₦airaland Forum

omenka:
Ohhh. And don't think I don't see the trick you've been pulling here. You like it I'm keeping the thread on top of the board with my comments.

Little favour I could spare a barking "shilling" dog.

are you high?

Donmarrius:
Please help tell those 'iriots' who owns the Ondo Oil.

Eyaa, Ondo has a maximum daily out put set at a miserly 1,200 barrels.

The Nigerian National Petroleum Corporation and Agip have explored the possibility of crude oil production from the country's first deep water offshore oil field which is located off the coast of Ondo. The Abo field will produce over 1 500 barrels per day when it comes on stream with peak output of about 20 000 bpd, when fully operational. To further increase economic development, the state governments of Ondo and Ogun have introduced a Free Trade Zone around Olokola.
http://www.tradeinvestnigeria.com/pls/cms/ti_regout.region?p_rid=378

With the emergence of an offshore well, which is yet to commence production, Ondo can boast of additional 20,000 bpd.

Now compare that figure to the 2.3million barrels being sourced mainly from the ND.

Liars

omenka:
Dude still be barking like a dog.

Monkey shilling janjawiid still trying hard to derail.

Your party is full of ignoramus who have no clue on what it takes to govern or manage a country

Sambisa Times always gets the scoop on Boko gigs.

IdomaLikita:
Thank You Sir! I'll set about it ASAP!

and you will end up robbed of everything unless you have ahigh security vault in your house and you are not chicken sh1t to give them the combination to it

emmasege:
May I clear your ignorance of the fact that s/west is also an oil producing region. Ondo has it in commercial quantity and is enlisted as an NDDC state. I'm pretty sure that Ogun & Lagos will also have oil in commercial quantity if explored. And besides oil, are u aware of the immense revenues being generated both by d FG & Lagos state from the nation's commercial capital (Lagos) alone?. I don't pray that Nigeria breaks up, but if the undesired happens, be it known unto u that it's the south east that will suffet most in d entire south while the south west remains unshaken.
You had better hurry up to enugu and start boosting its economic and commerce potentials b4 it's too late. Don't ever think the s/south will forever ally with you o. Because when it happens, everyone go answer him papa name o.

And all this on the presumption that I am Ibo?
I am not Ibo

omenka:
You were the one who mentioned 5 progressives janjawiid shilling monkeys earlier weren't you?? What do I need help for??

fixed

omenka:
Why did the other dude call you a dog?? Lol

because I phucked his girlfirend, his sister, his mum and his aunty

omenka:
Gbawe what are you doing here?? Please don't drop any comment oo! This shiit right here isn't worthy of your esteemed contribution.

subtle mention for help

quit now , your foolery is going to be here for posterity to judge

Slonge2:
ehen now, oil requires little effort to yield a humongous profit.

Gloat in your current welfare state.

It wont last long

gentleoyink:
bro, don't reply them with that their groundnut and cocoa story.
They should go read about Nigeria's foreign earners from before crude oil. While we had cocoa and ground nut, we had rubber, palm oil and timber. The last three were mainly found in the southern part of Nigeria and were exported.
When ever they mention cocoa and ground nut, ask them to bring the complete list of the foreign exchange earnings of Nigeria let us know how much each region contributed.
They should also bring a list of foreign exchange earnings after crude oil was discovered.

You don't even have to mention the products that came out of Niger Delta.

The Dangote's of then were from the Niger Delta.
The Governor of the Benin River now most of southern Delta state, Nana Olomu was even richer than both south and northern protectorate.
His primary business was Oil Palm.

Are there any record of Millionaires at this same time in other regions? The answer is no.

omenka:
By the way, you wrot "miserable monkey" alone. You forgot to add "shilling" to it. I think it should be "miserable shilling monkey". How do you like that??

by all means please include it.

My apologies. These omissions happen from time to time but you must understand A MONKEY as a derogative is far greater than a mere shill and we are after all not being very polite at this moment to each other.

So I will like you to also include ; ebola shilling monkey to your tittle.

Cheerio!

Some economic experts have described the debate among the Executive, the Senate and the House of Representatives over the crude oil benchmark for the 2014 budget as political and baseless.

While President Goodluck Jonathan had proposed $74 for the 2014 fiscal year, the Representatives had adopted a crude oil benchmark of $79 per barrel, whereas the Senate pegged it at $76.50.

The House maintains the benchmark of the 2013 budget.

The economists, however, said the benchmark could be lowered.

Speaking to our correspondent on Friday, political economist and co-founder of Lagos Business School (now Pan African University), Prof. Pat Utomi, said while there was no right figure, the country could set a lower benchmark to allow saving from excess profit. He said such fund could be saved or expended on projects of national importance.

He noted that the developmental strategy adopted by the government should determine its benchmark for crude oil.

