How Rich Is Nigeria? - Politics - Nairaland
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| How Rich Is Nigeria? by DaLover(m): 9:56am On Jan 03, 2013 |
I often hear people say that nigeria is a very rich country...I feel that is a notion that is in the minds of a lot of Nigerians at various levels in this country..it has inform the welfarist approach we as a nation have adopted in governance. At a population of 160 million, and one income source, the estimate of our revenue can be calculated as follows.. 2 million barrels per day X 100 dollars a barrel X 365 = $73billion per annum Lets see what other nations are earning www.oecd-ilibrary.org/economics/real-net-national-income-2012-2_nni-table-2012-2-en Country Population (million). Net revenue(billions $) Australia. 22. 550 Finland. 5.4. 130 Israel. 8. 150 Mexico. 112. 1,200 If we consider Mexico where things are so bad, the citizen risk their lives to cross the border to United States, we see that their revenue is almost 15 times ours with 3/4 of our population. Yet we say nigeria is a rich country, thus we settle down to share oil money with no iota of thoughts towards revenue generation..note some of these countries on the list have no oil or other mineral resources...it's mostly down to human resources, some of them can't boast of he number of educated people in lagos yet they are generating such incomes... Here those set of educated ones amongst us continue to spread the false believe that we are a rich nation and there by must distribution of what little is generated by oil... My take is that Nigeria is an extremely poor country made worse by corruption due to unsustainable welfare schemes......no natural resource can make a country rich, only human resources enrich a country..... Which brings the question....when will those with hordes of graduates and professors step up to make this country start benefitting from the investments in their education.... Mods front page please |
| Re: How Rich Is Nigeria? by eduson77(m): 10:10am On Jan 03, 2013 |
nigeria is as rich as nigeria..simple..abi who go count am? |
| Re: How Rich Is Nigeria? by jpphilips(m): 9:43am On Sep 06, 2013 |
DaLover: I often hear people say that nigeria is a very rich country...I feel that is a notion that is in the minds of a lot of Nigerians at various levels in this country..it has inform the welfarist approach we as a nation have adopted in governance. lol, you seriously believe Nigeria makes money through oil alone? you need to go back to school cos u re not done yet |
| Re: How Rich Is Nigeria? by DaLover(m): 8:19am On Sep 21, 2013 |
jp philips:Chief, we are talking about net income of federal govts here, where else does the Nigerian FG make money from? Customs? |
| Re: How Rich Is Nigeria? by jpphilips(m): 10:45am On Oct 04, 2013 |
DaLover: you have a history of undermining people who wish to enlighten you, no more free classes for you. if you wanna know how Nigeria makes money, do a research, we will gladly comment on your findings. |
| Re: How Rich Is Nigeria? by Ngwakwe: 10:59am On Oct 04, 2013 |
You failed to remove the equity accruing to Oil Companies. Shell - 30% Others - 10% FGN - 60% Then add N3.7 trillion made from Customs plus Oil bloc sales, Taxes (VAT, PAYEE and Company tax) and others too numerous to mention DaLover: |
| Re: How Rich Is Nigeria? by bloggernaija: 11:46am On Oct 04, 2013 |
Nigeria is potentially rich but remains a poor country. This has not stopped a few people from stealing the nation's little wealth. 1 Like |
| Re: How Rich Is Nigeria? by slimming: 11:47am On Oct 04, 2013 |
very rich guys |
| Re: How Rich Is Nigeria? by DaLover(m): 10:06pm On Oct 13, 2013 |
jp philips: Stop carrying yourself in an arrogant manner, simply state your facts for the world to know and stop pouncing around. The FG makes more than 80% of its revenues from crude oil, wetin u wan talk? |
| Re: How Rich Is Nigeria? by DaLover(m): 10:13pm On Oct 13, 2013 |
Ngwakwe: You failed to remove the equity accruing to Oil Companies. Ngwakwe, the FGs revenue is not more than $100b annually, more than 80% is from oil...(whatever calculations)...now remember that the FG is only entitled to 45% of this, 55% goes to States and local govts from the link I posted, the Australian govt earns $550b per annum for 22million people...check that out |
| Re: How Rich Is Nigeria? by manny4life(m): 10:25pm On Oct 13, 2013 |
DaLover: Nigeria isn't rich compared to her population, we're POOR, however, Oil receipts isn't the only revenue realized, non oil receipts includes corporate and individual taxes, VAT, agency revenues like Customs, NNPC,etc... |
| Re: How Rich Is Nigeria? by DaLover(m): 2:50pm On Oct 14, 2013 |
manny4life: Yet but oil contributes more than 80% |
| Re: How Rich Is Nigeria? by manny4life(m): 3:13pm On Oct 14, 2013 |
