Libyan Oil Revenue Decline, Unrest Send Dinar Plunging - Politics - Nairaland
Nairaland Forum › Nairaland General › Politics › Libyan Oil Revenue Decline, Unrest Send Dinar Plunging (803 Views)
| Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by malali(op): 9:29pm On Apr 21, 2025 |
Libya's dinar has plunged to record lows, driven by a sharp decline in oil revenues and escalating political unrest. The Central Bank of Libya (CBL) devalued the currency by 13.3% on April 6, setting the official rate at 5.5677 dinars per U.S. dollar—the first such move since 2020. However, the black-market rate has soared to over 7.20 dinars per dollar, reflecting deepening economic instability.? In a modest sign of recovery, Harouge Oil resumed production at its Amal Fields B-102 well, pumping 1,500 barrels per day. While this development offers a glimmer of hope, analysts caution that isolated production gains cannot offset broader declines in national oil revenues driven by political strife and operational disruptions.? The devaluation has sparked criticism from key governmental bodies. The Presidential Council and the High Council of State argue that the move exacerbates Libya’s fiscal woes and erodes citizens’ purchasing power. They cite an absence of a unified national budget and the proliferation of parallel spending entities as core drivers of the crisis.? This criticism could spark further unrest as the two rival clans that control Libya’s, east and west, continue to jockey for leverage over institutions. Meanwhile, political factions in eastern Libya have shut down major oil fields in protest over disputes at the central bank, further curtailing oil exports—Libya’s primary source of foreign currency. The Central Bank reports that public debt now stands at 270 billion dinars, with forecasts indicating it could exceed 330 billion dinars by year’s end without urgent fiscal reforms.? As international observers call for political reconciliation and robust economic reform, Libyan officials face mounting pressure to restore market confidence and stabilize an economy teetering on the brink of deeper crisis.? Complicating matters, Russia has been increasing its influence in Libya, aligning with eastern factions and deploying military assets to strategic locations. This growing presence has raised concerns among Western nations, who fear that Libya could become a new front in broader geopolitical tensions in addition to the specter of another civil war. Source:https://oilprice.com/Latest-Energy-News/World-News/Libyan-Oil-Revenue-Decline-Unrest-Send-Dinar-Plunging.html By Charles Kennedy for Oilprice.com |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by malali(op): 9:30pm On Apr 21, 2025 |
We keep propping up the Naira with Loans. Its just a matter of time , with falling oil prices and a regime that's not bringing in any other income but spending money on White elephant projects. The dollar will be 3000 Naira very soon. |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by LibertyRep: 9:36pm On Apr 21, 2025 |
They wrecked this beautiful country 1 Like 1 Share |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by malali(op): 9:39pm On Apr 21, 2025 |
LibertyRep:They are doing the same thing to Nigeria today. Gaddafi stood in their way and they killed him. Tinubu is accepting all the loans, anything they tell him to do he does it quick. What if they are blackmailing him with the reports of his Chicago drug case ? Because the way he is kowtowing to IMF and world bank accepting all their loans and policies, is at record high. 3 Likes |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by Casiowiz: 9:53pm On Apr 21, 2025 |
malali: |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by Golan007: 10:02pm On Apr 21, 2025 |
malali:How come Nigeria is 13 Billion Dollars less in debt since Tinubu took office?  1 Like |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by malali(op): 10:52pm On Apr 21, 2025 |
Golan007:I will tell you why.....This is because this administration is using the $1 = 1500naira to calculate the debt now. We are owing more in Naira than when Tinubu took office, but they are deceiving the public by calculating the Debt at the New Exchange rate. • As of December 31, 2023: Nigeria’s public debt stood at ₦97.34 trillion (approximately $108.23 billion).  • As of December 31, 2024: The public debt rose to ₦144.67 trillion (approximately $94.23 billion).  If you borrow $10 from me when it was 300naira to a dollar.......you have borrowed 3000naira When the exchange rate is now $1 to 1500naira You now tell Nigerians we only owe $2 which is 3000naira But in reality we still owe that $10 which is now 15000 naira Our debt went from 3000naira to 15000 naira. And Tinubu is still borrowing more. 3 Likes 2 Shares |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by Abloh: 11:10pm On Apr 21, 2025 |
Diversify your economy. |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by Golan007: 2:59am On Apr 22, 2025 |
malali:He further revealed that the administration has successfully cleared all verified foreign exchange backlogs of about $7 billion, while gross external reserves grew from $33.0 billion in 2023 to approximately $40.9 billion by the end of 2024. Net reserves reportedly rose even more dramatically, from $4.0 billion to $23.3 billion—an increase of over 480 percent |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by Wainey: 4:22am On Apr 22, 2025 |
