The Finance Minister gave sufficent warning to Nigerians to prepare for a 'rainy day'. Now that it is upon us we look for scapegoats. Nigeria is part of the global village and thus we are subject to the ever changing world economic winds. At present the oil producing nations are pumping 30 million barrels of oil a day into the market led by Saudi Arabia this in turn has led to a drop of a barrel of oil to $77 dollars. The Americans are also producing their own oil which has made her less dependent on Nigeria and other oil producing nations. Nigeria needs to earn at least $123 dollars a barrel to balance her budget and build up her reserves which have been depleted by our greedy 'leaders' who always insist on sharing out our collective wealth instead of saving for a rainy and cutting out wasteful spending.

ibedun:


Seconded - UGLY PIG OF A WOMAN!

I also fell for that Harvard this, Harvard that BS ........... forgetting a lot of things I cant mention on this page

Ugly as duck....spits on her okoro face!!!

Ubomeze:
The Finance Minister gave sufficent warning to Nigerians to prepare for a 'rainy day'. Now that it is upon us we look for scapegoats. Nigeria is part of the global village and thus we are subject to the ever changing world economic winds. At present the oil producing nations are pumping 30 million barrels of oil a day into the market led by Saudi Arabia this in turn has led to a drop of a barrel of oil to $77 dollars. The Americans are also producing their own oil which has made her less dependent on Nigeria and other oil producing nations. Nigeria needs to earn at least $123 dollars a barrel to balance her budget and build up her reserves which have been depleted by our greedy 'leaders' who always insist on sharing out our collective wealth instead of saving for a rainy and cutting out wasteful spending.

As at right now, the price is 73 dollars and I believe it dropped down to 68 dollars earlier in the day before steadying at $73

GEJ till all of una TANoids Nigerians are auctioned off to slavery!

GEJ till 2095! Your suffering till 3000, lasting you and your coming generations! Hehehe I don't have shoes! BH is in my government! No girls were kidnapped! Hahaha who is deceiving who now??

By Alhaji Lai Mohammed

February 24, 2013

The Action Congress of Nigeria (ACN) has alerted the nation to an impending collapse of the Nigerian economy, unless the Federal Government cuts the astronomical cost of running a bloated government and takes urgent measures to diversify the economy and shore up the production of oil, which remains the mainstay of the country’s economy.
In a statement issued in Lagos on Sunday by its National Publicity Secretary, Alhaji Lai Mohammed, the party warned that if the listed measures were not taken, the government may not be able to pay its bills, including workers’ salaries, within the next few years.
”Contrary to what the FG may say, this warning is not about crying wolf but is actually borne out of a patriotic fervour devoid of politicking, which is the usual refrain of this government when alerted to its shortcomings,” it said. ”We will like to be proven wrong, but this will depend on uncommon and monumental effort, rather than on the basis of the usual canned response from the government.

ACN said the red alert was based on four empirical evidence: The cost of oil production which has skyrocketed from 4 dollars per barrel in 2002 to 35 dollars presently; the massive corruption in the oil sector, with oil theft and sabotage leading to lost production and costing Nigeria some 6 billion dollars annually in crude theft; the sharp fall in the discovery of new oil and gas reserves due to the low investment in the sector, and the most serious of all, the
challenge posed by alternative sources of global supply of oil and gas.

The party said the cost of oil production rose from only 4 dollars per barrel in 2002 to 7 dollars per barrel in 2005 and, from the 12 dollars per barrel at the onset of the Yar’Adua/Jonathan Administration in 2012 to 35 dollars per barrel in 2012, according to the just-concluded Nigeria Oil and Gas Conference in Abuja, where the mind-boggling cost hike was attributed to the cost of security in the Niger Delta (put at 16 dollars per barrel), it said.

On the discovery of new oil and gas reserves, ACN said the disastrously-low level of exploration activity in Nigeria is supported by the statistics released by the US Department of Energy for deepwater discoveries from 2009 to 2011 in which Brazil alone contributed some 40 new discoveries or 20 percent of the global total, US and Australia contributed 10% each, countries like Ghana making nine new discoveries or 5% of the global total, while Nigeria had only 4 discoveries or 2% of the global total during this period.

