LegendHero:


I wrote local refiners in my mention to you and I even mentioned Edo refinery in it.

Even in your JAMB question on your post, you asked “ Who is NNPC seeking crude to locally?”. That’s when your brain is playing pranks on you because your brain can’t understand that NNPC do sell crude to local refiners.

Dead this argument, you are talking jargons all through. Note that I am not arguing with you again, because you have lost the right to that from me.

I am just scolding you like a child now. So you either pay attention and listen or continue this path of fighting against logic.

You gave data from 2006 right?
Who was NNPC selling crude to in 2006 locally
You can start your scolding now

LegendHero:


It’s now evident you’re just trolling.

—This is your premise: Nigeria NNPC do not sell crude to local refiners.

—I showed you evidence showing they do sell the crude.

—Now your baby self is crying that it’s only 30k or 2k barrels, how is that my freaking business?

—So if no Nigeria crude refiners can refine, who are NNPC gifting the oil to then? Are they using it to fry akara?

You can see I no dey take you serious again, you’re still a child.

It's obvious you and that guy have problem of comprehension. Go and read what I wrote well.

I wrote refineries not local refiners
I'm referring to NNPC's refineries that get statutory allocation from NNPC crude.

Together, they have capacity of 450k.

Compare that with your local private refiners whom you're referring to with combined capacity of less than 30k and it'll be clear who is saying rubbish.

Go and check the margins of the records you posted yourself and see if the amount not recorded for export is 30k never mind that there were no private local refiners until very recently.

Always learn to understand issues and context appropriately.

Amotolongbo:
Congrats to Xabi Alonso and his boys



Lesson from Harry Kane Story:

Be patient to listen to information and ask question before acting on it.

Harry Kane got the Message to go to Bayer in search of Trophy. He didn’t wait to ask either Munich or Leverkusen before choosing Munich. Can we now see the outcome?

Bayer Leverkusen is different from Bayern Munich

LegendHero:


At this point, I am not arguing PDP generated more revenue than APC with you again. That argument has already been resolved with the data I presented. So you either accept the self evident truth or find one of your neighbor to continue the nonsense argument with. I have better things to waste time on.

For the above, NNPC sells to local refiners, stop saying rubbish on the internet.

How can you even imagine NNPC will give it to them freely? Do you even think at all?

Read the below and cure your nonsense ignorance.

https://businessday.ng/energy/oilandgas/article/local-refiners-now-buy-crude-in-naira-at-cbn-dollar-rate/?amp=1

Exactly. Stop making silly arguments because each party is responsible for how much oil is produced under them. The variable they don't control is the crude oil price. If all you want to do is make excuses for APC's failure, I'll be happy to oblige you.
It's obvious you enjoy being confused. How many modular refineries do we have and how many are operational. The largest refineries are govt owned with over 400k capacity. The modular refineries even from your link have combined capacity of 30k. Besides, as at 2006, there were no private refineries in Nigeria. The first one was commissioned in 2013 and I'm sure it was not fully operational then. As a matter of fact, it started operations last year.
Govt refineries get free crude. And they get it periodically. That's a fact and it's their volume that can account for that differential in your unreliable data and not some measly 30k refineries that hardly operate. That Edo refinery you brandished has just 6k capacity. Is that the refinery that accounts for a differential of almost 500k between produced and export?

LegendHero:

You are wrong, during 1999 to 2006, Nigeria exported an average of 2m barrels per day for all those period. Below is my data source from actual OPEC report. You will find it on page 37 of the document. If you multiple that by the price you gave, PDP earn far more in their lows days than what APC earned.

By the way, you said it won't be fair to compare PDP best years with APC worst years because of the time difference between 16 & 9. Then why are you all not patient till when APC will reach 16 years in power to know if they are actually far better than PDP? What if Buhari period is the lowest of the low in performance APC can get?

https://www.opec.org/opec_web/static_files_project/media/downloads/publications/ASB2006.pdf



Don't be a doommy like the newspaper guy. What you first need to deduce from this statistics is "What is the $$ revenue from all this"? In all data on earth, PDP earned way more than APC earned. Stop mentioning first 4 years, what should I do with that? How does that help our revenue argument? So we can't trust CBN data? You are even more weird that I thought.


