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Politics / Dear Sir, Your Tomorrow Died Yesterday... Quote by Inca(m): 7:06am On Feb 16, 2019
“Answer a fool according to his folly, lest he become wise in his own eyes.” (Proverbs 26:5)

I know you are not expecting another salutation after the one in the title of this letter. Just like you are aware, the price of everything has skyrocketed in the past four years, including salutations.

Now to the meat of the matter. I read with great irritation, your article published yesterday in The Nation Newspaper, entitled “Tomorrow Never Dies”. Directly below the title of the desperate article was that your picture where you had a red cap on, blazing in all your glorious cunningness. Without a doubt, I immediately loathed you and your feeble attempt at rewriting our history of the past four years.

Normally, I should not have had the patience to read beyond the title. But then, something in me kept urging me on. I lack the right words to describe the feeling. Maybe it can be likened to the joyous relief a rape victim feels watching the reaction of the ring leader of some scoundrels who gang-raped her, after they have been sentenced to long years in prison. Or just maybe that feeling during the days of the military junta when firing squads were still in vogue. It was just like watching an Anini making his last statement before the barrels would go off. If you happen to get the picture very clearly, I want you to keep it in mind as I patiently walk you through your article and show you how foolish you were to have penned it in the first place.

At the beginning of your article, you suggested that “America and Europe are again falling for easy lies over awkward truths.” If it were my literature class, we would have paused for some minutes to ponder that statement and critically analyse it. You would therefore forgive me if I choose to employ the all-important literary theory known as deconstruction, as I make you eat your words, one by one.

By implying that America and Europe are again falling for easy lies, it simply means they fell for easy lies before. The only other time in recent history that they were this much interested in our elections was in 2015 when they were desperate to see a change in our nation’s leadership. During that time, they stopped short of throwing caution to the wind as they made their bias for Buhari known in very certain terms. The result of that is the tragedy we have had to suffer in the last four years. If they are falling again, it simply means they fell before. And if they fell before, the only people that made them fall are the crooks in your party, All Promises Cancelled (APC), led by your boss-turned-puppet, General Muhammadu Buhari.

If, therefore, America and Europe have woken up to realise the falsehood your party sold to them in 2015 would you now blame them if they try to remedy a desperately terrible situation?

Your opening paragraph only ends up confirming what many people have been saying since the past few years: that there are many stupid people in Aso Rock who have lost touch with the realities on our streets. You mentioned some non-existent values which you claim your puppet has held onto since 2015, vis-à-vis security, a diversified economy and “an administration free from the scourge of corruption and the sleazy mediocrity it fuels.”

I will review these three things you highlighted in some detail, but I will want you to keep the part in quotation marks very close to heart, because it is at that point I will tell you that you are mad; roving mad and there is no one to tell you.

Now, let’s address the issues one by one. You were not ashamed to talk about security, despite the fact that we have lost more lives in the last four years than we have in the many years of Boko Haram’s existence. Even the Minister of Defence admitted this much recently when he said that, apart from Boko Haram, other security issues like banditry, kidnapping, farmers/herders’ crises (read Fulani terrorist herdsmen and their murderous escapades) and so many others are new challenges threatening to break the country at its seams.

The most annoying part is the activity of the herdsmen who clearly have sympathies from Aso Villa and are encouraged to continue their murderous sport just because the people that should be bringing them to book are actually shielding them. If you think we are carried away by their temporary ceasefire, you need to think again. Only idiots will glorify a short reprieve meant to shore up their grand patron’s electoral fortunes. But then, we won’t forget so soon.

You also talked about diversifying the economy and making the country’s commonwealth available to a greater number of people. Well, some breaking news: Nigeria has become the poverty capital of the world! Over 23.1% of our teeming youth are unemployed while some millions more are under-employed. Many companies have folded up since 2015, making some Buharists come up with the very foolish cliché that if Buhari is killing any business, then the business must have been killing Nigeria. One of them even tried to justify unemployment recently while another one tried to make rice appear as a luxury that we need to wean ourselves from. Well, no one would be surprised by the foolishness of Buharists; a servant can never be greater than his master.

