₦airaland Forum

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'.

Where low oil prices truly the cause of bubus woes or was it his refusal to allow the naira float ?

urahara:
Where low oil prices truly the cause of bubus woes or was it his refusal to allow the naira float ?

Well,this is my opinion, but

1.Low oil prices are part of the problem too....once the oil falls,revnue falls,and money going to salaries ,etcfall....which affects the economy too.

2.As for not allowing the naira to float....the simple fact is that IMO...if they had done that, that might have only made things worse. Better to apply some control...instead of letting things out of control...the better to save money(What i did not like was the differing naira rates...which allowed round tripping...altho that's been around for decades.)

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...WRONG didn't say it was the cheapest...revisit that comment.

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'.

Fact still remains OPEC Basket is the one sold as it contains a mixmarsh of other OPEC Country's Crudes with varying degrees of "quality".

We never sold $100 for 16years with respect to the constant droning from the APC and and a certain section of Nigerians saying so would be ignorance and using the nuance of "Average" does disservice to the mode and manner this issue is flogged.

We have been cursed with an oil only economy since the military took over and it has been entrenched as a National culture.

That being said continuing in this path will only spell doom for the next generation.

Buhari saved...do not make that assertion without data to prove it. The current Petroleum Minister is yet to show any positive policy towards the "PDP-era" Oil Industry.

I don't even want to start on the technically removed petroleum products subsidy.

But all the same it is a breathe of fresh air to get your views on this matter.

I have never been a Jonathan Supporter...being anti-APC doesn't automatically make me PDP.

Pointing out blatant distortions from individuals (From your comments you are excluded from this generalisation) who should know better is kind of my thing.

theoldpretender:
Well,this is my opinion, but

1.Low oil prices are part of the problem too....once the oil falls,revnue falls,and money going to salaries ,etcfall....which affects the economy too.

2.As for not allowing the naira to float....the simple fact is that IMO...if they had done that, that might have only made things worse. Better to apply some control...instead of letting things out of control...the better to save money(What i did not like was the differing naira rates...which allowed round tripping...altho that's been around for decades.)

Cc grandstar

post=75277892:
Yaaaawwwnnn to this pained junior wailer.
Wait for your senior wailers to comment kiddo.....

Meanwhile, go carry your gala carton and enter street hustle, your mates don dey traffic already, Lazy tin!

Respect that Gala seller who works hard in traffic with all the attendant risks, he is not a politician son neither is he contesting for election in Nigeria. Buhari and Atiku kids live in luxury while this youth fends for himself. The context under which you used that Gala seller picture is in bad taste

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

with what brain

pinkcottoncandy:
Apc has borrowed twice the amount pdp borrowed for 16 years with nothing to show for it

Who will pay for all these borrowed funds....certainly not buharis children

But your future generation

His supporters do not understand the damage a bad economic policy can bring...leadership is not all about infrastructure...good economy first...before niger bridge!

A pity you went to school but don't know the link between good economy and infrastructure

So what does 1.2m bpd do to a nation of over a hundred million souls.At the height of militancy in 2007/8 Nigeria recorded 700k barrels per day.The fact remains even at a very high price we didn't get full earnings and when the numbers go up the fuel subsidies and it's inherent fraud swallowed it up.The same thing will happen again if prices hit $100 except we remove this subsidy or the dubious name of under recovery they call it now.A real vicious cycle.This Govt isn't doing any magic but borrowing heavily to fund infrastructures. The fear is if the future cashflows to pay off dwindle,we will be in a mess as we are getting heavily indebted to the Chinese Shylocks.

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

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.

You're the one sounding stupid and illiterate
Fvcking tribalistic idiot

He has obviously never stepped out of Nigeria,he would have known there is dignity in labour.Just got served at Burger King by the prettiest girl (in my opinion) I have ever seen.In Nigeria her types will have expectations of being taken care of by a rich dude.

Dpharisee:
Respect that Gala seller who works hard in traffic with all the attendant risks, he is not a politician son neither is he contesting for election in Nigeria. Buhari and Atiku kids live in luxury while this youth fends for himself. The context under which you used that Gala seller picture is in bad taste

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.

which ghana has 13 million people? Get ur facts Right my friend

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

dont ever say that

you are looking like a joke

martineverest:
Ghana population is 25 million

sorry

29.5 million

how can someone lie so effortlessly? crude sold for as high as $147 in 2008
https://en.m.wikipedia.org/wiki/Price_of_oil

urahara:
Cc grandstar

I'm only interested in No. 2

Floating exchange rate is best

If he says control, there are always controls. No float is ever totally clean. There's always a degree of dirt in the float. The degree of the dirt depends on the degree of the Central Bank involvement.

