Akinbode's BLOG on Faith, Politics, Science, Engineering, Education and Health

As of yesterday, March 24, Brent Crude - class of petroleum abundant in Nigeria, sold for $25/barrel. Nigerian Minister of State for Petroleum said it costs the nation about $15 to drill and ship a barrel of crude oil. What this implies is that Nigeria's revenue is just about $10/barrel today at the current $25/barrel price. Often revenue from crude oil sold today will be not be cashed until about a month or two. What this is saying is that the revenue the Federal government of Nigeria is spending today was from petroleum sold around January to February 2020, when crude oil sold for between $50 and $60 per barrel. About 65% of Nigeria's revenue comes from petroleum - the remainder comes from taxes and tariffs at our border. The latter is seriously diminished in the wake of covid-19. The 2020 budget in Nigeria was based on $57/barrel. What this implies is that revenue from petroleum will reduce by about 76% by the beginning of May 2020, government across ever...

I am directing this message to my folks in Nigeria and the rest of Africa, that you should all take the necessary precautionary steps - add WORK to your faith in the wake of CORONA-VIRUS (covid-19) Pandemic. There is no need for PANIC even though it is a reality that is staring all of us in the face and we need to take all the steps necessary to be safe. I am not saying you should not use your faith but also use your common sense. The Chinese and Italian experiences should make any smart person listen to professional advice. I have seen all kinds of videos of people binding and commanding coronavirus from entering Nigeria - it is in Nigeria already. Some are prescribing special prayer solutions - praying over saltwater five times and saying certain scriptures into the water as if one is saying an incantation. The virus spreads through contact, and you must take steps that will prevent yourself and members of your families from being infected. People who are immunocompromised ...