There are indications that the Nigeria may not be able finance its 2013 budget given the declining level of its crude oil demanded by major buyers such as the United States and the glaring fact that the nation will have to look at other light oil importers to supply its oil.

A report by Financial Derivatives Company, a diversified financial services institution, states that at present, the total crude oil imports into the U.S. (which accounted for 30 per cent and 33 per cent of Nigerian crude oil exports in 2010 and 2011 respectively with oil receipts ranging from $19bn, $31bn and $34bn in 2009, 2010 and 2011 respectively) are declining and those from Nigeria are declining at an even steeper rate as the U.S. is expected to become the world’s top oil producer by 2017 and to be possibly self-sufficient in its energy needs by 2035.

The firm said the implications of these developments are very crucial for Nigeria whose budget revenue depends on oil.

Read more: http://premiumtimesng.com/news/111156-nigeria-may-not-be-able-to-finance-2013-budget-report.html

For a nation that wants to depend completely on "Oil" it's not surprising.

We are watching!

Even when our oil had available market, what effect did it have on the economy?

This is a silly lie.

Either this is propaganda or our "executives" have finally finished the national cake. Can oga Jonathan pls resign now or decide not to contest in 2015. Afterall, who runs a broke country

stupidity in its greatest dimension. diversity is imminent.

We should fall back to Agriculture and Tourism too. We can build Nigeria and Make it a Holiday destination. Yes we can.

Soul_caine: Either this is propaganda or our "executives" have finally finished the national cake. Can oga Jonathan pls resign now or decide not to contest in 2015. Afterall, who runs a broke country

You be complete Mumu...

I laughed really hard.

Very welcome this lazy politian wil look for another alternative. Hopeless country.

This is the time to start working towards the return of our peanut pyramids.

I think its high time as nation we go back and develop other mineral resources that are in large deposit around the states and leave look away from crude oil. This country is blessed beyond this mess we are going throgh (just my opinion)

Who cares? What's the point of being able to finance a budget and not implementing it?

Why would they be able to finance the budget when the president uses 10 private jets, billions are spent on feeding for just a day, a senator or house of reps guy earns monthly what the president if the US earns anually, when the country's oil is bunkered and sold illegally on the black market, when the country is over-reliant on it oil resources and too foolish to know that it needs other sources of revenue most especially now the world is tilting towards greener energy.

It's no surprise the US demand for nigeria's crude is declining, if our government had any sense they should
have know that the US is soon going to completely rely on it own shale gas resources and crude.

The government is totally oblivious to what goes on around the world

I weep for that nation

i dey laugh soft laugh. Atleast there will be less to steal. And hope 9jians will wake up.

I wish the oil dries up today so we can come back to our senses.

lets starts selling much of garri to meet up with the bubget.

They will borrow the deficit, you think they care.

Thank God,
i wish this oil dries up soon, or we loose more customers, cause without that our government will not start thinking

Wetn come be my own?o npe ko to ma sowo

Wetin concern me with the budget sef?: food(cassava) N3b, mobility(private jets)$2b, another 85 seminars/conferences outside the country with 150 entourage N5b,salary for senate and house members(N10b). Money never finish?
My advise: Be watchful/prepared cos PDP will soon auction off Nigeria to the highest bidder.

Alternative fuels are also coming up too. The western scientists are in the lab as we speak right now formulating alternative fuels.

I swear if this govt ppl Na person parent,I wonder if dem go fit cater for their pikin. Them fit finance 14b for VP official house,3b for their honorable dogs and all sorts bt for their electorates,blah blah blah...Amadioah punish them.

Don't want to hear anything about Nigeria again, i have long give up on this nation

Demand for crude will never diminish. US is not the only available market, we'll find other buyers. Other oil producing African nations such as Libya and Angola still sell their crude. Alternative sources of energy and fuel are yet to be harnessed adequately, for the meantime, crude is still the real deal, and many countries will jump at the vacancy left by the US.
Kapish?

rozayx5: Thank God,
i wish this oil dries up soon, or we loose more customers, cause without that our government will not start thinking

Bros u want make dem start to dey sell bar beach water ni?

2013 that GEJ promises Nigerians to see some goodies of democracy?
Another reason for nonperforming year ahead.

I have not felt the effect of 2012 budget.

This is good news.......


What useless budget are we financing in the first place, when 70% of our budget is used for salary payments ( shared among thieves)?

If we can't finance the 2013 budget, then the simple solution is to make cuts.. Pay each senate and house representatives minimum wage, reduce the size of the federal government by cutting its size.

We have Minister for water, Minister of State for water, etc... What is the meaning of this rubbish? So as our revenue is predicted to decline, is it therefore wise to have all these silly ministries when we can either merge them or scrap them altogether?


If you struggling to finance your needs, cut your needs... Simple....I dont know why Mr President can't live on $4 a day... I can easily feed myself on $4 a day...


It's people like me that Nigerians want as President..... I will take no breakfast, eat a cup of rice and fish for lunch, and eat beans and bread for dinner, saving Nigerians Billions....

If I have guests in Aso Rock, they either come with their meals or drink Juice.... Likewise, foreign delegates... My country is broke, If I can't provide free school meals for all primary and secondary school students in my country, then any guest that will visit Aso rock must come with their lunch...


Would you vote for me if I ask for your vote?