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Oil Price Sinks To Lowest Level In 16 Years - Politics - Nairaland

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Mele Kyari: Nigerians Should Prepare For 3 Months Trouble Over Oil Price Crash / Crude Oil Not Sold For $100 In 16 Years Of PDP – Atiku / Electricity: We’ve Performed Better Than PDP Did In 16 Years – Fashola (2) (3) (4)

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Oil Price Sinks To Lowest Level In 16 Years by ProsperChild: 9:09pm On Mar 18
The price of Brent crude, the international benchmark, tumbled on Wednesday to the lowest level in 16 years as global markets continued to respond to the price war between Saudi Arabia and Russia amid the spread of the coronavirus pandemic.

Brent, against which Nigeria’s crude is priced, fell by $2.23 to $26.11 per barrel as of 4:42 pm Nigerian time on Wednesday, its lowest level since late 2003.

With the oil price now more than 50 per cent lower than Nigeria’s budget benchmark, the country’s oil-dependent economy has come under more pressure, The PUNCH reports.

The 2020 budget, which was signed by the President, Major General Muhammadu Buhari (retd.), in December, was based on oil production of 2.18 million barrels per day with an oil price benchmark of $57 per barrel.

The Federal Government was looking to generate N2.64tn oil revenue, representing 32.34 per cent of expected total revenue for this year, with non-oil revenue projection being N1.80tn.

Source: https://punchng.com/breaking-oil-price-sinks-to-lowest-level-in-16-years/

9 Likes 2 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by CaptainPlanet(m): 9:11pm On Mar 18
grin

8 Likes

Re: Oil Price Sinks To Lowest Level In 16 Years by vicdom(m): 9:14pm On Mar 18
embarassed
E don red now. This is the time our pseudo change and next level government should bring out all the audio recovered loots, trillions saved in TSA, customs and et al and fund our budget. I don't wanna hear story oooo. Because all these acclaimed monies are suffice for our budget funding. Very useless and clueless government with dimwitted zombies as apologists. undecided

249 Likes 15 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by Lanre4uonly(m): 9:18pm On Mar 18
It is much expected.
Re: Oil Price Sinks To Lowest Level In 16 Years by hisgrace090: 9:24pm On Mar 18
Very serious.

1 Like 2 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by voltron14: 9:31pm On Mar 18
vicdom:
embarassed
E don red now. This is the time our pseudo change and next level government should bring out all the audio recovered loots, trillions saved in TSA, customs and et al and fund our budget. I don't wanna hear story oooo. Because all these acclaimed monies are suffice for our budget funding. Very useless and clueless government with dimwitted zombies as apologists. undecided


How much is all of the Abacha loot from even when Obasanjo received it till date that you think it would balance our budget?

26 Likes 3 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by prodigyy(m): 9:32pm On Mar 18
Mad oooo
Re: Oil Price Sinks To Lowest Level In 16 Years by Ruggedniggaone: 9:34pm On Mar 18
voltron14:



How much is all of the Abacha loot from even when Obasanjo received it till date that you think it would balance our budget?
na from only abacha them say them collect money?

116 Likes 3 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by Inkling(m): 9:34pm On Mar 18
This one na serious gbege
Re: Oil Price Sinks To Lowest Level In 16 Years by voltron14: 9:35pm On Mar 18
Ruggedniggaone:
na from only abacha them say them collect money?

How much do you think a country of 200 million people require for its annual budget?

10 Likes 2 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by sociologymajor: 9:35pm On Mar 18
Effect of Corona Virus, too much supply with almost no demand as almost all economies is on shutdown.. Things will pick up later I believe

7 Likes 2 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by Stephenomozzy(m): 9:52pm On Mar 18
voltron14:


How much do you think a country of 200 million people require for its annual budget?

What percentage of that 200million actually feel the direct benefit of such fairytale figures pegged as budgets? If not epileptic discharge of constitutional duties

111 Likes

Re: Oil Price Sinks To Lowest Level In 16 Years by Jflex07(m): 9:56pm On Mar 18
More doom. wahala dey, seriously!
Re: Oil Price Sinks To Lowest Level In 16 Years by voltron14: 10:20pm On Mar 18
Stephenomozzy:


What percentage of that 200million actually feel the direct benefit of such fairytale figures pegged as budgets? If not epileptic discharge of constitutional duties

Nigerians generate an average of 2000 dollars annually.

What miracle are you expecting?

A man produces only 2 thousand dollars of wealth annually but believes he should be living like Jay-Z.

Get real.

29 Likes 4 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by bubu2019: 10:30pm On Mar 18
bubu reduced #20 from pump price and zombies are clapping

9 Likes 1 Share

Re: Oil Price Sinks To Lowest Level In 16 Years by Daniel058(m): 10:30pm On Mar 18
Canadian dollars Don suffer,..





But but still stronger than GBP..

