Saturday, 25 May 2013
The Jonathan-metricks Of Fuel Subsidy Scam By Ogunyemi Bukola
One of the factors that encouraged my failed attempt at studying Medicine at the University is my passionate dislike for mathematics. I literarily can’t stand numbers and the magic that comes with mathematical procedures. But President Goodluck Jonathan in his infinite capacity for the miraculous sent me back to school for extra classes in Basic Arithmetic on Tuesday 11th December when I read a report that the President had made a request to the National Assembly for a Supplementary amount of N161 billion as fuel subsidy payment for the remaining three weeks in this year as, according to him, the original N881 billion budgeted for that purpose for the whole of the year had been exhausted.
Now, there is no reason to suspect our dear President of falsehood, but the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala had on October 21 said the N888 billion allocated for subsidy payments in the 2012 budget should be enough to pay petroleum product importers and that government might not need supplementary appropriation for subsidy payments in 2012. So I thought maybe Mr. President had been misled, yet again, by his retinue of ineffective, over-paid aides into submitting a supplementary budget request for the wrong purpose, or maybe there was a typographic error on the request paper and Mr. Jonathan meant to ask for N16.1 billion, or N1.61 billion. Anyway, I brought out my calculator to crunch some numbers to see where lays the error.
Just so you know how big N161 billion is, at least in budgetary terms, consider how it compares to some selected allocations in the 2013 Budget Proposal presented by President Goodluck Jonathan to the National Assembly some weeks back:
The N161 billion for 3 weeks fuel subsidy is: almost twice the total allocation for Agriculture in 2013 (N81 billion times 2 = N162 billion); more than twice the total allocation for Power in 2013 (N74 billion times 2 = N148 billion); more than thrice the total allocation for Water Resources in 2013 (N47 billion times 3 = N141 billion); more than twice the capital allocation for Education in 2013 (N60 billion times 2 = N120 billion); almost thrice the capital allocation for Health in 2013 (N55 billion times 3 = N165 billion); more than the capital allocation for Works in 2013 (N151 billion); more than twice the total allocation for Niger Delta in 2013 (N63 billion times 2 = N126 billion).
The N161 billion for 3 weeks fuel subsidy is more than twice the Statutory Transfer for Universal Basic Education in 2013 (N72 billion times 2 = 144 billion); more than twice the Statutory Transfer for Niger-Delta Development Commission in 2013 (N57 billion times 2 = N114 billion), more than the Statutory Transfer for the National Assembly in 2013 (N150 billion). Indeed, the N161 billion for 3 weeks fuel subsidy is more than the sum total of the 2013 total allocation for Science and Technology (N31 billion), Mines and Steel (N13 billion), Environment (N21 billion), Lands and Housing (N24 billion); Aviation (N53 billion) (sum total = N141 billion).
Now that we know just how big the additional N161 billion Mr. President is asking for is, please follow me diligently as we go through the arithmetic of year 2012 fuel subsidy payments. Please note that some of the figures used here are approximates.
First let’s go through the basics:
There are 52 weeks in year 2012, out of which we have spent 49 weeks, with 3 weeks left.
So far, we have spent N881 billion on fuel subsidy for 49 weeks, which translates into about N18 billion per week, N2.6 billion per day, N107 million per hour, N1.8 million per minute.
According to Mr. President, we need an additional N161 billion to pay for fuel subsidy for the remaining 3 weeks in the year, which translates into about N53.7 billion per week, N7.7 billion per day, N319 million per hour, N5.3 million per minute.
How much is fuel subsidy?
On January 1st 2012 when the government of Goodluck Jonathan decided to completely remove subsidy on fuel, one litre of PMS sold for N141. After the OccupyNigeria nationwide protests and help from Labour Unions, government agreed to a partial subsidy regime, with PMS to sell for N97 per litre. This means that actual subsidy on one litre of PMS is N44 (N141 minus N97).
How much fuel can we subsidize with N881 billion?
How many litres of fuel can we subsidize with N881 billion at the rate of N44 subsidy per litre?
N881 billion divided by N44 = 20 billion litres.
So the federal government has used N881 billion to, benevolently, subsidize 20 billion litres of fuel between January and now, which puts consumption at 20 billion litres in 49 weeks, 408 million litres per week, N58 million litres per day, 2.5 million litres per hour.
How much fuel can we subsidize with N161 billion?
So how many litres of fuel can we subsidize with N161 billion at the rate of N44 subsidy per litre?