@the bolded, it's clear I have been speaking to a primary 2 kid. NNPC usually allocate crude for local refining. So those that are refined locally according to them, will they not sell it and earn from it? Even if they use it to settle supply agreement like you mentioned, won't that also have a dollar value? Even till today, NNPC still allocates to local refinery like that one in Edo.

Check this report, you will see the local allocation for refining in 2007.
https://www.cbn.gov.ng/OUT/PUBLICATIONS/REPORTS/RD/2007/MAIN%20REPORT-4.PDF



Even who got favorable oil price, it is still PDP. Have I been typing wrongly since? Did PDP not get favorable oil price than APC? By the way, what is the intent of Buhari for comparing PDP& APC? Was it not because of the revenue and what they did with it? So why won't you factor in the crude output and revenue?

You're not enlightened.
Go and check NEITI report about transparency in Nigeria's oil sector. It is one of the most opaque in the world.

The fact that they have not spent equal number of years is why average comes in handy. For example, if by the end of this year, Nigeria starts to produce 3m barrels as proposed by Tinubu and with the present oil price and outlook, APC will have almost double of the revenue PDP had at 16 years. If that happens, are we going to say APC fared better than PDP simply because they were able to increase oil output?

The fact is the average oil price shows the revenue per barrel. One can claim to outdo the other in sales. It's neither here nor there.

Again, nnpc does not sell crude to the refineries. It is given to them freely for local consumption. It is just like the 90k barrel used as collateral for Afrexim loan. It will not reflect on nnpc books because it's an allocation for the Gazelle group.

If you don't have the full data, you can't be making conclusions. That's what the first four years is for. That's how to do statistics and not your fraudulent method of starting from 2006.

65 and 62 is not much in terms of difference. You claim to be a student of engineering. Is an error margin of +/-3 a big thing?

My point which is clear and which the different news outlets agree with is that Nigeria's crude oil price on average is not much difference between PDP and APC years.

Any other thing is total nonsense. No one is going to increase your crude volume for you. APC are just proving to be lazy and full of excuses.

predictor1:
No, he wasn't busted on that. Buhari was right the paper was wrong. Or are you ready to say pdp got less?
The bolded is the reason we calculate averages. Just divide by the number of years available for each. So what do you mean by someone had a longer spread. Mtchew. For all intents and purposes, you are stupid.

You're a dimwit. APC and PDP have almost equal oil price. Your did the calculations yourself and your earlier projection came out wrong and your brother had to run to crude oil sales to save face and you still have the nerve to write senseless drivel.
You must be a swaddling troglodyte

LegendHero:

Like I said, I am not here to argue who did better in terms of oil production, what I am arguing is who had the most revenue during their stay because that is important to be able to adequately defend the naira since Nigeria earn majorly from crude exports.

If you want to debate the crude oil production and how PDP perform better, you can open a new thread.

You are just going around in circles, now you are back to square one. I presented multiple data sources and even gave you a pivot chart to prove my point, but it was you sharing a jargons from an dommmy newspaper guy that is right and I legendhero is the one saying rubbish?

At this point, it is as if I am arguing with someone intentionally acting a dummy. It's 1:29 am here. Signing out.

Again, you're still cherry picking. Oil production is within the control of each govt. It is oil price that's out of their control. If you don't understand that basic fact, there's nothing you can understand. It is the same oilfield that are available to both parties. So if one poorly manages the oilfield, it is not the other's business. In SWOT analysis, you mitigate for OT but focus on SW that's within your control. It's a basic fact in managerial science.
If you're going to account for low oil production under APC as an excuse, one can also point to the debt pay off under PDP which was worth over $12bn. You will also have to factor in the fact that PDP left over $2bn in their excess crude account and SWF of $2.5bn. If you add all those together, that's over $15bn that APC can be said to have gained from PDP's crude oil sales. Yet, they crashed the naira by a nominal value of over 500%!! Remove that from PDP's crude oil revenue and you see that APC even gained more from PDP.
So what's your point again?

Again, the reason why the newspapers focused on oil price is because that's the only veritable excuse a govt can have since it's out of their control and also easily verified. Oil production is not easily verified and is totally under the control of the govt.