In order not to belabour this letter, I will come straight to the last part where I said I would tell you that you are mad. I can’t even imagine that someone like you with all the garbage you are carrying can talk about corruption. With all the sleaze and the corrupt acts that you have masterminded in these past four years, it feels like you are giving us the middle finger by talking about corruption. Well, that is what the government you head has been known for. It is a case of criminals chasing perceived enemies and screaming ‘ole’ in a busy Lagos market. Media trials and some gross abuse of the rule of law have been the hallmarks of your government ever since 2015.

Is it not funny that after the N500m MTN bribe and all the other monies you have stolen or cornered by means of political patronage, you can come out to still talk about corruption? It is only a mad man that can do what you have done. And no, we wouldn’t be hoodwinked to become the unruly mob in a typical Lagos market. We will drag you along the streets and throw you in the gutter where you rightly belong. You are pure filth with no shame at all.

And back to your worry about the fact that tomorrow never dies, I have sad news for you. Your tomorrow died yesterday. It died with the thousands of innocent lives murdered by Fulani herdsmen. Your tomorrow died when you started converting Nigeria’s wealth as the sole inheritance of your family and some few criminally minded people who Aisha Buhari has complained about again and again.

Your tomorrow died with the many innocent lives killed by bandits in Zamfara and Katsina, Sokoto and Plateau, Borno and Benue. It died with the millions of people who lost their lives in the last four years, and have been forced to live off handouts from beneficiaries of your VoterMoni, sorry, TraderMoni. And yes, also with the hundreds of people that have drowned in the Mediterranean Sea, trying to escape from this hellish hole that you have turned Nigeria into.

Your tomorrow died yesterday, murdered by all the evils you and your wicked government have visited on innocent Nigerians. When we gather to vote on Saturday, we will only be gathering to bury that tomorrow of yours that you are now trying so desperately to protect with this feeble article. We know you are trying to preserve your source of daily bread, but you have to leave now; you have stolen enough.

Many Nigerians have died in the past four years just because of your irresponsible government. In two days, Nigerians will finally have an opportunity to end that madness. And we surely will.
http://ivotesng.com/2019/02/15/dear-abba-kyari-your-tomorrow-died-yesterday-and-we-are-coming-to-bury-it/
Politics / Re: Rivers governorship: Supreme Court upholds judgement nullifying APC primaries by Inca(m): 4:24pm On Feb 08, 2019
https://www.premiumtimesng.com/news/headlines/311327-supreme-court-bars-apc-from-fielding-candidates-in-rivers-state.html




The Supreme Court has nullified a ruling of the Court of Appeal which allowed the All Progressives Congress to field candidates in Rivers State in the general elections.

In a decision on Friday, the court said the appellate court failed to invoke relevant sections of the law in voiding the decision of the Federal High Court barring the party from participating in elections in the state.

A faction of the APC in the state had challenged the decision of the high court at the Court of Appeal Court.

The court questioned the basis upon which the appeal court reached its ruling and set the decision aside while upholding the ruling of the high court.

With this judgment, Rivers State APC candidates will not be participating in the National Assembly election on February 16 as well as the governorship and state House of Assembly elections on March 2.

1 Like

Investment / Re: Mutual Funds by Inca(m): 7:26pm On Jan 29, 2018
Hello,
Did you attach a copy of the transaction in the correspondence with the beneficiary bank?
What's the narration you used to define the transaction, did you reference your name....?
I can suggest someone if i get clarifications on these.
Thank you.


haibe:
Hi guys.

Can anyone help me with emails of any influential person in GTB and Stanbic? I still haven't gotten my money, i visited both banks physically today and they are still not saying anything different. I need help pls. Kindly PM me if u have these emails
Phones / Re: Benin Republic Sacks Nigeria’s Globacom by Inca(m): 8:33am On Jan 22, 2018
...more like saving some bucks to go all in for 9mobile (etisalat Nigeria).
Investment / Re: Mutual Funds by Inca(m): 2:25pm On Jan 12, 2018
ARM MMF:
*Preserve capital
*Quarterly interest payments
*Easy and flexible entry and exit
*Competitive interest rates
Asset Class:
*Government securities: 25% – 95%
*Other money market instruments: 5% – 75% Bankers’ Acceptances, certificates of deposits, commercial papers, collaterised repurchase agreements etc


