LABARI

░  Why are some Senators of the 8th Assembly such as Senators Dino Melaye, Ben Bruce etc., threatening to mobilise Nigerians against the government's Petrol Subsidy removal? Are  Senators Dino Melaye, Ben Bruce, etc Still In The 8th Assembly? ░  The 2016 Budget made no provisions for Fuel Subsidy Payments. So where do we get ₦16.3bn per month to pay the Subsidy? ░  The 2016 Budget was passed by the 8th Assembly. ░  The 8th Assembly, was fully represented at the signing into law of the 2016 Appropriate bill by President Buhari. The 8th Assembly applauded themselves for a job well-done. ░  Again, why are some Senators of the 8th Assembly such as Senators Dino Melaye, Ben Bruce etc., threatening to mobilise Nigerians against the Petrol Subsidy removal? ░  Where were they when their colleagues at the 8th Assembly approved and took the glory for the 2016 budget that included the removal of the Petrol Subsidy?...

#SubsidyRemoval WHY DO WE SUFFER FUEL SCARCITY IN NIGERIA ? 1. We do not have enough refineries to  satisfy our domestic need, so we depend on fuel importation 2. Fuel is bought at the international market with US dollars and importers need USD to buy and import fuel 3. There is variability up to N121 bewteen the official USD exchange rate and the parallel market rate in Nigeria.  4. The government determines the price for fuel because the CBN is the only source of US Dollars for Marketers who import fuel. 5. If marketers source for dollars themselves, they cannot sell the product at the government price because of the N121 difference. 6. When the CBN gives US dollars to importers to buy fuel and import, they opt to selling the US dollars in the parallel market since they will make more profit, say about 50 times more than buying fuel and importing. 7. Most of the few marketers and dealers who use the dollars they got from CBN to buy fuel and import, divert the fuel to...

STATE HOUSE PRESS RELEASE NIGERIA DERIVED NO BENEFIT FROM PREVIOUS DEVALUATIONS OF THE NAIRA - PRESIDENT BUHARI President Muhammadu Buahri insisted Friday in Abuja that he was yet to be convinced that the vast majority of ordinary Nigerians will  derive any tangible benefit from a devaluation of the Naira. Speaking at a meeting with members of the Council of Retired Federal Permanent Secretaries, President Buhari said that he still held the conviction which motivated his principled resistance to devaluation in his first tenure as Head of State. "When I was military Head of State, the IMF and the World Bank wanted us devalue the Naira and remove petrol subsidy but I stood my grounds for the good of Nigeria. "The Naira remained strong against the Dollar and other foreign currencies until I was removed from office in August, 1985 and it was devalued. "But how many factories were built and how many jobs were created by the devaluation? "That is why I'm still ...

PMB, THE ECONOMIST GURU! PMB has done it again. The "NO" school cert holder (?) has done what a PhD holder could not. Very simple economics. We buy most of our goods from China, so why must we pay the Chinese in dollars? The Chinese buy a lot of crude oil from us, so why must they pay us in dollars? So PMB made a deal with the Chinese. We pay for the goods we buy from China in Yuan, the Chinese currency. They buy our crude oil and pay in Yuan. The exchange rate is to be pegged at 30 Naira  to one Yuan or RMB. So how  does it favour us? Simple. The Yuan is now 6.48 to a dollar. So if you pay 30 Naira to the Yuan, that would be equivalent to 194.4 Naira to the dollar. Since the dollar exchanges for  199 Naira, you save N4.6. 199 - 194.4 = 4.6. Simple, huh? In simple terms, PMB has just strengthened the Naira by 9.15%! And that's not the end of the story. As we begin to deal in the Yuan, the demand for dollar would plummet and this in turn would weaken the dollar. I...

No will to save under Jonathan – Okonjo-Iweala The immediate past Minister of Finance, Dr. Ngozi Okonjo-Iweala, on 14th April 2016 said lack of "political will" to save oil revenue under ex President Goodluck Ebele Jonathan was responsible for the challenges facing the country presently. Furthermore she said as a result, the World Bank and the International Monetary Fund must seek means to embed savings in national constitutions devoid of political manipulations according to Punch Newspaper reports. Meanwhile, Madam Ngozi was part and parcel of the Goodluck Jonathan administration. People may that she probably gave Jonathan the advice to save and wasn't heeded but it is the same Madam Ngozi who had been on the defensive regarding the trade off between Governor Adams Oshiomhole and herself. It also descended into a fracas because of her series of pronouncements on money issues. I think Madam Ngozi will get to a point where she will tell Nigerians what really transpired...

Let me see when the Dollar is no more the dominant currency, we will see whether it will not crash. You can say whatever you like but I will say that the future of Nigeria is bright. Our confidence in Buhari to deliver this country is unshakable. Gradually, solid foundations are being laid and the rot of yesteryears are gradually being fumigated and cleaned. And we will overcome our challenges and move forward. God Bless Nigeria ************************************************** Buhari, Emefiele Move To Crash The Dollar, Sign Landmark Currency Deal With China April 12, 2016 … EXCLUSIVE: Nigeria To Become Clearinghouse For Yuan Denominated Transactions For The Whole Of Africa Following Agreement 🔲 SAN FRANCISCO, April 12, (THEWILL) – President Muhammadu Buhari and Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele moved closer to actualizing their promise to strengthen the naira against the United States dollars by signing a landmark currency deal with...

Diokpa Disu Adeyemi Yesufu WROTE: There are clear indications now that, there are people hell bent on sabotaging the efforts this government is making life better for the people of Nigeria. Hoarding petrol and bursting pipeline is economic sabotage. We are now hearing things like making governance unbearable for Buhari. The bad news is this for those engaging in it. Buhari is not your run off the mill softie of a leader. All you need to do is think back to a couple of months ago and remember how Nnamdi Kanu and Olisah Metuh were making all the noise all over the place. Where are they now? You might as well ask, where is Boko Haram now? The one thing I dont want to hear, is when Baba swings into action, and you start your usual wailing of calling him a despot. The man has been civil enough to tolerate all the attempts to embarrass his government. I hope those involved are listening" -Disu Adeyemi Yusuf. I couldn't agree more. The National Assembly cannot beat the entire natio...