This is the best, most reasonable, and brutally honest press conference coming out of Nigeria in the last decade. Collectively, all of us are responsible for the mess in Nigeria.
I think comrade Usifo should be commended because we are in society where everything is opaque with no regard for transparency and honest information. This is what this man has presented to us. With right information we can begin to ask right questions that can produce results. I think we should adopt this style and then begin to challenge our leaders based on facts and figures and not by pure sentiment. Everyone should support this approach to civil engagement so that we can responsibly hold our leaders accountable for they will have no excuse in the face of intimidating facts.
Very brilliant presentation. The problem is that govt has toyed with the masses badly that when they show up with solution. We may not even consider it as one
Mr. Osifo. Local investors in Nigeria has what it takes to make credible and profitable investment in oil and gas in the economy today. Nigerians has the capacity and capability to use their human resources to activate such troublesome areas. But the NUC has not been open up for intelligent discourse but supporting the largees of the IOC as they are used to collect brown envelopes from the IOC. this interview or press conference from Mr. Osifo is an exposure for many in Nigeria to understand the hidden uncirculated information in the operations of the oil sector.
This is the work out of our journalist to give the public information on our resources are being managed. Information is light and gives life. Our politicians are wise in putting us in poverty at their expense.
This is quite expository. Well done, sir. Information is very necessary as to hold any of the key players responsible when necessary. May Nigeria succeed. 36:58
Well articulated analysis... Nigeria will arise against her challenges .. enlightening the press is a welcome development because what some media house reports these days is disastrous to right thinking economic analysis
This was a very brilliant presentation by the TUC president. At least, I am much more enlightened. By the way, I wonder where the NLC president is. Perhaps, I can call him brilliant too if I hear such presentations as this from him. God help Nigeria.
Ajeoro obviously doesn't have anything upstair.... All he knows how to do is Criticisms & Strike action without profiling solutions. The job of Union is not to just criticize but to also suggest tangible solutions to critical issues base on their findings and understandings. Today, I understand the greater reasons why TUC myself pull out from NLC organised strike actions....TUC is more enlighten cuz they conduct more and better research about the state of the nation.
Haven't you noticed that it has been the NLC president dragging the TUC President into many of the protests. The reason is that the NLC president does not understand the economics of things in Nigeria while the TUC President does.
@@user-lb1qn6wf6cYou still don't understand anything from this media conference. You have to be an olodo in economics like the NLC president for you to think that protests can solve every problem.
Excellent exposition This information should be available so that there is a sense of direction. Many thanks for taking the pains to explain and put clarity. Why was this difficult for those in charge to do this. There should be a website to make information like this publicly available freely. More informed population will be more productive and strategic
🎉...this is very insightful and enlightening media communication to the public by TUC/PEGASSAN. Please I'll appreciate other stakeholders' labor unions driving these social responsibilities for the Nigerian society at large.
101 gbosa for you sir. See as you explained so comprehensive and detailed even a dullard will understand. We need more of this. The government to me purposely created this confusion to keep Nigerian busy so their incompetence will not be noticeable.
People should understand public financing, buhari govt had to borrow because at the onset of their govt because of fighting by Niger delta avengers crude production went down from more than 2m to less than 1m, and crude oil price went down significantly, on average up until few months before handing over in 2015, Nigeria was making more than $2B a month which crash in early 2015 and okonjo iweala shouting they are borrowing money to pay salaries and that is with crude production of 2m per day. . It became worst during buhari regime when oil production was decimated to less than 1m and crude oil price selling at $30, it was around $100 few months before, with this govt revenue went from $2B a month to less than $300m, there is no way Nigeria will have survived without borrowing and that is the fact and verifiable.
He said Dangote should have been talking about crude supply 5 years ago. And the NNPC that has a 7% equity ($1 bill) in the company didnt start thinking of Crude 5 years ago?
Every time I listen to Usifo I always need to ask myself whether he’s really a labour leader or the spokesperson of the private sector & the govt. We indeed have a govt capture of every facet of our national life. I miss the Frank Kokoris of this world.
