Evaromantik:
Where does the money go?,unknown to the son of man.....you depend heavily on crude,yet you dnt compensate the people that has the crude.the favour you did them is nothing than to stop the amnesty given to some of them and claim you've done something great for them by cleaning Ogoniland which was ravaged by the oil you drill from them..........We dnt need anything from you again.stop appointing Biafran politicians to any office,we dnt care,that will even help to make them remember their origin......m i the only Biafran here?

No, you are the only mumu here..

themejiwalker:
But what does Baba mean by "Nigeria is not a rich country?"


Note:I'm not a wailer.

if you compare the GDP with our population per head.you will understand better.Kuwait,UAE,Qatar and Saudi Arabia are countries u can presume to be rich

Evaromantik:

bro,dnt mind these imbecilic brainwashed APC fans babbling here and there............when Buhari was in PTF how much went missing?,and the missing money was later recovered in his london account......thats why my tummy almost bursted when i heard of Buhari fighting corruption

bros which London bank,can you give us the details ? I thank God that i am a living witness to a new Nigeria.this is the best thing that will be happening to our country for a very long time

why are we not seeing the impact of the revenue.

chai, is not good to have bad leader ooo. jona "the clueless man" see your life in town

phyllosilicate:

I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

wonder *5, till you turn to wanderer.

[quote author=midolian post=37133445]What we make from 'oyel' under this regime (Now that the price per barrel is low) will you have an idea of how much GEJ and friends made and how much they squandered under 'their' regime (when price per barrel was high)[/quo

did you read the report at all? so who was in power between April and June? guess pMB who took over on may 29th and travelled to Germany in june was the one? ? most of you are just illiterates....govt is a continuum...we made so much money and states cant pay workers. guess you are looking for evidences to back up your regime. but do your own work and stop demonising others!!

midolian:
What we make from 'oyel' under this regime (Now that the price per barrel is low) will you have an idea of how much GEJ and friends made and how much they squandered under 'their' regime (when price per barrel was high)

did you read the report at all? so who was in power between April and June? guess pMB who took over on may 29th and travelled to Germany in june was the one? ? most of you are just illiterates....govt is a continuum...we made so much money and states cant pay workers. guess you are looking for evidences to back up your regime. but do your own work and stop demonising others

Its time to continue praying for PMB because he needs our ultimate supports .

No amount of noise disturbs my president.

You will succeed because your intention for progress in Nigeria is so marvellous ...

BUHARI IS WORKING !!! ENEMIES ARE SHIVERING

Adeyinka12:
chai, is not good to have bad leader ooo. jona "the clueless man" see your life in town

you are even worse and more clueless than the Jona....so PMB was in power between April and June........go school..u go de bribe lecturer...see your life...ode
for your info..GEJ was in power for april and may and PMB in june ....read the report..ode..the report is for april to june

phyllosilicate:

I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

how much do we make from selling gworo,groundnut.niger delta ntoo unu

Power supply to Nigerians averages 4.9hrs daily —Report

Read full story

http://amazonbug.com/?id=55d51b002b5f99.25967747&t=Power+supply+to+Nigerians+averages+4.9hrs+daily+—Report

Its simple, if we make the petrol so cheap we risk other african countries like ghana coming to get our petrol(which they get our subsidized one for cheap already) and sell for huge profits like they are already getting in their country...its need to be thought out and plan well before its implemented, till then lets take it as tax on petrol.

I just de see cash owo

sammhi:


you are even worse and more clueless than the Jona....so PMB was in power between April and June........go school..u go de bribe lecturer...see your life...ode
for your info..GEJ was in power for april and may and PMB in june ....read the report..ode..the report is for april to june

oponu ,i don know you , continue following the clueless man.

