Please stop distorting history. Oil prices didn't tank in 1983, oil sold at $29 per barrel in 1979, went as high as $34 in 1981 and dipped back to $29 in 1983. Pre 1979 oil was sold between $10 - $12 per barrel. For Shagari in 1979, it was bazaar because Oil was double the price
https://twitter.com/BudgITng/status/1374779080457994241
Price decrease in Oil was $3 from the previous year. Increase was from $12 in 1978 to $29 per barrel in 1979 when Shagari became president. It was a windfall..the price remained steady till 1983. Failure to pay salaries / bankruptcy was due to mismanagement and corruption.
Shagari was ousted by a coup on the 31st of December 1983.
Oil price "tanked" in 1986 from an average of $29 back to $12 ( 50% decrease in price ) and IBB brought Structural Adjustment Program.
Oil price tanked in 1998 to from $20 per barrel in 1996 to $12
Oil price "tanked" in 1986 from an average of $29 back to $12 ( 50% decrease in price ) and IBB brought Structural Adjustment Program.
Oil price tanked in 1998 to from $20 per barrel in 1996 to $12
Oil price moved from $12 steadily to $27 per barrel in 2000, $69 in 2007, $95 in 2008 until we reached a peak of $105 in 2013. From $105 in 2013, oil tanked to $45 in 2015, $40 in 2016.
Two things were constant between 1979 - 1983 and 2007 - 2014, SURPLUS & MISMANAGEMENT
Two things were constant between 1979 - 1983 and 2007 - 2014, SURPLUS & MISMANAGEMENT
I have shown you the years oil prices "tanked" you could have picked any of those years 1986, 1993, 1998, 2015.
Stop misinforming the public.
Stop misinforming the public.
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