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Nairaland Forum / Nairaland / General / Politics / Account For $500b Oil Proceeds, Fashola Tells FG . (1466 Views)
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Account For $500b Oil Proceeds, Fashola Tells FG . by Gbawe: 2:17pm On Mar 03, 2011 |
http://www.guardiannewsngr.com/index.php?option=com_content&view=article&id=40345:account-for-500b-oil-proceeds-fashola-tells-fg&catid=31:business&Itemid=562 Account for $500b oil proceeds, Fashola tells FG . |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by PapaBrowne(m): 2:29pm On Mar 03, 2011 |
$500 billion ![]() Sometimes we should just swallow hook line and sinker what politicians say!! I like Fashola with a passion, but I wouldn't fall for this!! Asides, Fashola failed to answer the question posed by Dosunmu on what he did with 2 trillion Naira in just 4 years!! He failed to explain how a 2km road cost 7,7 billion naira! Or how the renovation of city hall cost 5.2 billion. |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by Kobojunkie: 4:42pm On Mar 03, 2011 |
I am with Fashola . . . . 5 Years, how much did we actually generate from Oil and what has that money been spent on. |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by seanet02: 4:48pm On Mar 03, 2011 |
PapaBrowne:Did Dosunmu Back up his claim with eviudence? It's like you dey sleep when Fashola Nuked him with Intellectual Arguments yesterday |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by buzugee(m): 4:51pm On Mar 03, 2011 |
ok lets do the math. 2 million barrels per day * 365 * 80 * 5 is $292 billion. i think fashola is exaggerating ![]() ![]() |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by seanet02: 4:55pm On Mar 03, 2011 |
buzugee:Is the Gas industry not monitored by NNPC? how come you left out the Revenue of Gas? Fashola is not Exaggeratiing, The same oil that sold for almost $160 for almost Two Years before crashing, you Know Nada |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by Beaf: 4:58pm On Mar 03, 2011 |
buzugee: lol |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by buzugee(m): 5:01pm On Mar 03, 2011 |
seanet02:ok give or take a coupla billions. whats a coupla billions between friends eh ? ![]() |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by buzugee(m): 5:02pm On Mar 03, 2011 |
Beaf:sup beaf ![]() |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by lagerwhenindoubt(m): 5:03pm On Mar 03, 2011 |
Why do we even bother to reflect on comments from politicians, we know they are only mud-slinging, ![]() ![]() |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by buzugee(m): 5:14pm On Mar 03, 2011 |
lagerwhenindoubt:they have a cross eyed crack-head in lagos ? would his name happen to be tyrone ? |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by Nobody: 5:32pm On Mar 03, 2011 |
$500 billion? Fashola just pulled that figure from his assss! Incredible the extent people would go to gain political power. |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by nastydamus(m): 9:35pm On Mar 03, 2011 |
buzugee: But $292bn is mind-boggling enough, yes? ![]() |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by PapaBrowne(m): 1:31am On Mar 04, 2011 |
nastydamus:Minus 40% per cent of that figure= It goes to the oil companies! So what we are looking at is somewhere in the region of $180 billion! So where did Fashola get his $500 Billion figure from ![]() |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by ekubear1: 1:38am On Mar 04, 2011 |
Why is he asking the FG to account for 500 billion? Can they even account for 100? |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by Kobojunkie: 1:42am On Mar 04, 2011 |
nastydamus: You are absolutely right about that. Even $1 billion to any state in Nigeria is a huge deal and a request for account is in order. We need to stop pretending there is no money and making silly excuses for why our politicians can continue to get away with the thievery. I am with Fashola -- Let the FG account for all the money it has gotten and spent "on our behalf". |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by PapaBrowne(m): 2:50am On Mar 04, 2011 |
Kobojunkie: But Fashola is also a Government official ! Don't you think he should also account for the over 2 Trillion naira that has accrued to his state since over the last 4 years! I also think that is a lot of money!! |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by Kobojunkie: 2:56am On Mar 04, 2011 |
Are you implying that as adults, we can not demand records from the one government without requiring, at the same time, from the other? What is this to you? Kindergarten? ![]() |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by PapaBrowne(m): 3:04am On Mar 04, 2011 |
Kobojunkie:Typical!! Almost 30,000 posts and no meaningful contribution till date!!! Just empty questions!! |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by Kobojunkie: 4:53pm On Mar 05, 2011 |
According to the number produced recently, Nigeria currently stand at over $282 million per day from crude oil based on the combined daily production figure of crude and condensate to the success of the Amnesty Programme. see http://www.thisdaylive.com/articles/-pib-to-push-nigeria-s-oil-revenue-to-680bn-/87069/ [size=13pt]This is just as the federal government has attributed the boost in Nigeria’s average earnings which currently stand at over $282 million per day from crude oil based on the combined daily production figure of crude and condensate to the success of the Amnesty Programme[/size]. $282 million * 365 = $ 102,930,000,000 per annum. That is approximately $500 billion in five years. This seems likely what Fashola may have been on about. |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by Pharoh: 7:39pm On Mar 05, 2011 |
Fashola is high on something, he should focus on lagos state and stop attacking the FG. |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by Kobojunkie: 7:42pm On Mar 05, 2011 |
^^^ Why? He is about one of the most performing of the state Governors we have. Why can he not question the Federal Government? ![]() ![]() ![]() |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by debosky(m): 7:46pm On Mar 05, 2011 |