ARM DISCOVERY:
*Grow your wealth over the long term with returns above inflation
*Earn multiple returns through capital appreciation and dividends
Asset Class:
*Equities:40%-65%
*Fixed income securities:15%-30%
*Real estate:15%-30%
*Cash:1%-10%

More Info: http://arminvestmentmanagers.com/portfolio/arm-money-market-fund/

Wigglep:
Please anyone have idea what the difference between the arm mutual money market fund and arm discovery fund are?
Investment / Re: Mutual Funds by Inca(m): 9:09am On Jan 12, 2018
Kindly go through this. It's good to do some research sometimes. You don't have to make your investment decisions based on opinions from blogs.
Secondly, yields on MMF are paid quarterly.

http://www.stanbicibtcassetmanagement.com/nigeriaassetmanagers/Other-Links/FAQs

InvestorsMind:


?
Investment / Re: Mutual Funds by Inca(m): 1:47pm On Jan 09, 2018
Hello Chiemenike,

Yield on Mutual Funds are calculated on a daily basis. (more info here) https://fman.com.ng/mutual-fund-price-list/

They quote the rate daily so it'll be difficult to determine the prevalent interest rate for the month and year respectively.

So, the best you can do is to take it one day at a time or work with the month average rate. Most of the fund managers have the luxury of online account that enables you track the funds performance daily.

Also lookout for their monthly fact sheets.

Cheers.
Investment / Re: Free Give Away 2018 Financial Blue Print Article by Inca(m): 5:13pm On Jan 01, 2018
Kindly Include eco.olivia@yahoo.com

Thanks.
Jobs/Vacancies / Re: NPOWER- I Just Got A Congratulations Text Message by Inca(m): 11:46am On Nov 21, 2017

1 Like

Investment / Re: Treasury Bills In Nigeria by Inca(m): 3:46pm On Sep 14, 2017
From a close pal.
He's an insider actually...
You can verify the data in CBN website in a few days time.
But the report is 100% legit!



adegokekemi:


Please where did you get the result not on CBN website
Investment / Re: Treasury Bills In Nigeria by Inca(m): 2:03pm On Sep 14, 2017
Nigerian T-Bills PMA Result for 13/09/17 Results. Stop rate for 364-day instrument nosed-dived to 17.75% from 18.53% on massive DD

Investment / Re: Treasury Bills In Nigeria by Inca(m): 7:17am On Aug 15, 2017
Greetings everyone.
To keep track of daily NTB and FGN BOND Prices.
Kindly visit https://www.fmdqotc.com/
Or follow their twitter handle to get daily market closing price: @FMDQOTCExchange
Makes it easier to get the benchmark..

1 Like 1 Share

Crime / Re: Lady Brutalized By Soldier Her On Her Way To Onitsha, Hospitalized (pics by Inca(m): 11:50am On Jan 31, 2017
Glory be to God that you survived the molestation.
I met this same guy at the same checkpoint some few weeks ago,
I stopped and powered down my stereo and he told me ''Oga anything for me abi u wan make i seize ur motor'' Hmmm
It was quite shocking to be honest. His colleague or whatever just waved me to go ahead, but his attitude is terrible.
God save us.

1 Like

Investment / Re: Treasury Bills In Nigeria by Inca(m): 4:51pm On Jan 05, 2017
You'll get ur payout upfront, then you can re-invest via secondary market (bit lower interest)!anytime.
Or
You wait for the next round of auction coming up onnd 19th.
Cheers.

iamoasa:
People!!! Quick question pls, I know that interest is paid upfront in Treasury Bill, if my bid is successful, will the interest be invested together with the capital automatically OR do I need to state that in my letter to the bank that I want both the capital and interest to be invested?
Investment / Re: Treasury Bills In Nigeria by Inca(m): 2:17pm On Jan 03, 2017
NoQualms1:


You surely can get it done at Stan Chart.
Just go and do the paperwork, please worry not about the rate.
But might be some fractions over 18%..
Cheers.

Please is no one using standard chartered bank here?
Business / Nigeria Economy: What Next? by Inca(m): 9:26am On Nov 23, 2016
The eyes of several Nigerians, at least those who understand the basics behind economics and the economy, were in the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to see how it would swing in its latest policy meeting.

