Okonjo-Iweala contradicts Petroleum Agency, PDP over cause of fuel scarcity

BRIGHT-OKOGU-MINISTER-OF-FINANCE-DR-NGOZI-OKONJO-IWEALA-AND-MINISTER-OF-STATE-FOR-FINANCE-DR-LAWAN-NGAMA.jpg
FILE PHOTO: Bright Okogu, boss of Budget Office and Finance Minister, Ngozi Okonjo-Iweala

Nigeria’s finance minister, Ngozi Okonjo-Iweala, has blamed the ongoing fuel crisis on “disruption of pipelines and logistical issues”, apparently invalidating earlier reasons given by the government agency responsible for pricing and regulation of petroleum products.

The minister also contradicted the ruling Peoples Democratic Party, which accused the opposition All Progressives Congress of compelling marketers to either divert or refuse to sell petrol to embarrass the government.

At a news briefing Tuesday, Mrs. Okonjo-Iweala strongly denied any link between the scarcity that has left long queues at filling stations across the country, and a failure by the government to pay fuel marketers — a reason given by the Petroleum Products Pricing and Regulatory Agency, PPPRA.

“I want to emphasize that contrary to some unfounded speculations, the queues are not caused by payment issues,” Mrs. Okonjo-Iweala said.

With the scarcity in its seventh day, relevant federal agencies appear either unable to ascertain the actual cause of the crisis yet, or deliberately attempting to distort information released to the public.

Depending on the government organ speaking, the cause of the scarcity has ranged from government’s indebtedness to fuel marketers, pipeline vandalism to sabotage by the opposition APC.

The APC blames the government’s refusal to pay marketers and corruption.

After queues resurfaced last Thursday, the Nigeria National Petroleum Corporation assured the problem will not extend beyond weekend, saying the scarcity was caused by “panic buying”.

On Friday, petroleum marketers announced that the government’s failure to clear subsidy backlog, made worse by the recent devaluation of the naira, was behind the crisis.

By Monday, the PDP accused the opposition APC of sabotaging fuel supply to humiliate the government weeks before national elections.

As with similar allegations in the past, the government has yet to provide any evidence to back that claim or take any action against the opposition party for economic sabotage, which is treasonable.

Instead, by Tuesday, the clearest contradictions from the government emerged.

At a meeting with the Senator Committee on Petroleum, the PPPRA said the scarcity was a result of issues in the sector which led to the devaluation of the naira, and confirmed that the claim of fuel marketers about subsidy backlog was correct.

“What actually complicated it was the devaluation of naira twice,” the agency’s Executive Secretary, Farouk Ahmed, told lawmakers. “The first one that took place on November 28 devalued naira from N155 to N168 to $1 while the second one that took place on February 18 brought the exchange rate to N199 to $1.”

“Marketers were not sure of the actual delivery cost and we had to draw a new template as advised by the CBN. The delay we have now is caused by the November devaluation.”

He assured that there was no cause for alarm as the Ministry of Finance, the PPPRA and other agencies were working to settle outstanding bills.

Again, on Tuesday, the Major Oil Marketers Association of Nigeria, warned that the scarcity would persist until the government facilitates payment subsidy claims.

But in her own response, Mrs. Okonjo-Iweala said the situation was due to a “mix of factors including disruption of pipelines and logistical issues”.

The minister strongly rejected suggestions that the fuel shortage was triggered by payment issues, describing that claim as “unfounded speculations”.

“As you know, we paid the marketers a total of N320.8 billion from the Excess Crude account in two instalments in December last year. This underscores the fact that we are taking payment of marketers very seriously indeed. We’ve been in constant touch and talking with the marketers and a week ago we reached an agreement with them on their core concerns which we have addressed.

Yet, while the minister dismissed the claims made by the PPPRA and oil marketers, she admitted there was an outstanding N185billion yet unpaid, and also agreed the marketers and the government have issues over differentials caused by the devaluation of naira.

