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Nigeria’s Oil Revenue Loss Hits N10.1bn Daily - Politics (2) - Nairaland

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Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by Nobody: 12:22pm On Jun 02, 2016
2wizkids:
10 billion daily, thats 300 billion naira monthly....truly its penny wise pound foolish, thats enough money to make even the remote creeks and its inhabitants enjoy their lives,why is Nigeria so cursed with terrible leaders, we have soo much and yet so little, Nigeria is already on one knee down a little push and thats it.

Many Nigerians don't know how much the country actually makes a yr from oil. If they knew the country makes over $25 billion a yr, there would be a revolution in this country against the elite.

1 Like

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by ripbubu: 12:23pm On Jun 02, 2016
ijustdey:



…as militants attack Chevron facilities

Navy arrests NNPC pipeline bombing suspects

OPEC meets today





http://newtelegraphonline.com/nigerias-oil-revenue-loss-hits-n10-1bn-daily/


Daily by ijustdey: 7:39am
…as militants attack Chevron facilities

Navy arrests NNPC pipeline bombing suspects

OPEC meets today

Nigeria’s financial troubles deteriorated further yesterday as oil production suffered deficit of record 1.01 million barrels per day, raising the revenue losses by the country and international Oil companies (IOCs) to N10.1 billion ($50.5 million) daily.

Head of Energy Research at Ecobank, Dolapo Oni, who gave this hint, said that the crude production in Nigeria, hitherto the biggest crude producer in Africa, has now dipped to about 990,000 barrels per day. This disturbing news came hours after the renewed militancy in the country’s oil-rich Niger Delta began to take a toll.

In a more drastic estimate of the economic implication of attacks on oil and gas installations, Oni, according to Reuters, said: “Between pipeline repairs and militant attacks, Nigeria is probably producing no more than 990,000 barrels of oil every day.”

Prior to the renewed attacks, the federal government had projected a daily production of 2.2 million barrels in the country’s 2016 budget. This, according to data compiled by New Telegraph, indicates a deficit of 1.01 million barrels per day.

With crude price hovering around $50 per barrel yesterday, the losses in revenue on the 1.01 million barrels deficit amounted to N10.1 billion ($50.5 million) daily. As the renewed militancy in Nigeria dipped the country’s production, the Organisation of Petroleum Exporting Countries (OPEC), also suffered the same fate.

The output of the cartel in May was also down by 120,000 bpd over oil installation attacks in Nigeria. The organisation is, however, scheduled to meet today over the May output slide from near a record high, as attacks on Nigeria’s oil industry and other outages outweighed increases in Iran and Gulf members. Months of militant attacks on pipelines and oil infrastructure in the Niger Delta have crippled production in Nigeria.

The militant group behind the attacks, the Niger Delta Avengers (NDA), vowed in an early communiqué to reduce Nigeria’s economy to “zero.” They appear to be getting their wish. Exports have fallen from about 2.2 million barrels per day to as low as 990,000 barrels per day, analysts said, making Angola Africa’s largest producer of oil, at least for now. The drop in production and the low price of oil globally are major reasons Nigeria is expected to enter a recession by the end of this month.

Aside from Oni, Gail Anderson, Research Director at Energy Research and Consultancy group, Wood Mackenzie, said the militants have been careful in their sabotage. “The attacks themselves have been well-targeted and they’ve been designed to cause maximum damage, and I think they’ve been quite successful in that respect,” Anderson said.

The NDA emerged earlier this year with a blog that took credit for a number of attacks on pipelines in the delta. It also listed demands, including apologies from politicians, the release of an imprisoned separatist leader and a re-distribution of ownership of oil blocks.

Crude has long been Nigeria’s top export. Though President Muhammadu Buhari wants to wean the country off its dependence on oil, it remains the major source of revenue for the N6.06 trillion budget.

“We’re not producing up to the level we need to produce, the government won’t generate the amount of revenue it needs to generate from oil,” Oni said. Repairs on the attacked pipelines will likely take weeks, Oni said, and that might not deter the militants.

The militants blew up one pipeline in Bayelsa State twice, and warned its owners against repairing it, he said. The government is winding down the amnesty programme, but the NDA said it wants the programme to continue.

“They carry out attacks at specific times of the day, when they know they’re able to strike without specific reprisal from the enemy,” Oni said. Buhari is to kick off the cleanup of Ogoniland today. Rehabilitating Ogoniland is one of the NDA’s demands.

