| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Dexema(m): 8:42pm On Jan 17, 2015 |
Advertico:
guy na wow. Obj did nt pay any debt I'm sure you live in Mogadishu. 2 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by donnaira(m): 8:42pm On Jan 17, 2015 |
hahn:
That one small na. Vote GEJ and see what will happen. Na zillions go dey miss guy nothing is missing, this money is been used by FGN but they find it difficult to accept the fact the country is going bankrupt though it's for the main time |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by lolaxavier(m): 8:43pm On Jan 17, 2015 |
Call me if una finish everytin |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by hahn(m): 8:45pm On Jan 17, 2015 |
donnaira:
guy nothing is missing, this money is been used by FGN but they find it difficult to accept the fact the country is going bankrupt though it's for the main time Ok. What did they use the money for? 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by LastProphet: 8:45pm On Jan 17, 2015 |
Billyonaire:
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. Just saw ur name now, have seen ur posts before, you are a completely worthless fellow and its verified by your insistence on trying to make sense from an obvious failure like GEJ. Personally am dumbfounded at the extent of spread of the mor.onic disease - cluelessness 3 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:46pm On Jan 17, 2015 |
LastProphet:
Just saw ur name now, have seen ur posts before, you are a completely worthless fellow and its verified by your insistence on trying to make sense from an obvious failure like GEJ. Personally am dumbfounded at the extent of spread of the mor.onic disease - cluelessness LastProphet of idiocy, find your mate cos shoes get size. 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by LastProphet: 8:49pm On Jan 17, 2015 |
Billyonaire:
LastProphet of idiocy, find your mate cos shoes get size. I guess you fashion yourself a real life Billionaire given your obvious fascination? Pathetic! |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by blacknp(m): 8:49pm On Jan 17, 2015 |
Billyonaire:
Excess Crude Account (ECA) is different from External Reserve Account (ERA).
The purpose of the Excess Crude Account is for deposits of funds in excess of the budgetory benchmark i.e when the price of crude oil is beyond the budget price. And the function of that Excess Crude Account funds is to cushion the effect of inflation and marginal fluctuation difference in the event of lower price of crude. This is the account that Rotimi Amaechi of APC has been fighting the Presidency to share the money to Governors.
Right now, we should be grateful to Ngozi Iweala for the wisdom to retain the funds, because it is the funds that's used to stabilize the naira, ordinarily, Naira is supposed to lose three-quarter (3/4) of its value, from say 160 to a dollar to 400 to a dollar due to the current fall in price of crude oil to 3/4 of its price. But na this Excess Crude funds that we are using to stabilize the naira in the FX market. We also touch this money to take buy military hardwares that were not budgeted for during the 2014 budget etc.
I supposed keep quiet but I have to inform the illiterate APC goons that we know their stock in trade. Their job is to shout out of ignorance.
Rubbish my guy the woman has mismanaged the finances of The Federal Republic Of Nigeria and for your information money used to defend the naira is drawn from the Foreign Reseve not the Excess Crude Account(ECA)MuMudey get your facts right before you speak. Brazil has spent over $60 billion trying to defend the Brazilian Real aginst the dollar they failed. Fitch the international credit ratings firm this week said it is watcing Nigeria saying once the foreign reserve gets to the $30 billion mark it will lower our ratings as evidence that the central bank of Nigeria is unable to defend the Naira against the U.S. Dollar. 3 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by philips70(m): 8:49pm On Jan 17, 2015 |
BankManager:
President Jonathan's administration:TAKING CORRUPTION TO THE NEXT LEVEL...
In spite of the controversies surrounding this present administration,it beats my imagination when i see some jobless youths clamouring "GEJ TILL 2019"..After complaining for 6yrs,u still wanna remix it??
We need CHANGE..**PEriod** At least this is a little bit better than Yahoo Yahoo most of them here were previously into. There's no job in this country man. The man who is promising 2M per year is the same man that presided over the loss of 18 lives in a fraudulent Immigration recruitment exercise. The youths are so much disillusioned at the moment. Give any youth Nigerian presidency today and watch it sold to Roman Abrahimovich like a football club. 2 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Youngzedd(m): 8:50pm On Jan 17, 2015 |
redcliff:
industrialization is the most important thing Nigeria with all the manpower we have can invest in an be a force to reckon with... Talk is cheap. Industrialization without power, as if Nigeria generate upto 3,000 MW currently. Bro, GEJ don finish us. 2 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by major466(m): 8:50pm On Jan 17, 2015 |
DeCritique:
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 do 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 compliment 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.
