Lol…was this the reason Nigerians waited on dangote refinery for more than 8 years or to crash prices? Pity people who actually believe that refinery is functioning

Wahala for exchange rate

Hmmm

Nigeria is dead.
If he does not buy from naija, it should be closed down

MarketDispatch:
Still struggling to understand why NNPCL will part finance Dangote Refinery, but Dangote is going to buy Crude oil in USA whilst NNPCL has Crude oil in Nigeria

You will struggle because it is not your area of expertise so why should you pretend it is. No need to do that

You claim NNPCL has oil i n Nigeria

Tell how much oil does NNPCL have do you know? Can you give a figure

Many of you just talk from assumptions and often talk a lot of ignorant falsehoods and assumptions

Basic123:

How will Peter pethief obi,the fraud, with his fish brain solve that kind of problem??

You are dying in hunger and you still love your tribalism game.

Africans the most foolish race in the world..
Why best expensive oil from US when you can get cheaper price from Iran/Russia even third parties like India and china would sell cheaper to Nigeria....

Clearly we know the set up of Nigeria, clown billionaires..

Gajagojo:
You will struggle because it is not your area of expertise so why should you pretend it is. No need to do that

You claim NNPCL has oil i n Nigeria

Tell how much oil does NNPCL have do you know? Can you give a figure

Many of you just talk from assumptions and often talk a lot of ignorant falsehoods and assumptions

You are busy insulting people for it being above their level of understanding, if truly you knew, you would have explained instead, since you know all.

Islie:

https://saharareporters.com/2024/05/16/dangote-refinery-buy-24-million-barrels-us-crude-oil-report




https://www.bloomberg.com/news/articles/2024-05-16/nigeria-s-new-mega-refinery-seeks-millions-of-barrels-of-us-oil?srnd=homepage-middle-east

Wasn't it obvious that Nigeria's production of about 1.3mln bbls could not satisfy Dangote refinery! Especially as a lot of that crude already has owners by way of alternative funding, MCA and forward sales agreeemnts.

Nigeria government is a fraud

Gajagojo:
When you have no clue just keep your mouth closed

People will assume you are smart
It is not compulsory to speak

The issue is beyond your knowledge and brain power

You simply have no clue

Enlighten him instead of all the insults

We all learn everyday

Because Nigeria produces an abysmal 1.2 million barrels per day vs 2.4 million during PDP era.

Also, Buhari your god has sold future crude oil yet to be produced so nothing for Dangote. Forex will still be needed.

APC is a satanic party

Paraman:
Dangote is buying crude oil from suppliers in the USA, not Nigeria

Why does dangote not buy from Russia instead.

Imagine Saudi Arabia buying crude from other countries or Russia for that matter.

Paraman:
Dangote is buying crude oil from suppliers in the USA, not Nigeria

so US crude is cheaper than that of Nigeria and nearer west African countries and even Angola?

NOETHNICITY:
Why does dangote not buy from Russia instead.

Russian sanction is on

rinzaugustine:
Lol…was this the reason Nigerians waited on dangote refinery for more than 8 years or to crash prices? Pity people who actually believe that refinery is functioning

Bro, sorry to say na you deserve pity I swear.
Of course you and your kins believed Buhari was a clone.
Always very low IQ

bemeruca:


Russian sanction is on

But India is buying from Russia

Paraman:
I hope the people who thought Buhari and Tinubu will give free crude oil from their states to Dangote can now rest

Dependence on Oil Revenue
Nigeria’s external reserves owe much of its growth to the development at the international crude oil market. The Nigerian government has been dependent on oil revenue for more than half of its budget and more than 90% of its foreign exchange.

Debt Servicing
Nigeria’s federal and state entities have borrowed so much money that debt service now consumes more than 70% of revenue, according to the finance ministry. Nigeria spent N2.34 trillion on debt servicing out of N3.25 trillion revenue generated in the country in 2020.

Consequences of High Debt Servicing
The government’s increasing reliance on internal and external borrowing to finance its operations puts Nigeria’s future at risk. In 2023, debt service was expected to absorb somewhere between 80 and 100% of oil revenue. The cost of debt servicing had surpassed the government’s retained revenue, leaving it in a deficit.

