by July.

However, the GEJ admin could surprise us and "conjure" up savings as the assumption is the CBN's reserves would not be used to pay cabals. The money to pay cabals would instead come directly from "we the people" instead of passing "through" Abuja.

I understand though that the FGN is currently sourcing street level combat gear so we are in for a very hellish 2012. This cannot be good for forex.

DivideUs:

Thanks, I take it waiting a while will not be a bad thing to see which way it starts moving towards

IYA NGBALI:

pls how do i get visa to any of these countries afghanistan,niger,iraq,pakistan,india or libya,i really need to relocate from this country so that jonathan and my enemies would see what i would become in future.

Intelligence? dont flatter yourself - i can think of a number of words to describe your way of thinking but intelligent wouldnt be one of them.

You all deserve what awaits you at the hands of this criminal govt as you cant tell the difference between genuine leaders and fraudsters.

during this man's tenure all four of nigeria's refineries were working at full capacity all of sudden GEJ and his bandwagon of theives sell you this pathetic lie about fuel subsidies.

Hasnt GEJ condemned most of you to a life of grim poverty already?

Fuel subsidy removal - We will block it legally – Reps


Written by Turaki A. Hassan Monday, 02 January 2012 05:00

The House of Representatives will do everything legally possible to stop the removal of fuel subsidy, Deputy Minority Leader Rep Suleiman Abdurahman Sumaila (ANPP, Kano) has said.


Reacting to the announcement of removal of subsidy by the Petroleum Products Pricing and Regulatory Agency (PPPRA) yesterday, Sumaila said when the House resumes from the Christmas break on January 10 the lawmakers will examine the situation and take necessary action.



“We will use the law to stop this inhuman act. It’s another form of terrorism against Nigerians that are already impoverished. We will not fail to salvage them from this bondage and enslavement,” Sumaila said.

The House, according to the Minority Leader, had already taken a stand rejecting subsidy removal and as such it will not fail to protect its position since that is the wish of all Nigerians.

Although Sumaila did not disclose in specific terms what action the lower legislative chamber will take, sources said the MPs are contemplating inserting the subsidy fund in the 2012 appropriation bill currently undergoing legislation before the National Assembly.

The House had before going on recess last December rejected fuel subsidy removal while considering the Medium Term Expenditure Frame Work (MTEF) of the Federal government for 2012-2013.

The MPs have said that subsidy removal was “premature” and as such revenue sources other than that should be explored by the government.

folarin22:

Wait guys, wait.

Does fuel subsidy increase your salary or decreases it?

Because some mad people who support Badluck are here.

FG’s decision is illegal – Falana



Written by Adelanwa Bamgboye Monday, 02 January 2012 05:00


[Barister Femi Falana]
Former President of the West African Bar Association (WABA), Barrister Femi Falana, has described the removal of the fuel subsidy by the Federal Government (FG) as illegal.


Speaking during a telephone interview yesterday with Daily Trust, Falana said the decision was not taken by the Board of the Petroleum Products Pricing and Regulatory Agency (PPRA) which has representatives of the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC), NUPENG, PENGASEN and the Nigerian Media.



According to Femi Falana, if the Board has not taken the decision, any other decision emanating from the secretary or elsewhere is illegal.

He mentioned that under the law, the price of PSM is N75 per litre, adding that only the PPRA Board can increase the price.

“Once there is no Board, the price increase is illegal,” Falana said.

He said that the FG has not yet deregulated fuel prices adding that the NNPC remains in control of the petroleum industry as a monopoly.

Falana said NNPC still imports 50 per cent of the petrol into the country which is not possible under deregulation.

Escalante4:

Did anybody listen to the townhall meeting on this issue as conducted by thisday newspaper? If you guys did, then you can all agree with me that the reason why subsidy is being removed is simply because the government lacks the political will and courage to enforce the laws of the land. People have been manipulated as being part of the so called 'CABAL' illegally ripping us off through this subsidy, it has also been proven that the quoted consumption figure for PMS in Nigeria which was used to estimate the subsidy being paid is false and instaed of government, just as comrade Falan said to address the crime being perpetuated and reconcile the books for better accuracy so we can know truly what we are paying for subsidy, they decide to remove the subsidy entirely with a promise that the savings will be reinvested into social ammenities etc.

Now tell me this, GEJ govt now says N1.5tr is what we are paying for subsidy and we all know this is false as mentioned above. this figure has been used to estimate for projects expected to be funded by GEJ govt as mentioned by the Petroleum minister in the meeting e.g Abuja-Lokoja expressway, Lagos-Ore-Benin expressway etc. What then will happen to these projects if after we remove the subsidy and the savings do not amount to N1.5trillion naira? If this is the plan of the administartion, how come it was never mentioned in the budget breakdown that a certain normal of Capital expenditures will be funded from savings from the subsidy removal?

otokx:

you guys are just blowing hot air.

Beaf:

Lol! Guy, you de sell forex?