FreeStuffsNG:
Nice one. Buy stocks of oil companies now.
This is good news to us after the pandemic squeeze.
God bless Nigeria forever.

this isn't good news for Nigeria.

Rise in oil prices will increase subsidy payments. Drop in price will affect our forex

The problem is, the debt incurred from years of low price has to be paid back

michlins:
this isn't good news for Nigeria.

Rise in oil prices will increase subsidy payments. Drop in price will affect our forex

You are right about the subsidy which constitute a huge drain. I am referring to forex inflows since oil proceeds account for about 90% of our forex inflows. It's when you sell crude oil that you earn, the subsidy part will only deplete some part not all. But you're right and it's coming to an end soon as Dangote Refinery takes off.

Our useless president will
still complain

Baba will still complain

If you are reading, don't get excited about this news

Because it will translate to bigger subsidy scam and more hardship for Nigerians

But you can insure yourself and family with a good cashflow business like AFFILIATE MARKETING

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Al-qaeda people's Congress will still complain

Na civil servants wey vote APC go still suffer am pass, especially the states civil servants.
Dem go get union but still dey follow the government.
Oya na, youths wey get sense no go worry about this. Make money Sha dey enter.

chigator2:
The Right Headline :

Looting Bound to Increase by $93 per Barrel Highest in 7 years.

This is the perfect caption, because as it stand, no one is talking about excess crude account. This only provide avenue for our leaders to loot more

Vibesking:
Our 2022 budget anchored oil price benchmark at $62/b. Since oil price has now soared to $93, it means we'll be having $31/b extra in our Excess Crude Account.

This is good news as more budgetary funds could be channeled into key industries/ministries such as education, agriculture, manufacturing.

But I trust this government. They'll squander whatever has been generated from the ECA and go on a spending spree.

They will rather complain of fuel subsidy impact.

Vibesking:
Our 2022 budget anchored oil price benchmark at $62/b. Since oil price has now soared to $93, it means we'll be having $31/b extra in our Excess Crude Account.

This is good news as more budgetary funds could be channeled into key industries/ministries such as education, agriculture, manufacturing.

But I trust this government. They'll squander whatever has been generated from the ECA and go on a spending spree.

so we all agree that the oil producing States are the once feeding Nigeria...in order words, the survivability of Nigeria is in the hands of the south

So oil price goes high always to welcome the new president preelection year.

It was 2006 to welcome 'Yar Adua

Then 2014 to welcome Buhari

Now it's 2022 to welcom our best president

Jlow2:
Al-qaeda people's Congress will still complain

I am happy that the last soldier to rule Nigeria is Buhari.

I am happy that no President will be unpopular and insulted like Jonathan,again.

I am happy that no president will enjoy popularity like Buhari,again. So our people would not wait to criticize him whenever he do bad.

No more president to be voted based on Tribe, Religion, Age,Region or Party. So our best president is coming.

God bless our incoming president, the long awaited Messiah, who fake pastors can't see in their prophesy. He will be neither popular, nor unpopular. Neither young,nor old. He will neither saint,nor too much corrupt.

I love my incoming my president.

This is supposed to be a cheering piece of news but the opposite is the case.



Alas, all the supposed gains are frittered away through subsidy and debt servicing.




What a country!

BrandSpurNG:

https://brandspurng.com/2022/02/06/oil-price-risen-to-93-per-barrel-highest-in-seven-years/

just in time for 2023 enough BMC recruitment portal and wormholes to be established/proliferated �

Too bad, Naija is supposed to have profit but because of bad and greedy government we import what we have in abundance. We import more Petroleum than the initial crude. What a waste

Sai Baba for this great achievement. Now we will start to see the correct change

Vibesking:
Our 2022 budget anchored oil price benchmark at $62/b. Since oil price has now soared to $93, it means we'll be having $31/b extra in our Excess Crude Account.

This is good news as more budgetary funds could be channeled into key industries/ministries such as education, agriculture, manufacturing.

But I trust this government. They'll squander whatever has been generated from the ECA and go on a spending spree.

