₦airaland Forum

anjigirl:
Post where i wrote 125$ for 4 years
I only wrote between 95$-125 for 4 years which is very correct because you just said it was sold 125$ for 4-5 months

Stop goalpost shifting dear and take your own advise...stop replying; your knowledge is basic but not suitable for the kind of rhetoric your team has been spreading.

anjigirl:
You were probably too young or not alive
Sold over 100$ for complete 4 years

Here

theoldpretender:
PDP knocked down the foreign reserves from 60bn in 2010 to 32 bn in 2015 with oil above 90 USD from 2010 to 14.

APC raised the reserve from 28bn to 40 bn with oil prices below 75 USD in 3 years.

The economy has not been growing because we rely on oil, not necessarily because of what APC did or did not do. Where APC erred is that they have zero idea on how to get us off resource dependency

How can that be so when oil makes up merely 10 percent of our gdp ?

plainol:
Ghana has only 13m people but almost world class infrastructures while Lagos with over 21m people and a very robust economy only has ghetto amenities.

And Tinubu is still bent on choosing who will rule over it again.

If Ambode gets impeached, Lagos treasury will be opened like a dam for it's campaign purpose.

100s of Billions will flow out and Lagos might find itself borrowing like Osun.

I pity our mumu APC followers. Over mumu dey worry them.

Ghana population is 25 million

Nobody said crude oil was sold for $100 for 16 years. PDP/Atiku are renown for distorting facts. What was being said is that crude oil sold for an AVERAGE of $ 100 for the 16 years that PDP was in power

pdp is neva gonna win presidency level
na na na
atiku the looser and thief
a story teller
Africa is cursed by God

anjigirl:
You are just decieving yourself because there is no single day Nigeria did not lift at worst $1.2 million barrels of oil since 1999 beside Nigerians Bonny Light was sold between 95$-125$ for complete 4 years not 5 days at you wrote up there.The records are there

Million dollar barrels or million barrels...we did have production below 1.2 sometime in 2016 though.

And HERE

Mumu because Lagos and Ghana are the same size. Abeg go and borrow a brain.

plainol:
Ghana has only 13m people but almost world class infrastructures while Lagos with over 21m people and a very robust economy only has ghetto amenities.

And Tinubu is still bent on choosing who will rule over it again.

If Ambode gets impeached, Lagos treasury will be opened like a dam for it's campaign purpose.

100s of Billions will flow out and Lagos might find itself borrowing like Osun.

I pity our mumu APC followers. Over mumu dey worry them.

plainol:
Ghana has only 13m people but almost world class infrastructures while Lagos with over 21m people and a very robust economy only has ghetto amenities.

And Tinubu is still bent on choosing who will rule over it again.

If Ambode gets impeached, Lagos treasury will be opened like a dam for it's campaign purpose.

100s of Billions will flow out and Lagos might find itself borrowing like Osun.

I pity our mumu APC followers. Over mumu dey worry them.

Shut up ghetto dey for everywhere even in America

PDP had so much did less.APC had less do much more. PDP is a disaster and must be buried once and for all by February,2019.

BruncleZuma:
You keep mistaking nomenclature for quality...

There's Heavy, Light and Sweet due to their density and sulphur content...


https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=INI1500008&f=M

That's the US EIA BonnyLight never sold 125 for four years...it happened in 2011 for 4-5months

Shut up.

There is a reason why its called light crude.

Nigeria has the best crude due to its ease to refine. This is why its more expensive than others.

bonny light sold for about $100 for 4 years during the era of PDP.

Even of for 4 to 5 months out of these five years it sold for that price, what was it used for?

urahara:
How can that be so when oil makes up merely 10 percent of our gdp ?

In some areas, oil plays a disproportionate role.

In terms of government revenue, about 70% of revenue is from crude oil.

Likewise in terms of exports, it accounts for eell over 70%.

