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

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


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

Obiagelli:

Are you saying mining can't double our income? Of course we need to work on taxes too.

slimmy05:
you are a dunderhead. Stop forcing your ignorance on people.

aresa:






Generated from taxes/IGR and not oil?


Why do [I] argue blindly, ignorantly and deceptively?

Obiagelli:

God bless you and i believe royalties goes to the FIRS?

Sources of External Reserves in Nigeria
Nigeria’s external reserves derive mainly from
the proceeds of crude oil production and
sales. Nigeria produces approximately
2,000,000 barrels per day of crude oil in
joint venture with some international oil
companies, notably Shell, Mobil and Chevron.
Out of this, Nigeria sells a predetermined
proportion directly, while the joint venture
partners sell the rest. The joint venture
partners pay Petroleum Profit Tax to the
Federal Government through the Federal
Board of Inland Revenue.

The five categories of revenue from crude oil
production and sales are:

Direct Sales (NNPC)

Petroleum Profit Tax (Oil Companies)

Royalties

Penalty for Gas Flaring

Rentals Other sources of external reserves in
Nigeria

Nazeeboy:
hey man you don't have to be shouting and throwing insults to get attention. Calm down let's talk rationally as human beings.

atlwireles:


Cutting the cost of government means sacking thousands of civil servants, there is no two ways about that. Reducing fraudulent business acts, is best imagined in this country. We refuse to restructure, so we are paying the price for inefficiency. Any form of Tax increase MUST AND WILL BE VIGOROUS OPPOSED. You will not tax hard working regions to fund loads of lazy poor people. Increasing any form of tax must be done at the state level.

Let APC take the same revenue as is today and perform their miracle, they promised Nigeria before the election.

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).


Na wa 4 you o

aresa:






Generated from taxes/IGR and not oil?


Why do you people argue blindly, ignorantly and deceptively?

dinachi:
Thanx @OP for teaching PDP that Buhari is a promise keeper. Many of the clowns see Buhari through their corrupt eyes. It has not yet dawned on them that equity has come to Nigeria. You are in doubt? Wait until he takes over and we will compare notes! End of discussion.

aresa:



What's your post about oil got to do with the fact that The Federal Inland Revenue Service (FIRS) generated N4.69 trillion from taxes for the federal government in 2014 and not the the oil you keep repeating blindly?

Firefire:


My own interpretation of cutting the cost of governance is REDUCING the fraudulent pay to all Legislators both state and federal, they should earn the normal wages a civil servant earn for his duty per month and even less as we don't require them to sit every day.

On Taxes, Buhari cannot even munched the idea of tax increase at the moment until he is done addressing all cases of corruption, recovering enough money to run his deficit budget, sending the corrupted elements to jail and taken back all they have stolen.

We expect the wonder working power of APC with Mr. Buhari to begin immediately after May 29th.

OAM4J:
I ordinarily didnt want to join this debate but since the OP has opened a counter thread, I feel there is need to strengthen her argument.

Fact is, I believe in this old Bank-PHP statement that 'impossible is nothing' and the common saying 'where there is a will, there is a way'. I believe the likes of Dr. Fayemi and Prof Osinbajo who came up with the manifesto are not dullards and they probably have more access to true figures of things than many of us, and they have strong reasons to believe in the feasibility of these things before making it public.

That said, I know without raising new taxes or even doing anything new (and of course I expect them to bring in a lot of new innovations) I know the money expected for these social welfare program can be gotten from the following:

1. Blocking oil theft of 350,000 to 450,000 barrels per day will give us hundreds of billions

2. hundreds of billions lost to corruption from customs duties. You only need to visit any Nigeria port to know this.

3. Aggressive drive towards collecting all taxes accruable to FG as it is done in Lagos, am sure that will also give us hundreds of billions.

It might take a little while, but if there is a sincerity of purpose and a strong will to implement these social programs, it is very doable.

OAM4J:
I ordinarily didnt want to join this debate but since Obiagelli has opened a counter thread, I feel there is need to strengthen her argument.

Fact is, I believe in this old Bank-PHP statement that 'impossible is nothing' and the common saying 'where there is a will, there is a way'. I believe the likes of Dr. Fayemi and Prof Osinbajo who came up with the manifesto are not dullards and they probably have more access to true figures of things than many of us, and they have strong reasons to believe in the feasibility of these things before making it public.

That said, I know without raising new taxes or even doing anything new (and of course I expect them to bring in a lot of new innovations) I know the money expected for these social welfare program can be gotten from the following:

1. Blocking oil theft of 350,000 to 450,000 barrels per day will give us hundreds of billions

2. hundreds of billions lost to corruption from customs duties. You only need to visit any Nigeria port to know this.

3. Aggressive drive towards collecting all taxes accruable to FG as it is done in Lagos, am sure that will also give us hundreds of billions.

It might take a little while, but if there is a sincerity of purpose and a strong will to implement these social programs, it is very doable.

taharqa:

Reali??
So 450000bpd crude sales, notwithstanding the Cost of production and profit sharing be Nigeria and the Oil Companies and be the tiers of Govt, can generate hundreds of billions of dollars?? How deep in your Azzzzes do you guys have to go to generate this amazing figures sef??
And you too na MOD

kaboninc:


Am highlighting the 1st for now. I'll get back to the others later.

We do not actually 'loose 350,000 to 450,000 barrels per day'. See what happens: when there's a leak from a pipeline, the flow station is automatically shut to forestall further theft or environmental degradation.

So the number of barrels that 'should' have been pumped is stopped and so technically you've lost that 'day's shipment'. You've also lost the income that could have accrued to you.

So you see, it's not by 'theft'.

I'll get back to the others tomorrow.

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

taharqa:


Reali??

So 450000bpd crude sales, notwithstanding the Cost of production and profit sharing be Nigeria and the Oil Companies and be the tiers of Govt, can generate hundreds of billions of dollars?? How deep in your Azzzzes do you guys have to go to generate this amazing figures sef??

And you too na MOD

OAM4J:


Bro am not talking of loss due to pipeline vandalisation but loss due to oil theft. The figure I gave is the estimate, Madam Iweala gave.

MuguliciousMUGU:
Nonsense

go school, you won't go... You can see how buhari certificateless brain is affecting yours.

Just as they say, show me your friend and i will tell you who you are.

I rest my case.

We are watching the miracles...

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

kaboninc:


Discuss rationally with you?

Ok then...

What's your take on the opening post?

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.

OAM4J:




Bro am not talking of loss due to pipeline vandalisation but loss due to oil theft. The figure I gave is the estimate, Madam Iweala gave.

kaboninc:


Only if you know that there's no free meal even in Freetown!