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!

$206 billion for a population of 200million is small money for 5years.

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.

Fact is UAE and others depended on oil like us before. But all diversified and oil money is now little change for some of them. But we did not invest.

It was obvious decades ago that as our population grows, oil won't sustain us.

And now it is even more difficult to invest because that money is peanuts now for our population. We created unviable states all over the place with they huge and expensive bureaucracy.

Nigeria does not need 35 governors and House of Assemblies plus FCT. At most 15.

It's like marry 3 wives when you cannot even care for one.

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]

Look up the meaning of recurrent expenditure first then come back with a more logical and sensible question.

Yet we are owing China

God will punish Nigerian leaders

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

don't tell me the oil companies receive the rest 45% cos that's a whole lot of money for few individuals.

techmo:




2023 on my mind... Fulani don show us the way. Las Las their choping billions no fit pass 8 years

Let Ipobians either fight for PDP Presidential tickets or let them support another Fulani.. 2023 APC must field ACN candidate after CPC 8years

And to dunce who still don't get it, $206 billion was made by NNPC and Oil Company (60% NNPC 40% Oil Companies)

FG, 36 states and 774 local government shared $118bn while Ned Nwoko, Dantata , Indimi and other oil company owners shared $82 billion

.

Kabirudeen omoDopemu the yorobba muslim, why did you forget to mention Folorunsho Alakija of Famfa oil? yorroba jibiti...

Don't try to be smart, yoruba/ACN member is not entering that presidential seat, if APC does not field an Easterner, PDP will field a Northerner to ensure you lose.

It is all the ticket or nothing for the East. That's how you were given the presidential seat in 1999 remember?

edoboy74:
Despite all these heart breaking news these same politicians will still present to us one of the looters of these fund and we will be fighting among ourselves to vote them in

We are our own problem

True talk bro, i wonder when the youth would wise up

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 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.

Wow,I thought I was the only one that noticed that,and they never yielded to correction.

AreaFada2:

Fact is UAE and others depended on oil like us before. But all diversified and oil money is now little change for some of them. But we did not invest.

It was obvious decades ago that as our population grows, oil won't sustain us.

And now it is even more difficult to invest because that money is peanuts now for our population. We created unviable states all over the place with they huge and expensive bureaucracy.

Nigeria does not need 35 governors and House of Assemblies plus FCT. At most 15.

It's like marry 3 wives when you cannot even care for one.

I totally agree with your assessment, we missed the opportunity to invest and diversify the economy when it was economically possible. Now all we are making is PEANUTS when compared to the population that we have.

tesppidd:
Do you really know the meaning of recurrent expenditure?

If you do you'd never make this comment.

do you know the meaning of a government using 90% of its budget to run itself and pay itself fat overbloated salaries to live like kings and gods while they continue to plunge their country into endless debts, and tax their citizens and businesses to death? Have you thought about it that maybe because your govt recurrent expenditure is about 90% of its annual budget is the main reason why your country Nigeria is a legendary SHITHOLE country

These are the official figures submitted to OPEC the real Unofficial figures is it DPR, Customs and Nigeria Navy

very Corrupt Government agencies

jumper524:
$206 billion for a population of 200million is small money for 5years.

Atleast we should not be where we are right now, with all the borrowed monies and looted funds that were collected

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.

well said.
people fail to understand these logic and politicians won't tell people the truth either. rather they give you a fallacy of how things can go better when they are elected.
Nigeria is currently living on borrowed time, the politicians who are more insured won't tell you, the masses who are at the receiving end has failed to understand this, they think the country is rich.
$203billion for 200million people is small money for 1year talk more of 5years.
Saudi the highest exporters with about $80billion as oil revenue yearly has a population of 33million.
these are people who can call themselves rich not 200million people sharing less than $50billion yearly on crude sale.
my people need to wake up oo.
with or without corruption, we broke die..

IpobAntidote:


Look up the meaning of recurrent expenditure first then come back with a more logical and sensible question.

ok, continue to enjoy your shithole country with a 90% recurrent expenditure

IpobAntidote:


I totally agree with your assessment, we missed the opportunity to invest and diversify the economy when it was economically possible. Now all we are making is PEANUTS when compared to the population that we have.

Population explosion came rather too early, but could have been a blessing if oil proceeds were used for human capital development.

I also think the amount mentioned is the total revenue which parties who invest the production of oil would share. I think our net profit as a federation in 5 years is lower than that.

jumper524:
don't tell me the oil companies receive the rest 45% cos that's a whole lot of money for few individuals.

Do u know how much they build rig ? ..do u know how much it costs to run rig ?

