Nigeria’s Excess Crude Account Down To $2.45 Billion - Business (3) - Nairaland
Nairaland Forum / Nairaland / General / Business / Nigeria’s Excess Crude Account Down To $2.45 Billion (19388 Views)
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| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by major466(m): 8:19pm On Jan 17, 2015 |
Gidipal:[size=18pt]GEJ Till 2019!!!![/size] 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:19pm On Jan 17, 2015 |
Billyonaire: Nice explanation....but we still need to get off oil. Oil is a fickle friend...nice to you today...hates you tomorrow. You know there is something in the air...when Vladimir Putin lamented recently that he should have diversified Russia's economy long time ago.(What...it isn't the US' fault?). I still have some beans with your explanation though....the account is depleting. And we should not have that. All the more reason why oil should not be our friend anymore. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by lisimmo(m): 8:20pm On Jan 17, 2015 |
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| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:21pm On Jan 17, 2015 |
olapluto:I will respond to you because your writing is reasonable. There is something called Value of Cash. The word depletion should be replaced with expending. Expending has to do with spending NOT depleting. The Excess Crude Account, just like Sovereign Wealth Account are maintained for exigencies, exigencies like black ops budget to fight terrorism, like emergency cases as Ebola. For other unpredictable cases like the fall in price of the Crude Oil, the chief major source of income stream for my beloved country. So, the right question should be; How was/is the funds in the Excess Crude Account expended. And you can take advantage of the Freedom of Information Act, passed by this transparent government of Jonathan to request for details and I am sure this government will make that information available. To accuse a government of 'depleting' funds when you are actually ignorant of the expenses is largely an act of daftness, and I know you are not daft. So, go ahead and make use of the FOI. 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by motherlode: 8:21pm On Jan 17, 2015 |
 that is why we need a positive change in Nigeria! Missing funds can reduce poverty if not eradicate poverty, jobs can be created to reduce unemployment greatly, good roads can be contructed and many more! #GEJmustgo 2 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Orlarmeday(m): 8:22pm On Jan 17, 2015 |
delvinmaya: Even if he was in primary school, he can easily go to Google and educate himself. Stop saying what you don't know |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by 9jaCrusade: 8:22pm On Jan 17, 2015 |
Biko Stop quoting ignorance here with big grammar 1. ECA or ER, abeg which one this government necer spend finish? 2. By what standards did you guage the value of naira to arrive at N400? It could have been higher or lower. You dont possess any yardstick for predictions 2. And lets say it is supposed to get that high, whose fault? A coordinating minister that only spends money saved up by a previous administration even though hers earned more due to higher prices is hardly competent at her job. She had 6 solid years to develop other areas to shore up our non oil exports and therefore reduce our exposure to global oil pricing. She kept telling lies that the economy is ok even when SSCE holders know that any drop in oyel price below $75, NG is doomed. Now oil price has fallen to $46and we can barely sustain our currency. 3. Ameachi insisted on sharing the money because the law does not grant the FG the right to spend it unilaterally. However each time the states come together, they found out the FG had been deducting it illegally. Okonjo knew about that. What does a wise man do in that situation? I leave you to answer it. This cluelessness is really robbing Nigeria of its potential. You cannot be solely dependent on oil money and expect to survive. Okonjo of all persons should know this. And as long as they aren't serious about stopping corruption, other non oil sectors cannot grow effectively. Tell her to store up all she can, the naira will keep nose diving! Billyonaire: 5 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Bolade005: 8:22pm On Jan 17, 2015 |
Advertico:OBJ did not pay any debt?, guy just go to the kid section and have fun. Dont let me see your monicker near the politics section ever again. 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by 2scorehigh(m): 8:23pm On Jan 17, 2015 |
Hahahahahahha... Choi! "He met our oil and our oil had a bad luck and poured away!" NotMyWordz |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:25pm On Jan 17, 2015 |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by LastProphet: 8:26pm On Jan 17, 2015 |
Billyonaire: You are so educated u forgot to mention how much it was before ur master started withdrawing, how much was it in 2014 before the price crash of July? and how much is it now? If u were educated as u claimed u wont be following a clueless president that even knows he is a failure 5 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Lanrefreshkid: 8:27pm On Jan 17, 2015 |
One reason why you must vote for GEJ(thecluelessman). |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:28pm On Jan 17, 2015 |
GEJ don finish this country oo, from 60 billion Yar adua regime to 2.45 billion in his time. Despite the removal of fuel subsidy his administration still put us in these mess kai EBOLE Jonathan you and your cabal are very wicked. If these story is/are true.... You will remain EBOLE for the rest of ur life. Well before you are even wasting your time campaigning no show again........... Eflefu 2 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Kingspin(m): 8:30pm On Jan 17, 2015 |
olapluto:How much have you contributed to the centre? |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Orikinla(m): 8:31pm On Jan 17, 2015 |
Airforce1:[size=18pt] SEE THE REAL LIAR IN THE ATTACHED FRONT PAGE OF THE GUARDIAN OF NIGERIA.[/size] 2 Likes
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| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Wolef7(m): 8:31pm On Jan 17, 2015 |
bushdoc9919: Cool! If our revenues from oil could have been used to open more channels, we won't be where we are today. Some of these countries you mentioned used oil earnings to have a diversified economy. We really need to go back to the drawing board that's if we have one. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by olapluto(m): 8:32pm On Jan 17, 2015 |
