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  • debbeljo

    in Saudi Arabia, 1ltr bottled water is 1 RYL (46 NGN), 1 ltr of petrol is 0.45 RYL (20 NGN). That means water is more expensive than oil. There economy is 100% depended on oil. Same with Qatar and Bahrain. Our economic problem is accountability. Governance in Nigeria is about self service. Nothing works in this country except corruption.

    • Paschal

      Saudi has more oil than it can take so to say. A better illustration is saying how many barrels per person compared to nigerian output vis-a-vis our number. We make a lot from oil but compared to Saudi we don’t even pump much. They have subsidized their petrol because they have the funds to do so and have far less people to do it for. Let’s compare similar things to our own situation in issues not just compulsorily.

      • Swagger

        Does your argument nullify or strengthen @debbeljo’s concerns? He’s troubled about accountability and corruption. What’s your view on those?

        • Paschal

          We are all troubled about accountability and corruption. that is a grave concern anyday. that is only half of our problem. there has to be money to loot first so to say (hoping you won’t leave this point and cry about this line). first step is make the money and keep fighting the corruption. We cannot leave the former cos the latter is looming. It is two sides to the same coin.

          • Dee

            Hey Paschal, can we talk more on this? Ademola (dot) o (at) gmail (dot) com. Best regards

          • Paschal

            Aight. I will try drop you a note soon.

          • George Omuku

            Having gone thru the arguments, why do I get the impression that you are carefully avoiding salient issues?

          • Paschal

            Tell me. Meanwhile it seems to me you agree with the same i didn’t ‘avoid.’

          • gboromiro

            Paschal,
            I guess the clarification everyone here will be interested to read concerns your remarks above;
            Corruption is totally abhorred or disowned. It is rampant in the country and the
            ADMINISTRATION( emphasis mine) and all of us are crying against it.
            Really? Last time i checked, the administration didn’t think it was an issue and therefore neither shares your passion, that of a no of contributors here, nor feels any responsibility to curb it.
            There, my respected contributor is the disconnect and a major impediment to growth and development.

          • Leslie

            Pascal stop.Just stop please.You’re trying to make sense but end up making no sense at all.Something ain’t right with the way you see things.

          • Paschal

            ok. i think i made sense from what you say, just that you don’t seem to like it. But you failed to point out anything in particular.

      • True Nigerian

        I disagree! The difference in Saudi and Nigerian subsidies is not the amount of oil deposits at the disposal of either counntry or the ratio of oil to the number of people being subsidised. Our subsidy cost in 2009 revolved around N200b per annum. Between 2010 and January 2012, the same subsidy had ballooned above N1trillion in a year to a point where Iweala, Diezani, Sanusi and Jona were begging us that if the subsidy didn’t stop immediately, Nigeria would collapse. But what they refused to say was how N200b subsidy had reached the exponential height of N1trillion in a year. Eventually, we realised that a few people – very well-known to government – had defrauded this country of more than N2 trillion in just under 2 years.

        Secondly, Saudi is not an importer of their own oil. Nigeria is an importer of its own oil. Why? You know the answer – destructive, suicidal corruption – the same thing that has gone exponentially high under the government you are seeking to polish. Every government that has existed in this country since 1999 has spent billions of dollars on Turn Around Maintenance (TAM) for our casket refineries. None of them has managed to bring even one of them back to respectable capacity. A major argument by this government to justify its fraudulent policy on subsidy removal and to hoodwink Nigerians into an accptance of the unacceptable was the assurance that the money to be realised from the subsidy removal would be invested into a total recovery of the refineries or the acquisition/construction of an entirely new refineries. Nearly 3 years later, where are the refineries?

        My friend, look, I am not interested – neither should any right-thinking Nigerian be interested – in any government that will not fight corruption to a standstill in this country. And that leads me to the next point you made below: that we need to make the money first before we can start fighting corruption. Fallacious, if you ask me. Let us go broke, and maybe we can get angry enough to clean ourselves well enough to look after whatever meagre amount that comes in. We have been earning the money first, but corruption leaves us in the position of those that earn nothing. I’m sorry, but your argument is too misleading to be sincere.