N161 billion divided by N44 = 3.7 billion litres.
So the federal government is going to use N161 billion to, benevolently, subsidize 3.7 billion litres of fuel between now and the end of the year, which puts projected consumption at 3.7 billion litres in 3 weeks, 1.2 billion litres per week, 174 million litres per day, 7.3 million litres per hour.
So government estimates that Nigerians are going to consume three times more fuel in the next three weeks than they did at any point during the past 49 weeks.
How much is fuel subsidy for the entire year?
If the National Assembly approves the N161 billion Fuel Subsidy Supplementary Budget request as made by Goodluck Jonathan, total amount spent on fuel subsidy in year 2012 would be:
Amount spent on fuel subsidy for 49 weeks (N881 billion) plus Amount to be spent on fuel subsidy for 3 weeks (N161 billion) = N1.042 trillion
N1.042 trillion spent on fuel subsidy in 52 weeks translates into about N20 billion per week, N2.85 billion per day, N119 million per hour, N2 million per minute.
How much fuel can we subsidize with N1.042 trillion?
So how many litres of fuel can we subsidize with N1.042 trillion at the rate of N44 subsidy per litre?
N1.042 trillion divided by N44 = 23.7 billion litres.
So the federal government is going to use N1.042 trillion to, benevolently, subsidize 23.7 billion litres of fuel for the whole of year 2012, which puts consumption at 23.7 billion litres in 52 weeks, 455 million litres per week, 65 million litres per day, 2.7 million litres per hour.
How much fuel do Nigerians actually consume per day?
The answer to this question depends on the source you consult. According to Mr. Enoch Kenawa, the Secretary of the Oil Marketers Association, it is 35 million litres per day; according to Mr. Reginald Stanley, the Executive Secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA), Nigeria imports 59 million litres of fuel per day, but Nigerians only consume 35 million litres, while the remaining 24 million litres are unaccounted for; while the Nigerian National Petroleum Corporation puts national daily consumption figures between 30 and 33 million litres.
So we can safely assume Nigerians consume 35 million litres of fuel per day, which translates into about 245 million litres per week and about 13 billion litres for the entire year.
Subsidy figures based on national daily consumption:
If Nigerians consume 35 million litres of fuel per day, and government pays a subsidy of N44 on each litre:
Subsidy payment per day: 35 million litres times N44 = N1.54 billion per day
Subsidy payment per week: 35 million litres times N44 times 7 = N10.8 billion
Subsidy payment for 3 weeks: 35 million litres times N44 times 7 times 3 = N32.3 billion
Subsidy payment for 49 weeks: 35 million litres times N44 times 7 times 49 = N528 billion
Subsidy payment for a year: 35 million litres times N44 times times 365 = N562 billion
* Please note that the combined daily fuel productions of Nigeria’s four refineries, which are not subsidized, were ignored in this calculation to avoid complications.
* Also note that fuel was not subsidized for the first 3 weeks of year 2012.
Summary:
The federal government claims to have spent N881 on fuel subsidy for the past 49 weeks when in fact that actual amount should be N528 billion
The federal government proposes to spend N161 billion on fuel subsidy for the next 3 weeks when the actual amount should be N32.3 billion
If request for supplementary fund is granted, the federal government would spend a total of N1.042 trillion on fuel subsidy in year 2012 when the actual amount should be just about half of that (N562 billion).
The difference between government’s claims and actual amount is: N480 billion. Haven taken you through the rigours of how big, in budgetary terms, N161 billion is, I won’t take you through that stress for N480 billion. But do note that N480 billion is almost 3 times N161 billion.
Every single day in year 2012, for all of the 365 days in the year, including public holidays, and Sabbaath days which God asked us to keep holy, Goodluck Jonathan is short-changing Nigerians to the tune of N1.3 billion. N1.3 billion disappears from the coffers of the nation, goes into the pockets of the croonies of the criminals in power, and someone somewhere writes on that monumnetal fraud: Fuel Subsidy!
Every single hour in year 2012, N55 million disappears under the government of Goodluck Jonathan. Mr. President has installed an Automated Looting Machine into the cashware of the nation’s finances., he called it Fuel Subsidy. The machine dispenses N55 million every hour, almost N1 million per minute, round the clock. And that machine is about to get really busy in the next three weeks, if the National Assembly rubberstamps that N161 billion request.
Mr. President has declared an end of the year bonanza for his friends, it would cost the nation N161 billion.