And what did the Frank Kokoris get for you? Was the economy not still deteriorating during their time? You're being provided with balanced information to enable you see the cause of your problem and how to hold the govt accountable but you want Osifo to fight for you, is he your President?
I think he is feeding his Union members with the information he received from the FG agencies in their previous negotiations meeting. If not, Anything after this! I don't know his direction seriously 😅.
Too many stores just last year we got PMS 197 just a year later it's almost 1000 If FX is a problem in determining price let's change to doller since you don't wanna improve the Naria
Kudos to the TUC for this detailed explanation. However, Is TUC supposed to speak on behalf of the FG on certain aspect? Why not other key stakeholders in the oil industry including NNPCL provide detailed information like this? Rather operations of the company remains opaque and Nigerians demand transparency.
This is the sort of public information that is missing in the public place. The government should educate the public so they are abreast of situations to avoid misinformation.
Good job, a very detailed and comprehensive press conference. The government to me purposely created this confusion to keep Nigerian busy so their incompetence will not be noticeable.
He seems more like a government speaker than a labor member. This is the problem we have, even those supposed to represent the masses are on the other side
Crude oil is not about how many products are in it, but how much it is valued in the international market. Try and learn about these things before exposing your ignorance online
Thousands of commodities, EACH ONE a primary input for it's own NEW "value addition chain/stack". Imagine, such a huge ++$T industrial ecosystems spreading out around domestic our refineries. Naturally (and completely rationally) some of the existing industrial powers of the world 🌍would oppose this. No problem. But what I don't understand is why we sons and daughters of Nigeria would do anything other than kiss Dangote's feet and sweep the path he walks. Maybe someone can explain to me.
There are some small inacuracies here. Dangote's price is lower than imported pms. And a lot of his crude was also imported from the US. So, some (most) of it deserved a premium.
Nigeria is a very bad place to do business because people don't follow the laws on the books. What is going on with the Petroleum Law that they can't follow to totally deregulate the sector according to the law on the books.
But how will an engineer or contractor not accountable for the period of time involve in the refineries maintenance and rehabilitation but the FG will still signed a contract with them? Something is wrong here!
Look our Osifo saying nonsense, NNPC has a share in Dangote refineries, they knew this better, it's their job to make provision for crude, when they're buying stakes in Dangote are they expecting him to refine water. NNPC itself knew this better, in the beginning of this year when dangote is about to start production they even sign a $3b deal with Afrimax. The blame solely lies with NNPC, their incompetence led to this rubbish. If NNPC has done the right thing, it will have been easier to call out dangote when he is misbehaving.
Take the subsidy out completely. This is a recipe for disaster. What we need is to increase our GDP. Floating of the currency in an import oriented country is not a good idea.
Let Nigeria s protest against P m price and food stuff price 4 Nigeria people Nigeria we be better again mr president U have d power to reduce P m price
Dangote production had never favoured Nigeria. Right from the start of building that refinery I know isn't going to help Nigerian, since start producing sugar, fertiliser, flower and rest the hole inflation started heating Nigeria, now fuel.
Good analysis but you are conflicted. Is Dangote fuel cheaper that the imported fuel or not? Is his quality better or not? Which of the 2 source favour the people and TUC welfare?
You see how Nigerian govt and citizens see and treat each other. The govt is ready to pay premium price to a foreign refinery but doesn't want to do the same with a Nigerian company. Madness!
Only God will save Nigeria, crude we have everywhere in the country,what went wrong in this country? Fuel that was sold during Goodluck at a very cheap and affordable price making everything cheaper also 🤦🤦
29:03 A trade Union leader is encouraging a govt to take a larger share of a private refinery? The same govt that has held a monopoly over the sector and rulan 3 refineries into the ground? Thats a bit odd.
Where is brilliant and sincere mind like this guy when Ajaero heads NLC? Lest have a merger of both bodies and this guy heads it, Ajaero is too full and unserious, incompetent for such a group.