Mrs. Okonjo-Iweala said both sides have agreed that marketers be paid not only the costs they incur during importation of fuel, but also “interest and forex differentials”.

To solve the problem, she announced: “DMO has issued SDNs to cover N100 billion out of the N185 billion agreed upon as balance for the next payments. CBN has also given approvals for the banks to issue letters of credit”.

The minister also raised the spectre of partisanship, perhaps in line with the allegation by the PDP, accusing some marketers of refusing to cooperate with the government in ending the crisis.

“It is clear that while the union and most members have been cooperative, some of their members are not. Some of these people have even refused to open LCs to facilitate their payments,” she said. “We salute the union and the members who are working hard to end this unfortunate situation. As for those who are working in the other direction, Nigerians should ask them what their motives are.”


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  • mans

    This PDP government is irresponsible, imagine not having a common front

    • B. Messi

      Honestly bro..u are right!

      However;

      *MATTERS ARISING:
      WHEN WILL PREMIUM TIMES ANNOUNCE THE LANDMARK JUDGEMENT ON GEJ’S TENURE AS ‘BREAKING NEWS’????
      I find it particularly disturbing the way PT just mentioned it in passing…Haba! Even if it’s a blow to their(PT’s) adopted party APC, can’t they even pretend to be neutral small??

      • CITIZEN

        Neutral as how? As NTA or as AIT, please reply.

        • B. Messi

          Hahaha..u got me there.
          However bros, we all know what NTA is as a government owned media.
          AIT too have shown their hands..with the owner(Dokpesi) a frontliner in the PDP campaign team.
          HOWEVER, I EXPECT PT TO COME OUT CLEAN AND TELL US THE ARE APC’S MOUTH PIECE..SO WE DONT GET CONFUSED WHEN A SUPPOSEDLY NEUTRAL OUTFIT SHOWS THE BRAZEN PARTISANSHIP THEY DO!

          • tundemash

            Has AIT come out clean to tell you they are part of PDP campaign?
            Just as you assumed AIT is PDP’s media arm, so also you can assume PT is APC’s media arm: they owe you no explanation; they aren’t publicly owned like your NTA and FRCN. The least you can do is stop coming to PT daily and reduce their readership by one !

      • Truth Hurts

        Landmark Robbery? You mean?

      • denrele abiola

        Has your AIT or NTA been neutral in their reports?

  • eddy

    Lies! Lies!! And more lies!!!

  • Spoken word

    Government of confusion.

  • Peter

    Premium Times and opposition reporting! Where has the minister goofed here? You are always on the lookout for news that will discredit the government. You are not helping this democracy at all. Imagine what would have been the fate of a media house like Premium Times under the draconian regime of your dream president, Buhari. They would not only have sealed your premises, proscribe your paper out of circulation but also jail the owner and the entire editorial board for blasphemy. You can now write anything because Jonathan is practicing genuine democracy.

    • Amir

      Arrant nonsense. Where did Jonathan learn the democracy that he is practicing? If not the same press that supported Jonathan in 2011, how could he have become president? Disprove what is written instead of vomiting nonsense from your bigoted mind. Government of confusion, by the confusers for the confused.

      • denrele abiola

        Bro you are very right. No mind the e-rat.

    • Chuks

      I totally agree. Couldn’t have said it any better.

      • Truth Hurts

        ‘Okonjonomics’ used these words exactly:
        “DMO has issued SDNs to cover N100 billion out of the N185 billion agreed upon as balance for the next
        payments.
        SDN means Sovereign Debt Notes.
        Please, stop brainwashing yourselves. Go and find out what Sovereign Debt Notes stand for and why they are used.
        NIGERIA IS BROKE!!!
        Full stop.

