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Nairaland Forum / Nairaland / General / Politics / Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months (25704 Views)
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Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by Truth234(m): 6:12am On Aug 20, 2015 |
4Play: I am seriously puzzled that you can't fathom the fact that oil price as at the same quarter last year was $106.5 and currently it is $40.79. Don't politicize everything bro, this numbers are actually good when compared to global economics. 2 Likes |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by Christianwalase: 6:13am On Aug 20, 2015 |
MrPeterson: superman ![]() |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by sunnyb0b0(m): 6:16am On Aug 20, 2015 |
Truth234: You are being disingenuous here bro but I won't let you hoodwink the gullible masses on Nairaland. The article stated that quarter on quarter, the revenue declined by as much as 38.5% in naira that is. Now, considering that the naira has been devalued so much between the two periods in comparison, a succinct analysis requires that you convert the naira earnings in both periods into dollars (at the prevalent exchange rates in each period) then make a comparison since Nigeria earns dollars from these export transactions. If you do this, you'd realise that the drop in earning is more than 50% in real terms ie in dollars. 2 Likes |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by beright: 6:16am On Aug 20, 2015 |
My presido Buhari it shall be well with u |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by yemivictor: 6:17am On Aug 20, 2015 |
phyllosilicate: Bros, that Okonjo woman na wash and should be probed further. |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by yemivictor: 6:19am On Aug 20, 2015 |
beright: Amen! And also with you. 1 Like |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by arsetalks(m): 6:24am On Aug 20, 2015 |
sunnyb0b0:I read your one sided analysis and can't be laugh. Now let me ask you some questions, if there is -38% ( a negative) pure profit accrued the country in the period under review, and like you rightly posited, it is due to a decline in naira. What then is responsible for a decline int the naira? Especially considering the fact that the value of naira refused to appreciate when the value of crude was circa $150. How come the foreign reserve was declining instead of appreciating when the value of crude was high and it even depreciated further now that the value of crude has declined by close to 60%? 3 Likes |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by AnanseK(m): 6:26am On Aug 20, 2015 |
We prayed for change and God in his mercy answered our prayer. |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by 4Play(m): 6:26am On Aug 20, 2015 |
Truth234: Mea culpa: I goofed in my initial post by equating export income to total merchandise trade in 2014 ![]() That being said, there is nothing to celebrate. You attempt to mislead by equating today's oil price to the average oil price in the 2nd quarter of 2015. In the second quarter of 2015, average OPEC prices was $60 per barrel. http://www.opec.org/opec_web/en/data_graphs/40.htm Bear in mind that this article refers to Naira export income. 2.5 trillion Naira in oil exports equates to $12.7bn at 197 Naira to the dollar. In Q1 2014, we exported 3.23 trillion Naira in oil which equates to $20bn at 160 Naira to the dollar. The point is that there is nothing to celebrate but even bad news is now celebrated. 1 Like |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by arsetalks(m): 6:29am On Aug 20, 2015 |
sunnyb0b0:Don't you realise that with this submission you are further indicting Gej the jerk? You yourself said there is a 38% due to a decline of the naira. Now assuming naira is 155 to a dollar as was under GEJ ( comparing like for like) will you still have a decline? The 38% decline in pure profit is eroded by the decline in the naira assume the naira was same as it was under the jerk? 2 Likes |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by arsetalks(m): 6:34am On Aug 20, 2015 |
Evaromantik:You lot are quick to point to point to when Buhari was in PTF but fail to point to the fact that he has been so many times probed and found not to have committed any crime but you all cry like a child whose pocket money has been stolen when you hear GEJ the jerk will be probed. Biased idiotas. |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by arsetalks(m): 6:37am On Aug 20, 2015 |
4Play:The point is there is a lot to celebrate in this figure. PMB achieved these figures with over 30% decline of the naira. Now use the current value of naira for the figures achieved under the jerk of an ex president and you will see how much of a mess we had to deal with under him. You must compare all situations and circumstances if you must be a fair judge right? |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by 4Play(m): 6:38am On Aug 20, 2015 |
