lorbah001:


Do you guys read @all

*The dip in oil earnings was attributed
to a sharp drop in oil and gas export,
low price of crude oil in the
international market and the
persistent disruption in petroleum
export due to vandalism and
production shut-ins*


Kudos to this administration

*Nigeria also earned
$1.02 billion from its non-oil exports
during the period, and this represents
an increase of 38.6 percent or $393.7
million (N78.7bn) over the amount
earned in the same period of 2015*

#i believe buhari means well for this nation

daveyjay:
An increase in non-oil revenue...hmmm probably from aqriculture! This northerners are usinq our heads oh! The federal qovernment keep tellinq us about diversifyinq the economy and they project huqe capital into the aqricultural sector! The aqric sector of Niqeria is the NORTH, so they want to use national revenue to develop the north them later seek freedom from Niqeria...who's deceivinq who??!

adanny01:


I am disappointed with your opinion. How did you think Nigeria was able to afford exploration of the south and found the oil you so much proud yourselves on. How did Nigeria afford investments in the sector that led to the mining of the oil. Before Nigeria ever had oil, North had farmers that fed and provided FX for this nation and the west had cocoa, what did the south have then?

My father sent my mother to school and he is now retired while she is a director. Does that mean their marriage is over because she is now the bread winner?

donguutti:


Please stop saying Nonsense, do countries pay for oil exploration or is it companies that do So, maybe you should get
Daniel yergins books and read how oil exploration activities are funded, instead of continuing with Your cocoa and
groundnut drivel,Its ignorance,

Even today,does Nigeria pay her JV costs from your taxes,cocoa or farms(imagine stupidity) or from earnings
from the Oil wells themselves.Would you wake up tomorrow and say your taxes paid for the Oil.The investment
were made by the Oil majors, that is why Nigeria sells rights/leases to prospect and mine.OPLs and OMLs,

maximunimpact:
The Federal Government recorded a deficit of N725.18 billion in its fiscal operations in the first quarter of 2016, according to data released yesterday by the Central Bank of Nigeria, CBN. Nigeria also earned $1.02 billion from its non-oil exports during the period, and this represents an increase of 38.6 percent or $393.7 million (N78.7bn) over the amount earned in the same period of 2015.

The CBN, in its Economic Report for the First Quarter of 2016, attributed the deficit to an expenditure of N1.23 trillion, over retained earnings of N505.1 billion in the period under review. The deficit, the report said, was a result of a decline in oil and non-oil revenues and a rise in capital expenditure in the quarter under review.

The dip in oil earnings was attributed to a sharp drop in oil and gas export, low price of crude oil in the international market and the persistent disruption in petroleum export due to vandalism and production shut-ins.

According to the report, the estimated fiscal deficit of N725.18 billion indicated an increase of 178.6 percent above the 2015 provisional quarterly budget deficit of N260.25 billion. The CBN also stated that the Federal Government’s expenditure for the first quarter was 3.4 percent higher than the provisional quarterly budget estimate, but was below level in the fourth quarter of 2015 by 20.3 percent.

Specifically, breakdown of total expenditure showed that recurrent expenditure accounted for 72.8 percent of the total, while capital and statutory transfers accounted for 18 and 9.2 percent, respectively.

In the recurrent expenditure aspect, the report noted that non-debt component accounted for 72.7 percent, while debt service payments accounted for the balance of 27.3 percent. Using provisional data, CBN further stated that the Federal Government’s retained revenue for the first quarter of 2016, of N505.07 billion was below the receipts in the fourth quarter of 2015 by 37.5 percent.

Giving a breakdown of government’s total revenue, the report disclosed that Federation Account accounted for 81.6 percent of the total, while Independent Revenue, Value Added Tax, VAT, and others, comprising the Nigerian National Petroleum Corporation, NNPC’s Refund and Exchange Gain, accounted for 8.0, 5.6 and 4.8 percent, respectively.

http://www.financialwatchngr.com/2016/06/14/fg-records-n725bn-deficit-first-quarter/

adanny01:


No matter what you say, you need to tell me how the Nigerian economy was funded before oil export started. Did the Niger Delta agitate to leave Nigeria before then or did the North agitate to send Niger delta out of Nigeria?