#GEJ- All the way!! You are right (at the bolded). GEJ cannot do it alone. All the 36 states of the federation must wake up and develop their own economies and stop depending on the federal government for monthly allocation. Centralization of economic resources is the cause of economic backwardness in this country. This structure can never lead to economic development. The final cure that will set the stage for long lasting economic prosperity for all Nigerians is True Federalism. 1 Like 1 Share |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:53pm On Jan 17, 2015 |
LastProphet:
I guess you fashion yourself a real life Billionaire given your obvious fascination? Pathetic! Class warfare is about to begin ? Losers and their hatred. Wetin bring that one come ? 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:54pm On Jan 17, 2015 |
bushdoc9919:
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. bushdoc9919:
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. Lol. Now I am sure you didn't read the complete write up. You only picked the areas that suit your curiosity. Now, go back and read the conclusion of the article you are referring me to. Then match your findings with what is happening in the UAE, The Netherlands, United States of America, Canada. Just to state a few. Then come back and tell me your inference. Maybe after then, we'll have something to talk about. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Youngzedd(m): 8:54pm On Jan 17, 2015 |
philips70:
At least this is a little bit better than Yahoo Yahoo most of them here were previously into. There's no job in this country man. The man who is promising 2M per year is the same man that presided over the loss of 18 lives in a fraudulent Immigration recruitment exercise. The youths are so much disillusioned at the moment. Give any youth Nigerian presidency today and watch it sold to Roman Abrahimovich like a football club. Laughing in swahili. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:54pm On Jan 17, 2015 |
blacknp:
Rubbish my guy the woman has mismanaged the finances of The Federal Republic Of Nigeria and for your information money used to defend the naira is drawn from the Foreign Reseve not the Excess Crude Account(ECA)MuMudey get your facts right before you speak. You are talking rubbish. Can you defend your lies ? Lie Mohammed must be on your camp. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Youngzedd(m): 8:57pm On Jan 17, 2015 |
major466:
You are right (at the bolded). GEJ cannot do it alone. All the 36 states of the federation must wake up and develop their own economies and stop depending on the federal government for monthly allocation. Centralization of economic resources is the cause of economic backwardness in this country. This structure can never lead to economic development. The final cure that will set the stage for long lasting economic prosperity for all Nigerians is True Federalism. GBAM True Federalism. Resource control. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by DeCritique(m): 8:59pm On Jan 17, 2015 |
major466:
You are right (at the bolded). GEJ cannot do it alone. All the 36 states of the federation must wake up and develop their own economies and stop depending on the federal government for monthly allocation. Centralization of economic resources is the cause of economic backwardness in this country. This structure can never lead to economic development. The final cure that will set the stage for long lasting economic prosperity for all Nigerians is True Federalism. You my friend talk like a reasonable gentleman! So I'll give you the honour of being the first person I'll follow on Nairaland... Kudos and keep it up!! 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Yksoul(m): 9:02pm On Jan 17, 2015 |
ALL AND SUNDRY,DO U KNOW THE IMPLICATION OF THESE DROPPED OIL RESERVE REVENUE?SINCE WE DEPEND SOLELY ON OIL,THERE IS TENDENCIES THAT THERE WOULD BE LOW JOBS OR NONE AT ALL AND INABILITY OF THE STATE GOVERNORS TO PAY WORKERS SALARIES IN ALL THE FEDERATIONS.PLEASE LETS THINK DEEP..... 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 9:02pm On Jan 17, 2015 |
olapluto:
GEJ has finished this nation! How much was crude when OBJ came in? How much is it now? How come OBj was able to pay debts and still save?
