Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,193,928 members, 7,952,736 topics. Date: Wednesday, 18 September 2024 at 10:35 PM |
Nairaland Forum / Nairaland / General / Politics / Under Jonathan, Nigeria Earned N51trillion From Crude Oil (8724 Views)
Reactions To Fuel Scarcity Under Jonathan (Photos) / Nigeria Realises N118tn In 53 Years From Crude Oil – NBS / Under Jonathan, Dora Akunyili Was Forced To Work While Dying- Lauretta Onochie (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
Under Jonathan, Nigeria Earned N51trillion From Crude Oil by ABDamola(m): 7:48pm On Aug 14, 2016 |
The Nigerian state, during the five-year Presidency of Goodluck Ebele Jonathan, earned a total of N51 trillion from petroleum resources. The money is part of the N96.212trillion the country earned in 58years of crude oil sales. Of this princely sum, which accounts for about 80 per cent of the country’s revenue, only N12.258 trillion (just about 14% of total) has been paid to the oil producing areas as derivation. The figure is N35.848 trillion less than the N48.106 trillion the oil-bearing regions should have received as derivation if 50 per cent derivation had not been jettisoned few years after crude oil became the chief revenue earner for Nigeria. The figures are the outcome of research by Sunday Vanguard, relying on documents from the Petroleum Inspectorate, NNPC, CBN Annual Report and Statement of Account, Nigeria Bureau of Statistics and the Nigeria Extractive Industry Transparency Initiative, NEITI. In the face of biting contemporary economic realities Nigerians are contending with, there is a consensus that the different tiers of government – federal, state and local government councils – have indeed squandered the nation’s earnings. Even the modest attempts at saving for the rainy day with the creation of, first, the Excess Crude Account, ECA -which suffered mismanagement occasioned by under-hand spending by the Federal Government that was supposed to hold the funds in trust – and, thereafter, the controversial and ineffectual Sovereign Wealth Fund, SWF – which became a subject of litigation and high-wire politicking between the Federal Government and the leadership of the Nigeria Governors’ Forum, NGF – suffered from the typically Nigerian insincere approach to economic management. A breakdown of the earnings shows that between 1958 and 2007 (CBN Annual Report and Statement of Account, 2008), Nigeria earned N29.8 trillion from petroleum resources. And between 2008 and June 2016, the country generated N66.412 trillion. Between 1958 and 1966, Nigeria earned N140 million from crude oil; 1967 to 1975, the General Yakubu Gowon got about N11.03 billion; while the late General Murtala Mohammed/ Olusegun Obasanjo military regime scooped about N25 billion from 1975-1979. In like manner, the civilian administration of President Shehu Shagari earned N36 billion oil money; Buhari, in his first coming as military head of state (1984-85), earned about N25 billion; General Ibrahim Badamasi Babangida, 1985 to 1993, N420 billion; the Ernest Shonekan/Abacha regime (1993-1998), N1.6 trillion; and General Abdulsalami Abubakar regime (1998-1999), N350 billion. With the return to civil rule, Nigeria, under President Obasanjo realised about N27 trillion from crude oil between May 1999 and May 2007. His successor, Umaru Yar’ Adua, reaped about N9 trillion in his almost three-year rule before he passed on. The luckiest of the leaders is former President Goodluck Jonathan, whose administration in five years, between 2010 and 2015, earned about N51 trillion from petroleum resources. Since he came to power on May 29, 2015, the President Buhari administration has been able to earn just about N6 trillion from crude. However, the huge earnings, since 1958, arguably, have translated to little or no improvement on the welfare of the citizenry, especially the people of the oil-producing areas, whose environment – land, water and air, has been adversely contaminated and, in many cases, devastated and polluted. DETAILS OF EARNINGS AND IMPACT OF EXPLORATION NEXT WEEK Source: http://www.vanguardngr.com/2016/08/jonathan-nigeria-earned-n51trillion-crude-oil/
|
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by mars123(m): 7:51pm On Aug 14, 2016 |
Yet they expect Buhari to change Nigeria already with #6tr when Jonathan couldn't do anything with #50trn. He couldn't even save for a better president to come and spend wisely...well, you no fit follow blind man dey argue color of sky 38 Likes 2 Shares |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by ba7man(m): 7:55pm On Aug 14, 2016 |
Can we all see that GEJ's administration remains the biggest curse Nigeria has ever witnessed. With all the money he earned, look at the crumbs he was able to deliver as his achievements compared to how much he earned. And his praise singers will say "The northerners and southwesterners have finished Nigeria". 42 Likes 3 Shares |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by madridguy(m): 7:55pm On Aug 14, 2016 |
See money. |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by mastermaestro(m): 7:56pm On Aug 14, 2016 |
Anything about Jonathan will always attract sugar ants from their mud holes. At least there is something to keep the sugar ants busy and deluded for another 7 days. 17 Likes 4 Shares
|
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by kbams241: 7:56pm On Aug 14, 2016 |
K |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by GudluckIBB(m): 7:57pm On Aug 14, 2016 |
Thank God vanguard is a wailer and Niger Delta Newspaper so this report is certified 100% true, accurate and without any form of ambiguity! 32 Likes 4 Shares |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by ba7man(m): 7:57pm On Aug 14, 2016 |
mars123:You no hear say people dey buy $50 million private jets anyhow under GEJ wey some people no go see where to park their jets? Na just jet be that ooo. 21 Likes |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by dondo83(m): 7:58pm On Aug 14, 2016 |
when one single president got 51trillion from 96trillion and we have noting to show for it. if only the last administration spent 10trillion genuinely on infrastructure and stole the rest , We wont be in the mess we are, but who I'm to complain? some people still claim they miss gej's administration (imagine) 37 Likes 3 Shares |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by LoveMachine(m): 7:59pm On Aug 14, 2016 |
