Nigeria’s earnings from oil production and sales in the 27 months President Muhammadu Buhari has been in office is far less than what the previous government led by ex-president Goodluck Jonathan earned in one year, Daily Sun can authoritatively reveal.

Since the Buhari government came to power, oil price has been in the all-time low, to the extent that a barrel of oil once sold for $27. Previous oil price peaked at $120 per barrel once, during the Jonathan’s government.

According to figures from the Organisation of Oil Producing Exporting Countries (OPEC) on Nigeria’s oil earnings since 2010 till date, the Buhari government has raked in $58 billion since coming to office.

A breakdown of the oil revenue by the Buhari government showed that between June and December 2015, the government earned $16 billion. In 2016, the Buhari government earned $26 billion, while it has raked in $16 billion this year, between January and July. The statistics showed that the Jonathan government earned a total of $453.5 billion between 2010 and 2015.

A breakdown of the Jonathan government’s earning showed that $70.7 billion was earned in 2010, $100.1 billion in 2011 and $96.9 billion in 2012.

Also, the Jonathan government earned $86.9 billion in 2013, $77.9 billion in 2014 and $21 billion between January and May 2015.

Meanwhile, the Buhari government has received kudos from the European Union (EU) and the United States government over its prudence in managing scarce resources.

According to EU officials, who pleaded anonymity, the Buhari government has shown responsibility in managing funds, in the face of low revenue.

The official said it was commendable that even when Nigeria’s revenue has nose-dived, the Buhari government has been able to meet its obligations.

“The EU is impressed that the Nigerian government has been afloat despite the drop in oil earning. From what we gathered, the government has been meeting its obligations. This is commendable,” he said.

When reminded that the Federal Government had borrowed to finance the budget, he said this was acceptable, as no country would survive without borrowing. He said as long as there was conscious effort to fight corruption, whatever money borrowed will be used for the purpose it was meant.

“There is no problem about borrowing, as long as the money is used for the stated purpose. We have seen this in Nigeria under the current government. This is good development,” the EU official said.

On the part of the United States, the country’s official said the Nigerian government had shown fiscal responsibility.

According to a top US official, who would not want to be mentioned, for a government that is not earning much money to be running shows the ingenuity in economic management.

He said that the Buhari government has shown determination to ensure that government revenue was not frittered away by corrupt officials, adding: “This is the greatest plus for the Nigerian government.”

The US officials said if the Buhari government could keep afloat in economic distress, it means that the government would do more for the country if the economic were buoyant.

In another development, the Presidency has said that the President Buhari administration was handed an economy ravaged by years of mismanagement and corruption.

In a statement, Malam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, while reacting to statements credited to former president Jonathan and Senator Ahmed Makarfi, the Caretaker Chairman of the Peoples Democratic Party (PDP), said: “Under the previous administration, there was money but now things are very hard.”

The presidential aide added: “It is understandable that Dr. Jonathan kept his comments short, because a cursory look at any sector clearly indicated that he and his government presided over the most monumental and tragic economic mismanagement recorded in our national history.

“The oil sector boomed under his tenure, with oil prices as high as 120 dollars and peace in the Nigeria Delta. Nigeria earned unprecedented dollar revenues. Sadly, that is where the story turns sour.

“There is nothing to show for the revenues earned; no major capital project was completed, neither power generation, road development, rail nor agriculture benefited from the windfall earnings.

“Rather, the administration presided over the diversion of oil revenues on such a massive scale that even without the protection now accorded to Whistle blowers, the then Central Bank Governor blew not only a whistle but a trumpet.”

Highlighting the atrocities perpetrated under Jonathan’s government, Shehu said: “Indeed the president once celebrated having the largest number of private jets, whilst our youths languished without jobs, our fields stood idle and our factories began the layoff of workers.

“Government simply reticulated oil revenue through personal spending by corrupt leaders, wasteful expenses and salaries. This was done rather than investing in what would grow the economy. Economies grow due to capital investment in assets like seaports, airports, power plants, railways, roads and housing.”

He lamented that Nigeria could not record a single major infrastructural project in the last 10 years, saying, “in short the money was mismanaged. Shehu said President Buhari’s administration was left with the task of facing serious economic challenges from the oil majors, which included the demand for six billion dollars owed by Nigeria for oil that had already been sold or stolen.

He said it was only aggressive borrowing by the Ministry of Finance, under Dr. Ngozi Okonjo-Iweala, that prevented Federal Government from also owing salaries.

“The economic wisdom of borrowing to pay recurrent bills is a questionable one, particularly as those paid would have included over 45,000 that have subsequently been removed by the Buhari led administration as ghost workers.