Its still akin to a successful sibling telling his other siblings how God gave him special intelligence which only he must benefit from. What ever proceeds he has from his intelligence should only be spent by him alone.

lorbah001:


Do you guys read @all

*The dip in oil earnings was attributed
to a sharp drop in oil and gas export,
low price of crude oil in the
international market and the
persistent disruption in petroleum
export due to vandalism and
production shut-ins*

Kudos to this administration

*Nigeria also earned
$1.02 billion from its non-oil exports
during the period, and this represents
an increase of 38.6 percent or $393.7
million (N78.7bn) over the amount
earned in the same period of 2015*

#i believe buhari means well for this nation

NigerDeltan:
The CBN, in its Economic Report for the First Quarter of 2016, attributed the deficit to an expenditure of N1.23 trillion, over retained earnings of N505.1 billion in the period under review. The deficit, the report said, was a result of a decline in oil and non-oil revenues and a rise in capital expenditure in the quarter under review.

I stop reading the moment i saw this
Which capital expenditure please?

donguutti:


do i have to knock it into your brain, ask yourself..."Do i have any figures showing that forex before Crude oil
was from Northern farmers and Cocoa".If yes..can you show those figures to Donguutti.. if no am i wrong,
Do you know the Nigerian Economy before oil was regional...Thus if the North earned from groundnut,
The money went to the north and Not the Nigerdelta.

You have evidence of What Awolowo used Cocoa money to do in Western Nigeria,Can you point 1 thing Cocoa money built in The
Niger delta, except that which exists in you ignorance.If you sibling decided Not to give you any benefit from his ability, is it illegal.
If you decide to spend your money without giving you siblings or Family....is it wrong,what if the siblings spent their money without
giving You?

You should learn to not to stand firm on the altar of Ignorance

maximunimpact:


The CBN, in its Economic Report for the First Quarter of 2016, attributed the deficit to an expenditure of N1.23 trillion, over retained earnings of N505.1 billion in the period under review. The deficit, the report said, was a result of a decline in oil and non-oil revenues and a rise in capital expenditure in the quarter under review.

The dip in oil earnings was attributed to a sharp drop in oil and gas export, low price of crude oil in the international market and the persistent disruption in petroleum export due to vandalism and production shut-ins.

According to the report, the estimated fiscal deficit of N725.18 billion indicated an increase of 178.6 percent above the 2015 provisional quarterly budget deficit of N260.25 billion. The CBN also stated that the Federal Government’s expenditure for the first quarter was 3.4 percent higher than the provisional quarterly budget estimate, but was below level in the fourth quarter of 2015 by 20.3 percent.

Specifically, breakdown of total expenditure showed that recurrent expenditure accounted for 72.8 percent of the total, while capital and statutory transfers accounted for 18 and 9.2 percent, respectively.

In the recurrent expenditure aspect, the report noted that non-debt component accounted for 72.7 percent, while debt service payments accounted for the balance of 27.3 percent. Using provisional data, CBN further stated that the Federal Government’s retained revenue for the first quarter of 2016, of N505.07 billion was below the receipts in the fourth quarter of 2015 by 37.5 percent.

Giving a breakdown of government’s total revenue, the report disclosed that Federation Account accounted for 81.6 percent of the total, while Independent Revenue, Value Added Tax, VAT, and others, comprising the Nigerian National Petroleum Corporation, NNPC’s Refund and Exchange Gain, accounted for 8.0, 5.6 and 4.8 percent, respectively.

http://www.financialwatchngr.com/2016/06/14/fg-records-n725bn-deficit-first-quarter/