Utomi said, “I have, for many years, suggested a very low figure. We should not make the country solely dependent on a free gift. We don’t run sustainable systems. Let us not put the benchmark higher than $50.

“Every gain from above the benchmark should be kept into two accounts; every gain above the $50 to like $70 should go into a stabilisation fund to manage swings in crude oil price and for subsidies and everything above $70 should go into a future fund or the Sovereign Wealth Fund.

He stated that if the right laws and a transparent management system were put in place, the proposed system would work.

He added, “This current system is driven by corruption. T[b]he reason why some people want a high benchmark is because they want monies to pocket. The less the amount that is going into the distributable crude fund, also known as the Export Crude Account, the less the corruption.
[/b]
“The debate is meaningless; it is just politics.”

Also, a Professor of Economics, Sheriffdeen Tella, advised that the 2014 benchmark should not be $2 more or less than the current benchmark because of inconsistencies from major crude oil buyers and increased output from oil fields in the world.

He said, “I expect the current benchmark or less than $2 since the average price has been far above the current benchmark for the metric tonne framework could also decline because of uncertainties from major buyers like the United States and increased output from new oil fields around the world.”

The Representatives had taken the position when they considered and approved the report of the House Joint Committee on Finance/Budget/Loans and Debt Management on the 2014-2016 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The MTEF/FSP must precede the budget of the incoming year in compliance with the Fiscal Responsibility Act, 2007, which sets out government’s spending projections and revenues for the next three years, as the current financial year winds down.

omenka:
Please leave the dude to me, I got this.

The only thing you have is autism.

Autistic phuckhead that keeps repeating the same b.s.

omololu2020:
which ND are u talkin about,speak for ur tribe alone.

I am speaking of your dirty lazy fetish open air sh1tters who do nothing but wait for federal allocation of oil proceeds.

That is what this thread is all about.

omololu2020:
if u lik cry till now till tomowo,i dont care if d oil is located in d creeks of bayelsa or delta.what i know is dat all d oil in d niger delta,blong to we nigerians.if thier is oil in ur compound,d man from osun has d same right u hav on d oil even though is located on ur land.u ijaws can cry all day if u dont lik d way it is.and let me let u know somtin,we yorubas hav more right on d oil in d niger delta,dan u niger deltans

I have told you before that come 2015, if you want the oil you will have to do it the old fashion way.... come and take it!

omenka:
See dis one feeling important. Dude you are as worthless in the scheme of things round here like a wall gecko's crap!

You obviously want attention.

And I will give it to you.

What is it you say to your friend's and family members that you do for a living? Media consultancy?

You pathetic worthless ignoramus that can't get a descent job is here talking crap.

How much does liar mohammed pay you to spew his lies here? 40, 50 , 70 gees? I know it can never be more than 80 at most but in my opinion I believe they are not getting value for their money by hiring semi-illiterate unemployable touts like yourself, berem, egift, barcanista, demdem and that cleverly dunce.

Yes! That last line was to summon your ape congregation. Let us at least get a cacophony of ape shilling rather than alone whelp from a miserable monkey like you.

Come back at me when your ape buddies bump this thread

omenka:
Dude tryna LIE his way out of a LIE!!!

Nigga, you said he was blamed for the fall in oil prices!!

Seems you lie so fvcking much you don't even know when you do anymore!! It comes INVOLUNTARILY, like your heartbeat!!

"Shilling Liar"!!

Offcourse if you blame him for the impending recession of govt spending then you might as well blame him for the fall in oil price.\

Omenka let me remind you I am in no mood of playing your janjawiid games.

WombRaider here... so back off!

GenBuhari:
Withdraw all your money immediately and buy anything that would hold its value - even a shed or small land or furniture. Anything that you buy now you could be reselling in a few weeks or months after the devaluation has bottomed out for a far greater value.

If you are a business use up any excess savings and buy stock or other necessities now.

You are creating a panic. If everyone does what you are advocating, Banks will crash. The only growth you will have will be in the real estate sector and that will sooner or later crash which is by far the worst form of economic collapse.

My only advice is to invest and save what you have. In the long run the economy will stabilize.

Mind you, the only guys that will feel the heat directly are govt contractors who depend on govt spendings. Other sectors will also but this are guys way down the trickling table

omenka:
Go back to my first post and do yourself a favour.

"Shilling monkey". Is that the one you learnt recently?? Nigga pleaase!

We are not talking about your shilling job here.

I stand by what I wrote wherein you janjawiid ediots blame the FG for the imminent economic slow down based on the fall of crude prices.

If you can blame the FG for the slow down then you can also blame the fg for the crash in oil price.

Now get the hell of my mentions

omenka:
You derailed it from your opening statement which is the biggest lie ever told on this forum!!

