The Federal Government of Nigeria reportedly earned N724.63 billion ($345 million) in oil revenue in the first quarter of the year, the Federal Ministry of Finance reported.

A total of N252.10 billion ($120 million) was generated in January, while N251.17 billion ($119 million) and N221.35 billion ($105 million) were recorded in February and March respectively.

The 2016 fiscal account showed N511.28 billion ($ 243 million) was generated through oil proceeds from the Nigerian National Petroleum Corporation, while the remaining N213.35 billion ($101 million) was from taxes paid by oil firms to the Federal Inland Revenue Service.

According to the report, the daily production output is still below the 2.2 million barrels projected by the government in the 2016 budget, whereas Brent crude oil price has risen above the budgeted $38 benchmark to $50.35 a barrel.

Though, it is not clear if the difference will be enough to cover the production deficit, and still contribute about N820 billion ($390 million) expected from the oil sector to the economy.

While speaking with reporters, the Minister of Budget and National Planning, Senator Udo Udoma said “It is too early to express concern on the impact of the militants’ attacks on oil prices on the budget. People should not raise fears because what is happening may just be a temporary thing.”

“But if it gets worse than that, there is already a plan to take care of that because the government was looking at 2.2 million barrel per day at $38 per barrel.

“But now, the price of oil has scaled up to between $50 and $51 per barrel. So, it’s too early to raise such fears because there is no cause for alarm,” Udoma added.

http://investorsking.com/nigeria-earns-n724-63-bn-in-oil-revenue/

What a transparent government. This is exactly how a Government should be run.

13% of that money went to the Niger Delta alone
And they got atleast another 20% of that money.. In terms of allocation, NDDC and ministry of Niger Delta
That's 33% of the total oil revenue since 1999 to 2016 that's will give u over 15 trillion naira for the Niger Delta... Given to the leaders of the region and yet nothing or little to show for it
Instead of the so called intelligent youths who school in eastern Europe to ask there youths for accountability the are looking for who to blame
Lagos State generate more than 800bn a year... Yet how much do they receive?

After I visited Jigawa year back... My eyes opened... If lamido could achieve those things then. .. we southerns have no one to blame but our leaders

...and some states are still owing workers salary.

mrvitalis:
13% of that money went to the Niger Delta alone
And they got atleast another 20% of that money.. In terms of allocation, NDDC and ministry of Niger Delta
That's 33% of the total oil revenue since 1999 to 2016 that's will give u over 15 trillion naira for the Niger Delta... Given to the leaders of the region and yet nothing or little to show for it
Instead of the so called intelligent youths who school in eastern Europe to ask there youths for accountability the are looking for who to blame
Lagos State generate more than 800bn a year... Yet how much do they receive?

After I visited Jigawa year back... My eyes opened... If lamido could achieve those things then. .. we southerns have no one to blame but our leaders

you are not a Niger deltan stop been an interloper. Remember the terrain is different. Jigawa u mentioned is among the parasitic state.

What does this mean?


What is wrong with a people demanding 100% control of their own resources? What is wrong with True Federalism and why can't we practice it in Nigeria? Why should other states control their own solid minerals and natural resources and Niger Delta can't control our own oil.

What is wrong in saying we cannot continue feeding the whole nation? Why should Hausa/Fulani whose only ambition in life is to over populate Nigeria get anything from our oil wealth when they contribute nothing to our treasury?

Our leaders have been corrupt but so is every leader in Nigeria. Moreover Nigeria has stolen more from us than our leaders can ever steal. If the ND had been given "special status" as is rightly deserved as the bedrock of this nation, more development would've been here.

Stop that layman's theory of "let us hold our leaders accountable". What about all the oil blocks owned by Northerners, are our leaders responsible for that as well?

I guess we should also blame our leaders for lack of electricity, delapitated federal roads, bad health care, rotten federal institutions, etc

mrvitalis:
13% of that money went to the Niger Delta alone
And they got atleast another 20% of that money.. In terms of allocation, NDDC and ministry of Niger Delta
That's 33% of the total oil revenue since 1999 to 2016 that's will give u over 15 trillion naira for the Niger Delta... Given to the leaders of the region and yet nothing or little to show for it
Instead of the so called intelligent youths who school in eastern Europe to ask there youths for accountability the are looking for who to blame
Lagos State generate more than 800bn a year... Yet how much do they receive?

