Dear Buhari , i am writing you with pain in my heart about the proposed sharing of the 800 million loan
gotten from the World Bank at an interest rate of 1.2% to cushion the affect of the expected removal of fuel subsidy which is said to be shared amongst 50 million poor Nigerians, undocumented Nigerians if i may say which many of us do not qualify to be a because we can afford some basic things .
$800 million amount to N336 billion in the official CBN rate of 420 naira to a dollar and according to variois new outlet that money will be shared among 50 million Nigerians which will result to N6800 per person some news outlets are also reporting a sum of N5000 per person and this is just the first phase of cushioning to the poor in the effect of fiel subsidy removal.
An already 40% review increase has been approved for salaries of the federal workers and state workers are expecting same,some private firms might follow suit leaving the self-employed to suffer the full effect of the subsidy removal.
Dear Buhari ,the bulk lies on your table as the Leader of this country that we can not continue sharing money that could create jobs ,Should i bring to your notice the high rate of unemployment in the economy and the negative effect in the economy ,from Bandits formation to high rate of kidnapping to insurgency , cultism , prostitution and to mention but a few , the high unemployment youths and Young adults are in a massive pool where evil men feast on thier gullibility , hopelessness and idleness for thier evil acts , they lure them with money , fame ,power and freedom and these unemployed join out of hopelessness , they enticement most times is too good to be rejected ,
In Edo State where a modular refinery is being built
at a cost of $10.2 million and an estimate of 1,000 barrel per day is to be refined ,this is a private modular refinery projects but enjoyed a massive support of the Federal Government and state government .
This laudable project is owned by a IPCC energy Limited a joint venture between African and Petrol chemical equipment Company of China( PCC)
and it is expected to produce diesel and PMS , the Federal government granted it duty waivers on refinery equipment and components while the state government provided a N700 million in debt financing repayable when production starts.
PCC now at present have three similar modular refineries about to commence operation and soon they will get crude oil From NNPC to be refined ,when completed this project will supply 20% of Nigerians total demand , It will save millions of Dollars used in importing pms from overseas , exportation of Naphta, meet the total demands of Edo State and this is the first of two refinery project in Edo State.
This Modular refinery will definitely reduce the pressure for demand on foreign exchange to buy finished products from overseas it will also serve as a source of employment to our massive unemployed youth..
If we use the loaned $800 million to build modular refineries in the Niger Delta states and other oil-producing States it will go a long way in reducing unemployment in Nigeria, at the rate of
$10.2m let's assume $15million for inflation sake is used to build a modular, the $800m loan will build 53 modular refineries at the $15 million each , this will create massive Jobs; direct and indirect jobs to the masses and the host communities at large ,let's assume 2,000 individuals are directly employed in each refinery that is 100,000 people directly employed this will directly produce 10 times of indirect jobs as well , millions of jobs will be created from this refinery directly and indirectly.
Sharing a lot of money especially the Abacha Loot that was Returned instead of reinvesting it into new or existing Project that will create employment has led us backwards in reviving the failing economy ,
these proposed modular refineries spreading all along oil producing states will not only create jobs but bring revenue to the government and also add to our GDP , it will reduce the demand for dollar used in importing PMS and Diesel and help our foreign reserve to grow , it will supply PMS and Diesel to the masses at a reduced rate and erase fuel scarcity totally ,in the long run investing the $800m in Modular Refineries is better than sharing the money to 50million poor people , we should start the habit of investing our capital in projects that will yield positive fruits rather than consuming our investment capital , i hope this gets to you and i know you will use your good office to sanction decisions that will benefit the masses and not a few ,thank you ..
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