Nigeria is not poor. It is a very rich oil producing country earning trillions of Naira in revenue from the oil and non-oil sectors of the economy. The Economic Confidential, an economic intelligence publication reveals in detailed tables how over N34 trillions in revenue into the Federation Account was generated between 1999 when President Olusegun Obasanjo was elected President of the country to 2009 before the demise of President Umaru Musa Yar’Adua.
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In figures obtained from various sources by the Economic Confidential, it discovers that while N7trillion was realised in 2008 alone, the Obasanjo’s administration generated over 26 billion from oil and non-oil revenue.
In the ten years of elected government in Nigeria, the sum of N31 trillion was generated from the oil sector while N3 trillion was from the non-oil sector of the economy that accrued to the Federation Account. The table of the revenue which the Economic Confidential provides show that oil sector accounted for 89.28%, while non-oil sector, including and solid minerals generated 10.72% of the gross revenue.
In another table also provided by the Economic Confidential on the analysis of Annual Crude Production over budget estimate, Nigeria produced 8.1 billion barrels of crude oil in the 10 years where over 900 million barrels were generated in 2004 and 2005 respectively. The figures indicated that there where shortfall from the estimated budgeted annual crude oil production from the actual production in 8 years which were largely hampered by the activities of Niger Delta militants and oil bunkerers. Only in 2003 and 2004 that the country exceeded the budget estimates by producing 846 million and 910 million barrels against the budgeted 766million and 817 million respectively.
Some of the reasons given for improved revenues over the years include increased production quota and high prices of crude oil in the international market.
The tables of the figures are indicated below:
|
Gross Revenue from Oil and Non-Oil Sector into the Federation Account June 1999 to May 2009
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Year
|
Gross Oil Revenue
(N)
|
% Effect (Non-Oil Over Oil Sector)
|
Gross Non-Oil Revenue (N)
|
% Effect (Oil Over Non-Oil Sector)
|
Grand Total
|
% of Grand Total)
|
|
June – Dec 1999
|
507,579,772,082.67
|
19.36%
|
98,257,706,137.09
|
80.64%
|
605,837,478,219.76
|
100%
|
|
2000
|
1,571,762,374,759.52
|
9.32%
|
146,445,962,140.13
|
90.68%
|
1,718,208,336,899.65
|
100%
|
|
2001
|
1,806,115,211,104.02
|
12.96%
|
234,127,046,889.58
|
87.04%
|
2,040,242,257,993.60
|
100%
|
|
2002
|
1,106,677,139,666.14
|
20.84%
|
230,609,791,513.10
|
79.16%
|
1,337,286,931,179.24
|
100%
|
|
2003
|
1,835,501,321,945.46
|
14.81%
|
271,778,603,403.84
|
85.19%
|
2,107,279,925,349.30
|
100%
|
|
2004
|
3,333,983,562,199.68
|
10.42%
|
347,279,952,866.74
|
89.58%
|
3,681,263,515,066.42
|
100%
|
|
2005
|
4,758,525,634,107.97
|
8.30%
|
394,918,579,557.89
|
91.70%
|
5,153,444,213,665.86
|
100%
|
|
2006
|
5,222,682,781,104.66
|
7.95%
|
415,041,152,410.44
|
92.05%
|
5,637,723,933,515.10
|
100%
|
|
2007
|
4,465,893,909,077.19
|
13.39%
|
598,106,377,217.59
|
86.61%
|
5,064,000,286,294.78
|
100%
|
|
2008
|
6,530,626,407,024.95
|
9.23%
|
602,579,003,217.40
|
90.77%
|
7,133,205,410,242.35
|
100%
|
|
Jan – May 2009
|
1,249,091,466,409.66
|
23.57%
|
294,434,245,024.20
|
76.43%
|
1,543,525,711,433.86
|
100%
|
|
Total
|
31,139,348,113,072.30
|
10.72%
|
3,339,144,175,353.80
|
89.28%
|
34,478,492,288,426.1
|
100%
|
|
Table and Computation by the Economic Confidential magazine
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|
Analysis of Annual Crude Production over Budget Estimate
|
||||
|
Years
|
Annual Crude Oil Production
|
Estimated Annual Crude oil production (Budget Projection)
|
Variance
|
% Effect (Increase/ Decrease)
|
|
2000
|
797,880,000
|
803,000,000
|
– 5,120,000
|
-0.64%
|
|
2001
|
817,150,000
|
839,500,000
|
– 22,350,000
|
-2.74%
|
|
2002
|
655,060,000
|
839,500,000
|
– 184,440,000
|
-28.16%
|
|
2003
|
846,399,248
|
766,500,000
|
79,899,248
|
9.44%
|
|
2004
|
910,158,489
|
817,600,000
|
92,558,489
|
10.17%
|
|
2005
|
919,050,531
|
989,150,000
|
– 70,099,469
|
-7.63%
|
|
2006
|
869,161,076
|
912,500,000
|
– 43,338,924
|
-4.99%
|
|
2007
|
803,000,708
|
912,500,000
|
– 109,499,292
|
-13.64%
|
|
2008
|
768,745,932
|
894,250,000
|
– 125,504,068
|
-16.33%
|
|
2009
|
785,340,000
|
836,580,000
|
– 51,240,000
|
-6.52%
|
|
|
8,171,945,984
|
8,611,080,000
|
– 439,134,016
|
-5.37%
|
|
Table provided by the Economic Confidential magazine from various sources including CBN, National Bureau of Statistics (NBS) Annual and NNPC
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