₦airaland Forum

Oil is a curse, not a blessing. It made us relegate other things that could have fetch us revenue

Hmmm

Igbochief001:
Well Nigeria government only get 55% of that money

Please explain how?

if anyone tells u Nigeria can be fixed,just call they person a liar...be it your pastor or your mother

And then, after earning... what next?

The same money is siphoned and looted by Magu, our thieving politicians and their cohorts.

Please, uncle tell us another story.

All blown away, 'lau-lau' spending.

Mehn this country poor if these figures are accurate

But the proceeds are looted.
Do we still have zombies who will defend their master

Igbochief001:
Nigeria gets 55% of oil earnings oil company get the rest

Well that sharing formula has been changed. So i am sure it wont be like that going forward

fnep2smooth:
Google CEO said they will be investing $30 billion in to India ICT innovations.
So why can't we invest in this kind of great innovation with our small population unlike India.

Government people are just wasting money. The only thing I know I gain from this Nigeria is the free hotspot I was able to enjoy back then when ever I visit any federal ministry, apart from that nothing I can boost of.

The free hotspot made me who I am today... Since its from federal government had to download many Youtube Tutorials about Web development which amount to 30 Gigabyte or more.


We need help... Total emergency in this wonderful country. Our youth self de help make things worse... Praising politicians like they are God.

10 billion dollars ,not 30 billions..stop posting fake figures

omenka:
This country is dirt poor! This is less than 20% US annual defence budget.

Notwithstanding, if only we have sincere leaders, from the top to bottom, and they make judicious use of our earnings, we would be a world apart from where we currently are in terms of socioeconomic development.

Coupled with the fact Baba's anticorruption crusade has been bastardized.

Pathetic!

From my observation, u are trying to speak the truth but u dont want to say it as it is.

U are also suffering from corruption dont mince ur words say the truth as it is

Why are we now poor?

omenka:
This country is dirt poor! This is less than 20% US annual defence budget.

But we are not the US and we do not need to have that kind of budget for our military. We are also not as many as USA. So I believe 200 billion is a lot of money for a third world country if properly utilized.

See how much we made but we are poverty capital of the world,corruption has finished us

Openbusiness3:
So upon all this money Borrowhari regime still dey borrow upandan wit nutin spectacular to show for it? Nawa oh

Do you even know that this is a small change when it's all distributed to all the States? DO you know that all these will simply go towards recurrent expenditures and almost nothing left for Capital projects. Nigeria and most States are spending about 80 to 90 percent of their income paying salaries and other recurrent expenditures thereby leaving only 10 percent for Capitals projects, hence they end up borrowing for Capital projects.
For a country of 200 Million people, this is NOTHING. If the population were to be about 5 to 10 million, then you can say the country is rich.

and yet they say someone is fighting corruption, all this money does not belong to nigeria, it belongs to the oppresors, Nigeria gets nothing from it, poor health facilities, poor educational institutions,poverty capital of the world,no electricity

omenka:
[s]This country is dirt poor! This is less than 20% US annual defence budget.

Notwithstanding, if only we have sincere leaders, from the top to bottom, and they make judicious use of our earnings, we would be a world apart from where we currently are in terms of socioeconomic development.

Coupled with the fact Baba's anticorruption crusade has been bastardized.

Pathetic![/s]

Which country is poor?

The amount of money that has been stolen from this country in the last 2 decades is more than enough to turn the whole of West Africa to Dubai.

Nigeria is not poor rather Nigerians have poverty mentality, only good at looting, looting and more looting.

OPEC next time ask for our account numbers

This is very low compare to just 4 years GEJ made over 400billions dollars .
We can't sustain our economy with such megare revenue that is the truth.

thats a small amount of money for a whole country of 200 million people to survive on for 5 years, buhari is trying

bolaayenimo:
Oil is a curse, not a blessing. It made us relegate other things that could have fetch us revenue

oil is never a curse your leaders are, your inability to apply knowledge rightly does not make knowledge a curse south Africa used revenue from diamond to develop,uae used same oil.

