₦airaland Forum

kings09:
Almost 2yrs in govt. Y not blame jonathan

Which primary school did you attend?

Or better still, meet some decently educated persons around you to tell you how many months make "almost 2 yrs".

Hemanwel:
But the Buhari-led government,in just one year,has destroyed every little thing a 16-year PDP administration built

Like what? Tell us some of the every single thing built by the Poverty Development Party?

cheruv:
Its also unreasonable for the President to wait 12years in order to get the seat only for the public to discover that he had no plans all along

Wailing zombies don't even know the difference btw cosmetic solution they seek and surgical plan the president offers. Unfortunately for them, they can only wail, rant and curse online.

seunny4lif:
Bros
Yes, GEJ is corrupt but at least Hungry no dey this
Now, we have no corrupt President but Hungry dey outside
Tell me wetin this government don do?

The hunget is because there wasn't anything saved for the rainy days upon us now.
[size=15pt]If you worked for 5 yeras on N100k monthly salary, and then get your salary reduced to N40k monthly for some reasons, you will suffer a lot if you didn't save when you were earning N100k monthly.

Our situation is not different from my analogy above.[/size]

passyhansome:
#51 trillion? Hello are you on drugs. Please crosscheck that jargons

If I call you an illiterate now, you'd say I'm too harsh.

Under the Ineffectual Buffoon, Nigeria earned N51tn. I guess the rail project took all that money.

[s]

bloodkiIler:
same old shameless song.

it's unreasonable for a useless president to lack direction in solving a many years problem in a year or two it's even a mark of incompetent.

hypocrite

[/s]

seunny4lif:
God bless GEJ
The best president ever in Nigeria history

APC talk say no Rail before
Where them come see this ones

N51 trillion. Does the amount ring bell in your ears?

[s]

blueto:
Jonathan's efforts is now generating revenue for the present govt.

All this govt have done so far is to capitalise on Jonathan's ideas and innovations. The TSA is now adopted by Buhari to curtail illicit access to govt revenue, the weapons brought by Jonathan is currently in use to fight terrorists, construction of rail systems now inaugurated by Buhari. And yet they never give him credits, all they do is to point out to flaws and fabricate allegations.

[/s]
Trashy trash! Suck it up!

leofab:
you murdered FFK...

But na true na.

Nice profile pix.

leofab:
Dropshot not well I swear

Wetin I do nah

LOVEGINO:
Let's be realistic, he said something reasonable.

So, na Buhari turn himself to Fayoshit and Wike to beg Sheriff to be chairman?

Common sense?

Look who is talking! FFK, the man with mouth diarrhea!

It's obvious this man is seriously frustrated judging by uncouth words he uses from time to time.

How FFK can accuse anyone of disloyalty is beyond me!

wowmenow:
Nigerian did not vote buhari to tell us the problems we know them already we wants solutions now

Blaming PDP a year in office is a sign of incompetence

It's unreasonable to expect the president to solve problems of many years in a year or two.

With the reduction in our foreign earnings, our problems will not just disappear like that.

Perhaps to enjoy his loots in silence!

ABDamola:
The Nigerian state, during the five-year Presidency of Goodluck Ebele Jonathan, earned a total of N51 trillion from petroleum resources. The money is part of the N96.212trillion the country earned in 58years of crude oil sales.



Of this princely sum, which accounts for about 80 per cent of the country’s revenue, only N12.258 trillion (just about 14% of total) has been paid to the oil producing areas as derivation.

The figure is N35.848 trillion less than the N48.106 trillion the oil-bearing regions should have received as derivation if 50 per cent derivation had not been jettisoned few years after crude oil became the chief revenue earner for Nigeria.

The figures are the outcome of research by Sunday Vanguard, relying on documents from the Petroleum Inspectorate, NNPC, CBN Annual Report and Statement of Account, Nigeria Bureau of Statistics and the Nigeria Extractive Industry Transparency Initiative, NEITI.

In the face of biting contemporary economic realities Nigerians are contending with, there is a consensus that the different tiers of government – federal, state and local government councils – have indeed squandered the nation’s earnings. Even the modest attempts at saving for the rainy day with the creation of, first, the Excess Crude Account, ECA -which suffered mismanagement occasioned by under-hand spending by the Federal Government that was supposed to hold the funds in trust – and, thereafter, the controversial and ineffectual Sovereign Wealth Fund, SWF – which became a subject of litigation and high-wire politicking between the Federal Government and the leadership of the Nigeria Governors’ Forum, NGF – suffered from the typically Nigerian insincere approach to economic management.

A breakdown of the earnings shows that between 1958 and 2007 (CBN Annual Report and Statement of Account, 2008), Nigeria earned N29.8 trillion from petroleum resources. And between 2008 and June 2016, the country generated N66.412 trillion.



