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Nairaland Forum / Nairaland / General / Politics / Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic (57311 Views)
Oil Price Wasn’t $100 Per Barrel From 1999 - 2019 As Buhari Said (Fact Check) / National Grid Collapses To 40mw Again / Oil Price Hits $90 Per Barrel For First Time Since 2014 (2) (3) (4)
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Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by sulaak(m): 12:25pm On Apr 21, 2020 |
PHijo: I wouldn't insult you and I am not ignorant. You are correct that both Fashola and Amaechi bullied GEJ to access the $32 billion excess crude oil funds and wasted the funds on state consumption and corruption. The five power plants were all bought and paid for by OBJ government, between 2006 and 2007 and delivered by GEJ But GEJ government still had access to high oil prices plus $68 billion in reserves and less than $5 billion external debts. https://www.statista.com/statistics/262858/change-in-opec-crude-oil-prices-since-1960/ 1 Like 1 Share
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Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by ThatFairGuy: 12:33pm On Apr 21, 2020 |
fulaniHERDSman: Una no just get head to think What if Buhari haven't diversify the economy into Agriculture which is now 40% against 10% of GEJ? What if looting continues just like in GEJ regime? What if there was no border closure? Won't it even be worse than this? Think well before you speaks please, criticize constructively, be an opposition that wants to put Government right and not DOWN. Cause ultimately, we will ALL feel the heat 1 Like 1 Share |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by warrrrr: 12:44pm On Apr 21, 2020 |
[s] ThatFairGuy:[/s] |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by PHijo(m): 1:10pm On Apr 21, 2020 |
sulaak: You clearly ignored the production output aspect! Your claims on the power plants isn't true, there were several power plants he increased capacity from the previously planned output. According to what we were told under late Yar'Adua, $16billion allotted for power by Obasanjo disappeared without anything to show for it. Under Jonathan there was salary increment for the civil service, subsidy payments increased significantly in the government's bid to avoid product scarcity, the CBN had bail out banks. Blaming Jonathan for not "saving " is wrong! He did all within his constitutional powers to make that possible but Nigerians and their governors refused. Russia built up her massive reserves only after 2016. The problem in Nigeria is that we are not one, if Jonathan was a Fulani man he would have probably gotten the political support he deserved to change things. |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by awgumayor: 1:15pm On Apr 21, 2020 |
DAVE5:I love your analysis. But you should put the last paragraph this way " imagine your mom had 30 kids and she's cooking a pot of stew, meanwhile, 5 out of 30 kids decide to steal from the pot and even steal the ingredients for the rice without waiting for it to be cooked, abeg wetin go remain for the 25." In Nigeria, It's minorities that steal from the majorities. Those who are stealing from Nigeria purse are not up to 10% of Nigeria populations. 4 Likes |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by DAVE5(m): 1:41pm On Apr 21, 2020 |
awgumayor: Lol, that's the situation we find ourselves in |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by sulaak(m): 1:44pm On Apr 21, 2020 |
PHijo: You just confirmed my position, GEJ wasted the increase in oil price and reserves on wasteful consumption and subsidies. In 2012 he had the chance to cut subsidies but backed out against the advice of his senior ministers. What kind of government increase workers salaries in 2013 and then starts borrowing to pay workers salaries in 2015. Even you can't deny that GEJ government has no logic, only 5% of Nigerian work for the government so increasing their salaries doesn't even make political sense. By 2015 ...
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Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by PHijo(m): 1:57pm On Apr 21, 2020 |
sulaak: So why did the likes of Buhari, Tinubu, Fashola do "occupy Lagos"? Wasn't it all in a bid to prevent subsidy removal? Jonathan tried to remove subsidy in less than 1 year after he was elected. That tells you how serious he was about putting the right policies in place. Workers salary was not increased in 2013, it was increased in 2011. |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by HeavenShield: 2:44pm On Apr 21, 2020 |
eruchboy:Exactly! |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by HeavenShield: 2:48pm On Apr 21, 2020 |
Who is still mentioning Jonathan now? I am surprised! |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by Dtribeless: 2:55pm On Apr 21, 2020 |
PassingShot: Senior Dolt, you said Buhari paid. From his grandfather's savings or from where exactly? LMK 1 Like |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by Dtribeless: 2:58pm On Apr 21, 2020 |
Obrigardo: You are not as clever as people around you might tell you: By giving more land for the same drilling that made US energy independent? BTW, Obama takes credit for energy independence as it happened while he was in office. And it's the democrats (climate change people) that pushed coal over the edge. It was on the way out anyway. Reading your post, I'm entirely sure Africa deserves the leaders it has. Anything better would be thoroughly undeserved. I'm no Trump fan by the way |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by HeavenShield: 3:02pm On Apr 21, 2020 |