Globally, the standard control used is to increase interest rates which will discourage borrowing thereby limit the money in circulation and thereby reducing demand for forex. At the same time,it also increases portfolio investment in treasury bills by foriegn investors thereby stregthening the local currency.



1.

BigIyanga:
PDP grew our economy in 1999 from less than $200bn to $500bn
PDP grew the reserve from $4bn to about $50bn
PDP increased the minimum wage from less than N3k to N18k a whopping 600% increase.NLC is asking for about 60% increase and APC is crying that it is impossible.
PDP wiped off our foreign debt incurred by military guys like IBB, GMB and Abacha .
PDP introduced GSM technology by connecting over 100m while military guys like GMB and Abacha funded NITEL to only produce 400k lines.
PDP recapitalized banks and allowed over 50m Nigerians access to bank and banking products unlike GMB era
PDP didnt make Naija look like Dubai in 16 yrs, but APC must match these achievement by 25% since they have been in power by 4yrs. Blame cant do these but actions!

...See as Nigerian reason as if we don't know that PDPD LOST POWER TO APC THEMSELVES.... JONATHAN must not rule for 10years cause it all...ATIKU...DEFECTED TO APC...SARAKI NKO APC...OBJ TEARED PDP MEMBERSHIP...NOW GROUPING TOGETHER TO USED ECONOMY THEY SABOTAGED AS CAMPAIGN STRATEGIES TO LURE GULLIBLE NIGERIANS TO VOTE FOR THEM.....Don't lie to us we all known when crude oil fall......

theoldpretender:
Oil was never high at 100 dollars during the PDP regime Except in 2008 and 2011 to 2014.

What draws many people's ire is the fact that there werent enough savings during the time of the previous government, which was PDP.

Having said that, the real problem with the Nigerian economy is our over reliance on crude oil, and our sharing the money mentality. Things which I don't see PDP, or APC changing because it means years of harsher austerity measures which don't win votes

Devil is a Liar, crude oil price that went as high as $146 per barrel in 2007, abi na palm oil dem dey discuss?.
The chart image is everywhere on the net, which yeye talk be this?.

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.

...YOU NEED TO SEE BRO,THOSE WITH EAGLE EYE SAW WHAT HE DONE....Expand your brain bro...

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

..God will blessed you with wisdom..gbayi!!!!

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.

You're beginning to sound foolish yourself
Only Atiku followers can fall for such absurd logic

There was no time anyone said crude was sold for over $100 throughout PDP's 16 years.
What was said was that for the best part of Gej's years crude went as high as almost $130 .

From 2011 to 2014 global crude price stood at over $100

Watch out for how it took a free fall from 2015 and still ask me why we were in a recession
Check the second picture. During obj's time it even went above $140

https://marketrealist.com/2016/01/wti-brent-crude-oil-prices-2015-lowest-since-2009

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.

do a little research before you litter our cyber space with hogwash.

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

Buhari's budget in 3 years is more than PDP's budget in 10 years.

Buhari borrowed in 3 years what PDP didn't borrow in 16 years.

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.

Fact check!
Oil sold for over $100 for three years and not two years. It was almost even 4 years as oil sold for $99.03 in 2014

https://www.statista.com/statistics/262860/uk-brent-crude-oil-price-changes-since-1976/

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 much did GMB and Abaacha leave in the treasury.. They looted Naija dry! Under his watch as PTF Chairman, his friend and boss started exporting Naija crude and importing refined products for out location consumption. Abacha and GMB started fuel import into Naija.
1999 Naija was broke and ostracized by the world, but GMB was dining and wining with Abacha. GMB and Abacha left Naija koboless!! PDP rebuilt our foreign reserve to $50bn, estabilished ECA to almost $25bn, paid off debt incured by GMB, IBB and Abacha to the tune of $50bn. Time to ask GMB what did he save for Naija??

Safe to conclude that the GEJ years were Nigeria's most prosperous years