Can someone please answer this simple question.

How much does Nigeria make daily from petroleum? .
What happened to the billions swiss banks released to Nigeria?

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 greenback dollars ever day.  The un-official crude oil transactions that occur under the cover of darkness and secrecy would be anybody's guess, as would be the portion of official earnings that actually reaches the country's treasury or foreign reserves.

now 120 million daily on petroleum alone , how many countries around the world earn that. Infact in the whole sub-african region including South Africa from petroleum alone. Lets face it Nigeria has issues.

what is the population. lets say we are 120 million in population, that gives us 1 million dollars each daily!!.. lets face it.

DAMN and the question is why are we still poor and WHY? is it bcs all the Northerners LIKE ALHAJI ALHAJI, UMARU DIKKO, and the IBB COMRADE stole more than they can handle? if we as a country makes that kind of revenue, we should be seating on wealth.
Look at the United Arab Emirate, DUBAI. I am not a muslim but was in transit through this place. that is a beautiful country. the produce oil like we do, but that is the best place I have ever seen in my life http://www.uae.org.ae/general/index.htm

Kazey: lets say we are 120 million in population, that gives us 1 million dollars each daily!!.. lets face it.

You must inhabit a higher realm of mathematics than the one I'm familiar with to arrive at that figure.

my bad , maybe out of excitement i just bulldoze it with heavy numbers?

We produce around 2-2.3 million barrels of oil per day. The price in the media at any time is that for brent crude...for instance... which is a light crude that is easy to refine. Nigeria's Bonny light is almost the same quality with the brent.
This changes for every export cargo (ship) depending on a factor called the API INDEX. So in reality, every exported crude is different form the one before or after.

So, typically Bonny light or Forcados blend etc as the different crude produced in NIgeria are called have different prices of Brent price minus 2 or 3 dollars.

Also, for every barrel, there is a cost pf production and a minimal profit margin for the producing company.

So the mathematics has to be done again as the amount stated 120million is totally untrue and does not reflect realities. It sounds like a figure that the Federal Revenue and Fiscal Mobilisation Agency can spue out.

On the other hand, there is an annual investmest of about 4bn dollars (minimum) annually in the production of the crude.

Ogami Owo Tutu, the figure of 120 million dollars is an approximation based on prevailing world market prices of crude oil. That estimate may not be precise to the nearest dollar, but is a good enough figure for the sake of our laymens' arguments here. Even if 10 million dollars is shaved off the figure of 120 mill to account for fluctuations in the quality and quantity of daily crude oil shipments, Nigeria's daily oil export income is BIG money by any yard-stick, and the question being asked here is whether the average Nigerian citizen benefits in a tangible way from that cash-flow.

As an oil industry insider, what is your response to that question, number crunching aside?

Typically Nigeria makes , at most, about $80 million per day from crude... at the current market price...

Does this money get to the average Nigerian?... You know better.
In our system, he who pays the piper must not dictate the tune.... he should be killed.

Nigerians, without which there is no country, and from whom the Government derives its, legitimacy, existence and finance have been and are still being used as footmats by its rulers.

We all keep quiet at our own peril.

i cant quantify the amount but i know that if our leaders start to utilize the proceeds judiciously and equitably from today, before the turn of 2007, nigeria would be positioned on the road to becoming the first african superpower. obasanjo is a corrupt leader. if he were not, he would be able to curtail corrupion and looting of public treasury. i pray that God would not allow the oil to dry up; only then will we hear pem...! i would like to post a topic on the home page but dont know how to go about it, could anyone help out? cheers

Esiayo, let us not be too hasty in calling Obasanjo a corrupt leader.  It is, after all, under his regime that the EFCC was created and is now identifying corrupt governors, the first of whom is currently an unwilling guest of Her Majesty's penal system in the UK.   Nobody that high up in the Nigerian government has ever been indicted for financial crimes in Nigeria's history, and the fight continues.

Given the chance, I often wonder how much could hypothetically be accomplished in the fight against corruption by us armchair warriors who have never held public office.  Obasanjo can only oversee the creation of corruption watchdogs like the EFCC and NAFDAC, as it would be physically impossible for Baba to personally lead helicopter assaults on oil-smuggling barges in the Niger Delta, or to locate and impound the London homes of those who actively bleed the country's wealth into private accounts.

President Obasanjo may not be battling corruption as effectively as we would like, but he is certainly doing far more in practical terms than all of his predecessors combined.  My concern is that the rot has gone so deep that even the best intentioned corrective measures will ultimately be rendered ineffectual by the sheer scale of thievery that has taken root in Nigeria's 4 decades since independence.

the country is still poor because the 1% of the population that is rich uses 99% of the income and the 99% poor use 1% of the income

monister

Approximating the 99% of nigerians as 120 million people and the 1% of income as 1.2 million USD, each of those nigerians would get $0.10 USD = 13 NGN. Thats not even enough to buy a tin of peak milk!

This is very interesting question

you guys are surprising me, the amount produced is not the same as earning,the earnings you get is just the taxes on the amount produced which realistically and on a highly optimistic side will be about 30% of that figure if its true