Between 1958 and 1966, Nigeria earned N140 million from crude oil; 1967 to 1975, the General Yakubu Gowon got about N11.03 billion; while the late General Murtala Mohammed/ Olusegun Obasanjo military regime scooped about N25 billion from 1975-1979.

In like manner, the civilian administration of President Shehu Shagari earned N36 billion oil money; Buhari, in his first coming as military head of state (1984-85), earned about N25 billion; General Ibrahim Badamasi Babangida, 1985 to 1993, N420 billion; the Ernest Shonekan/Abacha regime (1993-1998), N1.6 trillion; and General Abdulsalami Abubakar regime (1998-1999), N350 billion.

With the return to civil rule, Nigeria, under President Obasanjo realised about N27 trillion from crude oil between May 1999 and May 2007. His successor, Umaru Yar’ Adua, reaped about N9 trillion in his almost three-year rule before he passed on.

The luckiest of the leaders is former President Goodluck Jonathan, whose administration in five years, between 2010 and 2015, earned about N51 trillion from petroleum resources. Since he came to power on May 29, 2015, the President Buhari administration has been able to earn just about N6 trillion from crude.

However, the huge earnings, since 1958, arguably, have translated to little or no improvement on the welfare of the citizenry, especially the people of the oil-producing areas, whose environment – land, water and air, has been adversely contaminated and, in many cases, devastated and polluted.

DETAILS OF EARNINGS AND IMPACT OF EXPLORATION NEXT WEEK

Source: http://www.vanguardngr.com/2016/08/jonathan-nigeria-earned-n51trillion-crude-oil/

For my record.

No wonder he's aptly termed the Ineffectual Buffoon.

[s]

Rayhutar:
Stop all this your gullible excuses, who are you educating with your lies. During GEj time oil have started crashing and now oil prices is above $50 which is manageable, Venezuela has been under various loggerhead with US, even during the oil boom Venezuela ban selling their to US and the country is marred with various separatist struggle, there never a time in the past 5years that this were better in that country because of economic policies against US government. This is not the first oil prices has crash, OBj economic team led by NOI manage low oil prices well without Nigerians feeling it so hard before the oil prices pick up. [/b]Very soon you guy will start to use Syria and Afghanistan to tell people why they should be grateful for PMB administration[b], All this countries economy are not affected the way Nigerian economy is now, Ghana cedis is stable,Egyptian economy is not too bad, Angola is doing well,Algeria is not too bad, UAE, Oman, Bahrain, Saudi Arabia,Quatar check how much they are selling a litter of fuel in those countries despite the low oil price which have pick up now, Nigeria can't sponsor a common Olympic team, how much more if they were Qatar that is hosting a world cup in near by future. You people should pack one side with this your excuses.

[/s]

mukina2:
THIS IS ANNOYING NOW

GOAL AGAIN

Long time Mukina. Port to ManU.

Effects of loss of about 2/3 of crude price is felt by ALL oil dependent economies with no exception. From Saudi to Kuwait, from UAE to Qatar, from Angola to Venezuela, from Bahrain to Oman, the effects are felt.

Unfortunately, Nigerians who should be grateful that those who couldn't mange surplus earnings are no longer in charge are busy castigating PMB and his team ignorantly. Were those looters not chased away, we would have become another Venezuela or Greece by now.

This is the reason I did this thread here https://www.nairaland.com/3287385/effects-oil-crash-oil-dependent-economies but trust the powers that be here not to take it or this thread to the front page. Threads that educate the multitude of illiterate members here don't really interest them. Only the yeyebrities and snake related ones do.

Source?

I can't see any extreme or tough conditions in this article.

Chinese request for the FG to appoint "key Chinese officials to closely supervise funds released to the Nigerian government on loan agreement" makes perfect business sense given the huge amount involved and their past experience with mismanagement of such previous loans granted to past administrations.

I hope this goes through as quickly as possible so that we have some breather.

Izonpikin:
oya come and invest quickly...many persons are dying under our buhari...come quickly...

My question: why are you so sure buhari is treating us just fine all the way from the states


Dropshot take time ooo....

Why I'm sure he's treating us well:
1. Genuine effort at diversifying the economy.
2. Fighting corruption
3. Defeating Boko Haram

Of course the economy is bleeding but this is hardly his making. Other mono economies are experiencing similar tough times as us.

Patience is a virtue my friend.

What business would you suggest with N5m?

Izonpikin:
dropshot come back to naija oo..until then no support buhari..if you want to fervently support our old man please relocate back..come and wallow in buharis policies..thank you..

I don't have to relocate just because of my support for PMB. I've been living outside naija for more than ten years already. If anything, I see huge opportunities to invest in Naija now and that's what I should rather be doing.

