The wanton onshore land and underwater destructions of crude and gas pipelines and truck lines across South South Nigerian States by the ND Avengers will severely affect the revenue receipts of Nigeria government across all tiers in May 2016 and many months to come.
The 2016 National Budget was planned on 2.2m bbls of crude oil / day for the oil revenue portion and as it stands currently, Nigeria barely produce 1.2m bbls per day now 1m bbls per day production capacity LOST to the militant attacks.
1.2m bbls per day is the lowest crude oil production in Nigeria in more than 20 years in the nation’s history!
This is a blow NOT only to the FISCAL REVENUE sources for federal, states and local government NIGERIAWIDE, but profound disasters on our FOREIGN EXCHANGE RESOURCES, on our EXCHANGE RATE AND EXTERNAL RESERVES as a Nation.
The negative impacts are really really HUGE! This is beyond comprehension!!!!
Still, President Buhari will be at Ogoni on Thursday June 2, 2016 to launch the commencement of Ogoni land clean up which is a project that no administration in Nigeria since IBB, Abacha, to OBJ, Jonathan have ever thought of.
Then we need to ask ourselves WHO ARE THESE PEOPLE? These are elaborate attacks on Nigeria . This is CRUNCH TIME for Nigeria.
The step up of this Avenge destructions coincide with the moment of fight against corruption against looters in Nigeria.
This could seriously affect the Economic Programs of Buhari led administration and on every Nigerians home and in diaspora.
The progresses made in the electric power sector have been wiped out with the wanton destructions of the gas pipelines feeding the Thermal Gas Electricity Gen Plants across southern Nigeria.
The south south economic terrorism has led to shut down of NNPC Refineries every times in the last 7 months and till now!
The impacts of North East terrorism were quantified in #s of lives lost! But the impacts of the South South Terrorism will be quantified on Economic loss to every single Nigerians home or diaspora.
This information is in public domain for every Nigerians to know facts and figures: As at 2013, at 2.2m bbls of crude oil production per day production, the Crude Oil revenue was in an average of $3.2billion remitted into Federation account monthly. In 2015, this dropped to $1.5billion monthly. And even when Nigeria was producing at above 2m bbls per day in 2016 between January to April 2016, the crude oil revenue monthly to federation account dropped further to $500million monthly for all tiers of government to share.
Just sit back and imagine what the crude oil revenue will be in May 2016 going forward at 1.2bbls per day due to self inflicted pain by Niger Delta Avenger Terrorist Group?
THE AVENGER BROUGHT NIGERIA TO 20 YEARS ALL-TIME LOW CRUDE OIL PRODUCTION OUTPUT TO THE GLOBAL CRUDE OIL MARKET.
WHAT IS THE DEFINITION OF ECONOMIC CRISIS?
Written by Mayowa Michael Adeleye