malali:are we owing the debt in Naira? This ur calculation no make sense cos the countries we are indebted to won't accept naira as payment 4 Likes 1 Share |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by chinchum(m): 4:34am On Apr 22, 2025 |
malali:did Nigeria borrow in naira ?  . How come some of you just get so negative that you bury your head in sand to spin negative from positive? In your pedestrian and shallow analysis of borrowing $10. If you have not paid back, you still owe $10. A snapshot of foreign debt typically denoninated in us dollar stays constant, while naira value of debt may vary assuming no more debt or repayment. 4 Likes 2 Shares |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by Lifestone(m): 6:05am On Apr 22, 2025 |
malali:Are you saying the reforms of PBAT are not necessary? 1 Like 1 Share |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by lanre9ja(m): 6:34am On Apr 22, 2025 |
malali:This your analysis no make sense at all...... 3 Likes 2 Shares |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by malali(op): 9:21am On Apr 22, 2025 |
Lifestone:What reforms ? He has been there for 2 years telling me a metric showing that the lives of Nigerians are any better ? |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by malali(op): 9:26am On Apr 22, 2025 |
chinchum:If i borrow you $10 and you work as a civil servant in Nigeria. when dollar was $1 to 30 Naira. Your budget to pay back will 3000naira If i come back today and i ask for my money back, you still owe me $10 but you have to pay 15000 Naira from your job to pay. So when Tinubu's regime is telling us the debt is now only $9, that he has paid $1. Nigeria's debt is actually increasing. |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by malali(op): 9:27am On Apr 22, 2025 |
Wainey:If i borrow you $10 and you work as a civil servant in Nigeria. when dollar was $1 to 30 Naira. Your budget to pay back will 3000naira If i come back today and i ask for my money back, you still owe me $10 but you have to pay 15000 Naira from your job to pay. So when Tinubu's regime is telling us the debt is now only $9, that he has paid $1. Nigeria's debt is actually increasing. |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by malali(op): 9:28am On Apr 22, 2025 |
Golan007:If i borrow you $10 and you work as a civil servant in Nigeria. when dollar was $1 to 30 Naira. Your budget to pay back will 3000naira If i come back today and i ask for my money back, you still owe me $10 but you have to pay 15000 Naira from your job to pay. So when Tinubu's regime is telling us the debt is now only $9, that he has paid $1. Nigeria's debt is actually increasing. |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by chinchum(m): 9:45am On Apr 22, 2025 |
malali:debt reduction is in is dollars, not naira. That should cover your argument if you are sincere. If not, you simply want to argue. 14 billion dollars reduction 2 Likes 2 Shares |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by Lifestone(m): 10:37am On Apr 22, 2025 |
malali:You are naive. Where have you seen reforms that better life of people in the short run? Our pains today are the consequences of our poor decisions of yesterday. These reforms were due since 2007, by now we would have done better 1 Like |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by Okoroawusa: 11:10am On Apr 22, 2025 |
See what America did to this once-prosperous African country... E no go better for America 1 Like 1 Share |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by Svoboda(m): 11:26am On Apr 22, 2025 |
Lifestone:This was the same crap Ibb said in 1987 when he introduced sap. Things even went worse. The long and short is that neoliberalism has never worked in Africa. It's in fact, an instrument for further impoverishment of citizens. Tinubu is just a lackey who's doing their bidding wholesale. He's got no other ideas, and that's why a large spectrum of those presently managing the economic and fiscal end of his govt are all bretton wood apologists. Big on literature but nothing to show. 2 Likes 1 Share |
| Re: Libyan Oil Revenue Decline, Unrest Send Dinar Plunging by malali(op): 11:48am On Apr 22, 2025*. Modified: 8:11am On Apr 23, 2025 |
Svoboda:Aptly said.In times where a lot of economies are looking inwards to free themselves from the dollar. Tinubu's team are walking right back into that trap, with Loans they have no idea of paying back, asides using the only natural resource they have. Look at economies like Russia, despite all the American companies exiting Russia and all the pipeline sabotages and oil facility damage by Ukraine (America's proxy) .Their economy is still growing despite being at war. Nigeria is currently being held hostage by the Tinubu Cabal. There is no way we are going to make any progress......As Albert Einstein once said "Insanity is doing the same thing over and over again and expecting a different result."...We have been collecting loans since the 80's and building non revenue generating projects and looting the treasury. Its no different today. 1 Like |
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