₦airaland Forum

stryt101:
the problem about average Nigerians is that all they want to see is huge figures and cry foul like governor Oshiomile. Nigerians hate mathematics and also understand politics through what the few ruling class feed them.
its high time we stood up and do our research properly not only on huge figures the political class feed our eyes on newspapers or national dailies but the problem about average Nigerians is that all they want to see is huge figures and cry foul like governor Oshiomile. Nigerians hate mathematics and also understand politics through what the few ruling class feed them.
its high time we stood up and do our research properly not only on huge figures the political class feed our eyes on newspapers or national dailies but the problem about average Nigerians is that all they want to see is huge figures and cry foul like governor Oshiomile. Nigerians hate mathematics and also understand politics through what the few ruling class feed them.
its high time we stood up and do our research properly not only on huge figures the political class feed our eyes on newspapers or national dailies but also observe the visible development seen in the society. I remember during obasanjo's era, national dailies always had plenty figures yet scanty development.
JEG tried to expose the CABAL but couldnot since these so called cabals financed PDP's pockets. in short JEG failed.
Buhari is here, huge figures are surfacing again ! I refuse to be fooled!! let me see the N2.5turn reflect in the lives of unemployed youth that seeked your SHANGE

wailer alert!!!

McKren:
Why not wait at the end of the financial year when all budget of this administration should have been implemented to judge

There is no point celebrating abstract figures that mean nothing to the common man when no roads have been built, no investment in electricity and the common is feeling nothing!

This figures can be dropped now and looted later. What difference does that make?

If u are deaf are u equally blind?....just 3month all dis have been.achieved..even if there is going to be a decrease in d nxt 2 quarters its going to be mainly on d petrilueum export....but if u can read and understand u will see dat alot of other products from were exported...imagine vegetable products accounting 4 millions.....and we shuld exect more than once pmb appoints his ministers.....try to ve positive about dis imminent positive change we are about to experience fully and stop been partisan

phyllosilicate:
I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

Let us see what they would achieve with this sum in the next three months. Won't it be safe to say this is a yard stick to me sure the performance of the govt of the day?

Truth234:
The truth is this 2Q is better than last year when compared, as at the same quarter last year crude oil was $106.5 per barrel and currently as I am typing this it is $40.79 a barrel.

2014 2Q earnings ACCOUNTED for was 6,659 trillion even when the price almost triple this current price, don't forget that we had more trading partners then before China and India reduced their volumes.

2013 2Q was the poorest, our revenue was 5,341 trillion when crude oil peaked at $112 a barrel. Something is actually working now, its either this is the reflection of the leakages this administration has been championing or result of working system.

my point is that GEJ was in power for 2(april and May) out of the 3 months for the second quarter report . so why are you guys misleading the nation. I like Buhari as a person but I hate those his blind followers who feel everything wrong with Nigeria starts and end with GEJ.
in any case government is a continuum and the truth is |PMB has not done anything specific on our economy in terms of polixies and direction. normally when we make enough money from oil everyone goes to sleep...but when oil prices are down , you begin to do other things to make money. That is why those results are like that....simple logic.. for instance if you earn 1m as salary..you wont bother so much but if your salary reduces to 400k per month, you need to do something else to maintain your status ....normal human reaction!
again my point is : second quarter report has nothing to do with PMB ...period...

Justbright:
If u are deaf are u equally blind?....just 3month all dis have been.achieved..even if there is going to be a decrease in d nxt 2 quarters its going to be mainly on d petrilueum export....but if u can read and understand u will see dat alot of other products from were exported...imagine vegetable products accounting 4 millions.....and we shuld exect more than once pmb appoints his ministers.....try to ve positive about dis imminent positive change we are about to experience fully and stop been partisan

second quarter report has nothing to do with PMB..Buhari was not in power then..period..simple truth

McKren:
Why not wait at the end of the financial year when all budget of this administration should have been implemented to judge

There is no point celebrating abstract figures that mean nothing to the common man when no roads have been built, no investment in electricity and the common is feeling nothing!

This figures can be dropped now and looted later. What difference does that make?

N wat difference did GEJ's administration make in Nigeria?

Propaganda.

Truth234:
Do you realised that 38.5% is the difference between exports of last quarter and this quarter? This is actually in favour of this administration, there was a reduction of 38.5 % in quantities export and yet this administration was able to generate 4.3 trillion with a surplus of over 1.4 trillion.

When you take into account how much was sold the same quarter last year and this year that there was a decline of 38.5 percent in exports because last administration does not have any trade agreement with any of our trading partners, which means they can back-out of any trade when they like. You won't understand now until Iran's oil hits global market.

