President Muhammadu Buhari, in a bid to defend his administration, has again spread misinformation regarding the records of crude oil prices under past administrations.

POLITICS NIGERIA, in its support for verification and accountability, has run a check on the President’s claim.

CLAIM: Crude oil sold for $100 from 1999 to 2014

In an interview with Arise Television aired in the early hours of Thursday, Buhari said Nigeria’s Brent crude oil sold for $100 between 1999 and 2014.

It should be noted that former Presidents Olusegun Obasanjo, late Umaru Musa Yar’Adua and Goodluck Jonathan, who are members of the opposition Peoples Democratic Party (PDP) ruled between the said period.

“I would like you to check how much we are earning from 1999 to 2014. From 1999 to 2014, our production (if you check you will find out that) every production was 2.1 million barrel per day. At the cost of 100 American dollar per barrel. So, from 1999 to 2014, we were earning 2.1 million times 100 dollar per day.”

“Look at the state of infrastructure. Look at our road. Look at rail. Look at power. And tell me which country develops without infrastructure,” he said, blaming the PDP led government for the woes of the country.”

Checks by POLITICS NIGERIA however revealed that this was not the first time the President reeled out such figures. On October 1, 2016, the Nation’s Independence Day, President Buhari, said that oil prices were “an average of 100 USD per barrel over the last decade.”

He did in 2018 while campaigning for a second term in office, which he eventually got.

“I have challenged everybody in Nigeria to check in Europe, America and Asia that Nigeria was producing 2.1 million barrels per day at the cost of $100 per barrel. So, Nigeria was earning 2.1 million barrels, times $100, times 16 years,” he said during a rally.

He also restated the same while receiving a delegation of the Buhari Support Organisation (BSO) at the Presidential Villa in the same year. “When we came, it collapsed to $37-38 and it was oscillating between $40 and $54 sometimes”, Buhari said.

POLITICS NIGERIA however fact checks the claim using relevant data.

VERIFICATION

Data from the Organization of Petroleum Exporting Countries (OPEC) culled from Statista, one of the world’s leading providers of market and consumer data, showed the prices of bent crude between 1999 to 2014.

In 1999, the average annual price of crude oil was about $17.4 per barrel. It was $27.6 in 2000, $23.1 in 2001, $24.3 in 2002, $28.1 in 2003 and in 2004, it was $36.5. Oil sold for $50.5 per barrel in 2005, $61 in 2006, $69 in 2007, $94.1 in 2008, $60.8 in 2009 and in 2010, oil price was $77.3.

The average annual price of oil had reached a record high of $107 per barrel in 2011. It further increased to $109 in 2012 and dropped off to $105.8 and $96.2 in 2013 and 2014 respectively.

Further analysis showed that between the period under review, it sold for as less as $20 and as much as $109 per barrel.

By POLITICS NIGERIA’s calculation, the oil price averaged between 1999 and 2014 is $61.7 per barrel.

This newspaper reached out to Buhari’s spokespersons, Garba Shehu and Femi Adesina, for clarifications but they did not respond to the enquiry sent via texts.

VERDICT: Since records and POLITICS NIGERIA’s analysis showed that crude oil sold for an average of $61.7 per barrel between 1999 to 2014, the President’s claim of $100 per barrel is FALSE.

Commentor:
Why not complete your research by telling us how much it's been sold since 2015.

Blue3k:


Why would they if he didn't make that claim?

Amotolongbo:
You people just come online with so ambiguous and vague arguments.

Nigeria became independent in 1960. This present democratic dispensation started in 1999. Everyone knew that the situation of the nation was so deteriorated before it was handed over to PDP in 1999. What was the nation’s external reserve before it was handed over to Obasanjo in May 1999?
$4.98billion.
PDP took it from there happily and groomed it
The highest peak we had was under Yar’adua in 2008 at $58billion dollars before it was depleted by Jonathan.
Did PDP ever cry of inheriting bad economy from the military?
Did PDP ever cite low foreign reserve transferred to them by the khaki despite experiencing oil boom during the gulf war era as the reason for their failure?

I wonder what Nigeria would have been if these crop of APC men were the same leaders who got the transition in May 1999 from Abdulsalam Abubakar. Seriously, we won’t be on the map again.

https://www.google.com/amp/databod.com/nigeria-external-reserves-1999-till-date/amp/

Commentor:


For a fair comparison.

The entire article is nitpicking whilst trying to avoid the more important fact - oil revenues were far more in years past.