Yet GEJ is the best president EVER how was this GEJ's fault? 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by donnaira(m): 9:04pm On Jan 17, 2015 |
hahn:
Ok. What did they use the money for? u should know now all this projects that the say its sure-p &co sponsored is false because the supsidy is still there which means the cabals are still present which means the government don't know how this money disappears so the take money from excess crude account pretend it is missing and everybody keeps mute & wonder |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Yksoul(m): 9:06pm On Jan 17, 2015 |
ALL AND SUNDRY,DO U KNOW THE IMPLICATION OF THESE DROPPED OIL RESERVE REVENUE?SINCE WE DEPEND SOLELY ON OIL,THERE IS TENDENCIES THAT THERE WOULD BE LOW JOBS OR NONE AT ALL AND INABILITY OF THE STATE GOVERNORS TO PAY WORKERS SALARIES IN ALL THE FEDERATIONS.PLEASE LETS THINK DEEP... |
|
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by ogbonoeba: 9:11pm On Jan 17, 2015 |
Billyonaire:
Excess Crude Account (ECA) is different from External Reserve Account (ERA).
The purpose of the Excess Crude Account is for deposits of funds in excess of the budgetory benchmark i.e when the price of crude oil is beyond the budget price. And the function of that Excess Crude Account funds is to cushion the effect of inflation and marginal fluctuation difference in the event of lower price of crude. This is the account that Rotimi Amaechi of APC has been fighting the Presidency to share the money to Governors.
Right now, we should be grateful to Ngozi Iweala for the wisdom to retain the funds, because it is the funds that's used to stabilize the naira, ordinarily, Naira is supposed to lose three-quarter (3/4) of its value, from say 160 to a dollar to 400 to a dollar due to the current fall in price of crude oil to 3/4 of its price. But na this Excess Crude funds that we are using to stabilize the naira in the FX market. We also touch this money to take buy military hardwares that were not budgeted for during the 2014 budget etc.
I supposed keep quiet but I have to inform the illiterate APC goons that we know their stock in trade. Their job is to shout out of ignorance.
Now that crude oil has fallen, what will we do in the meantime? |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 9:11pm On Jan 17, 2015 |
Scrypt:
Lol. Now I am sure you didn't read the complete write up. You only picked the areas that suit your curiosity. Now, go back and read the conclusion of the article you are referring me to. Then match your findings with what is happening in the UAE, The Netherlands, United States of America, Canada. Just to state a few. Then come back and tell me your inference. Maybe after then, we'll have something to talk about. I did read the whole article...and I noted its solutions...especially this... 4.1 Revitalizing Non-Oil Exports
Since the main manifestation of the Dutch Disease is the crowding out or depression of the non-oil export (tradable goods) sector, it follows that the disease can be cured by effective implementation of policies aimed at promoting and revitalizing the non-oil export sector. These policies should address not only agricultural exports but also exports of other (non-oil) minerals (such as tin, coal, columbite, cassiterite, limestone), manufactured goods (beverages, petrochemicals, textiles, etc) and services where Nigeria has comparative advantage. The various constraints affecting the production, marketing and export of these goods must be clearly identified and strategies for overcoming them clearly worked out. Based on proper empirical analysis, realistic short and long-term targets could be set for non-oil exports and progress should be monitored and evaluated continuously. For instance, Nigeria can set a target of increasing the value of non-oil exports by 10% per annum over the next 15 years or increasing the share of non-oil exports in total exports by 3% points a year, reaching 20% in 2010 and 40% by 2020. The above should be the responsibility of the Nigerian Export Promotion Council working closely with other relevant government agencies and private sector groups. Due to space constraint and given the complexity of the issues involved, we cannot enumerate or elaborate on the various policies that can help to achieve this objective. That's where industries come in. And pursuant to that...that is where education comes in....we have to, crudely speaking....make our education system practically oriented....and practically driven. Like they do in developed and serious countries....if you read my front page post. Plus....my original quote is still germane to the discussion as it shows how we got there. You can't see the good in it..because like most Nigerians you are still thinking of your economy as a cake...and you are (rightly) angry with the corruption of past eras. But...the thing is cake polices led to worsening production. What we should have done in 1960 was to realize that we are not a rich country...and acted like Japan and South Korea...in investing in innovation. But...we did not. We allowed ourselves to be deceived that we were rich...and we promptly went on a resource driven economic extravaganza....first with agric , then oil. Not that industries were never out of sight...the 1970's were the boom year of Nigerian industrial development....but unfortunately it was all spoilt by oil. If we had been industry driven from the word go....we would have had less corruption, because corruption is bad news for industrial development...scares away investors. And no investors means no tax revenues....which means bankrupt government. But because we have oil...the money comes in if we work or not....and as such the corruption is made much easier. You see why oil is a curse? |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by deflover(m): 9:12pm On Jan 17, 2015 |
when i hear OBJ saved more i begin to wonder if alot of people know much more about the market ....... i want to break it down through facts and movement of the price of crude oil which i know its not by obj good looks that made him enjoy a boom nor is it by GEJ stealing that made him enjoy a side ways market....
