kaboninc:


Money is stolen but how much?

20 billion USD?

I think we should be realistic here. To fight a disease, let's identify the cause. The best way to fight any disease is by prevention. I hope you agree.
Secondly you sounded like borrowing was bad. That was why I said NO, it is not.

Then again, this debate, we ought to have had it before now, during the campaigns. Why bring it now? Prolly you guys rode to victory on the hope that when you get there, you'll spark up debates like this and our responses will shape your programmes?

Oby......

kaboninc:


Zenith Bank!!!

That's where the money is!

Obiagelli:

Except i don't know i to interpret your figures, all i see here is 40%

Firefire:



Kudos,

Like I said, we got overnight emergency Economist, half-baked for that matter, claiming to understand the interpretation of the numbers with the mere knowledge of plus and minus.

Nigerians are watching with keen interest the government of APC and how they would fulfill all their electoral promises.

God help their government.

Billyonaire:


That's what I am talking about; Read more there;

http://www.triplepundit.com/2011/07/shell-nigeria-csr-corporate-social-responsibility/

http://www.nipc.gov.ng/oil&gaspage.html

The recalculate what is accruing to NIGERIA; Re-base your calculations on current exchange rate not 200 naira. Factor in the Distribution of the Net based on Revenue Allocation Formula as a function of distribution to States and Local Government. Factor in teh Debt Management at current interest rate, also set aside funds as you like for External Reserves, excess crude Account, Subsidy, and do not forget to budget for emergency needs of the military if North decides to keep sponsoring terrorism and also the Fluctuation Marginal Difference from possible inflation.

kaboninc:


It is people like this, very lazy and ignorant I was referring to, when I reply the opening post!

I think the mods should not only validate the source of a story but also the meaning of its content. This guy here is a scapegoat!

taharqa:


Lolz

garrix8:


Sure.

From his post, NNPC (Which represents the interest of the FG) takes 60% while the IOCs share 40%. This 60-40 sharing is done after deduction of Royalty, PPT and Cost Oil.

MuguliciousMUGU:
Nonsense

go school, you won't go... You can see how buhari certificateless brain is affecting yours.

Just as they say, show me your friend and i will tell you who you are.

I rest my case.

We are watching the miracles...

sarahatuba:

GOD BLESS YOU

Bayswater:
I won't even try to counter the oshodi economics obiagelli showcased above. The APC think-tanks know that our revenue this year won't be enough to finance the budget and other immediate needs hence we are looking at a budget of deficit (expenditure will exceed revenue). Therefore, it will be useless for us to start analyzing Oby's figures - it is meaningless to even talk about oil revenue as a source of financing our budget.

The top hierarchy of the APC knows the revenue to be made from from oil and other sources of revenue this year won't be enough to finance the 2015 budget hence the reason why they are planning to raise taxes and VAT by the middle of the year! That's a shocker right.

Just get ready to pay a VAT of between 10% - 15% and higher income taxes. I know some people will ask what this means.

It simply means the price of every item you buy in the market now will go up as traders will find a way of passing this additional tax to buyers (consumers).

Buhari did this same thing in 1984 and it failed, now he is doing it again. All welcome the new change!!!

barcanista, anonimi, truckpusher, firefire, onatisi

garrix8:


From a fields Production, the State takes:

1. Royalty

2. Petroleum Profit Tax

3. It's share of the profit oil

The IOCs take

1. Cost oil (to defray expenses incurred during Field Development)

2. Their share of the profit oil.

[img]http://www.ccop.or.th/epf/cambodia/images/cam01.gif[/img]

Obiagelli:

I think i factored most all you posted above, i even used 2million barrels per day against 2.6.
My calculations were based on dollar at 160 naira.

Firefire:


Honestly speaking, if Nigeria cut the cost of governance, reduce fraudulent businesses, cut the cost of all political office holder, then we can have more money to fund our developmental projects and not feeding the children at another bogus cost as postulated in APC campaign promises.

Increasing of Taxes in Nigeria is inevitable but should not be the first option in generating more revenue, all loopholes should be blocked first.

Obiagelli:

I have explained how we can double our present income through mining, i was just irritated by barcanista's topic.

