Seems Our 2016 Budget Is Fruadulent... And So Were The Past Ones Too...

Nigeria's proven oil reserves are estimated by the United States Energy Information Administration (EIA) at between 16 and 22 billion barrels, but other sources claim there could be as much as 35.3 billion barrels. Its reserves make Nigeria the tenth most petroleum-rich nation. 

The average oil price for 2011-2014 was $110-$120 per barrel. But projections for the country's budget were made at $77-$79 per barrel. With over $30 excess. These Excess Crude Funds is missing.

Nigerian National Petroleum Cooperation owns 60% stake in oil exploration contracts. Crude oil production is averaged around 2.3 million barrels per day.

 

Our 2016 budget sums up to 6.1trillion naira.

My Analysis:

 

Oil price as at today is $29.96 per barrel. Lets put the oil price at $26 per barrel

 

$26 per barrel * 2.3 million barrel per day = $59.8billion daily.

 

$21.78billion yearly = N4.34trillion (naira)

 

Since we own 60% = N2.795trillion

 

Supposed Oil Revenue = N2.795trillion

Non-Oil Revenue = N1.45trillion

Projected Independent Revenue = N1.51trillion

TOTAL = N5.755trillion

 

Note: 

This calculations doesn't include bids made on individual oil blocs or Sales made from our locally refined crude... 

• Why then do they need to borrow N1.84trillion? And don't forget that some ministries added extra of billions to their budgets..
  

 

• More over, where is the supposed sum of $30billion in our Excess Crude Account made from 2011-2014 oil boom sales? 

 

• Finally, Our budget for those 4years was based on $79 per barrel, which is way more than enough to cover our annual needs. So, Where did the other generated revenue go?

 

I am no economist so my analysis maybe wrong, but, this is just common sense/logic, since our government have decided not to be transparent and proactive.

No More Fooling Us!!! 

 

No More Fraudulent Leaders!!!

We want TRANSPARENCY!!!

The Real Nigeria...