Meanwhile, OPEC’s oil output fell in May from near a record high, as attacks on Nigeria’s oil industry and other outages outweighed increases in Iran and Gulf members.A rise in supply from Saudi Arabia plus Iran suggests the group’s top producers remain focused on market share, following the failure of an initiative last April between OPEC and non-OPEC producers to support prices by freezing output. With OPEC meeting in Vienna today, outages are effectively achieving the supply restraint on which producers could not agree.

“There is a tiny chance of a bullish surprise, but as things stand right now, the odds are the continuation of OPEC’s market-share policy,” said David Hufton, of oil brokers PVM. Supply from the OPEC fell to 32.52 million barrels per day (bpd) this month, from 32.64 million bpd in April, according to the survey, based on shipping data and information from sources at oil companies, OPEC and consultants. OPEC output has surged since the group abandoned in 2014 its historic role of cutting supply to prop up prices, in a shift led by Saudi Arabia.

There are more indications, however, that some producers are struggling to maintain supply. May’s biggest decline occurred in Nigeria due to militant attacks on the country’s oil industry. The disruption has pushed output to its lowest in more than 20 years.,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,sweet news
Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by dablazor: 12:23pm On Jun 02, 2016
HeroGeorge:
In as much as am not in support of pipeline destruction but like the Americans say "You can make an armlet without braking a few eggs".
We can't but agree that Nigeria requires restructuring and fiscal federalism. We need to stop scratching surface of issues and get down to crux. The South West championed these course in the past, so I wonder why the seemly silence on their part. #RestructureNigeriaNow
Hear hear mano, word!

1 Like

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by wordychap: 12:24pm On Jun 02, 2016
Resurgence of militancy started bc buhari reduced d allocation of
>Amnesty from N65b in 2015 to N20b in 2016
>NDDC from N250b in 2015 to N41b in 2016
>Niger Delta Ministry from N85b in 2015 to N30b in 2016

He reduced allocation to d ND entity by N309b in a year
Now were losing N10b /day I.e N300b in a month ( though Nig. govt. gets ~50% of that)

So we've lost in 1 month d amount reduced that sparked off the resurgence.
Really penny wise pound foolish!

5 Likes 1 Share

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by ripbubu: 12:24pm On Jun 02, 2016
lol

2 Likes

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by pinkyliceous(f): 12:25pm On Jun 02, 2016
Bubu has BADLUCK.

1 Like

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by wordychap: 12:25pm On Jun 02, 2016
Resurgence of militancy started bc buhari reduced d allocation of
>Amnesty from N65b in 2015 to N20b in 2016
>NDDC from N250b in 2015 to N41b in 2016
>Niger Delta Ministry from N85b in 2015 to N30b in 2016
>cancelled pipeline protection contrscts to ex-militants.

He reduced allocation to d ND entity by N309b in a year
Now were losing N10b /day i.e. N300b in a month ( though Nig. govt. gets ~50% of that)

So we've lost in 1 month d amount reduced that sparked off the resurgence.
Really penny wise pound foolish!

5 Likes

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by chiedu7: 12:26pm On Jun 02, 2016
eshietIntrepid:
All thanks to buhari tactics,

How long did some tribes think they will continue to surpress the very region that is feeding them.

We produced a president they make sure he went through hell during his tenure in officeN now want to continue surpress us.

There is a limit to what a man can take.

Deep & Wise sayings

1 Like 1 Share

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by ripbubu: 12:30pm On Jun 02, 2016
Uduak2019:
Yaradua initially wanted to apply some force to stop the militancy, one of his trusted advisers told him...Mr. president, we make over $40 billion a yr from oil, why don't you give them less than 1% of it, and the whole thing will end, at least for the time being. He advised him that if we go the military route, guess what, we are going to end up spending over 10% or even more of that $40 billion on arms, aircraft, ammunitions, amphibious equipment, troops mobilization, civilian casualties, reconstruction costs, e.t.c. President Yaradua said let do the amnesty option and let the sleeping dog lie. That was how the whole thing ended. That's what I call wisdom!
correction there was never the option of violence on the table for ndelta during yaradua time so get ur facts rit
Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by PrinceMario(m): 12:32pm On Jun 02, 2016
Isoni:
Egbon Aregbe looking at federation account like...
But I heard Beyelsa is presently the poorest state in Nigeria. Their workers are owned 7months salary and no capital project is been executed... But we see pictures of Aregbesola either inspecting a project or commissioning it. I even heard the governor said SS are block headed and lazy.
Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by dickson2000(m): 12:35pm On Jun 02, 2016
ijustdey:

Shebi na everybody e go affect...Thumb up to dem. The painful aspect is that the nemesis will hunt the poor alone.

