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Nairaland Forum / Nairaland / General / Politics / Crude Oil Sales In Nigeria And The Financial Implications (1076 Views)
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Crude Oil Sales In Nigeria And The Financial Implications by 1025: 7:25am On Aug 29, 2012 |
1. Crude Oil production/day - 2.5M barrels 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? |
Re: Crude Oil Sales In Nigeria And The Financial Implications by edogram1(m): 9:22am On Aug 29, 2012 |
This info should be shared all over the internet, all nigeria must see this. |
Re: Crude Oil Sales In Nigeria And The Financial Implications by ijigbamigb(m): 10:10am On Aug 29, 2012 |
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. |
Re: Crude Oil Sales In Nigeria And The Financial Implications by wirinet(m): 10:45am On Aug 29, 2012 |
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. |
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