DaLover: Says who? Oil receipts dropped from about 80% to 54% under Madam NOI's leadership and it's supposed to continue going down according to the forecast 2014/2015 budget proposal. According to the proposal, by 2020, at our current rate or higher of on non-oil transactions, oil receipts will be dropped to about 25% or less, i.e. if we can get NASS to pass other bills affecting how the executive receives revenues. |
| Re: How Rich Is Nigeria? by huptin(m): 3:50pm On Oct 14, 2013 |
DaLover: OIL DOES NOT CONTRIBUTE MORE THAN 80% PERCENT TO TOTAL REVENUE, IT ONLY CONTRIBUTES OVER 80% TO NIGERIA'S FOREIGN EXCHANGE EARNINGS. RECEIPTS FROM NON OIL SOURCES WAS MORE THAN OIL REVENUE IN THE YEAR 2012. PLEASE CONSULT GOOGLE FOR MORE INFO. |
| Re: How Rich Is Nigeria? by Sloan: 4:13pm On Oct 14, 2013 |
huptin: LOL...see whopping! The same guy was in an argument about how the whole of Nigeria depends only on the oil in the ND and refuses to listen to any rational arguments. It doesn't matter if you add bold and italics to your capitalized posts (SHOUTING), he is programmed not to reason from basic facts since the retardeenic government propaganda and agenda has already gotten into him. Personally, I would like the ND to keep 50% and more but I want something bigger - complete fiscal federalism and control of the resources by the people. This is the only way to be free! All the oil money into a corrupt ND thieving elites and leaders will not stop them from migrating to the SW because no one likes to live in a hell hole! You get a bigger share of your oil money, we can also keep the proceeds from our natural resources, agricultural output, taxes and port revenue! The port is a natural resource, just like our lands and everything on it! This is the way to go. We will be more than happy to let the ND and ibos keep any natural resources they own but we will also keep ours, continually develop our lands and charge a premium in taxies and levies for anyone who is not from our regions too. You cannot collect your 50% or whatever over there and come to any part of the SW to leech and live on our resources for free or pittance! We will be adequately compensated and we can continue to make our lands attractive for people to live and visit! 1 Like |
| Re: How Rich Is Nigeria? by manny4life(m): 4:29pm On Oct 14, 2013 |
huptin: The first part I agree with, but the second part though I believe is very incorrect. At least FG non-oil receipts to my believe hasn't exceeded that of oil, that is why 54% of oil revenues still finances our budget. Anyway, I will look it up later because the Ministry of Finance Website isn't working. |
| Re: How Rich Is Nigeria? by Samxiulee: 5:23pm On Oct 14, 2013 |
Sloan:am with you on true fiscal federalism,all the talk on Gej national dialogue won't work,but can you guys enlighten us on the non oil revenue that is more than oil receipts? |
| Re: How Rich Is Nigeria? by DaLover(m): 10:07pm On Oct 14, 2013 |
Sloan: I really don't understand why you are angry because I am demanding that each part of the country brings something to the table, it's good that you have called the nigerdelta a hell hole, thankfully all SW politicians are saints...... In your rush to support manny4life, you forgot to ask some key questions..... If oil has reduced from 80% to 54% has the budget accruing to the country increased? Is it because of reduction in oil sales or increase in non oil revenues? If it's because of increase in non oil revenue, the budget should actually be increasing, Hole your tribalist if head has heard the edo state governor and other shouting about short fall in allocations recently. In any case weather the oil revenue drops to 5% everyone should be given a free opportunity to exploit their resources! we will manage our currupt leaders our way. We will not interfere in how you manage your saintly leaders..hypocrite! |
| Re: How Rich Is Nigeria? by DaLover(m): 10:29pm On Oct 14, 2013 |
Sam xiu lee: am with you on true fiscal federalism,all the talk on Gej national dialogue won't work,but can you guys enlighten us on the non oil revenue that is more than oil receipts? Sam you may have to wait a very long while, because there is no such answer to your question, 80% of the money the FG spends right now is based on oil sales, granted GEJ may have increased taxation revenue drive and oil theft in the ND may be have some impact, but the figure will not be far from 80%.. If 2million barrels a day @ $100 per barrel for over 2 years has dropped from 80% to 54% then the revenues of the FG should have increase astronomically. |
| Re: How Rich Is Nigeria? by manny4life(m): 11:48pm On Oct 14, 2013 |
DaLover: My sincere advice to you is to QUIT this argument. I'm a lil busy at the moment, but when I return, I'll give you a detailed explanation..Cool? |
| Re: How Rich Is Nigeria? by DaLover(m): 2:06am On Oct 15, 2013 |
This is very funny, first JP Phillips and now manny4life, well we will be waiting to see the breakdown of the money that the Nigerian FG earns...I will be surprised if it isn't in the range of 80% |
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