After I visited Jigawa year back... My eyes opened... If lamido could achieve those things then. .. we southerns have no one to blame but our leaders

Dasuki oya

What is Nigeria?.... sounds amalgamated

Shame on those short sighted cretins that think they can sabotage Nigeria's economy.

Nigeria must be great again.

Lia Mohammed over to you

All these money is going into mr/mrs dulllard harlibuton account .... Buhari is a tyrant !!!

Apart from Akpabio and Amaechi(to some extent), I don't really know what the Rest of the South-South Governors did with their oil windfall. And yeah Sule Lamido was astounding as Bauchi State Governor. Just about the only Northerner I'll support for President.

sanandreas:
you are not a Niger deltan stop been an interloper. Remember the terrain is different. Jigawa u mentioned is among the parasitic state.

this mentality is why you will keep dreaming of becoming dubia but end up been bangladesh. Charge up to your leaders

Propaganda reloaded

Yes..........Buhari is at work

I tot some said oil was not relevant again Hypocrites

mrvitalis:
13% of that money went to the Niger Delta alone
And they got atleast another 20% of that money.. In terms of allocation, NDDC and ministry of Niger Delta
That's 33% of the total oil revenue since 1999 to 2016 that's will give u over 15 trillion naira for the Niger Delta... Given to the leaders of the region and yet nothing or little to show for it
Instead of the so called intelligent youths who school in eastern Europe to ask there youths for accountability the are looking for who to blame
Lagos State generate more than 800bn a year... Yet how much do they receive?

After I visited Jigawa year back... My eyes opened... If lamido could achieve those things then. .. we southerns have no one to blame but our leaders

What a brilliant write-up/analysis.......

Nice 1 my G.

Vgg

Ok

What a transparent government

.

A rich nation where majority live in poverty!

Nice one Baba Yusuf

All the wailers above me are disgruntled because of another good news and success made by this government. Rather for them to focus on how to develop themselves and become useful to the society they go online to throw abuses on the government even when they are doing something right. !!

OUR OYEL MONEY




NDA MY BROTHERS ARE NOT DOING THE WORK WELL

Which Nigeria?

But irrespective of the amount gotten from the revenue Nigerians are still suffering in poverty

mrvitalis:
13% of that money went to the Niger Delta alone
And they got atleast another 20% of that money.. In terms of allocation, NDDC and ministry of Niger Delta
That's 33% of the total oil revenue since 1999 to 2016 that's will give u over 15 trillion naira for the Niger Delta... Given to the leaders of the region and yet nothing or little to show for it
Instead of the so called intelligent youths who school in eastern Europe to ask there youths for accountability the are looking for who to blame
Lagos State generate more than 800bn a year... Yet how much do they receive?

After I visited Jigawa year back... My eyes opened... If lamido could achieve those things then. .. we southerns have no one to blame but our leaders

...... Nice one bro.

Ok

mrvitalis:
13% of that money went to the Niger Delta alone
And they got atleast another 20% of that money.. In terms of allocation, NDDC and ministry of Niger Delta
That's 33% of the total oil revenue since 1999 to 2016 that's will give u over 15 trillion naira for the Niger Delta... Given to the leaders of the region and yet nothing or little to show for it
Instead of the so called intelligent youths who school in eastern Europe to ask there youths for accountability the are looking for who to blame
Lagos State generate more than 800bn a year... Yet how much do they receive?

After I visited Jigawa year back... My eyes opened... If lamido could achieve those things then. .. we southerns have no one to blame but our leaders

When did the 13% derivation came into effect? 1999?
Or Niger Delta Militancy started in 1999?


Partisanship most times obstructs objectivity,
Your analysis, though your opinion is outrightly false and should be relegated to the trash can.



Do have a nice day Mr Vitalis.

Ok