Plutophobia II
Wahala ti de o.
Dis one don pass coronavirus.
Today, the US oil traded at
-$25 dollars a barrel
after crashing by 252%
for the first time in history
that oil fell below zero per barrel.
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.