“It also included the lavish costs of chartering private jets, first class travel and other wasteful acts that have been eliminated under this administration. To compound the problem, the government was borrowing heavily and owed contractors and international oil companies.”

On what the Buhari government is doing, Shehu said it had also increased spending on capital projects, especially on infrastructure needed to make Nigerian businesses competitive and create jobs. He said government had blocked the leakages that allowed its revenues to be siphoned into private hands while focusing on other key sectors that could create jobs and or generate revenue such as agriculture, solid minerals and manufacturing.

According to him, if these things had been done when the oil price was as high as 120 dollars per barrel, Nigeria will not be in the current predicament.

“We would not be suffering now if we had no cash reserves but we had power, or a rail system, or good roads, or good housing. But we don’t have money and we don’t have the projects either’” he said.

http://sunnewsonline.com/buhari-earns-58bn-in-27-months-to-jonathans-454bn-in-6-years/

Gej was lucky he had a lot of money to work but messed up

Gej failed God and Humanity

Both of them are specialist in 'Failure'

lokito:
Both of them are specialist in 'Failure'

PMB is not a failure, GEJ is not only a failure but a huge disaster.
GEJ left 26 states totally broke, several states were owing their workers up to 11months and so far,PMB thru his bail out funds, have saved those state workers. I hope u pple won't call dis one APC propaganda
GEJ designed Sure-P abi na Sure-loot which failed woefully but with PMB N-power program some of my friends now have something doing. abi dis one na propaganda
GEJ for 6yrs cud not fix any of d three refineries but Kachukwu is working so hard to put those refineries in gud shape b4 2019 and even assisting dangote to build a new one. Una wan call am propaganda
Roads/Power/Health/major infrastructures were left in a bad state by GEJ but today Fashola is trying hard to fix those capital projects, d many problems in those sectors is giving Fashola sleepless nites.
What about Niger Delta were GEJ came from, u all heard him accepting dat he did nothing for his region during 2015 campaign election despite 6yrs of being in power. Propaganda pple dem he said dat one wit his own mouth .
PMB took a bold step despite d pains it caused d nation to ban d land importation of rice and today states/individuals are now into rice farming. The price of rice is gradually crashing, Thailand and China are now feeling d brunt, so many of their ware houses are being shut cos we are now importing less and saving our forex/money. At least u wailers can confirm dis one.
GEJ gave terrible waivers to many of his PDP/foreign friends causing us to loss gud forex dat wud have been further used to improve/build new infrastructures.
What about d education sector, he established 11 poorly equiped universities, adding more problems to d already dying ones dat in dear need of funds.
Did GEJ save? Naaaah he has one stupid excuse dat governors did not allow him to save but OBJ despite having d Ibori's, d Alameseiya's, d Attahs, Duke n other strong men on his neck was able to save upto 40B dols. Abi dis one na APC propaganda again
The annoying part is dat So much monies came into dis country during his time as a result of oil boom and he watched his gang of looters steal massively. He even defended dem wit d statement "Stealing is not corruption". Even on Saturday GEJ shamelessly said he allowed loopholes for pple to steal, I spit on him...
PMB is trying his best even @ dis challenging period wit oil price below 50dollars. I pray God grants him a speedy recovery to come back home.
To my fellow Patriots GEJ's Pigs n Idiots are always online to support him, der is hunger in d land caused by their "Hero". Hunger in d land has made their sense of reasoning gone so low, let's us all bear with dem . Shameless people.

In the face of this clear facts staring us in the face, you will still see them acting their names, foolish pigs.

You people must have known by now that once you attack Jonathan he will reply back with facts and proofs, I've noticed that the media is attacking Jonathan of recent, it's a calculated attack, accusations here and there, let us learn.

The people can't be deceived anymore.

Gej wasn't an iconic president fine but buhari is a terror to the poor masses

abeg i need boska to cool my head because those figure makes my head ache. are these figures real and typo-errors?

MyNewJackeT:
You people must have known by now that once you attack Jonathan he will reply back with facts and proofs, I've noticed that the media is attacking Jonathan of recent, it's a calculated attack, accusations here and there, let us learn.

The people can't be deceived anymore.

Can you give us another figure to counter OP?

[s]

sarrki:
Gej was lucky he had a lot of money to work but messed up

Gej failed God and Humanity

[/s]
U ARE NOT TRUTHFUL TO EVEN YOURSELF. A MASSIVE SHOCK IS ABOUT TO SWALLOW YOU ZOMBIES SOON. JUST WATCH OUT

[quote author=swiz123 post=59486503]Gej wasn't an iconic president fine but buhari is a terror to the poor masses[/quote
I share your point bro.

adem30:


Can you give us another figure to counter OP?

