Now that every single janjawiid is some how blaming the fall in oil pricing on the Jonathan administration and the impending slow down on the economy, I will like to remind all of you what the Governor of Osun State said early this year about the low benchmark of oil sales used to base the 2014 budget.

Governor Rauf Aregbesola of Osun State has described as unjustifiable a 40 per cent reduction in the federal allocation being received by the state since July 2013.
Aregbesola spoke in Lagos on Thursday during the launching of a book, ‘Yoruba Elites and Ethnic Politics in Nigeria: Obafemi Awolowo and Corporate Agency.’ The book was written by an associate professor at the University of California-Davies, Wale Adebanwi.
The governor said the reduction had no basis as the nation’s oil revenue did not fall.
He said, “If there is anything my state does not have now, it’s money. We are managing with 40 per cent reduction in our allocation from the Federal Government. It is not as if I even enjoy saying I depend on the federal allocation, but the truth is that there is no magic that I would have made to suddenly taken our state out of dependence on the federal allocation.
“It is important for us to know that there is no justification for that 40 per cent reduction in our allocation. The price of crude oil has remained almost the same at $108 per barrel, and the benchmark, according to them, is $75 per barrel.”
According to the governor, the state is now being forced to source for funds outside the federal allocation in order to meet its responsibilities of paying the entitlements of civil servants and retired workers.
He said, “So we are not close to the benchmark of $75 and yet since July of last year, there is a 40 per cent reduction in our allocation. What that translates to I will tell you.
“It means I have to get N5.4bn to augment salaries and pension from July to December; N5.4bn extra, outside allocation, to ensure that since civil servants who are still active and those who have retired are paid their entitlements.
“What I receive from federation account is not sufficient to pay salaries.”
The governor, who represented a former governor of Lagos State and National Leader of the APC at the event, Bola Tinubu, who was the chief presenter of the book, bought copies of the new book at N5m on behalf of the Osun State.
He bought copies of the book on behalf of himself with N500,000 and announced N2m for the launching of the book on behalf of Tinubu.

The only thing holding this country together is oil

The only reason the rest of the country especially the north and SW are in this is because of the oil.

vj

Bob

source?

AregbeRascal: “It is important for us to know that there is no justification for that 40 per cent reduction in our allocation. The price of crude oil has remained almost the same at $108 per barrel, and the benchmark, according to them, is $75 per barrel.”

What Aregeb meant by the statement above is that, the $79 benchmark was too low since oil was trading (at the time he made that speech) at $106.

Aregbe showed his stup1dity here wherein his statement is akin to a man who spends all his salary without recourse to saving.

The little gains of the low bench mark is that we can still have a budget come 2015.

If we were to follow parasitic aregbe policy, our Foreign reserves would have been zilch and there would have been no way we could have been able to even fund a budget for next year.

I have taken the pains to get this manual below for you lazy parasites

http://www.iita.org/c/document_library/get_file?p_l_id=98898&folderId=339193&name=DLFE-1654.pdf

achemedez:
source?

The State of Osun's very own website http://osun.gov.ng/2014/04/19/40-cut-osuns-federal-allocation-unjustifiable-aregbesola/

Buddah Monk slept here

brb for the State Osunistan being ruled by Ayottollah Ali bin Rauf ibn Sultan Aragbashola, the supreme leader, the spyderman swinging on car roofs....am from Ede in Osun, i love my governor

And these are the type of people that will never wast time to call gej cllueless. Barcanista omenka egift koboko69 obiagelli and berem ur attention are needed here and every other APC cyber rodent ur attention is needed here

Now that every single janjawiid is some how
blaming the fall in oil pricing on the Jonathan
administration. ..

Someone blamed the "fall in oil price on Jonathan's admin"??

Chaiiii!!! Even the Devil himself would envy these servants of his!! They lie with every breath they take!!

Fall in international oil price blamed on "someone"!! This is awesome!! Lwkmd!!

Op, what satisfactory name can one even call you for this??

