adconline:
This number doesn't make sense! Our annual bydget under Jonathan was about N4tn per year, so for 5 yrs, aggregate budget would be like N20tn.
So show us how u arrived at N51tn

Illiterate

Differentiate between budget and Earnings and go back to the post

StOla:



Over the past 2 years, I have begun to have greater respect for Obasanjo and his economic management of Nigeria.

With little earnings in his 1st term, he increased workers salary, adjusted the pump price of petrol to reduce subsidy payment, increased our foreign reserves. The then finance minister was Malam Adamu Ciroma.

By his second term, he had already saved enough to pay up our Paris club debt negotiated by the new finance minister Okonjo Iweala. I am surprised that this same Okonjo Iweala continued to work in the Jonathan regime, even when it was obvious he was a disaster that was growing like a cancer.

Okonjo Iweala returned to oversee the enslavement of the thriving Nigerian economy that Yar'Adua bequeathed to Jonathan, back to the control of Western creditors who were not happy to lose a chicken that was laying golden eggs.

As for Jonathan, he remains a curse to this country.

She ensured the enslavement of Nigeria

GEJ is still their Hero.

Their son can do no wrong.

dondo83:



you are not making any sense , just give up and stop exposing your ignorance. was amaechi not there while yaradua was the president? why dint they arm twist yaradua? FYI the 51 trillion is just on oil oh. custom, firs, npa etc were not included JESUS! madam keep quiet please

Did you read the article or you are just forming ignorance? According to Vanguard 12 trillion of the 51trillion was paid to the oil producing regions as derivation funds.

The article States that 96 trillion was earned in 58 years and in 5 years out of it 51trillion was earned, how does this sound to you? In only 5years more than half of our entire earnings over 58 years was made?

OK, assuming GEJ paid 12 trillion and the remnant is 35 trillion was this included in budget spending or excluded from it? And if it was excluded from it, we await actual evidence to show that it wasn't used to fund the budget or other capital expenditures.

We have gone beyond media judgement here, let's wait for actual evidence from parties involved.

NNPC will soon make their own statement on this.

westmest:




Its very easy for you to hide behind your keyboard and type whatever you want to type, i am not here to trade words with you. just ask yourself the question, "IMF forced us to devalue, does that mean IMF is controlling us" our president decided not to devalue for a long time " does that look like control" its sad to see what our educational system is producing nowadays,

The point i,m trying to make is we dont owe IMF, you know what IMF does to countries that owes them?



Please don,t vent your anger on me because you are being screwed by the system.

Shut up your mouth. Eveyone is not intellectualy challenged to know that country is following IMF's neo-liberal policies. Christine Largarde, ( if u know who's without Google) was in the country in January and told us to change some things before we could be considered for a loan. Naija is still seeking for IMF backed loans. Naija is going to borrow over 60% of the budget and you are here saying that IMF doesn't control us??
What does control mean to u when u borrow over 60% of ur budget??

SonofDevil:

Illiterate

Differentiate between budget and Earnings and go back to the post

What a display of congenital idiocy.
Have you factored in money paid into SWF?
Have you factored in the 48% of that money that went to the 36 states?
Have you factored in the differential between benchmark and crude oil price that went to ECA and foreign reserves?
What a sophisticatedly ignorant p_rick!!

ba7man:
Can we all see that GEJ's administration remains the biggest curse Nigeria has ever witnessed.

With all the money he earned, look at the crumbs he was able to deliver as his achievements compared to how much he earned.

And his praise singers will say "The northerners and southwesterners have finished Nigeria".

If you compare 51 trillion to all the one your northern n west brothers squandered what will be the total sum?
Mumu people, is that why the Buhari and his cohorts have failed?
Senseless people, the main essence of you guys looking for power was for oil money, hahahahahahaha, sorry bro, Karma has no regard.

jerusalem101:





If you compare 51 trillion to all the one your northern n west brothers squandered what will be the total sum?
Mumu people, is that why the Buhari and his cohorts have failed?
Senseless people, the main essence of you guys looking for power was for oil money, hahahahahahaha, sorry bro, Karma has no regard.

