londoner:


I honestly was not aware that Nigeria can stabilize the price or crude oil in the international market..

Would you care to expain how Nigeria will set about doing this? Thanks in advance.

jpphilips:



The bold part of your quote is the most ignorant thing i have heard this year, as such you lack what it takes to deliberate on this subject, to earn a second chance, ans the questions below:

What do you think is the foreign policy of Saudi Arabia (highest OPEC producer) in relation to this crisis?
What will it achieve in short and long terms for the Saudi?
Cite a year or period Saudi used same strategy? Brief me further if it worked or not, which ever way you think cite reasons and examples

You have forever to research and come up with valid answers, one more wrong answer will not get a response from me, do you know why?
Most people come here to dabble into issues that is way beyond their pay grade just to feel among, trust me, I aint in the mood for free classes. let us leave Buhari out of it for a second, Goodluck!!

jpphilips:


Not your fault because you have never been privileged to exist in a corrupt free society, the average Nigerian kid has a disastrous foundation I really feel sorry for you guys, My chap asked me the other day if there was a time there was steady electricity in Nigeria, damn!! it is that bad, Kpele!!
How is NYSC paying millions of corpers in three batches yearly? how is the Govt. of United states implementing a social welfare that caters for a population of over 350million people?
How many members of the Armed forces do you think Nigeria has?

How is the Nigerian Govt paying over 35million civil servants, both retired and serving? sorry bro!! i is not your fault it is the foundation your parents left for you.

To you guys, every good thing is impossible because you have slept for so long in evil. Do you still wonder why Nigerians make up the most number of foreigners in foreign prisons? because they are not used to a society that works even when they step foot in one that actually works, sorry bro!!

As noble as the idea sounds, every reasonable person should know that it is impracticable for now.

Do we currently have a national data base that identifies every poor family? If we do, what is the criteria for determining those eligible, and how do you know when and if they eventually overcome poverty?

Do we have a National record of immediate past corp members who are unemployed? And how do we know the moment they get job?

Does Nigeria have an up-to-date record of all primary school pupils, their class and graduation schedule and number of yearly intake, making allowance for dropouts and and mid session enrolment?

Is there any structure or machinery in place to curb a possible abuse, misuse, diversion, inclusion of pseudo beneficiaries and misappropriation by corrupt politicians?

Is there a possibility that a greater majority of the beneficiaries would be from a certain part of the country?

Judging from our current economic circumstances with the austerity measure in view, do we have enough resources to carry out this welfare programme, is it economically viable, is it sustainable, what happens if the next administration comes and decides we can no longer sustain it, therefore it must be scrapped?

Please provide answers to the aforementioned questions.

And if you must know, if this programme is to successful and carried out efficiently, it would require an extended period to plan. Currently, there is absolutely no structure on ground. More so, there have got to be a legislation to back it, which would require time, apparently we are in democratic dispensation. Consequently, it would take the most part of Buhari's administration for this to come to effect.

major466:

Welfarism breeds corruption, mediocrity, inefficiency and laziness. No country can develop economically if large chunk of its meager resources is plunge on socialist ventures. To make matters worse, it will place too much burden on the feds and centralized the government further.
Developed countries that provides welfare are currently looking for ways to stop it.

jpphilips:



The bold part of your quote is the most ignorant thing i have heard this year, as such you lack what it takes to deliberate on this subject, to earn a second chance, ans the questions below:

What do you think is the foreign policy of Saudi Arabia (highest OPEC producer) in relation to this crisis?
What will it achieve in short and long terms for the Saudi?
Cite a year or period Saudi used same strategy? Brief me further if it worked or not, which ever way you think cite reasons and examples

You have forever to research and come up with valid answers, one more wrong answer will not get a response from me, do you know why?
Most people come here to dabble into issues that is way beyond their pay grade just to feel among, trust me, I aint in the mood for free classes. let us leave Buhari out of it for a second, Goodluck!!

jpphilips:


Bawss1 is already researching on that subject, don't you think he deserves a chance?

I will never make sense to you if you lack the basic knowledge of what is going on, bear in mind that Buhari owes you an explanation not me,
However, Buhari was a former NNPC chief,and former chairman for petroleum trust fund, if in your life time you are not privileged to romance any of those offices, then Shut up!! when Buhari is speaking about oil, he has earned it at least, I don't know about you.

