Orlando Owoh: Gbogbo omo Nigeria, e ku ifarada.

taharqa: lol... So NNPC 'diverting' $49.5billion of its Crude Oil sales from d Federation Account, koo? I thought I even saw $49million initiali. So how much does Nigeria make in Sales of Crude Oil in a year or two, esp since they 'remitted' $15billion to d Federation Account according to this account?? And there was still money to run budgets- FG, States and LGAs??.... Abeg, make people learn how to talk lie well

taharqa: [size=20]YOU ARE A VERY BIG FOOOL[/size].... So it didn't rain yesterday, and according to you those bowls may hv been used to collect water from d AC System (as smone else also suggested), yet you rushed to open a thread on a National forum saying that you witnessed a 'rain leaking roof' yterday as you were traveling to London; and sm of d Okpees who call themselves MODS on NL pushed d thread to d FP. If you weren't sure, why d helll did not bring such a grave accusation to a forum where there are lots of Non-Nigerians reading? If sm persons didn't demand for sm answers, wud you hv made the clarifications you just made? Why didn't you add these clarifications (DOUBTS) to your opening OP if you were not a DISHONEST person...... EWUDAN

plaindealer:

Sanusi is basically dishing out to the public Jonathan's dirty laundry. This is huge and more about GEJ himself than the Oil minister...

Demdem:

Sanusi most likely would have discussed these issues verbally with Jonathan, Ngozi and madueke but decided to put it down in writing for posterity sake since no favourable response came from them.
His tenure is almost over, at least this is on record.

Even so, when compared with prevailing data from different government agencies, the figure admitted by the CBN is still lesser than what Nigeria should earn from oil sales.

While the bank said its computation, based on pre-shipment details, showed that Nigeria sold N10.3 trillion worth of oil in 19 months, PREMIUM TIMES’ analysis shows the government should rather realize N10.6 trillion in the first 10 months of 2013-Janaury to October-alone.

PREMIUM TIMES’s estimates is based on the government’s data of daily production average of 2.11 million barrels of crude, sold at an average price of $105.84 per barrel.

If multiplied and converted to naira, the government should have realized N10. 6 trillion in 10 months alone.

But in that period, total oil receipts data provided by the Office of the Accountant General of the Federation, claimed between January and October, the government made N5.8 trillion.

Also, our estimates show that the government has not only lied or misled Nigerians about its total receipts from oil sales, but is also deceitful about its earnings in the contentious Excess Crude Account.

The ECA holds the difference between the real market price for oil and the government’s projection in the national budget yearly.

For 2013, the government approved rate is $79 per barrel (called benchmark for oil price), meaning any raise in price at the international market, will go into the ECA.

For most of the year, oil sold as much as $112 and $114 per barrel. At a conservative rate of $105 per barrel, the government should have realized $26 as difference per barrel for the Excess Crude Account.

Calculated at 2.11 million barrels per day, that should amount to $17.3 billion (about N2.695trillion) earned as excess crude revenue from crude oil exports as of October 2013.

But the government claims it generated only N986.6 billion in the Excess Crude Account.

taharqa:

For those persons 'eating' this thrash, this is what the EDITORS of PT allowed through their 'Paper':

Their 'Analysis' was based on the Assumption of an Average Oil Sales of 2.11millionbpd and Average Price of $105 per barrel. According to them, using these figures for a 10 months period, Jan-Oct 2013, Nigeria 'Earned' (their very words) #10.6trillion from crude oil sales, while NNPC only remitted #5.8billion to the Federation Account within the period (so the difference of #4.8trillion has been 'STOLEN' or 'DIVERTED'); just as $17.3billion (#2.695trillion) was 'earned' as Excess Crude Oil, although the Govt remitted #986.6billion (so the difference #1.708trillion has also been 'stolen' or 'diverted')!!

Here was the Mathematics used:
--- 2.11millionbpd * $105 per barrel * 30days * 10months * #158= #10.5trillion Oil SOLD (equivalent in their own mind to money 'earned' by Nigeria).

--- 2.11mbpd * $26 Excess per barrel(ie $105- $97) * 30days * 10months= $16.5billion (approximately $17.3billion they used since am using 30days per month).