It said, however, that all those challenges pale into little significance when placed against the challenge posed by alternative sources of global supply of oil and gas seriously – that is Shale oil and Shale gas!
”Here are the facts: The US has more than doubled its estimates of recoverable domestic Shale-gas resources to some 827 trillion cu. ft. (23 trillion cum), more than 34 times the amount of gas the US uses in a year.
Together with supplies from conventional gas sources, the US may now have enough gas to last a century at current consumption rates.
”Last month, the agency released a similar announcement in respect of Shale oil to the effect that California’s valleys alone hold as much as 15.4 billion barrels of Shale oil, which companies were hitherto unable to reach because the oil exists in pockets of rock that were expensive to reach before the present advancements in fracking technology. Similar announcements are being made in Europe and parts of Asia.
”For the first time in nearly a decade, the US has regained the position of being the world’s largest producer of natural gas and soon also oil. Thus, in less than five years, the US has gone from seeking new sources of oil and gas overseas to being self-sufficient. Industry experts believe that Shale oil and Shale gas will revolutionize the industry—and change the world—in the coming decades. It will prevent the rise of any new cartels and alter oil
geopolitics.

The announced objective of the US Government is to drive down oil prices from the current 100 dollars per barrel to 50 dollars per barrel within 2 years. If this happens, which is very likely in view of the alternative sources, Nigeria, with a cost of production of 35 dollars per barrel, would immediately go out of business, with dire consequences for an economy that thrives largely (if not solely) on oil,” the party said.

^^^^^^^ That was Lai Mohammed warning them back in FEB 2013


...but the corrupt clowns didn't listen.

It's time for them to pump the 20 billion dollars they've been hiding to use for the 2015 election.

If you go to our roadmap, job creation, insecurity and fight against corruption are our priority areas. Our major problem in this country is corruption. If you solve corruption, you are going to have more money to take care of the other areas of need. Sanusi said that $49.8 billion was missing, later he said it was $20 billion. Okonjo-Iweala said no, it was $12 billion. For crying out loud, what can $12 billion do for an economy? We have heard about $1 trillion fraud; multi-billion naira police pension scam; let me tell you, if you face corruption squarely (it needs a bold leader without skeleton in his cupboard), we will get many other things moving on well in the country. If you read our roadmap on corruption, we said we’ll have zero tolerance for corruption. We believe also that the only person who can carry out the war on corruption successfully is that person that will declare his assets on the day he assumes the position of president, so that he will be seen to be open and transparent.



Lai Mohammed

The same woman asking poor Nigerians to sacrifice is yet to tell us what happened to the $12 billion she agreed was missing...

https://www.youtube.com/watch?v=5wGSLjuPjXY

[size=15pt]Nigeria may face economic trouble with decline in oil prices[/size]

Just like the elephant, the internet also remembers

idupaul:
Its Mrs Pig and her fellow swines that need to tighten their belts .. I have alwys known this woman is not worth her salt right from day one when people where being hoodwinked with Harvard this and that .. Old Ugly Pig of a woman

You knew this, yet everyday you come on Nairaland to abuse Buhari for saying the Obvious...

Shame!

NgeneUkwenu:


You knew this, yet everyday you come on Nairaland to abuse Buhari for saying the Obvious...

Shame!

I have never abused Buhari and will never..I just stand for the truth all the time ..I believed in Buhari in the past but now I don't again and that doesn't mean I now prefer Jonathan or Oconto I wella. .Jonathan was a disasters and so is Buhari ..let's pray for good leaders that's all. Buhari wasted my vote and time and you expect me to dance and praise him ? Bro I will not

idupaul:


I have never abused Buhari and will never..I just stand for the truth all the time ..I believed in Buhari in the past but now I don't again and that doesn't mean I now prefer Jonathan or Oconto I wella. .Jonathan was a disasters and so is Buhari ..let's pray for good leaders that's all. Buhari wasted my vote and time and you expect me to dance and praise him ? Bro I will not

You are A bloody liar! I havegone through your post history of late, I have seen the way you have been abusing Buhari, and praising Jonathan...

I have seen through your hypocrisy...

Get out!

[s]

NgeneUkwenu:


You are A bloody liar! I havegone through your post history of late, I have seen the way you have been abusing Buhari, and praising Jonathan...

I have seen through your hypocrisy...

Get out!

[/s]

every body must never be a staunch zombie very soon all zombies will leave
aren't you guys shameless defending a useless old brainless good for nothing presidiot called buhari?
the guy is a staunch apc supporter but decided to br rational just like keneking and co.
everybody must never be you
get out!