Billyonaire:You are either very deceitful or just plain ignorant. Obasanjo was very emotional the other day on channels tv when he spoke about the excess crude account. This was an account built by OBJ with passion. Oil prices were less than less than 25USD when OBJ came in. With that price, OBJ was able to manage the economy, provide infrastructure, pay foreign debts, and still SAVE! When GEJ came in, oil prices had gone up to around 70USD. GEJ had it all on a platter. All he needed to do was manage it well, but rather he SQUANDERED the oil wealth. During the 6 years of GEJ, oil prices rose and rose. Ironically, Nigerians groaned and groaned. Infrastructures collapsed, unemployment increased. Is it not a shame that after making so much in the past 6 years, GEJ still cannot point to projects he 'expended' our oil wealth on? 5 Likes
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| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:32pm On Jan 17, 2015 |
bushdoc9919: As a business man, the word "depleting" conjours a thought of carelessness. And I do not believe Prof Iweala is careless. I do believe that our Economy is in the best hands. As intelligent person, GEJ government passed a Freedom of Information Bill. Instead of you to pollute the minds of the very ignorant nairalanders on issues such as this, why dont you go ahead and request for how the funds are expended in your favour. Regarding the Diversification from Oil. That's accurate, but we are already diversifying gradually. Agriculture has just rescued us from dependency on Thailand for Rice. The Rice I ate today is grown in Nigeria and not obodo oyibo. Again, Tourism is marred because of our brothers in the North. No one will come to Nigeria for Tourism because Terrorism has ruined our image. GEJ was successful in bundling and privatizing PHCN, the most corrupt institution in Nigeria, where oBJ and his friends used to allocate billions and share, and also share the estimated bill you and I paid. Why do you think they hate Jonathan. Jonathan is a savior, he is a silent achiever. No other President ever approved the FOI bill. Now he is pushing for approval of PIB. Vote this great man, the first real PHD holder to rule Nigeria, we cant afford to allow a man without WAEC to lead us oh. Imagine the shame I will feel is Buhari enter UN meeting. I go shame well well. Buhari MUST retire peacefully home. He is a relic, an antique, the remnant of yesterday's men that ruined our early democracy. 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by major466(m): 8:34pm On Jan 17, 2015 |
DeCritique:Nigeria's major problem was brought about by laziness and mediocrity no thanks to political instability by previous governments because of cheap oil money. Dependence on oil is a major disease affecting Nigeria that needs to be cured. Therefore, Economic diversification is the only cure for a long lasting economic development. Luckily for Nigeria, the drive towards diversification is already on course with the revolution in the automobile and agricultural sector. They just need a little bit of time to mature. 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Swiftboy(m): 8:34pm On Jan 17, 2015 |
RicKyRichards:he spent the money on capital projects...so that we'll stop doing the samething that is keeping us stagnant. We've started diversyfying the economy. We'll start using our oil to power our country. Welcome to the age of industrialization. Goodluck realized this reality hence the capital projects. Its an investment. We'll reap the benefit in due course. 3 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:34pm On Jan 17, 2015 |
bushdoc9919: Oil is not a curse. It fell in the hands of greedy men. Be back to respond to your query shortly. 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by chiefolododo(m): 8:34pm On Jan 17, 2015 |
Prodigal sons and daughters |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:34pm On Jan 17, 2015 |
Cluelessness is a deadly disease! FeBUHARI 2015 is d CURE! 2 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by eedris07(m): 8:35pm On Jan 17, 2015 |
Hmm!! If we talk nw dey wil say HE KNWS WAT HIS DOING. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:36pm On Jan 17, 2015 |
LastProphet: I am damn so sure you do not know the real meaning of clueless or even clue. You keep repeating words that you have no knowledge of what it means. 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by OkikiOluwa1(m): 8:37pm On Jan 17, 2015 |
kestolove95:Chineke! This country is in dire need of a change 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:38pm On Jan 17, 2015 |
Scrypt: While I wait....have a look at this quote.... Corden and Neary (1982) have demonstrated how Dutch disease occurs in an economy. According to them, in a country experiencing "boom" in the export of a commodity, the economy can be divided into three sectors: the "booming" export sector, the "lagging' traditional export sector and the non-export sector. The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. The non-tradable (non-export) goods sector covers all those goods that are produced for domestic consumption only, e.g. staple food items, clothing, building materials, locally-assembled cars. Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy. This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. [b]The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty.[/b] From: Managing the Dutch disease in Nigeria. 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by manot: 8:38pm On Jan 17, 2015 |
hmmm humpty, dumpty let oil price just to zero dpb una eye go clear, graduates go back to d farm |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by DeCritique(m): 8:39pm On Jan 17, 2015 |
major466: Yeah and it was made worse during OBJ's time only for the man to retire and head back to his Ota farms after his third term Agenda/bid hit the rocks so hard! GEJ has started the transformation in other sectors but he cannot o it alone. That is why he need the cooperation of all governors of each state. That is equally the more reason why each state of the Federal Republic have governors. They should complement the activities of the federal government with their own projects just as what the governors of Enugu, CrossRiver and AkwaIbom are doing in their respective states. It's time we started looking at Tourism as. Major source of revenue in all states of this country... We have the cultures, we have the lands, we have the foods, we have the streams/rivers. All we need are the structures, good roads and investments for industrial revolution. Aba is already taking the lead in that aspect. We still need more cities to complement their efforts!! #GEJ- All the way!! 2 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Youngzedd(m): 8:40pm On Jan 17, 2015 |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by ziccoit: 8:41pm On Jan 17, 2015 |
ichidodo: Your country don die be that if your external reverse enters reverse gear and decelerate to that level. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by ceejayluv(m): 8:42pm On Jan 17, 2015 |
Billyonaire:School them, man... Though some of them can't comprehend what you wrote. |
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