₦airaland Forum

Who are they kidding , there was never any plan , the economy has been in jeopardy since this administration took over. This US situation with Trump will just be another excuse to prolong and tighten the suffer to Nigeria citizens, stock your home with the little you have and start planting crops because we are about to witness suffer like we have never experienced in our lifetime.

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That's spot price.

It doesn't matter.

From yesterday to today, it traded from $59 to $63.
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Austynooa:
This should forced down the pump price then.....is should be a good news in a way sha

It would also force our revenue for our budget too down.

Our budget was based on oil being around 75 dollars per barrel. Oil is 59 dollars. That's a deficit of 16 dollars per barrel, which adds up to trillions of naira.

If it stays like that, the deficit...projected to be 13 trillion naira this year, will rise.

That means that government would have difficulty paying salaries on time, and contractors on time, your senator won't be able to afford palliative and development projects, and things will get difficult

It also means we have to take more loans from IMF by default.

We had the same issue during covid , and also during 2016 when oil was as low as 29 dollars per barrel. Buhari borrowed a lot to keep us over water. Diversifying the economy on the other hand is a permanent fix, but APC Has shown no signs of doing that...and they even want to increase oil produciton which would crash oil prices even further.

But they are adding #10 every week to fuel

I'm happy

nairalanda1:
Ye don't know how much we need oil to be to balance the budget?

At least 130 dollars. It was 122 in 2012 and 137 in 2017.

That's why I laugh at your comment. I don't disagree with the savings bit, just the fact that you think that sixty dollars per barrel is enough for Nigeria. We ain't Kuwait with 4.5 million people who could manage even 40 dollars per barrel without sweating!

Oil has been as low as 20.dollars in 2016 and 2020-21.

With the 127 or 130 dollars they sold all the years what did they saved? How much debt did they clear?

We knew how much Yar'Adua saved when he inherited 45 billion with 2 years in government the external reserves hit 68 billion dollars the highest we ever got as a nation.

fullclub:
With the 127 or 130 dollars they sold all the years what did they saved? How much debt did they clear?

We knew how much Yar'Adua saved when he inherited 45 billion with 2 years in government the external reserves hit 68 billion dollars the highest we ever got as a nation.

There is a reason why GEJ wanted to remove subsidy.

That is all I am going to say.

Emu4life:
Make dem go siddon.
Even when the prices have been high, what did we benefit?
Apart from looting and more looting

Let them use the money they have looted when the oil was booming to finance the Budget. Useless and senseless people.

datola:
Hmmm.... it's neither here nor there especially for average Nigerians.

Higher crude oil price means more money to the government and most will be looted or misappropriated while ordinary citizens pay price far more for fuel on the excuse of higher crude oil price in international market.

When crude gets to $40 and exchange rate gets to $/2000 and price of bread hits N2700, before you know it impacts you abi?

nairalanda1:
There is a reason why GEJ wanted to remove subsidy.

That is all I am going to say.

With the removal of subsidy how much have they saved so far. There is no accountability.

Here in the UK, the government gives breakdown for every penny they took or made and let's you know how much they generated.

See how useless the Naira has become yet no one knows what they have done and they keep borrowing instead of using the money saved to clear debt

fullclub:
With the removal of subsidy how much have they saved so far. There is no accountability.

Here in the UK, the government gives breakdown for every penny they took or made and let's you know how much they generated.

See how useless the Naira has become yet no one knows what they have done and they keep borrowing instead of using the money saved to clear debt

You don't get it.

No, I am not defending corruption. I am saying your comment shows lack of understanding of what I am trying to tell you.




Dutch disease

Local price of petrol should be 550 now

nairalanda1:


You don't get it.

No, I am not defending corruption. I am saying your comment shows lack of understanding of what I am trying to tell you.




Dutch disease

It makes no difference if oil sells for 200 Dollars per barrels or 50 barrels.

The funds won't be utilized.. APC are Scammers

fullclub:
It makes no difference if oil sells for 200 Dollars per barrels or 50 barrels.

The funds won't be utilized.. APC are Scammers

OKay, vote for PDP. Maybe they will do different.

They are all scammers by the way.

Still, Dtuch disease.

Manufactured goods and services

Your comment shows you still don't get me.