Dear Mr. Osifo. With regards to the IOC leaving Nigeria is a good news. Let them go out of the Nigeria oil and gas business as they had formed a Cartels and depriving the local Nigeria investors to excel. Nigerians ought to encourage our local investors in oil and gas ⛽️ to enable the Nigerians of benefitting from their God given commonwealth resources. With the IOC in the Nigeria oil and gas today, it will be very difficult for the Nigerians local investors to participate actively in the economy. Let's try the above mentioned proposals for the local investors to participate vis-a-vis the NNPCL in the economy.
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This is the best, most reasonable, and brutally honest press conference coming out of Nigeria in the last decade. Collectively, all of us are responsible for the mess in Nigeria.
This man is a very very dangerous man. They're using him to con the people. Leaders don't think this way. Dangote roi should be around 50 years.
We are all involved. From market women to banks to permanent secretaries, ministries, Senators, politicians, civil servants, government agencies, etc
I think we need to hear Dangote's response to this.
Aje
When the guy begin to stammer you not know day lies and deceit done start.
Nigerians need more of this presentation for more clarity . Thanks 👍
Very brilliant presentation by Usifo, a very clear view of what led to hyper inflation in Nigeria. Thank you for this explanation
I think comrade Usifo should be commended because we are in society where everything is opaque with no regard for transparency and honest information. This is what this man has presented to us. With right information we can begin to ask right questions that can produce results. I think we should adopt this style and then begin to challenge our leaders based on facts and figures and not by pure sentiment. Everyone should support this approach to civil engagement so that we can responsibly hold our leaders accountable for they will have no excuse in the face of intimidating facts.
Which companies share their costs with the public. The ordinary man does not understand the business world.
Good comment bro
You made sense out of the presentation.
Knowledge is power,information is key.
I love this analysis. Very factual and comprehensive. He did justice to the economics of oil production and how we are where we are.
Imagine this guy as Nigeria president. Wow
Thank you comrade 👏👏👏
You won't vote for him because he's not your religion
This man is indeed very sound. I am so happy with his breakdown of the issues.
Very brilliant presentation. The problem is that govt has toyed with the masses badly that when they show up with solution. We may not even consider it as one
Lesson: is time we vote for merit, accountability, transparency, integrity over nepotism, tribalism, favoritism, bribery etc
Enough of these rhetorics. Edo state election just ended with pricing @30k, you can fact check. Let's be truth to ourselves.
This is the best and most explanatory conference presentation about Nigerian saga I have heard and watched in a very loooooooooooong time
Mr. Osifo. Local investors in Nigeria has what it takes to make credible and profitable investment in oil and gas in the economy today. Nigerians has the capacity and capability to use their human resources to activate such troublesome areas. But the NUC has not been open up for intelligent discourse but supporting the largees of the IOC as they are used to collect brown envelopes from the IOC. this interview or press conference from Mr. Osifo is an exposure for many in Nigeria to understand the hidden uncirculated information in the operations of the oil sector.
Is Osifo now a staff of NNPCL/CBN. Why can't Kyari/Cardoso come up with a press briefing like this to NIGERIANS
Because telling the truth every day is EASY, but putting today's LIES on top yesterday's LIES..? Try it. NOT EASY 😁
Very intelligent question. This has been my criticism. The government has been a little silent on this matter.
They can’t do it because they’re into monetary policy or monetary economics, only nnpc can give out this information..
God bless you comrade, this is the type of information we need. Nigeria will be Great again.
This is the work out of our journalist to give the public information on our resources are being managed. Information is light and gives life. Our politicians are wise in putting us in poverty at their expense.
Thanks for the information
I deserve a diploma for listening to this. Weldone Sir
You are very much in order Comrade Festus Osagbovo
Very intelligent and brilliant presentation!!!!!!!
Nigerians need to know the reason petrol can’t sell below the price it bn sold now
Brutally honest! Very impressive
This is quite expository.
Well done, sir.
