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.

Read more at: http://www.vanguardngr.com/2016/08/jonathan-nigeria-earned-n51trillion-crude-oil/

Under Jonathan I was earning approximately 20k as a month as a Youth corp member while people a year before me earned only N9000, where did the extra money come from?

Under Jonathan, minimum wage for federal workers was increases from 7000 to 18000, where did the extra money come from?

Under Jonathan the FG was paying billions of naira monthly to subsidized petroleum products whose prices kept rising as the price of crude oil rose. A subsidy he tried to remove but was vehemently resisted by the citizens.

Under Jonathan more than 20 power stations costing billions of dollars were completed and made operational. These included the ones Obasanjo left at less than 10 percent completion after 8 years.

Under Jonathan old and dilapidated railways were brought back to life (PH Enugu) and brand new standard guage ones (Abuja kaduna ) were also built. These cost billions of dollars to build.

Under Jonathan, perennial death traps like east west road and Benin Ore road were rebuilt, east west road alone included the construction of several bridges, these cost billions of dollars.

Under Jonthan, 9 new Federal universities were built, OBJ built none.

Under Jonathan some university lecturers began earning like oil company workers. This was done to end the incessant strikes. Where did the money come from?

Under Jonathan, billions of naira was injected into the amnesty program (initiated by Yaradua). This was done to ensure uninhibited flow of oil.

hmmmmm.

We can all see that he was paying subsidy for invisible petroleum products through our competent world Bank clerk.

1 How come consumption dropped by a staggering 1/3 before Buhari even removed subsidy ?
Did Jonathan not partially remove subsidy?
What happened to the money saved from the removal?
Wait, he expanded his corruption to consume those savings.
The best thing occupy did was to resist legally handing a criminal government more money to steal and waste.

2 Out of $500 billion earned, a road which could have been repaired for less than $1 billion ( the entire length from Port Harcourt) is all you have to flaunt.

3 Obasanjo built no universities . Maybe obasanjo has more sense and knows that the already stretched federal government should not go too deep into tertiary education beyond funding research.
Perhaps, the 15 solid private universities in ogun state alone who offer superior products than Jonathan's rubbish,are indication of superior intelligence and policy
Obasanjo did not build globacom or MTN either. But you have a mobile phone to type this rubbish.

4 The certificates from those mushroom and glorified secondary schools will go straight to the bin of the human resources departments of serious employers that I know.


Jonathan is not fit to clean obasanjo's toe nails.
Since Nigeria was created, the only president who has contributed anything better than or equal to obasanjo, whether policy wise or physical infrastructure was Murtala Muhammed.
Only the two of them handed over a country in good shape and health. Buhari also left the country in better fiscal shape than when he overthrew Shagari but his 9 month wax too short.

onnenka:
Under Jonathan I was earning approximately 20k as a month as a Youth corp member while people a year before me earned only N9000, where did the extra money come from?

Under Jonathan, minimum wage for federal workers was increases from 7000 to 18000, where did the extra money come from?

Under Jonathan the FG was paying billions of naira monthly to subsidized petroleum products whose prices kept rising as the price of crude oil rose. A subsidy he tried to remove but was vehemently resisted by the citizens.

Under Jonathan more than 20 power stations costing billions of dollars were completed and made operational. These included the ones Obasanjo left at less than 10 percent completion after 8 years.

Under Jonathan old and dilapidated railways were brought back to life (PH Enugu) and brand new standard guage ones (Abuja kaduna ) were also built. These cost billions of dollars to build.

Under Jonathan, perennial death traps like east west road and Benin Ore road were rebuilt, east west road alone included the construction of several bridges, these cost billions of dollars.

Under Jonthan, 9 new Federal universities were built, OBJ built none.

Under Jonathan some university lecturers began earning like oil company workers. This was done to end the incessant strikes. Where did the money come from?

Under Jonathan, billions of naira was injected into the amnesty program (initiated by Yaradua). This was done to ensure uninhibited flow of oil.

Oga 90% of what u listed there was already captured in the budget. Of 4trn or the supplementary budget which. Is not up to a trillion naira.

If Obj could save $42b when oil was btw 22-$38 per barrel yaradua left the highest foreign reserve in the history of nigeria $63b after his death and crude oil was between rangeof 45 -$80 per barrel gej complete yaradua tenures and his first term supervising oil boom range between 100-$120 not until. December 3 months to 2015 election oil price begin to crash in the market.
He didnot add to foreign. Reserve instead it reduced. To $38b what about the billion of dollars from Non oil revenue where did it go to.??from what flimzy excuse do u have again.?
If Gej start. Borrowing to pay salary when oil was at $74 per barrel what will Happen to Nigeria now that barrel of oil is between $28 to $40