Evaromantik:
Where does the money go?,unknown to the son of man.....you depend heavily on crude,yet you dnt compensate the people that has the crude.the favour you did them is nothing than to stop the amnesty given to some of them and claim you've done something great for them by cleaning Ogoniland which was ravaged by the oil you drill from them..........We dnt need anything from you again.stop appointing Biafran politicians to any office,we dnt care,that will even help to make them remember their origin......am i the only Biafran here?

bros respect ya sef now. leave that ogogoro alone. crazy biafran man

nowww,,,,thats what i call transparent economie,,,keep on the good work,National Bureau of Statistics, NBS...

phyllosilicate:

I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

remember??...i remember too....they are all polithiefians...buhari is the best that could have happend to us,for a looooooonnnnnng time.....

Evaromantik:
Where does the money go?,unknown to the son of man.....you depend heavily on crude,yet you dnt compensate the people that has the crude.the favour you did them is nothing than to stop the amnesty given to some of them and claim you've done something great for them by cleaning Ogoniland which was ravaged by the oil you drill from them..........We dnt need anything from you again.stop appointing Biafran politicians to any office,we dnt care,that will even help to make them remember their origin......am i the only Biafran here?

heavens....how can you help,,,with a empty pocket.....you can barely survive yourself,how can you help those that the product came from.....helllllooooooo....news flash::::::....ALL THE MONEY FROM YOUR PRODUCT WAS STOLEN!!!!!......

While it is a positive development that these figures are been published, let's not forget that Nigeria has been producing oil since "eternity"? The question is what has been done with the money generated? Look at Dubai for example, where Oil money has actually been put to work to make the lives of citizens better. We still can't boast of world class educational institutions, public infrastructure is still very poor .....the list goes on. I wish i could give President Buhari some Ideas. A good start would be to study the playbook of other developed countries and see how they did it. After all he won the election using the same play book of "change" as Barack Obama did in the US. Rome was not built in a day, but it is time for Nigeria to be a better place!!!!

phyllosilicate:

I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

good question my brother, where was our money going.
God will punish Jonathan and his cohorts!

could they show us the money or where the money is placed for the development our country or forever remain silent. Does it mean that Nigeria never had such amount before? we want to see it reflecting in our economy to be sure yes we have such amount.

phyllosilicate:

I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

Now I know why failure rate in English and Mathematics is so high in Nigeria. Damn, is it that you and the 125 people that liked your post can not read, have problems with comprehension or lack basic Mathematics skills?

The figure quoted above is gross earning implying that cost of sales and other expenditure hasn't been deducted from the figure and yet you are here screaming that 60% of the budget has been generated from petroleum sales alone in 3 months. How ignorant can one be? Cost of sales and other expenditure has to be deducted from this amount to get net earnings which is then shared between govt and the JV operators. After this process, the government now shares what it gets between the three arms of govt ie Federal, State and Local governments.

Even without having basic knowledge of these things, one would have expected that someone who knows how to use the Internet and knows how to post a comment on Nairaland should at least have basic comprehension ability. It's either you didn't read the article, or you are just being plain mischievous because if you did, you would have seen the following part from the article;

Yhunoos:
The value of total merchandise trade, according to the NBS, was 0.5 per cent less than the total of ₦4.393 trillion recorded in the first quarter of 2014 and 34.3 per cent or N2.287 trillion less than the amount recorded in the second quarter of 2014.

In addition, the report stated that at N2.879 trillion, Nigeria’s total export appreciated by 8.0 per cent or N214.1 billion when compared with the value of exports in the first quarter of 2015, while it represented a decline of N1.8 trillion or 38.5 per cent when compared with total exports of N4.682 trillion recorded in the second quarter of 2014.

You can see that comparing like for like with the same period last year, the amount earned actually decreased by 38.5%

Before posting on important issues as this next time, try to at least get a grasp of the basics, thank you and God bless.

cc: barcanista, mogidi phockphockman, chinology, donbobes, tsdarkside, Justbright, Truth234

phyllosilicate:

I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

Wow! As at the time I quoted the above post, this utterly uninformed post had garnered 126 likes. The sheer ignorance embodied in this concise post and the approval it gained tells you all that is wrong with political discourse in Nigeria. It highlights the profoundly uneducated and stunted intellect of Nigerians and makes me ashamed to be a Nigerian.