The pressure on the committee must have been palpable given that the National Bureau of Statistics had just released another report with a 2.24% contraction in Q3 leading to the first whispers of a depression. After the meeting, the MPC said that it had done nothing- rates were kept the same. If that was befuddling, then the reason the MPC gave for its actions was scary.

It admitted that its monetary policy tool has run out of options and that the economy could only get the needed support from effective implementation of fiscal policies. In other words, they are out of ideas. That the nation’s core monetary policy body has thrown in the towel should send danger signals to Nigerians. If they have run out of ideas, who would then steer the economy out of its current comatose state?

This sentiment is shared by Dr. Franklin Ngwu, a lecturer of Economics at the Lagos Business School who told Guardian “CBN’s statement sends a wrong signal to the economy…there is supposed to be proper synergy between the CBN and government to bring confidence to economic agents and investors”

Another problem that Ngwu highlighted is that “impression of exhaustion” given by the CBN shows that the CBN and fiscal policy makers are not prepared to work together to bring robust economic policies to address the current economic challenges.

Are these the first indications that the monetary and fiscal policy makers are at loggerheads? One cannot but remember at this point the eyebrows raised when the MPC decided to increase lending rates in direct contradiction to what the Minister of Finance had earlier subtly suggested. One prays that is not the case. One prays it is just as Emefiele suggested- accumulated debts have slowed business activities of economic agents; most of who are indebted to the banking system, thus compromising the integrity of the financial system.

But then, his next words hardly cover any of Nigeria’s economic policy makers in glory as he claims there is a “need for a robust and more keenly coordinated macroeconomic policy framework that would restart output growth, stimulate aggregate demand and rein in inflation expectations”. What have they been busy doing all this while? Is not the framework supposed to be one of the first things agreed upon before policy implementation?

Whatever the reason for the lack of synergy between monetary and fiscal policy makers, the one thing that is certain is that, as Ngwu says, “there is an urgent need to rethink government policies especially the monetary, fiscal and supply side policies”

http://nairametrics.com/are-these-the-first-signs-of-discord-between-the-cbn-and-fg/
Politics / Re: EDO 2016: Buhari Will Not Rig Election For APC by Inca(m): 4:52pm On Jul 12, 2016
Bayelsa and Rivers States Re-run comes to mind. I pray they don't rig..

6 Likes 1 Share

Politics / Re: President Buhari's Federal Excuses Council By Reno Omokri by Inca(m): 7:17am On May 30, 2016
That's all!

4 Likes

Politics / Re: Past Govt Wasted Forex On Importation Of Toothpicks — Buhari by Inca(m): 11:49am On May 29, 2016
I wonder who wrote this speech.
If this garbage is all the presidential media team and party leadership can present to Nigerians on this memorable day, then there's no hope.
It might interest us to know that potential investors are carefully watching the situation in this country.
Events like this, is a big opportunity for the leadership of the nation to showcase it's policies, programs and give Nigerians hope for a better future.
Excuses, blames, hatred, vengeance will not take us anywhere. We should learn from the past and make the best out of our situation.
Please let's focus on leadership and condemnations to whoever that responsibility belongs to.
First let's prioritize our key projects and apply ALARP principle to make sound decisions.
Business / FG To Sell Eurobond In Early 2016 To Plug Budget by Inca(m): 10:22am On Dec 18, 2015
ABAH ADAH, Agency Report, Kingsley Alu
— Dec 18, 2015 3:53 am | Leave a comment
The Federal Government of Nigeria is considering issuing international debt early next year for the first time since 2013, as it prepares to send a record spending plan to parliament to stimulate an economy hammered by crashing oil prices, finance minister, Kemi Adeosun said.

President Muhammadu Buhari will probably present the 2016 budget to lawmakers on December 22, Adeosun said in a phone interview.

“It would be based on a medium-term fiscal plan announced this month, which projects spending to increase about 25 per cent from 2015 to N6trillion ($30.1 billion). The deficit will more than double to N2.2 trillion, or 2.2 per cent of gross domestic product.

“We need to stimulate the economy because we cannot afford this downturn to be excessively prolonged,” Adeosun said.

