Thread by @LanreRaheemk1

OIL IN NIGERIA, AN ALBATROSS?

Thread:

(1). With an economy that has oil rent as 75% fiscal revenue, 89% forex earnings and oil selling at a relatively low price, our road to getting to our full potential will be tortuous; and demands that we brace up for the journey ahead.

(2). Can Nigeria's current low economic growth rate be discussed in isolation, without taking into account the low oil price? No!!! Nigeria's forex earning has been impacted since 2014 by oil price but I can tell u that we are in good hands. @jeffphilips1 @Le_Stylo @fimiletoks

(3). Yes, this govt. is diversifying our economy. If u think diversification can be significant in five yrs then u must be an "errconomist". Even if I decide to plant cocoa as a cash crop, with the mindset of keying into an Agric program of the govt., it will still take 3-5yrs...

(4). for it to mature. So if ur idea, of diversification, is a 5yr plan that is so strong as to, significantly, tilt an economy that is heavily dependent on oil? I rest my case, my Lord! @DrJoeAbah @olusogaowoeye @sarnchos @ishakaa @dmightyangel @AdeDeeBaba @solarenergy4u

(5). Things are changing now, it is not 100% hurray, even not 80% but it is quite different from the past. Unfortunately, when this govt. came in, our economy was on its way down but people talk in isolation and insist it has nothing to do with oil price; that it is ineptitude.

(6). I will be sharing some data so u can have an idea. During the campaign, the average crude price for 2014 was $99.825. So tell me what the impact of oil price on our economy will be if it sells for even $80 today for a yr? This means more campaign promises will b fulfilled.

(7) The average Oil price for 63 months that Buhari has been around is $53.6, while that of Jonathan was $99.59 for 61 months. For Yar'adua, it was $98.66 for 35months, then Obj had $54.5 for 96 months. Even Obj's average betters Buhari's and then adjust for inflation and others.

(8). For context, If we adjust for inflation, the average price that Obj sold, in current 2020 value, is $75.68; Yar'adua, $114.38; Jonathan, $107.26; while Buhari has $55.05. U can cross-check this to be certain we are on the same page.
@WaleMicaiah @yinkanubi @wFalabede

(9). Analysing our crude oil production gave a deep insight into the lost opportunities. Obasanjo averaged 2303.5 kbpd; Yar'adua, 2244 kbpd; Jonathan, 2403 kbpd; while Buhari is doing 1932 kbpd. These figures are for their respective tenure of 96, 35, 61 & 63 months respectively.

(10). If u now work on these data, the estimated revenue accrued to Nigeria from oil sales from June 1999 to Aug. 2020 is $1,242.54b. Of this "ego", Obasanjo got 29%; Yar'adua, 19%; Jonathan, 36%; while Buhari has done 16%.

(11). For context, If we adjust for inflation, the %revenue due to Obj, in 2020 value, is 34%; Yar'adua, 19%; Jonathan, 33%; while Buhari has 14%. @toluogunlesi @Banjy47

(12). So tell me, all these revenue made aside Buhari's where did it go? It is obvious that, currently, there are deviation from the wasteful past, but we need consistency and patience for now.

My core value has always been about possibilities even when I am down. It is a .....

(13). belief system that makes u carry on even if mobs array over u and stare u in the eyes. Behind every cloud there is a silver lining. So, let us hold on and this storm will be over.

U don't need to be offended by this thread and ur shout of propaganda will not remove..

(14). any useful data from here. U can pls present ur own contrary data for perusal. Then we will know who is into propaganda.

If u won't be factual u can as well wait till 2023, then u can support whoever u want cos that is for u to decide. We need to give the devil his due.

(15). If this thread stirs up the hornet nest, I hope it will be a discourse devoid of name calling and disrespect. And in the long run, it will make us learn and appreciate our current situation. End!