adaweezy:

5 trillion from crude oil production sharing contracts and she has not added NLNG income yet

No mind these clowns.

Hmmm... dat was 1 comprehensive and analytical post, bt we don't knw the source's authenticity.

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 including oil revenue. 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

Very funny thread and yet people are commenting and churning out values from their asss.

I hope that they are aware that Nigeria has not been able to pay their own share of the operational cost to these companies which has forced companies like Shell to abandon some of their fields onshore though oil theft and insecurity played a role too.

Make una dey argue I dey come.

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 including oil revenue. 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

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.

collins0032:
Hmmm... dat was 1 comprehensive and analytical post, bt we don't knw the source's authenticity.

I added links from national dailies to back my claims.

trillville:


Please, I hope you are not adding the offshore crude oil to your ND figure? Try to separate onshore ND crude from offshore Nigerian crude when u are making any point.

I believe Nigeria also earns money from lng sales and customs too. Agencies such as FAAN make a killing too off taxes at our airports. So please let's calculate government revenue properly.

please remind me where our offshore crude is coming from? Talking of LNG, i think it is still coming from Niger Delta.

Government revenue go into many things.

GMB can start all these his social whatever even this year 2015 but by the end of 2016 Nigeria will be in a HUGE fix. Because many fg government will stand still & salaries would be hard to be payed.

GMB/APC have even come out to deny some of the things they said during their campaign, soon they will also deny ever making these promises too.

Obiagelli:


Take your time to read brother

From OP

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

From the Firs link
The Federal Inland Revenue Service (FIRS) said on
Thursday that it generated N4.69 trillion from taxes for the
federal government in 2014.

And what is the petroleum profit tax component of that amount?

You failed to add 2 other potential sources of revenue:
(1) A more rigorous tax policy.D new govt may borrow a leaf from d way Lagos state government tanked its revenue from tax alone. Conservatively when more income generating streams come on line and many tax dodging individuals and companies are brought on stream nationwide,that could add another N500b- N1t.
(2) When loopholes from customs at d ports, and land borders are plugged another conservative N500-N1t cud be brought on line annually.
There is also d proposal to increase VAT. Even if its increased from 5% presently to 7.5%,annual revenue could see another N1t jump.
So conservatively you are looking at N2trillion additional income from untapped sources.
The social programs are doable.We should not also forgot that the 'a meal a day' school feeding policy would also create secondary employment opportunities:the food vendor contracted for each school or group of schools has to employ at least an assistant if not 2;he/she has to regularly go to the market to buy food ingredients,this increases d revenue of that seller,she has to transport her items to the school etc.These may look simplistic and menial in outlook but its these little streams of steady employment and income that gets economies moving because they create a chain.All these people also have to pay tax in one way or the other, no matter how little.
At the end of d day,d government may not even be spending as much as budgeted for d feeding policy and other social needs.
Its only those who don't know GMB that can doubt d workability of his policies or his sincerity of purpose.Even if at d end of d day,some of these social programs are not fully implemented, GMB himself would come out to say why and believe me,his forthrightness on whatever issue,would douse any doubters, except those so used to being mischievous and still bearing a deep seated hate for having lost out in stealing and corrupting this nation under previous governments, particularly that of d monster that will handover May 28 or 29.
GMB needs prayers, support and belief in d Nigerian project he is about to undertake, not hateful,spiteful,mischievous writeups from those whose hearts and souls are as bile filled as that of d devil himself.

Obiagelli:

You are absolutely correct,
10 trillion x 0.52 (52%) = 5.2 trillion naira,

5.2 - 4.6 (2014 budget) = 0.6 trillion.


Remember i put crude production at 2million barrels per day even when the link says 2.5 million bpd, i have not touch other sources of income.

Have you taken out the 13% derivation fund that accrues to the oil producing states?

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.

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).


Na wa 4 you o

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.

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. ALl these money does not go to the government. Don't forget "Operational Cost". If Nigeria makes as much as $77b as its own share, we won't be crying for loan. Pls do your research and stop misleading people.