…as militants attack Chevron facilities

Navy arrests NNPC pipeline bombing suspects

OPEC meets today





http://newtelegraphonline.com/nigerias-oil-revenue-loss-hits-n10-1bn-daily/


Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by Nobody: 12:36pm On Jun 02, 2016
ripbubu:
correction there was never the option of violence on the table for ndelta during yaradua time so get ur facts rit

There was one...that adviser was my uncle. Not everything the public will know. They had to weigh heir options, do the cost-benefits analysis, and ultimately go with the reasonable choice.

1 Like

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by Horus(m): 12:43pm On Jun 02, 2016

https://www.youtube.com/watch?v=SB9mVKU_EAc

[size=14pt]Nigeria’s Oil Revenue Loss[/size]

(Niger Delta Youths Condemn Vandalism Attack On Facilities)
Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by mmsen: 12:44pm On Jun 02, 2016
No mention of Nigeria's agricultural output, manufacturing - the focus is still on ND oil.

So much for diversification.

1 Like

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by atirolu(m): 12:44pm On Jun 02, 2016
Good news by fire by force we must look for alternative revenue apart from oil let the bombing continue till no production again
Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by ahaika23: 12:48pm On Jun 02, 2016
cheesy cheesy cheesy
Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by jazzydawg(m): 12:51pm On Jun 02, 2016
HeroGeorge:
In as much as am not in support of pipeline destruction but like the Americans say "You can make an armlet without braking a few eggs".
We can't but agree that Nigeria requires restructuring and fiscal federalism. We need to stop scratching surface of issues and get down to crux. The South West championed these course in the past, so I wonder why the seemly silence on their part. #RestructureNigeriaNow

Bros, na you can't make an omelette, without breaking a few eggs. Make una no bother una self, bubu has just two years to rule. Deja vu.

2 Likes

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by banio: 12:53pm On Jun 02, 2016
90% of the attack is on Chevron. I think the phone calls of top Chevron managers should be monitored. Let's start from inside. Some top managers could have plans of frustrating the company so that the company decides to sell these oil fields. And these top managers will buy the oil fields.
Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by diegwu01: 12:53pm On Jun 02, 2016
the monies should be deducted from the Niger Delta States allocations
Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by GWMI(m): 1:01pm On Jun 02, 2016
This is what wrong policies can cause.A man who won an election to rule a Nation like Nigeria to come to the public and call the Southern Minorities 5% is an insult of the highest order.Buhari is bringing this nation down with his wrong statements this is the truth.Thanks.

2 Likes

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by diegwu01: 1:08pm On Jun 02, 2016
Uduak2019:
Yaradua initially wanted to apply some force to stop the militancy, one of his trusted advisers told him...Mr. president, we make over $40 billion a yr from oil, why don't you give them less than 1% of it, and the whole thing will end, at least for the time being. He advised him that if we go the military route, guess what, we are going to end up spending over 10% or even more of that $40 billion on arms, aircraft, ammunitions, amphibious equipment, troops mobilization, civilian casualties, reconstruction costs, e.t.c. Far worse and dangerous is substantial or total loss of the $40 billion from pipeline vandalism by militants. President Yaradua said let do the amnesty option then and let the sleeping dog lie. That was how the whole thing ended. That's what I call wisdom!

I disagree,
Yaradua applied some force and it was working, his greatest mistake was stopping the war, if he had maintained the tempo then maybe the issue of militancy would have been a thing of the past. A fake disarmament happened thereafter,.. the same group of people are back at it again.. , His conceding then has given rise to every group to pick up arms to blackmail the government at the slightest opportunity, MASSOB came up hoping for same.. even the demonic murderous Boko haram thugs are calling for their own amnesty largess e ..Tell me what has the Amnesty achieved now after all the trillions poured into it?, imagine those monies where poured into agriculture .
A responsible government should not give room to any group of persons to blackmail it just because they want to line their pockets

2 Likes

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by tiwiex(m): 1:13pm On Jun 02, 2016
obailala:
The miscreants simply want Buhari to resign, they have said it unequivocally that they aren't ready for any negotiations. So what would you have the govt do?... The only good part of this development is that even the mumus supporting this sabotage would also suffer the consequences. By the 3rd quarter of the year, the only food Nigerians all over would be eating would be to curse buhari, and buhari still has another 3 years to go.