Squeezing water out of a dry stone is easier than getting a counter figure from them.

The only thing you will read on this thread are some illogical reasonings common among illiterates, just watch out.

Nigeria is in recession under PMB while Nigeria is not under GEJ, thats the difference. Buhari earn higher in 1985 but still put us in recession. Stop defending cluelessness. Buhari has always been a failure

sarrki:
Gej was lucky he had a lot of money to work but messed up

Gej failed God and Humanity

Shut your mouth..... you refused to say anything about the topic.......

GreatSE:


Shut your mouth..... you refused to say anything about the topic.......

So the topic showed that Gej is a hero shay ?

Abeg swerve

adem30:


Can you give us another figure to counter OP?

I'm not the OP.

EU officials pleading anonymity, it is well o.

Is that why Buhari has spent over 12 trillion naira with only Daura helipad and Fulani terrorists to show for it ? Or is that why he's a sectional president ? At least we all know who the real ineffectual buffoon is.

PS, your changi govt wants to ban phone in programs on TV and Radio because many zombiés have had their brains reformatted and are openly crying out about the presidiots maladministration. KAI BABA !!!

What an unlucky country.

AS YOU PLAN ALL, ALSO PLAN FOR ETERNITY
www.nairaland.com/3560501/holineness-righteousness-revival-daily-messages/6#59488101

APC Liars and propagandist are at it again.

caleb404:
Who caused the Niger delta avengers to begin bombing oil installations?

Who demarketed the economy by calling us criminals?

When GEJ engaged the stakeholders in Niger delta to ensure peace, who came in and started forming James bond... disengaged the local surveillance.... and now 're engaging them?

Who brought about the prominence of Nnamdi Kanu?

By the time we start looking at 'Cause and Effect' you'll see all the answers there. For now, Buhari made his bed.. let him lie on it. All these comparisons are at best useless.

You dey mind those propagandist. Always repeating the same lies and propaganda to hide the incompetence of Buhari the vegetable, as if it was GEJ that caused recession in 1984.

APC there will be no excuse come 2019. No benefit of a doubt, I in particular do not intend seeing a mentally retarded being wait another 6month before appointing ministers so to hell with APC if you can perform now.

adem30:

Can you give us another figure to counter OP?

there is another thread that gave a totally conflicting revenue from that of op!

kinibigdeal:
Nigeria is in recession under PMB while Nigeria is not under GEJ, thats the difference. Buhari earn higher in 1985 but still put us in recession. Stop defending cluelessness. Buhari has always been a failure

Does that mean u are justifying GEJ to be a prudent spender?

The biggest mistake PMB is to surround himself with "sai baba chanters" who practically could not help the president make sound economics decisions but engage in propaganda against Nigeria as an entity to thinking that they were attacking GEJ

wristbangle:

Does that mean u are justifying GEJ to be prudent spender?

are you saying that PMB decisions concerning the economy had a positive impact?

agbangam:


PMB is not a failure, GEJ is not only a failure but a huge disaster.
GEJ left 26 states totally broke, owing their state workers and so far,PMB thru his bail out funds, have saved those state workers.
GEJ designed Sure-P abi na Sure-loot which failed woefully but with PMB N-power program some of my friends have something doing rite now.
GEJ for 6yrs cud not fix any of d three refineries but Kachukwu is working so hard to put those refineries in gud shape b4 2019 and even assisting dangote to build a new one.
Roads/Power/Health/major infrastructures were left in a bad state by GEJ but today Fashola is trying hard to fix those capital projects.
What about Niger Delta were GEJ came from, u all heard him accepting dat he did nothing for his region during 2015 campaign election.
PMB took a bold step despite d pains it caused d nation to ban d land importation of rice and today states/individuals are now into rice farming. The price of rice is gradually crashing, Thailand and China are now feeling d brunt cos we are now importing less and we are saving money. GEJ gave terrible waivers causing us to loose gud forex dat wud have been used to improve our infrastructures.
The annoying part is dat So much monies came into dis country during his time and he watched his gang of looters steal massively. He even defended dem wit d statement "Stealing is not corruption". His Pigs n Idiots are always der to support him, shameless people.

gej was even borrowing to pay civil servants salaries.... they really finished ds country

baralatie:

are you saying that PMB decisions concerning the economy had a positive impact?

So far, not yet

Now can u answer my question

wristbangle:

So far, not yet
Now can u answer my question

so far?.....Not yet? meaning that you accusing PMB of not being prudent in the management of funds?