Closing:
In closing, I bring you the words of Mr. Enoch Kenawa, the Secretary of the Oil Marketers Association via the Punch, he said: “We have said it continuously in the past that the N888bn fuel subsidy budget for 2012 was inadequate but the finance minister has been proving stubborn and deceiving Nigerians that the amount would be enough. We have been in this business for a long time and we know what the trends are. I am happy that our position has been justified. We are calling on the National Assembly to quickly pass request of the President so that supply of products can increase. Once the money is approved, Nigerians are assured of a good holiday period to ensure adequate supply of fuel during Christmas.”
There, brethren, is the handwriting on the wall, in bold letters for all to see.
Key Actors:
Oil Marketers: The bride of a looting regime; wants business to continue as usual.
Ngozi Okonjo-Iweala: after the resurrection of her conscience, refused to release funds for the yuletide looting bonanza.
Diezani Alison-Madueke: Daddy’s girl, angry with her born again sister, reports her to big daddy.
Goodluck Jonathan: promised to create wealth, presents an end of the year, chop make I chop proposal to the National Assembly.
National Assembly: asking “what’s in this for us?”
Nigerians: Cheated, deceived, robbed and raped, suffering diligently, smiling cheerfully.
Ogunyemi Bukola (@zebbook): The writamatician, he advises all Nigerians to take classes in calculus as the knowledge of partial differentials may prove useful in the understanding of the 2013 version of the Jonathan-metricks of fuel subsidy scam
Nigeria jugular
This people hold this nation at the jugular, is either they kill this nation or they die for this nation to survive. We are in big trouble. We must go rawling or libya way to salvage this nation
I wonder what you guys will like. subcidy off prolem subsidy on
It baffles me all the time when I see people that never gets satisfy . When GEJ announced the removal of subsidy it was war. Now that the subsidy is on again another war . Mr writer you were indeed poor with your mathematics even when you went back to school.The maths here is greater than plus and minus , its now differential equations . If you study higher you may understand the intrigues.
Dumbo's Agidi Legacy
Kudos Writamatician! The catastrophy from the Zoo will no doubt head back home in 2015 or No more Naija. A fake doctorate who can't piece together simple correct sentences must have been Made in Hell. Nigrians have never had it worse. The theft figures are atronomical. Aganga, Sanusi and Ngozi cannot in a million years mop up the drooling mess these Ijaw Aborigines are making of Nigerian presidency. They've opened the floodgate of corruption to all. It's free fall into the abyss in all facets of government. We're caught in quick sand with this Clown, a thief who refused to declare nor pay taxes on his assets. He's a jinx on Nigeria by the incestous Ota monster. His idea of governance is brown envelope settlement. Dumbo is a scammer, his fraud which started with Neighbour-2-Neighbour has spread to Coast-2-Coast with the Malabu scam. The only ropes he has learnt is corruption and by that rope we shall hang him and his cohorts come 2015. Animals.
Further maths
If we assume a prado jeep has a full tank capacity of 75 liters, the subsidy amount will buy 20 million liters which is enough to fuel 5.2 million prados once a week for a year! Or 7 million saloons with a capacity of 55 liters every week for one year.
Anonynous joe-Buharis english is worst than yrs
@Tundemess, I will rather u confine your amala ideas on buhari whom I said sacked over one million civil servants, to celebrate his one year in office! Than have u train yr watery thoughts on gej. Do u know what it means to fire over one million workers in 9ja during the 80s? If Buhari had any idea about fighting corruption., he would never have secretly released Uba Ahmed from kirikiri prison. Buhari would not have allowed Alhaji Alhaji ex CBN gov to go home and have him place late Fela in his gulag-some are saying we should put the past behind us-how can we confront the present without allowing the past evil DEEDS of buhari guide us in our choice of candidates 4 2015-that we should deny he did not kill over 1,000 9jas and 11 youth Corpers during the post election riot? Did we not have heads of state who fathered kids from Nigeria to London!? Buhari left thievery, blood, tears and sorrows in d oil sector!
@tundemess late Gani calls for a probe of tinubu-what sayeth yee
@Tundemess, I will rather u confine your amala ideas on buhari whom I said sacked over one million civil servants, to celebrate his one year in office! Than have u train yr watery thoughts on him. Do u know what it means to fire over one million workers in 9ja during the 80s? If Buhari had any idea about fighting corruption., he would never have secretly released Uba Ahmed from kirikiri prison. Buhari would not have allowed Alhaji Alhaji ex CBN gov to go home and have him place late Fela in his gulag-some are saying we should put the past behind us-how can we confront the present without allowing the past evil activities of buhari guide us in our choice of candidates in 2015-that we should deny he did not kill over 1,000 9jas and 11 youth orpers during the post election riot? Did we not have heads of state who fathered kids from Nigeria to London! Buhari left thievery, blood, tears and sorrows in d oil sector!
