₦airaland Forum

I have tried my possible best to enlighten some people here, I gave them an opportunity to sip from the fountain of knowledge but they refused.
But If you still think that the President is planning to steal our money by inflating some figures and miscalculation in the National Budget he presented openly to the Senate, entire Nigeria and to the whole world which everybody saw it both in home and abroad, in Apc, Pdp and even Kowa party - then feel free to go to the media and announce it and challenge it, in fact I ready to donate any amount of money to get it published and broadcasted in the media.

If you think that those who calculated the National Budget made some mistake by miscalculating our oil revenue money then please 'pm' / contact me @ 'jokay07@yahoo.com' cus I am ready to do everything humanly possible to get it broadcasted on the media.
THANKs!!!

Many people have started following Ben Murray Bruce on twittter so that thry will be able to copy whatever rubbish he tweets and rush to nairaland and paste it!! In fact many people have suddenly opened a twitter account cus of that!! What a shame!!

baralatie:
They are challenging the authenticity that 820 is the accrued revenue from oil as claimed by PMB
This is a different thing altogether

The mistake I made was to reply him. I thought my explanation would unyork his foolishness and open his eyes but I later see that No amount of tutelages can turn loose someone who derives pleasure from orchestrating ignorance at all axes.
Is it not funny to see some clowns challenging the structure and accuracy of a National budgets prepared by Ministry of Budget and National planning whic was presented openly not only to the senates but to the whole world to see and assess?
tell me, is it not funny?
If the president has the stealing our national money, will he do that by inflating figures in the National budget which he would himself present to the whole Nigerians and the media to see?
Only Ethernatruth believes that the President wants to steal our money by inflating figures in the budget- what a resounding stupidity cum ignorance.
Like I said, the kid needs to go back to school and resist for Waec.
Even my cousin in Secondary school was laughing when I showed him what that dummy posted on Nairaland.
I REST MY CASE!!

GiantParrot:
@ Jokay07

On my point 3, after taking a second look at your post, I see you actually addressed it. It is very surprising to me that government would claim that petroleum profit tax is non oil revenue. I can't see how that makes sense. I'd love to be enlightened on the rationale behind that. Saying other non oil companies pay tax is not a logical justification for why petroleum profit tax should be classified as non oil revenue. I'm sure that's self evident.

that could better explained under the tax system but i fink it's becauce the revenue is not generated from direct sales of crude oil

What is so complicated in that simple and little analysis? Truly we need to revamp our education sector.

EternalTruths:
You are still not making sense

Provide evidence of how much it cost to produce a barrel of oil.

You can't come online and quote figures without backing the figure with fact


If you say it cost $18 to get a barrel of oil, provide evidence of it.


I asked for evidence .




If you provide evidence of your figure from a reliable source, I will accept you are right.


Because the true figure could be $5 and not $18 dollar you quoted.

you could have used the google on your phone to browse and make researches about onshore and offshore activities in the oil and gas sector before you open a thread to spill the puss of your ignorance and illiteracy!! Take care, kid!!

EternalTruths:
You see why I regard you guys as illiterates


Buhari arrived at 830000 billion naira based on $38 dollar which you intentionally refused to calculate.


Now re do your calculation of what I highlighted blue using $38

You guys think we are illiterates like APC people

Now get as ass sitted on that bench, get a book and jot this analysis down.

4. Today the average cost of production per barrel in Nigeria is about[b] $18 per barrel[/b]. Actually some onshore field cost
are as low as $10 per barrel while some deep offshore and shallow offshore cost are as high as $25 dollar per barrel. Today more than 60% of Nigeria crude are from Offshore thus using an average cost of $18 per barrel
is realistic. Thus out of the $38 dollar per barrel price of oil, the net revenue to the govt is about $20 per barrel and the expected revenue to federal government from direct sales of Crude oil in 2016 is: = $20 x199naira/1$ x570240x366xbillion/1000000000= 830billion naira
From my estimation the Federal
government expected revenue from direct oil sales is about 830billion naira which is very close to 820 billion naira
estimated from federal
government.


