So he even has fuel for stunts at this time. Speedy recovery lad.

blazer234:


Unfortunately, there is nothing the 15 million voters can/will do. Nigerians are always helpless in the face of political and tribal machinations.

A sad reality

Stealthideals24:


U studied engineering? That moniker of yours is an equation.

Yes bro, had done some modelling and codings on it.

Aisha is no longer understanding the change,
the BBC Hausa service is no longer understanding the change,
Even Aso rock is no longer understanding the change.
Aisha has warned, the wrath of 15million people who do not understand the change is imminent.

Mr president should be properly guided, you have spoken tough now you must walk the talk.

Donexy16:



Break it down please...

Okay bruv, basically

With the supply kept at current levels (production freeze) or reduced levels (production cut) or natural decline due to the severe cuts in capital spending across the industry (production cut), we will experience a westward move of the market supply's curve, also IEA predicts growing demand (slow but at least still a growth), we will see a rightward adjustment of the demand curve.
Overall the market experiences a northwest movement of the equilibrium position, this is a higher price for the commodity, although some reduced volume in the market. The rate at which the equilibrium will be stained will be influenced by how fast the storage at Cushing, China's secret stock tanks etc are depleted.

There's a lot involved in moving these curves but the overall effect is what I've just described.

Donexy16:
Good moves. They just woke up now from a long slumber

Prisoners dilemma bro, prisoners dilemma, everyone does what seems best for themselves at the expense of the overall group (detriment of the market).

The price of oil jumped after Russia and Saudi Arabia reached a deal to look for ways to stabilise the oil market.
The announcement was made by the countries' energy ministers, Alexander Novak and Khalid al-Falih.
The price of Brent crude oil initially jumped by 4% but then pared gains to stand 1% higher at $47.31 a barrel.
A statement said the plan was to support the "stability of the oil market... ensuring a stable level of investment in the long term."
At the start of 2016 the price of oil fell to its lowest level in nearly 13 years due to a production glut and is still far below the $110 a barrel price recorded just two years ago.

Mr Novak said the agreement, which might include attempts to limit oil output, was a "historical moment" between members of OPEC, which is the traditional oil producers' cartel, and non-members, of which Russia is one.
He added that Russia was willing to join an oil output "freeze".
'Getting better'
The outline agreement, to set up a joint task force, was publicised at a news conference at the G20 summit taking place in the eastern Chinese city of Hangzhou.
However the Saudi Arabian minister Falih said that freezing output was not "necessary" now.
"Freezing (production levels) is one of the preferred possibilities but it's not necessary today," he told the Saudi-owned Al Arabiya TV after the cooperation agreement was unveiled.
"The market is getting better and we have noticed that prices reflect this (improvement)," he added.
Despite this immediate divergence of view, Mr Novak told reporters that he favoured choosing a month, from the second half of this year, which would be the benchmark for a production freeze.
He added that Russia would accept any month for this purpose, and that it was important for other countries to support the proposal, possibly including a cut in production.
'Watching the market'
Strategies to keep oil prices high by limiting production are usually the preserve of OPEC and are often not successful.
However Russia and Saudi Arabia are the world's two largest oil producers.
The two countries' ministers' will meet again later this month and again in October and November.
The agreement to talk about a deal, despite the lack of detail, was welcomed by two other oil producers.
"This dialogue confirms that the main oil producers are watching the oil market... to help achieve stability," said Kuwait's acting oil minister Anas al-Saleh.
The UAE energy minister Suhail al-Mazroui tweeted: "UAE, as an active and responsible member of OPEC will always support any joint efforts which will benefit market stability."

Source: http://www.bbc.com/news/business-37276710

Ladies and Gents, here comes the beginning of the end of this round of bust. With the current fundamentals as well as the state of things geopolitically, we will experience some northwest-ward movement on the price quantity plane. The rebalancing continues but will proceed at a relatively accelerated rate.
Let's see them put ink to paper, and everything else follows.

Cc: lalasticlala OAM4J Mynd44.

PaulIdu:


That's the typical Buhari way of doing things ..nothing is ever properly thought out

The guy is doing a good job of eroding all the goodwill he initially enjoyed. Talk about confusion, we have a clear example.