The issue of currency devaluation does not even hold here at all, because an economist knows that devaluation does not equal export volume or was the currency devalued in 2013 of the same quarter when oil price was $112 a barrel?

I guess your problem is blindness....mental blindness....who was in power in second quarter of 2015? when you open your eyes and know then am sure your tone will change....blind followers

wexyee:
wailer alert!!!

wexyee:
wailer alert!!!

wexyee:
wailer alert!!!

wexpee I must admit you are
a social media thug... use your
brain to think and not your. eyes or those fingers aligned like a leaper's

Adeyinka12:
oponu ,i don know you , continue following the clueless man.

lets see what report for 3rd quarter will look like that is when you can judge PMB... for your info, I like both men (PMB and GEJ) ..as am educated enough to distinguish between second quarter report and who was in charge then....
you are blind. Guess the money is now in your pocket ..the civil servants are now paid...the roads are now tarred..everything is now gold..ode
pMB is yet to begin governance..I will only judge him by this time next year..am not blind and dumb like you who does not know who was in power in second quarter of 2015!

McKren:
Why not wait at the end of the financial year when all budget of this administration should have been implemented to judge

There is no point celebrating abstract figures that mean nothing to the common man when no roads have been built, no investment in electricity and the common is feeling nothing!

This figures can be dropped now and looted later. What difference does that make?

it makes lot of difference,aint we suppose to know how this country is run.even if they're looting our money,we have to know than being in the dark cos some fools are still supporting those idiots that Nigeria is a poor country.no money in Nigeria,no job anywhere where some inhumans are receving 100 people salary. Just 1 person receiving salary that can pay more than 100 people.

4Play:
What relevance is the oil price in August 2015 when discussing a report about oil revenue in the months of April, May and June 2015? In those 3 months, average oil prices were $60 so your contrast of the $105 per barrel price with today's price of $40 was an attempt to mislead because the contrast should be with $60.

What you people don't realise by clutching on to this oil price red herring is that non-oil exports have also declined. It was 224bn Naira in Q2 2015 according to this article. In Q1 2014, it was 735.9bn Naira: http://www.thisdaylive.com/articles/nigeria-s-foreign-trade-increases-to-n5-51tn-in-first-quarter/186124/

The main reason we remain in surplus is that it is hard to get hold of dollars officially to import goods. The reality is there is an across the board detrerioration in our exports, both oil and non-oil. You can face reality or bury your heads in the sand and keep pretending that something is not seriously wrong with Nigeria.

What relevance is April and may when PMB became president on May 29 and only responsible for June? The past administration failed to sign any trade treaty to protect our interests like every other forward thinking nation.

The 38.5 percent decline was a totalled decline in exports, non-oil and oil export.

For the record, forex restrictions was implemented at the beginning of the current quarter, 3Q, not second quarter that ended June. Its impact would only reflect on subsequent reports. The surplus recorded was not as a result of forex restriction oga.

http://www.thisdaylive.com/articles/cbns-forex-restrictions-and-implications-for-the-economy/213415/

You said non oil sector also decline as if we've not taken into consideration that fact by repeatedly stating that our exports is currently at alarming rate. A decline of 38.5 percent caused by failure of last administration to manage our interests by simply signing a trade agreement preventing our trading partners from abandoning trading with us for other nations.

What you don't understand is that most nations leverage their patronage to forge a stronger allies like Saudi and U.S are currently doing, a country like Nigeria where sales are based on one off transaction does not stand a chance in this complex global economy system. Now South Africa is already making arrangement to resume patronage with Iran when the sanction is finally off, India have $8 billion proposed offer on the table from Iran.

Again for the record, this devaluation was done by Jonathan administration in Feb 2015, 198 to the U.S dollar. This current administration reduced it to 197, so if the effect of currency devaluation means increase in the revenue generated in local currency due to exchange rate, its effect should have been noted in the first quarter since Naira was 198 to a dollar when GEJ was president.

http://www.reuters.com/article/2015/02/18/nigeria-naira-idUSL5N0VS3EM20150218

An economist knows that devaluation is a necessary tool to boost exports, China just devalued yuan, most countries are favouring weaker currency to boost their exports. Our own declined 38.5%, why? Because past administration failed us. Devaluation is a positive economy policy and will most likely increase our 3Q exports under this management.

sammhi:
I guess your problem is blindness....mental blindness....who was in power in second quarter of 2015? when you open your eyes and know then am sure your tone will change....blind followers

