I’m so bad that Nigeria can’t even produce her own oil.
We have the biggest economy in Africa and yet can’t build at least 10 refineries.
Libya controlled her own oil and gas during Gadaffi and sold it to Europeans

Esseite:
Nigeria loses, but GEJ didnt loose because we still shared Excess crude funds championed by Amechi..

How did we go from saving Excess crude funds because of high crude price to losing because of high crude price despite still paying same subsidy?

You're informed bro
This question beckons for answer and explanations (If they have any)

Macphenson:
ok

, Oil price is now above $100.
Tell Buhari to perform wonders now.

You dey mind that ignorant old ignoramus selling dead meat... Lying up and down

blackpanda:


Not just u bros. All Nigerians are hypocrites. We only complain when corruption no favour us. But observe our daily lives, we are all inherently corrupt and selfish. That's what is killing this country. Nigerians will seize the slightest opportunity for selfish gains. Everybody wan jump queues, beat traffick, evade taxes, bypass nepa connection, u name it.

Very true but some Nigerians get first class for the aforementioned vices even the devil no dey advice them.

Wrong. Nigeria wins. We should be able to defend the naira better and this is now the time to execute key projects to take advantage of the oil.

Christistruth00:
80% of the Oil Prce increases Profits will filter through to Nigerians because even unrefined Crude, Oil has escalated in price so that Nigeria finally has the money to build new refineries without making many excuses


Natural gas price has escalated too

Did you care to read and understand the write-up before commenting?

Frigga13:


All those Tinubu economic team yapping nonsense since 2015 on how Pdp met oil at 100+ and Apc bla’s..
They’ve all gone Hiding.. Oil is 100+ presently.. meanwhile Buhari is still borrowing.. to pay subsidy.

Apc is scam .. very mighty scam..
they don’t even want Nigerians to be informed on this.

See major looting in government.. very corrupt party.

Honestly, the journalism is pure nonsense. Now that oil prices have surged, why can't they transform the economy?

So oil price is no longer a determinant of our economy right? Lol

APC is a criminal party.

Nigeria government has come to tell us how they intend to sale our oil and loot the money.

basty:
People above me are dullards.

They are shallow commentators.

You that is a deep thinker, i can see ur deep thought comment.

Fools every$here

Is there any meaningful explanation as to why a country like Nigeria cannot refine it's oil? some ppl will point accusing fingers to the white man's interference. "we the blacks are our own problems and not the white" the white man never stopped us from building refineries, they never stopped us from using and maintaining the few refineries we have, they never stopped us from doing away with the scam called subsidy. the day the black race will look inward and acknowledge that He is his own problem is the day he will encounter true change

Druss:
Wrong. Nigeria wins. We should be able to defend the naira better and this is now the time to execute key projects to take advantage of the oil.

When you don't refine, you're at the situation like someone in South Africa, for instance.

If the price of crude oil increases, the price of the refined one will also increase.
Then, for Nigeria, you'll also pay additional money for subsidy
With these, Nigeria doesn't win when price increases.

blackpanda:


U didn't read at all

U did not comprehend any bit of it...

BluntTheApostle:


At least, Buhari is investing in local refineries.

Something successive governments refused to do.

If we had functional refineries, this would have certainly been a gain.

Which local refinery, can u be specific?

blackpanda:


Not just u bros. All Nigerians are hypocrites. We only complain when corruption no favour us. But observe our daily lives, we are all inherently corrupt and selfish. That's what is killing this country. Nigerians will seize the slightest opportunity for selfish gains. Everybody wan jump queues, beat traffick, evade taxes, bypass nepa connection, u name it.

Did buhari not jump queues and evade taxes as well?
If so, why did u queue behind him to lead Nigeria?

So u now know all Nigerians including u and ur messiah r all hypocrites n corrupt.

Abeg getat...

Subsidy kills the generations of people trading our present and future like oil market. Amen.

ChybuzzDD:


When you don't refine, you're at the situation like someone in South Africa, for instance.

If the price of crude oil increases, the price of the refined one will also increase.
Then, for Nigeria, you'll also pay additional money for subsidy
With these, Nigeria doesn't win when price increases.

It is a win and lose situation for Nigeria. It is up for us to manage it to be one or the other. Factor in cost of subsidies and imports vs increase in profit from crude oil.

poiZon:

Which local refinery, can u be specific?

The Waltersmith refinery located in Imo State is one.

Macphenson:
ok

, Oil price is now above $100.
Tell Buhari to perform wonders now.

