₦airaland Forum

DMerciful:
They've started blowing pipelines, lets see how Tinubu that has been performing terribly will not become even horrible when funds dwindle

casualobserver:
You people should stop overestimating your importance.

Oil is important but it is no longer our largest source of government revenue and from 95%, it it now less that 50% of our forex revenues. Diaspora remittances being in more forex than the oil sector and from 30% at one time, the oil sector is now less that 7% of our GDP.

You are still important but if I were you I would go gently with the delusional narratives. With every year you becoming less and less important.

helinues:
Consider the collateral damage, consider the crippling of the state economy.

Advise the militants not to tow that lane or they would regret it

phantomxx:
Deluded kids everywhere 😂... if OIL is no longer the mainstay, what is??

Penguin2:
When we warned you, you called us chest beaters.

You think we say what we will not do?

Impeach Fubara and watch how Nigeria will not export up to 900,000 barrels of oil per day till 2027.

It’s not a threat, it’s a statement of fact.

Nobody has monopoly of violence and stupidity.

Tell Tinubu to do his worst.

helinues:
The advise to the rivers people is to continue making peace. Don't allow the politicians to turn your state into something else.

I have been reading from some people claiming militants would blow up pipeline should Fubara is impeached.

That should be regarded as pure jokes as this government will never tolerate any saboteurs on oil pipeline

To be forewarned.....

casualobserver:
I have told you: the importance of oil right now is forex. And even that has gone down from 95% to less than 50%. Most of govt revenues come from vat and taxes. Perhaps you’ve not been listening that there were months without oil remittances. The Oil sector as a percentage of GDP has gone down from 30% in the 1980s to about 7% today.


Your major significance right now is forex because it still accounts for just under 50%. Atgough still significant, oil is no longer the major source of forex. That alone should tell you the trend. All the major investments are offshore for a reason. You will wake up one day and no one will care whether you blow up a pipeline or not. You will wake up one day and find out the companies have packed up never to return. Already there are no new onshore investments . You will be the ones begging people to repair the pipelines you blew up when you discover all the jobs have gone.

You are important but with every passing day you become less and less important. Enjoy it while it lasts but don’t get carried away with the hype. Companies and investors ar e already making alternative investments devoid of your constant nonsense.

phantomxx:
Deluded kids everywhere 😂... if OIL is no longer the mainstay, what is??

casualobserver:
I have told you: the importance of oil right now is forex. And even that has gone down from 95% to less than 50%. Most of govt revenues come from vat and taxes. Perhaps you’ve not been listening that there were months without oil remittances. The Oil sector as a percentage of GDP has gone down from 30% in the 1980s to about 7% today.


Your major significance right now is forex because it still accounts for just under 50%. Atgough still significant, oil is no longer the major source of forex. That alone should tell you the trend. All the major investments are offshore for a reason. You will wake up one day and no one will care whether you blow up a pipeline or not. You will wake up one day and find out the companies have packed up never to return. Already there are no new onshore investments . You will be the ones begging people to repair the pipelines you blew up when you discover all the jobs have gone.

You are important but with every passing day you become less and less important. Enjoy it while it lasts but don’t get carried away with the hype. Companies and investors ar e already making alternative investments devoid of your constant nonsense.

ZombieDredd:
Maybe na agbado

phantomxx:
Deluded kids everywhere 😂... if OIL is no longer the mainstay, what is??

Treadway:
you dey mind am. Oil is no longer the mainstay but the national budget is totally predicated upon it.🤣🤣🤣

ZombieDredd:
Oluwole statistics.

Na so grok puncture all una lies sotay una begin delete

phantomxx:
Which govt revenue comes from taxes and VAT?? How much does your govt make from taxes compared to crude?? 😂.. where are you getting such dumb stats from

Which companies are you getting tax from The ones that have shut down and pulled out??

This delusion is premium sha 😂

helinues:
The advise to the rivers people is to continue making peace. Don't allow the politicians to turn your state into something else.

I have been reading from some people claiming militants would blow up pipeline should Fubara is impeached.

