Tuesday, 17 May 2016
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Fuel Hike: Taxing The Poor To Sponsor The Stimulus Budget Packages, Dangote's Refinery
by Dr. Peregino Brimah
From an economics point of view, in strict economics terms, the fuel
price hike can be looked at as taxation of the masses to sponsor
packages of the 2016 stimulus budget and support and sponsor the oil
magnates.While the fuel subsidy was removed since the past December, there existed an artificial scarcity due to unwillingness of the government to spend its foreign earnings in fuel importation and this was followed by the government announcing the price hike to "illegally" push all fuel imports to black market sourced dollars.
Last year Nigeria imported 6 billion liters of fuel. In pure monetary terms, this costs less than $3bn.
Had the government decided to allow Nigerians to keep enjoying low
priced fuel, it had the option of buying black market forex to import it
and shelving the cost. For $ 3billion, that would amount to an extra
expense of 320-197= 123 x 3 billion = 336 billion naira.
The Buhari government decided not to "waste" its 336 billion naira on the citizens as it would rather spend same on its chosen projects for 2016, like the N100 billion total estimate provision of N5000 stipends to a lucky million selected from 90 million poor Nigerians. Buhari would rather tax all Nigerians, rich and mostly poor to the extra tune of N336 billion than give them their right to CBN forex or supplement the gap with the black market rate for them as it does the cabal companies. (See Buhari assurance of CBN dollars to cabal as delivered in his Al Jazeera interview)
So invariably, the Buhari government is refusing to make what could be considered as a sacrifice of N336 billion (though it is not a sacrifice since N197 is the official dollar rate) to rather decide what perks and handouts it will use the equivalent amount of funds for in its budget. All will be taxed and a few will gain.
Many have discredited the way the government chooses the lucky recipients. For instance, the 1 million getting N5000 are selected approximately 30,000 per state. Such a process will be corruption as there are millions of poor per state who will feel cheated. Either all must get the handout or none. This is how social welfare works across the developed world. There is open eligibility criteria. If you pass, you are qualified. If it goes to a selected few then it must be by chance – lottery. Taxing all the poor with the new fuel price hike to support others is most unfortunate.
Kachikwu Confessed It Was A Deliberate Scarcity
The Minister of state for petroleum, Ibe Kachikwu in March of this year admitted that the fuel scarcity was artificial. The minister during an infamous speech where he said he wasn't a magician, announced that Nigerians should bear with the government as it was strategically reserving/hoarding locally made fuel to make reserves for the "rainy day." He said he will be done making his reserves in two months and then the fuel scarcity will be relived. At the one and half month mark he rather announced the fuel price hike. In essence, he was making it rain blood to get Nigerians so desperate they will embrace the fuel price hike in favor of refinery owners as the Presidency announced and oil marketers. It was an artificial scarcity and intentional suffering by Kachikwu's own submission.
Read Ibe Kachikwu's admission of Hoarding/Artificial Scarcity; Ibe: “the government’s strategy is that whatever produced in the refineries will not go for sale but will be kept “in strategic reserve because the key problem here is that there is no reserve; anytime there is a gap in supply, it goes off…So, we’re going to dedicate the next couple of months to moving all the products that we produce to strategic reserve so that we can pile up reserves and that will push up the reserves in the nation.“
Robbing Peter To Pay Paul
While all this is happening, there is a winner in it all, the usual suspect: Aliko Dangote and the rest cabal. As soon as the fuel price hike was announced, oil marketer stock rose in the Nigerian Stock exchange, NSE. You can imagine how mad the Cabal have been and how they have been fighting their being cut out of the supply chain that made them billions. Stock for Dangote's refinery depends on the price of fuel and the deregulation of the market.
The Presidency said as it admitted raising the price of fuel to shift funding to the black market, that the (de)regulation (Note: it is a regulation as there is a lower price hiked limit) will help aid refinery development; ie: will help Dangote and co.