Information is very necessary as to hold any of the key players responsible when necessary.
May Nigeria succeed. 36:58
May Almighty Allah bless this from the neutral layman journalism.
Love bro.❤❤❤
Very Educative and informative. Osifo presentation is apt.
The truth is that this Government has balkanized the economy of this country.
I agree with Festus Osifo. Every Nation should have a way to safeguard her currency.
Festus Osifo is very intelligent. Better enlightenment
Awesome presentation excellent clarity!
Brilliant idea
This guy is very smart I like him
Well articulated analysis... Nigeria will arise against her challenges .. enlightening the press is a welcome development because what some media house reports these days is disastrous to right thinking economic analysis
This was a very brilliant presentation by the TUC president. At least, I am much more enlightened. By the way, I wonder where the NLC president is. Perhaps, I can call him brilliant too if I hear such presentations as this from him. God help Nigeria.
You need balls to be labor leader, not big mouth - talk big and no action!
Ajeoro obviously doesn't have anything upstair.... All he knows how to do is Criticisms & Strike action without profiling solutions. The job of Union is not to just criticize but to also suggest tangible solutions to critical issues base on their findings and understandings.
Today, I understand the greater reasons why TUC myself pull out from NLC organised strike actions....TUC is more enlighten cuz they conduct more and better research about the state of the nation.
Haven't you noticed that it has been the NLC president dragging the TUC President into many of the protests. The reason is that the NLC president does not understand the economics of things in Nigeria while the TUC President does.
@@user-lb1qn6wf6cYou still don't understand anything from this media conference. You have to be an olodo in economics like the NLC president for you to think that protests can solve every problem.
Excellent exposition
This information should be available so that there is a sense of direction.
Many thanks for taking the pains to explain and put clarity.
Why was this difficult for those in charge to do this.
There should be a website to make information like this publicly available freely.
More informed population will be more productive and strategic
🎉...this is very insightful and enlightening media communication to the public by TUC/PEGASSAN. Please I'll appreciate other stakeholders' labor unions driving these social responsibilities for the Nigerian society at large.
Thank you brother for this great information
Thank you for an exclusive information
Channel TV is just the best in accurate information to we Nigerians across the world
This is a Petroleum Minister in the making: clear understanding of the Oil & Gas industry, both upstream and downstream sectors.
This press conference is really revealing
Nice presentation. What Comrade forget to mention is PIA provision about percentage of crude that must be allocated for local refineries
Very educating
Channels television headline is misleading. "Tinibu Government Lies to Nigerians." Should be the headline
The headline has little relevance to the topic of this news conference. Channels do better.
Unfortunately, Nigeria as a country is on a cross roads.
Managers of the country are in total confusion. I see petrol price risen to 2k a litre.
101 gbosa for you sir. See as you explained so comprehensive and detailed even a dullard will understand. We need more of this. The government to me purposely created this confusion to keep Nigerian busy so their incompetence will not be noticeable.
If them explain Nigeria give u and u understand, them no explain well😢
😂😂😂
They neva finish explain
What did Buhari do with all these loans he collected with the crude oil? Can this government call for Bihari to account for these loans?
People should understand public financing, buhari govt had to borrow because at the onset of their govt because of fighting by Niger delta avengers crude production went down from more than 2m to less than 1m, and crude oil price went down significantly, on average up until few months before handing over in 2015, Nigeria was making more than $2B a month which crash in early 2015 and okonjo iweala shouting they are borrowing money to pay salaries and that is with crude production of 2m per day.
.
It became worst during buhari regime when oil production was decimated to less than 1m and crude oil price selling at $30, it was around $100 few months before, with this govt revenue went from $2B a month to less than $300m, there is no way Nigeria will have survived without borrowing and that is the fact and verifiable.
Even tinubu has taken more loans in a year than buhari
I think Niger Delta have heard it that Buhari has sold out all the crude oil in there back yard and BAT is sitting there as if he did not know this.
@@benakor8575but crude oil was sold at 123 per barrel in 2022 under same buhari government.
