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Nairaland Forum / Nairaland / General / Politics / Okonjo-iweala Warns Nigerians To Prepare For Economic Recession (12814 Views)
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Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Nobody: 2:17pm On Jun 14, 2012 |
The budget, if I am not mistaken is based on oil benchmark price of $70 per barrel, so except the oil price falls below that price, we are above the water, but what might change will be the income accrue-able to the excess crude account, part of which goes to Sovereign Wealth Funds (account) and remaining which are shared to the State (governors). Lets not also forget that America has cut purchases of Nigeria crude, and we are shipping more crude to distant China to meet up the quota, that means longer time to get funds. If the US policy on green energy keep the reduction on importation of our crude on the increasing trend, I assume we have a mental picture of what is to come. I am not TB Joshua, I dont need to prophesy, but all I can say is, if singing is your talent, start developing it. The future is bright but uncertain. |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by DrDre1(m): 2:23pm On Jun 14, 2012 |
dplordx: Recession. NOI dey craze! I repeat, shes madt! *falls from Iroko tree* |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by lookmangiw(m): 2:24pm On Jun 14, 2012 |
For get the recession blah, blah. My major concern is the price of oil. Once the price of oil drops sharply in the world market let say to $60/barrel, then our imported oil price will also drop thereby reduce the fuel price at the petrol station. Then there wont be anything like fuel subsidy anymore. In conclusion, i think the masses are the one to gain from this while the rich elite will suffer a drastic reduction in looted fund. 1 Like |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by lookmangiw(m): 2:24pm On Jun 14, 2012 |
Forget the recession blah, blah. My major concern is the price of oil. Once the price of oil drops sharply in the world market let say to $60/barrel, then our imported oil price will also drop thereby reduce the fuel price at the petrol station. Then there wont be anything like fuel subsidy anymore. In conclusion, i think the masses are the one to gain from this while the rich elite will suffer a drastic reduction in looted fund. |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by bisiaet: 2:26pm On Jun 14, 2012 |
Pls can anyone kindly tell this woman to let us rest. We ar no longer interested in all this sort this will happen that will happen it make people sick. Recession has always be in Nigeria so what is she talking about Madam biko go rest small. Madam talk about Oil price, talk about forever till thy kingdom come black out in Nigeria, talk about security and something important not bla bla bla recession. |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by inene: 2:30pm On Jun 14, 2012 |
i dont need an Okonjo Iweala to tell me that hard times are here. Have you seen how oil prices have been tumbling down. Very soon it will get to the level as to rubbish all the calculations that went into this year's budget. The Vice Chancellor of UNijankara, uncle Dele Sobowale laid it all out in his column in the Sunday Vanguard. Its a prophesy that those who claim to be leaders should be mindful of and i am suprised that Dr Okonjo is just talking about it now. There is fire on the mountain for an economy like ours that is heavily dependent on oil. Very soon there would be nothing left to steal and when the economic depression becomes too hard to bear, one foolish soldier will shove away these gang of robbers and then carry the can of a mismanaged economy and then start the process of pretending to democratize the polity all over again. I wonder, i just wonder. |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Kobojunkie: 2:30pm On Jun 14, 2012 |
lookmangiw: Forget the recession blah, blah. My major concern is the price of oil. Once the price of oil drops sharply in the world market let say to $60/barrel, then our imported oil price will also drop thereby reduce the fuel price at the petrol station. Then there wont be anything like fuel subsidy anymore. In conclusion, i think the masses are the one to gain from this while the rich elite will suffer a drastic reduction in looted fund. What? We do not import oil, we import refined fuels. As you said, Consumers stand to gain here, but the elite don't loose either. They still get their subsidy payment, if applicable. Lets not blame them for this again. |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by GboyegaD(m): 2:34pm On Jun 14, 2012 |
He added, “We are not expecting one; you know that during the last financial meltdown, which crippled most developed economies with negative impacts on developing countries, Nigeria was able to weather through because we were prepared. “Right now, the Ministry of Finance is preparing just in case the crisis goes a bit deeper, Nigeria should be positioned to weather the storm and coast safely. Presently, we have no problem in terms of our finance management.” This part got me laughing because we had always been in recession and only suffered it more with the global economic meltdown. I think this people should learn to mind their choice of words so that they stop deceiving the masses. |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Nobody: 2:40pm On Jun 14, 2012 |