This govt inherited $2.1b ECA funds in 2015. Today ECA contains $35m

nice hope they can plan

Can someone please tell them that they are selling this oil at a record high price. So they won't come back and blame Jonathan .. Jonathan& PDP squandered money. Nigeria made this and that

lexy2014:


This govt inherited $2.1b ECA funds in 2015. Today ECA contains $35m

Says who? Do u have any records to prove that ECA stands at $35m, if its so then why are we still borrowing for goodness sake abeg give us another story jare don't turn to another Lie lie Mohammed

We necessity to lend more from China

DontBullshitMe:
Petrol Subsidy will eat up the major gains. Although, irrespective of that, this news signals that our revenue expectation will run into excess which is a good thing.

How I wish Nigeria can just become an industrialised nation? Dependence on oil is shiiiity. We can't continue this way. A country of 200 million + so fuçking unproductive!? Kai! Spits! Are we not ashamed of ourselves?

Seriously the country ought to be ashamed of itself. Tufiakwa

FreeStuffsNG:
You are right about the subsidy which constitute a huge drain. I am referring to forex inflows since oil proceeds account for about 90% of our forex inflows. It's when you sell crude oil that you earn, the subsidy part will only deplete some part not all. But you're right and it's coming to an end soon as Dangote Refinery takes off.

For sure we would stop importing fuel but i'm not sure if FG will have the balls to remove subsidy. Let's not forget Dangote Refinery is located at Free Trade Zone, he will most definetly be selling his fuel in $$$ and not Naira.
Let's not forget he's owing a whooping $19billion, i read on twitter he's servicing his debt with $650m annually. This was a Project that was supposed to cost $9b when he started in 2014 ( i wonder how he sleeps at night). I'd be shocked if Dangote sells his fuel for anything below @ 400 naira per litre.

Vibesking:
Our 2022 budget anchored oil price benchmark at $62/b. Since oil price has now soared to $93, it means we'll be having $31/b extra in our Excess Crude Account.

This is good news as more budgetary funds could be channeled into key industries/ministries such as education, agriculture, manufacturing.

But I trust this government. They'll squander whatever has been generated from the ECA and go on a spending spree.

There's no Excess Crude Account anymore, they have finished it, they are now chopping from the Foreign Reserve

" On Friday, crude oil prices surpassed $93 per barrel for the first time since October 1, 2014."

That is a good news for the northern Nigerian Muslims. They are the ones spending oil money, while the South/south looks on at far distance.
Amen!

signz:


For sure we would stop importing fuel but i'm not sure if FG will have the balls to remove subsidy. Let's not forget Dangote Refinery is located at Free Trade Zone, he will most definetly be selling his fuel in $$$ and not Naira.
Let's not forget he's owing a whooping $19billion, i read on twitter he's servicing his debt with $650m annually. This was a Project that was supposed to cost $9b when he started in 2014 ( i wonder how he sleeps at night). I'd be shocked if Dangote sells his fuel for anything below @ 400 naira per litre.

You're giving worst case scenarios that are near impossible. FG now owns a substantial percentage of DR and has seats on the board. FG paid its equity contribution as 1% paid in cash and 19% to be paid in crude oil with agreement to prioritise local market. Only excess will be exported. Please kindly read up on this and correct me if I am wrong

Oil price goes up and subsidy price goes up bt oil price was higher during Jonathan’s administration and subsidy was far lower?

Buhari is either a monumental failure or Smtn is wrong smwhere.

A buy to sell move looks imminent, if it fails to break above $100/br in 2-3weeks it most likely would roll over

LOOTING MODE ACTIVATED by the useless govt of self serving thieves and BLOODTHIRSTY TERRORISTS!

Awon eleribu, ole, jegudu jera, olosha gbogbo!

Buhari will no longer see excuses to give

tommylee:


Says who? Do u have any records to prove that ECA stands at $35m, if its so then why are we still borrowing for goodness sake abeg give us another story jare don't turn to another Lie lie Mohammed

In your ignorance, u are still arrogant.

https://www.google.com/amp/s/nairametrics.com/2022/01/22/excess-crude-account-fg-explains-why-only-35-million-is-left/%3famp=1