GBTYO:
Now that every single janjawiid is some how blaming the fall in oil pricing on the Jonathan administration and the impending slow down on the economy, I will like to remind all of you what the Governor of Osun State said early this year about the low benchmark of oil sales used to base the 2014 budget.



The only thing holding this country together is oil

The only reason the rest of the country especially the north and SW are in this is because of the oil.

Groundnut pyramids, cocoa and palm was our investment in the oil. Still benefiting Wether little or much

And before some hedgehog burrows another hole out of ecstasy that Aregbesola said this, how in seven hells does this absolve JonaTAN of cluelesness?? . I simply can't see the connection here.

9jii:

Groundnut pyramids, cocoa and palm was our investment in the oil. Still benefiting.

And you think the Rubber, Timber and Palm production in the Delta was not worth more than your groundnuts and cocoa?

By the way assh0le, Nigeria operated a true fiscal federalism meaning that revenue from each region went back to that region.

Also if you think it was groundnuts they used to invest in Oil which on it's on will attract the neccessary cash flow then what did Saudi Arabia use to develop their oil sector? Was it sand?

Foolish liar

which groundnut and cocoa that have little values in this days economy oil is feeding nigeria all these giant of africa or what ever is because of oil revenue what else does nigeria export with a big return..

@GBTYO: Dude, you are a natural born liar!! I bet you can beat a polygraph with flying colours!! Jeez!!

omenka:
@GBTYO: Dude, you are a natural born liar!! I bet you can beat a polygraph with flying colours!! Jeez!!

Your attempt at derailing this thread and turning it into an e- war is pathetic.

You shilling monkey

GBTYO:


And you think the Rubber and Palm production in the Delta was not worth more than your groundnuts?

By the way assh0le, Nigeria operated a true fiscal federalism meaning that revenue from each region went back to that region.

Also if you think it was groundnuts they used to invest in Oil which on it's on will attract the neccessary cash flow then what did Saudi Arabia use to develop their oil sector? Was it sand?

Foolish liar

You really don't know what you are talking about.
I will have follow your argument.
If I'm wrong stop the benefits today

9jii:

You really don't know what you are talking about.
I will have follow your argument.
If I'm wrong stop the benefits today

What resource did Saudi Arabia have that they used to develop their oil fields?

Was it sand?

liar

no oil no 1 nigeria we all knew that

Their representatives in the National Assembly also threatened to block the budget if their demand of increasing the benchmark was not met.

[size=18pt]The Crude oil benchmark debate and controversy[/size]
There is a controversial clause in the budget which has pinned the legislature and the Presidency against each other. This is on the bench mark for oil export. The Presidency has proposed a benchmark of $75 per barrel next year. But in sharp contrast, the House of Representatives shot it up to $80 pb while the Senate considers $78 pb. The discrepancy has in no small measure set the various institutions on war path.

The Defenses

Hear President Jonathan: “The 2013 Budget is underpinned by the following parameters which reflect Government’s prudent economic policies in an uncertain global economic environment:

•Oil production of 2.53 million barrels per day, up from 2.48 million barrels per day for 2012.

•Benchmark oil price of US$75/barrel, a modest increase from the US$71/barrel approved in the 2012 Budget. This benchmark price is based on a well established economic met pd of estimating oil price moving averages.

•Projected GDP growth rate which is now estimated at 6.5% compared to 6.85°/q in the Fiscal Strategy Paper. The revision is underpinned by the fact that the severe floods experienced over large parts of the country are expected to impact on economic activity in 2013, especially agriculture”.

Explaining while it has to be $75 benchmark, the Minister of Finance, Dr. Ngozi Okonjo- Iweala, said that government arrived at the $75 because it was below the current world market price and was based on moving averages of the world oil price and government’s simulations allowing for uncertainty in world oil price movements.