Godwin Emefiele, CBN governor this January went to visit Dangote's refinery and promised him unfettered access to dollars at the CBN rate for the $14 billion project. Dangote who the US call beggar-they-countrymen Dangote, has always benefitted at the peril of the masses. He gets free government land, cheap government assets, import duty waivers and cash. In return he sponsors corrupt politicians and bribes governors and Presidents, allegedly according to wikileaks cables, he gave Obasanjo a private jet and then he "rewards" the citizenry by giving them the highest cost for produce in the world. Dangote cement sells bags at 3x the global mean. That is our reward.
Nigeria is begging Buhari for just $3billion CBN rate dollars/year but Buhari would rather give same to one man, Aliko Dangote. No wonder why US calls him: beggar-thy-countryman; and why it's so easy for Dangote to get richer while and directly proportionately to how the entire nation gets poor. Then he gives those destroyed and made into beggars by his corruption and corruption facilitated terror, food for a month.
Once again, Nigeria has chosen to raise his stock and preferentially give him dollars for his $14 billion refinery, in essence and by their own use of the word, subsidy, for giving CBN rate dollas, the Buhari government is again sucking up to corrupt Dangote and subsidizing his refinery by cheating or at the expense of 170 million Nigerians.
God dey!
Dr. Peregino Brimah
The Buhari government decided not to "waste" its 336 billion naira on the citizens as it would rather spend same on its chosen projects for 2016, like the N100 billion total estimate provision of N5000 stipends to a lucky million selected from 90 million poor Nigerians. Buhari would rather tax all Nigerians, rich and mostly poor to the extra tune of N336 billion than give them their right to CBN forex or supplement the gap with the black market rate for them as it does the cabal companies. (See Buhari assurance of CBN dollars to cabal as delivered in his Al Jazeera interview)
So invariably, the Buhari government is refusing to make what could be considered as a sacrifice of N336 billion (though it is not a sacrifice since N197 is the official dollar rate) to rather decide what perks and handouts it will use the equivalent amount of funds for in its budget. All will be taxed and a few will gain.
Many have discredited the way the government chooses the lucky recipients. For instance, the 1 million getting N5000 are selected approximately 30,000 per state. Such a process will be corruption as there are millions of poor per state who will feel cheated. Either all must get the handout or none. This is how social welfare works across the developed world. There is open eligibility criteria. If you pass, you are qualified. If it goes to a selected few then it must be by chance – lottery. Taxing all the poor with the new fuel price hike to support others is most unfortunate.
Kachikwu Confessed It Was A Deliberate Scarcity
The Minister of state for petroleum, Ibe Kachikwu in March of this year admitted that the fuel scarcity was artificial. The minister during an infamous speech where he said he wasn't a magician, announced that Nigerians should bear with the government as it was strategically reserving/hoarding locally made fuel to make reserves for the "rainy day." He said he will be done making his reserves in two months and then the fuel scarcity will be relived. At the one and half month mark he rather announced the fuel price hike. In essence, he was making it rain blood to get Nigerians so desperate they will embrace the fuel price hike in favor of refinery owners as the Presidency announced and oil marketers. It was an artificial scarcity and intentional suffering by Kachikwu's own submission.
Read Ibe Kachikwu's admission of Hoarding/Artificial Scarcity; Ibe: “the government’s strategy is that whatever produced in the refineries will not go for sale but will be kept “in strategic reserve because the key problem here is that there is no reserve; anytime there is a gap in supply, it goes off…So, we’re going to dedicate the next couple of months to moving all the products that we produce to strategic reserve so that we can pile up reserves and that will push up the reserves in the nation.“
Robbing Peter To Pay Paul
While all this is happening, there is a winner in it all, the usual suspect: Aliko Dangote and the rest cabal. As soon as the fuel price hike was announced, oil marketer stock rose in the Nigerian Stock exchange, NSE. You can imagine how mad the Cabal have been and how they have been fighting their being cut out of the supply chain that made them billions. Stock for Dangote's refinery depends on the price of fuel and the deregulation of the market.
The Presidency said as it admitted raising the price of fuel to shift funding to the black market, that the (de)regulation (Note: it is a regulation as there is a lower price hiked limit) will help aid refinery development; ie: will help Dangote and co.
