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Nairaland Forum / Nairaland / General / Business / 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides (6552 Views)
Naira Crisis: Banks Fear Heighten As Customers Shun Cash Deposit / Oil Prices Soar As OPEC+ Prepares To Cut Supplies / Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears (2) (3) (4)
2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by Islie: 10:51am On Dec 23, 2018 |
'Empty' ECA, Low Purchasing Power Signpost Tough 2019, Analysts John Omachonu https://www.independent.ng/2019-budget-fears-heighten-as-opec-cuts-production-quota-oil-price-slides/ lalasticlala, mynd44 |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by wami7470: 11:08am On Dec 23, 2018 |
Investors are interested in shale oil.... Even price doesn't break above 50$ watch how recession will loom again. Learn how to profit from the Financial Market and how to start a business in Nigeria visit www.360forextrader.com 1 Like |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by deepwater(f): 11:42am On Dec 23, 2018 |
loo |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by anambraamaka: 11:42am On Dec 23, 2018 |
Hmm invest wisely check my signature |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by AroOkigbo(m): 11:42am On Dec 23, 2018 |
whatever! How is this good news to the poor aside minimizing what our politicians will loot. ![]() |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by SPOILT9JAOLOSHO(m): 11:42am On Dec 23, 2018 |
They should go and cut Buhari 1 Like |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by jumper524(m): 11:43am On Dec 23, 2018 |
Now the importance of the foreign reserve would come to play. With a reserve of about $40billion, we can survive six Good months with a bench mark of $40 despite a cut in production.. And pls we should note that the cut in production by OPEC countries and 10non OPEC countries is to push up the price of oil as a result of inadequate supply. To those who don't understand economics, just brace up for tougher times for at least 7months as it is for our own good.. 4 Likes |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by Tunasco4u(m): 11:43am On Dec 23, 2018 |
OK |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by oldman112(m): 11:43am On Dec 23, 2018 |
On my way to villa, any news about Nigeria should wait |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by Pruwa: 11:44am On Dec 23, 2018 |
Hmmmmn |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by troubleboi: 11:45am On Dec 23, 2018 |
When Buhari expectation is cut short.. Too much attention on oil... Task alone would have generated more revenue than oil.. Talk less of agriculture.. Meanwhile :: Browse n earn money... Its free.. This browser pays you for browsing the Internet.. Just click on my signature below to get it. |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by lightwalkertv: 11:46am On Dec 23, 2018 |
Nigeria need to depend on other things than oil Use this as my xmas gift: https://www.youtube.com/watch?v=_PeLIUDQqK0 |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by Whothecapfits: 11:46am On Dec 23, 2018 |
ok |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by SimplePlan34: 11:48am On Dec 23, 2018 |
First 2019 budget is majorly debt servicing now oil production quota is been reduced na WA oo 2019 Nigerians should tight their already tight belt tighter I t may be a rough ride. |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by themanderon: 11:49am On Dec 23, 2018 |
Crazy country run by geriatric patients. After years of claiming to diversify the economy, each successive government still hinges its budget on something as unreliable as crude oil prices. Pathetic excuse for a country. 1 Like |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by JayEntaur(m): 11:49am On Dec 23, 2018 |
Trouble! |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by sammyj: 12:03pm On Dec 23, 2018 |
![]() ![]() ![]() 1 Like |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by Mgbadike80: 12:06pm On Dec 23, 2018 |
while the rest of the world are moving away from ooo, Buhari is wasting billions of dollars searching for non existing oil deposits all over the north. 1 Like |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by 0monnak0da: 12:14pm On Dec 23, 2018 |
jumper524:YOU do not understan the most basic economics Foreign Reserves? Do you know what foregn reserves are You have 3 problems You do not know You do not know that you do not know You think you know Foreign reserves are not Government funds. FOREIGN RESERVES ARE NOT SAVINGS ONCE AGAIN FOREIGN RESERVES ARE NOT SAVINGS They cannot be spent by government. They cannot be used to "survive" for ONE day. That statement clearly indicates your cluelessness Foreign Reserves are CBN funds not government funds If you do not understand what that means find out please I beg you in the name of Ogun do not ridicule yourself by asking who owns the CBN just keep quiet if you do not understand these things and go back to the Romance section 5 Likes |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by chronique(m): 12:22pm On Dec 23, 2018 |
Chai baba! Kai baba!!! |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by IJEYdiamond(f): 12:30pm On Dec 23, 2018 |