“We think we have the headroom to borrow. We’re going to mix it between local and foreign debt. We’re talking to multilateral agencies already and we’re at an advanced stage. Then we’ll look at the foreign capital markets.”

The minister did not mention how much would be raised in a possible sale. Nigeria’s fairly low ratio of debt to GDP means it has the ability to increase borrowing to plug the gap, she said.

Bloomberg reports that Africa’s biggest oil producer derives about two-thirds of government revenue from the commodity and has seen its finances shrivel as prices have fallen to below $40 a barrel from over $115 in June 2014.

Nigeria has $1.5 billion of dollar bonds outstanding and has tapped the market twice, in 2011 and July 2013. Yields on its $500 million of securities due in July 2023 fell 2 basis points to 8.58 per cent at 8:31 am in London. They have risen by more than 300 basis points since May as oil prices have fallen further and investors pull money from emerging markets in anticipation of interest rate hikes in the U.S.

http://leadership.ng/business/484179/fg-sell-eurobond-early-2016-plug-budget
Politics / FG Will Modulate Petrol Price Not Subsidy Removal by Inca(m): 8:10am On Dec 18, 2015
The Nigerian government says contrary to speculations, it is not interested in the removal of subsidy on petroleum products, but rather a price modulation that will reduce its involvement in pricing starting 2016.

The Minister of State for Petroleum, Dr Ibe Kachikwu, briefed reporters of the government’s position on Thursday.

97 Naira Per Litre Projection

Dr Kachikwu said a periodical review of the Petroleum Pricing Template and a flexible management of the pricing system would be considered.

He said the review would allow marketers to trade freely and reflect prevailing international price of crude.

According to him, the review will be the key focus in the first quarter of the coming year.

He said the 97 Naira per litre projection would be a cap on the price of fuel with a gradual increment between the band of the current price of 87 Naira and 97 Naira until a fair price is reached in the pricing review.

The oil-rich nation is currently grappling with one of the worst fuel scarcity the nation has faced in recent time, with some service stations selling petrol higher than the 87 Naira official price.

Some service stations have been penalised by the regulatory agencies, but critics have said the agency lacked the manpower to effect adequate monitoring of the marketers activities.

http://www.channelstv.com/2015/12/17/fg-will-modulate-petrol-price-not-subsidy-removal/

1 Like

Politics / Fuel Scarcity Stories Across D Country by Inca(m): 11:19am On Nov 25, 2015
http://blogs.premiumtimesng.com/?p=169818» Fuel Scarcity Stories and the Imperative of Subsidy Reform, By Victoria Ohaeri
Fuel Scarcity Stories and the Imperative of Subsidy Reform, By Victoria OhaeriPremium Times November 25, 2015 Fuel Scarcity Stories and the Imperative of Subsidy Reform, By Victoria Ohaeri2015-11-25T10:10:36+00:00 Opinion No Comment
Fuel scarcity in Nigeria

Nigerians are yet to start seeing the impact of the reforms in the energy sector. A large percentage of the petroleum products consumed in the domestic market are imported with additional costs in shipping, storage and distribution. Retaining subsidies means that monies that could have been used to fix the refineries and improve electricity generation through aggressive development of Nigeria’s huge renewable energy potential are diverted to the pockets of a few marketers.

Unprecedented public lamentation about the crippling fuel scarcity situation in Nigeria have dotted the Nigerian social media landscape for more than four weeks and counting. The scarcity of petroleum products returns amidst a brewing fuel supply crisis over the non-payment of the subsidy claims to oil marketers. The scarcity persists despite assurances by the Nigerian National Petroleum Corporation (NNPC) that there is a petrol stock of 1.4 billion litres in the country. Aligning with the Petroleum Product’s Marketing Company’s claims that the excruciating fuel scarcity is artificial, the Petroleum Products Pricing Regulatory Agency (PPPRA) says hoarding and sharp practices of fuel marketers are responsible for the scarcity.

Spaces for Change took its crowd-sourcing tradition a step further by using the social media to solicit for and document individual stories describing their experiences of the fuel scarcity situation across the country. The excerpts below go beyond gathering information and digital storytelling, but also present useful information that can help policymakers understand the differentiated impacts of the fuel scarcity on men and women; highlight the gaps in the implementation of energy reform policies and in turn, better inform policy reforms, specifically subsidy reform in Nigeria.