        • Charles Owolabi

          You can not be broke if you can issue debt instruments that are tradable and acceptable even to international banks
          SDNs are trade able instruments used by in advanced economies as payment instruments- it is normal.
          If the CBNmsells treasury bills or bond on behalf of government does it mean Nigeria is broke?
          What constitutes being broke?
          What are the underlying factors that signify being broke
          If Nigeria is broke where have the rating agencies continued to affirm Nigerias ratings of BB-
          All these lies don’t take us any where . Let us be real

    • tundemash

      APC causing fuel scarcity —– PDP
      Govt. inability to pay marketers cause of scarcity —- PPRA
      Disruption of pipelines and logistical issues — Minister of Finance

      So which is the truth ?

    • Truth Hurts

      STOP CALLING NAMES AND THROW IN FACTS, PLEASE!
      ‘Okonjonomics’ used these words exactly:
      “DMO has issued SDNs to cover N100 billion out of the N185 billion agreed upon as balance for the next
      payments.
      SDN means Sovereign Debt Notes.
      Please, stop brainwashing yourselves. Go and find out what Sovereign Debt Notes stand for and why they are used.
      NIGERIA IS BROKE!!!
      Full stop.

    • denrele abiola

      Why can’t you just discuss issues instead of name calling?

  • djay

    An irresponsible govt where the foundation of govt policies and statement is built on lies and deceit. Its really a shame and nigerians must get it right this time by voting 4 Change……..

  • grace folarin

    Please we the masses ask for a quick in the resolve of the fuel scarcity chaos that has hit Nigerians. nobody envisaged it and now panic has arisen. Minister please do your best and put this scarcity behind us. the present regime has done so much to improve on the living of Nigerians. it would be moral injustice to spoil the mind set of Nigerians. #GEJ4NAIJA

    • Maitama Tambari

      How about your action President Jonathan you claim would win the election. Do you now believe he is going to lose the election? WE BELIEVE CHANGE! YES WE CAN IN NIGERIA.

    • tundemash

      confused Jonathanian .. can u ask them to do the least – i.e. tell you the truth !

      APC causing fuel scarcity —– PDP
      Govt. inability to pay marketers cause of scarcity —- PPRA
      Disruption of pipelines and logistical issues — MInister of Finance

    • Truth Hurts

      SORRY

  • Ahmad

    Government of trail and error. Mr. Jonathan have been piloting Nigeria with neither compass nor bearing. Time for CHANGE

  • Debekeme

    The real fools are the Nigerian people.

    The Government treat us like this because they know we are fickle and weak minded.

    A man that is hungry, jobless and cant pay his rent is still concerned about the religion or his leader and if the leader is from his village or not.

    Nigerians must continue to suffer. They must suffer to the point of death.

    No one will help or liberate Nigerians. When they are ready they will rise up and take their country back.

    For now, let Nigerians continue to fight over tribe, religion. Una never hungry, suffer never kill una!

    • blueeyedkitten

      i feel you bro

      • Murtala Aliyu

        me too!

        • Tomories

          True talk my broda. Cowardice/timidity is in their DNA.

    • Cincinnatus

      When money is the pinnacle of achievement of your people, you can’t expect much from them.

    • Omo

      Eish!!! Debekeme pity for us nau….lol, and I wonder why we come to forums like dis to fight I.e @ Dazmoni and Wahala, no need for that we all should come together and agree on d way forward, we know where and who d problem is, we did it in2012 Occupy Nigeria, we can do it again, it’s not abt what dis govt has done as some people try to convince us, it’ s abt changing d system and we d electorates becoming stronger to question our leaders, everyone here has bright ideas, what is remaining is for us to put em together, agree on who can make them work and come March 28, we speak and vote with one voice

    • denrele abiola

      Bro, you are one of the most intelligent people on this forum…..in today’s naija, people don’t look before they look. Whilst the outside world is actively looking for solutions to their problems, we are besotted with primordial ethnic / religious sentiments in choosing the right leader for our country. I guess its the era of ” on your own ” we dey.

    • Hassan Lawal

      Fantastic!!!