i will be using different lines to tell a story so please bear with me as you see these lines.....the problem is there are a lot of misinformation flying around and now one has thought it wise to show nigerians how things work.....
PLEASE NOTE THAT THE BLUE LINE REPRESENT OBJ
THE PURPLE LINE REPRESENT YARADUA
AND THE YELLOW LINE REPRESENT GOODLUCK JONATHAN.
i will start with obasonjo...as at may 29 1999 when obj came to power the price of crude oil has hit a low of $16.96 and a steady boom came into the market and soared to $78.40.....we saw a period of boom like never before in the international market......did obj do anything to get this boom and surplus money that he had so much to save in the excess crude account, pay off the debts and also have money to finance the budgets with minimal debts on nigeria.....the answer is no.....will you call him lucky since he had a profit margin of $78.40-$16.96= $61.44 range ...
No obj had a govt who happened to fall within a boom in the oil industry and was able to build power plants, build roads, fund the lust of our national assembly and all the other goodies the country enjoyed...
now came 2007 and obj handed over to yaradua ...
as at the time he handed over to yaradua the price of crude was @ $65.80 for may 2007.....this price soared higher to peak @ $147.19 and did yaradua get lucky well i cant say but he too had a nice run on the international market and we saw a steady flow of more petrol dollar....so we had yaradua having so much till it fell below the price obj left for him and crashes to $33.12.....did yaradua do something wrong to be punished by the market....no it was all about supply and demand.....and the market moved up again for a while crossing the obj mark of $65.80 till it got to $78.40 in may 2010 which was the same month yaradua died....
so GEJ got this price and we didnt see a boom nor fall but a market that moved up for a till may 2011 to peak @ $114.86 and fell to $74.60 and moved up again to $110.56 of 2012 march and fell again to $77.28 on same 2012 june, before picking up again to $112.22 on August 2013....and falling again to $91.24 on january 2014 before it moved to $107.71 on june 2014 before we are having the biggest crash of the moment....
so one can see that the said times if compared the market did have a steady up movement for OBJ and yaradua while for GEJ it was just up a little down a lot till its present crash....
did GEJ do anything to cause this for himself.....the answer is a big NO NO.....like Jesus said when they asked of the lame man....master who sinned....is it this man or his parents that he should be born like this....Jesus answered niether this man sinned nor his parents but that the works of God may be made manifest in him......
please we should try to understand this as best as we can......i am a retail investor so i tried to make this as easy as one can read the crude oil chart .
God bless Nigeria 1 Like 
|
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by blacknp(m): 9:15pm On Jan 17, 2015 |
Billyonaire:
You are talking rubbish. Can you defend your lies ? Lie Mohammed must be on your camp. What is there to defend? My guy try and be objective when you speak i can see from your reply that you are pained but i don't blame you,the truth is a bitter pill to swallow. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 9:16pm On Jan 17, 2015 |
major466:
You are right (at the bolded). GEJ cannot do it alone. All the 36 states of the federation must wake up and develop their own economies and stop depending on the federal government for monthly allocation. Centralization of economic resources is the cause of economic backwardness in this country. This structure can never lead to economic development. The final cure that will set the stage for long lasting economic prosperity for all Nigerians is True Federalism. If you had stopped there...I would have clapped for you. All states must wake up and develop oil free economies. Kaduna can use the maize it produces for a strong agro-chemicals, and other products industries....with research. And Enugu can use its palm oil for the same purpose(not just for cooking oil....we are tired of that, in a way!). True federailsm....we are already federal. The problem is lazy state and LGA leaders. We can do the above....without waiting for Abuja or for some conference. But you Nigerians want to chop oil money. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by blacknp(m): 9:22pm On Jan 17, 2015 |
deflover:
when i hear OBJ saved more i begin to wonder if alot of people know much more about the market ....... i want to break it down through facts and movement of the price of crude oil which i know its not by obj good looks that made him enjoy a boom nor is it by GEJ stealing that made him enjoy a side ways market....
