₦airaland Forum

Izonpikin:
....the area yeye ....na black nigerian syndrome...leaders don thief the money..like warri people go talk am "the country don cast"..

we need a revolution and restructuring put together...

Yeye dey worry you.

Make I work small jor.

Have a lovely week ahead.

OjukwuWarBird:
Izonpikin truckpusher firefire onatisi illuminate93 temitemi1 adconline
Don't mind those Afonjas. see the question I asked above

You and the guy you quoted are real fucking educated illiterates. So you dont know during the first govt that earned from crude oil was gowon at arnd $2 dollars per barrel to arnd $18 per barrel during Abacha period. Obasanjo was $22-38 per barrel at abt 1.5million barrels/day production.

Fastforward to Jonathan btw $100-140 per barrel at 2.3 million barrel per day.

If you do the calculation you will realize that the report was true, Nigeria earned 50% of its earnings during Jonathan's period.

The budget bench mark was put at $87 per barrel
So a $13 dollars per barrel at 2.3 million barrel/day production output will go into the ECA

Note*Obasanjo and Yaradua faced Militancy issues, Jonathan never faced militant issue and Obasanjo left 56billion dollars in the ECA and Yaradua in just 2 years increased to 68billion dollars.

I doubt if global oil price will ever go back to $140 per barrel.

dondo83:
3years ? 51trillion will conveniently fund the budget for 8years

Lol which 8years the highest amount for our budget is/was 4tri so it will conveniently fund us for 12yrs+

Pidggin:
Did you read the article or you are just forming ignorance? According to Vanguard 12 trillion of the 51trillion was paid to the oil producing regions as derivation funds.

The article States that 96 trillion was earned in 58 years and in 5 years out of it 51trillion was earned, how does this sound to you? In only 5years more than half of our entire earnings over 58 years was made?

OK, assuming GEJ paid 12 trillion and the remnant is 35 trillion was this included in budget spending or excluded from it? And if it was excluded from it, we await actual evidence to show that it wasn't used to fund the budget or other capital expenditures.

We have gone beyond media judgement here, let's wait for actual evidence from parties involved.

NNPC will soon make their own statement on this.

were you living in mass when former cbn governors sanusi and soludo claimed over 20trillion cannot be accounted for by FG? This allegations were made by CBN GOVERNORS and not a garage drunkard. With gejs budget he did not spend 20trillion and if you add other earnings from other government revenues you wont be far from the truth that this ogogoro drinking man squandered over 20trillion

Seun lalasticlala this thread was opened since yesterday....yet no mod has found it worthy to be on the Frontpage.

OjukwuWarBird:
Obaaderemi Omenka
Oyinkinola

goodluckibb sonofdevil

Afonjas, how many barrels of oil was Nigeria selling per day in Jonathan's time that could generate that amount of money.

OSU the rejected one from ugu republic ,if OBJ that was experiencing big millitant issue throughout is admin, make 27trillion why can't Gej that didn't witnessed any millitancy issue make up to that.

Idiots

Before you can salivate with this momentous discovery. I don't see inflation figured into the calculations

1. Before you can pull historical figures and apply it across the board, it muat be adjusted for inflation. 1 naira under obasanjo is not equal 1 naira under GEJ after 8 years

2. These figures are for oil revenuea alone or taxation as well?


Bearing in mind naira was 2 naira to 1 pound during gowon era. This means the 25 billion naira quoted then as their revenue will be worth several trillions of naira now

Adjustments baaed on exchange rates to dollar or british pound which is the base currency on which the naira is founded will give rough estimates to around

Obasanjo N27 trillion = adjusted for inflation increase would be 34 trillion
Umaru Yar’ Adua, N9 trillion would be 10 trillion
GEJ=N51 trillion
Buhari= N6 trillion for inflation would be 4 trillion

Derivation started under Obasanjo or Yaradua so a chunk of what Gej got would have gone to the states


Then again zombies and maths do not mix so I can safely assume these info won't be digested in any way possible



As for how GEJ spent his cash, he should be required to answer. His main failure was in his inability to focus development on Niger Delta. He left a vibrant economy that would have survived this price crash if the idi.ot there didn't destroy it with useless policies.