arsetalks: My friend give up. You are not making sense. If I export 160 million Naira worth of products when 160 Naira is equals to 1 dollar and later export 80 million Naira when 197 Naira is equal to 1 dollar. Exports have declined 50% in Naira but in dollar terms, which is the main gauge you should look at, the decline is circa 60%. The fall in Naira shows the trade figures, as bad as it already is, is a lot worse than people realise. |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by mekonglobal(m): 6:38am On Aug 20, 2015 |
Buhari i want to see dat money translet into meaniful projects.. |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by beright: 6:41am On Aug 20, 2015 |
yemivictor:thanks and same with you |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by grandstar(m): 6:43am On Aug 20, 2015 |
phyllosilicate: Those are the export figures. They are not what the government receives. I thin k only 60 or at most 70% of the oil receipts go the FG. The other goes to the private oil company that drills the oil. This report is misleading The true state of things that can be gleaned from the exchnage rate. Its normally a very good barometer. Its presently in a dreadful state with a very high disparity between the official and parallel market 1 Like |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by Truth234(m): 6:45am On Aug 20, 2015 |
sunnyb0b0: Do you realised that 38.5% is the difference between exports of last quarter and this quarter? This is actually in favour of this administration, there was a reduction of 38.5 % in quantities export and yet this administration was able to generate 4.3 trillion with a surplus of over 1.4 trillion. When you take into account how much was sold the same quarter last year and this year that there was a decline of 38.5 percent in exports because last administration does not have any trade agreement with any of our trading partners, which means they can back-out of any trade when they like. You won't understand now until Iran's oil hits global market. The issue of currency devaluation does not even hold here at all, because an economist knows that devaluation does not equal export volume or was the currency devalued in 2013 of the same quarter when oil price was $112 a barrel? 1 Like |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by chronique(m): 6:45am On Aug 20, 2015 |
God bless you. Another thing most commentators here aren't even looking at,is the fact that these figures are gross revenues and that expenses incurred in generating these revenues,haven't been deducted. They just assume the gross figures posted here,are available for govt to spend. Everyday,nairaland keeps showing me how ignorant and gullible most Nigerians are. Some people are claiming that there is now a form of transparency in govt because these figures were released. A lil bit of personal checks on the NBS website,would reveal to everyone that these figures have always been published by the NBS for every quater and as such,there is nothing new and special in this. Most Nigerian aren't only gullible;they also like to celebrate mediocrity. Russellval: 2 Likes |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by 4Play(m): 6:50am On Aug 20, 2015 |
arsetalks: I seriously don't understand what you are saying. People reacted to the misleading intepretation of the article which suggested that FG budget revenues was the same as oil export income. It is not. The FG is still borrowing like crazy: The Federal Government is planning to sell N195.17bn ($981m) worth of three-month, six-month and one-year Treasury bills on August 5, the Central Bank of Nigeria has said. In the same vein, the Debt Management Office has said that the Federal Government would borrow between N180bn and N240bn through the sale of government bonds in the third quarter.http://www.punchng.com/business/money/fg-to-borrow-n195bn-via-treasury-bills/ Export income is not FG budget revenue and continues to plummet despite claims about "plugging leakages". 1 Like |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by grandstar(m): 6:56am On Aug 20, 2015 |
Ugosample: People's grasp of economics is very poor. Even then oil export figures won t all go to the government. The oil partners will take about 40% or so.. Also, the revenue will be shared wit the 3 tiers of government. To know the true state of thing, gauge it by the exchange rate and the foreign reserves. 1 Like |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by Truth234(m): 6:59am On Aug 20, 2015 |
4Play: I didn't see where I stated average when quoting oil price, I simply said as I was typing. On the average oga, oil currently is $51 for 2Q, crude oil was last at $60 price level over 3 months ago. I still don't understand why you all don't see how bad is a 38.5 percent decline in exports compared with last quarter. That is almost 40 percent and yet this administration was able to record surplus of over 1.4 when last administration recorded 1.9 without exports deficit 1 Like |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by grandstar(m): 7:02am On Aug 20, 2015 |