GEJ is doing well
Haba! Why all this screaming about the rot in government. If you think GEJ is not doing well, then wait for 2015 and exercise your right. We had the choice in 2011 and we decided, why all the screaming. Please allow GEJ do his job. This is his style. I'm sure when election time comes most of the raving commentators will vote not based on merit but one parochial reason or the other.
RE - them go lie to their grave for buhari and tinubu
@ify demo, what's your point?
It is hard for SS to do clean
It is hard for SS to do clean business. Pipeline bursting, 'bunkering', Politics, Bloated/Abandomed NDDC Contracts and kidnapping are more attractive to them
Humorous yet sad
Humorous yet sad that individuals ELECTED to office who have pledged to be faithful loyal and honest can boldly lie to our faces; surely he is the grand criminal of the federal republic. He surpassed NSC 1.2MN facebook account opening, NCC 75MN toilet doors replacement, NDDC 1.3BN fumigation. Surely he needed to break the record and obviously didn't give a damn if they few who could afford basic education in private schools could work the maths.
Next time u need not get a calculator neither major in calculus nor partial differentiation. Just ask any SAN (Senior Applicant of Nigeria) which I presume every household has 1 or 2 who has written over 70 aptitude tests this- If Nigerians consume 35 million liters of fuel per day&govt pays a subsidy of N44 on each liter: How much will the govt pay in 3 weeks?
STOP BRINGING UP THE PAST TO MOVE FORWARD!
Please let's not derail from the real focus which is what is happening "now"!It is disheartening that most Nigerians would rather look for an excuse as to why the present President is doing what he is doing by dredging up old tales of the past evil's of our former leaders, i think we need to start a revolution in ourselves first so that as one we can overcome the present common beast facing us. Jonathan Goodluck from onset had shown us his true colors on the nature of his spending but "no" we had to vote him for sentimental reasons.I remember the outrageous spending he and the first lady made a trend of before he was elected President,the spending was uncalled for. so, if we didn't do or say anything then what are we going to do now? Let's not vote any old candidate that has run for President, lets look for fresh people with integrity to lead us and if they fail us too let's come out with an out cry of protests! For NIGERIA is our's not theirs alone.
Who are we?
Reflecting on the state of the nigerian Nation puts a question to my mind.Why do we condone what the ruling mafia(called Government)throws at us?We strive,toil day and night,but could hardly afford a decent meal.We need to provide for ourselves Electricity (Generators),Water(Boreholes),Security Law enforcement(Vigilante),Education(Private schools).We stare helplessly as the mafiosi loot the country to death,and we continue to labour and toil harder.I asked myself where we find the strength to endure all the debasement,the suffering,insults!If not disgusted from being trampled down,why doesn't the constant pains and suffering revolt us and galvanize us into a revolt?Are we ourselves so corrupt as to have empathy for the thieving mafia?Do we lack enough self-esteem to reject injustice?Are we so lazy and cowardly to rise against oppression?Does it explain the reason for our continous enslavement by other folks?I am still pondering and asking myself who we are,and why we are the way we are
Re
Read Tribune of today, the bill has passed through. QED
Jonathan is running a
Jonathan is running a government of thieves, by thieves and for thieves. It steals everything in sight. This is the most corrupt and most useless government Nigeria has seen since independence. But I blame Nigerians for tolerating this nonsense. if Egyptians can do what they are doing at present to reject the proposed effort to give more powers to their president,I don't see the reason Nigerians should sit down and continue complaining when a group of criminals rob the country blind, steal every election and carry out acts of impunity unceasingly. Jonathan and his group of raiders need to be flushed out, by any means necessary if this country wants to avoid collapse. I bet serious minded patriotic soldiers should rise up to the task and nothing will happen thereafter. Rigue democracy is a farce, as Jonathan and his band of criminals have shown.