inene: i dont need an Okonjo Iweala to tell me that hard times are here. Have you seen how oil prices have been tumbling down. Very soon it will get to the level as to rubbish all the calculations that went into this year's budget. The Vice Chancellor of UNijankara, uncle Dele Sobowale laid it all out in his column in the Sunday Vanguard. Its a prophesy that those who claim to be leaders should be mindful of and i am suprised that Dr Okonjo is just talking about it now. There is fire on the mountain for an economy like ours that is heavily dependent on oil. Very soon there would be nothing left to steal and when the economic depression becomes too hard to bear, one foolish soldier will shove away these gang of robbers and then carry the can of a mismanaged economy and then start the process of pretending to democratize the polity all over again. I wonder, i just wonder.Nice reasoning there.... |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by skealoo: 2:41pm On Jun 14, 2012 |
[/b][/color]A[b]BI OLORI BU RU KU NI . NA EVERY TIME WEY I DEY BUY FUEL I DEY SWEAR FOR OKONJO AND I WILL CONTINUE TILL DEATH DO ME. MOTHA F. ABEGGI MAKE SHE GO JUMP INSIDE THIRD MAINLAND.[size=20[color=#990000]pt] |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Beaf: 2:53pm On Jun 14, 2012 |
If the states and LG's were not reliant on oil awuf, there would be no recession. The way we go on about oil in Nigeria, you would think the average person was an invalid with an IQ at fish level; too useless to produce anything, work, invent or be useful to society. The way we go on and on about oil, any foreigner would think the country consists of a pack of indolent who think that states and LG's only function as conduit pipes for awuf from Abuja. I feel deep shame each time discussions like this one come up, because it is proof that Nigeria has no future. The average mind is as creative as the nearest rock. Let us be in recession forever if that is what will get us thinking. A man who does not work should not eat. 1 Like |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by ochukoccna: 2:54pm On Jun 14, 2012 |
Is Okonjo saying Nigeria hasn't neen in recession all this while? And she says she holds an Economics doctorate? From University of Toronto [like Buhari Salisu] I presume |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by DrugDoc: 2:58pm On Jun 14, 2012 |
I thank the Honorable Finance Minister for her warning. She warned us in January that the fuel subsidy does not get to poor Nigerians and is draining the treasury, but we refused to hear. As a private businessman, I can see the result of govt. spending 75% of the budget on salaries and overhead, and then 800 billion naira for fuel consumption. Anytime I fuel my two SUVs, the govt helps me pay for the fuel, while poor people in the rural areas take a bus once in a while to benefit from fuel subsidy. How can the govt. control this subsidized imported fuel from being smuggled out to Chad, Cameron, Benin Rep, or Niger Rep where prices are higher? Go to the Seaport and see the number of cars being imported every week and the Govt. has to pay for the fueling of these cars and suvs without the naira getting constantly devalued. At least if you don't understand economics, leave it the experts like Iweala and Sanusi. They are not perfect but they mean well for Nigeria. 1 Like |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Nobody: 2:58pm On Jun 14, 2012 |
Beaf: [s]If the states and LG's were not reliant of oil awuf, there would be no recession.[/s] Will you ever grow a brain? And what heppened to you when God was distributing brain cells in heaven? |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Beaf: 3:02pm On Jun 14, 2012 |
--Beaf ignores a fool-- |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Beaf: 3:04pm On Jun 14, 2012 |
Beaf: If the states and LG's were not reliant on oil awuf, there would be no recession. |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Wallie(m): 3:07pm On Jun 14, 2012 |
Billyonaire: The budget, if I am not mistaken is based on oil benchmark price of $70 per barrel, so except the oil price falls below that price, we are above the water, but what might change will be the income accrue-able to the excess crude account, part of which goes to Sovereign Wealth Funds (account) and remaining which are shared to the State (governors). Lets not also forget that America has cut purchases of Nigeria crude, and we are shipping more crude to distant China to meet up the quota, that means longer time to get funds. If the US policy on green energy keep the reduction on importation of our crude on the increasing trend, I assume we have a mental picture of what is to come. I am not TB Joshua, I dont need to prophesy, but all I can say is, if singing is your talent, start developing it. The future is bright but uncertain. The perfect storm is coming and that may be the straw that breaks the camel's back! Nigerian crude oil prices came under renewed selling pressure on Monday as unsold cargoes competed with limited buying interest from Asia and Western markets. http://www.businessdayonline.com/NG/index.php/oil/39357-nigerian-crude-oil-under-pressure |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by DrugDoc: 3:26pm On Jun 14, 2012 |
