₦airaland Forum

Pidggin:
Please try and think a bit your brain cannot be for fancy na. Was there ever a time when our budget in a year during Jonathan's time exceed 7 trillion? If you check the total budget during the five years he spent in office it is no where near 51trillion na haba?

Even America is not this rich na, think.

vedaxcool:
[s][/s]

Ok so he no longer spent 51trillion on susbsidy? Next time you want to deceieve people with lies resembling thoughts of an IQ depleted person do so in a gathering of ipoop.

Obj, low oil price - paid subsidy and saved significant foreign reserves

Yardua good oil price paid subsidy and saved money

GEJ high oil prices, paid subsidy and saved very little.

Keep defending a man who wasted your future it is actually the smart thing to do for your level of intelligence.

Pidggin:
Hahaha I never said he spent 51trillion on subsidy, you can quote me if I did.

Hate is dangerous it will only stop you from seeing the truth. GEJ did not save as much as he could have wanted to because of Amaechi and other greedy governors. But he still left something for Buhari so go sleep abeg I don't have time to lecture anyone this night jor

NgeneUkwenu:
May God Punish Jonathan Wherever He Is!

buharisbae:
Jesus Christ! and some stupid fools have the guts to insult buhari and praise this thief

51trillion this can buy some countries

it will fund our budget for 10yrs

if only it was spent wisely we won't be in this

I'm waiting for useless Ugandans to wail

Lord save this country from looters

shinarambo1:
where is the money....ohh..i remember the human dollar atm called dasuki.

bskyb:
Budget during GEJs tenure was an average of about 4 trillion, including provision for subsidy. It follows that about 20 trillion naira was budgeted and spent during that period. How can we account for the difference between earnings and spendings.

We shouldn't forget to add the monies borrowed to finance budgets as well.
As much as it may be difficult to accept, perhaps sanusi was right about the missing money

NgeneUkwenu:
May God Punish Jonathan Wherever He Is!

Pidggin:
And how much was GEJ using to subsidize the fuel you ingrates were buying for N87 or the Kerosene you were buying for N100? Now you are paying N145 with possible increase any time from now. With endless tax even right down to your bank transactions all going into this govt pocket with no accountability

OjukwuWarBird:
Afonja, sum total all the budget of GEJ and see if it is up to 51 trillion

jamace:
Back to sender!

ABDamola:
The Nigerian state, during the five-year Presidency of Goodluck Ebele Jonathan, earned a total of N51 trillion from petroleum resources. The money is part of the N96.212trillion the country earned in 58years of crude oil sales.



Of this princely sum, which accounts for about 80 per cent of the country’s revenue, only N12.258 trillion (just about 14% of total) has been paid to the oil producing areas as derivation.

The figure is N35.848 trillion less than the N48.106 trillion the oil-bearing regions should have received as derivation if 50 per cent derivation had not been jettisoned few years after crude oil became the chief revenue earner for Nigeria.

The figures are the outcome of research by Sunday Vanguard, relying on documents from the Petroleum Inspectorate, NNPC, CBN Annual Report and Statement of Account, Nigeria Bureau of Statistics and the Nigeria Extractive Industry Transparency Initiative, NEITI.

In the face of biting contemporary economic realities Nigerians are contending with, there is a consensus that the different tiers of government – federal, state and local government councils – have indeed squandered the nation’s earnings. Even the modest attempts at saving for the rainy day with the creation of, first, the Excess Crude Account, ECA -which suffered mismanagement occasioned by under-hand spending by the Federal Government that was supposed to hold the funds in trust – and, thereafter, the controversial and ineffectual Sovereign Wealth Fund, SWF – which became a subject of litigation and high-wire politicking between the Federal Government and the leadership of the Nigeria Governors’ Forum, NGF – suffered from the typically Nigerian insincere approach to economic management.

A breakdown of the earnings shows that between 1958 and 2007 (CBN Annual Report and Statement of Account, 2008), Nigeria earned N29.8 trillion from petroleum resources. And between 2008 and June 2016, the country generated N66.412 trillion.



Between 1958 and 1966, Nigeria earned N140 million from crude oil; 1967 to 1975, the General Yakubu Gowon got about N11.03 billion; while the late General Murtala Mohammed/ Olusegun Obasanjo military regime scooped about N25 billion from 1975-1979.

In like manner, the civilian administration of President Shehu Shagari earned N36 billion oil money; Buhari, in his first coming as military head of state (1984-85), earned about N25 billion; General Ibrahim Badamasi Babangida, 1985 to 1993, N420 billion; the Ernest Shonekan/Abacha regime (1993-1998), N1.6 trillion; and General Abdulsalami Abubakar regime (1998-1999), N350 billion.

With the return to civil rule, Nigeria, under President Obasanjo realised about N27 trillion from crude oil between May 1999 and May 2007. His successor, Umaru Yar’ Adua, reaped about N9 trillion in his almost three-year rule before he passed on.

The luckiest of the leaders is former President Goodluck Jonathan, whose administration in five years, between 2010 and 2015, earned about N51 trillion from petroleum resources. Since he came to power on May 29, 2015, the President Buhari administration has been able to earn just about N6 trillion from crude.

However, the huge earnings, since 1958, arguably, have translated to little or no improvement on the welfare of the citizenry, especially the people of the oil-producing areas, whose environment – land, water and air, has been adversely contaminated and, in many cases, devastated and polluted.

DETAILS OF EARNINGS AND IMPACT OF EXPLORATION NEXT WEEK

Source: http://www.vanguardngr.com/2016/08/jonathan-nigeria-earned-n51trillion-crude-oil/

westmest:
I dont care about all this crap, one thing i am happy for in nigeria is that the country is not controlled by external forces, lobbyist, special interest groups, IMF and other Organization, that are into the business of milking both Human and Natural resources of countries dry, our problem is internal, and its easier to deal with internal problems than external problems in my own opinion, its just a matter of time, and its even as if nobody cares about Nigeria, there is no rubbish propaganda against us, so we are doing just fine, the only thing we need to deal with is our internal problems, once we deal with them, Nigeria will become what it is supposed to be, i currently live in a country, though independent and stable,but its still colonized, they think they control their own resources but they dont, i call this country "Subsidiary of france company", everything or almost everything is owned by the french, and the citizens are sleeping, they dont even know what is going on their country, its crazy, i usally tell them, this can never happen in Nigeria. I believe Nigeria will be great again, its just a matter of time, we are al
ready going in the right direction

stinflame:
True fact, but did he achieve that by been a dullard. He indeed put things right before achieving that,so I don't see any thing special. He deserve the increase

vedaxcool:
[s][/s]

Ok so he no longer spent 51trillion on susbsidy? Next time you want to deceieve people with lies resembling thoughts of an IQ depleted person do so in a gathering of ipoop.

Obj, low oil price - paid subsidy and saved significant foreign reserves

Yardua good oil price paid subsidy and saved money

GEJ high oil prices, paid subsidy and saved very little.

Keep defending a man who wasted your future it is actually the smart thing to do for your level of intelligence.

StOla:
I will be interested in what Okonjo Iweala has to say about this huge earnings not spent on infrastructure or better welfare for the citizenry.

Pidggin:
Hahaha I never said he spent 51trillion on subsidy, you can quote me if I did.

Hate is dangerous it will only stop you from seeing the truth. GEJ did not save as much as he could have wanted to because of Amaechi and other greedy governors. But he still left something for Buhari so go sleep abeg I don't have time to lecture anyone this night jor