I AM GOING TO LIMIT MYSELF TO ONLY FOUR

(1) OIL: IN THE YEAR 2014 NIGERIA PRODUCED 2.5MILLION BARRELS OF CRUDE OIL EVERYDAY ALTHOUGH THIS IS NORMAL CAPACITY WE CAN PRODUCE AND IT WAS SOLD NOT LESS THAN $110 IN THE YEAR 2014 NOTE THAT $1 =N156 TILL SANUSI LEFT
NOW ARITHMETIC:
=2.5M BARREL X $110 =$275,000,000MILLION PER DAY
COVERT IT TO NAIRA
=275,000,000 X156 =N42,900,000,000BILLION PER DAY
MULTIPLY BY ONE YEAR =365DAYS
=365DAYS XN42,900,OOO,OOO =N15,658,500,000,000TRILLION PER YEAR

NIGERIA CUSTOMS SERVICE= N997BILLION
IMMIGRATION = 15BILLION
FEDERAL INLAND REVENUE = 4.69TRILLIN
TOTAL ------------------ = N 21,360,500,000,000TRILLION

THIS IS CASH NIGERIA GENERATE FROM REVENUE IN THE YEAR 2014 EXCLUDING PROCEED FROM AVIATION , NEPA, INDASPORA ETC
HERE ARE IMPLICATIONS
(1) NIGERIA HAS NO REFINERY
(2)NO BETTER SCHOOL
(3)NO BETTER HOSPITAL
(4)WORKERS WERE NOT PAID TOWARDS THE END OF LAST YEAR
(5)NIGERIA EXTERNA DEBT HAS RISEN TO 10.4 TRILLION
(6)NO PIPE BORN WATER
(7)UNEMPLOYEMENT IS ON INCREASE NOW 30%
(NO GOOD ROAD
(9)NO TRANSPORTATION SERVICE
(10) ETC
LET THOSE WHO HAVE EAR TO HEAR!

Typing.........

quadrillion bro

may God mismanage their lives the way they r mismanaging nigeria.

Kakpos:
I AM GOING TO LIMIT MYSELF TO ONLY FOUR

(1) OIL: IN THE YEAR 2014 NIGERIA PRODUCED 2.5MILLION BARRELS OF CRUDE OIL EVERYDAY ALTHOUGH THIS IS NORMAL CAPACITY WE CAN PRODUCE AND IT WAS SOLD NOT LESS THAN $110 IN THE YEAR 2014 NOTE THAT $1 =N156 TILL SANUSI LEFT
NOW ARITHMETIC:
=2.5M BARREL X $110 =$275,000,000MILLION PER DAY
COVERT IT TO NAIRA
=275,000,000 X156 =N42,900,000,000BILLION PER DAY
MULTIPLY BY ONE YEAR =365DAYS
=365DAYS XN42,900,OOO,OOO =N15,658,500,000,000TRILLION PER YEAR

NIGERIA CUSTOMS SERVICE= N997BILLION
IMMIGRATION = 15BILLION
FEDERAL INLAND REVENUE = 4.69TRILLIN
TOTAL ------------------ = N 21,360,500,000,000TRILLION

THIS IS CASH NIGERIA GENERATE FROM REVENUE IN THE YEAR 2014 EXCLUDING PROCEED FROM AVIATION , NEPA, INDASPORA ETC
HERE ARE IMPLICATIONS
(1) NIGERIA HAS NO REFINERY
(2)NO BETTER SCHOOL
(3)NO BETTER HOSPITAL
(4)WORKERS WERE NOT PAID TOWARDS THE END OF LAST YEAR
(5)NIGERIA EXTERNA DEBT HAS RISEN TO 10.4 TRILLION
(6)NO PIPE BORN WATER
(7)UNEMPLOYEMENT IS ON INCREASE NOW 30%
(NO GOOD ROAD
(9)NO TRANSPORTATION SERVICE
(10) ETC
LET THOSE WHO HAVE EAR TO HEAR!

