Nigeria made N70 trillion from oil in 15 years, where did all the money go?

Nigeria Made N70 Trillion From Oil In 15 Years, Where Did All That Money Go?
NOVEMBER 9, 2016 BY EDITOR

Waziri Adio, executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), says the country had no business going into recession with the huge revenue from oil from 1999 to 2014.

He said while the three tiers of government earned and shared N70 trillion oil and gas revenue during the period, there was no provision for savings.

He was speaking on Monday when he played host to members of the senate committee on federal character and inter-governmental affairs who were on an oversight visit to his office in Abuja.

Adio said it would be necessary for Nigeria to develop prudent spending to avoid lapsing into recession again. Read more here.

http://www.africanliberty.org/nigeria-made-n70-trillion-from-oil-in-15-years-where-did-all-that-money-go/

Sibrah:
@mrvitalis, How can workers take N30Tr? Wage bill currently is ~N160B/Month. Plus I know it was increased during Yar'adua period.

mrvitalis:

And what dollars exchange was used to get the 70 trillion? ? All i am saying is this 80% of that money went to salaries

Sibrah:
Impossible.

HtwoOw:
Ask PDP

richidinho:
Buhari spent $500m of it funding hilllary Clinton's campaign in far away Amelika

FastShipping:


Why some of you thrive in falsehood?

Shameless human beings on this forum. And some kids are there looking up to you while you spread hate and lies in front of them everyday.

It is okay to be against Buhari but it is another thing to knowingly and wishfully spread such lies you and your fellow liars have been spreading all day. Go ahead and label me Buhari's supporter then may be, just maybe you can also check my past posts about my opposition to Buhari's government. One thing I won't do is to spread lies and falsehood like some of you do. You fight Buhari with facts. It is a s simple as that. Today if Buhari is not funding Hillary Clinton campaign, he is busy committing genocide somewhere in the country.

I refuse to align myself with liars who call themselves "opposition group".

SMH!

richidinho:
Buhari spent $500m of it funding hilllary Clinton's campaign in far away Amelika

FastShipping:


Why some of you thrive in falsehood?

Shameless human beings on this forum. And some kids are there looking up to you while you spread hate and lies in front of them everyday.

It is okay to be against Buhari but it is another thing to knowingly and wishfully spread such lies you and your fellow liars have been spreading all day. Go ahead and label me Buhari's supporter then may be, just maybe you can also check my past posts about my opposition to Buhari's government. One thing I won't do is to spread lies and falsehood like some of you do. You fight Buhari with facts. It is a s simple as that. Today if Buhari is not funding Hillary Clinton campaign, he is busy committing genocide somewhere in the country.

I refuse to align myself with liars who call themselves "opposition group".

SMH!

RZArecta:
Calculate how much you've gotten over the past 15 yrs i.e. from parents, siblings, hustling, runs, work etc

Where is the money today ?

PDP stole it

Zetra:
1. Ask APC, I mean ask all the serving ex-PDP(now saint).
2. Ask all the Past / Serving Governors (pardon States with high IGR). Every month they run to Abj to fight for their share, with talks that it's unconstitutional for FG to withhold (help them save) the money.
3. Ask the the 3tiers of past/serving government representative that collects house allowance and still add furniture allowance on it. then wtffffffff is "hardship allowance".
if all these stupid/greed/selfish allowances was remove, do you know how much would have being saved.
4. Ask the non-masses-friendly constitution and those that made it because it allowed for freely/legally sharing the money from sections of it.
5. Ask Nigerians, we still went ahead to still vote for the same people (different nylon/packaging) just because of party, nepotism, immediate free-money etc
6. Ask God "at least" we would have either by "destiny or luck" had leaders(various sectors in govt) that had the masses in heart. they would have driven the nation with the right policy.
how do other developed countries get "luck/destined" goodleaders that enforced policies for the masses.

richidinho:
Buhari spent $500m of it funding hilllary Clinton's campaign in far away Amelika

tuniski:

That is average say 4.5trn annually fair enuff it must have been shared at FAAC btw FG, states and LGAs then used to pay salaries and overheads of the most useless civil service in the world. As well as other recurrent expenditure with little for the rest of us who are the majority majority!

DeWorlex45:
. May d good LORD continue to increase ur wisdom for asking dis simple & meaningful question. Many pple on nairaland claimed to be knowledgeable bt somtimes some of their coments makes u wonder if these sets of pple really went through school, or do they have common sense.

HtwoOw:
Ask PDP

muykem:
Direct your question to PDP especially GEJ. Thanks.

freeze001:
More than half of those in the APC have held positions of governance in various capacities under different parties including the PDP. Oil money started growing wings right from the military era. They are jointly and collectively responsible for the poor level of development in Nigeria despite massive resources that were and still are at their disposal.

Ask all of them including Buhari both in the 80's and now.