  • blueeyedkitten

    why cant the issues surrounding our petroleum sector be straight forward? are we the only country with oil? kai nawa o!!

    • Cincinnatus

      I was just about to say the same thing. Managing our own resources in a market we have been dealing in for over forty years shouldn’t be this difficult. I don’t think the good minister can fight off the corrupt forces around her throne even though her intentions may be honorable. African democracy is messy and not a place for nice people. I’m sorry ma, if it wasn’t for your part in the subsidy move that put pressure on already suffering people just so the revenues generated can disappear so fast that C. Kolade had to leave the office to save his integrity, I would have pushed for you be considered for presidency itself, as long as we can build a wall of strong credible people around you, but no longer sure about that.

      • Hassan Lawal

        Seriously,she’s a credible woman,the forces around her are just too powerful that she got surmounted…why cant she resign,abi? ….well. she’s equally ambitious and you know Jona will keep deceiving her,that someday,with his supports,she too will be Nigeria president. With all honesty,she meant well for the country!

        • Cincinnatus

          I know my good Sir, but meaning well is not all required of the throne. There are leaders that mean well out there right now that are being eaten alive by leaders that mean well. Power is a game. This is about civilization engineering with limited resources and time constraints in the midst of a jungle full of predators, foreign and domestic, hungry for the blood of your state and people. Being just and diabolical at the same time is the key she can’t find. Too much is required of leaders in modern times and i understand the difficulty but i’m afraid to say these people are falling short constantly.

        • Charles Owolabi

          Suddenly all Northerners want NOI to resign.
          Where were all these Almajari’s when their sick brother Yaradua increased salaries of civil servants across the board by 58 percent and increased borrowing from 200 billion to 1.3 trillion Naira a year. driving up recurrent expenditure to 74.8 percent of The budget in the process
          How can growth occur under such conditions when the bulk of the budget goes towards paying just salaries.
          Where were these people when Yaradua and his then Minister for Finance Mansur Muktar spent over 22 billion dollars from the reserves dropping our savings from 43 billion when Obasanjo left to 21 billion when GEJ came in.
          Where were all these people shouting now when Soludo plunged the banking system into a mess that cost the Nigerian tax payer 5.6 trillion Naira in bailout money.
          El rufia described soludos consolidation as a total fiasco
          Where were all these people when NOI championed the removal of subsidies for petroleum products to ensure that Nigeria minimized the depletion of its reserves- this was in 2012. Labor and the likes of el rufia and Oby ezekwesili organized protests against this move that would have saved vast amounts of foreign reserves.
          Where were these people when Ngozi tried so hard to save money in the excess crude account only to be met with stiff resistance from the state governors led by Amechi and Fashola. ( mainly APC governers )They even took the FG to court on this matter insisting that there was no constitutional provision for the states to save. They thus forced the federal government to share a large portion of the excess crude savings
          Why have these people not asked the state governors what the did with their own share of the excess crude money?
          Is it only the FG that exists in Nigeria? Do we not have state and local governments

  • Dan Arewa

    Until Nigerians take action comes 28th March, 2015, we will continue to be played just like football.

  • Tomorie

    This govt is full of clueless and deceitful buffoons. Aren’t govt officials supposed to be singing from the same hymn sheet? Niaja we hail thee!!!!

  • Cincinnatus

    This craziness needs to stop. There are times I begin to believe we don’t have the intelligence and responsibility for democracy however the beauty of the system. So much potential, yet these savages will set fire to it all for printed paper called legal tender. The level of stupidity is alarming. We have no capable people who can handle the complexity of playing this game called power properly. We still have problems of managing the chaotic global geo-political modifications waiting for the office to deal with.

    • Dazmillion

      When you have a PHD president and a world bank trained economist managing your economy and you find yourself in this disgusting mess, what hope is left?

      • Wähala

        Only hope left is to recruit your mother to manage our economy… how about that?