@Ify Demo. You people have no
@Ify Demo. You people have no shame and that is why you write with a funny pseudonym. What Buhari got to do with the thieving tendency of Jonathan and his thousand thieves? Oh, I know. An Igbo proverb says an old woman gets uncomfortable at the mention of dry bones. You crimanals will always get high fever at the prospect of a Buhari comeback because you know that all you rouges will rot in jail. Watch out for it will soon come to pass, no matter how you and your thieving masters detest the fact. The alternative to a Buhari comeback is a revolutionary that will ensure that the shameless thieves messing up the country at present are wiped away.
There is little doubt that
There is little doubt that with this grovelling imbecile who cannot make a simple correct sentence, Nigeria is finished. The Jonathan tragedy is that the fool canot discern simple issues. Here is an unexposed bushman that suddenly was trust to a position that clearly dwarfs hum. He sees the desperate prostitutes that can do anything for money like Diezani and he loses himself.And here we are. Nigeria makes N16trillion every year from fuel, makes close to N5trillion from taxes and this meretricious mediocre and his band of thieves end up cleansing such huge resources.Even when steal these huge amounts in the name of fuel subsidy, fuel sells as high N250 per liter in most parts of the country for most parts of the year.We urgently need a bloody cleansing to cleanse this country of the kind of rogues Jonathan and his den of robbers are. Well done writer for such a brilliant outing.
Supplementry budget for oil subisidy
Please allow the elder statesman Gen,Buhari alone.He has been tested and remain trusted.Those who are bent on tsrnishing his hard earned reputation will for ever remain disappointed.No amount of hatred and blackmail will erase his achievements in public domain.Those paid agent of political intrigues will never beat his records in service.Whether his critics like it or not The Gen.remained the most cherished charmpion of the common man.blind ethnic and religious bigots are advised to concentrate on issues and not personality to advance the institunalization of posittive democratic best practices for the attainment of rapid transformation of the country.
Only verifiable and genuine
Only verifiable and genuine contract should be paid not the fake and corrupted contracts (flying contracts-contract that cannot be substantiated.)You may be right,contract is binding when it has been consumed place yourself in the other side you supplied and executed your side with borrowed funds from the banks.No doubt you want your money paid.
mumu tundemess-anything against jonah is a job well done
What has not adequately been explained to the public is that though huge payments may have been in recent months, they are mostly for long standing debts, some of them incurred since 2006. In other words, though the administrations which gave the marketers and other dealers the licences to import the petroleum products have since expired, it is incumbent on the existing government to pay them because, to use a term which the late Chief Obafemi Awolowo popularized in Nigeria, “government is a continuum”. If previous governments were delinquent in meeting their contractual obligations, the present government should not follow their footstep. Contracts are sacrosanct and it is in the interesting of everyone that payments are made once they are due. If a party goes to court to compel the government to pay it for a legitimate contract, not only will the government pay the principal amount and interest, it will also pay for damages.
Chop I chop ijawman style
Well we said it from the begining but Nigerians we moved by sentiments and Jona emerged from the belly of the whale. The Govenors want a billion dollars and Jona just got His own billion of already of aready spent appropriation, lets see what the NASS will ask for in return. Sadly the only player who don't benefit are the Demos but the subsidy is tied to their names. What a sham called government.
Jonathan needs to be confronted now, caged and send back to the
Well done, Ogunyemi Bukola for this well researched article.
I think allowing this corrupt inept moron Jonathan to be in power till 2015 will be catastrophic for Nigeria.
Drunk Deri, before you start telling us the 55 yrs story about the deads (Mungo Park, Gani, Ken Saro Wiwa, Abiola) you see, provide us with facts and figures as this writer has done.
Jonathan needs to be confronted now, caged and send back to the
I think allowing this corrupt inept moron Jonathan to be in power till 2015 will be catastrophic for Nigeria.
THIS IS ROBBERY OF THE
THIS IS ROBBERY OF THE HIGHEST ORDER. NIGERIANS WHAT IS GOING ON IN THIS COUNTRY OF OURS FOR GOD'S SAKE? WILL THE NATIONAL ASSEMBLY DANCE TO THE TUNE OF THE PRESIDENT AND HIS CRONIES? WE ARE REALLY SUFFERING IN THE MIDST OF PLENTY IN THAT COUNTRY. HOW CAN THE PRESIDENT JUSTIFY HIS REQUEST FOR N161 BILLION FOR THREE WEEKS GOING BY THE ANALYSIS PROVIDED BY THE WRITER. IF WE ARE NOT ALL GOOD IN MATHEMATICS I WANT TO BELIEVE THAT THESE WORKINGS HAVE DONE A GOOD JOB IN ENLIGHTING US. FOR SANITY TO REIGN IN THE PETROLEUM INDUSTRY THE MINISTER FOR PETROLEUM WHO THE PRESIDENT IS RELUCTANT TO RELIEVE OF HER POST FOR REASONS BEST KNOWN TO HIM MUST GO. OTHERWISE WE SHALL CONTINUE TO GRUMBLE AND SPEAK GRAMMAR. GOD BLESS NIGERIA AND TRUE NIGERIANS.