FALSE FALSE FALSE FALSE FALSE FALSE

So much FALSE INFORMATION IN YOUR POST

First of all Nigeria's crude production in 2014 averaged 2.08 million barrels a day and not 2.5 million.
http://dailyindependentnig.com/2015/01/nigerias-crude-oil-output-hit-2-08mbpd-2014/

second brent crude averaged 110 dollars per barrel in 2014.
Nigeria exported 2.08 million barrels of oil per day.

2.08 * 110= 228800000 (that is two hundred and twenty eight million dollars a day.)
multiply that by 365 = 83512000000 ( that is 83 billion five hundred and twelve million dollars per year)

but wait, according to the deal we signed with the international oil companies, Nigeria gets 60% of the proceeds while the oil companies themselves get 40% of the proceeds.

Figure 1 shows that the NNPC holds 60% in all the joint ventures except the venture
operated by Shell, in which NNPC holds 55%.

go to page 5 to see proof (highlight the pdf in your browser and scroll to page 5 to see proof)
file:///C:/Users/KEAA/Downloads/CAR10_ARTICLE32_143756024.pdf

here is another piece of proof (highlight and paste in your browser)
https://books.google.ca/books?id=Vy7TBAAAQBAJ&pg=PA207&lpg=PA207&dq=nnpc+60+%25+revenue&source=bl&ots=1Af2h7RVCO&sig=pbMeDmMaXimK3DVW71K5Osj0EO8&hl=en&sa=X&ei=oX3zVKD7OMWRyASekoGYBg&ved=0CEcQ6AEwBw#v=onepage&q=nnpc%2060%20%25%20revenue&f=false


so that is 83512000000 *0.60 = 50107200000 ( fifty billion one hundred and seven million and two hundred thousand dollars.)
This is the amount Nigeria actually made from oil sales in 2014 after the oil companies took their cut.

But wait, the federal government does not get all the oil money. After all according to our revenues sharing forumlar, the federal govt keeps about 52% of the proceeds while the states and local governments share the remaining 48%

At the moment, under the current formula as recommended by the Revenue Mobilization Allocation and fiscal Commission (RMAFC), local governments receives 20.6%, states 26.72%, federal government 52.68%

http://nigerianobservernews.com/19112013/features/features5.html#.VPN_gPnF-So

SO that means from the 50 billion Nigeria made this year from oil sales the federal govt could only keep about 25-26 billion dollars while the rest was shared between the 36 states and the local governments in the federation.

Now to convert 25 billion to naira at the exchange rate of 155 you gave = three trillion eight hundred seventy-five billion naira
as opposed to the 15 trillion naira you claimed the federal govt accrued in 2014 from oil sales.

next you claimed the FIRS made 4.69 trillion naira in 2014 as VAT. That again is FALSE.

They actually made 803 billion naira as VAT in 2014.

As falling oil prices force government into policy redirection towards tax revenue, Value Added Tax (VAT) –a form of consumption tax, yielded approximately N802.95bn into Nigeria’s VAT pool account in 2014.

http://businessdayonline.com/2015/02/vat-fetches-treasury-n803bn-in-2014/#.VPN4YfnF-So

but wait the vat account is also subject to horizontal revenue sharing.

Nigeria, Africa’s largest economy by GDP-size recognizes VAT pool account which is the subject of horizontal revenue sharing.

Section 40 of the Value Added Tax Act, as amended, provides that proceeds of VAT account should be allocated on the basis of 50 percent to the States and the Federal Capital Territory (FCT); 35 percent to the Local Governments and 15 percent to the Federal Government.

The provision of Section 40 further provides for the principle of derivation of not less than 20 percent to be reflected in the share of States and Local Governments.

http://businessdayonline.com/2015/02/vat-fetches-treasury-n803bn-in-2014/#.VPN4YfnF-So

so that means from the 802 billion naira FIRS of Nigeria made in 2014 the federal govt was only entitled to about 402 billion naira. while the rest was shared with the states and local governments.