Bet you lied your way outta yo momma's womb!!

pls state the lie once and for all and stop being a shilling APC monkey for once

Slonge2:
stop crying it is not our faul, the gods ordainedit. And as for cocoa, "before oil there was cocoa and after oil there will still be cocoa.

but for now there is no cocoa because you have free oil abi?

omenka:
Dude, put a lid on your temper before you rupture your heart!! . Haba, e dey do you ni??

obviously you are desperately attempting to derail this thread

omenka:
Come on dude, don't be such a sourpuss.

Dude, you are a straight face degenerate LIAR!!

I could ignore some lies but hell, that shiit right there, nigga that is HUGE!!

Think I'm gonna archive this thread. When a lie contest comes up anyday, all I need to do is exhume the thread! Dude you a stunner!!


Ps: what is "shilling monkey"?? Lol. Sounds funny.

what lie have I said here?

Is it what your Odenni himself Argeberascal said to which I provided a valid link which happens to be the same state of Osun website?

Can you point out my lies for everybody to see.

Finally a shilling monkey is what you are.

IdomaLikita:
I'm not an Economist, but the little I know tells me with further devaluation of the Naira, Some of us may end up losing value on our Bank savings(since we saved in Naira)
My mind tells me I should withdraw a Large chunk and Buy Foreign Currency from BDCs to keep at home! Another tells me to chill and see what happens!

Pls Could Someone here give me an Honest advice on the best course of Action I should take before the End of next week?
Knowledge they say is Power!
Thank You!

If you are going to withdraw your savings to buy forex, you will be putting more pressure on the Naira as you will be increasing preference of the Naira over the dollar.

The only way out is to look inward and stop depending on imports for everything.

Slonge2:
The oil in the niger delta belongs to us, and there is nothing anybody can do about it..

Thinking like a thief.

Come 2015 and the ND is out don't come begging for cocoa manual

9jii:
Google it hater

Initial search for Saudi Oil

In 1925, Holmes signed a concession with the sheikh of Bahrain, allowing him to search for oil there. He then proceeded to the United States to find an oil company that might be interested in taking on the concession. He found help from Gulf Oil. In 1927, Gulf Oil took control of the concessions that Holmes made years ago. But Gulf Oil was a partner in the Iraq Petroleum Company, which was jointly owned by Royal Dutch/Shell, Anglo-Persian, the Compagnie Française des Pétroles, and "the Near East Development Company, representing the interests of the American companies.[3] The partners had signed up to the “Red Line Agreement” which meant that Gulf Oil was precluded from taking up the Bahrain concession without the consent of the other partners; and they declined.[1] Despite a promising survey in Bahrain, Gulf Oil was forced to transfer its interest to another company, Standard Oil of California(SOCAL), which was not a bound by the Red Line Agreement.[4]

Meanwhile King Abdulaziz had dispatched American mining engineer Karl Twitchell to examine eastern Arabia. Twitchell found encouraging signs of oil, asphalt seeps in the vicinity of Qatif, but advised the king to await the outcome of the Bahrain No.1 well before inviting bids for a concession for al-Hasa.[5] To the American engineers working in Bahrain, standing on the Jebel Dukhan and gazing across a twenty-mile (32 km) stretch of the Persian Gulf at the Arabian Peninsula in the clear light of early morning, the outline of the low Dhahran hills in the distance were an obvious oil prospect.

On 31 May 1932, the SOCAL subsidiary, the Bahrain Petroleum Company (BAPCO) struck oil on Bahrain.[1] The discovery brought fresh impetus to the search for oil on the Arabian peninsula.

Negotiations for an oil concession for al-Hasa province opened at Jeddah in March, 1933. Twitchell attended with lawyer Lloyd Hamilton on behalf of SOCAL. The Iraq Petroleum Company represented by Stephen Longrigg competed in the bidding but SOCAL was granted the concession on 23 May 1933. Under the agreement, SOCAL was given “exploration rights to some 930,000 square kilometers of land for 60 years”. Soon after the agreement, geologists arrived in al-Hasa and the search for oil was underway.

As you can see the Saudi King gave concessions to western companies who were backed by western financial institutions to search for oil. This concession was later extended during the drilling phase where the Saudi government had fifty-fifty sharing agreement including tax with oil companies drilling on Saudi soil. Most of the concessions will be later removed in the 80's when the Saudi government bought over shares in foreign companies and later transfered it to the sate owned Saudi Aramco.

Liar!

Their representatives in the National Assembly also threatened to block the budget if their demand of increasing the benchmark was not met.

[size=18pt]The Crude oil benchmark debate and controversy[/size]
There is a controversial clause in the budget which has pinned the legislature and the Presidency against each other. This is on the bench mark for oil export. The Presidency has proposed a benchmark of $75 per barrel next year. But in sharp contrast, the House of Representatives shot it up to $80 pb while the Senate considers $78 pb. The discrepancy has in no small measure set the various institutions on war path.