In a statement signed by the Senior Special Assistant (Media) to the minister, Paul Nwabiukwu, the Minister said ““this is a standard technique commonly used by commodity dependent countries to protect them against the volatilities of oil as well as consensual position of key stakeholders.”
On why the $80 benchmark demanded by the House of Representatives is not tenable, the Minister amassed a barrage of reasons: “First, it would lead to an increase in liquidity, and be harmful for many of the government’s macroeconomic forecasts. Based on our estimates, inflation rates would certainly rise significantly. The exchange rate would come under severe pressure, leading to a depreciation of the Naira.
“High inflation would result in higher interest rates. A combination of high inflation, interest rate and an unstable exchange rate is bad for economic planning, both for the government and for private businesses.
“Overall, we know that macro economic volatility is bad for growth. Second, the legislature’s proposal is premised on an overly-optimistic outlook of global oil prices.

The current world oil price is not based on actual economic fundamentals, but rather on uncertainties due to conflict in the Middle East. Nigeria cannot base its plan simply on the expected misfortunes of others.

“Third, in our view, current global oil prices are not sustainable. There are two reasons for this: (a) possible reduction in global oil demand, due to recession in the Eurozone, low growth in the US, and economic slowdown
in China and India, (b) increased global oil supply as new discoveries in Africa and elsewhere come on stream.
In addition, with the end of the Libyan crises, approximately 1.6m barrels per day would be returned to the world market. “Fourth, the legislature’s proposal would result in much lower savings in the ECA. To be precise, it would deny the ECA of significant additional inflow.
“These savings are necessary to cushion the impact on the Nigerian economy, in the event of a global economic recession or a slump in world oil prices. Recall that, in 2008, oil prices collapsed from about $147/barrel to $38/barrel in a few months. And at that time, Nigeria turned to its savings in the Excess Crude Account, rather than asking for humiliating sovereign bailouts from the IMF.”

Similarly, the Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe who addressed Journalists in Abuja on the issue recently said “the projection of the budget on $75 was to address the increasing question of budget deficit,” arguing that there would be no bottleneck in the Bureau of Public Procurement (BPP) in the release of capital votes, insisting that “it is aimed to check contract inflation and over invoicing and therefore national revenue should not be squandered on the altar of speedy release of funds. The process of releasing funds to MDAS will not be abridged.” He further stated that the $75 per barrel was meant to avert the danger of crash in the global price of crude oil.

GBTYO:


What resource did Saudi Arabia have that they used to develop their oil fields?

Was it sand?

liar

Google it hater

Okonjo-Iweala saw tomorrow. Unfortunately, she is being called names by the same greedy felons who did not want us to be proactive. Now, the chicken has come home to roost.

9jii:

Google it hater

Initial search for Saudi Oil

In 1925, Holmes signed a concession with the sheikh of Bahrain, allowing him to search for oil there. He then proceeded to the United States to find an oil company that might be interested in taking on the concession. He found help from Gulf Oil. In 1927, Gulf Oil took control of the concessions that Holmes made years ago. But Gulf Oil was a partner in the Iraq Petroleum Company, which was jointly owned by Royal Dutch/Shell, Anglo-Persian, the Compagnie Française des Pétroles, and "the Near East Development Company, representing the interests of the American companies.[3] The partners had signed up to the “Red Line Agreement” which meant that Gulf Oil was precluded from taking up the Bahrain concession without the consent of the other partners; and they declined.[1] Despite a promising survey in Bahrain, Gulf Oil was forced to transfer its interest to another company, Standard Oil of California(SOCAL), which was not a bound by the Red Line Agreement.[4]

Meanwhile King Abdulaziz had dispatched American mining engineer Karl Twitchell to examine eastern Arabia. Twitchell found encouraging signs of oil, asphalt seeps in the vicinity of Qatif, but advised the king to await the outcome of the Bahrain No.1 well before inviting bids for a concession for al-Hasa.[5] To the American engineers working in Bahrain, standing on the Jebel Dukhan and gazing across a twenty-mile (32 km) stretch of the Persian Gulf at the Arabian Peninsula in the clear light of early morning, the outline of the low Dhahran hills in the distance were an obvious oil prospect.

On 31 May 1932, the SOCAL subsidiary, the Bahrain Petroleum Company (BAPCO) struck oil on Bahrain.[1] The discovery brought fresh impetus to the search for oil on the Arabian peninsula.

