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.

At the end of the Federation Accounts Allocation Committee (FAAC) meeting for September, Federal, States and Local Governments were only able to go home with N603.5 billion allocation after they resolved to borrow about $2.76 billion from the Excess Crude Revenue Account to augment shortfall in revenue generated during the period.

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.

Though she said the country’s External Reserves rose from $36.6billion at the end of June to $39.48billion by October 16, and the balance in the Sovereign Wealth Fund at $1.55billion, accruals from oil exports have been poor.

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 minister said the fall in the prices of export commodities such as gold, iron ore and agricultural produce such as cocoa, cotton and coffee was bound to affect most African economies, which relied on commodity export for the sustenance of their economies.

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

lalasticlala
Mynd44

There is need to remind Nigerians of where we are coming from, as an average Nigerian is cursed with forgetfulness

Back then,i never understood what she meant. but now,our eyes have seen and our ears have heard.

They will avoid this thread.....Dumbodinhos

Bros na wa for you ooo. So it means if I warn you that there is danger ahead of you, you will keep going that direction? Please we should not make excuses for failure. If you fail, you take responsibility. That is INTEGRITY and HONESTY. This govt has failed QED. What we should be talking about now is visionary leaders. Thanks.

midolian:
There is need to remind Nigerians of where we are coming from, as an average Nigerian is cursed with forgetfulness

inforesource:
[s]Bros na wa for you ooo. So it means if I warn you that there is danger ahead of you, you will keep going that direction? Please we should not make excuses for failure. If you fail, you take responsibility. That is INTEGRITY and HONESTY. This govt has failed QED. What we should be talking about now is visionary leaders. Thanks[/s].

Trash

inforesource:
Bros na wa for you ooo. So it means if I warn you that there is danger ahead of you, you will keep going that direction? Please we should not make excuses for failure. If you fail, you take responsibility. That is INTEGRITY and HONESTY. This govt has failed QED. What we should be talking about now is visionary leaders. Thanks.

Infact, she started warning since 2012 and the failures started in 2014 when she and GEJ started borrowing to pay salaries.

https://www.vanguardngr.com/2012/06/okonjo-iweala-warns-of-economic-recession/

Why did GEJ not stop the slide? At least he was the lucky dude who sold oil for over $110/barrel? Until they could only afford N11B for ministry of works budget in 2015 when 2nd Niger bridge alone had cost of N130B?

inforesource:
Bros na wa for you ooo. So it means if I warn you that there is danger ahead of you, you will keep going that direction? Please we should not make excuses for failure. If you fail, you take responsibility. That is INTEGRITY and HONESTY. This govt has failed QED. What we should be talking about now is visionary leaders. Thanks.

BUNKUM!

midolian:
There is need to remind Nigerians of where we are coming from, as an average Nigerian is cursed with forgetfulness

they warn you finish yet you came in and wasted 6months in appointing ministers and also made a lot of smelling speeches that chased away investors yet you cannot accept responsibility for failures. Lubbish

After the governors used the savings to fund the two men in asorock.


https://www.youtube.com/watch?v=1d3r3rHBr6k

lonecatt:
they warn you finish yet you came in and wasted 6months in appointing ministers and also made a lot of smelling speeches that chased away investors yet you cannot accept responsibility for failures. Lubbish

I guess it was Buhari that confused GEJ into economic recklessness that made him ruin the economy to the point that he could only afford N11B for the entire projects of ministry of works in 2015?

https://www.vanguardngr.com/2015/03/fg-cuts-works-ministrys-budget-from-n100bn-to-n11bn/

Honest and sensible people blame Buhari for his faults and also blame GEJ for his but atikulooting zombies like you just stick to your programmed nonsense

shukuokukobambi:


I guess it was Buhari that confused GEJ into economic recklessness that made him ruin the economy to the point that he could only afford N11B for the entire projects of ministry of works in 2015?

https://www.vanguardngr.com/2015/03/fg-cuts-works-ministrys-budget-from-n100bn-to-n11bn/

Honest and sensible people blame Buhari for his faults and also blame GEJ for his but atikulooting zombies like you just stick to your programmed nonsense

But Buharis wife did not blame GEJ, she blamed the incompetence of her husband.

shukuokukobambi:


I guess it was Buhari that confused GEJ into economic recklessness that made him ruin the economy to the point that he could only afford N11B for the entire projects of ministry of works in 2015?

https://www.vanguardngr.com/2015/03/fg-cuts-works-ministrys-budget-from-n100bn-to-n11bn/

Honest and sensible people blame Buhari for his faults and also blame GEJ for his but atikulooting zombies like you just stick to your programmed nonsense

buhari is programmed for lifelessness that is why it took him 6months to appoint ministers.
Buhari have never given an intellectual lecture nor engage in any profitable venture,how you think he can perform well with the economy baffles me.

mekaboy:


But Buharis wife did not blame GEJ, she blamed the incompetence of her husband.

So Aisha is blaming Buhari for GEJ not being able to get more than N11B for his ministry of works even while still selling out for $75/barrel?

lonecatt:
buhari is programmed for lifelessness that is why it took him 6months to appoint ministers.
Buhari have never given an intellectual lecture nor engage in any profitable venture,how you think he can perform well with the economy baffles me.