Most states of the federation would collapse without their own share of the crude oil earning paid each month to them. It was even the reduction in the oil price and a subsequent reduction in their monthly allocation that led to most states inability to pay workers.

Tetehjewels:
Shut up.

There is a reason why its called light crude.

Nigeria has the best crude due to its ease to refine. This is why its more expensive than others.

bonny light sold for about $100 for 4 years during the era of PDP.

Even of for 4 to 5 months out of these five years it sold for that price, what was it used for?

Problem with your comment is that it lacks an iota of sanity...you and a host of other copy and paste thrift store minions have been chanting crude at 100$ for 16yrs.

I have explained to the other more sane individual that there are three grades and we kind of fall somewhere close to light.

There's the sweet crude which is the best in the world and we do not produce that.

Then again I don't expect you to understand any of this with the cognitive dissonance you and your lot exhibit in your favourite Orwellian echo chamber which you have all chosen to exist in.

Pekele007:
Only brainless illiterates and Buhari media cows believed that oil was sold at $100 for 16 years of course.



You can't support Buhari without sounding stupid aswear.

Atiku and you are fools who think of Nigerians as stupid. Nobody has ever said it was for 16 years running.

handie:
The undisputable fact is, a whole lot of monies accrued to the PDP led Federal Government between 1999 and 2015..... If such monies were made available to Muhammadu Buhari, then he would have done way better than this...... But in PDP's case, the country ain't really got nothing to show for all these huge monies they got

Who made the funds available to the PDP in those 16years?
Buhari never planned for the office he got, he doesn't read neither does he listen to anyone.

anjigirl:
You were probably too young or not alive
Sold over 100$ for complete 4 years

Ah, the narrative has changed to complete 4 years, I thought your Bubu-in-charge said complete 16 years

urahara:
How can that be so when oil makes up merely 10 percent of our gdp ?

Because oil earns most of our froeign exchange...which is then spent in country to fuel the remaining 90% of our economy.

As the quoted bit explains..

Oil contributes less than 10% to GDP because most companies in the sector aren’t Nigerian, Prof Usman Muttaka of the Ahmadu Bello University economics department told Africa Check.

“Unlike services and agriculture, the oil sector is dominated by companies from other economies. These foreign oil companies repatriate large chunks of the profit to their respective countries.”

The services sector makes up more than half of Nigeria’s GDP, according to recent yearly and quarterly estimates. We therefore rate Awolowo’s claim that services are “driving” GDP as correct.


CLAIM
“Oil still earns 90% of Nigeria’s foreign exchange”

VERDICT
mostly-correct
Nigeria earns foreign exchange by exporting goods and services out of the country, the Central Bank of Nigeria explains.

The statistics bureau’s most recent foreign trade data shows that in the first quarter of 2018, Nigeria earned N4.69 trillion (US$153.4 billion) from exports.

Sales of crude oil made up 76.3% of Nigeria’s export earnings from January to March 2018, bringing in N3.58 trillion (US$11.7 billion). Processed oil products like condensates and lubricants earned another N535.8 billion, or US$ 1.75 billion, contributing 11.4% to export earnings.

In total, crude oil and oil products made up 87.7% of Nigeria’s foreign exchange earnings in the first quarter of 2018.

“The fact that we produce so little processed products, such as manufactured items, means that our export is dominated by crude oil,” Ayo Teriba, the chief executive of Economic Associates, told Africa Check. “Due to infrastructure failure, oil and agriculture are Nigeria’s main exports, while services dominate the economy.”

Sales of crude oil and processed oil products together made up 87.7% of Nigeria’s export earnings in the first three months of 2018. We therefore rate Awolowo’s claim that “oil is still 90% of our foreign exchange” as mostly correct.

In essence, we earn most of our forex from oil which is then spent in our services run economy...ie on stuff like phones, power, fuel, etc...

Sauce of quote.

Pekele007:
What has Buhari the dullard done with the little he got? What was he able to do with the loans and debts he accrued


PDP didn't achieve anything yet you are still breathing and using the internet. You need to go back to school asap.