San Dee: Whether I am filling up my tank or keg, I now spend longer hours on fuel queues waiting for my turn. A bowl of tomatoes which was normally sold for N300 now goes for N400. The high food prices are just outrageous. As a woman, I am spending so much more on fuel because the power supply is not helping matters. I have to buy enough fuel to power my big generator so that I can freeze my foodstuffs in the deep freezer. I also have to power the smaller generator to enable me generate electricity for general domestic use, especially for cooling the home now that the weather is so hot.

Kalu Aja: The fuel lines in Abuja, (North-Central, Nigeria) are epic; so is the heat. When will we finally agree we cannot sustain a subsidy on imported petrol? What is the point of “cheap” N87 petrol if it is not available? Our refineries are still scrap and very soon, subsidy will be paid only for fuel lines to disappear for a season to return the next season.

Kelechi Deca: There is no electricity, no fuel, and now, no water in Lagos State (South-West Nigeria). People are buying fuel for N150 to N200 per litre and the government still claims that there is subsidy? What then are they subsidising when crude oil is selling at $50 per barrel and less in the international oil market? There is no way pump price will sell for above N100 if subsidy is removed. Is this government subsidising the corruption in the oil sector, their inability to control oil marketers?

Onwuasoanya Jones: I am a film maker. I have spent over N50,000 on transporting my actors and crew members to location in just two days of shooting. I have had to spend more getting every other thing necessary for this movie to be well made. Petrol is now being sold at 200 Naira and above. In the rural areas where we go to shoot, it is sometimes almost double that amount.

Chioma Mbakwe Ojukwu: Port Harcourt, Rivers State (South-South, Nigeria) seems to be the worst hit in this fuel crisis. At Iwofe Road, Port Harcourt, tankers that want to load fuel are queued on the two wings of Ada George Road coming from Eleparanwo and coming from Open Door/Chinda axis heading to Akar Base in Rumuolumini where the tank farm is situated. They have practically taken over one lane of Iwofe Road causing unprecedented traffic congestion. The queues and chaos we have in the few stations that manage to have the product and selling mostly above N150 – as opposed to the official pump price of N87 – can only be imagined. Anybody plying that route should be extra vigilant because of the hazards the trailers constitute there.

Echi Nwogu: Yesterday, I bought N4,000 fuel from the petrol station at Egbu, Owerri, Imo State (South-East, Nigeria) at N180/litre. It just reached my tank from quarter tank to just half tank and I knew I had been milked from two ends: high product price and shortfall in fuel bought as a result of tampered fuel pump gauge.

Shuaibu Mohammed: In Maiduguri, Borno State, (North-East, Nigeria), most filling stations hardly dispense fuel. But the truth filtering from various sources as witnessed by many is some of these fuel stations engage in “black market” sales in the dark of night. They sell it at above the government-approved price to the black marketers who in turn distribute to their various outlets (the small vendors with jerry cans) to dispose to the end users at far above the supposed pump price of N87 per litre.

Chinedu Sandra Uchechukwumerije: On my way back from the office yesterday, I boarded a tricycle, popularly known as “keke”. The keke driver made a brief stopover at an NNPC filling station to get some gasoline. While on the queue, minutes turned into hours. So much time wasted.

Bayo Adeyinka: Double Jeopardy is when you have given out your generator in response to a perceived body language only for you to rush to buy another one a few weeks down the line and discover the cost has doubled due to foreign exchange differentials.

Saya-Braide Ebi: Most of the people who demonstrated at Ojota, Lagos (South-West, Nigeria) against fuel subsidy removal are “repenting”. They now know better; they want subsidy removed now.

COMMENT: As the above narratives depict, prohibitive fuel prices, high food prices, hoarding of petroleum products, long fuel queues, increased transportation costs, loss of productive hours, traffic congestion, unlawful adjustment of fuel pump gauges, excessive heat and discomfort, insecurity, sleeplessness, electricity shortages, and so forth are just some of the ugly consequences resulting from the resurgence of fuel scarcity in the country. With national electricity generation capacity hovering around 4,000MW, this is evidently inadequate for the country’s 170-million population, forcing most homes and businesses to rely mainly on petrol fuel as an alternative source of energy. Fuel scarcity aggravates the burden of energy poverty, with adverse consequences in terms of health and social burdens on men and women.