When it comes to immigration and Customs I dont have the sum of what they generated, but from your faulty analysis of our oil receipts and our tax revenue I have no doubt that your numbers are false as well.

for those of you that cannot see the full article in business day(you have to pay) here it is

http://businessdayonline.com/2015/02/vat-fetches-treasury-n803bn-in-2014/#.VPN4YfnF-So

As falling oil prices force government into policy redirection towards tax revenue, Value Added Tax (VAT) –a form of consumption tax, yielded approximately N802.95bn into Nigeria’s VAT pool account in 2014.

In 2013, actual VAT revenue was N802.67bn against government’s VAT revenue target of N945.28bn. The Federal Inland Revenue Service (FIRS) surpassed the preceding year VAT revenue by N28million; while it came short of the 2014 government target of N849.33billion by N46.38bn or 5.46%.

BusinessDay checks show that in the first-quarter (Q1) of 2014, Value Added Tax yielded N212.38bn into government coffers. In Q1’14, the VAT revenue target was set at N211.36bn.

Out of the N212.38bn actual VAT revenue in Q1’14, N41.27bn was realised by Nigerian Customs Service (NCS) as import VAT revenue; while N171.11bn was revenue from non-import VAT.

In Q2’14, VAT yielded N197.25bn into government treasury. NCS import VAT revenue was N50.36bn, while non-import VAT revenue was N146.89bn.

Nigeria, Africa’s largest economy by GDP-size recognizes VAT pool account which is the subject of horizontal revenue sharing.

Section 40 of the Value Added Tax Act, as amended, provides that proceeds of VAT account should be allocated on the basis of 50 percent to the States and the Federal Capital Territory (FCT); 35 percent to the Local Governments and 15 percent to the Federal Government.

The provision of Section 40 further provides for the principle of derivation of not less than 20 percent to be reflected in the share of States and Local Governments.

While many African countries are considering putting VAT into their tax systems, analysts say, Nigeria VAT administration system falls below international norms.

Nigeria’s VAT rate of 5% is much lower than the global average rate of between 18% and 20%.

A look at some African countries VAT rate shows: Algeria (17%); Benin Republic (18%); Botswana (12%); Burkina Faso ((18%); Cameroon (19.25%); Cape Verde (15%); Central African Republic (19%); Egypt (10% (standard), 25% (luxury goods); Gabon (18%); Kenya (16%); Mauritius (15%); Morocco (20%); Nigeria (5%); Senegal (20%); South Africa (14%);Tunisia (18%); and Zambia (17.5%.

In the third-quarter (Q3) 2014, VAT revenue was N192.08bn. Details of this figure show that Nigerian Customs Service import VAT revenue was N48.76bn while non-import VAT revenue stood at N143.31bn.

In Q4’14, N201.24bn revenue came from VAT. Non-import VAT revenue was N155.58bn, while N45.66bn was realised by the Nigeria Customs Service as import VAT.

In a recent move which received approval and knocks from a cross section of Nigerians, Ngozi Okonjo-Iweala, the country’s finance minister and coordinating minister of economy, said N480bn would be generated into federal government coffers through taxes on luxury items as well as stoppage of abuses of investment incentives, such as exemptions and waivers.

“We need to reform our tax system. Tax systems are meant to be responsive. We need a ‘living tax system’. Government should be able to treat tax as a fiscal stimulus, particularly as a country seeking growth”, said Eben Akinyemi, principal partner Stransact Partners.

Akinyemi said, “We need to reduce taxes and not going back to the people who find it difficult to pay taxes. Government should first enforce compliance of tax, than introducing more taxes.”

Can op change title to generated. Cos u have d facts already.

davitogreat:


FALSE FALSE FALSE FALSE FALSE FALSE

So much FALSE INFORMATION IN YOUR POST

First of all Nigeria's crude production in 2014 averaged 2.08 million barrels a day and not 2.5 million.
http://dailyindependentnig.com/2015/01/nigerias-crude-oil-output-hit-2-08mbpd-2014/

second brent crude averaged 110 dollars per barrel in 2014.
Nigeria exported 2.08 million barrels of oil per day.