If you still don't understand how we arrive at $20 per barrel, then you need to go back to school and resit for Waec!!

wirinet:
Are you guys (PDP) feigning ignorance or you are truly this ignorant?

So common sense tells you that the federal government would pocket the whole 2.2 million barrels by 365days by $38 by #200. I refuse to believe that you are not aware of how the FG and Nigeria as a whole earn revenue from oil, but just in case i will educate you.

The oil sold in the international market is not pocketed by the Federal government of Nigeria but shared between the oil exploiting companies and the federation using an agreed sharing formula (60:40) after production expenses had been deducted. Then the Federation's state which is 60% is then shared between the Federal Government, The 36 states and the 774 local government in the ration 54:24:22 (approximately). So this budget is the expected Federal Government expected share of our oil revenue, the states and local governments will also present their own budgets based on their own expedited share of our total earnings.

I hope you are wiser now.

I showed my little cousin in SS 2 about what the guy posted and he bursted into laughter. The guy is a living definition of ignorance!! Allow him to enjoy it!!

EternalTruths:
Multiply 2.2 million barrels by 365days by $38 by #200

You will get #6,102,800,000,000 trillionnaira

Multiply 2.2 Million barrels by 365days by $20 by #200

You will get #3,212,000,000,000 trillion naira




Tell me how come #860 billion naira


Buhari and APC can't scam me like you illiterates.

1. The Federal government budget is the Budget of the federal government alone. Not
the Budget of the country.
Thus from the Nigeria sharing formula, the Federal government takes about 54% of the total oil revenue accruing to the country
(Nigeria Federation).


2. Most of the oil production in Nigeria are JV and PSC. Using the JV template, Nigeria (the federation not Federal govt) only owns 60% of the oil produced and the Oil companies owns the remaining 40% of the oil produced per day . thus the 2.2 million per day, only is 0.6*2.2million=1.32million belong to Nigeria (The federation).
Federal govt share (Potential) =
0.54*1.32million=712,800 per day.


3. The actual average production per day is about 80% of the Potential production this is because of 20% shutdown for maintenance, unplanned shut downs, pipeline vandalisation etc.
Thus the Federal govt actual average production per day = 0.8*712,800=570,240.


4. Today the average cost of production per barrel in Nigeria is about $18 per barrel. Actually some onshore field cost are as low
as $10 per barrel while some deep offshore and shallow offshore cost are as high as $25 dollar per barrel. Today more than 60% of
Nigeria crude are from Offshore. thus using an average cost of $18 per barrel is realistic.
Thus out of the $38 dollar per barrel price of oil, the net revenue to the govt is about $20 per barrel. thus the expected revenue to federal government from direct sales of Crude oil in 2016 is:
= $20 *199naira/1$ *570240*366*billion/1000000000= 830billion naira
From my estimation the Federal government expected revenue from direct oil sales is about 830billion naira which is very close to 820 billion naira estimated from federal
government.
However, this is not all the federal govt get from having oil in this country. The oil companies pay company tax in hunderds of
billion of naira. But the govt choose to call it company tax
because other companies that are not oil companies pay tax too. However the company Tax of oil companies is about 85%
of their profit. Thus of the about 1.5 trillion naira expected revenue from Company Income Tax (CIT), Value Added Tax (VAT),
Customs and Excise duties, and Federation Account levies, about 50% of it are coming from oil companies.
Also another reason the govt is not getting much more currently from Direct oil sales is because of "Carry agreement" Most of the recent oil development and
investment in the last ten years on JV contract are mostly done on "Carry agreement".
Carry agreement is the contract between the govt through NNPC and Oil companies whereby the Oil companies provide all the
fund to invest in new field development (Instead of NNPC providing 60% of the cost),
and then the companies recover their money by collecting part of the federal govt oil share over time. That means some of the
oil that would have got to the Federal govt today have been collected by the federal govt ahead of time in the past. So they get less today.

https://www.nairaland.com/2820830/why-oil-revenue-2016-budget#41298195
I hope this information will cure your ignorance on this. Nobody is trying to dupe you. And you suppose to be wondering why you are the only one thinking about this calculation, well the answer is simple. It's because you are the only one chilling on the throne of ignorance!!
Apart from that, I can boldy assure you that with President Buhari - your money is safe!!

