₦airaland Forum

berem: I hate it when fools like the 2 above quote me without substantial points. Ignoring nitwits is now my hobby. Watch it sons!

solomon111: The only thing i hear from these APC syncophants on nairaland is "shut up" whenever facts are displayed in their faces.
I mean it shouldn't be too hard to disprove GEJ's achievements if it were false.

fyneguy: why refer us to PT?
Before I tear down the crap you posted about cost and selling prices, I'll give u another chance to go through Sanusi's letter again and pay more attention to the analysis tables. Let me also inform or remind you this govt has been funding budgets from both proceeds-oil and non-oil, as well as plunging the reserves. I await your response

fyneguy: why refer us to PT?
Before I tear down the crap you posted about cost and selling prices, I'll give u another chance to go through Sanusi's letter again and pay more attention to the analysis tables. Let me also inform or remind you this govt has been funding budgets from both proceeds-oil and non-oil, as well as plunging the reserves. I await your response

fkaz: Even in south-east labaran Maku and insincere 9geria will tell you that, FG have commission onitsha port, work is going on 2nd niger bridge, orient oil refinery has been commission and working, anambra is now a oil producing state, they are deceiving their people.
The issue of ajaokuta steel and Itakpe iron-ore company is another conduct pipe for looting. Dredging of river niger from bayalsa to baro in niger state is all ruse, the remaining portion of lokoja-abuja road contract was increase from N42 billion to N116 billion. We pray they complete it this time around.

JulianBond007: you are a product of a failed educational system under Jonathan's administration. Look at the way you write simple English? You are a disappointment to your people. Sorry for you!

JulianBond007: Your mumu no get part 2 I swear! Shut up! Just shut up your mouth!! If you say anything.....

Even so, when compared with prevailing data from different government agencies, the figure admitted by the CBN is still lesser than what Nigeria should earn from oil sales.

While the bank said its computation, based on pre-shipment details, showed that Nigeria sold N10.3 trillion worth of oil in 19 months, PREMIUM TIMES’ analysis shows the government should rather realize N10.6 trillion in the first 10 months of 2013-Janaury to October-alone.

PREMIUM TIMES’s estimates is based on the government’s data of daily production average of 2.11 million barrels of crude, sold at an average price of $105.84 per barrel.

If multiplied and converted to naira, the government should have realized N10. 6 trillion in 10 months alone.

But in that period, total oil receipts data provided by the Office of the Accountant General of the Federation, claimed between January and October, the government made N5.8 trillion.

Also, our estimates show that the government has not only lied or misled Nigerians about its total receipts from oil sales, but is also deceitful about its earnings in the contentious Excess Crude Account.

The ECA holds the difference between the real market price for oil and the government’s projection in the national budget yearly.

For 2013, the government approved rate is $79 per barrel (called benchmark for oil price), meaning any raise in price at the international market, will go into the ECA.

For most of the year, oil sold as much as $112 and $114 per barrel. At a conservative rate of $105 per barrel, the government should have realized $26 as difference per barrel for the Excess Crude Account.

Calculated at 2.11 million barrels per day, that should amount to $17.3 billion (about N2.695trillion) earned as excess crude revenue from crude oil exports as of October 2013.

But the government claims it generated only N986.6 billion in the Excess Crude Account.

JECBOSS: Labaran Maku is An Accomplished Serial Liar and Defender of Corruption and Mediocrity. Nobody takes him serious anymore.

Orlando Owoh: Taharqa, you don't know anything about liberation movements in Africa if you do, you won't say Namibia whose President delivered a speech on behalf Africa, contributed more. The South-West People's Liberation Movement (SWAPO) who leader, Sam Nuyoma led his country (then known as South West Africa) to independence got support from Nigeria.

kokoA: you are the one acting childish here bro. If only one Africa country were to be selected to pay tribute to Mandela, that country should be our country, Nigeria. I remember all the "free mandela" campaign all over the place while growing up. I never knew anything about politics then but I knew the name Mandela because of the way our people then talked about his freedom, I remember a popular song by a Nigerian artist titled "free mandela" which we all loved to sing during our play time. We should be asking ourselves what went wrong. Mandela stood for black people and if we as the most populous black nation in the world were reduced to mere spectators at his funeral then there's something "unmandela-like" we must have done to warrant this embarrassment.

king94: I don't seem to undastand wot d op is saying. Nambia is d only country 4rm Africa dat is giving a tribute 2dai(they gained their independence 4rm South Africa). Barack Obama woz d only western leader dat gave a speech 2dai. I don't see d british press complaining about d 'snub' so I don't know wot d fuss is all about.It is a memorial service nd dat is wot we should focus on rather than wasting time on egotistical shenanigans.

agabaI23: Point of Correction

Nigeria is snubbed not Jonathan. You should see it that way and keep quiet except you don't have shame!

ceo4eva: I now strongly believe that Jonathan's Administration Cultivates, Breeds, Nurtures, Fertilizes, Harvests, Packages, and Distributes Corruption.

Pennywise: To stay relevant on this thread, you will need to prove to us that this doc did not emanate from Sanusi otherwise you are just an average liar.

ballabriggs: Mumu here is your answer.

“Our analysis of the value of crude oil export proceeds based on the documentation received from pre-shipment inspectors shows that between January 2012 and July 2013, NNPC lifted 594,024,107 barrels of crude valued at $65,332,350,514.57,” the letter said. “Out of this amount, NNPC repatriated only $15,528,410,098.77 representing 24% of the value. This means the NNPC is yet to account for, and repatriate to the Federation Account, an amount in excess of $49.804 billion of the value of oil lifted in the same period.”

It is the reason why he emphasises "how bad the situation is".

It is the same reason why Ngozi cannot give any cogent response to Amaechi's questions but would rather throw up lame figures on how much of Rivers statutory payment has been paid. It is the same reason why we cannot hold our reserves in a period of rising oil prices.

Oil prices are going up. Why is Nigeria drawing from savings? Why is the FG to unable to implement its budgets satisfactorOly? Why are the states complaining of being shortchanged?

President Jonafraud cannot answer these questions. It is one week, one theft.

HNosegbe: Is it a security risk to show pictures of the room in question?

yemi2plus: Name her nairaland when ever she chooses to come out.

jmaine: He passed the FOI bill against all odd despite knowing what fodder it will be in the hands of the media and ever lousy progrethieves opposition.

Let Tambuwal put flesh to his words by making such law a dream come true. . .