[s]

Firefire:
Happy Sunday and don't be angry...

People you should take serious on the cyberspace are those who reside in Nigeria, and who understands the suffering on ground. Not just anybody with free access to the net who can post irrelevant cabbage in support of the unclear and directionless policies of this administration.

The more our Naira becomes worthless the better for those earning in foreign currency even if na Ghanaian Cedis or West African CFA franc.

I overhead a guy at the hotel reception last night in Ikoyi rejoicing how he could now exchange $100 for close to NGN40,000 as against what he used to get in time past (20,000 Naira). I was so vexed seeing the joy & happiness in his face, to slap am hungry me but I restrained myself.

Imagine.

God will surely deliver Nigeria and Nigerians, there is HOPE.

[/s]
Dollar/Naira rate is not determined by wishes of those residing outside Nigeria. It's largely determined by how much you earn through your exports and how much you need for your imports.

And having provided you effects of the IB's wastefulness and failure to do the right thing, one would expect you to apply common sense. But hatred, bigotry and imprudence will not let you.

Izonpikin:
dropshot isn't a living thing..if he is let him come back to nigeria and let's enjoy our own peculiar economic recession together..him dey abroad dey enjoy mild recession dey yap there..let him come back and enjoy buhari..such a hypocrite..

Bro, not all Nigerians will live in Nigeria at any given time. America, is one of the best countries in the world, yet millions of Americans live outside America.

onespecial:
It is not about shouting there is a policy on ground. Pls tell us the policy and its workings so far.



You left the points i raised and said rubbish..


Why don't you tell us how causing instability in NigerDelta to distrupt our oil production when its price is low is a way to make us look inward when u have put no structure on ground to make us look inward.


Why don't u tell us wat u and ur dulllard had in mind running a government on the grounds that new sheriff is in town for 6 months, stating that there was no need to install his cabinet as they are just noise makers.


How come recession always come with Buhari ?

You're empty!
Diversification and new policy direction don't have effects overnight. Even you god NOI knows that and castigated the Ineffectual Buffoon for lacking the political will to !o the right thing.

Is Buhari the leader of NDA that is causing instability in Niger Delta?
You no sabi book at all.

onespecial:
Keep the excuses rolling, u won't mention measures they took to curtail the situation apart from taxation, unlike u and ur dullard that have no policies except to exploit the public of their hard earned money just to service debts u ran ur campaign with.


They are taxing companies only but u and ur dullar are taxing companies and masses withnothing to show for it



Countries u mentioned understood their situation and care about their masses, unlike u and ur dullard that assumed the position of almighty sheriff( mr know it all and mr all powerful). Countries u mentioned are employing all ways to earn more from the little they could export. U and ur dullar wouldn't let the sleeping dog lie just to show ur arrogance. What stopped buhari from neglecting activities in NigerDelta just for now in order to enjoy revenue we can get from the oil money we could have sold, then engage them when he must have done his diversification, but no. He has no plans and came with a vindictive mind to rule.



He piloted a whole Nigeria six months without cabinet and economic team, guess u and ur dullllard never knew that the economy was sinking then.



Zombie.

It's obvious you're frustrated with life.

The present regime, unlike the previous ones, is actually forcing Nigeria to look inward to solve their problems. By banning certain goods from coming to Nigeria, a policy of growing and producing those goods is firmly in place.

It's clear you're so empty and you feel fulfilled once you're able to call the word dullard.

Poorly educated fellow you are.

DickDastardly:
Dropshot go and sit down jor

I live abroad and I know what I'm talking here.

DickDastardly:
Yea ... we know.... excuses for the dulllard is normal ... but tell the skinny granny to sit up

I guess the article is too much for comprehension ability.

Lalasticlala Mynd44 Seun, please take this to fp.

Job Losses in Gulf Economies Since Crude Price Crash

Thousands of layoffs at state-linked companies in Abu Dhabi are a fresh sign the Gulf's wealthy oil states are hunkering down for a long period of austerity as low crude prices pressure their economies.
Now, some governments are also starting to reduce staff at the companies they control, many of them in the energy industry, in order to ensure the firms are not a drain on state finances if oil prices stay low for several years.
Abu Dhabi's National Oil Co (ADNOC), with around 55,000 staff, has cut hundreds of jobs in the past few months and will have reduced its workforce by at least 5,000 by the end of 2016, sources familiar with the matter told Reuters.
http://www.news.com.au/finance/business/breaking-news/oil-price-fall-prompts-gulf-job-cuts/news-story/42772e7387a0b7c1b6285b818294ddd6

Expats brace for job losses after Qatar Rail, others cut staff
Plummeting global oil prices have already taken its toll on Qatar’s energy sector, with Qatar Petroleum (QP) laying off an estimated 3,000 people in 2015, and its subsidiary RasGas as well as Danish oil company Maersk cutting hundreds more jobs in Qatar late last year.
http://dohanews.co/expats-brace-for-wide-job-losses-as-qatar-rail-announces-50-cuts/

Abu Dhabi's National Oil Co. (ADNOC) is cutting thousands of jobs as it vies to cut costs to cope with a sharp drop in oil revenues, industry sources said on Sunday.