        • Paschal

          To give you an idea of Nigeria vs Saudi oil revenue (which is odd as every person who has any knowledge of oil matters already knows) Nigeria is 170m plus and 28m. According to OPEC REVENUES FACT SHEET on the American Energy Information Administration, net oil export revenues for Nigeria and Saudi is USD84B and USD274B while per capita net oil export revenue is USD538B and USD8,939B. Do you get the picture now?

          Do you have some other thing to say? Any questions?

          http://www.eia. gov/ countries/regions-topics.cfm?fips = OPEC

          • True Nigerian

            You still refused to address the issue. How on earth does the disparity in the ratio then justify the mindless corruption and waste by the very country that has less? You simply evading the issue.

            For all the figures you cited above, how do they justify the robbery of 2trillion with the active connivance of the government of the same country that should be protecting the little that it has? I respect disagreements, but I disdainfully disrepect dishonest reasoning!

          • Paschal

            It does not justify the corruption. Corruption is totally abhorred and disowned. It is rampant in the country and the administration and all of us are crying against it.

          • Tope

            True Nigerian and Pascal, The best comparison will be with Algeria and Nigeria, which have roughly 1% and 2% of OPEC’s proven reserves. Yet, Algeria increased it’s ECA from $86billion to $200billion, while Nigeria decreased her own from $67billion to $37billion. Read the article online on Shared Prosperity: Algeria versus Nigeria in The Guardian.

          • Paschal

            Better comparison. Next thing will now be looking at the country specific conditions to determine who used theirs better. Would you say that Algeria is a better place to live than Nigeria? While you are at that can you please cite where you got your figures?

          • Tope

            IMF Reports on Algeria and Nigeria. They are produced as Article 4 Consultations with both countries.

  • Paschal

    It is surprising that an editorial by a national newspaper will write about Nigerian economy vis-a-vis oil and savings will be talked about without indicating how the minister of finance tried to persuade the lawmakers to bring down the oil price benchmark and how they muscled it up still. I wonder what they do in journalism today. Now even the governors as asking that the little that was saved up be ‘shared’ out pronto. smh.

    If the house had heeded, we would have saved more funds like UAE, Saudi and Qatar who muscle the output to be where it is daring the emerging shale from America and Russia that are threatening to interrupt their sway on the prices of oil. More slip (predicted to get as low as USD60/barrel) will knock off financing for shale which will been seen as investors as dangerous bargain and eventually knock is high making oil prices bounce back. If the lawmakers heeded at least we would have some change to cushion this drop in price just like the other players did while hoping it is a good bargain.

    Any attempt at showing something abit good by this administration is immediately scuttled by a section of the Nigerian media.

    • Swagger

      You couldn’t spend a second without shedding your barely-disguised loyalty. Your first response up there numbed out the issue of corruption raised, and here it’s about the media. Do yourself a favour for once, respond to the issues. The article said there were some savings badly depleted by the thieving federal and state operators. You could not respond to that! Staying silent there and pushing the Iweala/NASS angle up portrays your logic as saying there is no problem squandering the savings so long as we’re able to save more…

      • Paschal

        I hope you don’t expect me to respond to EVERY point. the main thrust of the article is not corruption (though it points to it too). If you have good skills at reading and comprehension from WAEC type questions (no puns intended) you will agree with me that the main point here is dwindling economical outlook in the face of falling oil prices versus government policies.

        Don’t get tickled too much about corruption. We are all kicking against it and looking for ways we can help expose all the thiefs as much as we can. let’s stick with the point at hand.

        • Jide

          What happened to the $60 billion in the ECA under GEJ’s administration

          • Paschal

            60dollars?

          • Wähala

            You know what he means, answer the question…
            Where’s the money? The $60bn Dumbo inherited from ECA account?

          • Paschal

            I don’t know of any Dumbo inheriting anything from ECA account.

          • Wähala

            But you know Nigeria’s ECA stood at $60bn five years ago, why is it falling instead of increasing? The problem is you’re living a lie, deceitful and diversionary life. From your first comment he nailed you to corruption and ECA which you can’t answer bcos you’re part of our problem. Again & cleaner than a whistle, what happened to our ECA?