IpobAntidote:
Do you even know that this is a small change when it's all distributed to all the States? DO you know that all these will simply go towards recurrent expenditures and almost nothing left for Capital projects. Nigeria and most States are spending about 80 to 90 percent of their income paying salaries and other recurrent expenditures thereby leaving only 10 percent for Capitals projects, hence they end up borrowing for Capital projects.
For a country of 200 Million people, this is NOTHING. If the population were to be about 5 to 10 million, then you can say the country is rich.

why is govt recurrent expenditure 80 to 90%. Is that not a useless hopeless government?
[img]https://media1./images/71723718b530ae28530c9e36ad9ea89e/tenor.gif?itemid=13200133[/img]

And the fools continue to lie that there's no money in the coffers, yes it is true there is no more money because Buhari and his forty thieves have looted it after all, Jona and his several thieves did steal too.
So, tell me how will there be money in our purse?

Hmmm

SenecaTheYonger:
But we are not the US and we do not need to have that kind of budget for our military. We are also not as many as USA. So I believe 200 billion is a lot of money for a third world country if properly utilized.

Of course I know that. Didnt you read the second paragraph?

IpobAntidote:
Do you even know that this is a small change when it's all distributed to all the States? DO you know that all these will simply go towards recurrent expenditures and almost nothing left for Capital projects. Nigeria and most States are spending about 80 to 90 percent of their income paying salaries and other recurrent expenditures thereby leaving only 10 percent for Capitals projects, hence they end up borrowing for Capital projects.
For a country of 200 Million people, this is NOTHING. If the population were to be about 5 to 10 million, then you can say the country is rich.

They don't understand.

We have too many illiterates and deluded people having data nowadays.

These are the kinds of people that hear 1 million dollars and tell you that the FG can share 100,000 naira for every Nigerian as palliatives.
Just like someone told me last week.

If anything this breakdown from OPEC shows how poor this country is.

Myopic people who can't see beyond their noses.

saaron:
Yet Nigeria became the poverty capital of the world.
You got to give it to buhari's regime, the only regime in the world that specializes in creating poverty and hunger within a short period of time. Make buhari president of America today and watch him make America poverty capital of the universe within few years.
It's not about lack of resources that is his problem, it's the ability to creatively manage the little resources and turn it into wealth that is his problem. Besides, a jihadist and sharia fanatic obsessed with FULANIZATION can never be expected make great financial decisions talk more of creating wealth.
Buhari fits perfectly with the parable of the pound (Luke 19:11) - about three men who were given monies to invest and trade by their master. But one of them instead hid his money in the ground and refused to trade for return on investment. In the end, the little money initially given to the heavilly ignorant fellow was taken away from him, thus leaving him in abject poverty.
Is it by accident that Nigeria became the poverty capital of the world under buhari's regime? Is it any surprise that the little resources Nigeria has at the moment now is used to service the country's huge debts profile made worse by this regime?
Indeed, a man can't give what doesn't have.

ONE NIGERIA DOES NOT EXIST!

#WORDS ON MARBLE! thumbs up!

Openbusiness3:
why is govt recurrent expenditure 80 to 90%. Is that not a useless hopeless government?
[img]https://media1./images/71723718b530ae28530c9e36ad9ea89e/tenor.gif?itemid=13200133[/img]

Do you really know the meaning of recurrent expenditure?

If you do you'd never make this comment.

Wow,some countries were blessed, what Saudi made from oil proceed for a year (with their small population) was what we made for a whole 5yrs.


We have no money in this country compared to some countries.

tesppidd:
They don't understand.

We have too many illiterates and deluded people having data nowadays.

These are the kinds of people that hear 1 million dollars and tell you that they can share 100,000 naira for every Nigerian as palliatives.
Just like someone told me last week.

If anything this breakdown from OPEC shows how poor this country is.

Myopic people who can't see beyond their noses.

So very true and unfortunate. The level of education has deteriorated so bad now that most of these kids lack basic logical and critical thinking ability.