NgeneUkwenu:
Seun lalasticlala this thread was opened since yesterday....yet no mod has found it worthy to be on the Frontpage.

leave them, educative post that will enlighten the populace takes years to get to the front page, but if irrelevant post of snake killing, tonto dikes new watch and wizkids baby mama will be on the front page in minutes. ...

Guess what

SonofDevil:
Save ur self all these trash

Crude oil benchmark was $85
And budget benchmark mark was at $38
Eca even though the state governors shared ECA accounts because FG was already stealing from the account.
What about FG 52% share from the ECA acc.


Where did the billions of dollars generated from Non oil Revenue go to, while foreign reserve was depleted from $47b he inheritted to $38b during oil boom??

Facts and analysis do not reside in ur realm of thought.
This post is about N51tn "generated" from oil. Show me how all the money went to FG!!
Even your admission of 52% would put that amount to N26tn without ECA, foreign reserves and SWF deductions!!

It's saddening to note that GEJ met billions of dollars in reserve spent it and also earn the highest income with no savings and virtually nothing to show it.

westmest:
Good Lord! so why did your finance minster tell IMF that " IMF could be a doctor but Nigeria is not sick"
,I noticed that you are insulting people on the thread,did you lose your job or something i,m not related to Buhari or your employers,Please take it easy, i know its a very difficult time to live in nigeria, There are other ways of expressing your frustrations, you don't have to do it here

because you don't have the cognitive and analytics abilities to differentiate govt's statement and actions.
GMB insisted that he wasn't going to devalue, he later did. Do you judge statement or action?
He said he wasn't going to remove subsidy, he later did.. Word vs Action??
I'm too far shielded to lose my job! I'm neither involved in politics nor a beneficiary of any govt.. Just that I hate folks like you who display unbridled affinity for ignorance and arrogance

[b]

The basic fact people find it difficult to believe is that PMB is the man facing the consequences of our past deed nd reckless spending of the past administrations.It is clear to everybody that GEJ rules the country during the oil boom,where is the dividends of democracy to an average Nigerian.sincerely, he performed but honestly it was below average.

Few month ago,I watched it on CNN how Saudi privatized her assets worth of $250million in other to improve their dying economy, tell me wat GEJ nd co put into consideration to solve the same disaster in coming future??Absolutely nothing, but can sing to Nigerian ear to start preparing for hard times........
I knw some of u will say Amechi nd co dragged FG to Court??yes,it was true but no court order supports the state governors b4 NOI disbursed the money.

Oil boom with no significant benefits on the masses.

Present government inherited huge debt,
No significant infrastructure,
High Level of unemployment,
Failed to diversified the Economy,
The same government supervised the biggest Loot in any Democratic government in Africa.

Even thou PMB has contributed his own side to the problem we are facing but GEJ nd co ruined this country beyond reasonable doubt.

[/b]

dondo83:
were you living in mass when former cbn governors sanusi and soludo claimed over 20trillion cannot be accounted for by FG? This allegations were made by CBN GOVERNORS and not a garage drunkard. With gejs budget he did not spend 20trillion and if you add other earnings from other government revenues you wont be far from the truth that this ogogoro drinking man squandered over 20trillion

It's 'Mars' not 'Mass' Use your brain a bit na, 20 trillion missing without trace? But Abacha loot has been traced to all the accounts where he lodged our money na, why have they not traced the so called missing trillions?

It is because of people like you that this govt continues to thrive despite inefficiency and propaganda, continue

adconline:
Facts and analysis do not reside in ur realm of thought.
This post is about N51tn "generated" from oil. Show me how all the money went to FG!!
Even your admission of 52% would put that amount to N26tn without ECA, foreign reserves and SWF deductions!!

Lol this guy is a joke is the Oil proceed Going to state or local govts parastatals.??,if you don't know the benchmark of crude oil, benchmark budget, why am I wasting my time with a dumb head.

Just a week of laying the facts on Nairaland has changed the narrative. Even Vanguard had to go out and dig statistics.

Good one.

Seun, Mukina2, Lalasticlala, Mynd44, OAM4J.

What happened?

Jonathan was not appropriate as president.

A man that was from the street as a common man.