        • Truth Hurts

          STOP CALLING NAMES AND THROW IN FACTS, PLEASE!
          Like I made your dumb Brother understand,
          ‘Okonjonomics’ used these words exactly:
          “DMO has issued SDNs to cover N100 billion out of the N185 billion agreed upon as balance for the next
          payments.
          SDN means Sovereign Debt Notes.
          Please, stop brainwashing yourselves. Go and find out what Sovereign Debt Notes stand for and why they are used.
          NIGERIA IS BROKE!!!
          Full stop.

          • Wähala

            First, go find out the meaning of “BROKE” you use so frivolously. As of today, Kenya and Nigeria are the only two countries in the top 20-investment destinations as emerging markets according to Bloomberg’s latest release. Who invests in a broke nation? I won’t engage half-illiterates like you bcos that would make the Dumbo administration look good. On Mdm. Ngz. Iweala’s capabilities I stand any day, any time. She’s a political appointee and no politician, whatever motives those stuupid marketers have for not opening LCs needed to clear their debts, na dem sabi. Odeku, biko!

          • Dazmillion

            Mama Yeye’s son, a man of limited information and knowledge. Truely yeye dey smell

        • Dazmillion

          A mother that named her son wahala must be called Mama Yeye

          • B. Messi

            Hahahaha!

            Hahahahahahahahahaha!

          • Wähala

            …and a clown that chose a baboon as profile picture must be a cross-bred human with animal sense of reasoning. A picture they say…

          • Dazmillion

            At certain points in history when God wants to call mad men to order in the hope that they might come to their senses he uses various techniques, such as the talking donkey that brought balaam back to his senses.

            Well we are in such a situation again, due to election madness and E-rat fever and if it requires a talking baboon to bring wahala back to his senses so be it.

          • sawston

            If you get into a fight with a PIG, you will get dirty and the worst of all, the PIG will love it. Ignore him.

          • Wähala

            …and what happens when you get under the cover with a baboon? I guess you get Ebola for kissing the beast. I’ll ignore your rusty moma and concentrate on peeling bananas for my moneky… @Dazmillion

        • Omo

          Wahala u owe Dazmillion an apology not right using such words, u’re correct with ur analysis, a good leader show ppl why they should follow with love and not force, this is where it should start so when u become a leader tomorrow u can take criticism maturely and still make d ppl see ur reasons

          • Wähala

            I don’t owe him sh*t… has he apologized for disparaging a married lady and serving Minister? And, who are you to tell me who to apologize to and who not to… what’s in it to me? Abegi, butter your bread and leave me to my odeku jare!

          • Omo

            How many bottle of odeku u need to appeas d gods….lol, my brother no be quarrel am just looking for a Nigeria where we can all live in peace, if Dazmillion said something wrong u point it out rather than aggreviate it, eh! but never d less, when make we go cancel those odeku’s as bread and butter no kuku dey work for me….lol

          • Wähala

            Try agege, e no need butter… just squeeze the damn thing into a lump and you’re good to go… lol. No harm meant, just hate the face of a baboon talking trash to humanity, lol. Sha, no mind me, Nigeria is so tense a ‘good morning’ is carefully considered before answering. See why I believe in odeku… nothing like Mama Bisis shop, biko. I dey on my 3rd bottle and looking forward to the 4th & 5th before darkness. Respect!

          • Omo

            Na so with some beans tinz, infact I need to join u and Dazmillion together so we can all cancel d odeku together, just do d 5th one and wait for us….lol correct man…Cheers

          • Wähala

            Correction biko…
            I never gulp odeku’s with a baboon, don’t know about you. I live in civilization and the only place we see baboons are in zoos. Why not take a banana to Dazmillion on my behalf… but, make it clear to the red-ass that it’s no olive branch… LoL!

        • SAM .A

          Wahala pls don’t go vulgar on Dazmillion , read what Truth Hurt said above and u will see Ngozi is not perfect.
          You are better than this . All of you have been speaking on behalf of deprived Nigeria . Take sentiment out of it.

