[size=15pt]Brace for tougher times ahead, Okonjo-Iweala tells Nigerians[/size] -NOV 2014

http://www.premiumtimesng.com/business/171145-brace-tougher-times-ahead-okonjo-iweala-tells-nigerians.html

Nigerians should brace for tougher economic times ahead, the Minister of Finance, Ngozi Okonjo-Iweala, has said as crude oil prices slipped to a four year low on Wednesday.

New York Mercantile Exchange (NYMEX) December WTI oil futures sold at $75.20 per barrel on Wednesday, down $1.98, from $74.96 per barrel the previous day, the lowest level for a most-active contract since September 2010.

Though the price of sweet crude, the blend of oil export from Nigeria, rose marginally at the close of trading on Wednesday to $76.96 per barrel, it has already crashed below the $79 per barrel benchmark approved in the 2014 Appropriation Act, concerns are mounting that tough times are indeed ahead.

The Federal Government had attributed the declining revenues to the fall in prices at the international oil market.

After drawing from the ECA, Minister of State for Finance,
Bashir Yuguda, said the balance in the account had dropped further from $4.1 billion to about $1.34 billion at the moment.
But Mrs. Okonjo-Iweala said in Lagos on Tuesday that the economic indicators show there are tougher times ahead.

According to her, Nigeria would begin to feel the impact of the dropping oil prices at the international oil market, which commenced since the first half of the year.

“The country must brace up for tougher times ahead”, she said. “We need to review our expenditures and build economic buffers through budgets that would be based on modest oil prices.”

She underlined the importance of a sound macro-economic management to Nigeria at this time, particularly the need to plug all revenue leakages.

“We have not yet seen the impact of the falling oil prices in Nigeria. It will start this month. We have to drive the non-oil revenue base to be able to weather the storm that is coming,” the Minister said.

THE AIM OF DIGGING UP THIS ARTICLE:

Pleae note: Madam Okonjor made this assertions in November 2014.

1. This is to remind the Wailing Wailers who keep attacking the current minister of Finance that the ex Finance Minister whom they so much believe in and whom they believe would have been a messiah sounded the alarm of a very tough economy ahead even when oil was still as high as 76usd per barrel. Do I need to remind anyone the price of oil per barrel now?

2. The ex Minister of Finance only saw a need to block revenue leakages when Oil prices started dropping low. Was any action taken after her suggestion? No!!! Rather, despite the dwindling oil prices, CBN became am ATM to allies of the president, where raw Dollars/Naira where withdrawn/tansferred under the guise of phantom projects, bogus subsidy claims, arms procurements. Etc. Now we are suffering of dollar crunch.

Who came on board to block the leakages? The new Sheriff off course, President Buhari.

3. If at $76/per barrel, Madam Okonjor was already ringing bells, why do the Wailing Wailers expect a booming economy from a government which is less than a year in office, and currently selling oil at $28 per barrel? Rather than wailing, they should rather support the government in steps taken to move Nigeria forward.

4. Madam Okonjor needs to explain to Nigerians why Nigeria was not saving for the dry season when oil was sold well above $100 per barrel. What happened to all the revenues generated when oil was booming? We only had booming economy on papers, ordinary Nigerians never felt a booming economy under her watch.

To the Wailing Wailers:

President Buhari have succeeded in blocking a lot of revenue leakages, and is driving seriously for non oil revenue generations as it is evident in the changes made in the Nigeria Customs, FIRS, and the appointment of learned scholar Dr. kayode Fayemi as the minister of Solid minerals.Etc

We have also seen efforts to recover stolen money even though some term it political witch hunting. The almost dead EFCC whose duty was reduced to chasing Internet fraudsters popularly known as Yahoo boys have suddenly rosen up to their responsibilities. Fraudsters like Olisah Metuh, Dansuki and the likes are already feeling the heat.

Efforts to recover stollen money is also a form of blocking revenue leakages.

The fact remains that APC led government can not correct the 16 years rot of PDP in less than a year and it is illogical to blame the current economic woes on the newly elected president. Only the blind will not see President Buhari is really working to make Nigeria great again.

SO FAR SO GOOD, PRESIDENT BUHARI IS PERFORMING ECONOMIC MIRACLES, HE HAS NOT EVEN BORROWED TO PAY ANY SALARIES

God bless the Federal Rubublic of Nigeria

NB: I am a die hard APC supporter with No Apologies!!!!

Dear mynd44 lalasticlala and seun. Wailiing Wailers in not an abuse or insult and have been officially used by renowned writers and even the presidents media aide and have been published on news papers.