He supposed to know the pain of poverty people goes through.

But got to asorock he just slept off for five years without doing many major laudable things.

NgeneUkwenu:
Seun lalasticlala this thread was opened since yesterday....yet no mod has found it worthy to be on the Frontpage.

Obviously does not interest the moderating team on Nairaland.

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/

I felt like weeping after reading this; are we saying Nigeria made more money from crude in the 5 years of GEJ than the remaining 53 years of Nigeria's oil production?... Goodluck Jonathan must really be a man with goodluck; but I wouldn't know about his financial prudence and management skills.

buharisbae:
Lol which 8years the highest amount for our budget is/was 4tri so it will conveniently fund us for 12yrs+

How much was this year 'budget of change?'

Just to start with.

eejo:
that fund includes states and local government and Gej increase minimum wage, [s]several gas turbine, road construction, funding of schools,[/s] war on boko haram, fund injection to nolly wood and many more GOD bless Gej

When a lie is told so much, the even the liars themselves begin to believe their own lies to be true. If I ask you to mention the names of the roads constructed by GEJ, you will either go dumb or you would mention the little portion of the Benin-Ore road.

If I also ask you which power projects were started and completed, you will also go dumb All power projects commissioned by gej were a continuation of uncompleted projects by the previous govt; turbines were already acquired but just left to rot at the ports as the money meant to fix them up was pocketed. Over $8bn was spent between 2010 and 2015 to eventually install some of these turbines and at the end, we got roughly about a thousand megawatts of epileptic power added to the grid (after $8bn).

GEJ was a charismatic and lovable man and this trait won him many die-hard followers; but it is obvious it would take more than a lifetime for some people to realise how wasteful and inefficient his government was.

dondo83:
leave them, educative post that will enlighten the populace takes years to get to the front page, but if irrelevant post of snake killing, tonto dikes new watch and wizkids baby mama will be on the front page in minutes. ...

The post is only educative with lies and sentiments.

Most of the points in the whole article only aimed at criticizing only one administration of all the corrupt ones we've had from in over 55years.

Pidggin:
Did you read the article or you are just forming ignorance? According to Vanguard 12 trillion of the 51trillion was paid to the oil producing regions as derivation funds.

The article States that 96 trillion was earned in 58 years and in 5 years out of it 51trillion was earned, how does this sound to you? In only 5years more than half of our entire earnings over 58 years was made?

OK, assuming GEJ paid 12 trillion and the remnant is 35 trillion was this included in budget spending or excluded from it? And if it was excluded from it, we await actual evidence to show that it wasn't used to fund the budget or other capital expenditures.

We have gone beyond media judgement here, let's wait for actual evidence from parties involved.

NNPC will soon make their own statement on this.

ivandragon:
sometimes, we are just too sentimental on issues...

on your first point, if you a knowledgeable about revenue allocation in Nigeria, you would know that pre-1970, revenue was allocated on 50% basis, so why wasn't the North developed? or why isn't the SW London? or SE, UK? however, I agree with you that the states have to answer for most of their underdevelopment.

point 2, if you say the salaries at N150b pm is a scam, then you would agree that this govt are the bigger thieves by 'claiming' that the wage bill is over N165b pm? so who is fooling whom?

point 3, I don't understand you guys. he tried removing subsidy, you complained, he paid subsidy, you still complained. why not let him remove it? while I hold no forth for the high subsidy paid, you seem to not understand the economics behind the increase. things were good, people had money, bought cars, bought bigger generators, had money & reasons to move around more, you had more investors, investments which meant more demand for fuel.

point 4, yes it was much, but did you have scarcity of food even with the BH ravaging the North? also, the scam in the fertilizer subsidy was actually reduced contrary to your assertion. & how does fertilizer subsidy translate to mechanization please?

point 5, JVC scams, OK. agreed. but do a quick research on oil exploration funding (including the one ongoing in the North presently). if you agree that the one this administration is embarking on is a scam, then I concur with this your position.

point 6, why do you think the naira was floated? because it can not be defended anymore with scare dollars. hence you have business people sourcing it at higher rates which translates to higher cost of goods which is something we are presently suffering. or are you buying your goods at a reduced cost presently?

your last sentence gave you out as someone who doesn't respond well to points that contradict yours. am guessing you are one of the 'new breed' of Nigerians who drop insults at the drop of a hat (yes, I have read your previous posts & avoid commenting on your treads because you can be unreasonably rude).

however, with hardwork, Nigeria will get better.