          • Wähala

            Dr. Ngz. Iweala is not perfect and by no means right with the way our economy is, but to heap the blame on her as if she’s the elected president is equally wrong. Bantering with economic terms whose meaning anyone can look up is not the way to proffer solutions, and not facing the root cause of why we’re where we are is playing the ostrich which I hate. For all I care, that baboon Daz-whatever is an animal without common sense. In solving a puzzle, you look at the whole picture and not at the pieces. To hell with that punk!

  • Dazmillion

    The irony of this whole comedy series is that Madam minister is evening contradicting herself. She claims it is not a payment issue, yet at the same time mentioned that there is N185 billion debt with the government being forced to issue SDN of N100 billion as part payment.

    Nawa O, Madam Minister you are too intelligent for this unintelligent lies

    • Wähala

      Goes to prove that you’re no business man. In any economic relationship, there are outstanding debts. Didn’t you read that N100bn was paid those greedy marketers and of the outstanding N85bn some of them refused to facilitate their own payments? Pfool, how intelligent is your mother… better still, how many times has your mama been Finance Minister? Chump!

      • Truth Hurts

        Like I made your dumb Brother understand,
        ‘Okonjonomics’ used these words exactly:
        “DMO has issued SDNs to cover N100 billion out of the N185 billion agreed upon as balance for the next
        payments.
        SDN means Sovereign Debt Notes.
        Please, stop brainwashing yourselves. Go and find out what Sovereign Debt Notes stand for and why they are used.
        NIGERIA IS BROKE!!!
        Full stop.

  • Great Nigeria

    Oil marketers needs to get back the 24 billion they donated to GEJ’s re-election. The plan is to hoard the oil products immediately after the 14th February’s election so that he price will increase. Elections has been postponed and they cannot wait.
    The fundamental sector that needs to be fixed by any reasonable government is the oil sector. Refining oil for local consumption to drive the power sector, remove importation fees, oil subsidy, and corruption. Build new refineries at strategic places around Nigeria, employ people in these sector. Nigeria refined oil can even be exported to neighbouring countries, etc. The amount of generated electrical power will increase, small business will strive, the economy will boom.
    But unfortunately Nigeria produces oil and imports the same oil at an higher price for local consumption, corrupt party faithfuls are the only beneficiary of the oil importation business, billions of dollars goes into their account as profits and fuel subsidy payment so that they can sponsor Jonathan’s re-election at the disadvantage of all Nigerians.
    The government of ‘a few’, by ‘a few’ and for ‘the few’ must come to an end come March 28th!
    Nigerian please take your destiny into your hands(PVC) and change this government!

  • segun

    what are the logistic reasons madam?the problem with this Government is they promise and fail too much.

  • Wähala

    While it may difficult for most people to comprehend, the real issue is the theft of $12bn funds meant for developing domestic gas project under this corrupt government. If that UMYA project had been allowed to prosper, Nigeria would not be importing PMS and other by-products of crude, the refineries would have enough gas to power them along with power grids to provide adequate electricity nationwide to boost manufacturing sector, SME’s and so on. Dr. NOI is right when she says they paid marketers in December, but the depletion in our ECA and FR accounts is responsible for this current impasse because such funds “cushion” the Naira in volatile economic times. I remember it was Gov. Rotimi Amaechi-led Governors Forum that was screaming for sharing money from the ECA instead of saving for rainy days, where’s Amaechi’s voice today? Whatever the bottom line, it’s easy logic to see partisan politics playing a major role in today’s scarcity if some marketers even refused to open LCs to facilitate their payments. That’s what she means by, “a mix of factors including disruption of pipelines and logistical issues”. Conclusively, Nigeria needs new hands to manage all aspects of her national interests… Shikena!

