Plutophobia II

Plutophobia II

Do you know the implication

of trading at -$25?

$25 BELOW sea level? It means

if you have a barrel of crude oil,

you are owing $25.

How is that possible?

Yes, it is possible.

Your oil does not exist

in a vacuum. It must be

stored somewhere.

The cost of storage facility nkọ?

The maintenance staff nkọ?

Na money. The cost

of refining nkọ? Nor be money?

For Nigeria, the implications are grim.

Only Lagos can exist

independent of oil allocations

from the federal government.

All other states

derive allocations from the Federal

Government of Nigeria

which is already in panic mode

because it is broke.

How will the states

pay the salaries of workers

when they cannot get any

allocation from the Federal Government?

How will the bank get foreign exchange

allocation to keep the naira

from falling flat?

The streets may take over

the government and turn

the state of chaos

to a chaotic order.