1. Crude Oil production/day - 2.5M barrels
2. Current Price = $113/barrel
3. Daily Sales = 2.5M x 113 = $282.5million
4. Monthly Sales = 282.5M x 30days = $8.475billion
5. Yearly Sales = $8.475billion x 12 = $101.7billion

6. Naira Equivalent = 101.7billion x #160 = 16.272trillion naira per year.
7. Nigeria's budget for 2012 = 4.5trillion naira.
Now the question is: Where is the surplus going?! source Lagos Lawyer Femi Falana.

i think this is Freedom of information law in action. we now need to know/ what happens to the difference in funds and why are we still borrowing and forcing citizens to buy fuel at higher prices?

This info should be shared all over the internet, all nigeria must see this.

Please don't forget that each state is entitled to federal allocation from the FAAC. And Nigeria pegs its crude oil prices per barrel at $73 in the last budget. Please do you calculations again. Thanks.

There are Three basic flaws in falana's analysis; 1. The price of crude is not constant, it fluctuates between $90 and $115. The benchmark for the budget is $73 and the excess is supposed to be saved in the excess crude account/sovereign wealth fund. 2. Nigeria does not keep 100% of oil proceeds, it takes 60% according to the joint partnership agreement with the oil companies.
3. The federal government's share is about 55%, the states and local governments take the rest.