"Wetin concern mallam concern Nimasa?" In so far as money passes through that office they will force themselves in there.

I do hope when the nickel exploration and production corporations are set up we will find board members from all over Nigeria.

Penny wise pound foolish approach of the CBN, why didn't they explore all options before making their hurried announcements forgetting that we are in a recession, markets are driven by sentiments, prices in Nigeria are generically "uni-directional", the reason every price that goes up hardly returns to its initial position.

Imagine puting off these banks as well as int'l funds transfer agencies at the same time only to reinstate them all a week later.

Someone is deliberately pushing these prices higher, motive, I have no idea why, but for sure it's deliberate.

ivandragon:
this is what happens when a government spends more time searching the records for sins of the past government so that it can deal with them rather than focusing on what has been achieved/needs to be done.

fact is fighting corruption should be a by-product of good governance & not governance in itself.

when you run a result-driven government, loopholes are identified, checked & then you move on. you don't dwell on the sin & gather everybody round to mock the sinners while the economy stands still.

may God grant our leaders the wisdom to lead us well & the humility to accept responsibility for their errors as they would want to accept the praises when they get it right.

Truth is many would have preferred the economy to be at astand-still, rather like a slippery fish it is slipping way from the grips of the "unskilled fishermen" we are having retrogressive movements.

if only there are plans in place to make this a "floor", unfortunately nothing significant enough to reverse this trend, a careful look at the charts when presented will lead any rational individual to infer that Q3/Q4 will maintain the existing trend.

God help us all.

After a two-week delay in releasing the all important Gross Domestic Product (GDP) economic growth data, Nigeria’s National Bureau of Statistics (NBS) will on Wednesday, officially confirm that the country is in recession with data pointing to a further GDP contraction of minus two percent (-2%) in the second quarter of fiscal year 2016, BusinessDay can authoritatively reveal.
The data would show a record lowest deep in GDP posted by the country in 25 years after the negative growth of minus 0.36 percent (-0.36%) recorded in the first quarter. Technically, an economy is in recession if it records two consecutive quarters of negative growth.
Nigeria’s GDP contracted by 0.36 percent year-on-year in the first three months of 2016, as the country’s non-oil sector contracted mainly due to a slowdown in the services and manufacturing sectors, caused largely by a weakening naira, while lower oil prices continue to drag the oil sector down.
The Q1 GDP was against 2.11 percent expansion in the previous period and way below forecasts of 1.7 percent growth. But before the first quarter contraction, the last time that Nigeria saw a negative annual growth rate, going by the rebased numbers, was in 1991 at -0.55 percent. Before that, it had settled at -0.51 percent and then -7.5 percent in 1983.
The figures would indicate that agriculture showed some growth in the second quarter, but both industry and services contracted, a highly placed source told BusinessDay. “Generally, industry, which includes manufacturing was largely affected by the difficulty in accessing forex,” the source said.
Figures would also show that the crude oil and gas sector recorded the worst performance.
Recent reports have it that Nigeria has lost over N1.1 trillion in oil revenues since the resurgence of militancy in the oil-rich Niger Delta region, as oil installations witnessed about 28 attacks just between February 10, 2016 and the end of last month (July) by the rampaging militants.
After hitting a two-year low in June, due to militants’ attacks on oil facilities, production managed to increase from the 1.4m barrels per day to 1.5m bpd, still much lower than the 2.2m bpd OPEC quota for the country, as well as 2016 budget estimates.
A confirmation by the NBS on Wednesday is ominous as it would obliterate prediction by the International Monetary Fund (IMF) earlier this year that Nigeria would see growth of around 1.8 percent by end of the year. Analysts say that this is because to attain a positive growth by the end of the year, the economy would need significant positive growth for the remaining third and fourth quarters, which remains unlikely, as the economy still struggles with a weakening naira and low oil prices.
But in the first quarter, the oil sector shrank 1.89 percent year-on-year, following an 8.28 percent contraction in the previous quarter. Oil production stood at 2.11 million barrels per day (mbpd), 0.05 mbpd, lower than in the preceding period.
Industrial production shrank 2.24 percent: manufacturing declined 8.39 percent (-13.09 percent in Q4), mining and quarrying fell by 2.96 percent (-8.05 percent in Q4) and electricity, gas, steam and water supply dropped 44.46 percent (+1.2 percent in Q4) and construction fell 5.37 percent (+4.14 percent in Q4).
The non-oil sector went down 0.18 percent, from a 3.14 percent growth in the previous period. Services expanded at a much slower 0.8 percent, compared with a 3.69 percent increase in the previous period.
Information and communication grew 4.07 percent (+4.21 percent in Q4); internal trade went up by 2.02 percent (+4.69 percent in Q4); while real estate decreased 4.69 percent (+0.79 percent) and finance and insurance fell 11.28 percent (+6.41 percent in Q4).
Agriculture grew 3.09 percent, lower than a 3.48 percent expansion in Q4.
Quarter on quarter, real GDP dropped by 13.7 percent, following a 3.1 percent growth in the previous period.