Why do they want him to resign? I think that's the question. Your election result shows they don't like you. A sensible government would have quickly taken advantage of that and give them priority. It is like telling your cook you don't like her and expect delicious meals. He even went the extra mile to make direct utterances in that regard and then went on to show it through his appointments. Then further reduced amnesty budget. Haaaa. Who go borrow this government sense? The militants are already emboldened. They know the creeks better. This will teach them diplomacy is a key part of governance. I hope we still have time to reverse things. His body language still speaks otherwise. I just hope.

2 Likes

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by Ugosample(m): 1:17pm On Jun 02, 2016
diegwu01:
the monies should be deducted from the Niger Delta States allocations

What is this one saying?

1 Like

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by InvestinOwerri(m): 1:39pm On Jun 02, 2016
dablazor:


The goverment should restructure Nigeria and see if nothing changes, bitter truth is that nothing is working with this current set up and ethnic unrest wouldn't take the backseat anytime soon with this lope sided status quo.

When Nigeria runs a regional autonomous goverment, we experience progresses, but now? Its total stagnation.
Dont mind them, they all know what should be done to avert all these crises but greed, laziness, avariciousness, envy, wickedness, hate, contempt & all manner of evil will not allow them to do the needful. Maybe until the Avengers achieve their zero output target, they will not wake up & smell the coffee. Awon Smellos!!!

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Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by NavierStokes(m): 1:44pm On Jun 02, 2016
Ugosample:


What is this one saying?

Just when you think you have heard it all, another numbskull will creep from somewhere and spew nonsense. Let the guy be, to each his own.
Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by tete7000(m): 1:46pm On Jun 02, 2016
HeroGeorge:
In as much as am not in support of pipeline destruction but like the Americans say "You can't make an omelet without braking a few eggs".
We can't but agree that Nigeria requires restructuring and fiscal federalism. We need to stop scratching surface of issues and get down to crux. The South West championed these course in the past, so I wonder why the seemly silence on their part. #RestructureNigeriaNow

Tinubu and co. championed that when they think they are outsiders to power at the centre. Once they sense their party might be at the centre, they jettisoned all that and won't even attend the confab convoked by Jonathan.

1 Like

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by goodforsomthing: 1:54pm On Jun 02, 2016
2wizkids:
10 billion daily, thats 300 billion naira monthly....truly its penny wise pound foolish, thats enough money to make even the remote creeks and its inhabitants enjoy their lives,why is Nigeria so cursed with terrible leaders, we have soo much and yet so little, Nigeria is already on one knee down a little push and thats it.

You are on point,and there still some honest guys in this country but they don't want go into politic. Nobody in politic without blood on his hand

because is a dirty game which you have to kill to be a winner.i prefer playing with other things like merrybet,9jabet,960bet and Naijabet to make

cool cash and not blood money
Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by alujonjonkijon: 1:59pm On Jun 02, 2016
wetin concern agbero wit overload.when it was booming 10 billion dollars per hour ,how many of it affects me.whether the loss is 100billion per second ,na buaro go enter train go london.
Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by donvicky2007: 2:06pm On Jun 02, 2016
May God continue to bless Yar'Adua where ever he is! A president with wisdom , great vision, mission for a greater Nigeria but political death stole him away from us.
How I wish we can get another president in Musa Yar'Adua .
For the incumbent President hmmmm!!! I rest my case cox the coast isn't clear.

1 Like

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by obailala(m): 3:29pm On Jun 02, 2016
dablazor:


The goverment should restructure Nigeria and see if nothing changes, bitter truth is that nothing is working with this current set up and ethnic unrest wouldn't take the backseat anytime soon with this lope sided status quo.

When Nigeria runs a regional autonomous goverment, we experience progresses, but now? Its total stagnation.
Blowing up the meagre resources the nation has and throwing 170 million people into darkness and agony, is that really the best approach to tackle the regionalism problem?
Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by dablazor: 3:55pm On Jun 02, 2016
obailala:
Blowing up the meagre resources the nation has and throwing 170 million people into darkness and agony, is that really the best approach to tackle the regionalism problem?
The real masses are out there even before these attacks in said agony and darkness.

The Goverment isn't listening, Nigeria can't continue this way, and if grounding the economy is a way to be heard, then fine.

The real question here is; why won't they restructure the country? Why do they have to wait until there are ethic unrests and secessionist uprisings? Why won't they heed the advises of various political pundits??

The militants are not your enemy, the federal government is.

2 Likes

Re: Nigeria’s Oil Revenue Loss Hits N10.1bn Daily by piagetskinner(m): 4:12pm On Jun 02, 2016
Gbese re oO

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