Foreign Reserve has reach $41b+ as against $22b Buhari met in 2015. Isn't that an achievement?

Tetehjewels:
Indomie child Obasanjos time was terrible and you need to shut it.

Why do you think Obasanjo and Atiku met our naira to dollar exchange at 25 naira to a dollar but when they left after 8 years it was 127 naira to a dollar?

They wrecked the economy and impoverished many.

Buhari met the dollar to naira exchange at 90kobo to a dollar and left it that way without any drop in the value of the naira.

Tell me who is the economic illiterate between the two

They wrecked the economy coming from heaven of the military?

Pekele007:
What has Buhari the dullard done with the little he got? What was he able to do with the loans and debts he accrued


PDP didn't achieve anything yet you are still breathing and using the internet. You need to go back to school asap.

Are you saying pdp brought internet to Nigeria, I always find this funny everytime I hear it. Mobile technology and the internet was always going to proliferate into Africa one way or another. If a plant has been the president of Nigeria since 1999, chances are that we would be where we are with mobile technology because of the inevitability. All we need from the Nigerian government is for them to fix power then you will see where we will be in 5 years.

Abagworo:
Atiku and you are fools who think of Nigerians as stupid. Nobody has ever said it was for 16 years running.

Go and read Buhari's 2017 Independence Day speech

DAILY POST recalls that in his 2017 Independence Day speech, Buhari said: “we should remind ourselves of the recent journey from 1999-2015 when our country happily returned to democratic rule. However, in spite of oil prices being an average of $100 per barrel and about 2.1 million barrels a day, that great piece of luck was squandered and the country’s social and physical infrastructure neglected.”

http://dailypost.ng/2018/05/24/fact-check-buhari-got-wrong-nigerias-oil-revenue/amp/

Esseite:
They wrecked the economy coming from heaven of the military?

Read my comment again and see how you just said nonsense by mentioning the military.

Was buhari not a part of the military yet never caused a drop in the value of our naira to the dollar?

BruncleZuma:
Problem with your comment is that it lacks an iota of sanity...you and a host of other copy and paste thrift store minions have been chanting crude at 100$ for 16yrs.

I have explained to the other more sane individual that there are three grades and we kind of fall somewhere close to light.

There's the sweet crude which is the best in the world and we do not produce that.

Then again I don't expect you to understand any of this with the cognitive dissonance you and your lot exhibit in your favourite Orwellian echo chamber which you have all chosen to exist in.

The cost of light crude oil...the OPEC light...was above $100 from 2011-14.

I recall you saying upthread that OPEC light was the cheapest...well...according to this table...it was above $100 per barrel from 2011-14on average.

I know you GEJ supporters try to downplay the high oil prices of that era....but facts are facts.

AND...anyway...lost in the argument is the fact that our economy is fuelled by oil...and that is the issue....really. Sort that issue out...and we won't need to argue over oil prices.

Bubu saved despite having low oil prices. Good for him....BUT that does not mean he is an economic mastermind either. For him to be one...he has to have a plan for diversificaiton that goes beyond 'agriculture'.

You are never bothered about your useless and backward imo state that Okoroawusa has ruined with debt with absolutely nothing to show except statues.


[s]

Abagworo:
Atiku and you are fools who think of Nigerians as stupid. Nobody has ever said it was for 16 years running.

[/s]

Tetehjewels:
Indomie child Obasanjos time was terrible and you need to shut it.

Why do you think Obasanjo and Atiku met our naira to dollar exchange at 25 naira to a dollar but when they left after 8 years it was 127 naira to a dollar?

They wrecked the economy and impoverished many.

Buhari met the dollar to naira exchange at 90kobo to a dollar and left it that way without any drop in the value of the naira.