So what was GEJ programmed for when he left a depleted FX reserves, $6.8B debts to IOC's and virtually no money for projects despite selling oil above $100/barrel for most of his rule?

after Ngozis warning....Buhari still left the country drifting without Ministers for 7 months , the blame is on PMB shikena

shukuokukobambi:


So what was GEJ programmed for when he left a depleted FX reserves, $6.8B debts to IOC's and virtually no money for projects despite selling oil above $100/barrel for most of his rule?

you should be asking the dullard where he got the money he used in paying bail out funds when he got to power.is it your uncle that left the money?
Argue with Google on your phone you will see how much he left.

lonecatt:
you should be asking the dullard where he got the money he used in paying bail out funds when he got to power.is it your uncle that left the money?
Argue with Google on your phone you will see how much he left.

He sold oil for over $100 for most of his reign, left cash call debts of $6.8B in tbe oil industry, over N500B subsidy debts, almost N2T contract debts for projects. I will need to calculate the debts he was owning states for federal roads they fixed e.g the N67B that Buhari just paid okowa some days ago.

Now can you tell us how much he left so we can do the plus and minus and have a reason to worship him like you do?

shukuokukobambi:


He sold oil for over $100 for most of his reign, left cash call debts of $6.8B in tbe oil industry, over N500B subsidy debts, almost N2T contract debts for projects. I will need to calculate the debts he was owning states for federal roads they fixed e.g the N67B that Buhari just paid okowa some days ago.

Now can you tell us how much he left so we can do the plus and minus and have a reason to worship him like you do?

how you blame Jonathan for buhari incompetence is what I do not understand.
A man who took 6months and not 6days to appoint ministers is not worth to a secondary pupil let alone president. Buhari is a dullard
Kiss the truth

lonecatt:
how you blame Jonathan for buhari incompetence is what I do not understand.
A man who took 6months and not 6days to appoint ministers is not worth to a secondary pupil let alone president. Buhari is a dullard
Kiss the truth

I'm calling out your stinking hypocrisy when you abuse Buhari but defend GEJ and almost venerate him like he's assistant Jesus.

Even okonjo, as at 2012, was already warning GEJ that the economy was heading for the rocks yet he continued with the profligate spending till he started borrowing to pay salaries in 2014 but of course you're blind to that.

shukuokukobambi:


I'm calling out your stinking hypocrisy when you abuse Buhari but defend GEJ and almost venerate him like he's assistant Jesus.

Even okonjo, ad at 2012, was already warning GEJ that the economy was heading for the rocks yet he continued with the profligate spending till he started borrowing to pay salaries in 2014 but of course you're blind to that.

and so ? If she warned him is that why buhari should fail? Goan sit down or better help buhari in rearing his 150 unproductive cows.

lonecatt:
and so ? If she warned him is that why buhari should fail? Goan sit down or better help buhari in rearing his 150 unproductive cows.

So that's all you have to say?

Well said, but you should know how Nigeria govt works, our govt usually left governance for politicking a year to election which is absolutely wrong. These are the things we should be talking about.

shukuokukobambi:


Infact, she started warning since 2012 and the failures started in 2014 when she and GEJ started borrowing to pay salaries.

https://www.vanguardngr.com/2012/06/okonjo-iweala-warns-of-economic-recession/

Why did GEJ not stop the slide? At least he was the lucky dude who sold oil for over $110/barrel? Until they could only afford N11B for ministry of works budget in 2015 when 2nd Niger bridge alone had cost of N130B?

inforesource:
Well said, but you should know how Nigeria govt works, our govt usually left governance for politicking a year to election which is absolutely wrong. These are the things we should be talking about.

True

deji68:
after Ngozis warning....Buhari still left the country drifting without Ministers for 7 months , the blame is on PMB shikena

So, appointing ministers immediately would have driven oil price to $500/ barrel?

Na today? E don tay.

Well, he had 2 options , withdraw is candidacy and contest again when oil is 500 $/Barrel or appoint ministers and put in place policies to address the situation.... which he never did

Sirjamo:
So, appointing ministers immediately would have driven oil price to $500/ barrel?

inforesource:
Bros na wa for you ooo. So it means if I warn you that there is danger ahead of you, you will keep going that direction? Please we should not make excuses for failure. If you fail, you take responsibility. That is INTEGRITY and HONESTY. This govt has failed QED. What we should be talking about now is visionary leaders. Thanks.

Visionary leaders like who？A TI KU, Sorry not from PDP, abegi talk something else, Buhari is 100％ better than Anyone from PDP

deji68:
Well, he had 2 options , withdraw is candidacy and contest again when oil is 500 $/Barrel or appoint ministers and put in place policies to address the situation.... which he never did

So ministers and policies without money will move the country to develop like Dubai abi？

and u think if u have money and no good policy Nigeria will become Dubai? .... he had options if he didnt take them he shouldnt complain...

godox2:


So ministers and policies without money will move the country to develop like Dubai abi？

PDP e-rodents will avoid thread like this.

Why are we comparing kettle and pots? Are these 2 all we have?

godox2:


Visionary leaders like who？A TI KU, Sorry not from PDP, abegi talk something else, Buhari is 100％ better than Anyone from PDP