Nigeria Earned N34 Trillion in 10years of Democracy

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.

The nation is so wealthy that in its efforts to celebrate  50th Independence Anniversary a a whopping sum of N17 billion would be spend by government for entertainment and publications.
 

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
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
 
 
 
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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