₦airaland Forum

Senior Special Assistant to former President Goodluck Jonathan on public affairs, Dr. Doyin Okupe, has offered to assist the present administration to revive the economy.

Okupe, who made the statement through his Facebook platform, yesterday, said present price of crude oil hovering between $26 and $28 US dollar directly undermined the profitability of the crude oil enterprise, as the cost of production of crude in Nigeria is about $30 USD, second only to Russia.

Okupe was known for his attacks on President Muhammadu Buhari during the 2015 elections campaign. But in his facebook, he said the volatility of oil prices in the international market was threatening the stability of the Nigerian economy.


Okupe said: “The danger signal here is clear and profound. The implication of this price regime is that we begin to lose $4-$2 USD for every barrel of crude oil we produce. It is pertinent to state clearly here that this ominous situation is totally out of the control of the present administration. “But because we are all stakeholders in the Nigerian project and also for the fact that any external threat to the survival or interest of Nigeria calls for a bipartisan cooperation, it becomes imperative that we all put all heads together to find a solution.”

He called on the federal government to readjust the 2016 budget by reducing recurrent expenditure by 50%, and make capital expenditure to focus mainly on projects that will directly impact on production and export driven initiatives.
“The deficit in the budget must be reduced substantially while the bench mark is brought lower to between $17 & $20 USD.”

http://dailytrust.com.ng/news/business/okupe-offers-to-assist-buhari-s-govt-on-economy/130699.html#MJUQhZBx1ld4s4XG.99

The way he helped that dumbass to ruin Nigeria ?
Dear Bastard Okupe, (he said we shld call him that if PMB wins) we would rather seek assistance from the devil himself than you son of plenty fathers.

igraman:
g

g is for goat.

Interesting, you Okupe?

If he Okupe has a solution to the non-directional of the present govt, why not, Nigerians are tired of waiting for the change to materialised into reality.

Thanks but no thanks.

makzeze:
g is for goat.

check again

If someone like Okupe offers buhari unsolicited economic advice while stunted zombie as demdem provides online support you should know that water don pass garri.

Okupe the indomie brain man?oh come on

I laff in chinese language

In fela's voice "basket mouth wan start to leak again ooo"...

He called on the federal government to readjust the 2016 budget by reducing recurrent expenditure by 50%, and make capital expenditure to focus mainly on projects that will directly impact on production and export driven initiatives.

“The deficit in the budget must be reduced substantially while the bench mark is brought lower to between $17 & $20 USD.”

They criticize PMB for lacking economic acumen and yet they come up with horrendous economic recommendations.
---
(1) How does the president reduce recurrent expenditure by 50%? Is it by sacking 40% of FG employees or by reducing salaries by 40% across board? Oh, so they can wail about job losses and economic hardship under PMB, abi? In any case, what is the implication of knocking off over N1.3tn from government spending in a depressed economy?

(2) According to Okukpe, cost of oil production is around $30pb. If the 2016 budget is predicated on $38pb, it implies that Nigeria was expecting oil revenue of ~N880b from $8pb profit. If we now use an estimate of $20pb as Okukpe advises, we will now be running an estimated loss of $10pb, implying over N1tn being knocked off the budget again.

(3) Is he proposing a total budget of ~N4tn? If so, then kiss any economic growth in 2016 goodbye or infact, expect a Recession. How do we fund the much touted diversification of the economy so as to begin earning revenue from non-politicians sources?
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In fairness to Okukpe, for once he sounded more patriotic and not like the usual broken record.

Insult on injury! Okupe of all people. What does he know about economy?

What advice did he offer GEJ whilst he was serving under his administration?

I think he's only trying to divert attention away from his up coming singing show at EFCC very soon.

This man shamelesness pass FFK own.

Lelasticlala, come and chichumchin!

The buhari govt is letting people like Okukpe score cheap points because of slackness from within it. What he said it right thing for the economy but he was part of PDP that did the opposite for years. Look at our oil refining process alone, while others built larger, and by extension, more effecient refinerx we were simply too disorganised to buiid same. Getting our oyel to market on average cost almost as much as what it is selling for. Very soon oil exploration sector will be shaken.

IVORY2009:
If he Okupe has a solution to the non-directional of the present govt, why not, Nigerians are tired of waiting for the change to materialised into reality.

your english is terrible sir

This is a joke right?

Bevista:
They criticize PMB for lacking economic acumen and yet they come up with horrendous economic recommendations.
---
(1) How does the president reduce recurrent expenditure by 50%? Is it by sacking 40% of its employees or by reducing salaries by 40% across board ?
(2) What is the implication of knocking off over N1.3tn from government spending in a depressed economy?
(3) According to Okukpe, cost of oil production is around $30pb. If the 2016 budget is predicated on $38pb, it implies that Nigeria was expecting oil revenue of ~N880b from $8pb profit. If we now use an estimate of $20pb as Okukpe advises, we will now be running an estimated loss $10pb, implying over N1tn being knocked off the budget again.
(4) Is he proposing a total budget of ~N4tn? If so, then kiss any economic growth in 2016 goodbye. In fact, expect a Recession.
---
In fairness to Okukpe, for once he sounded more patriotic and not like the usual broken record.

The dude is obviously confused. PDP govt was known for increasing recurrent bill without demanding a corresponding increase from input of the workforce. I suggest salaries by slashed by some 25-30% as most govt workers are in an empowerment scheme where their effort does not contribute to their process paying them. It will simply be a reverse of the Yar'adua's regime increase of pay for worker when excess oil money flowed in.

Which okupe?

joborskill:
your english is terrible sir

Thank you sir, dat is the reason I hv u here to correct me...

abeg pls o wetin dem dey call okupe sef ?

The self acclaimed B@stard is finally doing the right thing at the wrong time. Unfortunately it's too late for him and could have helped is clueless oga at the top to revamp the economy they destroyed when they were in power for 6 years !!!

Reduce recurrent expenditures by 50% right? Fire 40% of government workforce and retrieve all the stolen PDP loot to feed them till grave.

Oloshi man.