SMH at your mental blindness. .... I feel for you.

The answer to your post is right in front of your nose but it's "UNBELIEVABLE" how you're still unable to see it.

dondo83:
when one single president got 51trillion from 96trillion and we have noting to show for it. if only the last administration spent 10trillion genuinely on infrastructure and stole the rest , We wont be in the mess we are, but who I'm to complain? some people still claim they miss gej's administration (imagine)

It's not as if they are benefiting from the stolen money but they are used to stagnancy, corruption and evil practices of PDP regime albeit their son being the president. Their so called son did nothing for them yet they heap praises on him as if he is a unicorn. Come to ogun state and see how the people are bashing OBJ because he didn't do much for his citizens.

Like u said, who are we to complain? It's their cup of tea, not ours.

while not exonerating GEJ for any lapses or mismanagement, this analysis is based on the prevailing exchange rate so it seems so much now.

furthermore, this news is just been sensational, the FG would have actually gotten approx N27t (which is still a lot though), states N14t, LGs N10t. (let's allocate the 20% balance in non-oil revenue to statutory transfers).

of the FGs share;
N12b to oil producing areas
N6t on salaries (at a conservative N150b per month)
N3t on fuel subsidy payments
N1t on fertilizer subsidy payments
N1t on JVC
N4t defending the Naira to keep cost of goods low

so the question for me is, the monies borrowed by the FG, can the infrastructure on ground justify it?

or let's say, can Buhari justify the N6t earned so far? without subsidies or defending the naira?

governance is not easy...

OjukwuWarBird:


Afonja, sum total all the budget of GEJ and see if it is up to 51 trillion

you must be an illiterate.do you expect everything earned to go into the budget?the rest should go into the foreign reserve as saving.even okonjo said gej refused to serve.u be real osu

ivandragon:
while not exonerating GEJ for any lapses or mismanagement, this analysis is based on the prevailing exchange rate so it seems so much now.

..not true.

ivandragon:
while not exonerating GEJ for any lapses or mismanagement, this analysis is based on the prevailing exchange rate so it seems so much now.

furthermore, this news is just been sensational, the FG would have actually gotten approx N27t (which is still a lot though), states N14t, LGs N10t. (let's allocate the 20% balance in non-oil revenue to statutory transfers).

of the FGs share;
N12b to oil producing areas
N6t on salaries (at a conservative N150b per month)
N3t on fuel subsidy payments
N1t on fertilizer subsidy payments
N1t on JVC
N4t defending the Naira to keep cost of goods low

so the question for me is, the monies borrowed by the FG, can the infrastructure on ground justify it?

or let's say, can Buhari justify the N6t earned so far? without subsidies or defending the naira?

governance is not easy...

so the question is,

so the question

out

From your post, my conclusions are;


of the FGs share;
(1) N12b to oil producing areas : The Niger Delta leaders ought to be ashamed of themselves if the said amount was pumped into the region and what's on ground is all they have to show for it.

Their agitation should be directed at the right people.


(2) N6t on salaries (at a conservative N150b per month): We know that Govt salaries have always been riddled with ghost workers, slashed, inflated or withheld salaries so its another good avenue to milk the nation.


(3) N3t on fuel subsidy payments: The suspicious way it jumped from N250 billion to N3 trillion shows that GEJ had the intentions of looting the money saved, if the subsidy was removed.

Since it's removal failed, they jacked it up so that they could still loot it.


(4) N1t on fertilizer subsidy payments: Now just see how that sounds...... N1 trillion on fertilizer subsidy payment. ... I'm so sure this is one of the big scams perpetrated by the GEJ administration. That money is enough to totally revolutionize agriculture with large scale mechanized farming..... but in this case, it's only fertilizer subsidy they're able to achieve.

GEJ is a thief.

(5) N1t on JVC: Scams...... scams..... scams.


(6) N4t defending the Naira to keep cost of goods low: Of course they'll look for a legit name to cover up their looting. This has scam written all over it.