So PT wud have us believe that Crude Oil, at least the Nigerian Oil, just magically produces and sells itself just like that, kwa (maybe that's why it is called 'Sweet Oil')? PT wud have us believe that All the Oil Companies in Nigeria (Shell, Chevron, Total, Oando, Sahra Energy, ExxonMobil, Halliburton, NNPC itself, etc) are a bunch of Father Xmases who love Nigeria so much that they not only produce/sell our crude for us for FREE without adding the COST of production nor do they Share from the Oil sales. Such Wonderful set of Companies in deed!! May they be blessed, Always !!

OK, enough of Clowning around; lets get back to Reality now:
When a Country produces and sells Oil to the International market, the money that buyers pay (like the #10.6trillion above) is just the SELLING PRICE. There is a COST associated with producing and selling every barrel of Oil sold (Cost of Exploration, Licensing, Exploitation, Producing, Storage, Transportation, Running cost, Labour, buying of sophisticated Equipment/Platforms, Insurance, Security, etc, etc, etc). This COST is subtracted from the SELLING PRICE; the Resulting Difference been the SHAREABLE PROFIT. It is only this PROFIT that is SHARED bw the Govt and the Oil Companies in the ratio 70/60: 30/40 (depending on the JV partnership). Govts share then goes to the Federation Account. This is the SUM that the producing country truly EARNS.

Now, the very 1st question is how the helll did PT Editors unaware of this ELEMENTARY stuff such that they went

fyneguy:
why refer us to PT?
Before I tear down the crap you posted about cost and selling prices, I'll give u another chance to go through Sanusi's letter again and pay more attention to the analysis tables. Let me also inform or remind you this govt has been funding budgets from both proceeds-oil and non-oil, as well as plunging the reserves. I await your response

fyneguy:
why refer us to PT?
Before I tear down the crap you posted about cost and selling prices, I'll give u another chance to go through Sanusi's letter again and pay more attention to the analysis tables. Let me also inform or remind you this govt has been funding budgets from both proceeds-oil and non-oil, as well as plunging the reserves. I await your response

fyneguy:
why refer us to PT?
Before I tear down the crap you posted about cost and selling prices, I'll give u another chance to go through Sanusi's letter again and pay more attention to the analysis tables. Let me also inform or remind you this govt has been funding budgets from both proceeds-oil and non-oil, as well as plunging the reserves. I await your response

taharqa: Why refer you to PT? Cos d @OP provided sources in order to push his point across: SaharaReporters and PremiumTimes. And PT's particular contributed to d mata was d 'Analysis' I just ReAnanlysed above (though still incomplete). And it gives an Indicatn of why and how Desperate sm set of Power Mongers truly are if they can go to such lengths in order to make a point (reali, to push an AGENDA). Moreova, I already responded to d 'letter' in my 1st 2 comments, which are actuali lots of QUESTIONS rather than a proper response. The whole tin doesn't make ANY sense to me, as do every other person who hv commented here (whether they want to admit it or not). But maybe it makes Sense to you; in which case, we ALL wud be most grateful if you explained it to us. You may want to refer to my 1st 2 comments here for sm of d questions I asked...... Oh! Lest I forgot: yr inferring of d possibility of d funding of d budgets of d 816 Govts in Nigeria when $50bn of Oil money is 'missing' just cos according to you 'the budget is funded by oil and nonoil sums' smarks of reali ridiculous streak of IGNORANCE, of many tins not least is d actual % of Oil-to-nonOil ratio budgets are usuali been funded in Nigeria. You may want to steer clear of such pitiable Slips as you begin to Explain to us how d whole tin made sense to you. Goodluck..

ballabriggs: [s][/s]

Mr Mumu, I do not care about the rubbish you have written there. Fact is about $50 billion which should have been paid into the federation account has not been paid and is consistent with the response of the NNPC communications man who has attempted to shift the blame on some other agencies.

Whether it is cost price, selling price, that is not our business. The question is, where has our money gone. This government is unable to pay the states their statutory dues from oil sales and continues to draw from savings. This government has had to issue massive amounts of domestic and foreign debts to finance its budgets in a period of rising oil prices. This is enough evidence that something is wrong.

Sanusi Lamido did not write about 2010 and 2011, he wrote about from Jan 2012. This is not the first time he has seen inflows into the federation account and therefore he knows when the situation is right. Except you want me to believe the data from a troll like you is more credible than the CBNs figures.

Nightshift: NNPC is perhaps the most corrupt government owned company in the world.
That company has over the decades, wasted so much money that could have brought happiness to many generations of Nigerians.
With good management, NNPC could have been a global player like Russian's Gazprom; making Nigerians proud and leading African nations in oil exploration technology. What a waste!