source: https://businessdayonline.com/nbs-to-reveal-we-are-in-recession-with-2-gdp-growth-in-q2/

cc: lalasticlala OAM4J Mynd44

neocortex:
Sai Baba,
we are solidly behind you

Hehehe
Amygdala we are lining up behind you behind Buhari.

CyberWolf:
you people should stop all this lies.. During the discovery of oil, the country was practicing True Federalism so a kobo from cocoa or whatever wasnt invested in Oil.. The IOCs invested there funds in the development of oil..

Please tell the liars, joint venture agreement where the government started contributing some funds came into effect with the Italian oil giant Eni-Agip, that was even at a much later date, after the IOCs had made significant investments in oil exploration and production, anything other than this is turning the truth on its head.

Good points you have there, ask the government to declare year on year inflation figures rather than this month on month figures they are declaring and you will see the streets littered with protesters.

Truth is year on year inflation must have gone past 150%, rather than the anticipated 17.35% month on month figures the masses are hearing.

We are in perilous times but a lot of people haven't yet realized!!! It's necessary that people begin to "steer" the government in the needful direction.

[quote author=scobaba post=48438219][/quote]

No worries mate! There is a reason things like this are confidential, whether 1000 NGN or 100 million NGN, if it needs to be in the open, the companies will put it all out like it's done in the west where you are the salary before you apply for the job.
But all the same have a great weekend bro.

APC is plagued with "shifting goal post" syndrome.

scobaba:


My brother help me ask am. ENI Nigeria( parent company of Naoc, Nae and Agip Energy) pays entry level between 7-10m per annum. 100% fact. I have seen the tax clearance certificate of a level two officer who had worked for two years and a level 3 officer who had worked 4 years, they both earned 21.5m and 27.8m gross salary respectively in the year 2015.

please remove this info, it isn't necessary bro, for people's safety.

LordVarys:

Exactly this is way too low, SNEPCO which handles their offshore fields produces way more, even Bonga field produces way more than this. This must be just SPDC especially since they've sold most of their onshore assets.

Izonpikin:
i think it is from spdc..snepco shouldn't be recording a drop in production..

Thanks fratelli, you are very right.

I never knew shell was doing these low volumes. Probably this isn't the aggregate production of SCIN but SPDC.

This can't be true because we were told last night that 331billion NGN has been spent so far on capital projects.

And I'll say it again,After God, fear APC!!!

Ibime:



What Adeosun didn't tell you is that 2016 CAPEX budget is the smallest in 10 years on PPP comparative because the Chinese and Julius Berger do not accept payment in Naira.

In dollar terms, OBJ had a bigger CAPEX budget in 2007 - $5.1bln vs $4.9bln at current FX rates.

Not to mention the budget is completely unimplementable due to dwindling oil revenues.

We have just seen $1bln released after a full year. As standard, Nigeria prosecutes CAPEX projects with $6bln yearly. You dont need a guru to tell you there is a big black hole in our finances, which is why those who follow numbers and not politics insist steadfastly on ECA account being respected as it should have been. It is not a minor matter to brush aside for political expediency.

As for economic indices, I don't see how an extra $1bln of Govt spending will materially effect a $300bln dollar economy. The major economic force at play that affects the common man now is lack of Forex earnings through oil sales to help stabilise the Naira. Oil price and Avengers are our major economic concern.