Godwin Emefiele, CBN governor this January went to visit Dangote's refinery and promised him unfettered access to dollars at the CBN rate for the $14 billion project. Dangote who the US call beggar-they-countrymen Dangote, has always benefitted at the peril of the masses. He gets free government land, cheap government assets, import duty waivers and cash. In return he sponsors corrupt politicians and bribes governors and Presidents, allegedly according to wikileaks cables, he gave Obasanjo a private jet and then he "rewards" the citizenry by giving them the highest cost for produce in the world. Dangote cement sells bags at 3x the global mean. That is our reward.
Nigeria is begging Buhari for just $3billion CBN rate dollars/year but Buhari would rather give same to one man, Aliko Dangote. No wonder why US calls him: beggar-thy-countryman; and why it's so easy for Dangote to get richer while and directly proportionately to how the entire nation gets poor. Then he gives those destroyed and made into beggars by his corruption and corruption facilitated terror, food for a month.
Once again, Nigeria has chosen to raise his stock and preferentially give him dollars for his $14 billion refinery, in essence and by their own use of the word, subsidy, for giving CBN rate dollas, the Buhari government is again sucking up to corrupt Dangote and subsidizing his refinery by cheating or at the expense of 170 million Nigerians.
God dey!
Dr. Peregino Brimah
@EveryNigerian
Diezani's 'Point Man' Kola Aluko Secretly sells off His Mansion
The Los Angeles Times reports that Kola Aluko, a controversial Nigerian oil tycoon, has sold his Bel-Air, Los Angeles mansion, as Nigerian and European authorities investigate him for a series of money-laundering and fraud-related crimes.
Kola Aluko sold the home for $21.5 million, taking a $3 million loss after purchasing the sprawling residence in 2012 for $24.5 million. Aluko, 46, apparently sold the residence in an off-market transaction using a limited-liability company.
An off-market sale in real estate refers to a property sold without any form of public advertising.
Aluko’s former home, a contemporary-style showplace in the 700 block of Sarbonne Road, Los Angeles, was designed by architect Paul McClean and built in 2011. The property sits on more than an acre, has a gated entrance, a subterranean garage and a 132-square-foot infinity-edge swimming pool.
For a long time, Aluko had been linked as associate of ex-Petroleum minister, Diezani Alison-Madueke, who is also currently under investigation by Nigerian and British authorities for money laundering and embezzlement.
Aluko’s former home, a contemporary-style showplace in the 700 block of Sarbonne Road, Los Angeles, was designed by architect Paul McClean and built in 2011. The property sits on more than an acre, has a gated entrance, a subterranean garage and a 132-square-foot infinity-edge swimming pool.
For a long time, Aluko had been linked as associate of ex-Petroleum minister, Diezani Alison-Madueke, who is also currently under investigation by Nigerian and British authorities for money laundering and embezzlement.
Shortly after she became oil minister in 2010, Alison-Madueke awarded
Atlantic Energy - an unknown start-up co-founded by Aluko, a very
lucrative contract to fund NNPC’s operational costs in four lucrative
oil blocks in which the NNPC owned a stake. In return for providing
funding to the NNPC, Atlantic Energy was to lift the crude produced from
the oil blocks, sell it, and thereafter pay the state-owned oil firm
its share of profits.
But there is an allegation and considerable proof that Atlantic Energy
did not make any upfront funding but lifted crude and that a huge chunk
of the proceeds from the sale of the crude oil did not make it to NNPC’s
coffers and, by extension, the Nigerian treasury.
President Buhari has vowed that no matter how far the looters run, Nigeria's money must be recovered.
President Buhari has vowed that no matter how far the looters run, Nigeria's money must be recovered.
Burna Boy Reacts to Pregnancy of Naija Babe He Slept With
One mistake is sleeping with a girl who sleeps with men for money, but
never marry such a lady by mistake. It is a wrong move, most runs girls
who make money with their body can never change. Simple!
If Burna Boy knows he slept with this girl, he should be sending her
money for upkeep and if sure the baby is yours when she delivers, then
you can take care of the baby. Don't marry a runs girl out of pity.
Following the recent claim by a lady who goes by the name, Uju Stella, that popular singer Burna Boy, got her pregnant and abandoned her, the guy has come out to tell his own side of the story.
