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Nairaland Forum / Nairaland / General / Politics / Nigeria Earns N724.63 Bn In Oil Revenue (8867 Views)
Recession: FG’s Non-Oil Revenue Shrinks By N134bn / Nigeria’s Oil Revenue Loss Hits N10.1bn Daily / NNPC Withheld N824.7 Billion Oil Revenue In 6 Months Of Buhari’s Govt (2) (3) (4)
Nigeria Earns N724.63 Bn In Oil Revenue by Truth234(m): 7:09am On Jul 04, 2016 |
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/ 2 Likes |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Nobody: 7:14am On Jul 04, 2016 |
What a transparent government. This is exactly how a Government should be run. 22 Likes 2 Shares |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by mrvitalis(m): 7:17am On Jul 04, 2016 |
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 62 Likes 4 Shares |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by prof800(m): 7:18am On Jul 04, 2016 |
...and some states are still owing workers salary. ![]() 2 Likes |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by sanandreas(m): 7:24am On Jul 04, 2016 |
mrvitalis:you are not a Niger deltan stop been an interloper. Remember the terrain is different. Jigawa u mentioned is among the parasitic state. 16 Likes 2 Shares |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Amberon: 7:24am On Jul 04, 2016 |
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: 12 Likes 3 Shares |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by rattlesnake(m): 7:33am On Jul 04, 2016 |
Dasuki oya |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Bonapart(m): 7:34am On Jul 04, 2016 |
What is Nigeria?.... sounds amalgamated 2 Likes |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by fulanimafia: 7:34am On Jul 04, 2016 |
Shame on those short sighted cretins that think they can sabotage Nigeria's economy. Nigeria must be great again. 5 Likes 1 Share |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Anoruo(m): 7:34am On Jul 04, 2016 |
Lia Mohammed over to you |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by wayne4loan: 7:36am On Jul 04, 2016 |
All these money is going into mr/mrs dulllard harlibuton account .... Buhari is a tyrant !!! 2 Likes 1 Share |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Nobody: 7:38am On Jul 04, 2016 |
To all those shouting resource control above me, though I'm not against it, but know this that even if you eventually realise that your region will still be backward as long as corruption is endemic. Despite the 13% derivation, high allocation, tax by oil companies, how much have you personally gained? Don't you think that it's a shame that Bayelsa, the immediate past President state, with just 8 local government is owing backlog of salaries? How has James Ibori, Lucky Igbinedion, Alameiseigha, Uduaghan, Amaechi, Tony Anenih, Asari, Tompolo et al stolen wealths benefit you? Learn to hold your governors accountable. Even if the SS doesn't get derivation, for instance, and corruption is minimal, you'd see how fast development would be. 10 Likes 1 Share |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by obinna2nv(m): 7:39am On Jul 04, 2016 |
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. 1 Like |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by jmichlins(m): 7:39am On Jul 04, 2016 |
sanandreas:this mentality is why you will keep dreaming of becoming dubia but end up been bangladesh. Charge up to your leaders 13 Likes |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by eightsin(m): 7:39am On Jul 04, 2016 |
Propaganda reloaded |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Abodunrin07(m): 7:39am On Jul 04, 2016 |
Yes..........Buhari is at work ![]() 1 Like |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Legitbaba(m): 7:40am On Jul 04, 2016 |
I tot some said oil was not relevant again ![]() 7 Likes 4 Shares |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Nobody: 7:40am On Jul 04, 2016 |
mrvitalis:What a brilliant write-up/analysis....... ![]() Nice 1 my G. 13 Likes |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by NOETHNICITY(m): 7:40am On Jul 04, 2016 |
Vgg |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Nobody: 7:40am On Jul 04, 2016 |
Ok |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Abodunrin07(m): 7:41am On Jul 04, 2016 |
What a transparent government 4 Likes |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Nobody: 7:41am On Jul 04, 2016 |
. |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by kadas01(m): 7:42am On Jul 04, 2016 |
A rich nation where majority live in poverty! 2 Likes |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Abodunrin07(m): 7:42am On Jul 04, 2016 |
Nice one Baba Yusuf |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by sammyj: 7:43am On Jul 04, 2016 |
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. !! ![]() 2 Likes |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by gozmok1(m): 7:43am On Jul 04, 2016 |
OUR OYEL MONEY NDA MY BROTHERS ARE NOT DOING THE WORK WELL |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by josephobaro(m): 7:44am On Jul 04, 2016 |
Which Nigeria? |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Abodunrin07(m): 7:45am On Jul 04, 2016 |
But irrespective of the amount gotten from the revenue Nigerians are still suffering in poverty ![]() 3 Likes |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Nobody: 7:45am On Jul 04, 2016 |
mrvitalis:...... Nice one bro. 2 Likes |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by enyice(m): 7:45am On Jul 04, 2016 |
Ok |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by enyice(m): 7:46am On Jul 04, 2016 |
mrvitalis: 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. 1 Like |
Re: Nigeria Earns N724.63 Bn In Oil Revenue by Abodunrin07(m): 7:46am On Jul 04, 2016 |
Ok |
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