2.08 * 110= 228800000 (that is two hundred and twenty eight million dollars a day.)
multiply that by 365 = 83512000000 ( that is 83 billion five hundred and twelve million dollars per year)

but wait, according to the deal we signed with the international oil companies, Nigeria gets 60% of the proceeds while the oil companies themselves get 40% of the proceeds.



go to page 5 to see proof (highlight the pdf in your browser and scroll to page 5 to see proof)
file:///C:/Users/KEAA/Downloads/CAR10_ARTICLE32_143756024.pdf

here is another piece of proof (highlight and paste in your browser)
https://books.google.ca/books?id=Vy7TBAAAQBAJ&pg=PA207&lpg=PA207&dq=nnpc+60+%25+revenue&source=bl&ots=1Af2h7RVCO&sig=pbMeDmMaXimK3DVW71K5Osj0EO8&hl=en&sa=X&ei=oX3zVKD7OMWRyASekoGYBg&ved=0CEcQ6AEwBw#v=onepage&q=nnpc%2060%20%25%20revenue&f=false


so that is 83512000000 *0.60 = 50107200000 ( fifty billion one hundred and seven million and two hundred thousand dollars.)
This is the amount Nigeria actually made from oil sales in 2014 after the oil companies took their cut.

But wait, the federal government does not get all the oil money. After all according to our revenues sharing forumlar, the federal govt keeps about 52% of the proceeds while the states and local governments share the remaining 48%



http://nigerianobservernews.com/19112013/features/features5.html#.VPN_gPnF-So

SO that means from the 50 billion Nigeria made this year from oil sales the federal govt could only keep about 25-26 billion dollars while the rest was shared between the 36 states and the local governments in the federation.

Now to convert 25 billion to naira at the exchange rate of 155 you gave = three trillion eight hundred seventy-five billion naira
as opposed to the 15 trillion naira you claimed the federal govt accrued in 2014 from oil sales.

next you claimed the FIRS made 4.69 trillion naira in 2014 as VAT. That again is FALSE.

They actually made 803 billion naira as VAT in 2014.



http://businessdayonline.com/2015/02/vat-fetches-treasury-n803bn-in-2014/#.VPN4YfnF-So

but wait the vat account is also subject to horizontal revenue sharing.



http://businessdayonline.com/2015/02/vat-fetches-treasury-n803bn-in-2014/#.VPN4YfnF-So

so that means from the 802 billion naira FIRS of Nigeria made in 2014 the federal govt was only entitled to about 402 billion naira. while the rest was shared with the states and local governments.

When it comes to immigration and Customs I dont have the sum of what they generated, but from your faulty analysis of our oil receipts and our tax revenue I have no doubt that your numbers are false as well.

Why didn't you talk abt unemployment, abi na only crude oil you see?

ejiro2130:


Why didn't you talk abt unemployment, abi na only crude oil you see?

what does this have to do with what i wrote? I was replying to his false claim that Nigeria's govt made over 21 trillion naira in 2014 and that is FALSE. After all his whole argument is based on that lie. You lot should stop attempting to shift goal posts.
If you want to be pro APC then support your party but when making your points use facts and dont make up numbers.

Who measures and quantifies Nigerias oil output per day? The multi national oil companies. The drill, extracts, lifts, sells, and exports as many barrels as they deem fit then quotes numbers sold to the Nigerian government. . HArdly any other serious oil producing country does that. The multinationals are really having a swell time

davitogreat:


what does this have to do with what i wrote? I was replying to his false claim that Nigeria's govt made over 21 trillion naira in 2014 and that is FALSE. After all his whole argument is based on that lie. You lot should stop attempting to shift goal posts.
If you want to be pro APC then support your party but when making your points use facts and dont make up numbers.

He said alot of things, but you almost brought a bible to prove one point, so am asking you did he lie about unemployment too??

