₦airaland Forum

honeric01:
Please stop insulting intelligent people, in 1977, exchange rate was what? if Nigeria was making 7 million naira in 1977, if exchanged to dollars, would that be 14 billion dollars?

Where did you see N7M, did you miss basic math too?

Sirniyeh:
I follow all arguments but now I know that you are out of track. I will open another thread for exchange rate since 1972

Watch out

Ok

ISpiksDaTroof:
How the hell is $14b back then $56b today? Are you ok?

P.S: do us a favor and show us a pic of how you look. If you don't look poverty stricken I owe you $1000.

Please tell us what $14B in 1977 adjusted for inflation equals in 2014, Amazon ediot.

NeoTesla:
Since no one wants to answer this because it exposes both sides as liars, I'll do the conversion which I know is obvious to all except those too lazy to do it. N7.791M/0.647 = $12b as at 1977.

So please continue the arguments.

The budget of 1977 has oil revenue at N6.01B, which was 55% of the gross oil earnings of year. I also corrected my $14B number in a later post by substituting it, with $17B.

Obiagelli:
atlwireles still spew bullcrap all over the Web space, guy u dull o

Thanks for your compliment, I know you can't do math either.

4Play:
This thread is both hilarious and depressing. A poster told a bare faced lie - that Nigeria did not earn up to $1bn in 1977 - and got at least 13 likes for it. Having told the lie, people like e-gift sought to defend the brazen mendacity but ended up highlighting how innumerate they are.

The reason why it's depressing is that it illustrates the overwhelming power of dishonesty in Nigerian politics. Nigerians simply do not have the intellectual curiousity and the cognitive capacity to distinguish lies from the truth.

Thank You, this thread was an eye opener for me. I'm not sure, if it is dishonesty or attempts to misrepresent facts. This country is real in trouble.

atlwireles:
Where did you see N7M, did you miss basic math too?

I am working with this "N7,791.0 million in 1977"


"The rapid growth of petroleum revenue in the 1970s removed most of the severe constraints placed on federal and regional or state budgets in the 1960s. Total federal revenue grew from N306.4 million in 1966 to N7,791.0 million in 1977, a twentyfivefold increase in current income in eleven years. Petroleum revenue as a percentage of the total went from 26.3 percent in 1970 to more than 70 percent by 1974-77.
http://transformationwatch.com/2013/10/06/nigerias-financing-pattern-before-and-after-independence-north-did-not-build-the-oil-industry-shell-and-the-fg-did/"

Now, if it was actually 7 billion naira and not 7 million, that still brings the earnings to less than 7 billion dollars since N1 = $0.647, meaning dollar was more valuable than naira then.

Basic mathematics would be N1 = $0.647, so therefore, using $0.647 x 7,791.0 = $5040.777 so how much is this in millions or billions?

honeric01:
I am working with this "N7,791.0 million in 1977"


"The rapid growth of petroleum revenue in the 1970s removed most of the severe constraints placed on federal and regional or state budgets in the 1960s. Total federal revenue grew from N306.4 million in 1966 to N7,791.0 million in 1977, a twentyfivefold increase in current income in eleven years. Petroleum revenue as a percentage of the total went from 26.3 percent in 1970 to more than 70 percent by 1974-77.
http://transformationwatch.com/2013/10/06/nigerias-financing-pattern-before-and-after-independence-north-did-not-build-the-oil-industry-shell-and-the-fg-did/"

Now, if it was actually 7 billion naira and not 7 million, that still brings the earnings to less than 7 billion dollars since N1 = $0.647, meaning dollar was more valuable than naira then.

Basic mathematics would be N1 = $0.647, so therefore, using $0.647 x 7,791.0 = $5040.777 so how much is this in millions or billions?

Your basic mathematics is still wrong.

atlwireles:
Your basic mathematics is still wrong.

Give us yours that is right with the figure for 1977 earnings and the exchange rate as at then. I am waiting..

honeric01:
Give us yours that is right with the figure for 1977 earnings and the exchange rate as at then. I am waiting..

I corrected this error with your APC leader on page 2 of this thread.

The exchange rate was N0.634 to $1. I repeat the Naira was stronger than the dollar. So, N7.79B, which is already greater than your wrong answer of $5B plus, is not only wrong, common sense should tell you it is wrong.