If you can't understand these basic facts, then you don't understand anything

predictor1:
Idiot

You're really daft. This is the formula: ((current value-previous value)/current value)×100
Input the values and show me if you'll get 0.88%.
You're simply dull. Run the calculations yourself and stop exposing your mental laziness

The only repentant terrorist is a dead one

LegendHero:


I just gave you all the metrics. Both average, whole, and etc.

Again, I started in 2006 because that was the data available on CBN website. I don't want to be like that dummy newspaper guy who don't have fact at hand but instead said lot of statistical jargons to deny Buhari assertions.

So I used CBN official source so you won't question my statistics.

From the data did, if you have any statistical brain, it is evident that PDP had the highest average. What exactly is wrong with you? What are we even arguing when the same chart from him clearly reveal PDP earned more on average and had more average selling price?

You need to calm down, listen, admit your wrongs, and argue like a sound mind.

Again, you got it wrong. You're the one bringing oil output into the argument and I'm telling you that's a wrong premise because the govt can't claim to not meet OPEC quota and you'll accept it as valid. It's common sense. The determinant that's outside govt control is the oil price not output. Output which you inserted is under govt control. It is the oil price that the fluctuations is not under govt control. Buhari's claim which is what you their vuvuzela have been parroting is that PDP got more favourable oil price of $100 per barrel. If he brings in production he'll have to answer for that as minister of petroleum.
Again 65 over 16 years and 62 over 9 years is nothing to gloat about. They've had basically almost equal price.

LegendHero:


I am not here to direct fault at anyone. i don't care whose fault it was, what I just know is that PDP earned way far more than APC and they had all the arsenal to defend the naira better. That was the damnn argument on this thread.

If you want to argue about crude output and the politics of oil bunkering that decreases our output, we can open another thread. Stop diverting.

You have to care. You can't claim PDP had more arsenal as if it's simply a game of chance. It's not. PDP managed Nigeria's oil output better but they never had better oil price. Mind you, I hope you know that under the PSC they had with the IOCs, APC have actually reduced the sharing formula so as to increase their revenue from oil. It's one of the reason for divestment by IOCs from Nigeria because Angola has better. So again, whose fault is that going to be? Chance abi?
You can't start from 2006 and claim they've had better. Let's do head to head.
1999 to 2008 first 9 years of PDP. 2015 to 2024 first 9 years of APC. That's how to compare data. Not this rubbish you're doing. Anything outside that is to use average oil price which is even more transparent and the average oil price shows that PDP are not better off than APC.

LegendHero:

I picked 2006 to 2024 because that is the data provided on CBN website. If they had provided 1999 to 2005, I would have included it. Sorry that I initially thought you are smart because shouldn't you even be happy that we only had 2006 to 2015 for PDP? If I had included 1999 to 2015 overall data, won't that have supported my argument and show PDP got way way more during their period than current APC contrary to what you initially opined?


Yes, they have both production and actual exports. In the other mention, I already told you PDP earned over 130%+ in export than what APC earned. The export earning is even more compared to only production earnings. You know they also sell locally too.


You are a liar. What is being debated is that who earns more between PDP and APC. That was my argument earlier because I said when you want to include all economical indices, you have to look it as a whole. Mind you, even on average, PDP sold more crude oil average than APC. It is in that CBN data, you can use Excel to analyze it yourself or use python to tabulate the charts.


You are saying nonsense here. You need to always work with average when presenting data like this. You can claim PDP sold for $30, but what about the highs of PDP over $100 consistently? Don't you think we can bring that argument too? That is why you work with average.


Lol, emotional blackmail again. Where is my bigotry in our arguments? Do you even understand the meaning of "bigot"? You better go and cuddle your other half so you can at least be in a better state of mind because you have started saying jargons.

Any researcher knows you can't work with incomplete data and claim to have reached a sound conclusion. 1999-2005 were the worst years under PDP with respect to oil price. 2015-2021 have been the worst years for APCwere oil price is concerned. So it makes no sense to compare PDP's best years with APC's worst years and claim PDP got a better deal. Again, we have to use average because PDP have been in the saddle for 16 years and APC 9. So if we're following trends, APC have had better oil prices.
1999=$19
2000=$30
2001=$25
2002=$26
2003=$31
Above is the first four years of PDP average oil price
For APC
2015=$48
2016=$43
2017=$50
2018=$65
2019=$56
That's from your macrotrends website and it tallies well with what the two newspapers reported. From the above, it's obvious who had better oil price than the other in their first four years and the trend has largely remained the same. So don't go and hide under CBN started from 2006. CBN is not the only source of data and as a matter of fact, CBN data can't be more correct than that of NNPCL or NBS. I'm just putting that out for you to know.