The way the Nigerian people are thinking and reasoning, I fear we may be due for a serious conflict. Those advocating for revolution should look to the Liberian, Sierra Leoan and Congo "revolutions". It will be all our fault and we will all be consumed. How can we want govt to help pay for fueling every vehicle driven in Nigeria? What is the population of Saudi Arabia or Libya or UAE that give cheap fuel? Why would anyone build a company (refinery) where the govt. would dictate price regardless of investment? How come we don't demonstrate and riot to privatize NEPA? Don't we see what Dangote and co. has done with the cement sector where Nigeria can now export cement? Don't we see Eleme Petrochemicals, now Indorama performing wonders under private businessmen? INSTEAD OF CALLING ON GEJ AND FG TO PROVIDE ROADS, RAILS, HOUSING, ELECTRICITY, NEW UNIVERSITIES, HEALTHCARE, AIRLINES, SEAPORTS, AND FUEL SUBSIDY, TELL FG TO GET OUT OF THE WAY. THERE IS NOT ENOUGH OIL IN THE NIGER DELTA TO PROVIDE FOR ALL OUR NEEDS. IT BELONGS TO THE OIL PRODUCING COMMUNITIES AND SHOULD BE GRADUALLY RETURNED TO THEM, BECAUSE IT IS THE ROOT OF OUR PROBLEMS IN NIGERIA. |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by bobolic: 3:39pm On Jun 14, 2012 |
That world bank woman will run the country aground and take off.She was handed the position of prime minister by the president and nobody complained. Now if she cannot run the economy well then who is to blame? The price of oil is still well beyond the benchmark set in the budget. So what is she talking about? I think she is not competent. She ran away the first time after being made foreign minister because something went wrong between her and the president at the time.This president will be left high and dry when she takes off again as soon as there is a real drop in oil prices. Those who are wise can see the handwriting on the wall already. |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by bigheads(m): 3:52pm On Jun 14, 2012 |
Any labour that uplift humanity has dignity and importance and must be undertaking with painstaking excellence. Our governments at all level do not care about us. Why is the minister Oknojo-Iweala pretending. Say it now that the goverment is going to screw our arse again. Subsidy is finaLY going to be removed shortly so that we can be preparing for the hardship. Stop preparing our minds we know what is coming. Other countries are looking for solutions and we are pretending here. |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by OAM4J: 3:54pm On Jun 14, 2012 |
Deal with the stinking corruption in the government and Nigeria will have no need to worry about any recession. But then I know that is an impossible task for this administration... So here comes recession Nigerians. |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Onliie(m): 4:04pm On Jun 14, 2012 |
What's nigeria money used for anyway? If the budget is enough to pay salary of workers, no problem(that's the only thing they do anyway). |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by violent(m): 4:07pm On Jun 14, 2012 |
lookmangiw: Forget the recession blah, blah. My major concern is the price of oil. Once the price of oil drops sharply in the world market let say to $60/barrel, then our imported oil price will also drop thereby reduce the fuel price at the petrol station. Then there wont be anything like fuel subsidy anymore. In conclusion, i think the masses are the one to gain from this while the rich elite will suffer a drastic reduction in looted fund. Not in this life or the next! OPEC is not that stuppid! |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Nobody: 4:08pm On Jun 14, 2012 |
. |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Nobody: 4:09pm On Jun 14, 2012 |
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Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Nobody: 4:09pm On Jun 14, 2012 |
beaf: b Seriously, what happened to you when God was distributing brain cells in heaven? |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Mowire: 4:16pm On Jun 14, 2012 |
@DrugDoc shebi u're new in Nigeria ni? U sound unimaginably ignorant of happenings in d country. Haven't we always demanded for these same things in ur list? Shud u need to be told subsidy removal & deregulation are not exactly the same thing. BTW, mind telling what %age of Nigerian drive their own cars. & else does d govt give the masses besides subsidised petrol? |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by http(m): 4:21pm On Jun 14, 2012 |
Am sure the recession she is talking about starts from her and the rest of those thieves in Govt. Cos i know i was born in Recession, Nigerians have being in Recession immediately after Independence, so she better clearify who shes talking to.... |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Proxytalk: 4:24pm On Jun 14, 2012 |
If we are to go by reports, Oil contributes less than 20% of the GDP so why would a fall in oil prices be enough to lead us into a recession? [/quote] I diagree wt you, ist oil account for abt 95% of our foreign erning. Though im not sure of GDP but cannt be less than 60%. what is that that we produce. SS states are so rich cos jst 13% goes to them. hvnt you heard that many states arent viable outside fedrtn a/c which is 100% oil sales.crude oil is nig economy and vice vers |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Kobojunkie: 4:27pm On Jun 14, 2012 |
Proxytalk: Not according to information revealed by your own Government. According to claims(consult the National Bureau of Statistics as well), Oil contributes about 16% of Nigeria's GDP |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Nobody: 4:32pm On Jun 14, 2012 |
This Iweala woman is something else.. She's starting to sicken me! 0_o |
Re: Okonjo-iweala Warns Nigerians To Prepare For Economic Recession by Nobody: 4:41pm On Jun 14, 2012 |
Ah ah i dey laugh. And jonawamper wants to go for another stint? Thunder fire you and your big eye balled orangutang noi. |
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