Sadly, many 'youths' are ill informed about the present Nigerian economy.

Most of them just sentimentally and selectively believe whichever news crosses their way.

Guess what...

eejo:
that fund includes states and local government and Gej increase minimum wage, several gas turbine, road construction, funding of schools, war on boko haram, fund injection to nolly wood and many more GOD bless Gej

Now did pmb stop sharing among States and LG. Did pmb reduce the minimum wage. Even with lesser revenue so many construction work going on around the country.. Pls stop saying gej fought boko haram. Is it when his wife was there denying the chibok girl crisis or with dasuki sharing arms fund...

ba7man:
From your post, my conclusions are;


of the FGs share;
(1) N12b to oil producing areas : The Niger Delta leaders ought to be ashamed of themselves if the said amount was pumped into the region and what's on ground is all they have to show for it.

Their agitation should be directed at the right people.


(2) N6t on salaries (at a conservative N150b per month): We know that Govt salaries have always been riddled with ghost workers, slashed, inflated or withheld salaries so its another good avenue to milk the nation.


(3) N3t on fuel subsidy payments: The suspicious way it jumped from N250 billion to N3 trillion shows that GEJ had the intentions of looting the money saved, if the subsidy was removed.

Since it's removal failed, they jacked it up so that they could still loot it.


(4) N1t on fertilizer subsidy payments: Now just see how that sounds...... N1 trillion on fertilizer subsidy payment. ... I'm so sure this is one of the big scams perpetrated by the GEJ administration. That money is enough to totally revolutionize agriculture with large scale mechanized farming..... but in this case, it's only fertilizer subsidy they're able to achieve.

GEJ is a thief.

(5) N1t on JVC: Scams...... scams..... scams.


(6) N4t defending the Naira to keep cost of goods low: Of course they'll look for a legit name to cover up their looting. This has scam written all over it.

GEJ can fool his supporters but not everyone is daft.

This is dumb!

Nigeria earned 51 trillion. 13% Derivation + 48% state = 51%.

FG was left with 49% of 51 trillion which is 25 trillion.

Budget for 6 six years at 4trillion per year is 24 trillion.

That is aside supplementary budgets.

And creeps like you are asking how he wasted 51 trillion? Don't be daft my dear.

I'm waiting for the proof of these figures tho'. The original Vanguard article has no OBLs and says they'd add the sources for their figures later.

In the mean time, can you see you are not thinking logically?

The question you should be asking is, what has Buhari used his 6 trillion for? Excluding recovered loot. The 3 trillion for the 2015 budget left to be implemented whizzed into think air. Now we have a 6 trillion naira budget that has not reached 30% implementation (It's August already).

I'm not going to reply you. Just use your brain!

-Lord

OjukwuWarBird:
Obaaderemi Omenka
Oyinkinola

goodluckibb sonofdevil

Afonjas, how many barrels of oil was Nigeria selling per day in Jonathan's time that could generate that amount of money.

Na to dey shout afonja upandan una Sabi. Rationale no dey ur dictionary.. Was there any disruption in the crude oil sold during gej time like we have now...

LordAdam:
This is dumb!

Nigeria earned 51 trillion. 13% Derivation + 48% state = 51%.

FG was left with 49% of 51 trillion which is 25 trillion.

Budget for 6 six years at 4trillion per year is 24 trillion.

That is aside supplementary budgets.

And creeps like you are asking how he wasted 51 trillion? Don't be daft my dear.

I'm waiting for the proof of these figures tho'. The original Vanguard article has no OBLs and says they'd add the sources for their figures later.

In the mean time, can you see you are not thinking logically?

The question you should be asking is, what has Buhari used his 6 trillion for? Excluding recovered loot. The 3 trillion for the 2015 budget left to be implemented whizzed into think air. Now we have a 6 trillion naira budget that has not reached 30% implementation (It's August already).

I'm not going to reply you. Just use your brain!