NNPCL does not sell locally. The difference you're seeing between production and actual exports is usually because of supply to refineries and those used to settle outstanding supplies agreement and of course lately under APC, theft. Who is NNPCL seeking crude to locally? So your claim that PDP earned 130%+ than APC is a lie because the oil price has favored APC more year to year than it did PDP. What you're banking on is production volume and we know the more corrupt a govt is, the less production. So you can't blame anyone for that other than the party you support.

What is being debated is who got favourable oil price. That's what buhari claimed and he was busted. You can see the papers did not delve into crude production and export because that is a function of transparency and efficiency of the govt. They can even claim to have exported only 1.5m. Who will argue with them. All the talk of crude theft under APC started the moment oil price climbed above $70.

Yes and with the average, even your friend predictor1 calculated $65 for PDP and $62 for APC. Mind you, PDP have longer spread of 16 years compared to APC of 9 years.

LegendHero:


More facts from the CBN data.

--Below is the average crude oil price for the two party for those period. Can you compare PDP $90 with APC's $66 even with the limited data?.

Oh so you're back to average crude price now?
Why start from 2006 though?
Why not from 1999?
When you wanted to calculate exchange rate with your fake maths, you had no problem starting from 1999 because it suits you.
Your brother predictor1 has already done the average from 1999. Go and check and see if there's any much difference between the two of them instead of this your crooked statistics

LegendHero:


You’re right.

Just that how I approach Nairaland argument is from the matured side. When I speak my fact and someone keeps writing epistle to oppose a self evident truth, I just lock up and face other life stuffs.

How do I continue to argue with someone saying 2+2 <> 4. Then use mathematical jargons to tell us know it wasn’t 2. If na you, shey you go continue arguing with that kind person?

is just a PDP/LP supporter who is not bold enough to own up to his party and biases. But he hypocritically accuse people like us that are bold to identify with one party ideology as being a paid hand.

lol, how much APC wan pay me? How important am I for Tinubu to pay me over $100k annually for defending him on Nairaland?

You're not speaking any facts. Why did Nigeria not accumulate more debt or wreck the CBN in Obasanjo's first term of 1999 to 2003 when crude price was below $30?
That's why the average crude price per party is important because it shows how much income each party got per oil produced in the years they were in office. PDP did not fare better than APC. Your data is cherrypicked. You simply picked the lowest point for APC which is 2015 to 2020 and compared with the highest point for PDP which is 2009-2014. That's fraudulent again as you did before. Why ignore the years of low oil price of PDP?
And let me ask what party ideology you identify in APC ethnic and religious bigotry abi

LegendHero:


I am not done with you yet.

From CBN data, let me give you the metrics.

—Using PDP 2006-2015 (9years)
—Using APC 2015-2024 (9 years)

—On average, PDP earned over 109% more of what APC earned on the crude production number alone.

—On average, PDP earned over 133% more of what APC earned on crude oil exports for that time period.

So whose fault is that? If a govt can ramp up production and another cannot but leaves the oil for their party members to steal and bunker, whose fault is that?
It seems you don't even know jack. Crude output is a factor under the control of the govt. If the govt doesn't have the wherewithal to ensure crude production, then it can't blame anyone for its own misfortune.

[url][/url]

LegendHero:


I have even forgotten I am arguing with someone online because your IQ is somehow low and you're trying to use mathematical figure to comprehend.

Now let us get straight to it. Below is the crude oil production and price from CBN Source from 2006 to 2024. You can download the Excel too.
https://www.cbn.gov.ng/rates/crudeoil.asp?year=2024

I did a quick Excel pivot chart on the CBN data and below are the figures. I added APC and PDP based on the years and I assume APC started in June 2015.

—From 2006 to 2015, PDP got $23,034m
—From 2015 to 2024, APC got $10,986m

You can see I haven't even added PDP from 1999 to 2006 to the figures. It is only someone that is doomb that will believe APC earned more than PDP because a nonsense Nigeria newspaper that can't do research say so.