I am simply reminding with wailing wailers/ipob that their goddess was already making noise even when oil was still $75 per barrel and she specifically noted we were going to start feeling drop in oil prices NOV 2014. Oil have been dropping ever since then....hence Magician Buhari needs to be given more time

This article would have made more sense if the OP did not seek to blatantly attack perceived enemies.

Nov 2014 was already too late to make this statement.

Nice throwback. I'm seeing it in a clearer form....

INTROVERT:

introvert booking space!!

Truuu

Bambless1:
APC slave! Detected!

We are not playing game boy here. This place is not for u.

the dullardos of the dulllard are back again




www.nairaland.com/attachments/2837478_apczombie_jpeg18e83b86a22c6378b2e3f37984ea3432

This is an indication of the cluelessness of the present FG. Even before they got to power, the were aware of the tough times aheaD. They promised change. They came into power and yet the impact is growing by the day. What buffers have this govt put in place as sugGested by NOI?

On the economy, this govt has since slipped from grade D to E and are precariously at the edge of slipping to an epic Fail.

GreatAgb:
This is an indication of the cluelessness of the present FG. Even before they got to power, the were aware of the tough times aheaD. They promised change. They came into power and yet the impact is growing by the day. What buffers have this govt put in place as sugGested by NOI?

On the economy, this govt has since slipped from grade D to E and are precariously at the edge of slipping to an epic Fail.

You want magic in less than one year? What was NOI looking at for 6 years? She expected oil to keep booming?

sexymumu:
Most silly comeback i have ever seen.

Wailing wailers mostly talk and contributes to matters of the economy out of hatred for PMB. They see only the flaws of the president.. trust me even if the exchange rate of Naira to dollar is 1naira to 1dollar, they'll still come up with something stupid to say...

They all need jesus

Anyone with a bit of sense will know that this government is performing economic miracles given the massive fall in oil prices and the empty treasury they met.

We are on a steady march to a new Nigeria under a sincere and resolute leadership. The era of clueless and corrupt presidency is gone forever. Our task now is to make sure of that by raising the standards in 2019 after Buhari has laid the foundation.

We now have a leader! Sai Buhari.

Let me pity ur ailing condition as an automatic zombie and ur bad janjawe.edian life by answering kwestion 4.
When okonjo and gej were crying blood telling nigeria to save for the hard times ahaed some of ur captians of zombie and ur janjawee.dian 5 star generals who are ameachi the air lord fashole the tomboy of tinubu who spent $85 million to buy an already existed site $150million in digging a borehole, oshiomole the go and die governor with opolo eye who spent over $200million marrying an ethiopian goddess, took gej to court and and shouted corruption of which you koboko69, gbawe the slum the dweller, beremx, omenka, passingshot, delgardo, demdem and all scam change agent were shouting kworruption. I pity you. Apc change

God bless u for making me read this this morning

If you foresee something bad wont you try to prevent or prepare for the day it will happen? Thats where madam gele SHOULD BE BLAME AND THE AWARD WINNING DRUNKARD SIR JONA .

God bless NAIJA AREA

Redoil:
Let me pity ur ailing condition as an automatic zombie and ur bad janjawe.edian life by answering kwestion 4.
When okonjo and gej were crying blood telling nigeria to save for the hard times ahaed some of ur captians of zombie and ur janjawee.dian 5 star generals who are ameachi the air lord fashole the tomboy of tinubu who spent $85 million to buy an already existed site $150million in digging a borehole, oshiomole the go and die governor with opolo eye who spent over $200million marrying an ethiopian goddess, took gej to court and and shouted corruption of which you koboko69, gbawe the slum the dweller, beremx, omenka, passingshot, delgardo, demdem and all scam change agent were shouting kworruption. I pity you. Apc change

Then your drunkard president should have find a way of fighting what you term as corruption from the side of the names you mentioned. Instead , he was busy drinking ogogoro.

They know the truth but prefer hiding it just to label this administration bad.

koboko69:


You want magic in less than one year? What was NOI looking at for 6 years? She has expected oil to keep booming?

I asked you a simple question, what buffers have the present team put in place?

She said 2 key things

1. Block revenue leakages

2. Introduce economic buffers into the budget to cushion the effects.

So answer my question

Please APC's useful idi0ts should let us here word.
Proudly 5%
It's said that u don't debate with useful idi0ts so i won't bother.