3 Likes 1 Share

Re: Oil Price Sinks To Lowest Level In 16 Years by Stephenomozzy(m): 10:32pm On Mar 18
voltron14:


Nigerians generate an average of 2000 dollars annually.

What miracle are you expecting?

A man produces only 2 thousand dollars of wealth annually but believes he should be living like Jay-Z.

Get real.

If Jay-Z was under the current laughable state of our dear country, Even Jay-Z won't live like Jay-Z.

What I'm saying is... Government owes a responsibility to not only draw up budgets and hope to fund it from dwindling preexisting sources of fund, but it also has to set up measures to revamp dying sectors of its economy to boost its revenue....so if crude crashes entirely.. Would we stop/call off governance?

60 Likes 3 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by voltron14: 10:36pm On Mar 18
Stephenomozzy:


If Jay-Z was under the current laughable state of our dear country, Even Jay-Z won't live like Jay-Z.

What I'm saying is... Government owes a responsibility to not only draw up budgets and hope to fund it from dwindling preexisting sources of fund, but it also has to set up measures to revamp dying sectors of its economy to boost its revenue....so if crude crashes entirely.. Would we stop/call off governance?

The populace is unimaginative, uneducated and highly unproductive.

This is the stark reality.

Take out this leader, bring in a new set, the situation would be the same until the people realise they aren't actually inventive.

51 Likes 6 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by Stephenomozzy(m): 10:55pm On Mar 18
voltron14:


The populace is unimaginative, uneducated and high unproductive.

This is the stark reality.

Take out this leader bring in a new set, the situation would be the same until the people realise they aren't actually inventive.

You lie oo.... Haven't you heard and read of Nigerians making waves and great strides in robotics, aeronautics, medicine and engineering outside the reach of our government! Nigerians are an inventive, resourceful and highly productive people!

Nigerians are the saving grace of the system of hypocritical negligence that abounds in governance today

78 Likes 3 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by voltron14: 11:03pm On Mar 18
Stephenomozzy:


You lie oo.... Haven't you heard and read of Nigerians making waves and great strides in robotics, aeronautics, medicine and engineering outside the reach of our government! Nigerians are an inventive, resourceful and highly productive people!

Nigerians are the saving grace of the system of hypocritical negligence that abounds in governance today

Spare me that.

What percentage of the population are achievers?

Haven't you heard about 14 Nigerians arrested for fraud in the USA, just this week? That is not wholly representative of us, neither are these hardworking people you are referring to.

Yes, we are capable of learning but learning isn't invention, neither is it productivity.

Productivity is desire and application, what you find the Indians doing.

We as a nation are unproductive and I can't reiterate this enough.

We need to realise this.

Quickly.

35 Likes 7 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by tensazangetsu20(m): 11:16pm On Mar 18
voltron14:


Spare me that.

What percentage of the population are achievers?

Haven't you heard about 14 Nigerians arrested for fraud in the USA, just this week? That is not wholly representative of us, neither are these hardworking people you are referring to.

Yes, we are capable of learning but learning isn't invention, neither is it productivity.

Productivity is desire and application, what you find the Indians doing.

We as a nation are unproductive and I can't reiterate this enough.

We need to realise this.

Quickly.
As much as there are a lot of Nigerians being unproductive, it all still boils down to the government. What enabling environment have they created to ensure that people are productive. There is no electricity. You start up something and they are ready to destroy it all. A lot of people have tried to do something in this country and make something out of their existence here but the environment is brutal and unforgiving.

60 Likes 2 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by voltron14: 11:28pm On Mar 18
tensazangetsu20:

As much as there are a lot of Nigerians being unproductive, it all still boils down to the government. What enabling environment have they created to ensure that people are productive. There is no electricity. You start up something and they are ready to destroy it all. A lot of people have tried to do something in this country and make something out of their existence here but the environment is brutal and unforgiving.

Let me tell you something.

When Abacha was president, Nigeria was under a choke hold, there was no electricity just like today but that was the period in which the Nigerian home video industry (Nollywood) became an African brand.

What of the Afro music that has gone global today, when did it germinate?
Same time as when Abacha was in power.

That is the kind of creativity we need in all spheres.

Today, we are talking of Coronavirus, how many protective Hazmat suits are being built in Nigeria?

How many masks are being built?

How many of the clothes in your closet are made in Nigeria?

Honestly, we lack productivity and it stems with the populace.

16 Likes 2 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by Banmeallday: 11:31pm On Mar 18
It is when Nigeria will simply dissolve into the Atlantic that they will realize what we have been saying for 50+ years. WE NEED TO END the NIGGER AREA....

11 Likes 1 Share

Re: Oil Price Sinks To Lowest Level In 16 Years by Humphrizy(m): 11:34pm On Mar 18
Na mismanagement dey worry dx country called Nigeria.