Billyonaire:
You did not take out the % of crude taken by Oil companies. You merely calculated amounts based on price of crude and projected production. Re-based your calculation based on what Federal Governt earns, what you calculated belongs to the Oil companies, the Federal Government, the State governments and Local Governments. Split the damn digits based on Revenue Allocation and Petroleum Industry Sharing ratio. Will Buhari not give Oil company their share ? He will not give state government ? Will he not give Local Government ? Factor in Debt Management in the Federal Govenment share, and also factor in External Reserve and Excess Crude Reserve. Why are you stubborn ?

Obiagelli:

I already covered the revenue formula in my first post nah.

kaboninc:


Double?

We can improve our tax collection drive thereby boosting revenue. Do you know how many people evade tax? But people wouldn't want to pay too if there's nothing to show for it. We can strengthen people and institutions thereby reducing (not completely eliminating) corruption.

We can continue the drive of diversifying our economy, improving our income streams.

But doubling....that will take years to come. As it stands today, oil is our major source of income. The PIB will also help shore up our income too.

Oby, are you saying that you APC folks know nothing about this? APC, they never forget to disappoint!

Billyonaire:
You didnt. I have a copy of your write up here. Its complete bullshit honey.

Firefire:


Honestly speaking, if Nigeria cut the cost of governance, reduce fraudulent businesses, cut the cost of all political office holder, then we can have more money to fund our developmental projects and not feeding the children at another bogus cost as postulated in APC campaign promises.

Increasing of Taxes in Nigeria is inevitable but should not be the first option in generating more revenue, all loopholes should be blocked first.

taharqa:


Lolz

Obi, I like you so I would be kind. Plzzz, reread what you just wrote here and modify. I'm fact, rewrite everything.


CLUES when rewriting:
----Nigeria and the Oil companies only share the PROFIT from the Crude Oil sales after the Cost for the exploration, exploitation, storage, transportation, etc have been removed
---- This Share of the Oil Profit goes to the 3 tiers if Govt, and not just the FG
----- Most of the revenue that FIRS raise in a year come from taxes (royalties, production sharing fees, etc) from these same OIL COMPANIES, and so indirectly still come from the Profit of Crude Oil sales. It is therefore wrong to calculate it as though it is a stand-alone revenue source
--- Amongst others


The truth id that none of you chaps has even the slightest clue how to respond to that painstakingly well researched OP from barcanista. FULL STOP. We expect the main APC guys to tell Nigerians HOW they intend to fulfill the many promises they made during the campaigns. Apparently, they 'forgot' to do so before now

Greatings

Obiagelli:

Read the last paragraph, after the edit.

Firefire:


Honestly speaking, if Nigeria cut the cost of governance, reduce fraudulent businesses, cut the cost of all political office holder, then we can have more money to fund our developmental projects and not feeding the children at another bogus cost as postulated in APC campaign promises.

Increasing of Taxes in Nigeria is inevitable but should not be the first option in generating more revenue, all loopholes should be blocked first.

olumide4christ:


True talk, Nazeeboy!! When I see all these enemies of progress on nairaland, I feel like weeping for Nigeria because some Nigerians dont want the country to move forward simply because their candidate lost.
I tell you - all the haters of Buhari on Nairaland will be disappointed if God uses Buhari to make things better in Nigeria and will rejoice if things don't go well under Buhari.

Why can't all Nigerians come together and be hopeful for a better Nigeria, irrespective of whoever is in power?? If Nigeria becomes better, it will favour us and our future generations. Some Nigerians only want Nigeria to progress under the leadership of their own candidate or brother or kinsman! SO DISAPPOINTING!

Obiagelli:

One meal for primary school kids isn't too much brother, have thought of the effect on the agric sector? Massive boom.

Obiagelli:

I already covered the revenue formula in my first post nah.

Obiagelli:

One meal for primary school kids isn't too much brother, have thought of the effect on the agric sector? Massive boom.

Firefire:


Honestly speaking, if Nigeria cut the cost of governance, reduce fraudulent businesses, cut the cost of all political office holder, then we can have more money to fund our developmental projects and not feeding the children at another bogus cost as postulated in APC campaign promises.

Increasing of Taxes in Nigeria is inevitable but should not be the first option in generating more revenue, all loopholes should be blocked first.

trillville:


Given these children free food would hopefully make them stay in school and give them a better chance of not becoming destroyers of Nigeria in the future. Do you understand?

Obiagelli:

Thanks brother. Learning something new here.

Obiagelli:

I already covered the revenue formula in my first post nah.

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.




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.