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 per Yr.
7. Nigeria's budget for 2012 = #4.5trillion
Now d question is: Where is d surplus going ?

http://tribune.com.ng/index.php/news/46788-foreign-reserves-hit-3838bn-in-august

SWF

Half knowledge is even more dangerous than no knowledge. @Emilord, that is a gross simplification of Nigeria's crude oil earnings. It is not that High.

IOC's gotta eat too, you know. So subtract half of that and give it to the IOC's.

OP, you made a mistake by comparing Nigeria (the federation)'s expected gross earnings with the budget of the FEDERAL GOVERNMENT. Oil earnings are shared by the three tiers of government, not just the FG. Also, not all crude earnings are reflected in the budget as earnings above the $72 benchmark go to the Excess Crude Account (now Sovereign Wealth Fund).

That said, I can't vouch for the government since we are not even accounting properly for the actual production PER DAY. So its very likely that a great deal of money is actually being stolen.