The National Bureau of Statistics says Nigeria has realised more than N 118 tn from crude production and refining from 1961.
The NBS report , which has additional data from the Nigerian National Petroleum Corporation, collated its statistics from 1961 till 2014 .
“The petroleum statistics on crude oil production and oil refining reflects that a total 32 . 70 billion barrels of crude oil valued at N118 . 49 tn has been produced between 1961 and 2014 .
“The highest barrels of crude production was recorded in the year 2005 with 918 .66 million barrels valued at N6 .14 bn .
“The lowest was, however , recorded in 1961 with 16 .80 million barrels valued at N 18 . 73 m “The yearly domestic crude oil refining data from 1997 to 2014 also reflected that 844 .19 million of crude oil has been received and 835 .58 million processed within the period under review, ’’ the report stated .
( NAN )
source: http://punchng.com/nigeria-realises-n118tn-in-53-years-from-crude-oil-nbs/

so unfortunate that the large percentage of this amount has been stolen by less than 5% of the population

I can bet a chunk of it was stolen by our leaders

not only did our past leaders loot majority of this money, dem still borrow trillions from banks, steal am, leave the credit ontop our head.

BUT NOTHING TO WRITE HOME ABOUT[color=#006600][/color]

D money is no where to be found.. Chai......i weep for this country

N108 trillion or $108 trillion?

if its the first then that figure is not correct.


and according to World Bank, Nigeria only need $15 trillion to become a developed country.

but we have made over $35-40 trillion so far from oil alone.


maybe the inflation margin then and now also played a role in this calculation.

All what I read here is complain complain less, give your opinion the matter!
The reason why the money is not develop Nigeria is this:
out of this ₦108 trillion generated, 70% went to recurrent expenditure(cost of governance & public civil servants) which in total not exceed 30%
30% went to capital expenditure(70% of Nigeria population) and 20% of it is stolen.
and you people said we should blame system for that not politicians!
hilarious.

oladeebo:
All what I read here is complain complain less, give your opinion the matter!
The reason why the money is not develop Nigeria is this:
out of this ₦108 trillion generated, 70% went to recurrent expenditure(cost of governance & public civil servants) which in total not exceed 30%
30% went to capital expenditure(70% of Nigeria population) and 20% of it is stolen.
and you people said we should blame system for that not politicians!
hilarious.

you did not calculate it well

Nigeria has nothing to show for it. Had the civilian government been allowed to go on, nigeria would have been like Europe today

#118 trn is alleged gross receipts!
foreign investors have 40% of that =#47.2 trillion
The National govt only got=#62.8 trillion
The federal arm got 53%=#33.28 trillion
The state and l.g.a got=#29.52 trillion

The Nigerian Federal govt got for annual

receipts=#33.28÷53 years

that is =#0.63 trillion per year that is #630 billion

The state and local gvt is the one that reflects the madness of oil income misnomer.I will come and show this later

The State and l.ga got #29.52 trillion÷53
that is=#0.56 trillion,560 billion per year

baralatie:

you did not calculate it well

ok calculate it better.

Minus the stolen one's.

oladeebo:
All what I read here is complain complain less, give your opinion the matter!
The reason why the money is not develop Nigeria is this:
out of this ₦108 trillion generated, 70% went to recurrent expenditure(cost of governance & public civil servants) which in total not exceed 30%
30% went to capital expenditure(70% of Nigeria population) and 20% of it is stolen.
and you people said we should blame system for that not politicians!
hilarious.

that is why we still blamed PDP and ineffectual buffoon

Jesusloveyou:
that is why we still blamed PDP and ineffectual buffoon

Are you not tired of always repeating the same thing day in day out?

Hofbrauhaus:


Are you not tired of always repeating the same thing day in day out?

just that the cash is more than what is been reported, and for 16yrs, your ineffectual buffoon and PDP share the cash without doing anything. And you are about to blame jubrin the new president of Nigeria

Where is the money?

Where's the money?

Jubril from sudan is looting the money through Baru #BringbackOur26billion

Is it d crude oil other countries are dumping?
Una eyes go see shege when u don't get buyers again

Our oil money...

And no impact on the common man on the street standard of living

US army budget 4 a yr is $1trillion n Nigeria made 118ttillion 4rm oil in 53yrs....wat a poor country

Jesusloveyou:
just that the cash is more than what is been reported, and for 16yrs, your ineffectual buffoon and PDP share the cash without doing anything. And you are about to blame jubrin the new president of Nigeria

Is GEJ also responsible for the corruption Kachikwu exposed some days back in the NNPC?

Also, take note This president is not new.
Its 2 years plus now.

And how exactly did it grow the economy? more than half have been successful distributed to the top shareholders of the country (politicians)

blogbuilder:
The National Bureau of Statistics says Nigeria has realised more than N 118 tn from crude production and refining from 1961.
The NBS report , which has additional data from the Nigerian National Petroleum Corporation, collated its statistics from 1961 till 2014 .
“The petroleum statistics on crude oil production and oil refining reflects that a total 32 . 70 billion barrels of crude oil valued at N118 . 49 tn has been produced between 1961 and 2014 .
“The highest barrels of crude production was recorded in the year 2005 with 918 .66 million barrels valued at N6 .14 bn .
“The lowest was, however , recorded in 1961 with 16 .80 million barrels valued at N 18 . 73 m “The yearly domestic crude oil refining data from 1997 to 2014 also reflected that 844 .19 million of crude oil has been received and 835 .58 million processed within the period under review, ’’ the report stated .
( NAN )
source: http://punchng.com/nigeria-realises-n118tn-in-53-years-from-crude-oil-nbs/

Nigeria! An hero like a slave.

Most ended up in private pockets.

and what does the money used for in our country except thieving it.

I don't think there's any country in the world that can come close to Nigeria as long as corruption is concerned...
That's enough income for the rest of Africa and beyond to be envious of us.


With the current state of the nation... The future isn't going to be any different.
That's enough reason restructuring should be considered.