garrix8:


I think it's like this +-:

Whatever amount of oil is produced, a percentage is deducted by the IOC (Cost oil), then the PPT and Royalty is paid to the state (a percentage of the production). The balance is what's shared according to the terms of the PSC.

Obiagelli:

Since when did FIRS start collecting crude oil revenue?

Btw using words like breaking it down to my level does not make you any smart. Go and read the FIRS link.

kunlejazz:


Isn't this just a show of shame?

77billion IS NOT 1.5 Trillion naira.
77billion IS 15.4 Trillion naira, at 200NGN per USD!

To even think that you're insulting the guy.

Wew!

Obiagelli:

Interesting,

kaboninc:


I tell you, between you and a goat, you'd lead a goat astray.

Gosh!

Obiagelli:

He wrote 1.5 trillion not me.

netotse:
@Obiagelli
Your economics/accounting is off, the post by flets on the first page is a good pointer...your intentions are good but you are spreading false information. If you're interested I could email you a book on how it's done...in the end, the amounts the IOCs get and the amounts the FGN gets are not too different, don't let the talk about percentages fool you.

Mykevp2p:


I have never doubt the social welfare program, my point was regarding to the issue of additional revenue gernation in terms of expandaing out tax net and revising the VAT.

About the issue of social welfare programs, this is just a replicate of what you have in Brazil (exactly wit the same conditions attached). The problem for me is the issue of identifying these poorest of the poor. GMB is just the president and cannot be everywhere. We have no functional national ID database.. It is difficult to determine who is even really a Nigerian let alone their level of income.

ekolina:
. What you did is just to calculate the revenues without calculating the expenses done by NPC, DPR, Npdc and other paraster that constitute our oil companies. Also note that, the estimated 2.3 million barrels is not all exported a percentage is left for local consumption. If you look at monthly allocations to States and federal govt you should be able to deduce from there what we earn as a nation

dunkem21:


So, you know its 7.7?

Truckpusher:
Boy , if you ever believed those values then you're a mor0n.

Obiagelli:

If politicians still less, we have no business borrowing. Are you saying oil companies gets more than 40%? I have reliable information but i can't find a link for it due to secrecy.

Billyonaire:
Forget what Jonathan enjoyed. Your calculation is silly. Factor in State and Local Government allocations, then budget for External Reserves, Subsidy, Excess Crude and Debt Management. Do not pretend to be stupid, you are not stupid.

ChinemeOkpan:


Conjectures and no sense in your submission.

This is a new government. New way of doing things.

Wait till Buhari takes over before you start complaining.

kaboninc:


I never had any intention of commenting on nairaland tonight but your comment above made me puke! Damn! I felt some goose pimples and had to correct you.

The price of a barrel of crude is below 60USD, especially the Nigerian flavour. I thought you were complaining about the 'sudden' increase in naira-dollar exchange rate? Saying this government has failed to manage the economy? Now you're using it to validate your analogy (even when it is flawed). You're funny. I wonder what your definition of management is!

Oby, I beg you, please do not post such nonsense/rubbish and term it as fact again especially here in nairaland. Gosh, you're not talking to kids neither are we in the bear palour.

You're insulting our collective intelligence here. Biko!

For God's sake, the FIRS collects all revenues for the Federal Government and that includes the income generated from sales of crude oil. So where is the additional N4.69 trillion from FIRS coming from? Pluto?

In your analogy, you were so ignorant that you forgot to add the COST, EXPENSES incurred in lifting one barrel, processing it and subsequently selling it.

STOP posting rubbish here and labelling it as a FACT! Then again, isn't it amazing that you will spend about 20% - 25% of your national budget (1.8 trillion of 4.6 trillion) on direct consumption when there are urgent needs that require urgent attention? Still, I wonder what your definition of efficient management is! Maybe that's how your party, the APC intends to prune the cost of governance. So pathetic! I hope you know this year's budget is a budget of deficit? (or you don't know too?) Maybe you guys will print more money to execute your pipe project!

I beg you, STOP so that some lazy kids won't come here to pick these fractured information you post here and use it as a basis to argue.

Lastly, God gave us 2 eyes each and a wonderful reasoning component called the brain. Please let's use it.

Cheers.

Cc: anonimi

ALISMILE:
explain why he shud nt believe!

kenonze:


Did u vote for GMB?
The ans is NO.
Why are u worried about his promises.
Na we vote am,
We no dey complain weda e do am or not.
What we are interested is simple.......
1: kill corruption
2: fix our roads and dying school system.
3: electricity

Every other thing shall fall in place.
We are nigeria.
We are not lazy.
He shld just give us the aforementioned, we gonna sort other things out

kaboninc:


Borrowing is not a bad thing. For the fact you borrowed some funds doesn't mean there was theft. Nigeria borrows because we do not have easily disposable assets (we're are cash strapped) but we do have valuable assets that can stand in for the borrowed cash.