“Please kindly come and take responsibility for your actions. I can’t take the fact that I am expectant and you [aren’t] picking [up] my calls,” Uju had claimed earlier.
She added; “So u know the importance of motherhood and u ain’t taking responsibility for ur own. How can you say you are an ambassador when you can’t take care of yours...and for those of you who think I am lying maybe you should double check that before assuming.”
Reacting to the saga, Burna Boy did not deny having an affair with her, he said they got together once.
Just once is enough to impregnate a lady who is desperate to marry you
for your "name". Take care of the baby once she delivers and you're sure
it's yours. If you're rich, save yourself from desperados.
Following the recent claim by a lady who goes by the name, Uju Stella, that popular singer Burna Boy, got her pregnant and abandoned her, the guy has come out to tell his own side of the story.
“Please kindly come and take responsibility for your actions. I can’t take the fact that I am expectant and you [aren’t] picking [up] my calls,” Uju had claimed earlier.
She added; “So u know the importance of motherhood and u ain’t taking responsibility for ur own. How can you say you are an ambassador when you can’t take care of yours...and for those of you who think I am lying maybe you should double check that before assuming.”
Reacting to the saga, Burna Boy did not deny having an affair with her, he said they got together once.
New Fuel Price: Labour Breaks into two Factions, one Supports The Presidency
Briefing journalists at the end of the 4-hour meeting on Tuesday morning, the Secretary to the Government of the Federation, Babachir Lawal, said the two parties had “a fruitful discussion and will continue from where we stopped.”
The meeting, which ended at about 12 midnight, will resume at 3pm on Tuesday.
The Federal Government, however, began another round of meeting with the Joe Ajaero-led faction of the NLC movement at about 12.15am on Tuesday after its meeting with the Ayuba Wabba-led NLC.
Wabba confirmed that discussions with the Federal Government would continue by 3pm on Tuesday. But the Ajaero group said Nigerians should not panic, that they would resolved the issues.
Sources said the labour leaders claim that they were not convinced by figures by the government team.
Those who attended the meeting included Wabba; NLC General Secretary, Peter Ozo-Esun; NUPENG president, Igwe Achese; PENGASSAN President, Olabode Johnson; TUC President, Bobboi Kaigama; Minister of Labour and Employment, Dr Chris Ngige; Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang; and the Edo State Governor, Adams Oshiomhole.
Earlier on Monday, the Federal Government said it had no choice but to liberalise the price of petrol.
The presidency stated that, “The liberalisation of petrol supply and distribution will allow marketers and any Nigerian entity, willing to supply PMS, to source for their forex and import PMS to ensure that the product is always available in all locations of the country for Nigerians to buy.”
Female NYSC Member Messing With Two Guys
Flavour's Babymama Anna Banner Looks Fly On BM PRO Mag
Davido Reacts to Claims His Babymama was Bounced at their Daughter's Birthday
Davido cleared the air that baby Imade's mum, Sophia, is in full custody of the baby. Hence, it could be that she just refused to show her face to the cameras that day to avoid social media folks insinuating that she's trying to get back with Davido again.
HANDS UP! Boko Haram Field Commander has been Captured
Kaou and five of his aides were captured in fighting in the Madawaya forest in northeastern Nigeria near the border with Cameroon on May 10 and 11, Issa Tchiroma Bakary, a spokesman for Cameroon’s government said in a statement read on state radio.
No soldiers died and 46 hostages were freed, including 18 women and 28 children.
Three Boko Haram camps were destroyed and a consignment of weapons was found.
The capture and detention of Kaou comes as French President Francois Hollande prepares to push for the rebuilding of the impoverished region around Lake Chad and establish state authority while keeping military pressure on Boko Haram.
The Islamist militant group has been waging a seven-year offensive that killed tens of thousands of people and spilled over into Cameroon, Chad and Niger, displacing as many as seven million people, according to the US government.
See what Tiwa Savage, Don Jazzy, Davido Looked Like Before They Made Money
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| Korede Bello, before and now |
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| Don Jazzy, before and now |
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| Flavour, before and now |
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| Davido, before and now |
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| Tiwa Savage, before and now |
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