With the dwindling oil price now, the commodity is gradually becoming worthless and most sensible countries and multinational oil companies had since Last year stopped further drilling and explorations for Oil leading to lost of Jobs by Rig workers. The rather maintain production from existing wells hoping the slide will not get to production cost.
However with Nigerian government appropriating funds in the 2016 budget to continue oil exploration in the North East, this action in my opinion is not appropriate in view of the current market condition in the Oil and gas. The government should have re-strategies by at least using the funds to increase funding of the sector they want to diversify. Probably the Agric sector to gain some momentum for the next 3 years.
Do you think the govt. got their priorities right on this? Have your say.

hopilo:
With the dwindling oil price now, the commodity is gradually becoming worthless and most sensible countries and multinational oil companies had since Last year stopped further drilling and explorations for Oil leading to lost of Jobs by Rig workers. The rather maintain production from existing wells hoping the slide will not get to production cost.
However with Nigerian government appropriating funds in the 2016 budget to continue oil exploration in the North East, this action in my opinion is not appropriate in view of the current market condition in the Oil and gas. The government should have re-strategies by at least using the funds to increase funding of the sector they want to diversify. Probably the Agric sector to gain some momentum for the next 3 years.
Do you think the govt. got their priorities right on this? Have your say.

Thank you my brother....40billion naira would turn our Agric sector to one of the best in the world.

funds that are supposed to go to salvaging a seriously ailing economy being used for a frivolous and gigantic elephant project all in the name of being competitive in oil production with the south.this country is heading for the abyss!

geez18:
funds that are supposed to go to salvaging a seriously ailing economy being used for a frivolous and gigantic elephant project all in the name of being competitive in oil production with the south.this country is heading for the abyss!

.

And 39bn for lying campaign in the guise of budget for ministry of misinformation under liar Mohammed will help the country Abi?

hopilo:
With the dwindling oil price now, the commodity is gradually becoming worthless and most sensible countries and multinational oil companies had since Last year stopped further drilling and explorations for Oil leading to lost of Jobs by Rig workers. The rather maintain production from existing wells hoping the slide will not get to production cost.
However with Nigerian government appropriating funds in the 2016 budget to continue oil exploration in the North East, this action in my opinion is not appropriate in view of the current market condition in the Oil and gas. The government should have re-strategies by at least using the funds to increase funding of the sector they want to diversify. Probably the Agric sector to gain some momentum for the next 3 years.
Do you think the govt. got their priorities right on this? Have your say.

is for check and balance because oil producing state are getting extra budgetary and other benefits from the FG, why not for the north to gets its own share?

Asapcymg:
is for check and balance because oil producing state are getting extra budgetary and other benefits from the FG, why not for the north to gets its own share?

Receipts are drawn from actual oil production and sales and not from existing wells.

My opinion is that that money is going to be diverted to compensating their bokos.

A huge chunk of that 40bn will be diverted by the NNPC in the guise of community development.

At the end of the day it is just another scam meant to compensate and reintegrate their bokos.

Asapcymg:
is for check and balance because oil producing state are getting extra budgetary and other benefits from the FG, why not for the north to gets its own share?

I think it is resource producing states, if earnings in any of the solid minerals is increase the budgetary allocation for that state will follow same. Today a bucket of KFC chicken is $28, while a barrel of oil is $27.

We made the Northerners to feel too important with our divisive concept in the South when they are nothing in this entity called Nigeria. The best solution for this nation is Regionalism.

hopilo:

I think it is resource producing states, if earnings in any of the solid minerals is increase the budgetary allocation for that state will follow same. Today a bucket of KFC chicken is $28, while a barrel of oil is $27.

what would you say when 1.5L of swan water is 120 and 1L of petrol is 65 @2009 don't we survive

Northern Oil exploration is a waste of time, even if Oil was $1000 a barrel. The reason is that Northern Nigeria has gained an unenviable worldwide reputation as a hotbed of sectarian violence and terrorism. No international investor is going step one foot in there and neither will the big oil players like Agip, Shell and Texaco etc. They are not going to spend billions in resources and equipment in a place where everything could be blown up the next day. I don't see any Oil coming out of the North this century

MagicBishop:


Receipts are drawn from actual oil production and sales and not from existing wells.

My opinion is that that money is going to be diverted to compensating their bokos.

A huge chunk of that 40bn will be diverted by the NNPC in the guise of community development.