That should be regarded as pure jokes as this government will never tolerate any saboteurs on oil pipeline

To be forewarned.....

casualobserver:
You people should stop overestimating your importance.

Oil is important but it is no longer our largest source of government revenue and from 95%, it it now less that 50% of our forex revenues. Diaspora remittances bring in more forex than the oil sector and from 30% at one time, the oil sector is now less that 7% of our GDP.

You are still important but if I were you I would go gently with the delusional narratives. With every year you becoming less and less important.

While you hang on to militancy and oil, it seems you may not have realized that Nigeria is slowly but gradually leaving you at the same spot. All our new oil fields and investments are offshore where you can’t touch. One day you will blow pipeline and nobody will even bother to report it.

Ikaeniyan0:
Eastern region was created by the white men, just like Nigeria

casualobserver:
I have told you: the importance of oil right now is forex. And even that has gone down from 95% to less than 50%. Most of govt revenues come from vat and taxes. Perhaps you’ve not been listening that there were months without oil remittances. The Oil sector as a percentage of GDP has gone down from 30% in the 1980s to about 7% today.


Your major significance right now is forex because it still accounts for just under 50%. Atgough still significant, oil is no longer the major source of forex. That alone should tell you the trend. All the major investments are offshore for a reason. You will wake up one day and no one will care whether you blow up a pipeline or not. You will wake up one day and find out the companies have packed up never to return. Already there are no new onshore investments . You will be the ones begging people to repair the pipelines you blew up when you discover all the jobs have gone.

You are important but with every passing day you become less and less important. Enjoy it while it lasts but don’t get carried away with the hype. Companies and investors ar e already making alternative investments devoid of your constant nonsense.

alanto:
Are you from SS or SE. You can only come from one region, stopping merging the regions together, that's land grabbing

djon78:
I don't agree with what you are saying about income that acrues Nigeria.

Claiming Oil is just for forex is a very big lie and delusion

Where else does foreign earnings come into Nigeria:

i. Oil earnings
ii. Diaspora remittance
iii. Foreign direct investment
iv. Other exports like agriculture
v. Customs, NPA,


These are the major earnings for Nigeria

You see that VAT is just money circulating with the States
VAT doesn't really show that the economy is growing.

Even US the biggest economy in the world doesn't use VAT

Why are Niger Deltans Gov paid derivation funds.
Which other State is paid derivation funds?

So you guys should stop spreading those unverified information.

The only thing that can boost Nigeria's economy is industrialisation. For that to happen power issues must be tackled

Then Nigerian industries will begin to produce
1. For our consumption
2. For exports to African countries
3. To the globe

Also Agriculture is an area not tapped
Nigeria has

Nigeria is blessed with 36 million hectares of arable farmland. This alone can lead to massive Agricultural revolution when you factor in mechanization within the entire Agric value chain

muyico:
Soldiers will soon come for them!

gidgiddy:
That will make things much worse, these guys know the creeks, it will take the Soldiers years to know the creeks

phantomxx:
Deluded kids everywhere 😂... if OIL is no longer the mainstay, what is??

Diaspora

These people will not succeed in killing me with laugh.

phantomxx:
When you idiots were screaming Fubara must be impeached and heaven will not fall.. did you actually believe that crap?? Tell your retarded president and his drunk minister to hands off Rivers state. Its simple!

When soldiers were dismembered like cows in okuama community, how did it end??

Is it the soldiers you gave dane guns and 5 bullets you want to send to the Niger Delta? 😂 You must be insane. Didn't we have soldiers when Yaradua basically signed a landmark peace agreement and amnesty with these boys

No worry, the boys will clear your doubt... continue pushing Wike!!!

casualobserver:
I have told you: the importance of oil right now is forex. And even that has gone down from 95% to less than 50%. Most of govt revenues come from vat and taxes. Perhaps you’ve not been listening that there were months without oil remittances. The Oil sector as a percentage of GDP has gone down from 30% in the 1980s to about 7% today.


Your major significance right now is forex because it still accounts for just under 50%. Atgough still significant, oil is no longer the major source of forex. That alone should tell you the trend. All the major investments are offshore for a reason. You will wake up one day and no one will care whether you blow up a pipeline or not. You will wake up one day and find out the companies have packed up never to return. Already there are no new onshore investments . You will be the ones begging people to repair the pipelines you blew up when you discover all the jobs have gone.