The poster clearly believes the article's interpretation of export income as FG income and proclaims that this means that we have met 60% of our budgetary requirement. However, even if you are not acquainted with budgetary matters, the following extract from the article should have given reason to ponder:

In addition, the report stated that at N2.879 trillion, Nigeria’s total export appreciated by 8.0 per cent or N214.1 billion when compared with the value of exports in the first quarter of 2015, while it represented a decline of N1.8 trillion or 38.5 per cent when compared with total exports of N4.682 trillion recorded in the second quarter of 2014.

From the above, one can see that export income has declined tremendously by comparison to last year. Take for instance this extract from an article in 2014 noting export income in the first quarters of 2014 and 2013:

Nigeria’s total merchandise trade increased by 6.8 per cent to about N5.51 trillion in the first quarter of the year (Q1 2014) compared to about N5.16 trillion recorded in the fourth quarter of 2013, according to the National Bureau of Statistics (NBS).

http://www.thisdaylive.com/articles/nigeria-s-foreign-trade-increases-to-n5-51tn-in-first-quarter/186124/

You can see from the above that quarterly export income used to be above 5 trillion Naira. This thread and the article are effectively celebrating the deterioration of export income! What is not realised is that the near halving of export income, from 5 trillion to 2.5 trillion, is masked by currency decline. Export income decline is much higher when viewed in dollar terms as the value of Naira has declined significantly by comparison to the past.

I have to stop here as explaining these things to Nigerians feels like a waste of time. I sometimes wonder whether those white people who proclaim that a country's poverty is a function of its inhabitants aggregate intellectual ability or lack of said ability are right. Threads like this make me realise that we do not have the capacity or intellectual curiosity to do basic analysis with which we can hold our leaders to account.

Edit at 6:30am:

You can see from the above that quarterly export income used to be above 5 trillion Naira. This thread and the article are effectively celebrating the deterioration of export income! What is not realised is that the near halving of export income, from 5 trillion to 2.5 trillion, is masked by currency decline. Export income decline is much higher when viewed in dollar terms as the value of Naira has declined significantly by comparison to the past

My above quote is erroneous. I blame my lack of sleep! Export income used to be above 4 trillion Naira at a time 160 Naira exchanged for a dollar and is now 2.8 trillion Naira at the official exchange rate of 197 Naira to the dollar. Apologies.

When I hear news like this I just wonder at the stupidity of the south-south ppl, they pay nigeria bills but are treated like slaves. As long as they can not unite they would always be treated this way. We all thought the hausa's were stupid wen they always supported their own right or wrong. It gave them the population advantage now we yorubas are taken a clue from them. Look at how aragbeshola was defended. U guys are just pathetic.

sammhi:


did you read the report at all? so who was in power between April and June? guess pMB who took over on may 29th and travelled to Germany in june was the one? ? most of you are just illiterates....govt is a continuum...we made so much money and states cant pay workers. guess you are looking for evidences to back up your regime. but do your own work and stop demonising others

dead brain! What is difficult in my comment that you just can't comprehend? Did you even read the comment at all? Why should I even take you seriously when you don't know the meaning of "illiterate"..you must be one of those useless village igbo boys that are always pained on this forum...dick_cap!

Some on here forming they know shiit whereas they know jack. Let's put it in perfective.

Comparing the second quarter 2015 ( April to June) with second quarter 2014 ( April to June) there is just 0.5% difference ( 2014 figures just 0.5% higher than that of 2015).

Now PDP fans are quick to point to the falling prices of crude in the world market as the reason for the sharp decline of the naira, let's use the same yardstick to judge GEJ/jerk and PMB here.

In second quarter 2014, oil was sold above $100 and it constituted 90% of our export income, according to new figures from NBS states oil which is been sold at $49 ( over 50% decline) now constitute 87.3% of our export.