GEJ can fool his supporters but not everyone is daft.

Pidggin:


Please try and think a bit your brain cannot be for fancy na. Was there ever a time when our budget in a year during Jonathan's time exceed 5 trillion? If you check the total budget during the five years he spent in office it is no where near 51trillion na haba?

Even America is not this rich na, think. Till today we are still recovering Abacha loot, has any amount been traced to any foreign account linking GEJ? Why hasn't Sahara Reporters exposed the number of mansions he acquired while in office or the exotic cars he acquired? Think Think Think!

think??
U expect zombies to think? Wit wot brains ?


Just tell dem gej stole 600trillion and see dem bring out dia diseased phalluses to w.ankk all over the place,...dats y dey r zombies

Pidggin:
And how much was GEJ using to subsidize the fuel you ingrates were buying for N87 or the Kerosene you were buying for N100? Now you are paying N145 with possible increase any time from now. With endless tax even right down to your bank transactions all going into this govt pocket with no accountability

Obasanjo and Yar'adua no pay subsidy abi?

ba7man:
From your post, my conclusions are;


of the FGs share;
(1) N12b to oil producing areas : The Niger Delta leaders ought to be ashamed of themselves if the said amount was pumped into the region and what's on ground is all they have to show for it.

Their agitation should be directed at the right people.


(2) N6t on salaries (at a conservative N150b per month): We know that Govt salaries have always been riddled with ghost workers, slashed, inflated or withheld salaries so its another good avenue to milk the nation.


(3) N3t on fuel subsidy payments: The suspicious way it jumped from N250 billion to N3 trillion shows that GEJ had the intentions of looting the money saved, if the subsidy was removed.

Since it's removal failed, they jacked it up so that they could still loot it.


(4) N1t on fertilizer subsidy payments: Now just see how that sounds...... N1 trillion on fertilizer subsidy payment. ... I'm so sure this is one of the big scams perpetrated by the GEJ administration. That money is enough to totally revolutionize agriculture with large scale mechanized farming..... but in this case, it's only fertilizer subsidy they're able to achieve.

GEJ is a thief.

(5) N1t on JVC: Scams...... scams..... scams.


(6) N4t defending the Naira to keep cost of goods low: Of course they'll look for a legit name to cover up their looting. This has scam written all over it.

GEJ can fool his supporters but not everyone is daft.

sometimes, we are just too sentimental on issues...

on your first point, if you a knowledgeable about revenue allocation in Nigeria, you would know that pre-1970, revenue was allocated on 50% basis, so why wasn't the North developed? or why isn't the SW London? or SE, UK? however, I agree with you that the states have to answer for most of their underdevelopment.

point 2, if you say the salaries at N150b pm is a scam, then you would agree that this govt are the bigger thieves by 'claiming' that the wage bill is over N165b pm? so who is fooling whom?

point 3, I don't understand you guys. he tried removing subsidy, you complained, he paid subsidy, you still complained. why not let him remove it? while I hold no forth for the high subsidy paid, you seem to not understand the economics behind the increase. things were good, people had money, bought cars, bought bigger generators, had money & reasons to move around more, you had more investors, investments which meant more demand for fuel.

point 4, yes it was much, but did you have scarcity of food even with the BH ravaging the North? also, the scam in the fertilizer subsidy was actually reduced contrary to your assertion. & how does fertilizer subsidy translate to mechanization please?

point 5, JVC scams, OK. agreed. but do a quick research on oil exploration funding (including the one ongoing in the North presently). if you agree that the one this administration is embarking on is a scam, then I concur with this your position.

point 6, why do you think the naira was floated? because it can not be defended anymore with scare dollars. hence you have business people sourcing it at higher rates which translates to higher cost of goods which is something we are presently suffering. or are you buying your goods at a reduced cost presently?

your last sentence gave you out as someone who doesn't respond well to points that contradict yours. am guessing you are one of the 'new breed' of Nigerians who drop insults at the drop of a hat (yes, I have read your previous posts & avoid commenting on your treads because you can be unreasonably rude).

however, with hardwork, Nigeria will get better.

shinarambo1:
..not true.

what's not true please?