There is no singular measure that OPEC or any nation for that matter can use right now to revert oil prices back to what it was before. Everybody will ride this out till demand picks up.

"A country's foreign policy, also called foreign relations policy, consists of self-interest strategies chosen by the state to safeguard its national interests and to achieve goals within its international relations milieu."The approaches are strategically employed to interact with other countries. The study of such strategies is called foreign policy analysis. In recent times, due to the deepening level of globalization and transnational activities, the states will also have to interact with non-state actors....wikki

Clearly, you have acknowledged that we have no national data base of the poor. Now, you referred to INEC's database and that of the bank, amazingly, you forget that INEC's database is all inclusive, it captures all Nigerians from the age of 18. However, Buhari's plan is intended for only the poor in the society and the primary school pupil who are apparently under 18.
Does INEC keep a record of poor families in Nigeria or a record of Nigerians under 18? If so, How do u identify these group in INEC's database? ----you have failed in this regard[b][/b]

When you say "what does it take to create a comprehensive national database"? You make it sound so simple, like a walk in the park. Was it that simple for INEC to capture all Nigerians of 18yrs and above without duplication? Was it that simple to capture Nigerians on the National ID card programme? During the previous ID card programme, after capturing the data, how long did it take to have the Identification?.
Though these two programs were all inclusive, yet it took painstaking effort and considerable length of time to accomplish them, how easy do you think it would be to capture only a certain section of the society, whose eligibility would have to be determined by factors that could be difficult to verify? For instance, what's the benchmark for determining a poor family in the society? You must admit that creating a database of poor families would be a very complex process.

You also asked "how corpers are paid"? But again u failed to remember that Buhari was not referring to serving corp members, Buhari's plan is to pay certain allowance to ex corp members for 1 year after their national service. But the question I raised was, what if the corp member gets employed a month after national service or within the 1 year of post NYSC allowance, how would they know without a database that monitors and captures the employment status of citizens each passing day?

I can unequivocally say again, for a project like this to be successful and efficient, it requires a careful plan and would therefore take a considerable length of time. He would most likely spend most of his administration planning this. FACT

You have failed to provide straightforward and concise answers to most of the questions I posed. You only succeeded in making unrelated references and comparisons and provided only ambiguous answers.

You should learn to project your thoughts and ideas without resorting to cheap insults. That's one of the difference between us both.

jpphilips:


Bawss1 is already researching on that subject, don't you think he deserves a chance?

I will never make sense to you if you lack the basic knowledge of what is going on, bear in mind that Buhari owes you an explanation not me,
However, Buhari was a former NNPC chief,and former chairman for petroleum trust fund, if in your life time you are not privileged to romance any of those offices, then Shut up!! when Buhari is speaking about oil, he has earned it at least, I don't know about you.

londoner:


I'm not actually talking about Buhari. I'm talking about your post where you said some countries including Nigeria can stabalise crude prices.

You obviously know how, Right? and I am asking you to explain how, so that I and others that care to know, can see how.


Again thanks in advance.

jeflexy:
how long will you continue giving them free meals

dozzy001:



They've gat clueless supporters and clueless aspirant, am sure he had F9 in economics

londoner:


I'm not actually talking about Buhari. I'm talking about your post where you said some countries including Nigeria can stabalise crude prices.

You obviously know how, Right? and I am asking you to explain how, so that I and others that care to know, can see how.


Again thanks in advance.

Aura2:


The prof has spoken, those who know are having itchy fingers while the dumb are hiding, make I follow do my own research before some old men go disgrace my generation here, see as this guy give his fellow man JAMB question to answer.
Thunder fire Nigerian Universities

BraniacX:


both you and the quoted are both spewing rubish from both sides of your mouths and fillibustering. You claim that there is a way yet you fail to mention one telling us that he knows the solution because he has headed both the NNPC & PTDF which were both political appointments in politically crucial offices that he got in order to execute the policies and agendas of his then paymaster abacha. He didn't get those jobs because he was buhari the technocrat or buhari the oil and gas industry expert, he got those jobs because he was buhari the high ranking hausa/fulani partisan who would unquestioningly do his boss's biding and cross abacha's T's and dot his I's, so forgive me for not buying into your buhari the rainmaker theory because it is to all intents and purposes trash. So your so called proff is doing a houdini on you all and by this i mean "the more you look the less you see" because he seems to be talking a lot but is actually saying nothing. Having said this, i'll like your so called professor to stop grandstanding and mention the miraculous measures that are available to your daft-onomics general, am waiting to have the curtain pulled of my eyes and become wowed by your nostradamic wisdom. Proove my ignorance to me please.....pleeeeeeeaazzz Afterall it is not everyday i get to learn something [b]totally new[\b]

annibro:


$1b from our excess crude account can take care of dat instead of some hooligans squandering d entire tin

jpphilips:


well, you were there in 1997, your father was there when Buhari was chosen, Buhari appointed Akunyili as South East Zonal coordinator, guess Akunyili was a northerner too? why are you angry?
If your family was competent, why were they not appointed? the best of the lot were chosen, stop crying, rat poison is still an option.
Buhari headed PTF not Obj's PTDF, Imagine a soul that know est not the difference think he has an opinion that count for something?
Stop waiting for free e-classes, go and read, dumb soul

BraniacX:


Well, my family isn't contesting for the presidency are they? Buhari is and therefore his competence not my family's is the topic worth discussing and if you don't like it, he can either step down or you can go bang your head on some rock ..........your choice. I don't really care either way.
So his choosing akunyilli is his master stroke that you find worthy of mentioning is it? My response to that is uuuuuuuuhhhnnnnnn..............so effing what?
If you have nothing to say on the econotricks of international fuel pricing you might as well shut up and stop pretending you have e-classes you're itching to educate nairalands sheeple with seeing as you're dumber than the rest for whose benefit you're grandstanding.
Bottom line is, you can pull a houdini on them...........just not me wankster!
Also, if being appointed to a post by a corrupt dictatorship like abacha's is the definition of competence, that makes you the incompetent's incompetent seeing as you were not appointed either but since you asked a question prior to the incompetence accusation, I'll hazard a guess and say that will be because me and my father were not hausa/fulani partisans like him........what excuse do you have?



Congratulations on knowing the difference btw PTF and PTDF.........that earns you a cupcake and a pat on the head.

jpphilips:
all Nigerian Banks put together can account for over 80% of the Nigerian populace

The results of the EFInA Access to Financial Services in Nigeria 2012 survey showed that 34.9 million adults representing 39.7% of the adult population were financially excluded. Only 28.6 million adults were banked, representing 32.5% of the adult population.

jpphilips:




The bold part is exactly what qualifies you for a discussion, since you don't know the basics of what the subject matter is, you should honorably STFU. Dumb soul. people who don't have basic education, people who don't know the four cardinal points of Nigeria will stick their dirty mouths in national discourse because you managed to own a Tecno phone.
Your freedom of speech is no license for buffoonery and I will always remind brainless fat pigs like you where you belong.

When next you see a subject that is way beyond what your IQ can process, just read and move on, where you think you have an opinion, just post an emoticon, hope I am very clear?
If your parents cannot afford school fees, apply for a scholarship.

logica:
Huh? If I don't know anything else, you are definitely wrong on this:



http://www.efina.org.ng/about-us/financial-inclusion/

Furthermore, if you are into data mining/databases you should know how difficult it would be to put together records from various institutions without a common unique key. In the US, that common unique key is the SSN.

jpphilips:


Since you asked nicely unlike some losers who peddle pseudo intellect to come here to educate themselves.

here is your answer:
read this post very carefully and ask questions where you are lost.


Do you know who the current OPEC chairman is?? guess?? HE Abdourhman Ataher Al-
Ahirish, Libyan Vice Prime Minister
for Corporations .
On the OPEC table, Libya presents a paltry 1.5mbbls/day, Nigeria puts a whooping 2.5mbbls/day now that is a capacity that cannot be ignored.

A head of state of a country like Nigeria should make OPEC chairmanship paramount on his foreign policy list, that is the brilliance you cannot get from Jonathan, to him, his politics starts with Bamangar Tukur and ends with Amaechi, that is the petty politics that pre occupies his mind.

He forgets that the fate of Nigeria, politically and economically lies on international politics not petty politics.

Back to OPEC, if Libya could get the OPEC seat, why not Nigeria? is it rocket science? of course, for a dumb Jonathan administration, it is indeed a herculean task but I tell you this day, it is not with a positive political will.