My attention was drawn to recent libellous jabberwocky constructed by one Vulu in which in the largness of his ignorance, accused the people of S/west aiming to killed their jejune Biafran leader - of which, he parachuted his paralytic analysis with some ill-propelled examples in order to gather some sypathetic supports and to justisfy his casuistry. Meanwhile, it's amazing to see how the thread has created a deep bowl whereby many cry-babies from the Eastern side would come and weep out their lame views. I would like to state that this is a total ''misapplication of ignorance''.
To the few out of many whose brains are yet to be anodized by this biafran stupidity and are immuned against this fast spreading virus; I would like to state that - the difference between Ojukwu and Kanu is that, Ojukkwu's followers projected their aggitation for out of political marginalisation while Kanu's followers both on the street and here on Nairaland are projecting their aggitation for Biafra out of ''sudden/unexpected electoral defeat'' - Apart form Kanu's perpetual displaying of foolishness and incivility on his founded radio station, how many of you here on Nairaland ever talked about Biafra and going to streets and block roads to protest when Jonathan (your hero) was in power?
Those who fought for biafra fought for what they saw which was triggered by their sense of necessities and instead of hatred and not what Ojukwu told them about the goverment on radio station so Kanu's stupidity shouldn't make others ''muggins'' .
The people of south west have many important issues to deal with, like making policies to promote our regional economy rather than pursuing the death of a mischief-maker whose misbegotten deportment and speech on radion station is being applauded by his deluded and narrow-minded followers like Vulu and others here on Nairaland . Any attempt to invite them to sip from the fountain of knowledge will be mistaken for hate hence, a continous display of their sense of insecurity.
Among all the tribes in Nigeria, the people of south west are the most loving and most accommodating people in Nigeria and this has been told several times. The love we are showing the hausas is the same amount of love we are showing to the igbos and other tribes but this kindness has become a misapprehension by your people to the extent of thinking that we want to kill an ordinary citizen like Nnamdi Kanu. Take rubbish you are trying in south west to places like Kano or Sokoto and see how you will become suya over night.
And lastly, what did we gain from the death of Ojukwu and what shall we gain from the death of Kanu?

itstpia8:
Jonathan was installed as president in 2010. he's from a minority tribe (i think).

although, technically, Ijaw might be the fourth, fifth or sixth largest tribe in Nigeria.

At least in the biggest ten perhaps.

jonathan presidency was as a result of political miscalculation.

bigass:
Ayatollah is angry and may send drones . Lets see what will happen

which drones? Does Iran has any airforce base in africa? Iran should thread with caution because they have much to lose in this game. Any attempt by Iran to invade Nigeria either by Air, land or sea will give America and Isreal enough reasons to occupy Iran which of course would be met with brutal force.

drss:
ones upon a time there was a president in who's tenure saw oil price at $120/barel. in his wisdom together with his minister of finance Ngozi formed Soveriegn wealth fund (SWF) to help save monies from from crude oil sales. This account was to help save for rainy day should international oil price falls in d future. dat president in good fate saved over $1 billion in soveriegn wealth fund for nigeria as soon as it was formed.
but like devils send to wreck havoc on society, nigerian govs forum thieves led by d judas himself, judas ameachi took GEJ to court in protest against soveriegn wealth fund. D judas alleged dat GEJ's SWF is against d constitution of nigeria. Judas ameachi den accused GEJ and okonjo iweala of operating swf illegally with d intention of staving states of d need funds for development. In their prayers to d courts, NGF demanded for d scrapping of SWF n monies saved in it shared to states for more development projects. They claimed that federal govt under GEJ has no authority to save any excess funds from crude oil sales where price was $120/barel.
Dat was how NGF led by ameachi under d influence of APC frustrated GEJ's effort to save huge funds for d country through SWF.
Despite d sabotage by NGF, GEJ was able to save $2.5 billion in excess crude oil account (ECA) for buari govt.

what a very brilliant story!! Once upon a time, there was a president whose tenure saw the stealing of N3.3 trillion naira which is almost half of the current proposed budget.

