berem:
Okonjo Iweala-worst finance minister nigeria has ever had. Obasanjo did well by kicking her a$$ out but our clueless president retained her.

Explain how she's the worst finance minister. Its easy for people to attack Iwela, OBJ, Sanusi, Soludo, Emefiele, or whoever has occupied high positions in Abuja. Anyone can attack anyone, its the easy part. But substantiating the attacks with valid facts is where the tire meets the road - that's the hard part.

Is anyone in doubt as to the volatility of Naria? A currency backed by 'almost' oil and oil alone? I guess Iwela told the US to double oil production through fracking and improved deep-earth oil sourcing. For the love of God why don't your facts intact before throwing missiles.

The whole of Nigeria produces almost nothing. Tell us what UK, Sweden, France, US, South Africa, China, etc, source from Nigeria... What exactly is the world buying from Nigeria - nothing! So why are we shell-shocked when our currency falls alongside oil price. I guess when folks were jabbing Ghana for seeking bailout from IMF they thought Nigeria was in the clear. Well, Nigeria is not - at least you know now.

In Nigeria there're only 4 places that make exportable products, they're: Ogun state axis - Blue Chip coys, Ijebu people (Ijebu garri - yes! Ijebu garri earns Nigeria forex), Anambra (Nnewi specifically), and Abia State (Ariaria shoes and allied products). The rest of Nigeria is sitting on their meat waiting for ND oil.

You see, blaming XYZ is the easy part. But what the accuser or blamer produces to shore up the Naira is the hard part.

tit:


No. I prefer the government gets out of the business of petrol.
Just like government has little business with the tuwo you depend on for life.
The 1 trilion naira is because people like you insist government subsidize your consumption of petrol!
If they spent that money subsizing my consumption of tuwo and, infact, give some of us involved in the processing and sale of tuwo madara some subsidy, i will like it.
Tinubu daughter is taxing we tuwo sellers in lagos too much.

Government did not promise to build you any three refineries.
rather a private venture, greenfield(?) proposed to build the refineries and went into a licensing agreement with government.
just like if you want to sell in most markets, you have to buy a ticket. So greenfiled talked about buying or actually bought a "ticket" to build a refinery.
after the agreement, which they will call big name like memoradam of understanding, greenfield, for reasons best known to them, did not show up.

Common sense should tell you, rather than waste 20% of Nigeria#s annual budget on a fraudulent subsidy and waiting for private hands that might take eternity, Temporary Government intervention to assure local needs are met, and then a complete deregulation in a clearly drawn out plan.

tit:


Solution: no subsidy. supply and demand.
Allow, regulate and license the small refineries in the Niger Delta. No subsidy involved in that business. Get them to pay for their crude stock.
Let Mr. A get his petrol from Sierra Leone and come and sell to Nigeria people.
Let Mr. B get his petrol from Brazil and come and sell to Nigeria people
Let Mr. C refine his petrol locally and sell to Nigeria people.

If Mr. C is NNPC or any government parastatal, a unit that cost $1 in the market would cost it $100 to install, and they woud like to pass the cost to the public either by a charge on the federation account or a higher pump price.

QED, madam you try.

Obiagelli:

Whos fault is that? When oil prices were up Algeria had its budget as $35 dollars benchmark and was saving $73 on every barrel, what did Nigeria do with hers

what kind of question is this
1 billion naira food/yr for the presidency, missing billions of dollars in several dirty government deals, stupendous allowances in the upper and lower house, multiple private jets for the presidency e.t.c
And we wonder why China executes corrupt politicians.

SamIkenna:


Explain how she's the worst finance minister. Its easy for people to attack Iwela, OBJ, Sanusi, Soludo, Emefiele, or whoever has occupied high positions in Abuja. Anyone can attack anyone, its the easy part. But substantiating the attacks with valid facts is where the tire meets the road - that's the hard part.

Is anyone in doubt as to the volatility of Naria? A currency backed by 'almost' oil and oil alone? I guess Iwela told the US to double oil production through fracking and improved deep-earth oil sourcing. For the love of God why don't your facts intact before throwing missiles.