Now the question to ask the jerk of an ex president is, if there is a 50% decline in prices of oil, how come 2014 figures are just 0.5% higher than 2015 figures?

In 2014 Nigeria was selling oil for over $100 While in 2015 it is selling for less than $50, how come the country's revenue when oil ( which formed close to 90% of our revenue) was $100 a barrel almost at par with when oil is now $50 ( halved) a barrel?

Yet some will call the jerk a saint. He is nothing but a jerk. A presidency miss road.

This is good news I must admit but we want to feel the impact in our daily lives in terms of infrastructure/basic amenities availability, affordability of basic goods, employment, agriculture, etc.
Yes these figures look good in papers but would be meaningless if they do not affect our daily lifestyles.
Thanks.

sammhi:


did you read the report at all? so who was in power between April and June? guess pMB who took over on may 29th and travelled to Germany in june was the one? ? most of you are just illiterates....govt is a continuum...we made so much money and states cant pay workers. guess you are looking for evidences to back up your regime. but do your own work and stop demonising others

The truth is this 2Q is better than last year when compared, as at the same quarter last year crude oil was $106.5 per barrel and currently as I am typing this it is $40.79 a barrel.

2014 2Q earnings ACCOUNTED for was 6,659 trillion even when the price almost triple this current price, don't forget that we had more trading partners then before China and India reduced their volumes.

2013 2Q was the poorest, our revenue was 5,341 trillion when crude oil peaked at $112 a barrel. Something is actually working now, its either this is the reflection of the leakages this administration has been championing or result of working system.

midolian:
dead brain! What is difficult in my comment that you just can't comprehend? Did you even read the comment at all? Why should I even take you seriously when you don't know the meaning of "illiterate"..you must be one of those useless village igbo boys that are always pained on this forum...dick_cap!

Can you explain to me why a huge decline in export income is something to be celebrated?

In addition, the report stated that at N2.879 trillion, Nigeria’s total export appreciated by 8.0 per cent or N214.1 billion when compared with the value of exports in the first quarter of 2015, while it represented a decline of N1.8 trillion or 38.5 per cent when compared with total exports of N4.682 trillion recorded in the second quarter of 2014.

Why would a decline of 1.8 trillion Naira in income by comparison to the same quarter last year be cause for celebration and proof that we are moving in the right direction? I am seriously puzzled and bow to your superior knowledge on this matter.

arsetalks:
Some on here forming they know shiit whereas they know jack. Let's put it in perfective.

Comparing the second quarter 2015 ( April to June) with second quarter 2014 ( April to June) there is just 0.5% difference ( 2014 figures just 0.5% higher than that of 2015).

Now PDP fans are quick to point to the falling prices of crude in the world market as the reason for the sharp decline of the naira, let's use the same yardstick to judge GEJ/jerk and PMB here.

In second quarter 2014, oil was sold above $100 and it constituted 90% of our export income, according to new figures from NBS states oil which is been sold at $49 ( over 50% decline) now constitute 87.3% of our export.

Now the question to ask the jerk of an ex president is, if there is a 50% decline in prices of oil, how come 2014 figures are just 0.5% higher than 2015 figures?

In 2014 Nigeria was selling oil for over $100 While in 2015 it is selling for less than $50, how come the country's revenue when oil ( which formed close to 90% of our revenue) was $100 a barrel almost at par with when oil is now $50 ( halved) a barrel?

Yet some will call the jerk a saint. He is nothing but a jerk. A presidency miss road.

Bro, I don't seem to get your point.

Evaromantik:

bro,dnt mind these imbecilic brainwashed APC fans babbling here and there............when Buhari was in PTF how much went missing?,and the missing money was later recovered in his london account......thats why my tummy almost bursted when i heard of Buhari fighting corruption

What breed of a chimp are you?Is your medulla slightly distorted from you being dropped on your head?How does Buhari in ptf add up with the so called "missing" money discovered in his London account that only you has information about in 1984E wu onye alaCOME ON!Go and take your medication..