At the end of the day it is just another scam meant to compensate and reintegrate their bokos.

no more boko boys,why living such as +ompolo to vandalised your property go and fight them to stop uncivilisation stop waiting for government to make jungle justice

If the prospect is there, then it is worthy to invest. "First oil" takes some years to come on, and oil price is not going to stay low for eternity. Finding the reserves counts as assets for the country.


Now is the better time to explore, because low prices will make firms to scramble for any contract, and they can carry out relatively cheaper than the oil boom period.


This is the period we should have been relying on internal refining and exporting of finished products.

Mallams want to get 13% derivation too and also NEDC in NE just like NDDC in ND

Musa want to start shouting "our oyel" too

kingzizzy:
Northern Oil exploration is a waste of time, even if Oil was $1000 a barrel. The reason is that Northern Nigeria has gained an unenviable worldwide reputation as a hotbed of sectarian violence and terrorism. No international investor is going step one foot in there and neither will the big oil players like Agip, Shell and Texaco etc. They are not going to spend billions resources and equipment in place where everything could be blown up the next day. I don't see any Oil coming out of the North this century

my freind you are joking when the Oil is out come and sealed it.
That's why your clueless brought that boko things in order to sabortage oil exploration in the north

Asapcymg:
my freind you are joking when the Oil is out come and sealed it.
That's why your clueless brought that boko things in order to sabortage oil exploration in the north

The bokos are there to uproot the Christians from their land by your evil caliphate.



Boko haram is a northern Muslim problem created by you Muslims for to wrest power for themselves.

But as long as there is God you will all pay for your evil ways.

MagicBishop:


The bokos are there to uproot the Christians from their land by your evil caliphate.



Boko haram is a northern Muslim problem created by you Muslims for to wrest power for themselves.

But as long as there is God you will all pay for your evil ways.

why is it we don't see them in active like before,we just heard that there are out of stock ask cowboy whether FG has closed his account.

Asapcymg:
my freind you are joking when the Oil is out come and sealed it.
That's why your clueless brought that boko things in order to sabortage oil exploration in the north

help me tell that clueless boi, they'll never see anything good in this present administration. PMB will govern him for good 8years

2019 around the corner. People will go to jail for the nonsense oil prospecting

Good luck to NNPC. They'll end up drilling dud wells.

DAVEZONIGLTD:


Thank you my brother....40billion naira would turn our Agric sector to one of the best in the world.

No it would not. All these empty statements void of reasoning. How much is 40 billion naira in dollars?

Riensi:
2019 around the corner. People will go to jail for the nonsense oil prospecting

i tell you my brother,it will be another "dasukigate" all over again or maybe it'll be tagged "buharigate" then since buhari is the petroleum minister,for one thing is sure;this venture has been activated as an avenue to loot funds!

SkyBlue1:


No it would not. All these empty statements void of reasoning. How much is 40 billion naira in dollars?

what are you saying man!! would you rather have it lining the pockets of some selected few?

Political expediency! !!

geez18:

what are you saying man!! would you rather have it lining the pockets of some selected few?

What are you on about, what is difficult to understand in what I was saying? Maybe I should be clearer in my objection to your post: your proposal that 40billion naira is enough to make Nigeria's agricultural sector one of the best in the world is outlandish and shows poor appreciation of the investment required for such an endeavour, especially in a sector that Nigeria has successively underprioritised and underinvested in.

I will be shocked if the government proceeds with the project

It makes no economic sense. Oli prices are plummeting and I dont see a recovery in the short term and even in the long term, the world is gradually moving beyond oil and unsustainable energy.

The government should focus on more innovative projects

Chinazaekperem5:
I will be shocked if the government proceeds with the project
It makes no economic sense. Oli prices are plummeting and I dont see a recovery in the short term and even in the long term, the world is gradually moving beyond oil and unsustainable energy.
The government should focus on more innovative projects

I pray Nigeria has learnt her lessons from this 2nd doom. Time to seek alternative revenue and stop dependence on foreign goods.

SkyBlue1:


What are you on about, what is difficult to understand in what I was saying? Maybe I should be clearer in my objection to your post: your proposal that 40billion naira is enough to make Nigeria's agricultural sector one of the best in the world is outlandish and shows poor appreciation of the investment required for such an endeavour, especially in a sector that Nigeria has successively underprioritised and underinvested in.

there waa never a time the writer said it would be enough,whar he said was that,it should go to agriculture;it will serve a better use in that sector