The whole of Nigeria produces almost nothing. Tell us what UK, Sweden, France, US, South Africa, China, etc, source from Nigeria... What exactly is the world buying from Nigeria - nothing! So why are we shell-shocked when our currency falls alongside oil price. I guess when folks were jabbing Ghana for seeking bailout from IMF they thought Nigeria was in the clear. Well, Nigeria is not - at least you know now.

In Nigeria there're only 4 places that make exportable products, they're: Ogun state axis - Blue Chip coys, Ijebu people (Ijebu garri - yes! Ijebu garri earns Nigeria forex), Anambra (Nnewi specifically), and Abia State (Ariaria shoes and allied products). The rest of Nigeria is sitting on their meat waiting for ND oil.

You see, blaming XYZ is the easy part. But what the accuser or blamer produces to shore up the Naira is the hard part.

You just murdered someone's wife


Guy


You finished her with undisputable point.

Ttalk:


Many people are just defending without no justification, you said govt expenditure depends on oil revenue, why was dollar remain stagnant at oil peak when the price of oil stood at $108 for most of 4 years of Jonathan government? Yet during this period external reserve has been severely depleted to defend our weak naira. The point is simple, government is not getting economic policy right, unfortunately there is little anybody can do to salvage the situation rather than result to prayer that the price of oil should shore up

price of oil is not going up soon. McKinsey predicted $45ish dollar / barrel in January. This is the drilling season of shale oil and SADG oil in north America. The drilling coy are in full blast. Saudi is ready to sell its surplus oil for cheap as it has huge forex reserve. former troubled regions Libya, Iraq, Isis(Syria) e.t.c are all pumping out oil in full force and selling for cheap. Russia has signed multi billion dollar deals with China ( one last week) to supply China oil and gas. Shell had a good foresight by selling off its huge asset in nigeria. So who is going to buy our oilNigerians should brace for impact.
people should start large scale farming as Agric export and remittance from Nigerians abroad would be the countries life line.

saxywale:

price of oil is not going up soon. McKinsey predicted $45ish dollar / barrel in January. This is the drilling season of shale oil and SADG oil in north America. The drilling coy are in full blast. Saudi is ready to sell its surplus oil for cheap as it has huge forex reserve. former troubled regions Libya, Iraq, Isis(Syria) e.t.c are all pumping out oil in full force and selling for cheap. Russia has signed multi billion dollar deals with China ( one last week) to supply China oil and gas. Shell had a good foresight by selling off its huge asset in nigeria. So who is going to buy our oilNigerians should brace for impact.

$45 is not likely, 90% of the new oil sources from the North america cost over $70 per barrel to produce. If oil slides to $70 most of fracking and heavy sand oil from North America will shut production down. Many projects for 2015 are already on hold, because of price uncertainty.

saxywale:

price of oil is not going up soon. McKinsey predicted $45ish dollar / barrel in January. This is the drilling season of shale oil and SADG oil in north America. The drilling coy are in full blast. Saudi is ready to sell its surplus oil for cheap as it has huge forex reserve. former troubled regions Libya, Iraq, Isis(Syria) e.t.c are all pumping out oil in full force and selling for cheap. Russia has signed multi billion dollar deals with China ( one last week) to supply China oil and gas. Shell had a good foresight by selling off its huge asset in nigeria. So who is going to buy our oilNigerians should brace for impact.
people should start large scale farming as Agric export and remittance from Nigerians abroad would be the countries life line.

Its unfortunate that the absence of resource control, fiscal federalism etc has deprived us the opportunity to diversify our economy at state LGA community levels.


Is there hope .? Yes

If only we encourage resource control , fiscal federalism and most importantly indigenous production of essential products especially electronic mechanical etc goods which depletes our foreign reserve when we buy dollar in order to buy and Import foreign products.

atlwireles:


$45 is not likely, 90% of the new oil sources from the North america cost over $70 per barrel to produce. If oil slides to $70 most of fracking and heavy sand oil from North America will shut production down. Many projects for 2015 are already on hold, because of price uncertainty.