Sometimes, I take my mind off petty argument on Nairaland. I argue for few thread and I am done. But from those I have been arguing with, you tend to have the lowest IQ.

predictor1 just wasting his time arguing with you since yesterday from the thread.

It is obvious that you're not a smart person. So you went and picked 2006 to 2015 for PDP and ignored the 1999 to 2005. That sounds reasonable to you right?
And I can see in your calculations you used crude oil produced to multiply price per barrel when it's obvious from the data that not all crude produced was exported.
What is being debated is oil price on the average because that determines who got more favourable oil price to work with. It is not PDP's fault if APC cannot meet their oil output. That's part of what is expected of a govt to control. Even your Tinubu has been claiming to want to increase oil output to 3mbpd.
So it is simply dumb of you to cherrypick years to calculate for. PDP worked with oil price below $30 for the first four years. APC has never had oil price go that low yet they make the most noise.
Then they gather bigots like you to come and make ethnic bigotry the centrepiece of national discourse.
Another thing is how crude oil theft/ bunkering became a thing under APC. I'm sure you won't ask yourself who are the beneficiaries of that to the detriment of the country and how that will affect official output under APC.

predictor1:
So by your own admission decimal is harder for you than solving questions on average.
Obviously you can't handle either.
Ok. Let me kill you once and for all. If you had any shame you would keep quiet henceforth but if you didn't you would keep on talking. That's how we would know you are shameless.


Average oil prices per year

PDP years


2000=. $30
2001=. $26
2002=. $26
2003= $31
2004=. $42
2005=. $57
2006=. $66
2007=. $72
2008=. $100
2009=. $62
2010=. $80
2011=. $95
2012=. $113
2013=. $98
2014=. $93
2015= $49

Average= 1040÷16 years= $65

APC years.


2016= $43
2017= $51
2018= $63
2019= $57
2020= $40
2021= $65
2022= $95
2023= $78
Sum= $497

Average for Apc years= $492÷ 8= $62

So who had a better deal between PDP and APC? We've not even factored in barrels per day under both parties. On oil prices alone PDP had a better deal and Jonathan's regime had the best deal of all with an average of $90 which obviously his successor referred to.

To show that you're mentally retarded. This was your claim

predictor1:
Your laziness is a curse.
On average, everyone except monkeys like you, know that PDP earned on average more than APC. Are you saying a semi illiterate like Buhari is smarter than a young purportedly educated Nigerian? Buhari was closer to the mark when he said during PDP years oil prices was $100 on average. It's actually $91! So he was close. The stupid newspapers you quoted didn't do the average. Lazy like you their reader.

For the apc years so far, the average is $56 ! So who earned more. Abi you need me to show you the calculations so that I can humiliate you once more?

https://www.macrotrends.net/2516/wti-crude-oil-prices-10-year-daily-chart
You can look for the years and the average oil prices on that site. It's tiresome arguing with you. You are an ass. Apology to asses.

And some of your figures are even wrong even from the macrotrends website yet you couldn't prove your $91 for PDP and $56 for APC.

You see that you're a nutcase now? LegendHero should come and see one of his fellow dumbasses that they support APC together

predictor1:
Olodo. Do you want me to put up again where you said the figure you got was a percentage?

You're just a dull asswipe

So because I said that now implies that 0.88=0.88% abi

It's obvious you're a dullard

predictor1:
Did you or did you not say the rate of depreciation was always a percentage? Can you put a curse on yourself that you never said so?

Just tell me the school you attended where they taught you that 0.88=0.88%

You're daft no cap

Journalists Beer Parlour is the latest source of news for Zombies

Even the Otitoju guy was being stage managed

Otun Balogun can now rest

predictor1:
They talk like stupid illiterates. Even the dollar today has lost 40 cents against the 2010 dollar.

So this is where you've been "busy"?

30k pay per post zombie

predictor1:
Ode, are you denying you said the rate of depreciation was always a percentage? Didinrin later tried to convert percentage back to percentage.

You're still here mouthing this harebrained rubbish
You think I'm an illiterate like you that doesn't know when you write a percentage, you put the % sign.
Go school you go under bridge dey collect return
Where's your analysis? It's over 5hrs!!

Shall we ask the "good southerners" how many of those projects they claim Buhari gave to the North were completed in his 8 years tenure?

I don't know the joy they'll derive if after 8 years the project becomes another Kano-Maradi rail or transport university that have become abandoned?