Ijaya123:
As much as I am also eager to see the changes, I believe is only fair to give this administration a little time. A year from now, I think is a fair time to start assessing. But for now, keenly observing.

that is it my brother!! Not that people are impatient, they are just those are praying for this govt to be unsuccessful thereby making some irrelevant criticism so as to justify Pdp's reign of impunity.

porka:
But you people did everything humanly possible to avoid going detailed like this previously.

When they told you about shut-ins then your response was angrily largely centred on how the past administrations encouraged bunkering.

Even when told that the 60% Joint Ventures production costs must be funded by Nigeria you violently shouted in anger to show your disdain for thorough scrutiny.

Now that your people are at the other end, it's most convenient for you to start 'displaying your expertise' in oil and gas matters.

Everyone is now a 'PhD holder' and an industry expert when Buhari's calculations on mega billions have all but failed to yield anything.

By next budget, we are expecting more 'tax and audit' experts to display their newly acquired skills from Harvard on why revenues from 'taxes' failed to meet expectations.

I have a question to ask you, tell me what is wrong with the explanation he provided? Is it a propaganda too?
It's better to put something in form of question and as for thorough edification rather than making criticism that will expose someone's low level of understanding. IPob has successfully projected their level of understanding as regards to this issue, that's was why I was reluctant to make explanation because at the end of the day, I will still be insulted.

Jombojombo:
What is the total amount of 2015 budget and what is that of 2016 budget

I don't need a prophet to tell me before I know how the baton of ignorance and foolhardiness has been passed down from one generation to another in your poverty striken family because your moniker alone goes a long way in defining ignorance and stupidity!! You want to justify you ill-thought opinion by comparing 2015 budget with 2016 budget but your brain never directed you to the availaiblity source of revenue. How much was borrowed to finance 2015 budget and how much would be borrowed to finance 2016 budget an how much was the govt able generate from the sales of crude oil last year.

Jombojombo:
We never had a balanced budget in Nigeria.
What NANS is saying is that the amount APC wants to borrow next year is unprecedented in the history of Nigeria.

indeed!! It's quite unfortunate that NANs has become a political puppet in the hands of the political parties. N3.3 trillion naira was stolen under the watch of Jonathan and so many others but to mention. That money is almost half of the proposed budget of Nigeria, had this money been saved or injected into the system, there won't be need to go for galloping budget deficit by the Apc. NANs are yet to understand the extent of damage Pdp has done to the future of the youths in this country. Stay blessed sir !!

No wonder our system has been churning out unemployable youths.
NANs raised the issue of decrease in allocation for the education sector by comparing it with previous administration but it never occur those bunch of dullards in NANs that the projected revenue generation in for last budget was bouyant and the economy was stable than 2016 where by the projected revenue has decreased to the extent that we have to increase our taxation and source loan from international market.
- it never occur to them that the price of crude oil is declining drastically which of course is our major revenue back bone.

it never occur to them that this year budget is a zero based budget where by every ministry's allocation will be calculated based on their real need - and not a situation where by ministries be the ones to present increamental allocation
How can you compose this kind of crap and expect the federal government to be motivated to increase educational allocation?
If I was Buhari, I will order for reduction in their allocation after reading this junk.

Op, You even have time to explain. You should have allowed them to swim in the pool of ignorance before you rescue them with this on point explanation. I saw the thread too, but when I discovered that it was composed from IPOB section, I just close it and skip to the next topic.
You are just wasting your time because these people won't understand what you meant by JV and PSC.
The time and effort you used to explain this thing to this bunch of dullards could have been used to do something more profitable.

The graphic is too bogus and not easy to comprehend - it is Beautiful and attractive but lacks simplicity. Thumbs up tho'

fistonati:
Upon all APC stealing in Lagos state, lagos still owing heavily.

Even America that is not stealing is also owing

Good!! I need to bookmark this page and study it very well because na now my lecturer go dey ask for quiz how much was budgeted for ministry of women affairs bla bla bla bla as If I follow share am. I thought I was dreaming when he asked us to analyse how Dasuki spent $2.1 billion arms purchase money and present it in a pie chart.