You are the one blinded by sentiment, the period under review (April to June), PMB became president on May 29, he is responsible for 30 days out of 90 days. Are you sure you are not the blind follower. Educate yourself

sammhi:
my point is that GEJ was in power for 2(april and May) out of the 3 months for the second quarter report . so why are you guys misleading the nation. I like Buhari as a person but I hate those his blind followers who feel everything wrong with Nigeria starts and end with GEJ.
in any case government is a continuum and the truth is |PMB has not done anything specific on our economy in terms of polixies and direction. normally when we make enough money from oil everyone goes to sleep...but when oil prices are down , you begin to do other things to make money. That is why those results are like that....simple logic.. for instance if you earn 1m as salary..you wont bother so much but if your salary reduces to 400k per month, you need to do something else to maintain your status ....normal human reaction!
again my point is : second quarter report has nothing to do with PMB ...period...

You know nothing about economics

sammhi:
did you read the report at all? so who was in power between April and June? guess pMB who took over on may 29th and travelled to Germany in june was the one? ? most of you are just illiterates....govt is a continuum...we made so much money and states cant pay workers. guess you are looking for evidences to back up your regime. but do your own work and stop demonising others

I think you missed the point. Revenues were generated during GEJ's regime, but the difference, this time, is that we have accountability and all the funds are in the FG account where they belong, as opposed to being diverted.

Good movement. Fellow Nigerians i want to assure you that Nja will be better again. A tru leader is rulin n leading us to the peak. No vested interest nor corruption.

phyllosilicate:
I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

Is this one normal at all? Who said Nigeria was broke, OKONJO IWEALA or APC, when they took over government. She even refuted that Nigeria was broke and said how much was in our treasury. She only said because of the drastic fall in oil price that austerity measures will be adopted. Do u think GEJ was a full to send a budget of 4.5trillion. Why av we become so biased with out judgement that we see truth and say its a lie. Instead of u to be telling the government of the day that they should use the money to make more money and make the country bloom. U r celebrating over money that hasnet reached the common man. Just wait and see what will happen. Thank you.

And so?

What kind of useless cretins do we have as "journalists" in this Nigeria?

So this cretin called Michael Eboh of Vanguard could not even do the most basic of journalism?

So what if Nigeria made 8999996trn from Oil?

What does that tell me? How is it significant?

What is he trying to tell us?

This moronic quack could not tell us if our revenue from oil is increasing or decreasing compared to some equal period in the past? In what magnitude?

What is the impact in the increase considering the changes in our currency?

THE FCKING BASICS!

Those are the real news, not just tell me "we made x this year".

This cretin is too incompetent to even do that basic research.

And he would expect to be paid at the end of the month as a "journalist"?

Product of a failed education system.

Why not wait at the end of the financial year when all budget of this administration should have been implemented to judge

There is no point celebrating abstract figures that mean nothing to the common man when no roads have been built, no investment in electricity and the common is feeling nothing!

This figures can be dropped now and looted later. What difference does that make?[

& no common sense in ur head

zubimete:
really? Ok LTC. Yesterday was my birthday but no cakes frm nairalanders why?

Here are some beautiful birthday cakes for you. They came late because I ordered them from Dubai. Please just enjoy all of them. Don't even share with Seun.

phyllosilicate:
I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

God will bless you unconditionally

zubimete:
really? Ok LTC. Yesterday was my birthday but no cakes frm nairalanders why?

More just for you and you alone.

McKren:
Why not wait at the end of the financial year when all budget of this administration should have been implemented to judge

There is no point celebrating abstract figures that mean nothing to the common man when no roads have been built, no investment in electricity and the common is feeling nothing!

This figures can be dropped now and looted later. What difference does that make?

make una come see bad belle oooooo

sunnyb0b0:
This topic is not about the questions you raised above, however, do you go putting away money in a bank while you have projects to finance?

A real investor doesn't invest 100% of his money.

You need some lesson in investing.

arsetalks:
A real investor doesn't invest 100% of his money.

You need some lesson in investing.

A real investor not only invests 100% of his money but is also leveraged.

I guess you are the one who needa tutorials on INV101.

Seriously? If GEJ sells 1 barrel of Fuel gets 100x155, if PBM sells one barrel he gets 50x197. You that know basic mathematics, which is higher, 50x197 or 100x155?

If you answer that maybe we can then go to the next stage.

sunnyb0b0:
Bro, you seem not to have a basic grip of elementary mathematics. Now, let me simplify it further do you'll understand.

