Nigeria's Debt Profile, We are $3.91 Billion Dollars In Red.
WHERE WE STAND AS A NATION FINANCIALLY

OUR CURRENT Financial Statement Under President Jonathan

*Current External Reserve: $47bn (Our savings)

*Total external and domestic debt: $50.91bn (What we owe as a nation)

Subtract our Total Savings of $47 Billion Dollars From $50.91 Billion Dollars Total Debts =$3.91Billion Dollars in Debit!
READ THIS NOTE AND SEE WHY WE ARE BROKE: NEITI'S Audit Report

1-Between 2009 to 2011 under President Jonathan ''Nigeria lost billions of dollars as a result of inefficiency and poor management in its oil sector':Neitti audit report

*''As a result of oil theft and pipeline vandalism, NEITI's audit showed Nigeria lost 136 million barrels of oil with an estimated value of $11 billion to oil theft and sabotage between 2009 and 2011''.

*10 million barrels valued at around $894 million was lost as a result of pipeline vandalism in downstream operations.


2-''Billions of dollars more were lost as a result of much more mundane commercial inefficiencies''.

*Nigeria lost as much as $1.8 billion in royalties and tax revenue between 2009 and 2011
because the government failed to agree on a pricing methodology with producing companies. As a result, many companies understated the value of the oil they produced. NEITI said the government is negotiating with oil companies to resolve this issue''.

3-Another''$866 million was lost because of the poor state of the country's refineries, the report said''.

4-''80% of the oil allocated for domestic refining is exported for offshore processing and exchanged for products or other types of oil imported from elsewhere in deals that are not economical, resulting in a financial loss to the country''.

5-''According to NEITI, fuel subsidy payments rose to NGN1.9 trillion ($11.82 billion) in 2011 from NGN406 billion in 2009 as the number of fuel marketers increased and product imports became "uncontrollable."

6-''According to NEITI's latest audit, the country is owed NGN3.7 billion by marketers who have failed to refund overpayments for the period between 2009 and 2011. A further NGN4.4 billion refunded to the country's Petroleum Products Pricing Regulatory Agency for overpayment s made in the period has not yet been deposited in the government's accounts''.

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