About Saudi, well, they are the highest OPEC producer and an important ally of the west, however, as it stands today, The USA is producing highest in the world above Saudi and Russia what it means is that it will get to a point where USA will not need them anymore except for being the middle east police, a job Israel is doing very well which leaves the USA with options.

THE POLITICS

The USA wants oil price down, a single weapon that will humble Putin, downgrade ISIS, and force Iran to make more Nuclear concessions, you know that ISIS makes as much $2b from oil sales stolen from Iraq and Syria oil fields.

to achieve that, the USA needs OPEC who by antecedent has been uncooperative but an ally like Saudi and being the highest producer in OPEC seems to be playing along this time.

THE SAUDI INTEREST:


With a foreign reserve of over $780b Saudi believes they can weather this present storm for a pretty long time, conversely, looking at Saudi's 2015 budget who pegged their oil benchmark at $80 there is no doubt they will run a budget deficit.

Saudi sees the US shale oil as big threat that will most likely push away their North American clients, to them they will like the price to drop to $50/bbl, which will make shale oil unattractive.

It costs between $50 to $60 to produce shale oil, at a price below $70, Shale oil will become unattractive to the American private sector, they will no longer have the capacity to service their exploratory loans, bad debt will ensue and finally will pull out, (we know that exploratory drilling in the Arctic, deep waters and North sea, is very capital intensive) returning the market to status quo. that is Saudi's long term strategy.

Also, Saudi may not like Russia and Iran to take some of its customers should he opt for a supply cut, in my opinion, it is mere paranoia because the production cost of Saudi ($6) is far lower than Russia's ($100), a few discounts here and there keeps your customers in tact. furthermore, It will only happen if Saudi should cut supply ALONE, I don't want that also. This is where a vibrant OPEC chief has to do some home work, he must have the ability to carry along both member and non member producers.

My annoyance is this; why does Nigeria a big player in OPEC, with the lightest crude therein, bereft of any strategy in the face of this crisis?

Whether my plan will work? well, just recently , Libya declared a force ma jeure on their biggest oil field that action cut out 1mbbls from the market, the price effect was a jump from $54 to $63 in just 18hrs, imagine what will happen if 2.5mbbls was withdrawn? it is no rocket science but common sense.

people argue on the contrary that a cut in production will embolden the OPEC rivals to increase production, that theory is subjective, because for every barrel you pump, there is an associated cost to it, therefore, the more they pump to saturate the market, the price will crash further at a point, it will no longer be profitable and both the left and right wing interest groups don't want that to happen.

The shale oil causing all this wahala, is only profitable above $65, how much loses will Exxon incur below $60 before they close down their Shale oil field in North Dakota?
The Shale oil field in Texas is only profitable above $75, what it means is that if OPEC withdraws production and the price jumps to $75-$80, countries like Nigeria will recover from budget deficit while the oil fields in Texas will not dare pump further for fear of rendering their oil useless.


WHERE JONATHAN FAILED WOEFULLY:


Immediately US started their shale production enmasse, Jonathan would have a comprehensive foreign policy to strategically position Allison Madueke as the next OPEC chairlady at all cost. On that seat, we can influence a significant cut in OPEC output which stands today at 40% of world's total oil production ofcourse, with the support of other members whose economies are negatively affected.

This is the best time to woo, Russia and Mexico to join OPEC, that will increase OPEC stakes to 50% of the world's oil being the second and 10th largest producer in the world, a sound OPEC chairman knows that Russia as an OPEC signatory will strike a great blow to the USA.

But for a clueless soul who have enthroned his personal interest above national interest, a man who knows nothing about strategies that will likely make or mar his economy, guess I and my fellow country men should live to bear the brunt.

When buhari said he can do it, I have no doubt he is thinking what im thinking.

rhymz:

Your analysis is full of scenarios that ignores many factors that have affected and continued to affect oil prices in the international market. The US alone has added 4 million new barrels of crude oil per day to the global market since 2008. (Global crude production is about 75 million barrels per day, so this is significant.)

Up until very recently, however, that US oil boom
had surprisingly little effect on global prices. That's
because, at the exact same time, geopolitical
conflicts were flaring up in key oil regions. There
was a civil war in Libya . Iraq was a mess. The US
and EU slapped oil sanctions on Iran and reduced
its oil exports. Those conflicts took more than 3
million barrels per day off the market.

