OPEC decided to keep the production target intact, a decision that has now dragged down crude oil price to a 4-year low of $69.05 for WTI and $72.58 for Brent. Nigeria's Bonny Light crude oil sells close to Brent price. Brent has slumped from a high of $115.00 in June 2014, shedding nearly 38% in the process.

At $72.91, Brent is selling below the Nigeria's 2015 budget benchmark of $73.00 - creating the possibility of a further reduction in the benchmark and downward drag in the national budget. Continued downward slide of oil prices could put additional pressures on the Naira-Dollar exchange rate, dragging it to N200/USD before year end.

These are not good times, and coupled with the reckless financial spending of politicians during election periods, we could be heading for a big economic calamity!

Just my thoughts.

Where is the disaster? The fear of free oil money is making some people run crazy. Oil at $10 will be much better. Maybe the fraud call Nigeria will finally agree to renegotiation.

Now,this is serious.

Maybe, i can finally have my republic of Alaigbo. Crude Oil the glue that held the colonial anomaly called Nigeria, is about losing it's glue power.

What set of mad people we have running this colonial anomaly, how can they put their benchmark for 2015 at 73 dollars, the wise thing to do would be to place it at 40dollars. But their greed wont allow them, ngwanu, fa yata afu na mmiri oku na-egbu mbe.

And it would continue to drop...until GEJ leaves

Can't you all see that the goodluck of our out-going president had expired!!!
Even super eagle can't make afcon 2015 as soon as she was rebranded by TAN.
NASS moved a motion to wear black to remember the day NASS had a share of GEJ impunity
Oil price on contant decline @ the tail end of GEJ's governance

Well, GEJ should just go. No more, no less!

kiDDa:
And it would continue to drop...until GEJ leaves

fyneguy:
Well, GEJ should just go. No more, no less!

Are you guys implying that GEJ is responsible for the fall in oil prices, a globally traded commodity? The ignorance of Nigerians never ceases to amaze.

fyneguy:
Well, GEJ should just go. No more, no less!

So GEJ controls World Oil Price ?

Where did you guys school ?

I wish I could go into large scale food production..

fyneguy:
Well, GEJ should just go. No more, no less!

"because he's the one setting the global oil prices".

There is one cure for all oil price cries, tell your state governor to raise taxes in your state. Or cut spending to march their monthly welfare cheques from Abuja.

I don't see why people are all up in arms. So without oil you people cannot survive

Good news in disguise

atlwireles:
There is one cure for all oil price cries, tell your state governor to raise taxes in your state. Or cut spending to march their monthly welfare cheques from Abuja.

I don't see why people are all up in arms. So without oil you people cannot survive

Tell them to prepare to sell those public jet they said was private.

slimfit1:


Tell them to prepare to sell those public jet they said was private.

Abi, governments must cut their coats according to their sizes.

atlwireles:


Abi, governments must cut their coats according to their seizes.

Well I wear a size two pant when I should have being wearing size 4.

slimfit1:


Well I wear a size two pant when I should have being wearing size 4.

As long as it fits and that's what your wallet can afford. There is nothing wrong with it.

atlwireles:
Where is the disaster? The fear of free oil money is making some people run crazy. Oil at $10 will be much better. Maybe the fraud call Nigeria will finally agree to renegotiation.

At least when oil gets to 10 Dollars we will start appreciating some of the false allegations against Abacha who was able to execute so much capital projects and keep the Naira stable with oil hovering between 9Dollars and 15 Dollars per barrel but yet accused of stealing billions of Dollars.

Who do we put the blame on

Abagworo:


At least when oil gets to 10 Dollars we will start appreciating some of the false allegations against Abacha who was able to execute so much capital projects and keep the Naira stable with oil hovering between 9Dollars and 15 Dollars per barrel but yet accused of stealing billions of Dollars.

False allegation? Oga park well. The size of government in 1999 is probably 10% of what it is today. Yes Abacha stole billions and his family has admitted such, with all their out of court settlements.

Expressions:

Who do we put the blame on

Blame the market.

"Goodluck Johnathan is a Bad News president" - The Economist.

Abagworo:


At least when oil gets to 10 Dollars we will start appreciating some of the false allegations against Abacha who was able to execute so much capital projects and keep the Naira stable with oil hovering between 9Dollars and 15 Dollars per barrel but yet accused of stealing billions of Dollars.

So you mean all the professionals we have now are just paper certificate no substance in their heads ?

atlwireles:


False allegation? Oga park well. The size of government in 1999 is probably 10% of what it is today. Yes Abacha stole billions and his family has admitted such, with all their out of court settlements.

What about Obasanjo that started with 16Dollar per barrel? Maybe the size of government has increased in the past 15years.

GEJ have destroyed nigeria socially,politically and economically.i am sorry for saying this but i think the prophesy of u.s.a will come to pass next yr. He should go and bring our 20billion dollars he stole for his campaign,thief!!!

Abagworo:


What about Obasanjo that started with 16Dollar per barrel? Maybe the size of government has increased in the past 15years.

Correct, Obj started with $15, he added more layers of governments, that was needed, plus democracy created several other layers and more cost. Just compare the size of the civil service alone to what it was in 1999.

atlwireles:


Blame the market.

ok, tell that to the political e-warriors

Expressions:
ok, tell that to the political e-warriors

You don't have to worry about the e-warriors. They are inconsequential.

All these happenings are pointing to one thing. Nigeria cannot survive these ordeals in one piece

pazienza:
Now,this is serious.

Maybe, i can finally have my republic of Alaigbo. Crude Oil the glue that held the colonial anomaly called Nigeria, is about losing it's glue power.

Now its republic of alaigbo, no more Biafra? I have always suspected that this tight glue to the aprons of south south is all about the oil, you just confirmed it.

Good news.

If the oil price fall to ten dollars per barrel I would be more happy.

The high oil price does not have any positive impact on common man.

4Play:


Are you guys implying that GEJ is responsible for the fall in oil prices, a globally traded commodity? The ignorance of Nigerians never ceases to amaze.

GEJ cannot manage Nigeria in a sub $60 a barrel scenario. The brains and discipline are not there. I am very sorry for the Niger Delta. By summer of 2015 the price will be $50 a barrel, all the Shakara is finished, militants and oil thieves will find themselves in a very bad business environment as the barges and tankers stop coming There will pressure on the senate to reduce their salary and allowances, this will finally destroy the PDP. The North which is agriculturally rich will begin to flex their muscles. Anybody who says God is asleep is a liar. He is a God of cycles.

what of our subsidy money? was money not devoted to subsidy inour budget? what happens to it?