Obiagelli:

Since when did FIRS start collecting crude oil revenue?

Btw using words like breaking it down to my level does not make you any smart. Go and read the FIRS link.

IbokUtoroh:


do u knw corruption runs in cycle?
a corrupt thief begat anoda, so if buhari is indirectly in d cycle will he do justice to himself?

kaboninc:


What that why you supported him?

Lol

Justfollowit:


Sorry, it had no effect on his supporters. We voted him for other reasons.

Osun government is well justified because that is also the same claim Oyo state is making. And your Federal government has not taken any steps to counter the claim. So for now it stand to reason that they are well established.

If the quality of education in Nigeria is to be improved, we need to make every school a community school using Ikenne Community School as an example. It will reduce the overall cost of education, it will increase students' zeal to study, improve teachers' efficiency and ensure accountability of education funds.

If the quality of education in Nigeria is to be improved, we need to make every school a community school using Ikenne Community School as an example. It will reduce the overall cost of education, it will increase students' zeal to study, improve teachers' efficiency and ensure accountability of education funds.

anonimi:


I notice that ALL your revenue projection is based on Niger Delta crude oil. Nothing from groundnut oil, palm oil, coconut oil or other agricultural and industrial revenue.

Why are we only about SHARING the wealth derived from only one part of the country

barcanista:
@Obiagelli: I have tried to break it to your level pls re-read my comment. The money declared by FIRS is inclusive of ALL earnings accrued to the FG. Where do you think the 4.67trn came from? Lol.. Or you expect the FG to take all 5trn? Do you you think the Oil Companies and other players are Charity organisation? Do you have an idea how much in percentage is for the government? Abeg no fall your hand jare... de

kaboninc:


Sorry dear, I still don't believe you're in Nigeria. Remember I said 'I remember you'?

I do not want to ask you if you voted. I still may not have the time to scan the web for APC's electoral promises. We'll do that some other day.

But the heat generated by APC's social welfare package should be strong enough to let anybody understand that it was one of their major campaign promises. Osibanjo sef carried am for head.

Osun State cannot be justified if the State Government gambled away the salaries of his staff for free meal to children, children whose parents may not necessarily be part of the State Civil Service. The Federal Government complaining? Is it their money?

Then this statement you made:



I do not understand how it relates to free meals per day. Please explain.

1. NNPC, from the amount the raise from the sell of crude, also pay tax to FIRS.

2. Revenues of FIRS also includes VAT. currently, VAT is shared in the ratio of 15% federal, 50% states and 35% local government. The entire 4.69 trillion are not remitted into the federation account

3. FIRS retain certain % of their revenue just like CBN, customs etc (how legal this is, I don't know but it is a fact)

The amount, 9.76 trillion cannot be true. This is in addition to external reserve saving, Excess crude account and SWF.

Nigeria has not earned Excess crude revenue since August last year or probably since this year to be safe, why is it necessary for her to include it?
SWF?? I just hope you know what that means
only your first point is valid.

chymystique:
Believe this crap @ your own peril ...
@ Op, You think revenues are generated in this COuntry by sitting in your house and doing mathematical calCulations disregarding many important Factors.... your analysis are unappliCable in real sense. At this state Nigeria is in right now and the debts accrued all these years, that social welfare package aint feasible for now thats if it will ever be implemented...

kaboninc:


And am also telling you that it is not THEFT. But actions due to theft! Besides, if not by vandalising pipelines, how then do they steal the crude?

Then again, we produce about 2 million barrels, how then we loose a whooping 20 percent to theft?

Justfollowit:


Sorry, it had no effect on his supporters. We voted him for other reasons.

Osun government is well justified because that is also the same claim Oyo state is making. And your Federal government has not taken any steps to counter the claim . So for now it stand to reason that they are well established.

If the quality of education in Nigeria is to be improved, we need to make every school a community school using Ikenne Community School as an example. It will reduce the overall cost of education, it will increase students' zeal to study, improve teachers' efficiency and ensure accountability of education funds.

Justfollowit:


I am not in Nigeria but I supported him

Did you actually read what I typed on Osun Government and the federal government?

I was thinking about how the quality of education in Nigeria can be improved.

For the free meal, I already gave my stance on it. It is not viable.

