janedonez:
This is terrible, when will global happenings favour Nigerians

. Everything has been favoring Nigeria but our useless rulers and myopic citizens waste our chances.

If only we had working refineries, we would have cash out heavily from this war. We would make money quiet alright but we would pay much higher to import refined fuel, diesel and kerosene and remain pathetic losers at the end of the day.

Why can't we be reasonable for once and elect sound leaders? This war would have been a financial windfall for Nigeria. It's so sad.

dear fellow blackman live and act like human beings
https://www.youtube.com/watch?v=tWHUdNmHsEs

What should have being a blessing to us.

Imagine if Nigeria was refining all her petrol by itself?

Increase in oil prices would be like Christmas awoof season for the govt.

The only thing that can save us now is oil swap deal.

We would export our oil at below market value to any European country with huge refining capacity so that they can sell it back to us at the same price.

Those countries would gain far more but atleast Nigerians would not suffer needlessly because of useless Leaders that have made them a victim in the market square of life.

Someone like Peter obi cannot be president for four years and pay such huge subsidies without doing anything about it.

I trust him not to condone such levels of waste.

But Nigerians want what they want and they suffer for it.

christejames:
Just see a country that lacks true leader; Nigeria.

Oil price increase should be a blessing to our economy, but because the govt left all our refinaries moribund, it has now become a curse...

Thats the comment ;ive been waiting for ;;
You too get sence .

What’s the connection between Nigeria’s economy and Russia/Ukraine

We are not ready for change in this country….

OGBEREIJEBU:
The excess crude money will take care of that and have more for infrastructure development

That means u aren't aware of what's going on. Buhari inherited $2.1b from Jonathan in 2015 he has depleted all that money in d ECA to just $35m

namo77:
What’s the connection between Nigeria’s economy and Russia/Ukraine

We are not ready for change in this country….

The matter no tire you?

lexy2014:


That means u aren't aware of what's going on. Buhari inherited $2.1b from Jonathan in 2015 he has depleted all that money in d ECA to just $35m

That's because of low crude oil prizes in the markets

Wetin dey do us, oil low we complain and now that is increasing we are still complaining

OGBEREIJEBU:


That's because of low crude oil prizes in the markets

I didn't ask you for d reason why the ECA was depleted. I only informed u that it was depleted since u were saying that the ECA will make up for any shortfall in govt earnings.

Be that as it may, Kindly explain how low crude oil prices made buhari deplete the ECA from $2.1b to $35m in 6years especially since u had already alluded that the ECA will make up for shortfall in govt earnings

Shebi they said during PDP time, (lies), oil was over 100 per barrel. They called it locust years. Petrol was highest ₦87.
This regime raised petrol to ₦165 claiming to remove subsidy. Alas now they say they are paying subsidy.
Oil price has gone up to over, $100, should we not be thanking God? Should we not raise our foreign reserves? Should this country not be washed with dollers from oil income therefore making the naira appreciate?
No! In the case of Naija, it must be different. They say we use it for subsidy!
I have said it before, let oil be $1k. This people will give useless excuses and zombies will promote them!
We paid billions of dollars to rehabilitate kaduna, port Harcourt and warri refinary, yet not one drop of petrol from there.
This Usless people took billions in loans to build rubbish train to maradi Niger, rubbish trains. Why not use the money to have the Chinese build refinaries taking into consideration we use 250b monthly on subsidy!? Afterall the savings from subsidy could have been used to build the train.
Well, when you have government pikins running things what do you expect.
What business has amechi done since living school other than politics? Fashola nko? Silvia nko. Their oga patapata sef.
Will an adesina or Obi or elumelu have handled this economy this way?

Adesina18111:
One thing I still don't understand is WHY Nigerian Government refuses and fails to build refineries...even the money we pay to import fuel in a year is enough to build one refinery...I agreed Jonathan failed us but Buhari is worst...He promised to revive all the dead refineries and even build new ones...but all na lie...they are just wasting our money...I have been buying black market at the rate of #1800 per 5 litres since this fuel shit started...and NEPA no gree give us light for almost 2 weeks now...foods are expensive and even transportation fares are now increased... I need UKRAINE VISA abeg

you forgot to add the heat in the air, living these days is so discomforting, i just had to enter one eatery this afternoon buy icecream to enjoy some ac make heat no fry my brains comot.

Me self dey do am sometimes oo..I go enter bank or chicken republic for Akure

onyxo76:
you forgot to add the heat in the air, living these days is so discomforting, i just had to enter one eatery this afternoon buy icecream to enjoy some ac make heat no fry my brains comot.

KingEverest:
if only we had a working refinery we could have make huge profit from this situation, but an oil producing nation don't have a single working refinery that can refine PMS this country is cursed

Not cursed.
It is by design.
By internal predators
Our wicked, selfish & greedy
Political & business elites
Plus extremely corrupt top civil servants.

And foreign predators led by the UK.

If our refinery was working we should had benefited from this increase in oil price...but common to repair or build another refinery our president and the federal government cannot ...if it's to loot money now they can do that perfectly

Won't be surprised if elections are postponed, Ukraine crises is the perfect excuse for forms of incompetence.