ABDamola:
The Nigerian state, during the five-year Presidency of Goodluck Ebele Jonathan, earned a total of N51 trillion from petroleum resources. The money is part of the N96.212trillion the country earned in 58years of crude oil sales.



Of this princely sum, which accounts for about 80 per cent of the country’s revenue, only N12.258 trillion (just about 14% of total) has been paid to the oil producing areas as derivation.

The figure is N35.848 trillion less than the N48.106 trillion the oil-bearing regions should have received as derivation if 50 per cent derivation had not been jettisoned few years after crude oil became the chief revenue earner for Nigeria.

The figures are the outcome of research by Sunday Vanguard, relying on documents from the Petroleum Inspectorate, NNPC, CBN Annual Report and Statement of Account, Nigeria Bureau of Statistics and the Nigeria Extractive Industry Transparency Initiative, NEITI.

In the face of biting contemporary economic realities Nigerians are contending with, there is a consensus that the different tiers of government – federal, state and local government councils – have indeed squandered the nation’s earnings. Even the modest attempts at saving for the rainy day with the creation of, first, the Excess Crude Account, ECA -which suffered mismanagement occasioned by under-hand spending by the Federal Government that was supposed to hold the funds in trust – and, thereafter, the controversial and ineffectual Sovereign Wealth Fund, SWF – which became a subject of litigation and high-wire politicking between the Federal Government and the leadership of the Nigeria Governors’ Forum, NGF – suffered from the typically Nigerian insincere approach to economic management.

A breakdown of the earnings shows that between 1958 and 2007 (CBN Annual Report and Statement of Account, 2008), Nigeria earned N29.8 trillion from petroleum resources. And between 2008 and June 2016, the country generated N66.412 trillion.



Between 1958 and 1966, Nigeria earned N140 million from crude oil; 1967 to 1975, the General Yakubu Gowon got about N11.03 billion; while the late General Murtala Mohammed/ Olusegun Obasanjo military regime scooped about N25 billion from 1975-1979.

In like manner, the civilian administration of President Shehu Shagari earned N36 billion oil money; Buhari, in his first coming as military head of state (1984-85), earned about N25 billion; General Ibrahim Badamasi Babangida, 1985 to 1993, N420 billion; the Ernest Shonekan/Abacha regime (1993-1998), N1.6 trillion; and General Abdulsalami Abubakar regime (1998-1999), N350 billion.

With the return to civil rule, Nigeria, under President Obasanjo realised about N27 trillion from crude oil between May 1999 and May 2007. His successor, Umaru Yar’ Adua, reaped about N9 trillion in his almost three-year rule before he passed on.

The luckiest of the leaders is former President Goodluck Jonathan, whose administration in five years, between 2010 and 2015, earned about N51 trillion from petroleum resources. Since he came to power on May 29, 2015, the President Buhari administration has been able to earn just about N6 trillion from crude.

However, the huge earnings, since 1958, arguably, have translated to little or no improvement on the welfare of the citizenry, especially the people of the oil-producing areas, whose environment – land, water and air, has been adversely contaminated and, in many cases, devastated and polluted.

DETAILS OF EARNINGS AND IMPACT OF EXPLORATION NEXT WEEK

Source: http://www.vanguardngr.com/2016/08/jonathan-nigeria-earned-n51trillion-crude-oil/

For my record.

No wonder he's aptly termed the Ineffectual Buffoon.

adconline:
This number doesn't make sense! Our annual budget under Jonathan was about N4tn per year, so for 5 yrs, aggregate budget would be like N20tn.
So show us how u arrived at N51tn

So income and expenditure are the same abi? N51trillion was earned from crude oil not spent!

So na why buhari rush too to come get trillions... ...

adconline:

What a display of congenital idiocy.
Have you factored in money paid into SWF?
Have you factored in the 48% of that money that went to the 36 states?
Have you factored in the differential between benchmark and crude oil price that went to ECA and foreign reserves?
What a sophisticatedly ignorant p_rick!!