Its more about where we stand as a nation not about any party, 30% of 150miliion is staggering if that number is true I think GEJ shouldn't have been thinking of running for another term

ejiro2130:


He said alot of things, but you almost brought a bible to prove one point, so am asking you did he lie about unemployment too??

Its more about where we stand as a nation not about any party, 30% of 150miliion is staggering if that number is true I think GEJ shouldn't have been thinking of running for another term

unemployment has always been high in this country. Do you really think Nigerians had jobs under OBJ, Under Abacha, under babangida? under Buhari? Tell me about any large scale manufacturing that was going on in their times? What large scale employment jobs did we have in the service sector? was there any large scale mining in their time? what about I.T Jobs? did we have any? what about jobs in agriculture? did we a have any agricultural jobs in their time?

No leader in the history of Nigeria has invested more in employment generation than our present leader. Now you can critique his polices but at least compared to them he has put in effort to deal with our employment issues.

On top of that how many of the state governors are even making an effort to create jobs for their inhabitants?


When you look at his points on refinery I agree the govt has dropped the ball. WHen it comes to schools, the states are in charge of primary and secondary. So look at your state governors. The federal govt is only in charge of tertiary institutions and gej has just been average in that department.

The workers not being payed at the end of last year is true but that was because of the security system kicking in when funds were about to be diverted. The state government workers were officially payed their salaries for December in January.

When it comes to pipe born water that is the responsibility of the state governors. Here in cross river state, Calabar and a some of our local govt areas have pipe born water from the states water board. (though some people feel the water is unaffordable, esopecially in the LGA areas) So governors in other states should sit up to their responsibilities.

When it comes to roads, depending on where you are in the country there has been noticeable road improvement. Especially in the north and south west. The east and the south south on the other hand have been neglected in my opinion. The only major road construction i know of going on in the south south is the east west road which currently stands at about 70% completion from last i heard.
Now could the govt have done better in road construction?

ofcourse!

i personally feel the speed of road construction and rehabilitation in Nigeria is way too slow.


last is transportation. the rail lines are now working the lagos-kano route, so is the portharcort to gombe route, abuja to kaduna has been completed as well and is waiting for commissioning. also the kaduan intra city railway that goes from kaduna to kafanchan and terminates at gombe is also running. ALso the ajakouta warri line stands at 90% completion. ( i am also missing one more rail line)

also when it comes to external debt i dont have too much of an opinion on it.

If i was to rate Jonathan I would give him a C. He is just average. But that does not give anyone the right to distort facts just to make a point.

davitogreat:


unemployment has always been high in this country. Do you really think Nigerians had jobs under OBJ, Under Abacha, under babangida? under Buhari? Tell me about any large scale manufacturing that was going on in their times? What large scale employment jobs did we have in the service sector? was there any large scale mining in their time? what about I.T Jobs? did we have any? what about jobs in agriculture? did we a have any agricultural jobs in their time?

No leader in the history of Nigeria has invested more in employment generation than our present leader. Now you can critique his polices but at least compared to them he has put in effort to deal with our employment issues.

On top of that how many of the state governors are even making an effort to create jobs for their inhabitants?


When you look at his points on refinery I agree the govt has dropped the ball. WHen it comes to schools, the states are in charge of primary and secondary. So look at your state governors. The federal govt is only in charge of tertiary institutions and gej has just been average in that department.

The workers not being payed at the end of last year is true but that was because of the security system kicking in when funds were about to be diverted. The state government workers were officially payed their salaries for December in January.

When it comes to pipe born water that is the responsibility of the state governors. Here in cross river state, Calabar and a some of our local govt areas have pipe born water from the states water board. (though some people feel the water is unaffordable, esopecially in the LGA areas) So governors in other states should sit up to their responsibilities.

