I know I am going to get pilloried on this matter, but it is always important that facts be kept straight & put into perspective of prevailing circumstances.


I have posted this before, but I think it needs more debate (& the inevitable cancellations & insults).

The whole hullabaloo that GEJ benefitted from high crude oil prices does not paint the true picture of the situation at the time.

its interesting how people keep saying oil prices were high during GEJ's time & how he didn't save.



these same people never say that as from 2011/2012, the US, the major buyer of Nigerian crude, drastically reduced its crude import.



https://www.eia.gov/todayinenergy/detail.php?id=5770



http://www.thisdaylive.com/articles/obama-we-don-8217-t-need-energy-from-africa/151925/



from 1.3m bpd (out of 2.2m bpd produced) imported from Nigeria in 2011, it reduced this to 600,000 bpd by 2012 & almost zero bpd by 2014.



http://www.fahamu.org/ep_articles/emerging-and-existing-oil-and-gas-opportunities-in-sub-saharan-africa/



http://allafrica.com/stories/201412220407.html



http://www.thescoopng.com/2014/06/05/us-stops-importing-nigerian-crude-oil/



by 2016, US started buying Nigerian crude oil again in commercial quantities...



http://punchng.com/us-increases-imports-of-nigerian-oil-by-287/



https://www.vanguardngr.com/2016/04/us-importing-nigeria-crude-oil/



by the time pmb got into office, the GEJ administration had done a lot of ground work to get new markets for Nigeria's crude, so pmb did not suffer the loss of buyers as much as GEJ's administration.



mind you, GEJ had to contend with higher crude oil prices with few buyers, keeping the exchange rate low & paying subsidy on fuel at premium prices...



pmb had lower prices, more market share for crude, let the exchange rate burden be borne by Nigerians & increased fuel prices despite the lower crude oil prices.



so in essence, GEJ never really enjoyed the increased crude oil prices & it is past time that the records be put straight...

Leave story, let us face the current dullard.

Firefire:
Leave story, let us face the current dullard.

we can only face our present challenges by understanding what went wrong in the past or else, we are bound to make the same errors...

We the Jonathan slave from Potor Republic agree with all what the op has written.

May our heads remain the same forever and ever, amen.

God bless Late Nnamdidiot Cownu wherever he is for making us Umu Efulefu.

Oga face front abeg. Were you his account officer

Btw, we are planing of sending Bubu back to Daura, dnt take us back biko

OP your very correct...nobody was even buying from us because they hated him.

Ok you are right that devilish Obama in conjunction with Islamic agenda stopped buying our oil in a bid to frustrate Jonathan's govt