Tell me who is the economic illiterate between the two

Its obvious you are a kid.
Dollar was 86 naira during Abacha's time..

anjigirl:
You were probably too young or not alive
Sold over 100$ for complete 4 years

D same reason y d heading of d thread is

"Crude oil not sold for $100 in 16years of PDP".

theoldpretender:
The cost of light crude oil...the OPEC light...was above $100 from 2011-14.

I recall you saying upthread that OPEC light was the cheapest...well...according to this table...it was above $100 per barrel from 2011-14on average.

I know you GEJ supporters try to downplay the high oil prices of that era....but facts are facts.

AND...anyway...lost in the argument is the fact that our economy is fuelled by oil...and that is the issue....really. Sort that issue out...and we won't need to argue over oil prices.

Bubu saved despite having low oil prices. Good for him....BUT that does not mean he is an economic mastermind either. For him to be one...he has to have a plan for diversificaiton that goes beyond 'agriculture'.

But d information u gave is for 4years not 16years. Its d same thing Atiku is saying

Higher oil price ever was during Jona time, yet not a single kobo was saved


https://www.statista.com/statistics/262858/change-in-opec-crude-oil-prices-since-1960/

JosEast:
The presidential candidate of the Peoples Democratic Party (PDP) on Wednesday punctured the claim by the President Muhammadu Buhari-led federal government that oil price hovered at $100 per barrel in the 16 years of PDP’s rule, saying it was only sold for that price in two years of former President Goodluck Jonathan’s administration.

Besides, he said his former boss, President Olusegun Obasanjo inherited a crude oil price of $11 per barrel yet took Nigeria out of recession, cleared the country’s foreign debts and grew the economy by six percent.

He stated this while delivering the quarterly business lecture of Lagos Island Club where he spoke on “My vision to get Nigeria working again”, saying the current structure of the country is not working.

He said for Nigeria to develop into a united, prosperous and secure nation, it must adopt a new economic management model and a new political structure “that will cure all the federating units of their addiction to oil revenues”.

Atiku said the present administration came into power and took Nigeria to recession while drawing back the economic gains of the previous administrations under the PDP.

He said though the country is blessed with the human resources to make quantum leap from a third world nation to a developed country, the last four years had witnessed deterioration in all aspects of human development.

According to him, “unemployment has unfortunately been our only booming industry with over 13 million people joining the ranks of people without a job, which now totals 21 million.”

He said the actions and inactions of government had weakened investors’ confidence in Nigerian economy, noting that Ghana with a population of 13 million people attracted more Foreign Direct Investments (FDI).

“In order to reverse the trend, our economic policy would be more coherent, consistent and therefore more predictable by the business community. Nothing could be more threatening to investment flows than an environment that is full of policy flip-flops”, he said.

He reiterated that if elected, he would run a private sector-driven government towards enhancing the capacity of private businesses to create jobs.

According to him, unlike during Obasanjo’s presidency when there used to be regular meetings with Chief Executive Officers of major companies, nothing of such is presently happening.

He lamented that there is no council of privatization in place, saying it stopped during Jonathan’s administration.

“The AtikuPlan recognizes the private sector as the engine of growth of our economy. A strong, productive and pro-growth private sector is needed to create wealth, generate employment opportunities and help fight poverty.

“We pledge to improve government consultations with the private sector in policy design and policy implementation. We will work with the Organized Private Sector to identify ways to reduce the cost of borrowing, tackle incidences of multiple taxations and improve availability of foreign exchange for legitimate production input purchases”.

https://www.dailytrust.com.ng/crude-oil-not-sold-for-100-in-16-years-of-pdp-atiku.html

handie:
The undisputable fact is, a whole lot of monies accrued to the PDP led Federal Government between 1999 and 2015..... If such monies were made available to Muhammadu Buhari, then he would have done way better than this...... But in PDP's case, the country ain't really got nothing to show for all these huge monies they got

how much has Buhari done with the trillions that's been made available to him?

in 3 years, Buhari has borrowed 7 trillion naira. What has he done with it?