          • Paschal

            Nigeria’s revenue is shared among the federal, state and local governments. can you narrow it down or are yoiu among the few that presume that federal government holds it all? Yea there is corruption. BAd. Everyone is cursing it from East to West. Does it make it lie against facts? don’t derail us. Like i told the other guy, that’s not the thrust of the editorial.

          • Wähala

            ECA is not revenue, it is savings for rainy days after the federal, states and LGA have been taken care of from our national purse. Nothing to narrow down. The thrust of the editorial is Nigeria’s oil-based economy and how falling crude prices affects it. The “cushion” against price shocks in the market is the ECA which stood at $60bn just 5yrs ago. You cannot delineate one from the other, and the cause/effect therefrom is we’re broke due to mammoth corruption in the present dispensation that has seriously depleted our ECA. No dancing around facts which cannot be argued. What happened to the ECA is bcos the head is rotten… shikena!

          • Paschal

            Where do you get the money you put in the ECA Mr Wahala? Oil Revenue. Now tell me something. Take things one by one.

          • Wähala

            The ECA is built up from the difference between the budget benchmark and the market price of crude. In the last 5yrs for instance, crude has averaged $115/b and the NASS benchmark for this year’s budget was $79.8/b. The difference of $35/b is what goes into ECA which accounts for the word, “excess” in this case. Therefore, oil revenue accruing at $115/b and a Govt. spending $78/b MUST leave a balance of $35/b defined as excess crude money. I can’t break it down any further, hope I’ve told you plenty not just something. Again, where’s the money?

          • Paschal

            Means it is from the oil revenue. Dunno why you are beating around the bush for nothing. Remove oil revenue, say goodbye to ECA. Crude is same as oil, or do i need say that?

          • kwango

            I guess Dumbo is online blogger’s ‘guy’ name for our dear president, your master. He inherited $67 billion from the previous administration, saved nothing, borrowed more and squandered all. Mammoth corruption and phantom projects is all we hear. This editorial was very linient on the president, whose administration sypathetically has been shamed on all fronts due to incompetence and mediocrity of his team. He deploys resources against opposition and applies none for the people that elected him. He answers every criticism but has no answer to the critical issues confronting Nigeria. He wastes so much time on frivolities like PDP meetings and ceremonies but have no time for facts to govern. He always gives excuses for failure but has no reason why he must succeed. Our president has a very low measure of national performance. He avoids the hard issues like security and economic empowerment through jobs creation to dwell on infantile issues like repairing roads, or repainting airports. A presidency that plagiarises every new high rise building to showcase as achievement tells more how they govern. He applies local government performance to national leadership. When leaders inspire their citizens to new heights in innovation and technological achievements, ours is encouraging us to see government as a blank cheque without accountability. The list goes on. That’s a dumb administration.

          • Jika

            Spot on!!!

    • True Nigerian

      Your last line reads: “any attempt at showing something a bit good by this administration is immediately scuttled by a section of the Nigerian media”.

      My advice: Media, to varying proportions, have always been about agenda-setting for any country or society. Make good use of the sections of the media that share the government’s idea that it has done great stuffs. I mean your observation shows clearly that not all sections of the media are “suppossedly” anti-Jonathan, as you seem to believe. To that extent, it must be the case that your frustration with the sections of the media that do not share your excitement about how well Jonathan has done, is probably because those sections of the media probably has more credibility than the ones that share your convictions about the good works of the government. But here is one thing I want you to take home from this conversation – in 2010, every section of the media and the Nigerian populace literally and figuratively protested to demand for a Jonathan Presidency. Consequently, Jonathan came to power with the greatest quotient of public goodwill ever seen in the politics of this country. If he is now so disenfranchised in the media to the extent where nobody actually wants to be entertained by stories of any good thing he has done, you need to advise the government to look inwards. It should look within and find what it is that makes it such a squanderer of goodwill. But let me give you a clue. In an election season when the economy is in trouble, security is now imaginary and the country is enveloped in fear, the government is busy with the inanities of chasing Tambuwal and raiding the opposition properties with false allegations. As it appears, nobody hates Jonathan more than Jonathan.