When it comes to roads, depending on where you are in the country there has been noticeable road improvement. Especially in the north and south west. The east and the south south on the other hand have been neglected in my opinion. The only major road construction i know of going on in the south south is the east west road which currently stands at about 70% completion from last i heard.
Now could the govt have done better in road construction?

ofcourse!

i personally feel the speed of road construction and rehabilitation in Nigeria is way too slow.


last is transportation. the rail lines are now working the lagos-kano route, so is the portharcort to gombe route, abuja to kaduna has been completed as well and is waiting for commissioning. also the kaduan intra city railway that goes from kaduna to kafanchan and terminates at gombe is also running. ALso the ajakouta warri line stands at 90% completion. ( i am also missing one more rail line)

also when it comes to external debt i dont have too much of an opinion on it.

If i was to rate Jonathan I would give him a C. He is just average. But that does not give anyone the right to distort facts just to make a point.

If you give the president a c then I will say u r utterly bias, Northern Nigeria always have good roads so I won't credit GEJ on that, corruption went up virally under his watch and unemployment rose at least 3% depending on ur source, yes the rail lines are trying now but instead of the lines to be upgraded it was patched up. In 4yrs time those rail lines will stop again.

Nigerians deserve better especially looking at the rate of unemployment considering that many of us are robbed looking for jobs some died in search of jobs.
Nigeria isn't caused, Nigerians deserved better, me have decided to vote for change!!

ejiro2130:


If you give the president a c then I will say u r utterly bias, Northern Nigeria always have good roads so I won't credit GEJ on that, corruption went up virally under his watch and unemployment rose at least 3% depending on ur source, yes the rail lines are trying now but instead of the lines to be upgraded it was patched up. In 4yrs time those rail lines will stop again.

Nigerians deserve better especially looking at the rate of unemployment considering that many of us are robbed looking for jobs some died in search of jobs.
Nigeria isn't caused, Nigerians deserved better, me have decided to vote for change!!

now your biased. What do you mean the rail lines will die in 4 years? Your just praying for failure to justify your own candidate.
On top of that at the moment a bill has been sent tothe national assembly for the privatization of the railways this year. Dont know how true it s but I have heard that dangote is looking at the western rail line (Lagos-kano)

Again my stance on jobs remains. Nigerians now do not have less jobs available when compared to the times of obj, abacha, babangida , buhari e.t.c. Also Nigerias uneployment figures are some of the most useless in the world. This country has never provided enough jobs for its citizens since our independence. I personally dont even believe our unemployment rate is 30%. Our true unemployment rate in my opinion is closer to 70% and we have been around that range and even higher for decades.

When it comes to corruption going up under him, I call Bull. You mean the phantom 20 billion that sanusi said was unremmitted by NNPC in 1 year? or the phantom 30 trillion naira or when you convert it to dollars 178 billion dollars that soludo claims went missing under his watch?
Those 2 guys just created that noise for political reasons. This is because Nigeria does not even have 20 billion or 178 billion to steal.
Do you know what would happen if those amounts of funds really went missing? Do you know what would happen to our banking sector if 20 Billion dollars was taken from Nigerias economy within the year? Do you know what would happen to the flow of money in our economy? Do you know what would happen to interest rates?
A lot of you guys just think that the federal govt stores our money in some vault and then releases the funds when the want to. When our govt makes money from oil sales or when they acquire tax revenue from FIRS or make profit from other govt agencies that money is stored with CBN, and CBN deposits it in partner bank accounts of our major banks under CBN. (GT bank, Access bank, UBA bank, Eco bank e.t.c) Those banks then use those funds to run themselves, finance many of their deals, assist in supporting govt policies like the SME fund, and provide loans to people like dangote, interswitch e.t.c The money the federal govt makes is basically injected into the cycle of money in our economy.

Then one might wonder where exactly is the corruption in Nigeria. Look no further than contracts for infrastructure development. A lot of these contractors in tandem with some govt agents inflate the prices of contracts and share the loot with themselves.
An example is a certain governor was said to have spent 1bllion naira on full scale road construction and rehabilitation. At the end of the day it was found that the contractors just patched up the road with cement and left.
That is the corruption in Nigeria