If this information is true, I throw my cap in respect to you for your fact finding missions.



Nigeria is living on a borrowed time of wealth.


We must diversify our export trade and encourage indigenous production of essential products especially electronic mechanical etc goods which is best achievable through resource control and fiscal federalism

atlwireles:


$45 is not likely, 90% of the new oil sources from the North america cost over $70 per barrel to produce. If oil slides to $70 most of fracking and heavy sand oil from North America will shut production down. Many projects for 2015 are already on hold, because of price uncertainty.

I believe that $45 is not likely too as I got that figure from a friend working in the financial advisory sector. I believe Saudi would make the oil fall to a point where US drillers would be forced out of the market and oil price increases again. But analyst believe that when that happens, larger firms would take over smaller firms and increase in price would lead to more oil output in the US thereby forcing the price down again.
All in all, this is a big lesson for economies dependent on oil alone for income.

BlackTechnology:




Is there hope .? Yes

If only we encourage resource control , fiscal federalism and most importantly indigenous production of essential products especially electronic mechanical etc goods which depletes our foreign reserve when we buy dollar in order to buy and Import foreign products.

yeah. the economy needs to be diversified and to think cocoa and rubber was our major source of income before the discovery of black gold.

atlwireles:


$45 is not likely, 90% of the new oil sources from the North america cost over $70 per barrel to produce. If oil slides to $70 most of fracking and heavy sand oil from North America will shut production down. Many projects for 2015 are already on hold, because of price uncertainty.

Price is likely going to level off around $70. The reason is because even though Canadian tar/oil-sand oil extraction is both capital intensive and messy which should keep oil price well above $70s, Alaskan oil and gas is still very much in play. If Alaskan oil comes in full (which will certainly come) alongside shale/fracking oils, countries like Nigeria, Angola, Gabon, etc that depend solely on oil revenue will be in financial trouble.

In the US today, there's a renewed resolve to go full blast on domestic energy sourcing. My hunch is that a new America that depends less on foreign energy is emerging. The oil wars and unending petro-dollar funded terror has taught US govt a bitter lesson. If Nigeria is going to survive this coming avalanche it needs to tighten its belt now because low oil price is here to stay.

And by the way, I commend Ogun state for targeting budget execution with 45% IGR. I expect Anambra and Abia to sit up and go even further because the 40yr free pounded yam with ofe nsala in Abuja is about to be slashed.

saxywale:

I believe that $45 is not likely too as I got that figure from a friend working in the financial advisory sector. I believe Saudi would make the oil fall to a point where US drillers would be forced out of the market and oil price increases again. But analyst believe that when that happens, larger firms would take over smaller firms and increase in price would lead to more oil output in the US thereby forcing the price down again.
All in all, this is a big lesson for economies dependent on oil alone for income.

You have brought out a valid fact


To me Nigeria must think outside oil wealth or end up in the same economic failed league as Ghana.


Our motto should be


THINK NON OIL OR PERISH.

BlackTechnology:



If this information is true, I throw my cap in respect to you for your fact finding missions.



Nigeria is living on a borrowed time of wealth.


We must diversify our export trade and encourage indigenous production of essential products especially electronic mechanical etc goods which is best achievable through resource control and fiscal federalism

The major thing this country needs, is a better funding source for government. An economy of $522B, should be able to bear a 15% tax burden across board. Not one single commodity bearing that responsibility. Our economy should be able to deliver about $70B in tax revenue anually

BlackTechnology:



If this information is true, I throw my cap in respect to you for your fact finding missions.



Nigeria is living on a borrowed time of wealth.


We must diversify our export trade and encourage indigenous production of essential products especially electronic mechanical etc goods which is best achievable through resource control and fiscal federalism

Light manufacturing is where we should be for now.
Govt needs to invest in power generation urgently in Lagos, Aba, Nnewi, Ogun, and Kaduna (revive textile mills in that state) for a start. The 5 states/cities I mentioned above are cities that have some form of existing culture and infrastructure for exportable goods. A good govt can support them now and in turn decrease their monthly allocation down the road. This will leave more money for other states as well as gradually increase govt revenue.