Fisttly the cost of production is removed which is around $15 to $27 dollars per barrel depending on the rig .....the rest Nigeria gets 55% oil company get 45% from there we tax them and they use the rest as profit

For those asking , 'Where is the money' ? - It can be easily found in the pot bellies of our polithiefcians , their luxury cars , multi-million naira homes etc

Timmzycul11:


Atleast we should not be where we are right now, with all the borrowed monies and looted funds that were collected

agreed. we won't have gone that far either even with zero corruption.
my guy Nigeria broke and politicians rulling or opposition would need a miracle to save us from the pit were falling into.

https://www.nairaland.com/5817486/nigeria-rich-poor-lets-find

Openbusiness3:
ok, continue to enjoy your shithole country with a 90% recurrent expenditure

Only people with shithole brain will believe that they were born in a shithole country. I'm not one of them. It seems like you are one of them.

Openbusiness3:
do you know the meaning of a government using 90% of its budget to run itself and pay itself fat overbloated salaries to live like kings and gods while they continue to plunge their country into endless debts, and tax their citizens and businesses to death? Have you thought about it that maybe because your govt recurrent expenditure is about 90% of its annual budget is the main reason why your country Nigeria is a legendary SHITHOLE country

Relax. Shiit.

Indeed it is a zoo as well as a shiithole..

The people who are supposed to effect changes to this are the ones benefiting the most.

That is why I say all the time; Nigeria is an impossible project..

Igbochief001:

Do u know how much they build rig ? ..do u know how much it costs to run rig ?

Fisttly the cost of production is removed which is around $15 to $27 dollars per barrel depending on the rig .....the rest Nigeria gets 55% oil company get 45% from there we tax them and they use the rest as profit

pardon my ignorance.
dunno much about oil production cost.
but man it's quite expensive though.
those engineers dey chop oo.

ethicallyright:


Population explosion came rather too early, but could have been a blessing if oil proceeds were used for human capital development.

I also think the amount mentioned is the total revenue which parties who invest the production of oil would share. I think our net profit as a federation in 5 years is lower than that.

The population growth in the last 15 to 20 years is exponential and the economy has been unable to keep up. The population growth has been around 6 to 7 percent while economy has been growing at around 2 to 4 percent. That's a recipe for disaster.

This is just oil revenue which I believe is the official figure we gave to OPEC.. lot of oil underground dealings which are unofficial in Nigeria.

We've not counted taxes revenue from FIRS, Customs. CBN, and other revenue generating organisation in Nigeria. This country is rich to be honest. But lack of transparency and accountability is the problem

jumper524:
well said.
people fail to understand these logic and politicians won't tell people the truth either. rather they give you a fallacy of how things can go better when they are elected.
Nigeria is currently living on borrowed time, the politicians who are more insured won't tell you, the masses who are at the receiving end has failed to understand this, they think the country is rich.
$203billion for 200million people is small money for 1year talk more of 5years.
Saudi the highest exporters with about $80billion as oil revenue yearly has a population of 33million.
these are people who can call themselves rich not 200million people sharing less than $50billion yearly on crude sale.
my people need to wake up oo.
with or without corruption, we broke die..

Aptly stated.

[quote author=omenka post=91716705]How do you mean? Care to expatiate?[/quote production cost to oil companies

omenka:
How do you mean? Care to expatiate?

yes he is right, we signed joint ventures with our colonial masters

Artiiclebeast:
The evil bloodsuckers swallow the money.

Why OPEC no ask for our account numbers? At least each citizen for get at least $1k to do whatever dem like with am.

Na God go punish all the demons setting our country back or stagnant.

My guy why u dey use my monicker na... Some idiots go just dey mention upandan for matter wey no concern me

DonFreshmoney:
This is just oil revenue which I believe is the official figure we gave to OPEC.. lot of oil underground dealings which are unofficial in Nigeria.

We've not counted taxes revenue from FIRS, Customs. CBN, and other revenue generating organisation in Nigeria. This country is rich to be honest. But lack of transparency and accountability is the problem

all other ministry combined barely produce half of what oil gives.
let's assume oil gives us $203billion in 5years and other ministries gives us same $203billion in 5years.
divide by our population, that's less than 3k per citizens

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

Let's assume that is correct, so 55% is only. Thus should be best put in the pocket of some few individuals in government.

jumper524:
pardon my ignorance.
dunno much about oil production cost.
but man it's quite expensive though.
those engineers dey chop oo.

Nah the company chop

U pay $25 million to prospect oil ...which is a gamble , u find oil ..u build rig with at least $700 million ..........so u produce oil at a cost of $25
..oil price is 50 ...profit is $25 ..u get 45% from which u pay 15% as tax ...and u produce 50,000 barrels a day ...so it's not much