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

doctokwus:
You failed to add 2 other potential sources of revenue:
(1) A more rigorous tax policy.D new govt may borrow a leaf from d way Lagos state government tanked its revenue from tax alone. Conservatively when more income generating streams come on line and many tax dodging individuals and companies are brought on stream nationwide,that could add another N500b- N1t.
(2) When loopholes from customs at d ports, and landbirders are plugged another conservative N500-N1t cud be brought on line annually.
There is also d proposal to increase VAT. Even if its increased from 5% presently to 7.5%,annual revenue could see another N1t jump.
So conservatively you are looking at N2trillion additional income from untapped sources.
The social programs are doable.We should not also forgot that the 'a meal a day' school feeding policy would also create secondary employment opportunities:the food vendor contracted for each school or group of schools has to employ at least an assistant if not 2;he/she has to regularly go to the market to buy food ingredients,this increases d revenue if DAT seller,she has to transport her items to the school etc.These may look simplistic and menial in outlook but its these little streams of steady employment and income that gets economies moving because they create a chain.All these people also have to pay tax in one way or the other, no matter how little.
At the end of d day,d government may not even be spending as much ad budgeted for d feeding policy and other social needs.
Its only those who don't know GMB that can doubt d workability of his policies or his sincerity of purpose.Even if at d end of d day,some of these social programs are not fully implemented, GMB himself would come out to say why and believe me,his forthrightness on whatever issue,would douse any doubters, except those so used to being mischievous and still bearing a deep seated hate for having lost out in stealing and corrupting this nation under previous governments, particularly that of d monster that will handover May 28 or 29.
GMB needs prayers, support and belief in d Nigerian project he is about to undertake, not hateful,spiteful,mischievous writeups from those whose hearts and souls are as bile filled as that of d devil himself.

Brother there are several more ways in addition to your suggestions to raise funds but these lazy pdp minds will continue to spew crap.

The mods should help us put this on the front page.

barcanista:
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 1.5trn

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

is 77 billion dollars 1.5 trillion naira?abi I no know maths again?

doctokwus:
You failed to add 2 other potential sources of revenue:
(1) A more rigorous tax policy.D new govt may borrow a leaf from d way Lagos state government tanked its revenue from tax alone. Conservatively when more income generating streams come on line and many tax dodging individuals and companies are brought on stream nationwide,that could add another N500b- N1t.
(2) When loopholes from customs at d ports, and land borders are plugged another conservative N500-N1t cud be brought on line annually.
There is also d proposal to increase VAT. Even if its increased from 5% presently to 7.5%,annual revenue could see another N1t jump.
So conservatively you are looking at N2trillion additional income from untapped sources.
The social programs are doable.We should not also forgot that the 'a meal a day' school feeding policy would also create secondary employment opportunities:the food vendor contracted for each school or group of schools has to employ at least an assistant if not 2;he/she has to regularly go to the market to buy food ingredients,this increases d revenue of that seller,she has to transport her items to the school etc.These may look simplistic and menial in outlook but its these little streams of steady employment and income that gets economies moving because they create a chain.All these people also have to pay tax in one way or the other, no matter how little.
At the end of d day,d government may not even be spending as much as budgeted for d feeding policy and other social needs.
Its only those who don't know GMB that can doubt d workability of his policies or his sincerity of purpose.Even if at d end of d day,some of these social programs are not fully implemented, GMB himself would come out to say why and believe me,his forthrightness on whatever issue,would douse any doubters, except those so used to being mischievous and still bearing a deep seated hate for having lost out in stealing and corrupting this nation under previous governments, particularly that of d monster that will handover May 28 or 29.
GMB needs prayers, support and belief in d Nigerian project he is about to undertake, not hateful,spiteful,mischievous writeups from those whose hearts and souls are as bile filled as that of d devil himself.

You are absolutely correct, but the problem is that most APC goons here and other social media kicked against the advice when it was given by NOI. We need to expand our tax base as well look at VAT as well as the activities of the customs. With 5% VAT, Nigeria is the almost the lowest in Africa let alone the world.

https://www.nairaland.com/2259376/how-buharis-government-boost-revenue

1wolex85:

is 77 billion dollars 1.5 trillion naira?abi I no know maths again?

Yes!

You no know maths ..F9

barcanista:
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 1.5trn

Na wa 4 you o

First of all i generously gave the oil companies 40% of crude oil sales in my calculations, so i don't understand your point.

Btw how does $77 billion = 1.5 trillion?

Chigold101:
please remind me where our offshore crude is coming from? Talking of LNG, i think it is still coming from Niger Delta.

Government revenue go into many things.

GMB can start all these his social whatever even this year 2015 but by the end of 2016 Nigeria will be in a HUGE fix. Because many fg government will stand still & salaries would be hard to be payed.

GMB/APC have even come out to deny some of the things they said during their campaign, soon they will also deny ever making these promises too.