If GEJ earned $1,500,000 from crude oil sales in 2nd quarter of 2014, at an exchange rate of N155/$, naira earnings would be 1,500,000 × 155 = 232,500,000

If Buhari earned $1,500,000 in 2nd quarter of 2015 at an exchange rate of N197/$, he would have earned 1,500,000 × 197 = 295,500,000

For there to have been a 38.5% decline (in naira) in the earning compared to 1st quarter 2014 (using our example here), it means Buhari earned

232,500,000 - (232,500,000 x 38.5/100)
= 232,500,000 - 89,512,500 = N142,987,500

Now, considering that the primary earning is in $, converting the amount earned by Buhari to dollars will go thus,

142,987,500 ÷ 197 = $725,825.

So, in dollar terms, it means that for every $1,500,000 GEJ earned in 2nd quarter 2014, Buhari earned $725,825 in 2nd quarter 2015, a decline in dollar teems of more than 50%.

Arsetalks, what then is your point?

Even Beremx and the resident nairaland dullard pentiumpro would do better

donbobes, tsdarkside, Justbright, Truth234

arsetalks:
Seriously? If GEJ sells 1 barrel of Fuel gets 100x155, if PBM sells one barrel he gets 50x197. You that know basic mathematics, which is higher, 50x197 or 100x155?

If you answer that maybe we can then go to the next stage.

Now, considering that the primary earning is in $

primary earning is in $ in the ol world.......

tsdarkside:
Now, considering that the primary earning is in $

primary earning is in $ in the ol world.......

What are you saying? Is the dollar earning not converted to dollar before the figure quoted by NBS is arrived at?

Truth234:
What relevance is April and may when PMB became president on May 29 and only responsible for June? The past administration failed to sign any trade treaty to protect our interests like every other forward thinking nation.

The 38.5 percent decline was a totalled decline in exports, non-oil and oil export.

For the record, forex restrictions was implemented at the beginning of the current quarter, 3Q, not second quarter that ended June. Its impact would only reflect on subsequent reports. The surplus recorded was not as a result of forex restriction oga.

http://www.thisdaylive.com/articles/cbns-forex-restrictions-and-implications-for-the-economy/213415/

You said non oil sector also decline as if we've not taken into consideration that fact by repeatedly stating that our exports is currently at alarming rate. A decline of 38.5 percent caused by failure of last administration to manage our interests by simply signing a trade agreement preventing our trading partners from abandoning trading with us for other nations.

What you don't understand is that most nations leverage their patronage to forge a stronger allies like Saudi and U.S are currently doing, a country like Nigeria where sales are based on one off transaction does not stand a chance in this complex global economy system. Now South Africa is already making arrangement to resume patronage with Iran when the sanction is finally off, India have $8 billion proposed offer on the table from Iran.

Again for the record, this devaluation was done by Jonathan administration in Feb 2015, 198 to the U.S dollar. This current administration reduced it to 197, so if the effect of currency devaluation means increase in the revenue generated in local currency due to exchange rate, its effect should have been noted in the first quarter since Naira was 198 to a dollar when GEJ was president.

http://www.reuters.com/article/2015/02/18/nigeria-naira-idUSL5N0VS3EM20150218

An economist knows that devaluation is a necessary tool to boost exports, China just devalued yuan, most countries are favouring weaker currency to boost their exports. Our own declined 38.5%, why? Because past administration failed us. Devaluation is a positive economy policy and will most likely increase our 3Q exports under this management.

It is funny how you people keep quoting rubbish figures. There is a decline yes, but despite the decline, whats generated is just 0.5% less than what GEJ who operated under $100+ a barrel operated in. It then means the real figures should have been higher under GEJ.

arsetalks:
It is funny how you people keep quoting rubbish figures. There is a decline yes, but despite the decline, whats generated is just 0.5% less than what GEJ who operated under $100+ a barrel operated in. It then means the real figures should have been higher under GEJ.

Lol..why you come quote me? Read what you quoted again

arsetalks:
What are you saying? Is the dollar earning not converted to dollar before the figure quoted by NBS is arrived at?

look bros..i dont understand economics...economics give me an headache.....i only know....the wert of our money(the naira),has fallen....that means::::,,,but to sell oil in the markets has falling too by half.....you get only half of the money for the same product....soooo...its all arithmetic,,

sunnyb0b0 is right!!!

arsetalks...you must try to understand yourself...you go over the numbers again......they are just saying,in the same condition that jonathan had,buharis admistration would have earned a lot of money,and all nigerians know...thats all...its politics,,,apc is just trying to score points..its politics abc.....