So kwa? You mean, you couldn't get the articulation of the text. Ok see it, when a million uneducated literates and fools are talking, the very wise educated illiterates just observe the height of their stupidity for the records and mental capacity evaluation. Speech is silvern, silence is golden. some matters in life are highly irrelevant and not worth d
audience.

- where do I start from? Let me echo......... ''Let my people go'' Release Kanu and allow him to be running his small scale Radio Business.

This statement won't settle down well with many people because nothing can extinguish the fire of hate burning in their hearts but to the very few whose brains are yet to be affected by the Biafran virus, to the very educated illiterates who still have some thinking spaces left in their brains, I would like to say that The real aggitation for Biafra during the reign of Ojukwu and co was projected out of wide Political marginalisation - while the current aggitation for Biafra under the leadership of Kanu is projected out of ''massive and unexpected electoral defeat''.
Don't hide the feelings, don't hide the hatred. Most of you guys started supporting Biafra when there was a political change in the system.
I know some people will draw a defense line by saying ''he has been doing it since the time Jonathan''. Yes he has been doing it but I can as well question your mind by asking if your heart was full of hate as is it now.

There is a difference between freedom fighter and ''Politics fighters'' -
Ojukwu didn't open a radio station or insult the government just to get symphaty support from his people before he led the battle.

Those who fought during Biafran war fought what they see and not what they were told to do on radio.
Those who fought for Biafra fought not because there was a change in the system.
Their hearts were not filled with hate but ''sense of necessity''.
That's why I use to laugh when I see some children on the Nairaland chanting ''Biafra, Biafra, Biafra''.
Please, Don't insult me!!!

N67 billion for Ekiti state? I thought this man wanted to build mordern airport for the people of Ekiti.
Even with that N67 billion, Ekiti state is still running on Budget deficit. Presentation of budget always shows how focus is the government. I shake heads for the people of Ekiti state

Rilwayne001:
He is aware of the bolded already, he is just being mischievous and wanted to remain stiffnecked reprobate. He is aware of their atrocities and yet was campaigning for them just because he was denied of protection. He even confessed on one of his thread that he is disappointed in Ogogoro drinking Jonathan..

Black man mentality - You don't give them food they don't sing for you. smh

exactly bro!

To confirm that Pdp is a cursed party to our generation, open this link and see how they famed Femi Falana https://www.nairaland.com/2819761/femi-falana-denies-granting-interview

Rilwayne001:
Other Pdpiggg E-goats are expected to follow suit. Starting from Fayose, Tonyebarcanìsta, Ffk and other incorrigible neanderthals.

leave Tonyebarcanista alone, his own case is irredemable. But I pray it won't be too late before he realises the extent of the damage Pdp has done to the future of the youths in this country

I have one word for you; may all your enemies eat back their words in Jesus name

Even people wey no get voters card dey regret voting

Querty:
I have always said it;


I find it very difficult to differentiate between APC and the Devil....
Anytime I see or hear d name APC, Lies come

you can't differentiate once you started crushing on a woman that suppose to be cooling off in jail

frisky2good:
But eventually by December 2016 they will all be employed and working at the same time or some will be sacked to accommodate others?

no, nobody will be sacked!! You only need to read meanings into that statement as regards to employing 500,000 teachers in 2016.
500,000 applicants can't submit apllications once, even if they do, 500,000 people can't get the teaching job at a time. But what the statement is saying is that, the employment of 500,000 teachers will start in the year 2016.

mekaboy:
We will be borrowing about 2 trillion and only 30% of the total budget will be spent on capital expenditure.

This is like borrowing 100 for bizness, investing 30m and sharing 70m among friends and relatives. How will the loan be paid?

who are the friends and relatives? This is not Pdp era where a whole N3.3 trillion naira flew away. We have capital expenditure and recurrent expenditure. If 30% income is spent on capital expenditure the 70% will be spent on recurrent expenditure. The era of sharing and looting is over because this is a zero-based budget.

mekaboy:
There is a projection of increase in non oil revenue. How will that happen when several businesses are suffering due to harsh economic policies?

non oil revenue are not only revenue from local business alone, they are revenues generated from non oil sector, like solid minirals and some importation duties or real sector