A lot of these bigots act as if Buhari did nothing in the south. Lagos-Ibadan rail, 2nd Niger bridge, Zik Mausoleum are projects Buhari completed in the south while none, absolutely NONE was started and completed in the North.

The same reason why those projects were not completed in the North are what why southerner with common sense should guard against in this Lagos-Calabar Road project else it becomes a project to settle cronies while the generality of the people get the short end of the deal

Southerners should use their so- called education for once and stop acting like Zombies

predictor1:
Even a primary 3 child will teach you that percentages can also be in decimals. I guess you didn't know that when you said your 0.88 could never be a percentage.

a pry 3 child knows sign for percentage is %. Where you don't see the sign, it means the value is not in percentage.

Olodo. You're a disgrace and a monumental shame on Nigerian education

predictor1:
I'm busy right now. When I have time for your lazy ass I'll destroy you finally for everyone here to see with a simple primary school education on the mathematics topic "average". After that I'll stop responding to you because I find you completely ignorant. Hang on.

..... audio busy

3hrs no show

Someone that doesn't know percentage and decimals wants to do average

Lying ignoramus

Babatunjo:
Maybe Yoruba nation agitators want to declare Oduduwa Republic...

You have to give it to the Yorubas

They match their words with actions

Some people have been calling for Biafra and sitting their lazy asses at home on Mondays, yet they have not even attempted to go near any govt parastatal or institution while killing and maiming innocent and defenseless citizens

When Yoruba are ready to do anything be it for good or bad, the impact is always felt in real life not audio

Yoruba nasun nao!!

predictor1:
Go and sit down. You said your answer was a percentage and that you ignored the negative sign. Olodo. Wasted education. I even thought I was debating with a brilliant mind before. Little did I know it was just another regular olodo. Get the fvck out of my face, stupid liar.

Is the above rant why you don't know how to convert decimals to percentage (primary school education)?
Is the above nonsense why you don't know there's rate of depreciation?
After showing you the formula, you argued nonsenically, comparing depreciation rate with profit and loss analysis.
After that, you delved into whether percentage and decimals can be converted.
Your poor education is as clear as water.
As I told you, your insults can't hide you lack of intelligence. Mr ad hominem

predictor1:
Your laziness is a curse.
On average, everyone except monkeys like you, know that PDP earned on average more than APC. Are you saying a semi illiterate like Buhari is smarter than a young purportedly educated Nigerian? Buhari was closer to the mark when he said during PDP years oil prices was $100 on average. It's actually $91! So he was close. The stupid newspapers you quoted didn't do the average. Lazy like you their reader.

For the apc years so far, the average is $56 ! So who earned more. Abi you need me to show you the calculations so that I can humiliate you once more?

https://www.macrotrends.net/2516/wti-crude-oil-prices-10-year-daily-chart
You can look for the years and the average oil prices on that site. It's tiresome arguing with you. You are an ass. Apology to asses.

An Internet rat and nonentity who can't convert decimals to percentage is here calling two of the most reputable media outlets in Nigeria stupid and lazy.
Oya Oga, show your workings and prove your claim of $91 average. At least both newspapers showed the average yearly revenue which makes it easy for anyone to verify their calculations and how they arrived at $61 using basic maths. So since you're smarter and more brilliant, show us your workings.
It's obvious to anyone following the conversation between you and I who is looking like an idiot. But since you've come out with a different claim from those of the papers, kindly show how you arrived at both $56 for APC and $91 for PDP

predictor1:
The only problem is that you claimed your decimal was already a percentage.

So which one is it now? You are a confused specimen. What really is broken in your life?

Show me where I claimed my decimal is a percentage. You should have paid attention to understanding maths a bit more in primary school.

At least you got the education you failed to get then from Google now.

Are you now a counsellor or psychologist to be asking what's broken in my life?

Why don't you face the argument in front of you? I remember you mentioning ad hominem and weaklings running away from strong points.

What's happening to you now?

predictor1:
Forget about your stupid formula for now.
Let's deal with the elephant in the room, your lack of knowledge that percentages also come as decimals. The 0.88 you got according to you was a percentage. Do you want me to show the whole world where you said rate of depreciation was always a percentage?

I can't believe you're still arguing on this!!

It's a bad commentary on your education!!