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Nairaland Forum / Nairaland / General / Politics / SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! (1529 Views)
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SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by citizenisb: 9:06am On Oct 12, 2015 |
http://nairametrics.com/heres-how-much-fg-earned-from-oil-in-eight-months/ http://businessdayonline.com/2015/10/nnpcs-export-receipts-decline-by-67-percent-to-607-8m/ http://www.vanguardngr.com/2015/10/banking-sector-shrinks-in-second-quarter/ http://www.vanguardngr.com/2015/10/imf-urges-cbn-to-review-forex-policy/ http://dailyindependentnig.com/2015/10/foreign-exchange-inflow-falls-by-n678bn/ Oil and gas export receipts at the Nigerian National Petroleum Corporation (NNPC) have witnessed a sharp decline of more than 67 percent from September 2014, when the receipts hit their peak, to July 2015, resulting in a relatively paltry remittance of $607.8 million to the Federation Accounts Allocation Committee (FAAC) in the year 2015. A breakdown of the oil and gas proceeds showed that $0.61billion was remitted to the Federation Account as dollar proceeds while the balance of $2.815billion was used to fund the NNPC Joint Venture (JV) cash call (counterpart funding) within the period. Kachikwu stated that the continued decline in oil price led to insufficient cash available to meet monthly JV cash calls obligations of about $615.8million as appropriated by the National Assembly. To mitigate this effect, the Corporation was compelled to sweep all the export receipts to JV cash call funding implying a zero dollar proceed remittance to the Federation Account since April. |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by defemidefemi(m): 9:07am On Oct 12, 2015 |
okay. baba is der to do somtin, u can count on him. he won't fail us. |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by LoveMachine(m): 9:21am On Oct 12, 2015 |
This cash shortage has occurred in all oil dependent economies. The only difference is we have alleged leakages that have been calculated to run into billions of dollars. If we had a cushion of at least $20 billion, which is on the low end of what is being said to have been looted, the drop in oil prices wouldn't be an issue. We've survived worse with terrible leadership. We will be juuuuuust fine. ![]() 1 Like |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by baralatie(m): 9:24am On Oct 12, 2015 |
Pmb is aware I hope? |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by citizenisb: 10:45am On Oct 12, 2015 |
What will the new Finance Minister do? We need an Urgent Economic Summit!! |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by lovesamzy: 10:49am On Oct 12, 2015 |
All iz well |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by Nobody: 11:14am On Oct 12, 2015 |
LoveMachine: I thought the leakages have been blocked?? Or ar you saying that after over four months of allegations, investigations and media trials, that this government doesn't have a clue where these monies are escaping from our economy?? 6 Likes |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by LoveMachine(m): 11:35am On Oct 12, 2015 |
OldJohn: I'm saying that if the money hadn't been taken prior to this new administration we wouldn't be wanting for money. The amounts that have been reported to have been looted would be enough to fund multiple budgets. Oil was at $150+ at one point and yet we have nothing to show for it? Where did the money go? Still no roads? Still no water? Still no electricity? This can't be correct. People can get mad if they want but GEJ set everything back by not giving handover notes and postponing the election by 6 weeks. By those actions we have been knocked off by atleast 10 weeks. Imagine if we were at this stage in July. Instead we find ourselves here in October. I won't crown this new regime yet but I will most certainly give them my vote of confidence to make our home perfect. I gave GEJ a chance now I will give PMB a chance. I'm not speaking on anything that I can't confirm through news clippings and empirical evidence. Kachikwu has stated that a new audit must be done to fully understand what has gone awry. A decade plus of mismanagement is quite a task to handle. Slow and steady wins the race. Measure thrice cut once. edit: My bad the notes were given a few weeks late but they were given. I meant to type that originally but made a mistake. SirBrightoc thank you pointing that out. 1 Like |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by citizenisb: 12:07pm On Oct 12, 2015 |
Nigeria needs prayers |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by SirBrightoc(m): 12:33pm On Oct 12, 2015 |
LoveMachine: Why will you join in promoting lies? You claim GEJ did not give a handover note, just less than 5 months from when it was all over the news that he did. Please see links below www.premiumtimesng.com/news/headlines/183804-breaking-jonathan-formally-submits-handover-notes-to-buhari.html www.vanguardngr.com/2015/07/why-reps-asked-buhari-to-publish-jonathans-handover-note/ There is hardly a newspaper that has not this story and more. Please be honest with yourself. 8 Likes |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by LoveMachine(m): 1:13pm On Oct 12, 2015 |
SirBrightoc: Maaaaaaaan I said he gave the handover notes late not that he didn't give them at all. Stop it man. 1 Like |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by citizenisb: 9:47pm On Oct 12, 2015 |
Let us tighten our belts for AUSTERITY |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by SirBrightoc(m): 10:00pm On Oct 12, 2015 |
LoveMachine: Sorry, perhaps that is what you had in mind, but definitely not what you wrote. Go through your post again and be convinced that I am not attacking you, but the falsehood in your post. 2 Likes |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by GenbIoodykiller: 10:01pm On Oct 12, 2015 |
lalasticlala front page please |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by LoveMachine(m): 10:41pm On Oct 12, 2015 |
SirBrightoc: Family you are 100% correct I mistyped. I apologize for my error. The Ahmed Joda Commission got the notes late but they most certainly got them. I hope we are good. I fully own up to my mistake. Forgive my error and thank you for pointing it out. Peace. 1 Like |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by SirBrightoc(m): 7:41am On Oct 13, 2015 |
LoveMachine: You are a great man. Welcome sir. 1 Like 1 Share |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by LoveMachine(m): 7:50am On Oct 13, 2015 |
SirBrightoc: Likewise. Let's keep it peace. Too black. Too strong. Black love=Black Power. Peace fam. |
Re: SHOCKER!!! Nigerian Economy In SERIOUS MESS!!! by Nobody: 7:53am On Oct 13, 2015 |
[size=14pt]Corruption blues[/size] Amaechi = Innocent until proven guilty. Fashola = Innocent until proven guilty. Dambazau = Innocent until proven guilty. Stella Odua = Guilty until proven innocent. Diezani = Guilty until proven innocent. Okonjo-Iweala = Guilty until proven innocent. Welcome to APC propaganda 2 Likes |
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