  • babalola

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    • Wole

      You are a fraud. It is a shame PT allows this sort of things to pass despite their claim to moderation. whosoever the moderator is, please bar all comments with telephone numbers. Bar ‘babalola’, ‘custom’, ‘recruitment’, ‘custom babalola James’ ….and ‘08060390674’…’sugar mummy’, ‘custom car sales’…. All of them.

      • Wähala

        I wonder oo!

  • Chief Ovie Obaro JP

    Support the movement —> #Reduce_Legislathief_Salary_Now
    ========================================================
    Where is Pastor’s wife? Isn’t time for you to led a movement with a hashtag like #ReduceLegislathiefSalaryNow!? Oil price has fallen, so isn’t it time you championed such a course for the benefit of ‘all the whole’ Nigerians? …these set of reckless gate jumpers earn $1.7m per yr (i.e., N27m per month) in a country where minimum wage is N21,000 in many states. It is criminality at its peak. This is why you can’t stop corruption & misbehavior by these drunkards in corridors of power who feel their lives are more important than the lives of those who die from Boko Haram’s bombs.

    Imagine how the #BringBack ….was pursued? Yes! It was ok to put pressure, but what stops ‘Nigerians’ who truly love the poor, from taking up such a move as social media campaigning and demonstrations against the irresponsibly antagonizing salaries of our so called public officials? This is why some of us believe without doubt, that the bring our girls campaign is purely political vendetta. Pure & Simple.

    Oil price has fallen, so reduce Senators salaries NOW!!! Let them take home 5% of their salary for now. This is my recommendation.

    • George Omuku

      Spot on, Chief. I second the motion!

  • Wähala

    Thanksoo Oga Editor for taking a quick peep into our economy under heavy pressure from falling oil prices. However, this report did little comparison between different Nigerian governments approach/mgmt. of the economy in rainy days. The biggest question is the ECA account. You say Dumbo inherited $60bn, where does it stand now? I know he inherited zero debt portfolio, today it stands at $10.8bn. That’s comparative analysis that helps a reader mold opinion about the mess and the sanitation crew (Dumbo’s Govt.) in order to draw a valid conclusion. Finally, the author did not suggest even an approach to a solution, or are you not Nigerians? That said…

    The ECA is badly depleted because all the fanciful projections were made based on Nigeria’s output of about 2m/bpd. Reality is due to criminals watching the vault 300,000bpd are lost to oil bunkering/day at out Bayelsa Loading Terminal alone, as testified by Dr. NOI. The heist of $20bn from NNPC means it’s time for the release of that endless forensic examination of the ministry so Nigerians know exactly where that huge amount disappeared into. Finally, my solution. The cost of running Govt. is far too high. Dumbo should sell off all but two jets in the presidential fleet, sack all but those lying aides like Abati, Doyin & Wedel Simlin Reno as belt tightening, NASS should freeze jumbo pay and remove all the frivolous perks/awards for “constituency projects” none deliver on. At an average price of $115 for the past five years of Dumbo’s ogogoro gulping, a sober head would’ve been saving at least $35/barrel and talking about an ECA that can absolve the shock without austerity measures. But Dumbo has spent the last 5years worrying about the next 4years…
    So, here we are, “Nigeria is broke” – cr. Gov. Amaechi

    • warry

      How many times did the National Assembly frustrate attempts at savings for the rainy day by raising the Oil bench mark and re preparing budgets in the National Assembly?What of Messiah Governors Amaechi ,kwankwaso,Fashola,Okorocha,Etc taking The FG to court due to excess crude account and the Creation of sovereign wealth Fund?Remember the slogan Okonjonomics in the NASS.Most tines ignorance is a choice.Reduction of salaries of political office holders is welcome not that much will be realized from it ,but it will garner the support of the masses to the reforms to stabilize the economy

  • Tufiakwa

    Another doublespeak by Propaganda Times. You’ve repeatedly backed troublesome, renegade Governor Amaechi, extremist Governor Kwankwaso and other senseless governors demanding that the so called excess petroleum funds/earnings be shared. You and these renegades cannot eat your cake and have.

  • Jona must go!