Fast forward to mid-2014, the dynamics have changed;
1. Conflicts in many of these oil producing countries are beginning to ease out. For instance, In July, Libyan rebels opened two key export terminals, Es Spider and Ras Lanuf, that had been shut down for a year. Libyan exports rose unexpectedly. (They have since fallen again as conflicts have flared up, but that's been offset by rising production from Iraq, which is also getting its oil back online.)

2. With the economic crisis in Europe, reduced demand in Europe and Asia, particularly the slow down in China and Germany, and energy companies in the United States using techniques like fraking and horizontal drilling to extract oil from shale formations in North Dakota and Texas. And even In Canada where energy companies are heating Alberta's gooey oil sands with steam to extract usable crude. All these pointing to the fact the biggest consumers have become the biggest producers and have no need to buy more oil or at least drastically reduce demand, oil prices expectedly came crashing.

3. Unfortunately, even the almighty OPEC's influence has greatly been reduced by market share politics giving these developments. Looking at the jostle for oil market share going on between OPEC's member state, there is very little Nigeria can do as countries like Saudi Arabia, Iran, Iraq, Kuwait and their likes have advantages that countries like Nigeria, Venezuela and even non-member State like Russia do not have:

a. Small population to continue oil funded social programs, welfare packages and subsidies in their countries and keep citizens from protesting.

b. Huge exchange reserve to cushion the effects of low prices to sustain the "price war" for a long period of time as they wait for the cost of the technologies fuelling "tight oil" boom to rise to an unattractive level; might never happen or at least not any time soon.

c. Massive foreign-exchange reserves to finance budget deficits and continue to sustain government plans in these countries. All these luxuries we don't have, fact.

The idea of rallying member state to reduce oil production will only see us cede more market shares to the likes of Saudi Arabia, Iran, Kuwait, Russia and their likes who should have taken the front seat of making such moves but are reluctant because they fear they will lose their share of the already dwindling oil market. Saudi Arabia for instance, argued that even if they cut down production, prices will still fall, and they will lose market share, they pointed out how it did not help them in the 80s when a similar situation happened.

Nigeria can not afford to put itself in the position you are proposing because our national budget is still heavily reliant on that 2.8 million barrels per day you are trying to experiment with in the comfort of your arm chair critiquing. Even Russia that has about 50% of its budget being funded by oil revenue can not afford such an idealistic "price war" now with the US shale oil proponents, that's the truth. The issue here goes beyond oversimplifying dynamics and throwing blames around like you really believe a Buhari government has some superior bargaining antics to force the hands of other member states who also have to face economic backlash and prevailing economic realities in their climes.

Again, the proposal of feeding and giving stipends at this trying times is the most brainless idea ever to be suggested by anyone who is watching what is going on with even strong economies in Europe. APC is playing to the gallery and not coming up with any workable solution, that is the truth, it does not matter how you try to grandstand for them.

BraniacX:


When I saw his excuse of a post trying to rationalise the irrational I purposely gave it all the attention it deserved...............none. It is simply laughable selling a proposal which you claim is a certainty with many if's, conjectures and personal opinions on an industry which you know little about and are therefore not qualified to profer opinions about.
Bottom line is, there is a very significant political aspect to the drop in international oil prices which he simply glosses over and the implication being that the U.S and saudi arabia the two biggest deciding nations/factors in current oil pricing regime have their political interests aligned puurrrrrrfectly for now and it suits both of them to have the prices drop for now and unless Nigeria can convince both of them that it is in their interests to have oil prices rise, then whoever is proposing other theories and making conjectures is simply on a fools errand and Nigeria simply doesn't have any measures or tricks up her sleeves that a much bigger oil producing country like Venezuela doesn't have or hasn't attempted recently and to say otherwise and suggest that Buhari is the man to do it is a lot more than misleading, it is also mischievous.
Like I told him earlier, short of abracadabra economics, there is nothing else he can postulate as an answer to explain his grandstanding so as it is, I am still waiting for his answer.

[quote author=logica post=29732845]Huh? If I don't know anything else, you are definitely wrong on this:
http://www.efina.org.ng/about-us/financial-inclusion/

Furthermore, if you are into data mining/databases you should know how difficult it would be to put together records from various institutions without a common unique key. In the US, that common unique key is the SSN.