    • Guguru

      Wahala,

      Do you have any evidence that Ngozi Okonjo Iweala actually paid marketers because she said so? I have evidence to show that she dipped into the Excess Crude Account (ECA) to retrieve $1 billion which she claimed she paid the Petroleum Marketers, and she took this money without the permission of the stakeholders to the ECA. We call taking things without permission, stealing. Ngozi stole from the ECA. And, If this is the case, can you then explain the N972 billion which Ngozi herself put in the budget for 2014 for subsidy payment? What happened to that subsidy fund and where is your evidence that she actually made any payments to the petroleum marketers? What partisan politics are you talking about? You are teling me that all imported products that have to adjust to the significant changes in the value of the exchange rate of the naira are all products of politics, right? You are becoming strange. On one hand you condemn Jonathan and his administration and on the other hand you stand by Ngozi Okonji Iweala who is a member of the corrupt and incompetent Jonathan administration. Ngozi has remained part of an administration where Nigeria was ranked in 2012 as the 35th most corrupt nation on earth and by 2014, Nigeria under the same administration was ranked the 15th most corrupt nation on earth. Ngozi was part of this same administration throughout this period. Yet, you say she is an angel but Jonathan is Lucifer personified, right? LOL. I beg, no make me laugh too much, my brother.

  • tundemash

    Confused govt headed by a yam and goat President.

    APC causing fuel scarcity —– PDP
    Govt. inability to pay marketers cause of scarcity —- PPRA
    Disruption of pipelines and logistical issues — MInister of Finance

    • B. Messi

      Why do u keep repeating the same thing over and over again like that zombie ‘endingnaija’??
      Abi that thing yur taskmaster ‘Lai-Lie’ dey smoke don jam una brain??

      • tundemash

        I guess it is causing you headache…… tell us whihc to beleive in several statements released by the confused govt.

        APC causing fuel scarcity —– PDP
        Govt. inability to pay marketers cause of scarcity —- PPRA
        Disruption of pipelines and logistical issues — MInister of Finance

  • Dazmillion

    Please understand what our Harvard trained Madam minister is saying. A sovereign debt note is an IOU. That means there is no money to pay petroleum marketers. Nigeria is technically broke.

    Yet Jonathan spent last week doling out dollars in the south west to any and all Oba, while Sambo was up north doing the same with the emirs.

    • Wähala

      Chump,
      Stop twisting what you know little about. She’s saying she’s paid N100bn out of a debt of N185bn, of the outstading N85bn, some partisan marketers have refused to facilitate the payment by not opening LCs necessary to clear the debt. How is that difficult for you to understand? Do you even know the meaning of LCs (letter of credit) punk?
      Go Sitdon!

      • Truth Hurts

        ‘Okonjonomics’ used these words exactly:
        “DMO has issued SDNs to cover N100
        billion out of the N185 billion agreed upon as balance for the next
        payments.
        SDN means Sovereign Debt Notes.
        Please, stop brainwashing yourself. Go and find out what Sovereign Debt Notes stand for and why they are used.
        NIGERIA IS BROKE!!!
        Full stop.

        • Humn

          You are talking without facts. Go and do your research

          • Dazmillion

            How many E-rats has Obi Asika been recruiting?

        • Omo

          Well we can’t substantiate d fact that Nigeria is broke yet as Sdn’s has always been a norm in d system, so I won’t conclude we’re broke, just face d fact that d FM’s version is wrong and d right version is dat of d pppra, simple logic in my opinion

          • Dazmillion

            Nigeria is broke, it is when the dust of this election season settles that we will face ugly reality waiting for us

        • sawston

          SDN is an IOU, not actual payment that is why the marketers are refusing to import fuel. The marketers need the actual cash to buy dollars. Ngozi does not want to pay now because the marketers will go to buy dollars with the cash and that will further depreciate the naira, causing headache for Jonathan’s re-election.

          • Dazmillion

            Thanks for your intelligent assessment of this messy situation Nigeria finds herself courtesy of Jona and Ngo baby.

          • Philex

            Why did we even postpone the election self? See what the whole thing has caused now.