-Lord

Stop wasting your time trying to make them reason, imagine someone like modath asking me how GEJ spent 51trillion, she actually quoted this news report but did not notice where it was confirmed that he paid 13% derivation

These same people will never notice subsidy payment, capital expenditures or budget allocations all they see is Jonathan and trillions then they begin to rejoice due to hatred

Suprnov3r:
Idiots

Before you can salivate with this momentous discovery. I don't see inflation figured into the calculations

1. Before you can pull historical figures and apply it across the board, it muat be adjusted for inflation. 1 naira under obasanjo is not equal 1 naira under GEJ after 8 years

2. These figures are for oil revenuea alone or taxation as well?


Bearing in mind naira was 2 naira to 1 pound during gowon era. This means the 25 billion naira quoted then as their revenue will be worth several trillions of naira now

Adjustments baaed on exchange rates to dollar or british pound which is the base currency on which the naira is founded will give rough estimates to around

Obasanjo N27 trillion = adjusted for inflation increase would be 34 trillion
Umaru Yar’ Adua, N9 trillion would be 10 trillion
GEJ=N51 trillion
Buhari= N6 trillion for inflation would be 4 trillion

Derivation started under Obasanjo or Yaradua so a chunk of what Gej got would have gone to the states


Then again zombies and maths do not mix so I can safely assume these info won't be digested in any way possible



As for how GEJ spent his cash, he should be required to answer. His main failure was in his inability to focus development on Niger Delta. He left a vibrant economy that would have survived this price crash if the idi.ot there didn't destroy it with useless policies.

The only surprising part of your post is that after all these indicting things you said about GEJ, you still go ahead to label those who also criticise him as zombies. You also sounded quite intelligent all through your comment until it got to the last paragraph. For you to think that the economy was so wonderfully vibrant, but yet everything crashed in just one year, that alone negates the intelligence I thought you had.

You claimed GEJ left a vibrant economy that would have survived this price crash, but right under his nose, the following were already unfolding:
- FG was already borrowing to pay workers' salaries
- Foreign reserves had crashed by $10billion in the last 6 months to ~$28.5billion (for an import hungry/dependent economy of over 170 million people) and somebody thinks this is vibrant status
- Fuel importers were owed arrears for 9 months leading to an excruciating fuel scarcity at the time which saw even banks closing by noon for lack of diesel
- Naira had crashed from N160 to $1 to N220 in 6 months.
- Next to zero naira was budgeted for capital projects in the 2015 budget, resulting in contractors abandoning sites and retrenching staff due to lack of payment
- The country's GDP growth had crashed conspicuously from 6-7% to 2.3%,
- JP Morgan and other international bodies were already threatening to delist Nigeria from their bond index
- Power supply as at the time of handover was

All of the above happened when oil still even sold above $60/barrel, but someone here thinks the economy was so vibrant probably because the biting effects hadn't started hitting the common man. The economy was on an accelerated nosedive to the abyss but someone here thinks it was a vibrant economy which crashed only because his enemy became president.

adconline:
Facts and analysis do not reside in ur realm of thought.
This post is about N51tn "generated" from oil. Show me how all the money went to FG!!
Even your admission of 52% would put that amount to N26tn without ECA, foreign reserves and SWF deductions!!

By arguing that only 52% of this alleged N51tn went to the FG, you make it sound like it was only under GEJ that states and LGAs were given allocations. I think the simple point being made in this report is that GEJ received far far far more oil income than any other regime in Nigeria; as a matter of fact, GEJ in his 5 years received way more oil income than every other Nigerian regime (since 1958) put together. But there is obviously nothing tangible to show for this massive boom.

Pidggin:
It's 'Mars' not 'Mass' Use your brain a bit na, 20 trillion missing without trace? But Abacha loot has been traced to all the accounts where he lodged our money na, why have they not traced the so called missing trillions?

It is because of people like you that this govt continues to thrive despite inefficiency and propaganda, continue

so dansuki gate was in the budget? deziani giving inec officials money was in our budget? omokore' scam of lifting crude and no remmitance was in our budget, tompolos settlement was in our budget? should I continue? you need a manual reset slap from a soldier so as to correct your brain malfunction lol.