KingEverest:
if only we had a working refinery we could have make huge profit from this situation, but an oil producing nation don't have a single working refinery that can refine PMS this country is cursed

If only we had a working democratic system and socially motivated Nigerians that can hold the corrupt government to account. How can you explain all the refineries not working for 23 years and nothing, absolutely nothing has been done to rectify the problem.

A country that has gas and oil and can't turn it into a useful product is a failed country.

Nigerians deserve all the suffering that they are getting, the "siddon and look culture" has taken them to the abyss.

NaughtyBrainiac:
This story is long for nothing.

It did not even explain how the current situation could lead to inflation in Nigeria.

I am not an expert but I have common sense.

Budget was prepared using 62 dollars as oil price.
After paying for imported refined oil, we still made profit.
Oil price is now almost becoming 2 times the price we used in preparing budget. ( please note that the increase in price doesn't have any significant increase in cost of exploring crude oil in Nigeria. The price increase here is Awuf)

How then will this lead to inflation? No matter how expensive it is to import refined oil, the significant increase in price of the crude one would take care of all costs and leave us with surplus gain.

Now to Subsidy. Subsidy in this case is just calling figures that don't practically exist. Just stupid theory.

They want Nigerians to pay for the price of oil based on the international price? And they misappropriate the mammoth surplus or what? There will never be any significant improvements in the lives of Nigerians because we won't feel the impact of the surplus. Things would only be worse because increase in pump rate as a way of catapulting inflation in Nigeria.

These people should stop telling us that increasing oil price is not good for us. They should please keep quiet.

Lemme actually explain how things work.
Will be elementary as posible.

Crude oil price going up means refineries will pay more to get the crude. It also means the cost of refine products will increase.

If crude oil is 30dolls per barrel n fuel price is 30dolls per gallon, gallon contains 5litres, then if crude oil climbs to 105dolls per barrel as at the case now, it means fuel will be 105dolls per gallon.

Since we are importing 99percent of fuel, it will affect our earnings cos it will still be channel to importing fuel.

Subsidy is the differentials paid by govt to bridge the cost gap and assist citizens get the product at a cheaper price.

If u want to know whether subsidy exist or not, google the cost of fuel or Gas as it is called in US, convert it to naira and compare to what we sell or buy here.

Why this is assuming you different dimension is that during GEJ era, daily fuel consumption was 30m litres but under buhari it climbs to 93m litres.

It means that if fuel is sold at international mrket at 280naira per ltre, NNPC pays much to bring it and the fed govt pays more to subsidize it. The difference is 63m litres which might be the cost of fueling malami, atiku baGudu,buhari and others pocket.

I've never seen a nation like this before! This same regime has been lamenting they couldn't do much and borrowing more compare to past regime because oil price is low. Now it's averaging past regime, another stream of complain

Yeyeoldman:
Somehow one man called Dangote is Building a Refinery. One man Oooh. During Good luck Jonathan Regime one of the poorest country on planet earth Niger Republic built a Refinery. Poor Ivory coast have a Refinery. Nigerians are not ready yet. When we are ready we will hit the street and demand for what's our right. The people profiting from Subsidy and Importation of Fuel will never let Nigeria Own a Functional Refinery. Who dey deceive who?

You get it, Nigerians deserve the government. Both the fuel importers, NLU and government are all in on the act to ensure that the country has no functioning refineries and electricity.

In Nigeria everything affects us negatively . Crude oil is now $100 per barrel and instead of our fortunes increasing we are still receiving negative reports. This subsidy if I may ask, how many times will they remove it because when buhhari came fulel was below N100 perlitre .

chai

All this mad people in government can never witness something good in their lives when some country are giving their citizens relief packages for the oil boom the Nigeria government are proposing high fuel subsidy and hardship for their own citizen what an enemy of progress. APC government is a disaster to Nigeria all of them are created by devil's not from God because I never see them with progress since the assumption of their government backward ever APC

Nigeria is the only seller in the world that when the price of her good is increasing... She starts complaining and crying coz.of.bad planning. ..

We have animals as leaders.

Where does the increased crude price go to?

sulaak:


If only we had a working democratic system and socially motivated Nigerians that can hold the corrupt government to account. How can you explain all the refineries not working for 23 years and nothing, absolutely nothing has been done to rectify the problem.

A country that has gas and oil and can't turn it into a useful product is a failed country.

Nigerians deserve all the suffering that they are getting, the "siddon and look culture" has taken them to the abyss.

Exactly wat I'm saying we are on the same page the country is cursed, because when you think about Nigeria you just can't understand wat the problem is

omojeesu:


Not cursed.
It is by design.
By internal predators
Our wicked, selfish & greedy
Political & business elites
Plus extremely corrupt top civil servants.

And foreign predators led by the UK.

Bro if all these are affecting one particular country then it's safe to say that country is cursed

Blackdisciple:



Honestly ooo, we would have been cashing during this situation but what , the clueless government don't have foresight ...

Instead of us cashing out, we are dashing out our money to the West

Tbasicme:


Seriously. If oil price drop govt will be complaining if oil prices rise they will still complain and give us reasons. Who did we offend in this country

KingEverest:

Instead of us cashing out, we are dashing out our money to the West

It's crazy bro