[s]THE AIM OF DIGGING UP THIS ARTICLE:
Pleae note: Madam Okonjor made this assertions in November 2014.
1. This is to remind the Wailing Wailers who keep attacking the current minister of Finance that the ex Finance Minister whom they so much believe in and whom they believe would have been a messiah sounded the alarm of a very tough economy ahead even when oil was still as high as 76usd per barrel. Do I need to remind anyone the price of oil per barrel now?
2. The ex Minister of Finance only saw a need to block revenue leakages when Oil prices started dropping low. Was any action taken after her suggestion? No!!! Rather, despite the dwindling oil prices, CBN became am ATM to allies of the president, where raw Dollars/Naira where withdrawn/tansferred under the guise of phantom projects, bogus subsidy claims, arms procurements. Etc. Now we are suffering of dollar crunch.
Who came on board to block the leakages? The new Sheriff off course, President Buhari.
3. If at $76/per barrel, Madam Okonjor was already ringing bells, why do the Wailing Wailers expect a booming economy from a government which is less than a year in office, and currently selling oil at $28 per barrel? Rather than wailing, they should rather support the government in steps taken to move Nigeria forward.
4. Madam Okonjor needs to explain to Nigerians why Nigeria was not saving for the dry season when oil was sold well above $100 per barrel. What happened to all the revenues generated when oil was booming? We only had booming economy on papers, ordinary Nigerians never felt a booming economy under her watch.
To the Wailing Wailers:
President Buhari have succeeded in blocking a lot of revenue leakages, and is driving seriously for non oil revenue generations as it is evident in the changes made in the Nigeria Customs, FIRS, and the appointment of learned scholar Dr. kayode Fayemi as the minister of Solid minerals.Etc
We have also seen efforts to recover stolen money even though some term it political witch hunting. The almost dead EFCC whose duty was reduced to chasing Internet fraudsters popularly known as Yahoo boys have suddenly rosen up to their responsibilities. Fraudsters like Olisah Metuh, Dansuki and the likes are already feeling the heat.
Efforts to recover stollen money is also a form of blocking revenue leakages.
The fact remains that APC led government can not correct the 16 years rot of PDP in less than a year and it is illogical to blame the current economic woes on the newly elected president. Only the blind will not see President Buhari is really working to make Nigeria great again.
God bless the Federal Rubublic of Nigeria
NB: I am a die hard APC supporter with No Apologies!!!![/s]
uzles post from a uzles dumb ass.

On the subject of flashbacks:

Nigeria’s main opposition party said it will scrap the country’s sovereign wealth fund and a separate excess crude account if it wins elections in February.“We’re going to put a stop to them,” Lai Mohammed, a spokesman for the All Progressives Congress, or APC, said in an interview in London yesterday. “The sovereign wealth fund and the excess crude account are illegal.”

http://www.bloomberg.com/news/articles/2014-09-30/nigeria-s-opposition-wants-to-scrap-sovereign-oil-funds

Is it not ironic that a party that who made it plainly clear that they are against maintaining a savings buffer against a potential fall in oil price now bemoan the lack of savings today?

Lets also remember that many APC run states, including Kemi Adeosun's Ogun state where she was commissioner of finance, were run as if oil prices will never fall. This explains why they have required bailouts. Remember this when you hear these partisan hacks try to pretend they are different from PDP.

Redoil:
Let me pity ur ailing condition as an automatic zombie and ur bad janjawe.edian life by answering kwestion 4.
When okonjo and gej were crying blood telling nigeria to save for the hard times ahaed some of ur captians of zombie and ur janjawee.dian 5 star generals who are ameachi the air lord fashole the tomboy of tinubu who spent $85 million to buy an already existed site $150million in digging a borehole, oshiomole the go and die governor with opolo eye who spent over $200million marrying an ethiopian goddess, took gej to court and and shouted corruption of which you koboko69, gbawe the slum the dweller, beremx, omenka, passingshot, delgardo, demdem and all scam change agent were shouting kworruption. I pity you. Apc change

Clown...can you substantiate this your claims or u think we are having a beee parlour gist here?
What is real an authentic is that the Buffon openned the gates to our Commonwealth popularly known as Yams to.goats just for his 2nd term agenda.....

You can not deny that fact can you buffon?

GreatAgb:
This is an indication of the cluelessness of the present FG. Even before they got to power, the were aware of the tough times aheaD. They promised change. They came into power and yet the impact is growing by the day. What buffers have this govt put in place as sugGested by NOI?

On the economy, this govt has since slipped from grade D to E and are precariously at the edge of slipping to an epic Fail.

Am sure your senses should remind you that NOI has to borrow money to pay April and May salary.

What does that tells you??

It means there's nothing on ground for Buhari to work with, and instead of attacking Buhari and his government, what effort have you put in place to query NOI and her boss?

We should learn to say our opinions and debate without throwing insults.

We should also when saying those opinions profer solutions on the way forward.

God Bless Nigeria.