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Nigeria lost N300bn to strike – Okonjo-Iweala
January 17, 2012 by Ifeanyi Onuba 58 Comments

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said that based on Gross Domestic Product estimate, the week-long strike ordered by the organised labour to protest the removal of petrol subsidy cost the country about N300bn.

The minister gave the figure on a television programme monitored by our correspondent on Monday in Abuja.

She noted that the amount was not more than that because the economy was not totally shut down as a result of the strike.

The six-day industrial action was suspended on Monday six hours after President Goodluck Jonathan reduced the pump price of petrol from N141 per litre to N97.

Explaining the implication of the action, the minister said that if the economy was totally shut down, the country would have lost about N500bn for the period the strike lasted.

Okonjo-Iweala explained that while the protests paralysed economic activities in some states, those in the South-East region were bubbling with economic activities.

She said, “I think we can determine the amount lost when the GDP is considered and that would amount to about N500bn. But don’t forget that the economy was not totally shut because we still had some people who went about their normal businesses. So, it will not be right to say that because there were protests in some few cities like Lagos and Abuja, then the whole economy was totally shut down.

“I am sure you are aware that economic activities were not paralysed in the South-East states and some other areas, and if you put that into consideration, then we can say that the economy lost about N300bn to the strike action.”

The Central Bank Governor, Mr. Lamido Sanusi, had said last week that the country was losing N100bn daily to the strike.

The minister commended the organised labour for suspending the strike, adding that the move would ensure the revival of economic activities in the country.

She also said that the Federal Government would continue to pay subsidy on petrol but at a reduced cost to the country.

According to her, instead of the initial N76 per litre, which government was paying as subsidy, it would now have to contend with N44 per litre.

The N44, according to her, is the difference between the reduced price of N97 and the market price of N141 per litre.culled from http://www.punchng.com/business/business-economy/nigeria-lost-n300bn-to-strike-okonjo-iweala/

I dont know - why i employed this ugly woman - They say she has sense - ok i will manage her for bit longer.

I still don't know the reason why Yorubas are afraid of her.

“I am sure you are aware that[b] economic activities were not paralysed in the South-East states[/b] and some other areas, and if you put that into consideration, then we can say that the economy lost about N300bn to the strike action.”

What else is new? We know ibo and the creek losers are lazy and incompetent people, they have no self worth, no sense of belonging. Why not just come out and say what your dumb and tribal a//ss wanted to say.


I can't believe we have these tunnel visioned and tribal clowns in government.

She was trying to say they continued to work in spite of the strike.

Another reason y she is far from reality.So because some, ah,what a waste of energy;anything u say madam

edit - nigeria lost 300bn to the foolishness of diezani

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said that based on Gross Domestic Product estimate, the week-long strike ordered by the organised labour to protest the removal of petrol subsidy cost the country about N300bn.

The Central Bank Governor, Mr. Lamido Sanusi, had said last week that the country was losing N100bn daily to the strike.

According to Sanusi, N100bn x 6 days = N600bn

So whom do we believe now?
But I know its far more than that because only airline lost more than N300bn

Nigeria. . . Poor People, Rich Nation.

Nigerians lost N300bn or Jonathan and his peers lost N300bn   I don't see how the money get into the hands of the masses or how the money is benefiting the masses.

Eko Ile:


What else is new? We know ibo and the creek losers are lazy and incompetent people, they have no self worth, no sense of belonging. Why not just come out and say what your dumb and tribal a//ss wanted to say.


I can't believe we have these tunnel visioned and tribal clowns in government.

And the Yoruba folks are so hardworking, competent, full of self worth and with every sense of belonging.

I think you should learn to accommodate other peoples opinion without resorting to insults.
I personally was in support of subsidy removal but I didn't call those with other views names

But despite d strike naira stil remain steady nd ghana cedi los, http://Thisdaylive.com/articles/wdas-naira-stable-on-moderate-trading/107329/

The figure is far higher than what she is claiming.

that's good.

and how much have we lost to pdp and their fraudulent members/rulers?

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So these guys make up to that in this country, yet they said without subsidy removal Nigeria will die.

Bunch of confused people, When there is too much money to spend you don't need to hold back. just be reckless with figures and spending.

N300 billion - now here is the kicker, ask her to give you a breakdown of how she arrived at that sum - yanshes will start leaking and her's is closer to the masses than she assumes

My estimate: Nigeria's GDP = $300bn (2009 estimate).

1 day's loss= 300bn/365 = $821.9m.
Total loss = 821.9*6 = $4.93bn.
Dunno the % contribution of oil in the GDP.
But at 2 million bpd and 40% royalty accruing to govt and $100 per barrel
oil revenue = 2m*100*0.4*7 = $480m durin d strike.
Net loss = $4.45bn
of course some commercial activities still went on, say at 30% level
loss = 0.7*4.45= 3.115bn
which gives 'actual' net loss of 482.8 BILLION NAIRA.

It is hard to accept any 'branded estimated' data that comes out Nigeria. " Mr. Lamido Sanusi, had said last week that the country was losing N100bn daily to the strike " and now Okonjo-Iweala with a different figure. I think they are both wrong.

voltron:

N300 billion - now here is the kicker, ask her to give you a breakdown of how she arrived at that sum - yanshes will start leaking and her's is closer to the masses than she assumes

Perhaps, if you read the first part of the article and I quote;

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said that based on Gross Domestic Product estimate, the week-long strike ordered by the organised labour to protest the removal of petrol subsidy cost the country about N300bn.

The bold portion there is the key word, she used 2012 estimate to determine how much we loose per day. I really don't know how much else breakdown you're looking for, It's bold and clearly written.

@ceejayluv,

To be honest, I don't know where you got your estimates that Nigeria's GDP figures were $300; Nigeria's real GDP numbers are way in the mid 200 range. Take a good look at WEO Reports of the IMF, you will see for yourself. According to last years report by the Statistician General, Crude Oil accounted for less than 13% in average of last year GDP.

so they make this much na im dem no wan give subsidy? ugly Bit.,ch

So how much has the fraud perpetrated by her and her cronnies cost Nigeria. Make she go siddon for gutter.

that means there is alot of money in Nigeria o,

for 1wk= min.300bn
then 52wk= min. 52*300=15.6 trillion naira

and our total budget = max. 8 trillion naira

then where is the remainder going to,

o boy i think its time 4 me to join either d PDP or d cabal,