Note: calculation are done before the covid 19 pandemic issues.

Going by reports, Nigeria relies heavily on oil as its major source of income with oil producing atleast 70% of the countries income.



Below is the mathematical analysis of the country's income

Nigeria produces an average of 2.5million barrel of crude oil daily @ $65 per barrel

Now let's do the maths

2,500,000*$65 = $162,500,000

Nigeria has a population of 180million
Meaning

$163,500,000÷180,000,000 = $0.903 approximately.

Multiply that by the exchange rate of #360

360*0.903= 325per head.

Multiply that figure by 30days we have in a month.

#335*30 = #9750

Now let's assume oil generates 50% of our income which for sure is more than.

We get 9750*2 = 19,500

19, 500 per individual is what we make monthly

Now how you work to make your money is sourounded by this mathematics.
If your earning slightly higher than that somebody is slightly earning lesser.
If your earning much higher, somebody is earning much lesser. Overall the average wealth of the Nation is too poor.

Meaning we have an under-productive population.

Saudi with a population of less than 40million produces over 10million barrel of oil per day. (More funds, less liability).

Conclusion: corruption is a major economic issue in Nigeria but underproductivity is a bigger challenge..

Forget it, with or without corruption, Nigeria is not a rich country.

Illiterates were even saying the COVID 19 donation can be shared to Nigerians at 1million per Nigerian.

Illiteracy is a serious problem.

100 Billion for 200 million Nigerians equals N500 per Nigerian.

Thanks for this. Corruption worsens Nigeria's poverty, but it's not the cause. We are an unproductive country with a very large population.

Nigeria is not rich neither is she poor

ENG0701:
Thanks for this. Corruption worsens Nigeria's poverty, but it's not the cause. We are an unproductive country with a very large population.

Exactly. Corruption actually worsens it, but generally, Nigeria is not a rich country.

oluwadabira111:
Nigeria is not rich neither is she poor

Forget it, Nigeria is a poor country. Don't be deceived by the big big trillions you are hearing.

Divide 100 billion for 200 million Nigerians, that is N500 each.

Nigeria is actually a dirt poor country which is unfortunately plagued with Corruption

The country is poor because only 4 states bear the brunt of funding/feeding 32 other non-profit/unproductive states. The almajiri north has refused to be productive and add to the National Treasury. So in a situation where the revenue accrued by the south is used to enrich the parasitic/leeching unproductive north to the detriment of the south lies the greatest corruption in modern times.

I was disappointed when I saw Oil as the basis of the op calculating Nigeria and Nigerians riches...


Very poor research


So single economy determines how poor you are..

[s]

Freddykrueger:
The country is poor because only 4 states bear the brunt of funding/feeding 32 other non-profit/unproductive states. The almajiri north has refused to be productive and add to the National Treasury. So in a situation where the revenue accrued by the south is used to enrich the parasitic/leeching unproductive north to the detriment of the south lies the greatest corruption in modern times.

[/s]
When talking about South, be specific.

What does the South east contribute to national treasury? Because last time I checked, the IGR of Kano and Kaduna alone beats that of Imo, Anambra, Enugu and Abia states combined, while Borno is ahead of Ebonyi, the insurgency regardless.

tt

Typing....

Nigeria is one rich country that has been merged with five other laziness-induced poverty stricken countries.
The rich country is the SS.
The laziness-induced poverty stricken countries are the SW, SE, NE, NC, and the NW.

Imagine a man with 200k salary a wife and 2 children.
Now imagine another man with 200k salary but with a wife and 12 children. Nigeria has a bigger income than most African country but population that negates the effect of that huge income.
ND is the man with smaller income, the other six regions are the man with bigger income.

If the family were to war (Biafra/civil war) I am sure the bigger poorer family would have subdued the smaller richer one. And when their income is merged along with members, I am sure the bigger family will have a upper hand in the defence system(army police), in policy making, in law making, and most importantly their average income of the smaller family will reduce because of the burden of the big and lazy family.


(To be continued...)

jumper524:
Note: calculation are done before the covid 19 pandemic issues.

