₦airaland Forum

Kionrae:
Dem go add supplementary budget for 2025 to loot

chisomkachy:
Nigerian President Bola Tinubu’s first supplementary budget includes a fleet of SUVs for himself and his wife, a presidential yacht and the renovation of his villa amid a cost-of-living crisis for some of the poorest people in the world.

The proposal — which seeks additional funding beyond the annual budget approved by Tinubu’s predecessor — comes as the government asks Nigerians to persevere through pain caused in part by a raft of economic reforms ushered in by the new president. Africa’s most populous country faces rampant unemployment, soaring food prices and a plummeting currency.

Federal lawmakers approved the president’s request for extra spending on Thursday, but eliminated the provision of 5 billion naira ($6.01 million) to buy a presidential yacht. Instead, they doubled the allocation to a student loan fund to 10 billion naira, according Abubakar Bichi, chairman of an appropriations committee in the House of Representatives.

The lawmakers approved 1.5 billion-naira proposed to purchase SUVs for the office of First Lady Oluremi Tinubu — an amount larger than that allocated to many individual federal colleges. The supplementary budget also proposes almost 6 billion naira to purchase SUVs for the presidency — more than the amount initially allocated to fund a student loan program for poor families.


https://www.bloomberg.com/news/articles/2023-11-02/nigeria-budgets-for-suvs-and-yachts-amid-economic-hardship

fullclub:
With prudent management of resources no call for alarm after all crude was 13 to 20 dollars per barrels when OBJ saved 45 billion dollars and paid over 12 billion debt

gare:
Later they said he did not do anything, let's see how far they can go, I only blamed GEJ that allowed this monseters into power

fullclub:
With prudent management of resources no call for alarm after all crude was 13 to 20 dollars per barrels when OBJ saved 45 billion dollars and paid over 12 billion debt

ogododo:
THE price of Bonny Light, Nigeria’s premium oil grade, yesterday, dropped by 5.09 percent to $59.62 per barrel in the global market at the backdrop of the on-going ripples created by the tariff war that has followed the series of tariff hikes announced by the United States of America early this week.

The oil price was also hit by the decision of the Organisation of Petroleum Exporting Countries (OPEC) and its allies to increase oil production by 411,000 barrels per day (bpd) in May, 2025.

Experts said the development would negatively impact the nation’s N54.99 trillion 2025 budget, which is based on oil price of $75 per barrel and 2.06 million barrels per day (bpd).

This indicates a massive setback in terms of price and output as the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, puts the output, including Condensate at 1,671,953 bpd in February 2025.

In an interview with Vanguard, Chief Executive Officer, Centre for the Promotion of Private Enterprise, CPPE, Dr. Muda Yusuf, said: “This is a serious problem as we have just completed the first quarter of the year. We have three more quarters to go, meaning that we have serious issues in our hands, if the situation persists.

“It poses a very serious challenge to our economic management team. First, it poses a risk to our revenue. Second, it poses a risk to our exchange rate. Our economy is dependent to foreign exchange earnings. The low oil price would put pressure on foreign exchange earnings. We all know the implications on a weak exchange rate on the economy.”

However, findings by Vanguard indicated that the low crude oil prices may culminate in low prices of petroleum products in the domestic market.

The findings showed that major players in Nigeria’s downstream sector would announce a reduction in the prices of Premium Motor Spirit, PMS, also known as petrol.

In an interview with Energy Vanguard, the Chairman of the Lagos State Chapter of Petroleum Products Retail Outlet Owners Association of Nigeria, PETROAN, Ehimen Joseph, said: “This should be expected in a deregulated market. If the fall in crude oil prices persists for a while, it would impact developments in the value chain.”

Similarly, another operator, who pleaded anonymity, said: “Everything is pointing towards pump price reduction this week. One of the nation’s refineries has stopped printing its petrol tickets.

“There are claims there would be a petrol price review before Tuesday. All those who paid for the program are likely to get a discount on the new price, and then tickets will be issued.

“This is a reflection of the general fall in the prices of crude oil in the international market. Crude oil prices started falling after the Organisation of Oil Producing Countries and its allies, also known as OPEC+ decided to increase oil output by 410,000 barrels per day starting in May 2025.”

According to petroleum price.ng, the depot prices of Mainland, A.Y.M and Ever have dropped to N918 per litre from N920 and N919 from N920 per litre, respectively.

Also, the depot prices of Prudent, Eterna and Soroman have dropped to N912 from N913 per litre, N897 from N900 per litre and N915 from N916 per litre, respectively.

Meanwhile, in a report, OPEC stated: “The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on 3 April 2025, to review global market conditions and outlook”.
https://www.vanguardngr.com/2025/04/crude-oil-price-crashes-puts-2025-fg-revenue-target-in-jeopardy-2/

xristos:
The average nigerian is yet to benefit from or brag about being a citizen of an oil producing nation 😩
The revenues are tied around a minority.

Abeg...make dem shift one side.

Dm for a quality solar system.
Cheaper than any quote you have received. You'll be amazed. Different packages available.

Konquest:
.

Kaiser20:
Nigerian citizens don't benefit anything from this Clueless Tinubu government.
Oil Boom is for the benefit of Tinubu and his gang of corrupt Politicians

themanderon:
Crude oil price crashes yet there is no significant reduction in the price of petroleum products despite telling us subsidy has been removed and the prices are now reflecting the international oil price.
We keep fooling ourselves in this country.

iwaeda:
It will favour me and my family is all I can say, expect more taxes and levies. Tinubu has no PLAN for Nigeria. Things are getting Harder, people can't survive. People can't save.

Meotoka:
When it was booming, what did they do with it.

jamuta:
That's what happens when a nation cannot think beyond 'oil revenue', while neglecting all the other revenue earners God has blessed us with.

God save Nigeria!
💯🤍🇳🇬💪🏾

nairalanda1:
They will fall, eventually.

It's not progress though. What you should be worried about is the effect on our revenue. That is the real koko. Deficit. Forget price of petrol.

nairalanda1:
Because our needs were not as much as they are now and because that 12 billion was one third of our debt and the rest got wiped off.

And times were hard back then. Very hard. The same grumbling done now was done then.

Obasanjo did a lot of good things , but he still left our economy dependent on oil.

Obyangel:
Abeg, make it crash more.

During the time of golden eggs, when the price was very high, politicians squandered and stole every Kobo and we are yet to put our house in other.

Let it keep going down, until we see no future in oil and gas industry, start diversification and industrialization and export of industrial goods truly.

fullclub:
Since 2015 oil has been selling past 60
Today oil has been selling over 70 to 80
No savings
Debt kept growing

themanderon:
I have never been bothered about revenue that would end up in the hands of these criminals and cowboys in power. How has increased oil revenue affected the lives of ordinary Nigerians in the past?

Bowwow11:
Let the crude oil price crashed for good and benefit of the masses.

ebonge1:
What wrong with us going to farm.
Just empower each community with at least two tractors and see magic in 6 months.

ogododo:
https://www.vanguardngr.com/2025/04/crude-oil-price-crashes-puts-2025-fg-revenue-target-in-jeopardy-2/