Now let's do primary school math. If $1 gives you about 63kobo, how much will N7,79B give you.

N7,79B/0.634 = $12.228B. You people should stop arguing blindly on this forum.

atlwireles:
I corrected this error with your APC leader on page 2 of this thread.

The exchange rate was N0.634 to $1. I repeat the Naira was stronger than the dollar. So, N7.79B, which is already greater than your wrong answer of $5B plus, is not only wrong, common sense should tell you it is wrong.

Now let's do primary school math. If $1 give you about 63kobo, how much will N7,79B give you.

N7,79B/0.634 = $12.228B. You people should stop arguing blindly on this forum.

Sorry, I mistook the 0.634 to be $0.0634, that said, your link didn't state the so called $14B you claimed we were making.

You are saying $1 was N0,634 in 1977, that still leaves us at less than $14B you quoted.
These 2 facts alone exposes you as the liar here.

honeric01:
Your link didn't state the so called $14B you claimed we were making.

your assertion that naira was stronger than dollar is also not factual because the links posted says otherwise.

These 2 facts alone exposes you as the liar here.

Oh my God, you have left your failed math argument for something different?

My assertion the Naira was stronger than the dollar is not factual? Please read the link again? There is a long table of our exchange rates, What do people like you actually know about this country?

I also corrected the number from $14B to $17B on paqge 2 of this thread, because Nigeria kept 55% of that years oil revenue, which was N6,080B, about $9.6B and was 75.6% of the budget.

Arguments like yours actually, leave me depressed about the future of this country. Take your time and read the link provided below.




http://www.academia.edu/222415/NIGERIAN_BUDGETING_PROCESS_AND_THE_MAGNITUDE_OF_BUDGET_VARIANCES

atlwireles:
My assertion the Naira was stronger than the dollar is not factual? Please read the link again? There is long table of our exchange rates? What do people like you actually know about this country?

I have corrected my assertion after seeing the difference between the exchange rate, i hope this is not too hard for you to see?

Having said that, can you quote verbatim where your new findings is on the link you posted?

honeric01:
I have corrected my assertion after seeing the difference between the exchange rate, i hope this is not too hard for you to see?

Having said that, can you quote verbatim where your new findings is on the link you posted?

Did you see the table with oil revenues, for 1977 posted on that link? If that N6,080B equals 55% of the earnings, what is 100%? I hope you can put your education to good use here.

honeric01:
I have corrected my assertion after seeing the difference between the exchange rate, i hope this is not too hard for you to see?

Having said that, can you quote verbatim where your new findings is on the link you posted?

Did you see the table with oil revenues, for 1977? If that N6,080 equals 55% of the earnings, what is 100%? I hope you can put your education to good use here.

atlwireles:
Did you see the table with oil revenues, for 1977? If that N6,080 equals 55% of the earnings, what is 100%? I hope you can put your education to good use here.

Why not quote the part that stated this rather than ask if i saw it?

honeric01:
Why not quote the part that stated this rather than ask if i saw it?

Because I want you, to actually read and not follow blindly. As, you have done on this thread.

http://www.academia.edu/222415/NIGERIAN_BUDGETING_PROCESS_AND_THE_MAGNITUDE_OF_BUDGET_VARIANCES

atlwireles:
Because I want you, to actually read and not follow blindly. As, you have done on this thread.

http://www.academia.edu/222415/NIGERIAN_BUDGETING_PROCESS_AND_THE_MAGNITUDE_OF_BUDGET_VARIANCES

I have and i can't find the relationship between how much we made in 1977 from oil and how we kept 55% of the earnings. what exactly does that have to do with it?

Okay, let me understand you, we made N7B + in 1977 and kept 55% of the N7B that same year which is about N3.95B, so how did that change the amount we made in 1977 from oil?

Here is the table from the link. You have to read it for yourself, the table is not posting here.


On that table in 1977 the federal collected oil earnings was N6,080B, as stated in the budget.. In 1974 Nigeria changed the sharing formula from 35% to 55%. What we have in the budget is the government's share. The remaining 45%, the IOCs kept. You can do the simple computation for 100% earnings in 1977.

atlwireles:
Here is the table from the link.

Is this what you are looking for?

Total Gross %
1977 : 8,042.4B 6,080.6B 75.69


6, 080.6 B was the gross and made up 75% of the budget for the year 1977 no?