    Jonathan should leave us alone! A bomb blast has just exploded at a central mosque of kano beside emirs palace. If this man can’t ensure security in the country why should he be in power in the first place?

    • warry

      Those behind these bombing once nominated a front-line politician who has been a vocal supporter of theirs to be their spokesman in some negotiations which he refused .For all he cares more bombing shall continue to take place except he is made president..To be president is by force?

  • Leslie

    And what has your Jonathan done about it?You blame everyone except GEJ.The funny part is that that’s his backyard. They say charity begins at home.Jonathan can’t take care of his own backyard, talk less of a whole country.No wonder we find ourselves in this mess.God forbid!

  • boliatepa

    The editorial is so poorly written, a secondary school student could have written it. Introduction without conclusion; start without end; ideas without logic; words without sentence; journey without destination.

  • Guguru

    The Jonathan administration simply came to steal. What else?

  • Mary kelvin

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  • Dr Pat Kolawole Awosan

    President Ebele Jonathan and his finance minister,Dr Ngozi Okonjo Iweala economic policies have failed with growing foreign loans borrowing with high interest rate,looting,stealing and embezzlement activities in the domestic economy coupled with import-duty-waner’s scam running into billions of naira,fuel import-subsidy scam running into trillions of naira and imprudent handling of our scarce financial resources with missing S20 billion dollars oil revenue still unaccounted for,Nigeria economy has been mismanaged grossly.The economy is doldrum and might collapse if not rescued with drastic change of managerial team in 2015..

  • Encore

    Editor Premium Times,

    Oil price fall exposes Raji Fashola’s recklessness in Lagos

    The dwindling crude oil price at $73.60c today has fully exposed
    Alhaji Raji Fashola’s recklessness as Lagos state governor. He’d borrowed
    like a drunken mariner without thought that the Naira is a volatile currency.

    Like a near-illiterate he’s refused to learn from history, besides being criminally
    un-accountable to the people.

    At the current exchange rate of 168 Naira to one United states dollar,
    Alhaji Raji Fashola would be seen to have recklessly burnt up Lagos state
    finances. For every one billion Naira of Lagos state’s $3.7billion-dollar debt
    today, Lagos state now has to look for extra 13 billion Naira in repayment.

    At 168 Naira to a dollar, Lagos government will now have to repay ₦168 billion,
    and that means an extra 13 billion Naira on every one billion dollar loan (less
    compound interest). That means that if just two (2) billion dollars of the 3.7
    billion dollars Lagos debt today consists of commercial bank loans, Lagos debt
    has jumped up by a whopping 26 billion Naira two days ago, less compound
    interest repayment.

    • Encore

      (2)…..Oil price fall exposes Raji Fashola’s recklessness in Lagos

      On May 21st, 2014, the Lagos State Commissioner for Finance,
      Ayodeji Gbeleyi, confirmed that Lagos state debts, as at May 2014, stood at
      N435 billion; including N275 billion in bonds – equivalent to 2.7 billion
      United States dollars.

      Now, discounting monthly interest rates on the commercial
      portion of this debt, gross Lagos state government debt is now equal to all of
      the expected federal revenue allocation to Lagos state in the next four (4)
      years, now at $3.7 billion, based on the additional one billion dollars loan
      Raji Fashola took four months ago.

    • Encore

      (2)…..Oil price fall exposes Raji Fashola’s recklessness in Lagos

      On May 21st, 2014, the Lagos State Commissioner for Finance,
      Ayodeji Gbeleyi, confirmed that Lagos state debts, as at May 2014, stood at
      N435 billion; including N275 billion in bonds – equivalent to 2.7 billion
      United States dollars.

      Now, discounting monthly interest rates on the commercial
      portion of this debt, gross Lagos state government debt is now equal to all of
      the expected federal revenue allocation to Lagos state in the next four (4)
      years, now at $3.7 billion, based on the additional one billion dollars loan
      Raji Fashola took four months ago.

      • Femi P. Bada

        “As presently constituted, the APC is a very good guarantee of another four years
        of the PDP, in spite of the ruling party’s many inadequacies. Instead of harnessing
        its much-vaunted strength, the APC is showing new weaknesses, even in its
        South-West strongholds.”

