1.Crude oil productn/day-2. 5M barrels

2. Current price= $113/barrel

3. Daily sales= 2.5 M x 113= $282.5million

4. Monthly sales= 282.5 M x 30days= $8.475billion

5. Yearly sales= $8.475 billion x 12= $101.7billion

6. Naira equivalent =101.7billion x # 160= 16.272trillion naira per year.


7. Nigeria's budget for 2012= 4.5 trillion naira.


Now d question is: Where is d surplus going?! Analysis by Femi Falana (Lagos lawyer/Activist

Oga, that your question na ''sudoku'' n its own o. (sigh)

lol.

Even if subsidy were to be N2trillion, Nigeria can still afford it.


U can see corruption will send Nigeria into extinction soon

All the money doesn't belong to Govt. Some is paid back to JV parteners to cover cost (CAPEX and OPEX), some is shared among the JV partners as profit etc. The profit shared by NNPC is abt 55%. It also is responsible for 55% of the invested money. This is in addition to royalties etc paid. Our budget is usually based on a certain price per barrel e.g. $70 per bbl. The balance is what u see in the excess crude account (Now Sovereign Wealth Fund if I'm not mistaken).

^ even if i want to agree with u.

Lets say half of N16 trillion is what rightfully belongs to the FG i.e N8trillion.

Why must Nigerians still suffer?

Lets assume 5trillion naira for budget,
1trillion to fix refineries

500 billion for some infrastructure


then 1.5trillion goes into savings.

Is there anything wrong with that?

There's more info on this. Just do a little google search and see how it works.

This aspect is not too contentious. Where we should be looking at for corrupt practices are:
1. What is our true daily production and How much is lost to illegal bunkering?

2. Internal procedures at the HQ of corruption; NNPC. Specifically OPL & OML issues, award of contracts, value of contracts, etc.

3. JV / operator relations. What is the true value of the OPEX and CAPEX etc.

its just a pointer to the fact that we are in big trouble as a nation.

Corruption has eaten deep into our blood flow.

Pathetic