Alright good morning bro, I have read through your argument above and we are perfectly on the same page, cos this is absolutely my position here from months ago when the finance minister first talked about a 350billion ngn stimulus.
My initial response or first post was clearly a direct attack to the "zombies" line of thought from back then. Since that believed 350billion was capable of performing magic on the ailing economy.
Have a great day ahead.
NavierStokes

Ibime:


N330 billion has not been spent. It's been given to the ministries to spend just a month ago.

Which indices do you expect a $1billion capital fund to push north? Are you proposing the smallest Keynesian stimulus in history?

2014 Capital Budget was $6.7bln at $77 oil price benchmark. Oil Price ended up hitting $89 average for the year. I assume 50% of the uplift (FG share) was also spent on CAPEX as nothing was saved.

A quick but final response for the night:

N330 billion has not been spent. It's been given to the ministries to spend just a month ago.
Look at the article carefully and you will find that it wasn't meant as a release rather as an expenditure, reason why its said that recurrent has already been met up to that amount, or are the ministries a different entity from the FG? if it were a mere release we wouldn't be having this convos then.

Which indices do you expect a $1billion capital fund to push north? Are you proposing the smallest Keynesian stimulus in history?
When the government planned on stimulating the economy by spending on capital projects what were they thinking? That the effect should not be felt in the economy? No change in indices (employment figures etc), how much do you propose would be claimed to have been spent before results become visible.
The promise was to stimulate the economy by injecting 350billion per quarter and there is a claim of 330billion already gone in 1 month yet you want us to assume it's so small that it's gone through a sink hole.
Since you said you were not one of those supporters who told us the move was the best thing after shortbread I'll forgive your missing the points I am trying to put to them.

Ibime:


My friend, quit ranting. Are you discussing with me or ranting to yourself about things only you know about? Who argued with you in the past? You think you are discussing with zombie or wailer or your fellow e-warrior?

I can see hunger hasn't finished with you. Brace yourself, more hunger is coming your way. By the time it is finished with you, you will change your name to Bernoulli or Black-Scholes.

Nonsense, Every time one has a discussion with these buhari minions here on nairaland they think everyone is as hungry like them. I'll smile and let it pass as I always do , we don't know each other so no need for those sorts of attacks.

Have a wonderful night amico.
Arrivederci.

Ps: how much was the capex in previous budgets that we were seeing evidence all around us that someone would want to convince me 330billion NGN has been spent with all the indices looking down south.

Ibime:


You are quite infantile. 60 MDAs received funding for ongoing projects in June including for example for completion of Lagos-Ibadan expressway. If you are genuinely interested in finding out, go and visit BudgIt.com as they are technical consultants to the fund release.


http://venturesafrica.com/fgn-releases-n280b-for-completion-of-ongoing-capital-projects/

You can continue with the name calling while living in fantasy.
was the promise a few months back not about releasing 350billion per quarter to stimulate the economy, probably to get construction workers back to site * we argued that the amount was too little and like an and in a sink hole, zombies like you argued how it was a magical move and the money will be used to settle debts owed by contractors* today there is no known improvement in employment statistics(significant remobilization of contractor staff), nothing noteworthy taking place save for movement of some construction materials for the press, and the same zombie wants to turnaround and convince me that 330billion has been pumped into the system.
A govt ruled this country not long ago and I could see ferma at work everywhere, despite that govt's capex being a fraction of this, today another govt claims to have expended 330billion and the only evidence seems to be disbursements done on the newspaper. I havent even seen any pictures of work in progress anywhere.

Check thyself oh zombie, check thyself.

tonio2wo:


Pls stop answering the fool! He is totally brain dead.

I wonder how some of them think.

Ibime:


For your village does it take 60 days to execute a capital project?

The funds were released on 14th of June, and projects will still be in planning and mobilisation stage. What are you expecting to see, roads and bridges completed in 1 month? No spoil this Navier Stokes name of yours because some of us studied that equation in school.

I'd ask you again: So what capital projects can you point to that has gulped 1billion usd in the past 60 days?

Ibime:


That is less than $1bln dollars my friend. What do you expect $1bln to do in the size of a country like Naija. That is what local governments would spend in some countries.

So what capital projects can you point to that has gulped 1billion usd in the past 60 days.