Nigeria has typically spent between 1 to 2.5 percent of its GDP on fuel subsidies over the past decade. Nigeria’s subsidy bill has grown exponentially, particularly since 2011 when the government reported $14.1 billion of expenditure on fuel subsidies, equivalent to more than 3.4 percent of the GDP and 900 percent more than initially budgeted. In November 2015, the federal government has again approved the payment of N413 billion to oil marketers to clear outstanding payments for subsidy claims. While subsidy costs continue to swell, local refineries have been shut down again due to obsolete machinery barely four months after the national oil company, NNPC, announced that the refineries have restarted production and were locally refining petroleum products at optimum capacity.

…the time is now ripe to get rid of the subsidies to petroleum and kerosene and put them on other cleaner energy products and services that benefit women and men more, such as solar, clean cooking stoves and other renewables. The current low oil price is a good opportunity for the government to plan and prepare for a switch to an automatic pricing mechanism for the long-term, and to reform energy subsidy policies, including from a gender and access perspective.

Nigerians are yet to start seeing the impact of the reforms in the energy sector. A large percentage of the petroleum products consumed in the domestic market are imported with additional costs in shipping, storage and distribution. Retaining subsidies means that monies that could have been used to fix the refineries and improve electricity generation through aggressive development of Nigeria’s huge renewable energy potential are diverted to the pockets of a few marketers.

Fuel subsidy reform is the key needed to unlock the high poverty and unemployment index that has risen from 6.4 percent in May 2015 to 8.2 percent in the second quarter of 2015. Because fuel is refined abroad, few jobs are created locally—the real production and technical expertise are located and retained abroad—and the value-added from producing refined products is lost to the domestic economy. As long as Nigeria continues to import refined fuel, no additional jobs will be created locally because the real production and technical expertise are located and retained abroad. This needs to change.

The stories excerpted above, including the recent developments in the energy sector compellingly establish that the subsidy scheme in Nigeria is ineffective, unsustainable and prone to massive leakages. It is clear that the subsidy regime Nigeria has operated for many years is just not working! The subsidy system is broken, ungainly, and needs to change for the long term. As have been stated before, the time is now ripe to get rid of the subsidies to petroleum and kerosene and put them on other cleaner energy products and services that benefit women and men more, such as solar, clean cooking stoves and other renewables. The current low oil price is a good opportunity for the government to plan and prepare for a switch to an automatic pricing mechanism for the long-term, and to reform energy subsidy policies, including from a gender and access perspective.

Victoria Ohaeri is the executive director of Spaces for Change (www.spacesforchange.org), a youth-development and policy advocacy organization based in Lagos, Nigeria. She can be reached on victoria@spacesforchange.org.

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fuel scarcity, fuel subsidy reforms, Nigerian National Petroleum Corporation (NNPC), Petroleum Products Pricing Regulatory Agency (PPPRA), Petroleum Product’s Marketing Company
« A Case For Late Audu’s Son As Faleke’s Running Mate, By Jaafar Jaafar

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Politics / Re: See Wat Fashola Told GEJ When There Was Oil Slump+Hike In Fuel Price In 2014(Pic by Inca(m): 10:44am On Nov 25, 2015
Oversized shoe!

1 Like

Politics / Re: Sabotage & Theft Undermining Power Supply- Buhari.. by Inca(m): 9:19am On Nov 25, 2015
There's actually no such thing as a magic wand.

1 Like

Politics / Re: Where Can I Get The Names Of Communities In Each LGA In Nigeria by Inca(m): 4:46pm On Nov 13, 2015
Politics / Re: Where Can I Get The Names Of Communities In Each LGA In Nigeria by Inca(m): 4:45pm On Nov 13, 2015
Politics / Before It's Too Late... by Inca(m): 2:02pm On Jul 04, 2015
Times Ahead! by Inca(m): 2:55pm On Jul 03
Happy people of Nigeria, I greet you all.

As we prepare for the activities of this weekend, may we stop for a Minute and think/pray for our country Nigeria.