NgeneUkwenu:


You are A bloody liar! I havegone through your post history of late, I have seen the way you have been abusing Buhari, and praising Jonathan...

I have seen through your hypocrisy...

Get out!

I can never praise Jonathan ..never ..it only shows image want a better Nigeria and I am not a hypocrite. If Buhari improves today I will be the first to praise him but I know he won't because it's clear he doesn't have what it takes .Let's just pray for Great leader

You nkor....where were you Always apportioning blame like A C.....

horpe132:
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............ If you like obtain PHD in Econs/Management/Accounting &alltogether + work in the World Bank & heaven sef..............

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OUR POLITICIANS WILL ALWAYS MAKE YOUR QUALIFICATION USELESS cos of their own selfish need..............

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Mrs Minister where You unconscious when the Federal Executive Council Approved Billions on Naira for STOVES ?,,,,,,,,,,,,What about Financial Discipline ?........What about cutting Cost ?,,,,,,,What about proper Management ?? What about cutting our Political Trips Abroad ?.......What about "Mopping" up the budget for excesses ?.....What about Pumping money into Mining,,,Getting our local refineries back on track,,,,Energy/Power......Agriculture ??.........

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The Middle class will always bear the burden,,,Now interest rate is 13% ....& they want to increase d price of Patrol,,,increase Tax & Cut down FG workers ..................MUST WE ALWAYS PAY FOR THE EXECUTIVES RECKLESSNESS


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THE thunder that'll FIRE all OF You is LOADING !!!!

ibedun:
Visit the ports and see what you clueless Nigerian are importing left, right and centre to the country.

Tons and tons of luxurious consumer products including new and fairly used executive/expensive cars and 4-by-4s.

I was weeping inside but IDIOTIC and SHALLOW people around me thought I was jealous.

Now that our reserves is going down south fast, your OYEL is going out of fashion...........and we are staring at IMF & World Bank conditionalities and generational poverty.......

With benefit of hindsight, i'll say you made a lot of sense.

I can't blame Iwealla too much. She warned just like Lai Mohammed of then ACN warned but all politicians and even we the citizens didn't take it serious. As politicians were spending, we the citizens were hailing them and buying all sort of imported nonsense. The self delusion was always going to bust. Now it has

Na just the wailing Zombies that are bereft of any sense na im dey make me laugh

Thank God for the internet

idupaul:


I can never praise Jonathan ..never ..it only shows image want a better Nigeria and I am not a hypocrite. If Buhari improves today I will be the first to praise him but I know he won't because it's clear he doesn't have what it takes .Let's just pray for Great leader

Liars bore me! You praise all the thieves in PDP and downplay any progress recorded by any APC governor, Minister et al..You pray daily for Buhari to fail....you have never given any credit to this government for anything...

You open thread to abuse Buhari....You go on threads to abuse and blame Buhari even when the news doesnt relate to him....Yet You claimed you voted Buhari...

Stop deceiving Your gullible ipob yoots audience...You are a jus frustrated man..

This thread is insightful and obviously demystifies the recent lies that our economic problems started with Buhari.

Abagworo:
This thread is insightful and obviously demystifies the recent lies that our economic problems started with Buhari.

Most enlightened minds know the economic downtide didn't start with Buhari .
Most oil companies stopped drilling around 2014 as it was no more profitable.
That being said am beginning to get disappointed with Buhari.
He is trying to be a Solomon, when we have not yet had a David.

We can only be stupeed if we blame Buhari for the present economic hardship. The internet never forgets

INTERNET NEVER FORGETS

One has to be extremely dumb, devilishly mischievous and humongously bigoted to blame the economic woes of the country on Buhari's administration.

Some of us knew Nigeria was heading this present economic woes and so we engaged a lot of people to vote for Buhari with the hope that he's smart enough (haven shown interest for twelve years to govern us) to halt the impending disaster. Rather than halt our movement to disaster, he hasten it. Rather than engage the economy by ensuring we produce as much as possible the things that consumes our Forex within his first one year, he was busy claiming body language. This government was so relaxed in its first one year as if all was well and when we began to see signs that all is not well, rather that focusing on things will strengthen the economy, they wasted their energy blaming the past government. We knew the past government was incompetent that was why an incumbent President was voted out so we don't need this government to remind of the past, what we expect them to do is get to work, revive the economy and alleviate the suffering of Nigerians, anything less makes this government more incompetent and clueless than the previous government they like to paint black.