Jonathan, What a Scam!
NIGERIA, WE HAIL THEE!
I can't wait for the day REVOLUTION will begin in that country for the hardship intentionally inflicted on Nigerians by their so-called leaders.
Assembly would sign
End of year bonanza, by the time daddy's girl share Ghana must go. Signature would ome.
Please pass this article to their co conspirators, NLC. We can't even trust them
If you can do all this mathematics without cheating, we can make you a Prof. This is a doctoral thesis. After all some Prof's from UNN just copy and paste.
No good news can come out of Nigeria. How can a sane government request for that criminal money for subsidy for 3 weeks?
Niger Deltans cheated, insulted, disgraced & robbed by d tripod
The idea here is 4 9jas to be told that the fraud widely believed to be involved in the petrol subsidy regime has been going on for several years, even b4 Objs arrival. Who in a bid to address the problem arising out of the shortage of petrol and kerosene, created (PPPRA). Sad cause most of us think the fraud in the subsidy regime is a very new phenomenon. The impression owes to the repeated statement by Ngozi dat 9ja will lose 1.4trillion naira in 2011 by spending this whopping amount on the subsidy, which ironically enriches a few petroleum products importers instead of d commoners. CBN declared d actual expenditure on the subsidy is N1.7t for 2011. In addition, thief Lawan Farouk, has publicly been arguing that the expenditure on the regime could climb up to an unprecedented trillion N2trillion this year because there are still outstanding payments to be made. So what is the noise by bukola here about?
I can not but continue to cry
I can not but continue to cry for Nigeria; What else can I say?
THEY WORRY NOT ABOUT THE OIL SPILLS-IN D SS ANIMALS
(Apart from effects of oil spills, gas flaring constitutes a serious hazard. It causes acid rain which acidifies the lakes and streams and damages crops and vegetation. It reduces farm yields and harms human health; increases the risk of respiratory illnesses, asthma and cancer and often causes chronic bronchitis, decreased lung function, blindness, impotence, miscarriages and premature deaths. Constant heat and the absence of darkness in some communities have done incalculable damage to human, animal and plant life in affected areas. Gas flares also cause affected places to be covered in thick soot, making even rain water unsafe for drinking. A (UNEP) report, Criticised SPDC deals with the environmental damage it has caused in the Niger Delta, especially in Ogoniland. UNEP said Ogoniland needed the world’s largest ever oil clean-up, which would cost an initial $1billion or N160 billion and could take 30 years.
was obj owing fuel subsidy thieves b4 he handed over to Yara
However, the huge earnings, arguably, have not translated to improved welfare for the people of the oil producing areas, whose environment -land, water and air have been adversely contaminated and in many cases devastated and polluted. In the last 20 years, about 2,000 persons have been killed in pipeline-related explosions and accidents in the region.
Indeed, a World Bank report warns that 40 per cent of habitable terrain in the Niger Delta area would disappear in 20 years if strong-willed remediation was not carried out. And the Federal Government admitted that 40,000 oil spills had occurred in the past 53 years of oil exploration.
In the report, the World Bank claimed that the palm groves, shorelines, creeks and other habitable areas would be washed away by erosion as well as spills due to vandalism, system failure and crude oil theft.
Buhari pikin how many fuel marketers hail from the SS
SINCE Nigeria started generating revenue from crude oil in 1958, the country has earned about N50.696 trillion or N1 trillion a year, according to Saturday Vanguard investigations. Of this princely sum, which accounts for about 80 per cent of the country’s federal revenue, only N6.577 trillion or less has been paid to the oil producing areas as derivation. The figure is N18.771 trillion less than the N25.348 trillion the oil-bearing regions should have got as derivation if 50 per cent derivation had not been jettisoned few years after crude oil became the chief revenue earner. Between 1958 and 2007 (CBN Annual Report and Statement of Account, 2008), Nigeria earned N29.8 trillion from petroleum resources. And between 2008 and 2011, the country generated N20.895 trillion.