You are important but with every passing day you become less and less important. Enjoy it while it lasts but don’t get carried away with the hype. Companies and investors ar e already making alternative investments devoid of your constant nonsense.

casualobserver:
When I post I give figures. For me to take you seriously I suggest you do your homework and actually find the figures behind the headlines you posted above. I know you haven’t because if you did you would realize I am right.

For a start diaspora remittances is $20b a year. Do the math on oil. Production @1.5mpd, govt share of JV is often 50% sometimes 40%, sometimes 60%. Not all the oil we produce belongs to us this is a fallacy of many uninformed Nigerians. On average we keep 50%. That 50% is after cost of production.

production cost is $40 a barrel. I think you’ll find out that at $75 a barrel, less than $10b a year from oil goes to the govt.

I know it is shocking to you but they’ve been telling you for years, most weren’t paying attention.

I will read the rest of your post and reply later in the mean time get some figures to back up your post. Talk is cheap, figures speak for themselves.

https://punchng.com/nigerias-diaspora-remittances-exceed-90bn-in-five-years-nidcom/#google_vignetteTV

casualobserver:
When I post I give figures. For me to take you seriously I suggest you do your homework and actually find the figures behind the headlines you posted above. I know you haven’t because if you did you would realize I am right.

For a start diaspora remittances is $20b a year. Do the math on oil. Production @1.5mpd, govt share of JV is often 50% sometimes 40%, sometimes 60%. Not all the oil we produce belongs to us this is a fallacy of many uninformed Nigerians. On average we keep 50%. That 50% is after cost of production.

production cost is $40 a barrel. I think you’ll find out that at $75 a barrel, less than $10b a year from oil goes to the govt.

I know it is shocking to you but they’ve been telling you for years, most weren’t paying attention.

I will read the rest of your post and reply later in the mean time get some figures to back up your post. Talk is cheap, figures speak for themselves.

https://punchng.com/nigerias-diaspora-remittances-exceed-90bn-in-five-years-nidcom/#google_vignetteTV

TheGoodJoe:
Diaspora remittances is a source of foreign exchange but it is not government revenue. It is not government funding to use for government projects or infrastructure. It is actually for household uses like consumption, education, healthcare etc.

casualobserver:
I never said it was govt revenue. I said it is an important source of forex. I will get to forex later.

As for revenues. As a percentage of govt revenue it has fallen drastically. Like I said (perhaps on another thread) NNPC did not even remit any revenue for 18 months. Governments largest source of revenue comes from customs duty, CIT, VAT, etc. these. Revenues far exceed our current income from oil.

Also we need to seperate onshore oil that is prone to militancy and offshore oil. We are increasingly reliant and only investing in offshore oil. This reduces the need impact of militancy. The issue with militancy is they unwittingly created a system that bypasses them. The multinationals have divested from onshore and all the new investments are offshore.

Now to forex:

Oil is important because it is a major source of forex but for over 8 years like I said it has not been the major source of forex. The. Problem in the past was that the forex coming in was “not in system” due to the forex regime we operated. With the reforms those inflows now become “part of the system” making the forex from the government less important.

djon78:
The $20bn remittance is from Nigerian diasporas

Remittance is not generated by Govt but by Nigerians working overseas returned as black tax.

Hope you are aware?

What made me reply your first mentions is your claim about VAT

I told you VAT is generated from the money circulating within the economy.

While in college overseas in my economics class. My economics professor never taught anything about( and everything my lecturers pointed about over 10 years ago is still a very big problem for African Nations)
VAT is not on +ve sides on the assets in any country s balance sheet.


So I mentioned place where earnings come on the assets side of the countrys balance sheet.

These are:

i. Oil earnings
ii. Diaspora remittance
iii. Foreign direct investment
iv. Other exports like agriculture
v. Customs, NPA,


So Govt should focus on those areas that bring in foreign earnings

VAT is more about money circulating within the country.

Economic advisers should advice our leaders right.