@@JamalJames-x7wwhere did you see this report.. fake news people. chai..
Epa .... You smart too much .. weldone Sir
Excellent
My boss osifor
Hire him as minister of communications immediately
They don't need men like this
He said Dangote should have been talking about crude supply 5 years ago.
And the NNPC that has a 7% equity ($1 bill) in the company didnt start thinking of Crude 5 years ago?
Every time I listen to Usifo I always need to ask myself whether he’s really a labour leader or the spokesperson of the private sector & the govt. We indeed have a govt capture of every facet of our national life. I miss the Frank Kokoris of this world.
He is an opportunist. I doubt if he really is part of the labor force and understand the debth of the problem.
And what did the Frank Kokoris get for you? Was the economy not still deteriorating during their time? You're being provided with balanced information to enable you see the cause of your problem and how to hold the govt accountable but you want Osifo to fight for you, is he your President?
I think he is feeding his Union members with the information he received from the FG agencies in their previous negotiations meeting. If not, Anything after this! I don't know his direction seriously 😅.
The biggest problem we have in Nigeria is poor journalism.
Too many stores just last year we got PMS 197 just a year later it's almost 1000
If FX is a problem in determining price let's change to doller since you don't wanna improve the Naria
Kudos to the TUC for this detailed explanation. However, Is TUC supposed to speak on behalf of the FG on certain aspect? Why not other key stakeholders in the oil industry including NNPCL provide detailed information like this? Rather operations of the company remains opaque and Nigerians demand transparency.
Thanks you bro 🎉🎉🎉🎉
Are you his spokesman? The people you are to speak for, you have failed them. You’ve jumped to somewhere else. Be quiet
This is the sort of public information that is missing in the public place. The government should educate the public so they are abreast of situations to avoid misinformation.
If Nigerians listen carefully, we will understand.... I wish us the best.
Just like in the aviation sector. Businesses are done in USD. Salary of workers should be better.
Good job, a very detailed and comprehensive press conference. The government to me purposely created this confusion to keep Nigerian busy so their incompetence will not be noticeable.
TUC President is now a government spokesperson.... What a country!!!
Choose another country if you're not happy about Nigeria.
@@kbwalker8741😂
God we push u all
Wages should be x4. 30,000× = 120,000 as minimum wage.
They now have more naira to share but they(government) don't want to increase workers salary/minimum wage to N295k. 😭.
He seems more like a government speaker than a labor member. This is the problem we have, even those supposed to represent the masses are on the other side
He just promotes himself with superficial "knowledge."
Vote right next.
U are not really listening.. don't do it biased mind
They have sold all the crude 😅😁😁we don’t have any ohh🤣
Clear explanation. But if NNPCL gives a N200+ discount, then they are monopolistic intention.
How many commodity is in crude oil, is it only pms AGO and kerosene?
Crude oil is not about how many products are in it, but how much it is valued in the international market. Try and learn about these things before exposing your ignorance online
Thousands of commodities, EACH ONE a primary input for it's own NEW "value addition chain/stack". Imagine, such a huge ++$T industrial ecosystems spreading out around domestic our refineries.
Naturally (and completely rationally) some of the existing industrial powers of the world 🌍would oppose this. No problem. But what I don't understand is why we sons and daughters of Nigeria would do anything other than kiss Dangote's feet and sweep the path he walks. Maybe someone can explain to me.
Sorry, why saying it's ignorance? Refining crude oil truly generates more products than pms or ago@@efemzyekun900
@@ade008he has a working refinery
this guy na guru
If leaders will come out and open up like this, Nigerians won't panic so much
Oga Pengassan it's a lie in NLNG contract workers no improvement no salary benchmarking in Usd sir
There are some small inacuracies here.
Dangote's price is lower than imported pms.
And a lot of his crude was also imported from the US. So, some (most) of it deserved a premium.
Nigeria is a very bad place to do business because people don't follow the laws on the books. What is going on with the Petroleum Law that they can't follow to totally deregulate the sector according to the law on the books.
