omonnakoda:
Well oil @ 2.2 million barrels a dayX 365 X $40( a barrel) = $32 billion

989900:


minus expenses and partners share . . . somethings are just not right with Nigeria (if we are receiving this much forex via remittances, minus the raw forex being brought in personally, how do you convince me oil prices is almost solely responsible for the Naira's woes?).

omonnakoda:



Based on 2million barrels a day @ $38 X365 X($1: 300 naira)

Then oil revenue for the entire nation = $27,74 billion.

Now it would be nice IF we got all that $28 billion but life is never that simple. Oil is a business and it costs a lot of money to bring it out of the ground ,to find it in the First place and then to pay salaries and all those other benefits and pensions oil worker get so how much of that $28 billion is Profit? and how much of that Profit goes to the oil companies? Nigeria will be very lucky to see $20 billion of that money which I very much doubt. Of that $20 billion the FG will get 52% and has CASH CALL obligations to the oil business which they consistently fail to meet .Those who know the industry know what I am talking about.

So we are talking about Nigeria a $500 billion economy and we can see the contribution of oil to that, FACTS AND FIGURES do not lie we need to fully put the contribution of oil into perspective

fittty:

Toeyoursea:
I doubt if it will change anytime soon. For example, the bank rate at GTB is 199 as i speak and 259 in the parallel market

Activa:
Where are the people saying they will shut down Nigeria by going to the creeks?

Remittances even give us more forex than oil.

omonnakoda:
I have already answered that please try and understand it is not a complex matter. This is not about accounts but GDP they are different issues entirely. One is about a profit and Loss account while the other is economic output. This is Economics/Financial accounting 101. Those people remitting money to Nigeria have costs as well and money is for ever flowing . This issue is about Net economic output not the government accounts

Ishopbest:
If remittance is this high, why the complain about our forex bla bla

erico2k2:

Try and understand remittance means the likes of me sending my parents money for to sort their lives out.the govt gains nothing from money people in diaspora send home to their love ones not even tax.so what's ur point?na by force to comment??

espionagesavvy:
Nobody don send me anything. All these my wicked uncle abroad, send me my own share of foreign remittances..

ifdaeg:
Liers. the money our politicians are remitting into their foreign accounts and spending on holidays abroad nobody is writing abouti
it. the world is a global village with enormous biz transactions taking place especialy as it concerns africa and their craze for flamboyant celebration.

Activa:


The govt gains nothing from remittance?

Yet you were defining remittance. Stop exposing your ignorance.

What i said was in terms of forex supply to the country.

omonnakoda:
Expenses and partners share are not relevant in this context I already answered that and indeed touched on that in a different context only yesterday.In that context it was relevant ie The government accounts. In this context it is not.
The remittances are not being remitted to government but into the economy ditto for the oil revenue.

Activa:


We're talking about forex inflow into Nigeria.
Leave the issue of costs out of it for now.

Let's talk about gross. What you calculated does not accrue to Nigeria. Yes or no?

And stop sounding so smug.

989900:


Well, it will depend on when deductions are made.

erico2k2:

Not correct. How many people from your street have relatives abroad? My street has 11 yard 7 of these yards ha e people abroad

Tolexander:
E be like say na the Yahoo guys increase our rank.

Activa:
Where are the people saying they will shut down Nigeria by going to the creeks?

Remittances even give us more forex than oil.

omonnakoda:
Sorry sir you are focussing on Account whilst my point was about GDP they are different issues . When $800 miilion Abacha money ends up in Swiss banks it is still part of NIGERIAN GDP
Those remittances which enter Nigeria are still part of UK and US GDP . That was my point this is nothing to do with accounting but ECONOMIC OUTPUT. Might I respectfully suggest you Google the phrase

erico2k2:

Stop exposing ur ignorance tell me how the govt gains wen I go to the money transfer agent in my high street to send £1000.?The agent charges me £30 as transfer fees.I fill in my first bank account t details and the money is in my Nigerian first bank account in 10 mins at rate of 370.that's what I did today.I remitted £1000. From my high street in the UK to my first bank account. Do U understand now
Don't jump into conclusion when U got no clue of the subet ask question

Sgwash:

shebi u can see How shallow ur reasoning can be?

Babprosper20:
whr d money dem enter? yahoo boys

TedBaker:
Na evrytin una get d statistis for. Nawa ooo. Una no go kill pesin f dis nairaland oo