May we set aside partisan politics, our religious inclinations, sentiments et all and settle down to see the challenging times that is facing us.

Gloating, name calling, insults and revenge cannot make our lots better. So may we please forge partnerships/ forums to seek out possible ways to make things better. (LETS HAVE THE EVENTS HAPPENING AT GREECE ON OUR MINDS)!!!

From all indications, the reality has dawn in the present government (no insult meant). The size of task ahead is pretty huge and aside that, there seems to many more in-house fighting/ distractions coming from the party that is saddled with the task of saving Nigeria!(as they said).

The challenges are numerous:

1. Workers are denied monthly pay (Running into months),

2. Another Fuel crises is looming,

3. Our legislatures are busy fighting!

4. Insurgency is not abating (rest in peace to the dead),

5. The power sector is in shambles, investors are in suspense not knowing what next to do,

6. Three months after election, the leading party still cannot for a cabinet (very critical),

7. Oil price is still not so favorable and things are getting no better in the creeks.

8. Many more Nigerians will be without jobs at the end of the current MDA adjustments......

9. Our construction sector is really, really suffering,

10. There's no hope for Nigerian workers (NLC is equally in crises)

Please may we carefully appraise our current situation and ask ourselves this question:

In the midst of all this imbroglio, WHO IS THE LOOSER?

And Who are the fools?
Politics / Trying Times Ahead! by Inca(m): 2:55pm On Jul 03, 2015
Happy people of Nigeria, I greet you all.

As we prepare for the activities of this weekend, may we stop for a Minute and think/pray for our country Nigeria.

May we set aside partisan politics, our religious inclinations, sentiments et all and settle down to see the challenging times that is facing us.

Gloating, name calling, insults and revenge cannot make our lots better. So may we please forge partnerships/ forums to seek out possible ways to make things better. (LETS HAVE THE EVENTS HAPPENING AT GREECE ON OUR MINDS)!!!

From all indications, the reality has dawn in the present government (no insult meant). The size of task ahead is pretty huge and aside that, there seems to many more in-house fighting/ distractions coming from the party that is saddled with the task of saving Nigeria!(as they said).

The challenges are numerous:

1. Workers are denied monthly pay (Running into months),

2. Another Fuel crises is looming,

3. Our legislatures are busy fighting!

4. Insurgency is not abating (rest in peace to the dead),

5. The power sector is in shambles, investors are in suspense not knowing what next to do,

6. Three months after election, the leading party still cannot for a cabinet (very critical),

7. Oil price is still not so favorable and things are getting no better in the creeks.

8. Many more Nigerians will be without jobs at the end of the current MDA adjustments......

9. Our construction sector is really, really suffering,

10. There's no hope for Nigerian workers (NLC is equally in crises)

Please may we carefully appraise our current situation and ask ourselves this question:

In the midst of all this imbroglio, WHO IS THE LOOSER?

And Who is the fool?

IBIN!
Politics / Re: Latest Boko Haram Killings Barbaric, Says Buhari by Inca(m): 2:27pm On Jul 03, 2015
HopeAlive14:
All Nigerians and lovers of Nigeria should pray for this country.

It was wishful thinking to have assumed that Boko Haram will be a "thing of the past" once GMB becomes President.

It is obvious that President Buhari do not have the magic wand to curb the menace of Boko Haram.

In God we trust.

May God help us all.

Its definitely no time to gloat!
Politics / Re: Accept Party Supremacy, Buhari Tells Senators, Reps by Inca(m): 1:31pm On Jul 03, 2015
Congrats to Nigerians that voted for PARTY WISHES!
Your dreams......

3 Likes

Politics / Re: Flooding In Portharcourt. Amaechi's Uncelebrated Legacies by Inca(m): 10:33am On Jul 03, 2015
maimalari:
despite daily heavy rainfall witnessed thus far in the rivers state capital, major roads in the city has remained without flood. Thanks to the integrated piping/cement plumbing of the roads by the government of Amaechi without media noise making characteristic of the neighboring akwaibom state.
It is worthy to note that phc is a fully occupied city so most rain water pass through this drainage pattern that I believe most flood-prone states should copy.
Thank you former governor amaechi.
May God have mercy on you!

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