GenBuhari:
Who care if the banks crash?

You consistently display a level of embarrassing ignorance in your posts.

SamIkenna:


Price is likely going to level off around $70. The reason is because even though Canadian tar/oil-sand oil extraction is both capital intensive and messy which should keep oil price well above $70s, Alaskan oil and gas is still very much in play. If Alaskan oil comes in full (which will certainly come) alongside shale/fracking oils, countries like Nigeria, Angola, Gabon, etc that depend solely on oil revenue will be in financial trouble.

In the US today, there's a renewed resolve to go full blast on domestic energy sourcing. My hunch is that a new America that depends less on foreign energy is emerging. The oil wars and unending petro-dollar funded terror has taught US govt a bitter lesson. If Nigeria is going to survive this coming avalanche it needs to tighten its belt now because low oil price is here to stay.

And by the way, I commend Ogun state for targeting budget execution with 45% IGR. I expect Anambra and Abia to sit up and go even further because the 40yr free pounded yam with ofe nsala in Abuja is about to be slashed.

The price decline of the past 6 months was more of a market share war. The Saudis and OPEC played it just right. Everybody was waiting for them to cut production 3 months ago, but they wisely refused. The North Americans are the ones cancelling projects and now they want price stability. What happened to the free market.

Enlighten me then.
What difference would the banks crashing make to lives of the average Nigerian.

So you would advise that people keep their money in banks where it would lose maybe 15% of its value in order to save the banks?

eaglechild:

You consistently display a level of embarrassing ignorance in your posts.

SamIkenna:


Light manufacturing is where we should be for now.
Govt needs to invest in power generation urgently in Lagos, Aba, Nnewi, Ogun, and Kaduna (revive textile mills in that state) for a start. The 5 states/cities I mentioned above are cities that have some form of existing culture and infrastructure for exportable goods. A good govt can support them now and in turn decrease their monthly allocation down the road. This will leave more money for other states as well as gradually increase govt revenue.

Are you a Nigerian or do you live here? You should balance the Geo Political zone or no show.

atlwireles:


The price decline of the past 6 months was more of a market share war. The Saudis and OPEC played it just right. Everybody was waiting for them to cut production 3 months ago, but they wisely refused. The North Americans are the ones cancelling projects and now they want price stability. What happened to the free market.

Didn't know about the 6 month market share war. But it's not a shock because I'm certain US has no love for OPEC for obvious reasons.

Anyways, I'm hoping oil revenue dependent countries (ex: Nigeria) are aware that US has a very large energy resource.

kel4soft:
Are you a Nigerian or do you live here? .

Yes, I am.

No, I don't live 'here.' I used to live 'here' before 'here' became too hot and chaotic.

kel4soft:
You should balance the Geo Political zone or no show.

Lol! And you're right by the way. However, you and I know my proposal is pure fantasy at best - never going to happen!

Whats the percentage of importers to Nigerian population?.......thats an infinitesimal figure,,,,,,,,only very microscopic few wld benefit............u shld be afraid of the worsening Naira value becasue its has a result of crude oil pice fall......if the countries major source of revenue becomes obsolete,,rhe country can be come broke and be come a failed state......FG dosnt contribute much to the social welfare of Nigerians but atleast we need them to provide incompetent police officers and soldiers.....and pay salaries of teachers and Civil servents......Considern that FG employs majority of the population,,,majority of people would be affected because the Governmeent would be unable to pay salaries,,,,even if you or ur parents dont work for the Government,,,,u must know friends or family who do

Col Muhammadu Buhari, federal commissioner of petroleum resources before cutting the tape to declare open NNPC refinery in Warri.

FOLYKAZE:
Jonathan is destined to bankrupt Nigeria.

And he is fulfilling his destiny fast. . . . . .

We shall all survive this storm

Did i hear jonathan from ur mouth? Nigeria don enter one chance. All these are the consequencies of change the apc way!