Just incase you need Pure Original Unadulterated Honey...call/Whatsapp 081 01666 771

1 Like

Re: Oil Price Sinks To Lowest Level In 16 Years by Banmeallday: 11:41pm On Mar 18
Humphrizy:
Na mismanagement dey worry dx country called Nigeria

Be a pause Nigeria was never meant to be a country, but a place to siphon resources. Your grandfather, just grandfather oh, he was NOT A NIGERIAN
Re: Oil Price Sinks To Lowest Level In 16 Years by tensazangetsu20(m): 11:42pm On Mar 18
voltron14:


Let me tell you something.

When Abacha was president, Nigeria was under a choke hold, there was no electricity just like today but that was the period in which the Nigerian home video industry (Nollywood) became an African brand.

What of the Afro music that has gone global today, when did it germinate?
Same time as when Abacha was in power.

That is the kind of creativity we need in all spheres.

Today, we are talking of Coronavirus, how many protective Hazmat suits are being built in Nigeria?

How many masks are being built?

How many of the clothes in your closet are made in Nigeria?

Honestly, we lack productivity and it stems with the populace.
Build what with which electricity. As of one Abacha was president Nigeria was one of the poorest countries in the world with a per capita Income of less than a thousand dollars, sanctions, authoritarian rule and massive corruption. It's not as if it was paradise.

Young Nigerians are trying. The tech startups springing up were built by them. Some of which the government is doing everything to extinguish. The government and the leadership of Nigeria is a problem and until Nigeria has quality leadership she will never ever get better ever.

29 Likes

Re: Oil Price Sinks To Lowest Level In 16 Years by AlfaSeltzer(m): 11:45pm On Mar 18
The zoo will fall

7 Likes

Re: Oil Price Sinks To Lowest Level In 16 Years by AlfaSeltzer(m): 11:46pm On Mar 18
voltron14:


Let me tell you something.

When Abacha was president, Nigeria was under a choke hold, there was no electricity just like today but that was the period in which the Nigerian home video industry (Nollywood) became an African brand.

What of the Afro music that has gone global today, when did it germinate?
Same time as when Abacha was in power.

That is the kind of creativity we need in all spheres.

Today, we are talking of Coronavirus, how many protective Hazmat suits are being built in Nigeria?

How many masks are being built?

How many of the clothes in your closet are made in Nigeria?

Honestly, we lack productivity and it stems with the populace.

So na to only entertain the world we go dey do? Cooning on an international level?

8 Likes

Re: Oil Price Sinks To Lowest Level In 16 Years by voltron14: 11:48pm On Mar 18
B
tensazangetsu20:

Build what with which electricity. As of one Abacha was president Nigeria was one of the poorest countries in the world with a per capita Income of less than a thousand dollars, sanctions, authoritarian rule and massive corruption. It's not as if it was paradise.

Young Nigerians are trying. The tech startups springing up were built by them. Some of which the government is doing everything to extinguish. The government and the leadership of Nigeria is a problem and until Nigeria has quality leadership she will never ever get better ever.

We are not doing even close to enough.

Less than 1% of the population involved in a trade that brings in less than 2% of the total GDP isn't the yardstick you wish to measure with.

The common man should be in tangible production, be it of bathroom slippers or zippers.

The cost of labour is extremely low in Nigeria, which in itself should drive productivity as a significant factor of production but it doesn't.

We must produce.

Produce or perish.

26 Likes 3 Shares

Re: Oil Price Sinks To Lowest Level In 16 Years by voltron14: 11:49pm On Mar 18
AlfaSeltzer:


So na to only entertain the world we go dey do? Cooning on an international level?

I simply used an industry we are all familiar with and how it has changed the landscape.

We must produce, be it movies, chewing or chocolate.

6 Likes

Re: Oil Price Sinks To Lowest Level In 16 Years by tensazangetsu20(m): 11:50pm On Mar 18
voltron14:
B

We are not doing even close to enough.

Less than 1% of the population involved in a trade that brings in less than 2% of the total GDP isn't the yardstick you wish to measure with.

The common man should be in tangible production, be it of bathroom slippers or zippers.

The cost of labour is extremely low in Nigeria, which in itself should drive productivity as a significant factor of production but it doesn't.

We must produce.

Produce or perish.

You talk about producing and trading but your own government closed the borders. Those closed borders continuously affects businesses in Nigeria. The shoe producers in Nigeria can't move their products out. Nigeria as a country does not take trade serious. Well oil is down to 23 dollars. Everyone go feel am Las Las.

17 Likes

Re: Oil Price Sinks To Lowest Level In 16 Years by voltron14: 11:52pm On Mar 18
tensazangetsu20:

You talk about producing and trading but your own government closed the borders. Those closed borders continuously affects businesses in Nigeria. The shoe producers in Nigeria can't move their products out. Nigeria as a country does not take trade serious. Well oil is down to 23 dollars. Everyone go feel am Las Las.

So it's the closure of borders of 6 months that rendered Nigerians unproductive for 60 years?

14 Likes 1 Share

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