Good explanation. How much crude oil is left in the 60% less what is used to pay Nigeria debt? We need transparency PERIOD
But how will an engineer or contractor not accountable for the period of time involve in the refineries maintenance and rehabilitation but the FG will still signed a contract with them? Something is wrong here!
But why are we paying NPA , NIMASA, and the rest on every litre for PMS.
Because of the role they play in ensuring you have good quality petrol
Omo Nigerians make onah brace up oh the suffering go too much to bear oh
What about remaining four commodity from crude oil
When trade union leaders become better marketers of the govt than the govt's own ministers, something is off.
Look our Osifo saying nonsense, NNPC has a share in Dangote refineries, they knew this better, it's their job to make provision for crude, when they're buying stakes in Dangote are they expecting him to refine water. NNPC itself knew this better, in the beginning of this year when dangote is about to start production they even sign a $3b deal with Afrimax. The blame solely lies with NNPC, their incompetence led to this rubbish. If NNPC has done the right thing, it will have been easier to call out dangote when he is misbehaving.
the government spokesperson and media secretaries should come and talk to the public. Keeping mute allows the public to make their own conclusions.
Take the subsidy out completely. This is a recipe for disaster. What we need is to increase our GDP. Floating of the currency in an import oriented country is not a good idea.
There is no journalism in Nigeria!
Why should NNPC pay premium to any company when all companies are looking for market to sell. They should just tell us that premium is their runs.
Ignorance is not bliss but stupidity
Let Nigeria s protest against P m price and food stuff price 4 Nigeria people Nigeria we be better again mr president U have d power to reduce P m price
Mr president what is d problem off P m price
Dangote production had never favoured Nigeria. Right from the start of building that refinery I know isn't going to help Nigerian, since start producing sugar, fertiliser, flower and rest the hole inflation started heating Nigeria, now fuel.
Good analysis but you are conflicted. Is Dangote fuel cheaper that the imported fuel or not? Is his quality better or not? Which of the 2 source favour the people and TUC welfare?
You see how Nigerian govt and citizens see and treat each other. The govt is ready to pay premium price to a foreign refinery but doesn't want to do the same with a Nigerian company. Madness!
Only God will save Nigeria, crude we have everywhere in the country,what went wrong in this country? Fuel that was sold during Goodluck at a very cheap and affordable price making everything cheaper also 🤦🤦
Labour can make Dependent electoral commission work
Devaluation
Dangote refiney should go for floating on d NSE. Nigerians might be interested in buying stocks no matter how small
As they didn't turn around and maintain, can the system move in sanitized this madness?
Yet, 'lord' said subsidy is gone, whereas they pay it covertly.
👏 👏 👏 👏 👏
Those capital projects cost, what is the cost of similar projects in other countries, Is it the same or less
I am referring to the cost of oil development the one the speaker mentioned $16 billion
this questions CBN's independence and FGN directional policies
29:03 A trade Union leader is encouraging a govt to take a larger share of a private refinery?
The same govt that has held a monopoly over the sector and rulan 3 refineries into the ground?
Thats a bit odd.
Where is brilliant and sincere mind like this guy when Ajaero heads NLC?
Lest have a merger of both bodies and this guy heads it, Ajaero is too full and unserious, incompetent for such a group.
Dear Mr. Osifo. With regards to the IOC leaving Nigeria is a good news. Let them go out of the Nigeria oil and gas business as they had formed a Cartels and depriving the local Nigeria investors to excel. Nigerians ought to encourage our local investors in oil and gas ⛽️ to enable the Nigerians of benefitting from their God given commonwealth resources. With the IOC in the Nigeria oil and gas today, it will be very difficult for the Nigerians local investors to participate actively in the economy. Let's try the above mentioned proposals for the local investors to participate vis-a-vis the NNPCL in the economy.
My dear, trust me, your local investors are way worse. Greedy and irresponsible
We lack leaders with clear vision to grow this country. 😢