The net earning is expected to even be lower than the 6 , 080. 6B, no?

Having said that, are you saying 55% of the 6.080.6B was saved and was not included in the budget for the year or?

http://transformationwatch.com/2013/10/06/nigerias-financing-pattern-before-and-after-independence-north-did-not-build-the-oil-industry-shell-and-the-fg-did/
http://www.mongabay.com/history/nigeria/nigeria-demographic_factors_and_the_defense_budget.html
http://en.wikipedia.org/wiki/Nigerian_National_Petroleum_Corporation
http://www.budgetoffice.gov.ng/revenue.html

honeric01:
Nothing here..

Someone please post the budget table for this fellow, I can't get it to post with the figures in it.

http://www.academia.edu/222415/NIGERIAN_BUDGETING_PROCESS_AND_THE_MAGNITUDE_OF_BUDGET_VARIANCES

PapiWata:
The weeping general is well known for polluting the air and the airwaves with extremist propaganda and threats to attack the state in the wake of his periodic election defeats, so it is at least a nice change to see the serial loser now ready to "clear the air" with respect to his attempted "transfer" of hard currency in 53 suitcases, to the UK, for ahem, safe-keeping in the weeping general's offshore account, back in the 1980s when he was a coup-plotting "reformist".

You are the one crying because the intelligent ppl refuse to buy your baseless allegations.

egift..I mean efool disgraced himself fool time on this thread..ordinary elementary arithmetic, he can't do.. ..chai common cross cross multiply

CyberWolf:
egift..I mean efool disgraced himself fool time on this thread..ordinary elementary arithmetic, he can't do.. ..chai common cross cross multiply

This was classic, all his fellow APC alamjirs followed his lead and argued blindly. I was shocked to my bones.

I shall not take anti-GEJist serious anymore.

atlwireles:
This was classic, all his fellow APC alamjirs followed his lead and argued blindly. I was shocked to my bones.

oboy eeh ..I really missed this thread when it was hot..guy you and your crew should keep on taming them online here...I and my crew are in the field doing the underground work...come February 15, we will throw a bash here..kudos man

honeric01:
Is this what you are looking for?

Total Gross %
1977 : 8,042.4B 6,080.6B 75.69


6, 080.6 B was the gross and made up 75% of the budget for the year 1977 no?

The net earning is expected to even be lower than the 6 , 080. 6B, no?

Having said that, are you saying 55% of the 6.080.6B was saved and was not included in the budget for the year or?

http://transformationwatch.com/2013/10/06/nigerias-financing-pattern-before-and-after-independence-north-did-not-build-the-oil-industry-shell-and-the-fg-did/
http://www.mongabay.com/history/nigeria/nigeria-demographic_factors_and_the_defense_budget.html
http://en.wikipedia.org/wiki/Nigerian_National_Petroleum_Corporation
http://www.budgetoffice.gov.ng/revenue.html

What are you talking about? Did you even read the link? On that same link, you can clearly see, the government spent N8,823B in 1977 and Nigeria ran a deficit of N781M, which was 8.9% of the budget. The government's total revenue was also N8,042B.

Now use the numbers to answer your questions, if oil was 75.69% of government revenue.

atlwireles:
What are you talking about? Did you even read the link? On that same link, you can clearly see, the government spent N8,823B in 1977 and Nigeria ran a deficit of N781M, which was 8.9% of the budget. The government's total revenue was also N8,042B.

Now use the numbers to answer your questions, if oil was 75.69% of government revenue.

Did you also read the quote i quoted from the links i sent to you which says oil was 75% of the revenue in 1977?

How much was the total revenue made in 1977 and what % of it was oil?

In your link, how much was made in total in 1977 from all angles?

honeric01:
Did you also read the quote i quoted from the links i sent to you which says oil was 75% of the revenue in 1977?

How much was the total revenue made in 1977 and what % of it was oil?

In your link, how much was made in total in 1977 from all angles?

Your question is clearly and fully answered on the budget table.

atlwireles:
Your question is clearly and fully answered on budget table.

which is 8,042.4B in total and Oil (Gross) was 6,080.6B which represents 75% of the revenue.

Now tell us, the 55% you said was saved from the oil revenue, is it within the 6.080.6B or what? this is the question you still do not want to answer.

honeric01:
which is 8,042.4B in total and Oil (Gross) was 6,080.6B which represent 75% of the budget.