"Thousands of staff at ADNOC and its affiliates" are affected, said one source in the industry, requesting anonymity.

ADNOC has "asked its affiliates to cut costs", said the source, pointing out that job cuts are the obvious outcome "as more than half of the operating cost is that of the staff".
http://www.jordantimes.com/news/business/abu-dhabis-adnoc-cuts-jobs

Qatar
Qatar is expected to run its first budget deficit in 15 years in 2016. The host of the 2022 World Cup has built up a huge sovereign wealth fund and so is better protected than some of its neighbors.
Powered by SmartAsset.com

But even Qatar has had to make cuts. The ruler of the country, Sheikh Tamim bin Hamad al-Thani, was quoted by a state news agency as saying the government could no longer "provide for everything."
It has raised prices of petrol by up to 35%, pushed up water and electricity prices, and ordered state-owned institutions to reduce spending.
According to some, these cuts also led to the closure of the Al Jazeera America news channel.

Bahrain
Bahrain raised petrol prices for the first time in more than 30 years in January, and cut subsidies on energy. Last October, the government also cut subsidies on meat, which led to a doubling in the price of beef and chicken.
Bahrain's government announced a wide-ranging reform program earlier this year, saying the country needs to diversify and cut spending.
Oman
Oman has also hiked the price of fuel, and announced an increase in corporate income tax to 15% from 12%.

http://money.cnn.com/2016/03/17/news/economy/oil-crash-middle-east-budgets/

When I hear or read people complain of the country’s current economic woes, especially the $/N exchange rate and high prices of commodities especially the imported ones, I always ask the question “Is it that these people are genuinely unaware of cause-effect relationship or they’re just being plain imprudent?

I take it that many of those perpetual whiners are genuinely unaware of effects of losing substantial part of our foreign earnings to crash in crude price, so I compile some of the realities around the world brought about by the crude price crash to educate this set of people in the hope that they will be enlightened after reading the compilation.

Generous fuel and food subsidies have been slashed, new taxes introduced, and social benefits axed.
The years when oil cost $100 a barrel and generated $1 trillion in export revenues are gone, and the oil-rich Gulf nations and their people are being forced to accept a new reality.

Here are some of the painful measures they've introduced:

Kuwait
Kuwait enjoys one the world's lowest oil production costs. The country also boasts one of the oldest sovereign wealth funds.
Still, the collapse in crude prices is forcing Kuwait to think the unthinkable: tax company profits.
The plan for a corporate tax rate of 10% follows a move by all Gulf states to roll out a 5% sales tax during 2018.
"The fact that Kuwait is going down the taxation route for corporates is a very different form of ... revenue generation," said Monica Malik, chief economist for Abu Dhabi Commercial Bank.


United Arab Emirates
The UAE was the first Gulf country to target fuel subsidies when it introduced market pricing for petrol last summer.
Robin Mills, CEO of oil consultancy Qamar Energy, said the move triggered a domino effect. "Once one country feels able to take the step of removing subsidies as the UAE did in this case and that seems to go okay, then other countries get some confidence in following them," said Mills.
All six countries in the region are now cutting subsidies, raising prices at the pump and the cost of water and power.

Saudi Arabia
Ratings agency Moody's downgraded its outlook for the Saudi banking system on Wednesday.
It highlighted Saudi Arabia's 14% reduction in public spending this year as a key factor behind the move.
The region's largest oil producer has already introduced deep spending cuts, cut subsidies, and even slashed its foreign scholarship program.

http://money.cnn.com/2016/03/17/news/economy/oil-crash-middle-east-budgets/

So, if economies that built skyscrapers, modern infrastructures, created millions of jobs, diversified their economy and saved billions of dollars from their own oil windfall between 2011 and 2014 have been badly hit by the crude price crash, what miracle does any sensible person expect from the Nigerian economy that did the exact opposite of them.

Since we failed to build a solid “war chest” and diversify our economy from a volatile commodity during oil windfall, it’s unexpected that we will weather the storm unscathed since our dollar-earning commodity has reduced by more than two-third. What we suffer today is a product of our wrong choices and decisions of many years back. It’s not an excuse but mere stating of facts.
May God continue to bless Nigeria and guide the president to lead us out of the mess we find ourselves.

This man is a performer irrespective of what anyone says. Kudos to Ogbeni.