Commentor:
Why not complete your research by telling us how much it's been sold since 2015.

Commentor:
Why not complete your research by telling us how much it's been sold since 2015.

kirajustice:
POLITICSNIGERIA.COM

President Muhammadu Buhari, in a bid to defend his administration, has again spread misinformation regarding the records of crude oil prices under past administrations.

POLITICS NIGERIA, in its support for verification and accountability, has run a check on the President’s claim.

CLAIM: Crude oil sold for $100 from 1999 to 2014

In an interview with Arise Television aired in the early hours of Thursday, Buhari said Nigeria’s Brent crude oil sold for $100 between 1999 and 2014.

It should be noted that former Presidents Olusegun Obasanjo, late Umaru Musa Yar’Adua and Goodluck Jonathan, who are members of the opposition Peoples Democratic Party (PDP) ruled between the said period.

“I would like you to check how much we are earning from 1999 to 2014. From 1999 to 2014, our production (if you check you will find out that) every production was 2.1 million barrel per day. At the cost of 100 American dollar per barrel. So, from 1999 to 2014, we were earning 2.1 million times 100 dollar per day.”

“Look at the state of infrastructure. Look at our road. Look at rail. Look at power. And tell me which country develops without infrastructure,” he said, blaming the PDP led government for the woes of the country.”

Checks by POLITICS NIGERIA however revealed that this was not the first time the President reeled out such figures. On October 1, 2016, the Nation’s Independence Day, President Buhari, said that oil prices were “an average of 100 USD per barrel over the last decade.”

He did in 2018 while campaigning for a second term in office, which he eventually got.

“I have challenged everybody in Nigeria to check in Europe, America and Asia that Nigeria was producing 2.1 million barrels per day at the cost of $100 per barrel. So, Nigeria was earning 2.1 million barrels, times $100, times 16 years,” he said during a rally.

He also restated the same while receiving a delegation of the Buhari Support Organisation (BSO) at the Presidential Villa in the same year. “When we came, it collapsed to $37-38 and it was oscillating between $40 and $54 sometimes”, Buhari said.

POLITICS NIGERIA however fact checks the claim using relevant data.

VERIFICATION

Data from the Organization of Petroleum Exporting Countries (OPEC) culled from Statista, one of the world’s leading providers of market and consumer data, showed the prices of bent crude between 1999 to 2014.

In 1999, the average annual price of crude oil was about $17.4 per barrel. It was $27.6 in 2000, $23.1 in 2001, $24.3 in 2002, $28.1 in 2003 and in 2004, it was $36.5. Oil sold for $50.5 per barrel in 2005, $61 in 2006, $69 in 2007, $94.1 in 2008, $60.8 in 2009 and in 2010, oil price was $77.3.

The average annual price of oil had reached a record high of $107 per barrel in 2011. It further increased to $109 in 2012 and dropped off to $105.8 and $96.2 in 2013 and 2014 respectively.

Further analysis showed that between the period under review, it sold for as less as $20 and as much as $109 per barrel.

By POLITICS NIGERIA’s calculation, the oil price averaged between 1999 and 2014 is $61.7 per barrel.

This newspaper reached out to Buhari’s spokespersons, Garba Shehu and Femi Adesina, for clarifications but they did not respond to the enquiry sent via texts.

VERDICT: Since records and POLITICS NIGERIA’s analysis showed that crude oil sold for an average of $61.7 per barrel between 1999 to 2014, the President’s claim of $100 per barrel is FALSE.

Commentor:
Why not complete your research by telling us how much it's been sold since 2015.

SmartPolician:
We know say Buhari no get sense, but he raised a very important point. He argued that Nigeria made a lot of money between 1999 and 2014, asking what they have done with the money.

However, I expected the journalists in the media chat, including Mr. Nduka Obaigbena (who's obviously the most experienced), to ask him what he has done differently because he has borrowed to finance almost all the projects this administration has executed.

Commentor:
Why not complete your research by telling us how much it's been sold since 2015.

vedaxcool:
lol is that all? Off course ignore the fact that oil price was more stable during previous years with nothing to show it, which was the point he was making, Doyin Okupe swore Nigeria in the TIME OF HIGH OIL PRICES CANNOT AFFORD NEW COACHES FOR OUR TRAIN SERVICE.

PMB has proven them wrong and has done more with less even building the perennial promise and fail second Niger bridge! We go well last last.

Xhuntra:


As usual, they will leave out the lying president and start typing trash. Normal traits of a zombie

vedaxcool:
[s][/s]