Now tell us, the 55% you said was saved from the oil revenue, is it within the 6.080.6B or what? this is the question you still do not want to answer.

I did not tell you 55% was saved ,I SAID N6,080B WAS NIGERIA'S 55% SHARE, AS STATED IN THE 1977 BUDGET, BASED ON THE 1974 SHARING FORMULA.

Petroleum production and export play a dominant role in Nigeria's economy and account for about 90% of her gross earnings. This dominant role has pushed agriculture, the traditional mainstay of the economy, from the early fifties and sixties, to the background.

Major Events in the history of the Nigerian Oil and Gas
1908
Nigerian Bitumen Co. & British Colonial Petroleum commenced operations around Okitipupa.

1938
Shell D' Arcy granted Exploration license to prospect for oil throughout Nigeria.

1955
Mobil Oil Corporation started operations in Nigeria.

1956
First successful well drilled at Oloibiri by Shell D'Arcy

1956
Changed name to Shell-BP Petroleum Development Company of Nigeria Limited.

1958
First shipment of oil from Nigeria.

1961
Shell's Bonny Terminal was commissioned.
Texaco Overseas started operations in Nigeria.

1962
Elf started operations in Nigeria. (As Safrap)
Nigeria Agip Oil Company started operations in Nigeria

1963
Elf discovered Obagi field and Ubata gas field
Gulf's first production

1965
Agip found its first oil at Ebocha
Phillips Oil Company started operations in Bendel State

1966
Elf started production in Rivers State with 12,000 b/d

1967
Phillips drilled its first well (Dry) at Osari –I
Phillips first oil discovery at Gilli-Gilli -I

1968
Mobil Producing Nigeria Limited) was formed.
Gulf's Terminal at Escravos was commissioned

1970
Mobil started production from 4 wells at Idoho Field
Agip started production
Department of Petroleum Resources Inspectorate started.

1971
Shell's Forcados Terminal Commissioned
Mobil's terminal at Qua Iboe commissioned

1973
First Participation Agreement; Federal Government acquires 35% shares in the Oil Companies
Ashland started PSC with then NNOC (NNPC)
Pan Ocean Corporation drilled its first discovery well at Ogharefe –I

1974
Second Participation Agreement, Federal Government increases equity to 55%.
Elf formally changed its name from "Safrap"
Ashland's first oil discovery at Ossu –I

1975
First Oil lifting from Brass Terminal by Agip
DPR upgraded to Ministry of Petroleum Resources

1976
MPE renamed Ministry of Petroleum Resources (MPR)
Pan Ocean commenced production via Shell-BP's pipeline at a rate of 10,800 b/d

1977
Government established Nigerian National Petroleum Corporation (NNPC) by Decree 33, (NNOC & MPR extinguished).

1979
Third Participation Agreement (throughout NNPC) increases equity to 60%
Fourth Participation Agreement; BP's shareholding nationalised, leaving NNPC with 80% equity and Shell 20% in the joint Venture.
Changed name to Shell Petroleum Development Company of Nigeria (SPDC)

1984
Agreement consolidating NNPC/Shel1 joint Venture.

1986
Signing of Memorandum of Understanding (MOU)

1989
Fifth Participation Agreement; (NNPC=60%, Shell = 30%, Elf=5%, Agip=5%).

1991
Signing of Memorandum of Understanding & joint Venture Operating Agreement (JOA)

1993
Production Sharing Contracts signed -SNEPCO
Sixth Participation Agreement; (NNPC=55%, Shell=30%, Elf= 10%, Agip=5%).
The coming on-stream of Elf's Odudu blend, offshore OML 100.

1995
SNEPCO starts drilling first Exploration well.
NLNG's Final Investment Decision taken

1999
NLNG's First shipment of Gas out of Bonny Terminal.

2000
NPDC/NAOC Service Contract signed

2001
Production of Okono offshore field.

2002
New PSCs agreement signed.
Liberalisation of the downstream oil sector.
NNPC commences retail outlet scheme

http://www.nnpcgroup.com/NNPCBusiness/BusinessInformation/OilGasinNigeria/IndustryHistory.aspx

Buhari supporters it time to stop responding to this thread.

The liars are not interested in the truth, it just keeps us from promoting what Buhari can do positively for Nigeria.