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Cost Of Crude under PDP Vs Cost Of Crude under APC - Politics - Nairaland

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Cost Of Crude under PDP Vs Cost Of Crude under APC by mycar: 11:34pm On Jan 16, 2019
Bearing in mind that what we spend in Nigeria is naira and not dollar.
I need some clarifications on this;

In 2013, when oil sold highest in Nigeria under PDP, the average oil price was $97.98 per barrel and average official exchange rate was N160/$ , meaning that we earned an average of 97.98*160= N15,676.8 per barrel of crude oil.

Now under APC, 2018 is the year we had the highest oil price and the average oil price was $64.9 per barrel, and the average official exchange rate at N305/$; meaning that we earned an equivalent of 64.9*305 = N19,794.5/barrel under APC.

So, when did we actually earn more Naira from oil?
Re: Cost Of Crude under PDP Vs Cost Of Crude under APC by Topccy007z: 11:41pm On Jan 16, 2019
I don't now know the excuse APC is giving to justify their failure
Re: Cost Of Crude under PDP Vs Cost Of Crude under APC by baralatie(m): 12:32am On Jan 17, 2019
mycar:
Bearing in mind that what we spend in Nigeria is naira and not dollar.
I need some clarifications on this;

In 2013, when oil sold highest in Nigeria under PDP, the average oil price was $97.98 per barrel and average official exchange rate was N160/$ , meaning that we earned an average of 97.98*160= N15,676.8 per barrel of crude oil.

Now under APC, 2018 is the year we had the highest oil price and the average oil price was $64.9 per barrel, and the average official exchange rate at N305/$; meaning that we earned an equivalent of 64.9*305 = N19,794.5/barrel under APC.

So, when did we actually earn more Naira from oil?




it is not as straight forward a calculation as you put it
Re: Cost Of Crude under PDP Vs Cost Of Crude under APC by baralatie(m): 12:39am On Jan 17, 2019
during PDP admin nig produced 1.2 mil/day while now we are producing 1.8 million but we have unsold cargoes because of oil glut and price instability meaning we still sell low
in summary Big is screaming harsh for dollars as oil prices dip
Re: Cost Of Crude under PDP Vs Cost Of Crude under APC by baralatie(m): 12:44am On Jan 17, 2019
the naira would have made sense if Nig did not spend its dollars buying stuff it should be making for itself.from rice,cars,refined products,phones,tablets,manufacturing components,steel products etc
Re: Cost Of Crude under PDP Vs Cost Of Crude under APC by mycar: 6:42am On Jan 17, 2019
baralatie:

it is not as straight forward a calculation as you put it
Why can't it be a straight forward calculation ? Each time President Buhari or his vice is mentioning, either never add any other indication or premises, they quote it without making reference to even the subsidy challenges and standard of living then.
It is simply. FG disburses naira to the States.
Minimum wage was never increased to cushion the effect of the high cist of living and at the end of the day we are still borrowing. Who is deceiving who?
Re: Cost Of Crude under PDP Vs Cost Of Crude under APC by mycar: 6:58am On Jan 17, 2019
baralatie:
during PDP admin nig produced 1.2 mil/day while now we are producing 1.8 million but we have unsold cargoes because of oil glut and price instability meaning we still sell low
in summary Big is screaming harsh for dollars as oil prices dip
In a business , there is never a time sales are constant, there has always been a price fluctuation hence I used average in my calculation and I believe you quoted the average too since statistics also shows that we produced more than that some times or less too depending on the demand of which I believe drives our production output target.
Re: Cost Of Crude under PDP Vs Cost Of Crude under APC by mycar: 7:11am On Jan 17, 2019
baralatie:
the naira would have made sense if Nig did not spend its dollars buying stuff it should be making for itself.from rice,cars,refined products,phones,tablets,manufacturing components,steel products etc
Yes of course, this is the area our government has failed us, both present and past, nothing for the research institutes, even we masses are not helping with our tribalism and jealousy, look at Innoson motor, Aba made shoes and belt, we termed them inferiors and still buy Honda accord that will leave you stranded on the street causing a traffic jam due to dislodged ball joint.
We cheer politicians and support a known flop as if we are supporting a football club, forgetting that football has no direct impact on your life the way politics has.

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