Fears!!!... Our economy is not only based on Oil revenue nah... as the government is painting it to a lame man.. FIRS, CUSTOMS, AGRICULTURAL SECTOR, EXPORTS,NPA.. Other agencies generate money for the country.. So why the lies and noise about " ONLY OIL".. where does this other monies go to ![]() 1 Like |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by soflygerian(m): 12:32pm On Dec 23, 2018 |
0monnak0da:Did I just read this?? Wawu.. |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by Harrisonwo(m): 12:52pm On Dec 23, 2018 |
when the president was presenting the budget, I was at loss... exchange rate: 305 against the 365 a dollar production: over 2.mpbd against the statistically confirmed 1.8mbpd crude sale: $60 per barrel while international sales was bout $50+ and falling. where do we get the balance to balance the crude sales and still save for the ECA. debt servicing is there. from that, we could easily confirm that the budget is way below par and more like a WISH.. OPEC just did the necessary by cutting Nigeria production to what it really is..... More borrowing to follows in order to make that budget work thereby plunging us to more debt 4 Likes |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by UncletC: 12:53pm On Dec 23, 2018 |
APC is full of bad luck, anywhere they enter, things become difficult 1 Like |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by arabbunkum: 12:55pm On Dec 23, 2018 |
Buhari is a disaster. 2 Likes
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Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by soflygerian(m): 1:43pm On Dec 23, 2018 |
Don't forget that they(FMofFin) are also looking at introducing new taxes(don't know the category that will bear them)... Will they be forced to undo subsidy?? What is the new minimum wage going to be EXACTLY?? We are definitely in for a RIDE.... |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by jumper524(m): 1:53pm On Dec 23, 2018 |
0monnak0da:you only made a mockery of your self here by thinking your intelligent.. the foreign reserve has multiple purpose including the maintenance of a country's currency. its only natural our currency losses it's value when our crude export rate goes down. a good reserve would do well in managing the currency in such situations. and also note that the country can survive for years with positive reserve. 1 Like |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by theoldpretender(m): 1:54pm On Dec 23, 2018 |
1.Subsides may have to go. 2.Taxes have to go up. 3.Gandollars and company have to go to jail 4.Nigeria must diversify 2 Likes |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by 0monnak0da: 2:24pm On Dec 23, 2018 |
jumper524:Guy stick to what you know and stop casting about. Knowledge and intelligence are completely different things . I do not know whethe you are intelligent or not What I know is that you do not understand foreign reserves. Foreign reserves are asssets of the Central Bank It is not "Natural" for currency to lose value when crude export rate goes down By the way what is crude export rate ![]() I will assume you are talking about receipts from exports of crude oil. It is not a "rate" Under the Abacha regime our currencyy remained stable for years at a time when oi prices were the lowest in recent memory. Once again Foreign Reserves do not play any role in the Fiscal activity of government. THIS THREAD IS ABOUT THE IMPACT OF OIL PRICES ON THE BUDGET There is absolutely no connection between the budget and the foreign reserves. Zero connection Foreign reserves are assets of the Central Bank while the Naira in circulation are liabilities of the CBN Nothing to do with budgeting 2 Likes |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by jumper524(m): 2:28pm On Dec 23, 2018 |
0monnak0da:u made more sense now, I'll seize to continue the argument from here even though I partially agree with you. do have a nice day.. |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by pieces18: 2:28pm On Dec 23, 2018 |
of what benefit is this news to us the masses, we are not afraid because we have been in this mess for some years now, with cut on oil production or drop in crude price, we will survive, we are a resilient people. we know that we have bad leaders and bad managers who do not have the brain to get us of the woods. That is why we are the most hard working black people in the world. buhari and his team obviously lack what it takes to think out side the box. I used to hate GEJ because i thought he is the most incompetent in the world. i did not know that the one (buhari) coming after him will be worse in the world's history before, present, and future. but we will survive. 1 Like |
Re: 2019 Budget: Fears Heighten As OPEC Cuts Production Quota, Oil Price Slides by 0monnak0da: 2:34pm On Dec 23, 2018 |
jumper524:Stop kidding yourself. You suggested that foreign reserves could be used to plug any shortfall in the budget and that is what I needed to correct. The Foreign reserves are not available to be spent by the Government In fact the dollars in the foreign reserves would have come about mainly from oil by the Government exchanging dollars for Naira with the CBN and then sharing the Naira. So the government cannot spend those same dollars twice. They are now CBN assets FOREIGN RESERVES HAS NOTHING to do with discussion about budget Foreign reserves are not savings so the word "reserve" should not mislead any one |
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