On Monday, President Muhammadu Buhari commissioned the Dala inland dry Port in Kano state.  In his address at the ceremony, Buhari said the average oil price from 1999 to 2019 was $100 a barrel.  He added that the country’s oil production averaged 2.1 million bpd during the same period.   

“I would like you to recall. I want you to check – those who have been in doubt – in the Central Bank of Nigeria (CBN) and the Nigerian National Petroleum Company (NNPC), between 1999 and 2019, the average production was 2.1 million barrels per day at an average cost of $100 per barrel,” he said. 

“So Nigeria was earning $100 times 2.1 million every day for those years.”

Furthermore, Buhari claimed that the revenue earned from oil was not used maximally to build roads and infrastructure during the period.

“But look at our infrastructure, the roads, some of them. Look at our power, we have a problem with power,” he said. 

“Which country can advance without infrastructure? But those who were in charge in those years were going around, not only in Nigeria but the world, giving the impression that they were wonderful. 

“But they can not explain this money. When we came, the militant in the south-south was unleashed on the government or on the country. 

“Production went down to half a million barrels and we were unlucky as the price of petroleum went down to $37 a barrel from $100.”

VERIFICATION 

From May 1999 to May 2015, Olusegun Obasanjo, Umaru Yar’adua and Goodluck Jonathan served as presidents of Nigeria on the platform of the Peoples Democratic Party (PDP). Buhari was elected president in May 2015 and his tenure will be over in May 2023. 

Data from Statista, a global data platform, showed that the price of Brent was at its lowest during the period under consideration in 1999 at $17.90 per barrel, during the administration of former President Obasanjo.

Within the period under review, the average price of crude oil reached its highest in 2012, at $111.63 per barrel, during the administration of former President Jonathan.


Nigerian crude oil is priced using Brent crude, an international oil price, as a benchmark.

An analysis of the data showed that between 2000 and 2001, oil prices dropped from $28.40 per barrel to $24.45 per barrel before rising to $25.01 per barrel in 2002.

From 2003, the average price of crude increased steadily till 2008 when the price hit $96.99.The commodity’s yearly average price increased from $61.51 in 2009 to $79.47 in 2010, $111.26 in 2011, $111.63 in 2012, falling to $108.56 in 2013.

Between 2014 and 2019, the prices fluctuated. It was $98.97 in 2014, $52.32 in 2015, $43.67 in 2016, $54.25 in 2017, $71.34 in 2018 and $64.30 in 2019.

Contrary to Buhari’s claim that the average price of oil between 1999 and 2019 was $100 a barrel, the average price of the commodity was $62.33 a barrel during the period.

Between 1999 and 2014, before the current administration, oil prices averaged $63.95 a barrel.  Meanwhile, the current administration (2015-2022) recorded an average oil price of $62.78 per barrel. 

This is how this foolish incompetent, President came lying while claiming stark illiteracy and ignorance about what petroleum subsidy was all about without having a dynamics of what it entails.

They claimed fuel subsidy is a fraud but ended up perpetuating the same fraud in the past 7 years.
Subsidy gulps N150 billion every month.” N150 billion is still less than the N200 billion monthly transport bonus bill the regime will pay to 400 million Nigerians. In other words, Nigeria will spend more money on transport bonus to an amorphous, unidentifiable, and probably cooked-up 40 million poor Nigerians than the subsidies it says it pays on petroleum subsidies, which it says are too expensive to be sustainable. That makes absolutely no sense.

The last time the Buhari regime increased fuel prices last year, it said it had completely done away with fuel subsidies and had left the price of petrol to the vagaries of demand and supply. Now, the regime’s honchos say again that the subsidy they said they’d completely removed, for which there was no allocation in the 2021 budget, must be removed again! ....." https://gazettengr.com/farooq-kperogi-same-old-cruel-lies-to-justify-fuel-price-hike/

Lai Mohammed & The APC Are Uncommonly Gifted Liars
They made told many malicious/ wicked lies against Jonathan's government to demonise it and made many illusory promises to attain power but after 8 years it was all a disaster. They played politics with the Chibok School girls kidnap yet rationalised and reinforced bandits and BH terrorists atrocities. On Chibok Girls, I was among those that lampooned him for being too slow to track down the abductors of the school children.

I have to apologize to him because only recently, a serving minister threatened to implicate a governor on his role in the abduction saga. I told myself wait a minute, did I hear what I just heard? And I cast my mind back to when people said that the abduction was a stage managed plot to ease him out of power. I joined others then in calling such individuals, "conspiracytheorists" and "evil people". The story is getting clearer

How about 270 human beings could be loaded into trucks and just vanish from a city center? How none of the school authority could place a single phone call to the head office of any security outfit toconfirm who authorized the evacuation as they said the abductors claim?

Why was the principal of GGSS who ought to be sacked and prosecuted for gross negligence, was elevated to the position of a commissioner shortly after. Whether it wasn't a reward for a job well executed? 

Dear Jonathan, even now the army has overrun Sambisa forest where the girls were said to be kept and still no trace of them is found. Surprisingly, they are being released from "somewhere" in batches! Thank God that there are no traces of forest marks on their sleek skins. We eagerly await batch two.And you think it will be well with APC? Never!

Racoon:
https://www.thecable.ng/fact-check-no-oil-price-wasnt-100-per-barrel-between-1999-and-2019-as-buhari-claimed/amp

drlateef:





Shut up!!! What fake fact are you checking? Were we not alive then? Did we not confirm that? So what fake fact are you giving us?

ican2020:
President Buhari is trying to give excuses for his mistakes and that is how a lot people who make mistakes in life behaves, instead of blaming themselves they look for someone to blame for their own mistakes

Nigerians fuel crisis and other crises will remain until someone who is ready to tackle the problems comes on board

Those who blame others for their mistakes will never learn or take steps to adjust and find solutions but those who accept the outcome of their actions will begin to find better solutions to remedy the situation

That’s why Nigeria situations will remain as it is or even worse until someone else takes control in May

ican2020:
President Buhari is trying to give excuses for his mistakes and that is how a lot people who make mistakes in life behaves, instead of blaming themselves they look for someone to blame for their own mistakes

Nigerians fuel crisis and other crises will remain until someone who is ready to tackle the problems comes on board

Those who blame others for their mistakes will never learn or take steps to adjust and find solutions but those who accept the outcome of their actions will begin to find better solutions to remedy the situation

That’s why Nigeria situations will remain as it is or even worse until someone else takes control in May