Negotiations for an oil concession for al-Hasa province opened at Jeddah in March, 1933. Twitchell attended with lawyer Lloyd Hamilton on behalf of SOCAL. The Iraq Petroleum Company represented by Stephen Longrigg competed in the bidding but SOCAL was granted the concession on 23 May 1933. Under the agreement, SOCAL was given “exploration rights to some 930,000 square kilometers of land for 60 years”. Soon after the agreement, geologists arrived in al-Hasa and the search for oil was underway.

As you can see the Saudi King gave concessions to western companies who were backed by western financial institutions to search for oil. This concession was later extended during the drilling phase where the Saudi government had fifty-fifty sharing agreement including tax with oil companies drilling on Saudi soil. Most of the concessions will be later removed in the 80's when the Saudi government bought over shares in foreign companies and later transfered it to the sate owned Saudi Aramco.

Liar!

The oil in the niger delta belongs to us, and there is nothing anybody can do about it..

Slonge2:
The oil in the niger delta belongs to us, and there is nothing anybody can do about it..

Thinking like a thief.

Come 2015 and the ND is out don't come begging for cocoa manual

Osunistan dont even have any business being a state, a place with one university without any viable economic activity is as bad as dead.

RIP OSUN

GBTYO:


Thinking like a thief.

Come 2015 and the ND is out don't come begging for cocoa manual

GBTYO:


Your attempt at derailing this thread and turning it into an e- war is pathetic.

You shilling monkey

Come on dude, don't be such a sourpuss.

Dude, you are a straight face degenerate LIAR!!

I could ignore some lies but hell, that shiit right there, nigga that is HUGE!!

Think I'm gonna archive this thread. When a lie contest comes up anyday, all I need to do is exhume the thread! Dude you a stunner!!


Ps: what is "shilling monkey"?? Lol. Sounds funny.

GBTYO:


Thinking like a thief.

Come 2015 and the ND is out don't come begging for cocoa manual

stop crying it is not our fault, the gods ordained it. And as for cocoa, "before oil there was cocoa and after oil there will still be cocoa.

GBTYO:


What Aregeb meant by the statement above is that, the $79 benchmark was too low since oil was trading (at the time he made that speech) at $106.

Aregbe showed his stup1dity here wherein his statement is akin to a man who spends all his salary without recourse to saving.

The little gains of the low bench mark is that we can still have a budget come 2015.

If we were to follow parasitic aregbe policy, our Foreign reserves would have been zilch and there would have been no way we could have been able to even fund a budget for next year.

I have taken the pains to get this manual below for you lazy parasites

http://www.iita.org/c/document_library/get_file?p_l_id=98898&folderId=339193&name=DLFE-1654.pdf

Dude, put a lid on your temper before you rupture your heart!! . Haba, e dey do you ni??

omenka:
Come on dude, don't be such a sourpuss.

Dude, you are a straight face degenerate LIAR!!

I could ignore some lies but hell, that shiit right there, nigga that is HUGE!!

Think I'm gonna archive this thread. When a lie contest comes up anyday, all I need to do is exhume the thread! Dude you a stunner!!


Ps: what is "shilling monkey"?? Lol. Sounds funny.

what lie have I said here?

Is it what your Odenni himself Argeberascal said to which I provided a valid link which happens to be the same state of Osun website?

Can you point out my lies for everybody to see.

Finally a shilling monkey is what you are.

omenka:
Dude, put a lid on your temper before you rupture your heart!! . Haba, e dey do you ni??

obviously you are desperately attempting to derail this thread

Slonge2:
stop crying it is not our faul, the gods ordainedit. And as for cocoa, "before oil there was cocoa and after oil there will still be cocoa.

but for now there is no cocoa because you have free oil abi?

GBTYO:


obviously you are desperately attempting to derail this thread

You derailed it from your opening statement which is the biggest lie ever told on this forum!!

Bet you lied your way outta yo momma's womb!!

Aii, insult me again. What was it you called me?? Ahahh, I remember; "shilling monkey". Lol.

Dudes be lying like Mugabe all day!!