      • Omo

        Dazmillion and Wahala, like d statement said the Fm actually is contradicting herself or maybe d journalist didn’t understand what she says…. This is how d process works in briefs, Opera issues the allocation with a letter of domociliation which covers for an Lc from d govt to d marketer, then d marketer issues Lc to d supplier be4 they supply d fuel to Nigeria, so when she says marketers have refused to issue Lc to get paid is a little contradicting becos it”s an outstanding payment, therefore they’ve issued Lc and supplied so to a large extent, @wahala is a bit right, but let’s not jump into conclusion until we have more facts, and as for d scarcity, it’s just simple logic that d pppra version is correct as I said in one of my write up here, our govt is reactive and not proactive, they’re too desperate right now d reason they took N10 off fuel price and d ripple effect of crude price going back up, our recent naira situation, and back logs is d jagbajantis they’re finding hard to solve as usual…

        • Dazmillion

          If given the chance Jonathan will personally drive a petrol tanker to Lagos to make sure there is fuel, that is how desperate this government is at the moment.

          I have been shouting since December that it is after the elections that we will understand the true magnitude of the “Jagbajantis” that this country is facing. I pity whoever wins the election.

          • Omo

            True talk Dazmillion, that’s why we all need one voice to change d system, which i feel we need at this time so we can hold our next leaders accountable

      • Dazmillion

        I am not surprised you don’t know what SDN means. It must be hard living the life of an E-rat, bought and paid for by Reno Slimin and Obi Asika ati Jonathan

    • Yusuf

      very soon they can not even issue the IOU, bcus u need to have some credibility b4 people can accept your IOU

      • Dazmillion

        Yes, it will soon be a worthless SDN with the hyper inflation that the politicians are causing at the moment

        • Oweja

          SDN is a government instrument that can be issued without recourse to anyone. Thus, worthless or not, a government bent on crippling the economy can always resort to it to free itself temporarily from an existing financial crisis. I know it will come to this; you cannot be spending like a drunken sailor without terrible repercussions. Unfortunately for this government, the fall in global oil prices is the proverbial gusty wind that blew open the anus of the rooster. But somehow, something keeps on telling me that Okonjo-Iweala, being such a highly knowledgeable individual, should be having a massive amount of problems with her conscience.

          • Dazmillion

            I don’t think Ngo baby is having any issues with her conscience, remember, according to Jona, she was having a hearty laugh with her pals at the world bank over Soludo’s warning about missing trillions. That doesn’t seem like a woman with conscience problems.

            Like you said we are truly in the season of gusty and mini tornado winds and its blowing really hard on the stinky behind of the rooster. I pity whoever wins this election

    • Humn

      You seem not to understand what you are saying.

      • Dazmillion

        The season of E-rats is in full effects. Obi Asika must be recruiting massively

    • Peter

      Who told you that? Were you there this rumour monger. This is how you carry fake news all over the place. Try to say what you know, please.

      • Dazmillion

        You must be Peter Obi. The imbecile former governor of Anambra state

    • Santana

      Their judgement day is round the corner. You can’t bribe God if you can buy pastors and Obas conscience.

  • Baba Jada

    The truth is Nigeria is broke and all existing funds have been taken away by the FG for election purposes.

  • Wetin Naija

    PDP and Jonathan will never take responsibility for any misstep. Always blame someone else for your stupidity

  • Akanji92

    Leave PDP alone. If a member has quarrel with his wife, the cause may be traced to APC.

  • PDP deceit and looting confirmed by the Coordinating Minister of the Economy.

  • Santana

    This woman’s lips and tongue are embedded in lies upon lies. Oh Lord please remove this woman and her cohorts (partners in crime) in the name of Jesus. She started well but end foolishly with disaster. If Mr yam and goat has no wisdom, can’t you advice him well? After all you know that he has no brain of his own, abati, okupe et Al will never advice him for his success. Can you see yourself? You’re a complete failure and shame to all other women.