Otigba1:
The calculation of revenue from oil is not as simplistic as that. Recall that the iInternational oil companies hold an average of 40% on the acreages as such you need to discount that from the calculation. In doing so however government revenue will be only Petroleum Profit Tax and Royalty. You first have to remove the cost of production which in some terrain is as high as $20/barrel. The balance 60% is for govt equity in the Joint Venture operations and you repeat the Math. Here you will see some profit oil beyond POT and Royalty. Lets be careful when we crank ip numbers. The marginal field operators will only remit PPT and Royalty to govt.

Justfollowit:


Sorry, it had no effect on his supporters. We voted him for other reasons.

Osun government is well justified because that is also the same claim Oyo state is making. And your Federal government has not taken any steps to counter the claim . So for now it stand to reason that they are well established.

If the quality of education in Nigeria is to be improved, we need to make every school a community school using Ikenne Community School as an example. It will reduce the overall cost of education, it will increase students' zeal to study, improve teachers' efficiency and ensure accountability of education funds.

OAM4J:


Through corruption and conspiracies in high places which I expect GMB to fix asap.

Justfollowit:


You have a point, this is one of the argument I have against him

Let's wait and see

However I am up for anything that would reduce the magnitude of corruption experienced in GEJ's administration.

trillville:
kaboninc


Thank God you can see the benefits in feeding and educating our children. It should be a right for every Nigerian child to get 1 warm meal per day. Countries without oil are doing this, so Nigeria can also achieve this.

I do not support the 5,000 per month cause it will not have any meaningful impact on our unemployed population.

As for the funding for the feeding program, you'll be shocked at the amount of funds the internationals community will give to Nigeria as aid to ensure such a program is successful.

trillville:
kaboninc


Thank God you can see the benefits in feeding and educating our children. It should be a right for every Nigerian child to get 1 warm meal per day. Countries without oil are doing this, so Nigeria can also achieve this.

I do not support the 5,000 per month cause it will not have any meaningful impact on our unemployed population.

As for the funding for the feeding program, you'll be shocked at the amount of funds the international community will give to Nigeria as aid to ensure such a program is successful.

Obiagelli:
Officially, Nigeria exports 2 million barrels of crude oil
daily. At the current price of 60 US dollars per barrel, that
translates into 120 million US dollars.

120 million x 365day = 43,800,000,000

43 billion dollars @ 60% ( rumoured sharing formula between Nigeria and oil companies)

That means Nigeria makes 25.8 billion dollars annually.

$25.8 billion x 200 naira = 5.1 trillion naira.


Nigeria's 2014 budget was N4.6 trillion meaning we still have about 0.5 trillion naira change.
www.channelstv.com/2014/04/09/nigerian-senate-passes-4-6-trillion-naira-2014-budget/


FEDERAL INLAND REVENUE

Nigeria generated N4.69tn Revenue in 2014

www.thisdaylive.com/articles/firs-generates-n4-69tn-revenue-in-2014/200484/

Adding N4.69 trillion (firs) + 5.1 trillion (crude oil) = 9.79 trillion.

If our budget was N4.6 trillion then we have a balance of 5.1 trillion naira that nobody accounts for.

Barcanista asked where we will find 1.8 trillion to take care of our most vulnerable citizens, this balance of 5.1 trillion will be taken away from the pockets of criminals and militants.




EDIT.


I forgot the FG gets 52% of total income, even at that we have a balance of 0.6 trillion naira which is sufficient for the first stage of the social programs.
The APC government has said one of its major income earners is the mining industry.

This plans with financial discipline is very much achievable.

Please note that my analysis is based our major source of income ( oil and taxes), i have not touched other income earnings.

ochejoseph:
‎
Honestly Buhari and the APC made many unrealistic promises in the lead up to the election!

Nigerians will hold him and the APC to their words as regards issues like 

1. 5000 naira social security project for the unemployed Young Nigerians

2. 24 hours power supply or 12000MW in 8 months 

3. Naira dollar parity or substantial appreciation 

4. Feeding project for pupils etc 

Oby my dear your analysis did not capture other critical components, statutory deductions and the revenue sharing formula (FG /States /LGA )
Revenue accruals is not like debit and credit. 


Whether or Not Buhari and the APC has the capacity to deliver on these promises ONLY TIME WILL TELL! 

