₦airaland Forum

themejiwalker:
But what does Baba mean by "Nigeria is not a rich country"

Evaromantik:
Where does the money go?,unknown to the son of man.....you depend heavily on crude,yet you dnt compensate the people that has the crude.the favour you did them is nothing than to stop the amnesty given to some of them and claim you've done something great for them by cleaning Ogoniland which was ravaged by the oil you drill from them..........We dnt need anything from you again.stop appointing Biafran politicians to any office,we dnt care,that will even help to make them remember their origin......am i the only Biafran here?

McKren:
Why not wait at the end of the financial year when all budget of this administration should have been implemented to judge

There is no point celebrating abstract figures that mean nothing to the common man when no roads have been built, no investment in electricity and the common is feeling nothing!

This figures can be dropped now and looted later. What difference does that make?

McKren:
Why not wait at the end of the financial year when all budget of this administration should have been implemented to judge

There is no point celebrating abstract figures that mean nothing to the common man when no roads have been built, no investment in electricity and the common is feeling nothing!

This figures can be dropped now and looted later. What difference does that make?

phyllosilicate:
I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

Evaromantik:
Where does the money go?,unknown to the son of man.....you depend heavily on crude,yet you dnt compensate the people that has the crude.the favour you did them is nothing than to stop the amnesty given to some of them and claim you've done something great for them by cleaning Ogoniland which was ravaged by the oil you drill from them..........We dnt need anything from you again.stop appointing Biafran politicians to any office,we dnt care,that will even help to make them remember their origin......am i the only Biafran here?

kennydee05:
We weren't a rich country as at when he made that statement and now we are getting rich...
And we will get their soon.

themejiwalker:
But what does Baba mean by "Nigeria is not a rich country"

phyllosilicate:
I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

phyllosilicate:
I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

Russellval:
Unfortunately my brother you do not understand what you just read. The report said ''Nigeria earned'' not ''FG earned'' which means private sector is also included. If you compare it to same period in 2014 you will notice that export actually declined by 38.5% which indicates a slow down in growth and should get you worried rather than rejoicing.

phyllosilicate:
I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?[b][/b]

phyllosilicate:
I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

phyllosilicate:
I understood what I wrote, FG collects more than fifty percent of what Nigeria earns. If you factor that, it means we FG has gotten about 30 percent of this year's budget from petroleum product alone from just one quarter. If we add revenue from other exports, from Customs, federal inland revenue and other revenue generating agencies it would make it to about 35 percent of the budget. Let assume petroleum price remains this low through the remaining 2 quarters. It would mean that FG would get 105 percent of her Budget from just 3 quarters alone. Don't forget we haven't added the first quarter. By question sir still remains the same : where did our money go to, when we were selling crude oil at $120 per barrel?

Russellval:
The FG does not collect up to 50% of revenue even from those companies it is in Joint Venture (JV) with, let alone other private companies. This statistics from NBS does not give us insight into with establishments actually made these transactions, so it's difficult to speculate.

To be fair to Dr Okonjo Iweala, she never said Nigeria was broke, she even hated that language, what she said was ''Nigeria has cashflow difficulties'' , but like you i will also like to know where our earnings from excess crude went.

porka:
[size=13pt]Ogbeni, do you people have any analytical skills at all?

This is the figure for the entire country. The money goes into the federal account for the entire country. The federal government budget of N4trn is just a subset of the the total figure.

This is part of what the whole country shares. The federal government plus the 36 states and 774 local governments. You would have to add all their budgets together for better understanding.

And the report stated the percentage of shortage compared to the same period last year. Will you just open your eyes and read before you jump into hysteria?

Why is so difficult to comprehend simple things for you guys.

Okonjo-Iweala's assertion was recently corroborated by your dullard god who said all the notions of Nigeria being a rich country are false.

Why are you people so easily deceived with figures. [/size]

phyllosilicate:
I understood what I wrote, FG collects more than fifty percent of what Nigeria earns. If you factor that, it means we FG has gotten about 30 percent of this year's budget from petroleum product alone from just one quarter. If we add revenue from other exports, from Customs, federal inland revenue and other revenue generating agencies it would make it to about 35 percent of the budget. Let assume petroleum price remains this low through the remaining 2 quarters. It would mean that FG would get 105 percent of her Budget from just 3 quarters alone. Don't forget we haven't added the first quarter. By question sir still remains the same : where did our money go to, when we were selling crude oil at $120 per barrel?

porka:
[size=13pt]Ogbeni, do you people have any analytical skills at all?

This is the figure for the entire country. The money goes into the federal account for the entire country. The federal government budget of N4trn is just a subset of the the total figure.

This is part of what the whole country shares. The federal government plus the 36 states and 774 local governments. You would have to add all their budgets together for better understanding.

And the report stated the percentage of shortage compared to the same period last year. Will you just open your eyes and read before you jump into hysteria?

Why is so difficult to comprehend simple things for you guys.

Okonjo-Iweala's assertion was recently corroborated by your dullard god who said all the notions of Nigeria being a rich country are false.

Why are you people so easily deceived with figures. [/size]