Going by reports, Nigeria relies heavily on oil as its major source of income with oil producing atleast 70% of the countries income.



Below is the mathematical analysis of the country's income

Nigeria produces an average of 2.5million barrel of crude oil daily @ $65 per barrel

Now let's do the maths

2,500,000*$65 = $162,500,000

Nigeria has a population of 180million
Meaning

$163,500,000÷180,000,000 = $0.903 approximately.

Multiply that by the exchange rate of #360

360*0.903= 325per head.

Multiply that figure by 30days we have in a month.

#335*30 = #9750

Now let's assume oil generates 50% of our income which for sure is more than.

We get 9750*2 = 19,500

19, 500 per individual is what we make monthly

Now how you work to make your money is sourounded by this mathematics.
If your earning slightly higher than that somebody is slightly earning lesser.
If your earning much higher, somebody is earning much lesser. Overall the average wealth of the Nation is too poor.

Meaning we have an under-productive population.

Saudi with a population of less than 40million produces over 10million barrel of oil per day. (More funds, less liability).

Conclusion: corruption is a major economic issue in Nigeria but underproductivity is a bigger challenge..

Bros your maths is even wrong

You didn't minus the cost of production of the oil
Which is an average of $22 per barrels

Nigeria keeps only 60% of the revenue the oil company keeps the rest ...it's a joint operation

So it's (65 -22) x2300000x0.6 =59340000

oluwadabira111:
Nigeria is not rich neither is she poor

Nigeria is a poor nation with the voices of the poor largely subdued.

Simplyleo:
[s][/s]
When talking about South, be specific.

What does the South east contribute to national treasury? Because last time I checked, the IGR of Kano and Kaduna alone beats that of Imo, Anambra, Enugu and Abia states combined, while Borno is ahead of Ebonyi, the insurgency regardless.

E X A C T L Y.
In Kanu's phantom country 70% will be engaged in hawking imported gala. No mineral resources, no rich agricultural land.

mrvitalis:

Bros your maths is even wrong

You didn't minus the cost of production of the oil
Which is an average of $22 per barrels

Nigeria keeps only 60% of the revenue the oil company keeps the rest ...it's a joint operation

So it's (65 -22) x2300000x0.6 =59340000

His mathematics was brilliant. He made some approximations to be on the safer side that's all. You are calculating it to make our earning look smaller which is valid but don't forget we have other earning the OP ignores so he was right with his calculation to a good extent.

Nigerians need to understand one thing ... corruption is part of democracy

Democracy can never be efficient , it's impossible and unrealistic....

Based on revenue and development on ground Nigeria is far more effective than America by miles

Our politicians fail because they don't understand the problem , the issue is lack of revenue not corruption ....u need to understand this n find a way to work with the corruption

USA is fantastically corrupt , Indonesia , South Korea , Brazil , south Africa and India ....none is less corrupt than Nigeria ....but they have a large revenue

If we can tax out 30% of our GDP like these countries ...that's around 120 billion dollars
Around 43 trillion naira ....

Even the most corrupt person would. Impact the lives of every Nigeria ....in 10 years that 430 trillion pumped into our economy

It's impossible we can't develop with that

Op, what of tax generated, FIRS have been remitting average of 1tr- 1.4 trillion in the last ten years?

Customs; about 800-900b yearly?

Nigerian ports; about 500b yearly?

CodeTemplar:
His mathematics was brilliant. He made some approximations to be on the safer side that's all. You are calculating it to make our earning look smaller which is valid but don't forget we have other earning the OP ignores so he was right with his calculation to a good extent.

What are you even saying ...he was calculating oil earnings ....

He didn't consider the money it cost to produce the oil
Didn't consider the shares of the oil companies (40% to 45%)

Bros he was wrong ...Nigeria if she sales oil for 65 dollars can't earn 65 dollars

mrvitalis:

What are you even saying ...he was calculating oil earnings ....