For the sake of Nigeria I pray he succeeds 

May God Continue to Bless this great Nation! 

barcanista:
@Obiagelli:

FIRS has just told you that Nigeria generate N4.69tr, so what is your argument?
Where are you manufacturing your additional 5trn from? Do you understand economics and mathematics at all? Let me explain for you incase you don't understand how things work...

We export 2m barrel of crude oil daily. These money DoES NOT solely belong to the FG. The OICs and other players takes share from it. Nigeria get some percentage from this money. The FIRS just told you that ALL our revenue for 2014(including tax,import duties etc) stand at N4.67 trn. So where are you getting the additional 5trn? Or where do you think the 4trn came from?

This is how things work....

Nigeria Generates revenue from Oil export...

Nigeria PAY Oil companies their own share for Operational Cost (mind you Nigeria is even owing these people).

Nigeria earning in 2014 from oil is $77b ie 1.5tr. Meanwhile, this money is shared between States, FG and LG with about 54% of all generated money going to the Federal(?) While the rest are shared among States and LG

Na wa 4 you o
www.punchng.com/business/energy/nigeria-earned-77bn-from-oil-export-in-2014/

Obiagelli need to enroll for some classes.

ekolina:
. What you did is just to calculate the revenues without calculating the expenses done by NPC, DPR, Npdc and other paraster that constitute our oil companies. Also note that, the estimated 2.3 million barrels is not all exported a percentage is left for local consumption. If you look at monthly allocations to States and federal govt you should be able to deduce from there what we earn as a nation

dearpreye:


God bless you too. Indeed, Nigeria belongs to us ALL. We're still sharpening our axes of criticism, and they've already started screaming.

They aren't seen ANYTHING.

newmuzik:


That's not all, how about money generated from Immigrations?
Money generated from NPA (Nigerian Port Authorities)?
Money generated from FRSC (Federal road safety commission)?
Money generated from Customs?

and other parastatals

I tell you, if you get all the facts right you will see that Nigeria earn over N15 trillion annually.

garrix8:


I think it's like this +-:

Whatever amount of oil is produced, a percentage is deducted by the IOC (Cost oil), then the PPT and Royalty is paid to the state (a percentage of the production). The balance is what's shared between the National Oil Company and the IOCs according to the terms of the PSC.

torkaka:


[b] . . . . . . . .stop misinforming people, you know nothing about finance . . . . . . .what do you mean by all FIRS revenue (including tax, import duties)? . . . . . . . . . . . .FIRS cannot tell you about import duty earnings, they can only tell you about "VAT" on import duty . . . . . . . . . .where in the thisday write up did you see import duty earnings? . . . . . . . . . .the FIRS revenue of N4.69trn does not include import duty earnings other than taxes. . . . . . . . . . . . .to educate you more, if you are importing an item that has 5% duty and is worth N70,000,000.00 (FOB) with a freight charge of N10,000,000.00, insurance will be 1.5% of the FOB, the calculation will be as follows;

Import Duty (CIF) 4,052,500.00
7% Surcharge (I/D) 283,675.00
5% Vat 4,324,571.25
1% CISS (FOB) 700,000.00
0.5% ETLS (CIF) 405,250.00
Totalling; 9,765,996.25

with the above, Customs will declare the import duty and CISS figures as their revenue, FIRS will declare the VAT and SURCHARGE figures as their revenue while ECOWAS will declare the ETLS figure as its revenue!

customs generated N977.09 billion as revenue in 2014, it is worthy to note that under Jonathan, customs lost about N1.4trn through waivers (though the FG is still arguing that the figure is N751.5bn)

immigration service generated N12bn as revenue in 2014 (N9.2bn internally and $15.4m abroad)

service revenue in the telecoms sector for 2014 is put at $9.8bn (http://www.ngrguardiannews.com/2015/04/nigerias-telecoms-industry-generates-9-8b-in-2014/), in 2015 the NCC is hoping to earn $224m from the auction of 2.6GHZ spectrum license alone.


Oga,please go and learn about revenue,income and taxes.......does custom and co operate other accounts?
[size=5pt]cc: Obiagelli[/size][/b]

bolanto24:



offshore or onshore doesn't matter cos it is in ND land n water