The signals have always been there but unfortunately our rusted head political and economic Leaders are busy stealing national resources to Dubai, the Americas, the UK and others..they have refused to think outside the box. I am not surprised some people now are stealing Covid-19 contributions.. Even worrisome that is that Govt. is borrowing to pay salaries! As a nation, they need to always ask themselves this singular question: If oil dry up today or something happen and our oil is no longer needed, what are we going to do? |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by asamaigho(m): 3:59pm On Apr 21, 2020 |
wirinet:so u mean, u have to install several thousands of square meters of solar panel to charge a car, bro no let me talk oo! Lord help dis generation, cos google fking dem up so badly. |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by asamaigho(m): 4:04pm On Apr 21, 2020 |
salford1: lolz i saw d gragh, i lost interest when i saw 'install capacity'. |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by sulaak(m): 4:41pm On Apr 21, 2020 |
PHijo: GEJ didn't try at all. He let down his ministers and his government. Iweala, Sanusi and Diezani Alison-Madueke all campaign with good reason that oil subsidies MUST be removed and the saving invested in power, fixing the refineries and rail. The useless Oshimole and other union leaders debated the removal of all subsidies. The 2012 debates: https://www.youtube.com/watch?v=RLd8o8z-2CU In 2011 alone, Nigeria’s fuel subsidy cost the country an estimated $8 billion and the price tag for 2012 was expected to be even greater. https://www.brookings.edu/opinions/removal-of-fuel-subsidies-in-nigeria-an-economic-necessity-and-a-political-dilemma/ |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by Barezzi(m): 5:34pm On Apr 21, 2020 |
Here... salford1:
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Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by unikwa: 8:30pm On Apr 21, 2020 |
Izigha:Huh. The project started in 1979 by Shagari. Watch this video at 5min 5secs: https://www.youtube.com/watch?v=-dxaHdH6VXk I stand to be corrected, if you can provide references that proves me wrong. Here is my reference... "In 1967, Soviet experts recommended prospecting for iron ore in Nigeria, as the known deposits were of poor quality for steelmaking. In 1973, iron ore of the required quality was discovered in Itakpe, Ajabanoko, and Oshokoshoko. The Ajaokuta Steel Company Limited was incorporated in 1979, and the steel mill reached 98% completion in 1994, with 40 of the 43 plants at the facility having been built." https://en.wikipedia.org/wiki/Ajaokuta_Steel_Mill As you can see, the project was NOT started in 1967. It started in 1979 under Shagari. Izigha:Fill in the blank. I didn't know I had to mention every single president to satisfy you. No need for the minutia. Just focus on the big picture, which is that Ajaokuta could have made Trillions of dollars for Nigeria. Why do Nigerians love to argue? You quote dates and can't even get that right. Izigha:Ah, it's now clear where you're going. Personal vendetta against Buhari. I'm a more evolved thinker. When people like you hate, you hate 100%. I don't do thta. If I dislike someone, it does not stop me from giving credit where due. Buhari has been atrocious on security. for that he gets low marks. Nevertheless, he has done some good things, such as Ilorin-Jebba road. Kudos on that. Ajaokuta is being resuscitated. Kudos on that too. https://www.youtube.com/watch?v=4H_JoqjDbUk Politics of hate shows crude thinking. That is something that happens to be killing America right now, where Democrats only attack Trump, and never see anything good he does. |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by unikwa: 8:44pm On Apr 21, 2020 |
codemaniacs:It is not an either or. Easy oil money is a factor too. Why did Nigerians abandon agriculture? Was it because of external influence too, or because of easy oil money? codemaniacs:Yes he didn't then. But he is now. Does his past conduct invalidate his current actions? Or are you saying Buhari did not approve $1 billion for getting the project working? what is the point you're trying to make exactly? |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by wirinet(m): 10:32pm On Apr 21, 2020 |
asamaigho:I have been dealing with Solar power for over 10 years. I am working on building lithium ion battery banks, so I know exactly what I am talking about. 1 Like
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Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by romeorailss: 12:52am On Apr 22, 2020 |
TheAlchemist: Nigeria doesn't dictate the price of crude . Remember! |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by levite247: 8:46pm On Apr 22, 2020 |
Love this |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by levite247: 9:32pm On Apr 22, 2020 |
[quote author=codemaniacs post=88682492] if Fulani's and Hausa are removed from Nigeria then Nigeria's population is cut by half which means southern Nigeria Per Capita income will be over $6000 annually compared to the over $2000 it currently stands at. plus the other investments southern Nigeria will invest into. most of Nigeria's money comes from the oil rich eastern Nigeria, Did i just hear you say "oil rich eastern Nigeria"? Please eastern Nigeria is outdated. Now is Niger delta. The south east has no business in oil. So if you cut out the igos from your very outstanding idea, then you could predict an unimaginable prosperity for South-South. |
Re: Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic by Horus(m): 1:00pm On Apr 25, 2020 |
Why rely only on oil?. Nigeria should be investing more in agriculture and electric car production |
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