₦airaland Forum

Validated:
I thought Oyedele has integrity as an Accountant. Truly, he passed through PwC but PwC did not pass through him.

I thought so too. It was such a hopeless interview. They are only clinging on to power for personal enrichment.

How much crude does Nigeria control? Our Finance Minister does not know.

I watched the recent interview of the minister on Channels TV and was shocked by the level of gaslighting. He cited countries like Venezuela, the US, Saudi Arabia and Qatar, as they often do, without proper context for his claims about cheap or expensive petrol. He mentioned the US to make his flawed point that a high number of refineries is irrelevant.

What he failed to point out regarding the US is that oil is sold on the international market in its own currency. Its policy direction has been tailored away from petrol. The US shut refineries to go green. We are not in the same league. The same applies to most of Europe. Venezuela is a sanctioned country that the US has been destabilising. Qatar's condition is not only about its population and gas reserves, but proper control and management, like Saudi Arabia.

The pretence by the government that there is no alternative to what they are currently doing is where the opposition comes in. Our budget is majorly funded by oil. Why has there been no diversification of our economy? Even the oil we have has not been properly utilised. There is all the talk about so-called reforms, yet structural changes have not been made to solve our problems. Why can our oil not be cheap for us? Why must we price our crude in dollars for our own people? Why is foreign exchange being prioritised at our expense?

It is possible for Nigerians to have cheap fuel. We have enough oil in the ground, so what is the problem? Why has there been inconsistent supply to Dangote by the government? The Finance Minister said there is no 700,000 bpd for Dangote. The government should be honest with Nigerians about why that is the case. What percentage of our oil has already been mortgaged to forward sales and joint venture contracts? What about the volume being lost to theft and under declaration?

Seun asked the most basic question a Finance Minister should know: How much crude does Nigeria control? He said he does not have the number.

How can you argue that we do not have enough for domestic use if you do not even know how much we have? If the man in charge of the economy does not have the figure, it means we are still running on declarations by IOCs.

He even said we are not even qualified to call ourselves an oil producing country:

"Qatar has 500,000 people, 2 million foreigners. 2.5 million. They have the largest gas reserve. What would it cost them? Nigeria has more than 200 million people. We are barely doing 1.8 million barrels. Divide it per capita and we are not even qualified to call ourselves an oil producing country."

It is important to state that Nigeria has the resources to take care of its population. Anyone in government who thinks otherwise should resign. Their incompetence and corruption have kept the country in this terrible condition. This is a man who admitted on live TV that he does not know how much crude Nigeria controls, and he is the Finance Minister.

We do not have a resource problem, but a management problem. If you cannot measure it, you cannot control it. Anyone who knows the Nigerian oil sector is aware of the high level of corruption that exists. Has the government taken full control of production metering to stop under declaration?

For a cheaper local pump price, we must have domestic sufficiency first. We must refine locally and sell to ourselves at production price, not at international market price. Allocate a fixed domestic volume at cost of production price in naira for Nigerians and sell the rest at international price. Pay IOCs in naira for the domestic portion, then in dollars for the export portion.

What is happening now is that the government is maximising dollar revenue while Nigerians pay the international price. That has to stop.

There has to be enforcement of real time independent metering. Not paper declarations by the same IOCs bribing regulators and under declaring. Criminalise manual declaration. Install independent, live metering at the wellhead, flow station and terminal, not controlled by NNPC or IOCs. Our daily oil production must be published online like exchange rates.

We must tackle corruption and weak regulation. Stop forward sales that use future crude as collateral for loans. Stop our JV debts. Fund it with cash, not oil. Get the Port Harcourt, Warri and Kaduna refineries to work. It all comes back to proper governance and patriotism.

Another meaningless and clueless pursuit to frustrate Nigerians.

You are indeed and very desperate.

You are looking at a mirror. All these allegations, yet you couldn't establish anything against him in court. Defending Tinubu's adminstration is difficult for you guys, hence the distractions.

Codes151:
What a porous country.

Is there no leadership in this country?
Get all these criminals out. Don’t let them come here. They never wish you well

What we have as president is a threat to national security. They have his files in the U.S. Also, considering how tribalistic the government is, you don't need much to deceive these desperados. CBN is also headed by another Yoruba man. Send a snake oil salesman from the tribe and the job is done.

A patron saint of promise and fail. Retire to France and leave us alone.

Misplaced priority from Bola's people as usual. Clueless bunch.

Bola, the terrible condition of the country confirms that you are dull. Retire to France and leave us alone.

You have nothing to campaign about. Absolute failures.

Hawks. Banks are not our problem.

ShobayoEmma:
Tinubu, a bad man with good intentions.

Good intentions? You must not know what it means to really be a bad man.

This people are deceiving themselves. When have they ever championed anything good? They will score an own goal thinking they are undoing others. Once Tinubu loses everybody will calm down. They are failures after all. Nigeria deserves better. Tinubu and co must go.

You know what to do to get rid of this punishment called Tinubu in 2027.

Take them for psychiatric evaluation. This is not normal.

What did the Bible say about affliction? Nigerians will rebuke you in 2027, else this country will sink.

He has a point. I will also question the sanity of anyone who looks at the condition of this country and says Tinubu should return.

Baseless accusations. This one has been looking for Amaechi's attention. You have to be mentally unstable to demand the return of Tinubu.

If Nigerians do not ensure that this punishment called Tinubu is gone in 2027, the level of hardship then will be a joke compared to this.

Tinubu must go!

Unpatriotic lot. People without any moral compass, but a strong desire for looting will always find themselves in APC.

Is that why the economy is in shambles? Bad infrastructures, lack of electricity, no good healthcare, poor education, massive insecurity, high poverty, high unemployment, etc? Tinubu must go. Let someone else come and fix this country.

Policies dictated by the IMF. Unfortunately, this president with his sordid past is compromised.

30 days is not going to achieve whatever you guys hoped for. Pure election gimmick. Even if Tinubu reintroduces subsidy, he still doesn't deserve re-election for his bad performance.

This is not the U.S. Do we have reliable data in Nigeria? Considering the level of corruption in this country, it will just be diverted, looted and wasted.

The people in government are out of touch with the realities of ordinary Nigerians. Then you have a president with skeletons in his cupboard in the U.S. and susceptible to blackmail. Whatever his instructions are for hardship, he implements.

Shameless tools campaigning for failure. You have to be abnormal.

Tinubu should apologise to Nigerians and resign. He has nothing to offer.

A president who prefers France to his country. One of the best things that will happen to Nigeria is for Tinubu to lose the election. Very wicked government.

Any sensible person knows that.

Facts. The only thing Tinubu's government knows is propaganda.

DennisEche:
Doesn't adherent of islam do worst, the most difficult job to do is defend islam.
From Boko Haram, Iswap lakurawa disturbing Nigeria is a reflex already.
Anyone can be brain washed in that religion, even a professor of medicine, former NHia DG following Gumi around negotiating with bandits.
Funny how they all claimed to do it for god

It is not my job to defend any religion. I'm talking about the practices of the American government,

The abnormalities that we normalise in Nigeria.