porka: Tell them O! The true state of things can easily be gauge through the exchange rate an d the foreign reserves. Both presently are nothing to write home about. The CBN governor is only making a bad situation worse |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by LeStylo: 7:04am On Aug 20, 2015 |
phyllosilicate: We've been robbed blind! |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by 4Play(m): 7:11am On Aug 20, 2015 |
Truth234: What relevance is the oil price in August 2015 when discussing a report about oil revenue in the months of April, May and June 2015? In those 3 months, average oil prices were $60 so your contrast of the $105 per barrel price with today's price of $40 was an attempt to mislead because the contrast should be with $60. What you people don't realise by clutching on to this oil price red herring is that non-oil exports have also declined. It was 224bn Naira in Q2 2015 according to this article. In Q1 2014, it was 735.9bn Naira: The report stated that the total trade was dominated by crude oil exports which accounted for about N3.23 trillion, representing 81.5 per cent of total exports while the non-crude oil accounted for N735.9 billion or 18.5 per cent of total exports.http://www.thisdaylive.com/articles/nigeria-s-foreign-trade-increases-to-n5-51tn-in-first-quarter/186124/ The main reason we remain in surplus is that it is hard to get hold of dollars officially to import goods. The reality is there is an across the board detrerioration in our exports, both oil and non-oil. You can face reality or bury your heads in the sand and keep pretending that something is not seriously wrong with Nigeria. |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by sunnyb0b0(m): 7:15am On Aug 20, 2015 |
arsetalks: Bro, you seem not to have a basic grip of elementary mathematics. Now, let me simplify it further do you'll understand. If GEJ earned $1,500,000 from crude oil sales in 2nd quarter of 2014, at an exchange rate of N155/$, naira earnings would be 1,500,000 × 155 = 232,500,000 If Buhari earned $1,500,000 in 2nd quarter of 2015 at an exchange rate of N197/$, he would have earned 1,500,000 × 197 = 295,500,000 For there to have been a 38.5% decline (in naira) in the earning compared to 1st quarter 2014 (using our example here), it means Buhari earned 232,500,000 - (232,500,000 x 38.5/100) = 232,500,000 - 89,512,500 = N142,987,500 Now, considering that the primary earning is in $, converting the amount earned by Buhari to dollars will go thus, 142,987,500 ÷ 197 = $725,825. So, in dollar terms, it means that for every $1,500,000 GEJ earned in 2nd quarter 2014, Buhari earned $725,825 in 2nd quarter 2015, a decline in dollar teems of more than 50%. Arsetalks, what then is your point? Even Beremx and the resident nairaland dullard pentiumpro would do better ![]() donbobes, tsdarkside, Justbright, Truth234 2 Likes 1 Share |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by sunnyb0b0(m): 7:16am On Aug 20, 2015 |
arsetalks: This topic is not about the questions you raised above, however, do you go putting away money in a bank while you have projects to finance? |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by Themandator: 7:24am On Aug 20, 2015 |
phyllosilicate: She will make an unassailable rejoinder like she did about a so called 600m dollars rail fund. BTW, you have asked a valid question here |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by muizzolajide(m): 7:25am On Aug 20, 2015 |
God bless Buhari nd God bless Nigeria. even our Siwes Allowance has been paid yesterday which has never happened before, it is usually paid after 3 yrs, but now a yr nd some month. may God grant jhim a long life to enable him complete his work. |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by sunnyb0b0(m): 7:25am On Aug 20, 2015 |
Truth234: 38.5% is the difference between export earnings of the 2nd quarter of 2014 and 2nd quarter of 2015. From the article; Yhunoos: |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by austelright(m): 7:30am On Aug 20, 2015 |
phyllosilicate: if I do not see okonjo behind bars I will be disappointed in Buhari. |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by Atlantian: 7:30am On Aug 20, 2015 |
Why would they diversify the economy, when Niger Delta black gold is providing awoof money for sharing ? That money that urchins are clapping can not even build a decent world class 100 kilometer road with underground ravine, paved sidewalk and texting lane. |
Re: Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months by Krest3d: 7:30am On Aug 20, 2015 |
This much in just 3 months when oil price is LESS than a 100 dollars/barrel? |
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