        “The APC is an amalgamation of strange bedfellows with conflicting political agendas –
        all desperate for power at the centre. This explains why it even welcomes former PDP
        opponents. This marriage of convenience is likely to collapse sooner than later
        on the very altar of its internal contradictions, the nearer we get to the elections.”

        ………..Femi Aribisala

        (July 15th, 2014)

        • Nawafordem

          @ Encore:

          Between Bola Ahmed Tinubu and Raji Fashola in Lagos state, the second highest fraud ever
          takes place in Nigeria. Lagos debt has since quadrupled from $611 million dollars in 2007
          to $3.7 billion by mid-2014. The debt went up in September by another one billion dollars
          World Bank loan on the back of another ₦87.5 billion last November when Raji Fashola
          issued bonds to borrow at 14.5% interest rate.

          Raji Fashola later took out ₦35 billion in cash from those bond receipts and handed it
          over to Bola Ahmed Tinubu – through the instrumentality of (a) Lekki Concession Company:
          (b) ARM company, and, (c) Hitech company
          – all in a bogus “buy-back deal” of a supposed
          concession right on the 15-kilometre Lekki Expressway.

          ₦571, 594 billion was got as federal allocation from May 2007 under Raji Fashola.
          Another ₦1.52 trillion was got in the same period as internally generated revenue.
          Despite these oodles of cash, Lagos state has no enduring physical asset to show
          for all of the $40 billion dollars Lagos state received as revenues from May 1999 to date.

          • Sholoko

            APC LEADERSHIP MANIFESTO ………

            “The only way to stop us from stealing is to stone us. The Nigerian followers are
            as guilty as the Nigerian leaders. The Nigerian institutions are all compromised;
            and there is no alternative to them as it is. Nigerians appear not to be against stealing
            and corruption but only against how long you stay stealing and being corrupt.
            Don’t ever expect those in public office to fight corruption on these facts.”

            ….…..APC Governor, Rotimi Amaechi

            (Rivers state)

            (June 30th, 2014)

  • No Comment

    Finance Minister, Dr Ngozi Okonjo-Iweala, has listed Nigeria’s 10 highest revenue receiving states,
    based on the federal allocations in the year 2013. The states, according to her, earn more than the
    annual budgets of some neighbouring West African countries. The states’ allocations are as follows:

    • Akwa Ibom N260 billion

    • Rivers N230 billion

    • Delta State N209 billion

    • Bayelsa N173 billion

    • Lagos N168 billion

    • Kano N140 billion

    • Katsina N103 billion

    • Oyo N100 billion

    • Kaduna N 97 billion

    • Borno N94 billion.

  • Lala

    A have a question for you. Why has your man GEJ refused to clean up Ogoniland as recommended by the United Nations? Is it because it is not Ijaw land!? Or is Ogoniland not part of the Niger Delta? Why is GEJ allowing massive oil theft, illegal bunkering and refining in the Niger Delta?? Nos who is terrorising the environment more?? Yeye dey smell!

  • Short n’ Sharp

    INSOLVENCY IS COMING TO NIGERIA

    Bankruptcy is looming for Nigerians. 80% of foreign income is now at risk.
    Brent crude oil price fell to $73.26p/b over the weekend and still falling.
    United States of America has stopped importing crude oil from Nigeria.
    Un-employment in Nigeria hovers around 50 million folks as at today.
    There’ll be no money to create jobs or even pay those in employment –
    as debts are set to increase in quantum with banks spiking interest rates.
    Nigeria’s 36 states should be looking at insolvency in clear sights by now.

    • Gbolade Shonibare

      Short n’Sharpe

      Thanks! Very true. I believe those amongst Nigeria’s 36 states under prodigal and thievish governors will fall
      apart anytime soon; but the few states under prudent governors, if any, with some savings put aside since 1999,
      will be able to cope better with this imminent insolvency. I am sorry for Nigerians. They don’t seem to know what
      has hit them, with Boko Haram and insolvency occurring at the same time 80 days to Nigeria’s general elections.

  • abdurrazaq

    The badluck has now been exported to OPEC as Diziene is now the opec president. No wonder we have issues with oil price.