The Defenses

Hear President Jonathan: “The 2013 Budget is underpinned by the following parameters which reflect Government’s prudent economic policies in an uncertain global economic environment:

•Oil production of 2.53 million barrels per day, up from 2.48 million barrels per day for 2012.

•Benchmark oil price of US$75/barrel, a modest increase from the US$71/barrel approved in the 2012 Budget. This benchmark price is based on a well established economic met pd of estimating oil price moving averages.

•Projected GDP growth rate which is now estimated at 6.5% compared to 6.85°/q in the Fiscal Strategy Paper. The revision is underpinned by the fact that the severe floods experienced over large parts of the country are expected to impact on economic activity in 2013, especially agriculture”.

Explaining while it has to be $75 benchmark, the Minister of Finance, Dr. Ngozi Okonjo- Iweala, said that government arrived at the $75 because it was below the current world market price and was based on moving averages of the world oil price and government’s simulations allowing for uncertainty in world oil price movements.

In a statement signed by the Senior Special Assistant (Media) to the minister, Paul Nwabiukwu, the Minister said ““this is a standard technique commonly used by commodity dependent countries to protect them against the volatilities of oil as well as consensual position of key stakeholders.”
On why the $80 benchmark demanded by the House of Representatives is not tenable, the Minister amassed a barrage of reasons: “First, it would lead to an increase in liquidity, and be harmful for many of the government’s macroeconomic forecasts. Based on our estimates, inflation rates would certainly rise significantly. The exchange rate would come under severe pressure, leading to a depreciation of the Naira.
“High inflation would result in higher interest rates. A combination of high inflation, interest rate and an unstable exchange rate is bad for economic planning, both for the government and for private businesses.
“Overall, we know that macro economic volatility is bad for growth. Second, the legislature’s proposal is premised on an overly-optimistic outlook of global oil prices.

The current world oil price is not based on actual economic fundamentals, but rather on uncertainties due to conflict in the Middle East. Nigeria cannot base its plan simply on the expected misfortunes of others.

“Third, in our view, current global oil prices are not sustainable. There are two reasons for this: (a) possible reduction in global oil demand, due to recession in the Eurozone, low growth in the US, and economic slowdown
in China and India, (b) increased global oil supply as new discoveries in Africa and elsewhere come on stream.
In addition, with the end of the Libyan crises, approximately 1.6m barrels per day would be returned to the world market. “Fourth, the legislature’s proposal would result in much lower savings in the ECA. To be precise, it would deny the ECA of significant additional inflow.
“These savings are necessary to cushion the impact on the Nigerian economy, in the event of a global economic recession or a slump in world oil prices. Recall that, in 2008, oil prices collapsed from about $147/barrel to $38/barrel in a few months. And at that time, Nigeria turned to its savings in the Excess Crude Account, rather than asking for humiliating sovereign bailouts from the IMF.”

Similarly, the Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe who addressed Journalists in Abuja on the issue recently said “the projection of the budget on $75 was to address the increasing question of budget deficit,” arguing that there would be no bottleneck in the Bureau of Public Procurement (BPP) in the release of capital votes, insisting that “it is aimed to check contract inflation and over invoicing and therefore national revenue should not be squandered on the altar of speedy release of funds. The process of releasing funds to MDAS will not be abridged.” He further stated that the $75 per barrel was meant to avert the danger of crash in the global price of crude oil.

9jii:
You really don't know what you are talking about.
I will have follow your argument.
If I'm wrong stop the benefits today

What resource did Saudi Arabia have that they used to develop their oil fields?

Was it sand?

liar

omenka:
@GBTYO: Dude, you are a natural born liar!! I bet you can beat a polygraph with flying colours!! Jeez!!

Your attempt at derailing this thread and turning it into an e- war is pathetic.

You shilling monkey

9jii:
Groundnut pyramids, cocoa and palm was our investment in the oil. Still benefiting.

And you think the Rubber, Timber and Palm production in the Delta was not worth more than your groundnuts and cocoa?

By the way assh0le, Nigeria operated a true fiscal federalism meaning that revenue from each region went back to that region.

Also if you think it was groundnuts they used to invest in Oil which on it's on will attract the neccessary cash flow then what did Saudi Arabia use to develop their oil sector? Was it sand?

Foolish liar

NgeneUkwenu:
Not interested!

It is a cocoa handbook.

You will need it come 2015.

NgeneUkwenu:
Thrash! The Oil belong to Nigerians! If you don't like it, mobilize your people to protest!

Just as Lagos is no man's land abi?

parasite pls download this pdf file below it will be very useful come 2015


http://www.iita.org/c/document_library/get_file?p_l_id=98898&folderId=339193&name=DLFE-1654.pdf