i will be using different lines to tell a story so please bear with me as you see these lines.....the problem is there are a lot of misinformation flying around and now one has thought it wise to show nigerians how things work.....
PLEASE NOTE THAT THE BLUE LINE REPRESENT OBJ
THE PURPLE LINE REPRESENT YARADUA
AND THE YELLOW LINE REPRESENT GOODLUCK JONATHAN.
i will start with obasonjo...as at may 29 1999 when obj came to power the price of crude oil has hit a low of $16.96 and a steady boom came into the market and soared to $78.40.....we saw a period of boom like never before in the international market......did obj do anything to get this boom and surplus money that he had so much to save in the excess crude account, pay off the debts and also have money to finance the budgets with minimal debts on nigeria.....the answer is no.....will you call him lucky since he had a profit margin of $78.40-$16.96= $61.44 range ...
No obj had a govt who happened to fall within a boom in the oil industry and was able to build power plants, build roads, fund the lust of our national assembly and all the other goodies the country enjoyed...
now came 2007 and obj handed over to yaradua ...
as at the time he handed over to yaradua the price of crude was @ $65.80 for may 2007.....this price soared higher to peak @ $147.19 and did yaradua get lucky well i cant say but he too had a nice run on the international market and we saw a steady flow of more petrol dollar....so we had yaradua having so much till it fell below the price obj left for him and crashes to $33.12.....did yaradua do something wrong to be punished by the market....no it was all about supply and demand.....and the market moved up again for a while crossing the obj mark of $65.80 till it got to $78.40 in may 2010 which was the same month yaradua died....
so GEJ got this price and we didnt see a boom nor fall but a market that moved up for a till may 2011 to peak @ $114.86 and fell to $74.60 and moved up again to $110.56 of 2012 march and fell again to $77.28 on same 2012 june, before picking up again to $112.22 on August 2013....and falling again to $91.24 on january 2014 before it moved to $107.71 on june 2014 before we are having the biggest crash of the moment....
so one can see that the said times if compared the market did have a steady up movement for OBJ and yaradua while for GEJ it was just up a little down a lot till its present crash....
did GEJ do anything to cause this for himself.....the answer is a big NO NO.....like Jesus said when they asked of the lame man....master who sinned....is it this man or his parents that he should be born like this....Jesus answered niether this man sinned nor his parents but that the works of God may be made manifest in him......
please we should try to understand this as best as we can......i am a retail investor so i tried to make this as easy as one can read the crude oil chart .