^^ Those calculations are very misleading - one is the assumption that Nigeria receives 100% revenue, which is clearly not the case - by the time production costs and profits from the oil companies are calculated, the figures are not that high. To further clarify things, the FG only gets about 56% of the revenue left over after the above deductions, with the rest going to states and local governments respectively. Based on the above, the $500bn accusation appears quite wide of the mark to me. There is of course a very relevant question beneath this - how well has the FG utilised what it has indeed received and how much does this actually come to? |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by Kobojunkie: 7:54pm On Mar 05, 2011 |
^^^ Where is the assumption made? READ THE DARN ARTICLE |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by Pharoh: 8:02pm On Mar 05, 2011 |
Kobojunkie: Every concerned citizen can question the FG and you don't have to be a performing governor to do that and moreover performance is subjective to me as it depends from what angle you are trying to base your judgment. He is asking the FG to account for it like he doesn't know where to go if he wants the answers to his questions. The FG has been using that money to run the nation and the state/local government also receive a part of this money so he should also account for his part first. |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by Kobojunkie: 8:09pm On Mar 05, 2011 |
Pharoh:OK so why did you post this Pharoh: ![]() Pharoh:How sure are you that he has access to the information? The fact that we have no FOI in Nigeria, still, probably implies that states do not have access to FG data, or are you suggesting it is not the case? You say the FG has been using that money to run the Nation? $500 Billion in the past 5 years and the Nation still looks like it has barely spent $2 Billion to develop infrastructure in all that time? Federal infrastructure is still nothing to write home about, not to talk of the hundreds of lives lost each year as a result ![]() ![]() I thought you said as long as he is a concerned citizen, he can request this data? So why are you back to requesting he accounts for his part in all this when this is not about him but about the FG at the moment. By the way, are you also suggesting that Nigerian States, and Local Governments have been the ones receiving and spending the bulk of the Oil money in that time as well? ![]() ![]() |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by recoome(m): 8:17pm On Mar 05, 2011 |
Fashola is a thieving flower boy, he has no moral justification to ask about oil money, the Niger-delta govt & people are the only ones that should be talking about oil money, i advice him to start selling his flowers to generate revenue. |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by recoome(m): 8:17pm On Mar 05, 2011 |
Fashola is a thieving flower boy, he has no moral justification to ask about oil money, the Niger-delta govt & people are the only ones that should be talking about oil money, i advice him to start selling his flowers to generate revenue. |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by debosky(m): 8:22pm On Mar 05, 2011 |
Kobojunkie: Must you simply accept everything you read hook line and sinker without exhibiting some critical reasoning? ![]() There are clearly assumptions in the article you are quoting - if you can't see that, then you don't know anything about how oil revenues are generated. If oil is at $100/barrel and Nigeria produces 2.4m barrels of oil and 0.4m barrels of condensate per day, that is when you will come to a figure of c. $280m per day. The headline figure of 280m cannot be used for calculating how much the FG receives as it doesn't factor in all the production, shipping and IOC profit shares and that fact that the FG only collects 56% of the eventual takings. |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by Kobojunkie: 8:28pm On Mar 05, 2011 |
Considering I do not have access to more detailed breakdown of earning figures for Nigeria, I, like everyone else out there, am subject to arguing with the limited data made available to me. If statements do not amount to facts. What I am working with right now is the claim that we currently earn 102 Billion per annum and after PIB is signed, as proposed by current administration, we get more than 6 times of that. . . . simple! [size=13pt]This is just as the federal government has attributed the boost in Nigeria’s average earnings which currently stand at over $282 million per day from crude oil based on the combined daily production figure of crude and condensate to the success of the Amnesty Programme[/size]. Again, I am not making the assumption . . . . I am simply going with the figures provided. |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by Pharoh: 8:32pm On Mar 05, 2011 |
Kobojunkie: Running the nation is not only about infrastructures, there are salaries to be paid, schools are funded with that money, investments in the agriculture sector, subsidies and there are just numerous things the money could have been spent for so what does he want to know?. The FG should account for the revenue and simple they have been using it to run the nation so what exactly is fashola asking for?. If he needs a breakdown of the figures then he can request so the FG can hand it over to him if that will satisfy his question. Kobojunkie: I said every citizen can request and you don't have to be a performing governor to do that. No they are not receiving the bulk but the amount can be easily verified from the federal ministry of finance. i think it should be FG 56 , States 26 and LG 18 and they are huge enough for us to ask them to account for it as well. He should first remove the speck in his own eyes by accounting for the one given to him which was also one of the questions raised during the debates. He should be a good example of what he wants to get from the FG in my humble opinion. |
Re: Account For $500b Oil Proceeds, Fashola Tells FG . by debosky(m): 8:33pm On Mar 05, 2011 |
I repeat, this isn't rocket science - anyone who knows how much a barrel costs and how much Nigeria produces (both common knowledge) can easily identify the flaw in those calculations. At no point did I say YOU made the assumption in question here - I said THE assumption behind your calculations are wrong. Besides, by going with the 'figures provided' you are assuming they are correct no? ![]() Quit arguing blindly - if someone came here and told you that oil was now $300 per barrel, are you incapable of doing a simple calculation/check to see if it is even in the right ball park? ![]() http://allafrica.com/stories/201102221027.html |
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