Oby, biko, spend time learning.

When asked how he intends to lead the country in the face of dwindling revenue, GMB said the money recovered from corruption will be used to augment budget shortfalls. Yeah, its a good initiative but how much kwanu?

stave9ja:
If you all say the calc is a lie... Where did the 20b$ get lost from

Guys there is money in this country

Obiagelli:

Nigeria still gets the higher percentage?

Obiagelli:

I already factored 52percent for FG, read the final part of my post.

AsherStorm:


u must be a bigger mórön for thinking this country isn't capable of delivering those things in buhari's manifesto ...

Obiagelli:

I already factored 52percent for FG, read the final part of my post.

kaboninc:


I never had any intention of commenting on nairaland tonight but your comment above made me puke! Damn! I felt some goose pimples and had to correct you.

The price of a barrel of crude is below 60USD, especially the Nigerian flavour. I thought you were complaining about the 'sudden' increase in naira-dollar exchange rate? Saying this government has failed to manage the economy? Now you're using it to validate your analogy (even when it is flawed). You're funny. I wonder what your definition of management is!

Oby, I beg you, please do not post such nonsense/rubbish and term it as fact again especially here in nairaland. Gosh, you're not talking to kids neither are we in the bear palour.

You're insulting our collective intelligence here. Biko!

For God's sake, the FIRS collects all revenues for the Federal Government and that includes the income generated from sales of crude oil. So where is the additional N4.69 trillion from FIRS coming from? Pluto?

In your analogy, you were so ignorant that you forgot to add the COST, EXPENSES incurred in lifting one barrel, processing it and subsequently selling it.

STOP posting rubbish here and labelling it as a FACT! Then again, isn't it amazing that you will spend about 20% - 25% of your national budget (1.8 trillion of 4.6 trillion) on direct consumption when there are urgent needs that require urgent attention? Still, I wonder what your definition of efficient management is! Maybe that's how your party, the APC intends to prune the cost of governance. So pathetic! I hope you know this year's budget is a budget of deficit? (or you don't know too?) Maybe you guys will print more money to execute your pipe project!

I beg you, STOP so that some lazy kids won't come here to pick these fractured information you post here and use it as a basis to argue.

Lastly, God gave us 2 eyes each and a wonderful reasoning component called the brain. Please let's use it.

Cheers.

Cc: anonimi

Obiagelli:

If politicians still less, we have no business borrowing. Are you saying oil companies gets more than 40%? I have reliable information but i can't find a link for it due to secrecy.

Obiagelli:
Officially, Nigeria exports 2 million barrels of crude oil
daily. At the current price of 60 US dollars per barrel, that
translates into 120 million US dollars.

120 million x 365day = 43,800,000,000

43 billion dollars @ 60% ( rumoured sharing formula between Nigeria and oil companies)

That means Nigeria makes 25.8 billion dollars annually.

$25.8 billion x 200 naira = 5.1 trillion naira.


Nigeria's 2014 budget was N4.6 trillion meaning we still have about 0.5 trillion naira change.
www.channelstv.com/2014/04/09/nigerian-senate-passes-4-6-trillion-naira-2014-budget/


FEDERAL INLAND REVENUE

Nigeria generated N4.69tn Revenue in 2014

www.thisdaylive.com/articles/firs-generates-n4-69tn-revenue-in-2014/200484/

Adding N4.69 trillion (firs) + 5.1 trillion (crude oil) = 9.79 trillion.

If our budget was N4.6 trillion then we have a balance of 5.1 trillion naira that nobody accounts for.

Barcanista asked where we will find 1.8 trillion to take care of our most vulnerable citizens, this balance of 5.1 trillion will be taken away from the pockets of criminals and militants.

Seun
Lalasticlala
Ishilove
MizMyColi
MzJackBaueress.

EDIT.


I forgot the FG gets 52% of total income, even at that we have a balance of 0.6 trillion naira which is sufficient for the first stage of the social programs.
The APC government has said one of its major income earners is the mining industry.

This plans with financial discipline is very much achievable.

Please note that my analysis is based our major source of income ( oil and taxes), i have not touched other income earnings.

Abok1:




He has forgotten so soon that its not business as usual with the oil companies. I can recall that there's a clause in the oil contracts which states that non-performing oil wells would be taken over by the FG, which means the oil company would have to prove beyond reasonable doubts that its oil block is performing, and that in itself is based on the premise that the revenue projections tally with the agreed benchmarks.

Its either you pay up or forfeit your oil block.

Truckpusher:
Op have no single idea of what she's talking about.

If you set her before a babalawo and a magician right now the babalawo and the magician would be stunned about her figures .

She is talking trash and I won't waste my energy and time educating janjawiids.

Let them find out the hard way.

Truckpusher:
Why don't we have a bet and entrust it in the hands of a nairalander of your choice ?