He didn't consider the money it cost to produce the oil
Didn't consider the shares of the oil companies (40% to 45%)

Bros he was wrong ...Nigeria if she sales oil for 65 dollars can't earn 65 dollars

Yes he didn't consider those thing but don't forget the ignored earnings from agriculture and minerals and remittances will make up for those, so he was right.

CodeTemplar:
Yes he didn't consider those thing but don't forget the ignored earnings from agriculture and minerals and remittances will make up for those, so he was right.

He was talking about oil earning ....oil earnings ...

Two bros we don't earn anything substantial from Agro n minerals

Cooperate tax n import duty are the next big earners

jumper524:
Note: calculation are done before the covid 19 pandemic issues.

Going by reports, Nigeria relies heavily on oil as its major source of income with oil producing atleast 70% of the countries income.



Below is the mathematical analysis of the country's income

Nigeria produces an average of 2.5million barrel of crude oil daily @ $65 per barrel

Now let's do the maths

2,500,000*$65 = $162,500,000

Nigeria has a population of 180million
Meaning

$163,500,000÷180,000,000 = $0.903 approximately.

Multiply that by the exchange rate of #360

360*0.903= 325per head.

Multiply that figure by 30days we have in a month.

#335*30 = #9750

Now let's assume oil generates 50% of our income which for sure is more than.

We get 9750*2 = 19,500

19, 500 per individual is what we make monthly

Now how you work to make your money is sourounded by this mathematics.
If your earning slightly higher than that somebody is slightly earning lesser.
If your earning much higher, somebody is earning much lesser. Overall the average wealth of the Nation is too poor.

Meaning we have an under-productive population.

Saudi with a population of less than 40million produces over 10million barrel of oil per day. (More funds, less liability).

Conclusion: corruption is a major economic issue in Nigeria but underproductivity is a bigger challenge..

.

Bro Nigeria is too rich to be poor and too poor to be rich

mrvitalis:

He was talking about oil earning ....oil earnings ...

Two bros we don't earn anything substantial from Agro n minerals

Cooperate tax n import duty are the next big earners

So you want to invalidate his argument on our poverty level? Bros I beg I no get time.

CodeTemplar:
So you want to invalidate his argument on our poverty level? Bros I beg I no get time.

I mean we are even poorer than he thinks

mrvitalis:
I mean we are even poorer than he thinks

You leave me alone bros.

None of you is adding to this country. You buy data made by white, use phone by white,

CodeTemplar:
Yes he didn't consider those thing but don't forget the ignored earnings from agriculture and minerals and remittances will make up for those, so he was right.

your right when you said i didn't subtract the cost of oil production though.
Wasn't aware it was that expensive to produce though.
Despite the little earnings from oil, it still produces more than 70% of our resources.
In obvious reality.
We are much poorer than i predicted..

Toosure70:
None of you is adding to this country. You buy data made by white, use phone by white,

well Nigeria is already in a vulnerable situation and the only way we can uplift ourselves is through borrowing (transparent borrowing).
The country's annual budget is $23billion.
A great percentage of this is to service debt and recurrent expenditures.
We need massive investment in IT and the investment would take a long time before it starts producing positive results.
Why?? Cos we've already derailed and are far behind in IT.
Building a refinery today would only save us costs not bring in cash. Dangote refinery today is worth over $14billion which is more than half of our budget.

Hide your face
#CovicOneNine[s]

Simplyleo:
Forget it, with or without corruption, Nigeria is not a rich country.

Illiterates were even saying the COVID 19 donation can be shared to Nigerians at 1million per Nigerian.

Illiteracy is a serious problem.

100 Billion for 200 million Nigerians equals N500 per Nigerian.

[/s]

[s]

Simplyleo:

When talking about South, be specific.

What does the South east contribute to national treasury? Because last time I checked, the IGR of Kano and Kaduna alone beats that of Imo, Anambra, Enugu and Abia states combined, while Borno is ahead of Ebonyi, the insurgency regardless.

[/s]
I meant the south south states [akwa ibom, rivers, delta, bayelsa]. The rest of the states wether from the SE, SW, NC, NE, NW are all leeches but the bolded are the real parasites. Can you now go to hell?