Ahead Ahead to diversificationLand
Words and actions are direct opposites...

NNPC intensifies oil search in Chad Basins as Buhari orders further exploration in North-East
July 25, 2016Press Release

The Nigerian National Petroleum Corporation (NNPC) is stepping up measures to ensure a successful operation in the ongoing search for crude oil in the Chad Basin and other parts of the Inland Sedimentary Basin.
That is happening even as President Muhammadu Buhari ordered deeper exploration of some hitherto neglected finds in some areas in the North-Eastern part of Nigeria.
The Group Managing Director of the Corporation, Maikanti Baru, made this disclosure on Monday while receiving the Governor of Bauchi State, Mohammed Abubakar, who was on a courtesy visit to the NNPC Towers, Abuja.
Mr. Baru said the renewed search for hydrocarbon deposits in the Chad Basin would entail extensive probing of some allocated and non-allocated oil blocks in the region with a view to establishing the magnitude of the deposits.
In his opening remarks, Mr. Abubakar said he was leading a delegation of Bauchi State government officials to the NNPC Towers to felicitate with the new GMD on his appointment noting that Bauchi State was proud of Mr. Baru and his accomplishments so far in the oil and gas industry.
Briefing the visiting governor on the intensification of crude oil search in the north, the NNPC GMD noted that the Corporation had identified specific oil blocks in the area where some of the finds were made and would move to re-invigorate exploration based on fresh strategy.
“You know that very close home, we have exploration activities on the frontier basin in the Chad and some areas close to the Kolmani river where Shell had made some indicative discovery of hydrocarbons and Mr. President has directed me to go into that area to reprove and further explore the magnitude and prospectivity of those finds,” spokesperson for the NNPC, Garba Deen Muhammed quoted Mr. Baru as saying.
“We are taking steps to re-strategize and get into those regions. We will re-invigorate the frontier exploration and see how they collaborate with NNPC that is holding Block A09 where some of the finds have been made and also Department for Petroleum Resources, DPR, for the other blocks that have not been assigned.”


The NNPC GMD implored the Bauchi State governor to collaborate with the Corporation in tackling the menace of pipeline vandalism especially in the wake of reported line breaks along the NNPC products supply line from Jos-Gombe-Bauchi enroute the Maiduguri depot.
Responding, Governor Abubakar said the government and people of the State would continue to support and pray for the GMD to ensure that his dreams for the NNPC come to fruition as he steered the ship of NNPC away from obviously turbulent waters amid tumbling crude oil prices. .
Also on Monday, the NNPC flagged off bid opening for the decommissioning and installation of towers and masts in Lagos, Benin and Port Harcourt area offices with eleven companies participating in the exercise.
Speaking during the bid opening ceremony at the NNPC Towers in Abuja, the Manager Telecoms, Michael Ejike, said reputable telecommunication vendors with proven experience and capacity were invited to bid for the decommissioning and installation of towers and masts in some NNPC facilities to give it a facelift.
He noted that the 11 companies that submitted bids were required to bid for any of the four refineries of their interest, adding that the exercise was geared towards providing equal opportunities for all bidders in a transparent manner.
On her part, the General Manager, Supply Chain Management, Sophia Mbakwe, said the result of the bid exercise would be ready in three weeks, assuring that all prospective vendors would receive equal treatment.
Commenting on the exercise, the Executive Director of one of the bidding companies, Anthony Wokocha, applauded the NNPC for the transparent conduct of the exercise and assured the corporation of the readiness of his company to deliver on the mandate if considered.

Source: http://www.premiumtimesng.com/business/business-news/207520-nnpc-intensifies-oil-search-chad-basins-buhari-orders-exploration-north-east.html

2018 , these supporters of APC are only good for one thing, shifting the goal post.
They prefer to give their zombies something to fantasize about rather than dwell in the reality.

Giving an insight into the current expenditure situation for the year, he disclosed that N2.123 trillion had been spent by the federal government.

Total capital expenditure as at the end of June, according to the minister, stood at N331.58 billion, while personnel cost had been fully met.

Does this economy look like one in which they have spent 330 billion since the budget was passed in may, not forgetting their excuses on procurement processes lasting up to 6 months.
After God, fear APC! !!