That's hard to stomach. Punishment and get back will come in due time. 7 Likes |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by KINGwax007(m): 8:03pm On Aug 14, 2016 |
That GEJ na curse. Na during his time division start to dey stronger both ethnically and religiously. Worst, money wey disappear during his time fit be out budget for three yrs! 25 Likes 1 Share |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by ABDamola(m): 8:08pm On Aug 14, 2016 |
cc: lalasticala |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by ba7man(m): 8:08pm On Aug 14, 2016 |
mastermaestro:Funny enough, you're the zombie in the bottle. The bottle is open but you refuse to climb out. 34 Likes 1 Share |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by dondo83(m): 8:10pm On Aug 14, 2016 |
KINGwax007: 3years ? 51trillion will conveniently fund the budget for 8years 20 Likes |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by Pidggin(f): 8:13pm On Aug 14, 2016 |
And how much was GEJ using to subsidize the fuel you ingrates were buying for N87 or the Kerosene you were buying for N100? Now you are paying N145 with possible increase any time from now. With endless tax even right down to your bank transactions all going into this govt pocket with no accountability 12 Likes 3 Shares |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by vedaxcool(m): 8:13pm On Aug 14, 2016 |
God punish looters and their supporters wailing zombies 10 Likes |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by oyinkinola: 8:17pm On Aug 14, 2016 |
vedaxcool:..Amen in the nation's name! 6 Likes 1 Share |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by mastermaestro(m): 8:21pm On Aug 14, 2016 |
ba7man: 2 Likes
|
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by vedaxcool(m): 8:23pm On Aug 14, 2016 |
[s] Pidggin:[/s] Shattap lying in the service of thieves. You for kukuma talk say gej used the hole 51trillion to subsidize fuel..nonesense speaking as if he was using his own money 36 Likes |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by eejo(m): 8:25pm On Aug 14, 2016 |
that fund includes states and local government and Gej increase minimum wage, several gas turbine, road construction, funding of schools, war on boko haram, fund injection to nolly wood and many more GOD bless Gej 6 Likes 4 Shares |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by mastermaestro(m): 8:27pm On Aug 14, 2016 |
Pidggin: Why are you beating yourself over nothing? Gej ran a welfarist government without blowing his trumpet but many couldn't discern. Just let them consume themselves with hate for the best Nigerian president many of them will probably witness in their lifetime. 5 Likes 4 Shares |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by Pidggin(f): 8:27pm On Aug 14, 2016 |
vedaxcool:[s][/s] Was fuel subsidized during GEJ's era or not? 8 Likes 2 Shares |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by vedaxcool(m): 8:28pm On Aug 14, 2016 |
dondo83: They are called wailing zombies. ..brainless fools who would happily celebrate gej shiitting on their heads just to spite PMB. 11 Likes 1 Share |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by mastermaestro(m): 8:31pm On Aug 14, 2016 |
eejo: They won't see all that you outlined. Leave them alone. Gej did his best for a people so used to dictatorial democracy, hence they couldn't appreciate. 6 Likes 3 Shares |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by NgeneUkwenu(f): 8:38pm On Aug 14, 2016 |
May God Punish Jonathan Wherever He Is! 25 Likes 3 Shares |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by Jay542(m): 8:42pm On Aug 14, 2016 |
Pidggin: How much did he use to subsidize it.? Biko tell us. 8 Likes |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by vedaxcool(m): 8:42pm On Aug 14, 2016 |
Pidggin: Was fuel subsidized during GEJ's era or not?[/s] with 51trillion? please save your lies for the next ipoop gathering. GEJ received the most and saved the least. God would surely judge him and those who joined in the misgovernace of Nigeria. 19 Likes |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by Yyeske(m): 8:44pm On Aug 14, 2016 |
GEJ remains a fool and a hero to the wailers, thank God he was pushed out 14 Likes |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by Jay542(m): 8:44pm On Aug 14, 2016 |
NgeneUkwenu:Keep calm God punishment is small small 2 Likes |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by sammyj: 8:48pm On Aug 14, 2016 |
And the biggest crook President Nigeria ever had is G..........Just! !!! 1 Like |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by bskyb(m): 8:50pm On Aug 14, 2016 |
Pidggin: Budget during GEJs tenure was an average of about 4 trillion, including provision for subsidy. It follows that about 20 trillion naira was budgeted and spent during that period. How can we account for the difference between earnings and spendings. We shouldn't forget to add the monies borrowed to finance budgets as well. As much as it may be difficult to accept, perhaps sanusi was right about the missing money 23 Likes 3 Shares |
Re: Under Jonathan, Nigeria Earned N51trillion From Crude Oil by Pidggin(f): 8:51pm On Aug 14, 2016 |
vedaxcool: Please try and think a bit your brain cannot be for fancy na. Was there ever a time when our budget in a year during Jonathan's time exceed 5 trillion? If you check the total budget during the five years he spent in office it is no where near 51trillion na haba? Even America is not this rich na, think. Till today we are still recovering Abacha loot, has any amount been traced to any foreign account linking GEJ? Why hasn't Sahara Reporters exposed the number of mansions he acquired while in office or the exotic cars he acquired? Think Think Think! 6 Likes 3 Shares |
New Rivers APC Chairman, Ojukaye Has Violent Tendencies – PDP Chieftain / FEC Approves N970.2m For Nigeria Customs Barracks Construction / Obaseki: Election Losers Exploiting Herders/Farmers Crisis In Edo
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 37 |