I was just laughing at how ignorant Nigerians were celebrating the reduction of Petrol price recently, when even inexperienced analysts like myself saw that it was unrealistic, going by the fact that our currency was already losing value greatly to the dollar making it costlier to import by over 30%. Also when a country whose primary source of revenue comes from crude oil exportation.
with crude price oil falling over -50% and US our major crude oil customer now been fuel dependent/exporter meaning no market to sell off all our oil.
Now they cant pay out fuel subsidy to marketers ontime, as this is fast depleting our foreign reserve. The truth of the matter is that our dear country has gone broke and its only a matter of months before we get to a deficit and it becomes obvious to all.
But the FGN will sugarcoat it due to the coming election to hide their incompetence.


Do we forecast at all or was the price reduction politically motivated for election campaign?

How is the FGN suppose to sustain the unrealistic fuel price


Facts to note:
90% Foreign exchange revenue comes from crude oil.
US stopped importing Nigeria's crude oil last year.
Global oil price falls over -50% (expected to fall even lower)
Naira has been devalued by 30%
Nigeria imports 70% + of refined petroleum products (petrol. Kerosene, Diesel)
Nigerians use more petrol and diesel than ever, due to unbearable epileptic power supply and growing power demand through self generation.
Averages Nigerians are the ones queuing for fuel, while the wealthy and politicians simply send their drivers and police attache to the filling station.
What happened to the Turn Around Maintenance promised to our refineries during the #Occupynigeria protest.
Do we really have financial analyst in the FGN?

Like, if you think Jonathan is really this clueless?

no fuel to buy after today's ultimate search and still no light in ogudu and gbagada phase in 3 days. why?