God bless Nigeria Absolute Jargon,what are you trying to say.Keep it simple jona has made more money from oil than OBJ did during his tenure go check the oil receipts,You say you are a retail investor?i'm sure you work for falomo shopping center or at best mega plaza big mumudey |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 9:22pm On Jan 17, 2015 |
donnypool:
how was this GEJ's fault? Well, it ain't all his fault....but he should have done the following. 1.Removed the fuel subsidy, and invested the savings principally in improving power generation and technical education. 2.Provided loans with generous interest rates to large scale farmers in Nigeria...because if you want to be big agric exporter...you need LOTS OF large scale farms. 3.Increased university fees, privatized the universities....and then used the saved money for primary and secondary education. 4.Make LGA grants dependent on executed projects. You don't meet the goal....get your funding cut off by some percentage points. 5.Ended corruption....let's be serious. PDP has not fought corruption with all seriousness. That's just some of what he should have done. We did vote him to solve our problems...so telling long tales about how it is not his fault.....abi when you are sick....you go to a doctor to get well....not to hear how your illness is not his fault. 2 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by major466(m): 9:25pm On Jan 17, 2015 |
blacknp:
Rubbish my guy the woman has mismanaged the finances of The Federal Republic Of NigeriaNigeria and for your information money used to defend the naira is drawn from the Foreign Reseve not the Excess Crude Account(ECA)MuMudey get your facts right before you speak. Have you forgotten those days when Rotimi Ameachi and co through the Gov Forum trades words with the Finance Minister day and night over the Excess Crude oil Account? While Ngozi was in support for more savings of Excess money through the Sovereign Wealth Fund to safeguard Nigeria's economic future, the governors were busy calling for the outright cancellation of the initiative. Isn't it an irony? that as the Nation face economic challenge and depreciating revenue via falling international oil price, you accuse the Finance Minister for mis-management of the Excess Crude Account? The same woman that stood hook and nail in defense of Savings through the Sovereign Wealth Fund for the rainy day and also predicted a future economic crisis in 2012?! If someone need to be blame, that blame should be directed to the Governors Forum spearheaded by Rotimi Ameachi. As a matter fact, this is one of the major reasons why the governors forum broke up into two factions. Take a look at the link below for more details. As far as am concerned Ngozi Okonjo Iweala is one of the most intelligent individuals this country has ever produced.http://www.vanguardngr.com/2012/04/okonjo-iweala-raises-alarm-over-depleting-excess-crude-account/ |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 9:30pm On Jan 17, 2015 |
bushdoc9919:
I did read the whole article...and I noted its solutions...especially this...
That's where industries come in. And pursuant to that...that is where educaiton comes in....we have to, crudely speaking....make our education system practically oriented....and practically driven. Like they do in developing countries....if you read my front page post.
Plus....my original quote is still germane to the discussion as it shows how we got there. You can't see the good in it..because like most Nigerians you are still thinking of your economy as a cake...and you are (rightly) angry with the corruption of past eras. But...the thing is cake polices led to worsening production. What we should have done in 1960 was to realise that we are not a rich country...and acted like Japan and South Korea...in investing in innovation. But...we did not. We allowed ourselves to be decived that we were rich...and we promptly went on a resource driven economic extravaganza....first with agric , then oil. Not that industries were never out of sight...the 1970's were the boom year of Nigerian industrial development....but unfortunately it was all spoilt by oil.
If we had been industry driven from the word go....we would have had less corruption, because corruption is bad news for industrial development...scares away investors. And no investors means no tax revenues....which means bankrupt government. But because we have oil...the money comes in if we work or not....and as such the corruption is made much easier.
You see why oil is a curse? I still do not agree with you that crude oil is a curse. If you say it is a curse then every other natural resource that have the possibility of yielding enormous export revenue is a curse. From your discussion, I can only infer one thing, the problem is not crude oil, the problem lies in the hands of the greedy hearts that welcomed the oil boom. As far as I am concerned, we failed to lay the necessary institutional foundations to ensure every other sector at least contributes to the economy however little. Hence, do we blame an entity which does not have a mind of its own for our mistakes? Hell No!
In conclusion, the paper you referred me to has examined the Dutch disease syndrome in Nigeria from a broad perspective. It has examined the main manifestation of the disease (crowding out of the traditional non-oil exports sector by oil sector and non-tradable goods sector) as well as the "collateral" manifestations (initial appreciation of the exchange rate followed by instability and depreciation, corruption, increasing poverty, political instability, etc). To cure the disease requires a holistic approach involving effective management of the country's oil revenue focusing on both the main and collateral manifestation. Although the disease appears to have become malignant (a tumor) in Nigeria, it is still curable, at least in the long-run, if appropriate policies faithfully are implemented and successive governments at all levels demonstrate the political will to overcome the illness. http://nigeriaworld.com/articles/2004/aug/062.html
If the excerpt from the article has stated that the dutch disease is curable, then it was preventable in the first place, Period. 3 Likes 2 Shares |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by popcykaylah(m): 9:34pm On Jan 17, 2015 |
Agimor:
Diversify,the drunk master said no!face the beat. Mr man during abj the excuse crude oil was about $40m and umar yar extended it to about 47m and now gej has wrecked it to 2m?shey 1m dollars still miss..una never see anything ...just please vote that robber and let the looting continue ..I wanna see the face of the mofos supporting him by the time this country is wrecked |