Hahaha.... indeed.
We did say by the end of the regime, everyone will be completely demystified.
Every single excuse has been stripped from the government and governing party.
Every single campaign rhetoric has come full circle to stare them in the face.

Christistruth00:
80% of the Oil Prce increases Profits will filter through to Nigerians because even unrefined Crude, Oil has escalated in price so that Nigeria finally has the money to build new refineries without making many excuses


Natural gas price has escalated too

I guess you didn't read the article to fully grasp the pathetic state of the country, all OPEC countries refine their own crude, except Nigeria who import refined petroleum products, because the politicians choose to keep the 4 refineries dead. The higher the crude oil price, the more subsidy this hopeless government and previous ones pays, so in essence, there might be little or no profit that will filter (sic) down to Nigerians.

Heffalump:
Rallying oil prices should be a blessing in disguise to oil producing countries of the world, but it's a haram or a curse in our fatherland, Nigeria.
What an irony!

Because on the flip side you refuse fuel subsidy removal!!!

And please no one should come at me with Saudi and UAE etc subsidies fuel. Check the populations f those countries and check Nigerias. Check the smuggling out in those countries and check Nigeria, check corruption in those countries and check Nigeria.

Lol this country is cursed!

BluntTheApostle:


The Waltersmith refinery located in Imo State is one.

Own by who?
Nnpc or fed govt of Nigeria?

affable4:


Very deep question. Funny how everybody has embraced all the lies. Fuel was cheaper then, means subsidy would have been higher.

In fact, I am going crazy trying to make calculations.

Time, time, time, time will reveal all truths.

Was this not always the excuse of buhari apologists that things were better because crude prices was higher under goodluck, now they have suddenly turned the narrative around.

BeeBeeOoh:


https://dailytrust.com/nigeria-loses-as-russia-ukraine-war-escalates-global-oil-prices

For those Nigerians in Nigeria who were cheering Putin on, like the invasion will not affect them, I hope you can see now that in a globalized world, Russia and Ukraine are not so far away.

poiZon:

Own by who?
Nnpc or fed govt of Nigeria?

The Nigerian Government has a 30% stake in it through the Nigerian Content Development and Monitoring Board.

It is a joint venture between Waltersmith and the Nigerian Government.

BluntTheApostle:


The Nigerian Government has a 30% stake in it through the Nigerian Content Development and Monitoring Board.

It is a joint venture between Waltersmith and the Nigerian Government.

How much is the 30percent stake worth?

Because they gave approval, that amounts to 30percent stake...

Thats4how they have 30percent stake in ibom deepsea port, till today we never see their own contribution.

poiZon:

Did buhari not jump queues and evade taxes as well?
If so, why did u queue behind him to lead Nigeria?

So u now know all Nigerians including u and ur messiah r all hypocrites n corrupt.

Abeg getat...

Including u. U are a hypocrite too

gbagyiza:


Read the news with keen interest you will understand according to the write up that the higher the crude oil price, it means higher payment of subsidy because we depend on importation of the refine products. This is the result of being stupid to the extend of destroying our own refineries, and now import the refine products after exporting the crude oil. This country don finish Kpatakpata.

So higher prices will also balance out the higher costs of refined fuel with surplus not the other way around. Our own is that we have been in this country long enough and too old to be sold another narrative. Everything including the economy have always gotten better with higher oil prices, this sounds like news planted by the same old looters to account to deficits.

poiZon:

How much is the 30percent stake worth?

Because they gave approval, that amounts to 30percent stake...

Thats4how they have 30percent stake in ibom deepsea port, till today we never see their own contribution.

At least, Buhari is creating enabling environments.

Which one was completed under Obasanjo or GEJ, despite talks of modular refineries since 2008?

gbagyiza:


Read the news with keen interest you will understand according to the write up that the higher the crude oil price, it means higher payment of subsidy because we depend on importation of the refine products. This is the result of being stupid to the extend of destroying our own refineries, and now import the refine products after exporting the crude oil. This country don finish Kpatakpata.

Yeah I know, I.am a player in the industry so I u derstand perfectly well even without reading the article.

I just wanted the APC e rats to understand their foolishness. They were making noise that Jonathan sold oil at $100/ barrell and had nothing to show for it.

Unfortunately, in their folly, they did not know that the higher the oil prices,the more burden for Nigeria because of subsidy.

BluntTheApostle:


At least, Buhari is creating enabling environments.

Which one was completed under Obasanjo or GEJ, despite talks of modular refineries since 2008?

Do u know the meaning of enabling environment, or u just saw it on NTA24?
If u knew, u wouldn't be mentioning it alongside buhari.