Save ur self all these trash

Crude oil benchmark was $85
And budget benchmark mark was at $38
Eca even though the state governors shared ECA accounts because FG was already stealing from the account.
What about FG 52% share from the ECA acc.


Where did the billions of dollars generated from Non oil Revenue go to, while foreign reserve was depleted from $47b he inheritted to $38b during oil boom??

GudluckIBB:
Thank God vanguard is a wailer and Niger Delta Newspaper so this report is certified 100% true, accurate and without any form of ambiguity!

Exactly what I said to myself when I saw the source!! Can't you see the guy above you who wouldn't have spared a second to rubbish it over the source decided to go the other way with a "Jonathan, sugar, ants" rant?

Fani Kayode said it that Jonathan is leaving legacy of destruction and disaster and he couldn't have been "righter"!!

Izonpikin:
So na why buhari rush too to come get trillions... ...

Yes, na why Buhari rush come be that.

Oya tell us wetin Jonathan achieve with all wetin him admin alone earn- remember say wetin him alone earn in 5 years pass wetin others earn in over 35 years!!

I dey wait.

@ Seun, Lalasticlala, Mynd44: I find it hard, very hard, to understand why this isn't on the fp yet. Or do we have a duplicate of it which already did

SonofDevil:

Save ur self all these trash

Crude oil benchmark was $85
And budget benchmark mark was at $38
Eca even though the state governors shared ECA accounts because FG was already stealing from the account.
What about FG 52% share from the ECA acc.


Where did the billions of dollars generated from Non oil Revenue go to, while foreign reserve was depleted from $47b he inheritted to $38b during oil boom??

e.g custom duty! when i said death penalty is the answer to corruption, embezzlement and misappropriation of public fund people against my motion!....this is criminality!

omenka:
Yes, na why Buhari rush come be that.

Oya tell us wetin Jonathan achieve with all wetin him admin alone earn- remember say wetin him alone earn in 5 years pass wetin others earn in over 35 years!!

I dey wait.

..so na jonathan be your problem..

There is an explanation to those figures up there..i definitely would wait to hear th truth..ona just dey jump up and down..

But wait oo..na where obj 20billion dollars power scam go

See ehn this oil money e go Hard for non Niger deltans to see am enjoy...

SonofDevil:

Illiterate

Differentiate between budget and Earnings and go back to the post

so you mean to tell me that deviations in budget was that much even when oil price fell rapidly in the last year of his administration? Only fools will believe this poo

obaaderemi:
you must be an illiterate.do you expect everything earned to go into the budget?the rest should go into the foreign reserve as saving.even okonjo said gej refused to serve.u be real osu

so you really expect me to believe that we have excess crude earnings of over N32trillion in just 5 years? Are you guys for real?

Izonpikin:
..so na jonathan be your problem..

There is an explanation to those figures up there..i definitely would wait to hear th truth..ona just dey jump up and down..

But wait oo..na where obj 20billion dollars power scam go

See ehn this oil money e go Hard for non Niger deltans to see am enjoy...

Okay, tell us: how Niger Deltans, under their pikin, enjoy the money and how them area be today.

aresssa:



There's a difference between earnings and budget.


This is common sense..

Obaaderemi Omenka
Oyinkinola

goodluckibb sonofdevil

Afonjas, how many barrels of oil was Nigeria selling per day in Jonathan's time that could generate that amount of money.

cktheluckyman:


so you really expect me to believe that we have excess crude earnings of over N32trillion in just 5 years? Are you guys for real?

Izonpikin truckpusher firefire onatisi illuminate93 temitemi1 adconline
Don't mind those Afonjas. see the question I asked above

omenka:
Okay, tell us: how Niger Deltans, under their pikin, enjoy the money and how them area be today.

....the area yeye ....na black nigerian syndrome...leaders don thief the money..like warri people go talk am "the country don cast"..

we need a revolution and restructuring put together...