Offshore comprises of continental shelves and deep sea oil fields. The ND cannot claim water bodies as part of ND land.

1wolex85:

is 77 billion dollars 1.5 trillion naira?abi I no know maths again?

And the guy sabi throw insults.

I hope MizMyColi is reading

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.

Seun
Lalasticlala
Ishilove
MizMyColi
MzJackBaueress.

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.

OUT of these monies, how much is accrued to states?
hv u subtracted state allocation, now tell us hw much is the balance.

dunkem21:


Yes!

You no know maths ..F9

I think it's you that needs to check your maths! maybe he meant 7.7 billion. even at that,the link he posted says 77

IbokUtoroh:








OUT of these monies, how much is accrued to states?
hv u subtracted state allocation, now tell us hw much is the balance.

I already did that. Fg gets 52%

[quote author=sam1234 post=32901115]ATTENTION ALL APC FAITHFULS!!

THERE ARE PLANS TO POISON GMB!!

Dear Uncle, the news today that President Goodluck Jonathan will hand over power to the President-elect, Maj. Gen. Muhammadu Buhari (retd.), on May 28, at a dinner and a vision by Dr. Moshood Fayemiwo relayed since April 2, 2015 from Chicago about possible food poisoning of Buhari if he visits Aso Rock, looks and sounds too coincidental for comfort.
Very instructive in Dr. Fayemiwo's vision was the fact that he said he saw clearly that Buhari will be invited to Aso Rock on the pretext of hand over ceremony, during which he will be killed. And because Buhari has not been sworn-in, which constitutionally was to take place on May 29th, therefore, Pro. Yemi Osinbajo, the Vice President-elect cannot be sworn-in to take over.
That leaves a power vacuum that will ordinarily call for interim government and Jonathan, who by now has been gathering goodwill on account of his acceptance of the election results, will be asked to fill the position.
Please Uncle, get to reach the APC hierarchy to STOP Buhari from attending the dinner. He has waited for 12 years to get to the post, 24 hours to Friday May 29th surely is not long to wait.

I think we are missing a key point here

PYO expanded on this issue on Channels TV

“We will give N5, 000 to the poorest 25 million over a phased period, if their children are enrolled in school and participate in immunization.

“So we are actually doing two things; we are giving stipends to the very poorest and ensuring that in order to earn that stipend they certify two conditions”, he said.

He further noted that the party decided on the 25 million figure because that is what they can deal with in the first phase, adding that “we are looking at phasing it over a period because it will cost about N1.35 trillion to do so if we do all 25 million at once.

He maintained that, if elected, the programme will be done in batches of 5 million people a year, adding that “depending on resources we can even do more”.

He said the N1.35 trillion they are proposing for the Conditional Cash Transfer Programme’ is not so much compared to the AMCON bailout of “persons who are in debt, many businesses and businessmen and it cost N5.7 trillion to do and that is a bailout of the relatively wealthy”.

Obiagelli:


First of all i generously gave the oil companies 40% of crude oil sales in my calculations, so i don't understand your point.

Btw how does $77 billion = 1.5 trillion?

Forgive my miscalculation. You don't "give" oil companies what you think, the business is not based on guess work. If Nailja generates that much do you think we'll be crying 4 loans? Or do you think states will be crying for more funds? Lol

Obiagelli, so you will not share the funds to State Governments and Nothing for Local Governments ? Are you this uneducated to know about these issues. Chai, Buhari has infected you people with dogged daftiness. You wont even leave anything for Excess Crude Account, Nothing for External Reserves. ....Go school, you no gree. You will not even service any loans. Na wa o.

Waiting.....

Biggest joke of the century. Now I'm convinced that our APC folks like Obiagelli and her ilks are clueless

Obiagelli:


Brother there are several more ways in addition to your suggestions to raise funds but these lazy pdp minds will continue to spew crap.

The mods should help us put this on the front page.

This is night, got no time to be posting links,but some of these doubters would be amazed how Lagos state government alone,using ingenious means,starting from d regime of Bola Tinubu was able to increase internally generated revenue from a paltry 500m to several billions,just from tax alone.
There are several income streams, aside from plugging leakages that can tank Nigeria's revenue to several trillions.
Its doable,its practicable. Adjustments may have to be made because it may take some time for a new government to get some of these new income streams going,but where d will and sincerity is there,a lot could be achieved.

Let time decide

Thank you girl.....I love these,I av been waiting for a counter thread