Browsing: Comrade Hyginus Chika Onuegbu

The position of the Congress was stated on Monday by its Rivers State Chairman, Comrade Hyginus Chika Onuegbu, in a statement

It said: “For instance Nigeria has just only $2 billion in excess crude account which reports say may soon be shared; less than $30 billion in external reserves; owes over $60 billion even as many states in the country continue to seek for loans and bailout funds to pay workers salary

Consequently, international petroleum politics morethan anything else has defined the price of crude oil since the early 20th century to date. Unfortunately Nigeria, whose crude oil export currently accounts for 90% of her total exports and roughly 75% of her consolidated budgetary revenues except through OPEC (which is largely controlled by the Arab member countries), have No effective hold on global crude oil politics and price, and so remains vulnerable to it vagaries