Efforts to Reduce Dependency
Efforts to reduce dependency on borrowing have led to a renewed drive to increase efficiency and revenue intake. The reinvention of the Nigerian National Petroleum Corporation as a “private venture” and the proposed five percent tax on mobile services, including voice calls, mobile data and text messages, are some of the moves to increase revenue.

In conclusion, Nigeria's dependence on crude oil and high debt servicing are significant issues that need to be addressed. The government's efforts to increase efficiency and revenue intake are steps in the right direction, but more needs to be done to reduce the country's reliance on oil revenue and borrowing.

I think most Nigerians are tired of these nonsense.

atobs4real:
Nothing will work in9ja. What is happening to our crude oil for dangote not to buy and refine?

U forget loan ur government are collecting are paid back with our own crude oil, ...our own can not be tampered until the milk back the amount worth of money borrowed,
Our government is killing us,

bemeruca:


Russian sanction is on

LOL. Sanction wey no dey work

What's now the essence of the refinery, if he can't buy Crude oil from us.... Make I start dey process my travelling, I'm not sure dis country can work again... Dem Don use all our Crude oil borrow money finish

Abeg I tire for this Dangote matta....



No matter what u hear in the news e no dey favor the common man.

Lilosio:
Africans the most foolish race in the world..
Why best expensive oil from US when you can get cheaper price from Iran/Russia even third parties like India and china would sell cheaper to Nigeria....

Clearly we know the set up of Nigeria, clown billionaires..

Shut up and use your brain before insulting Africans, you dunce.

Oh sure, you know better than the professionals at a multi billion dollar company where they should source their products.

There are numerous grades of crude oil, each with its own market price, and level of demand.

It’s not about saying “oh this place has oil, so why don’t you buy from there instead of here?”

Plus where Dangote sources his crude is dependent also on availability.

Nigeria EXPORTS CRUDE OIL.

Meaning that most of the oil is simply exported raw, without passing through a refinery, as per client orders.

Nigeria has ready BUYERS of its CRUDE OIL, so does not need Dangote to dispose of its oil.

Dangote’s job is NOT to ‘buy Nigerian oil’.

His job is to refine crude oil into petroleum products and petrochemicals, and deliver to the local market and also export.

Where he gets his raw material, ie Crude oil, is generally immaterial, and only becomes an issue if Nigeria lacks buyers for its CRUDE, which it doesn’t.

Of course Nigeria’s daily output is around 1.8 million barrels a day, most of it exported raw as per demand, and if Dangote has a 700,000 barrel a day refining capacity, there’ll clearly be a shortfall in supply of crude to his refinery, which he will need to meet by importation of crude to be able to refine at required volume.

The alternative is for his plant to operate below capacity.

bemeruca:


You are dying in hunger and you still love your tribalism game.

Don't compare me with your father.

I am not like him.


We don't know hunger here

bemeruca:


Russian sanction is on

China sells as third party, there are other Africa countries and also Norway and several others are cheaper.

NOETHNICITY:
Bro, sorry to say na you deserve pity I swear.
Of course you and your kins believed Buhari was a clone.
Always very low IQ

trash

Basic123:
Niger delta people and our oil singer can rest now!




Crude oil can be sourced anywhere!

sourced anywhere but the public revenue keeping the country why is it not sourced anywhere

Paraman:
Dangote is buying crude oil from suppliers in the USA, not Nigeria

Nigeria Crude oil has been used to collect loan

The same fools arresting BDCs are now buying crude oil( which Nigeria produces) from abroad. I'm not surprised. How many of you here are aware that NNPC doesn't have crude for local refineries? If they can't supply their decrepit local refineries of lower capacity how can they supply Dangote? In any case much of their crude has been sold before now as futures to collect loan from Afriexim Bank, etc., the remainder is stolen by govt officials and politicians.
Some fools on NL claimed when Dangote Refinery starts they'll buy crude from Nigeria in Naira thereby lowering PMS price after refining. Now that Dangote buys crude in dollars from abroad what more will happen to the price of PMS and Naira to dollar rate? Let the cultic Agbado goons hazard an answer.

Which US. Its oil credit. He is simply buying back our so called stolen crude. Nigerians are worst than demons