The Nigerian state, during the five-year Presidency of Goodluck Ebele Jonathan, earned a total of N51 trillion from petroleum resources. The money is part of the N96.212trillion the country earned in 58years of crude oil sales.



Of this princely sum, which accounts for about 80 per cent of the country’s revenue, only N12.258 trillion (just about 14% of total) has been paid to the oil producing areas as derivation.

The figure is N35.848 trillion less than the N48.106 trillion the oil-bearing regions should have received as derivation if 50 per cent derivation had not been jettisoned few years after crude oil became the chief revenue earner for Nigeria.

The figures are the outcome of research by Sunday Vanguard, relying on documents from the Petroleum Inspectorate, NNPC, CBN Annual Report and Statement of Account, Nigeria Bureau of Statistics and the Nigeria Extractive Industry Transparency Initiative, NEITI.

In the face of biting contemporary economic realities Nigerians are contending with, there is a consensus that the different tiers of government – federal, state and local government councils – have indeed squandered the nation’s earnings. Even the modest attempts at saving for the rainy day with the creation of, first, the Excess Crude Account, ECA -which suffered mismanagement occasioned by under-hand spending by the Federal Government that was supposed to hold the funds in trust – and, thereafter, the controversial and ineffectual Sovereign Wealth Fund, SWF – which became a subject of litigation and high-wire politicking between the Federal Government and the leadership of the Nigeria Governors’ Forum, NGF – suffered from the typically Nigerian insincere approach to economic management.

A breakdown of the earnings shows that between 1958 and 2007 (CBN Annual Report and Statement of Account, 2008), Nigeria earned N29.8 trillion from petroleum resources. And between 2008 and June 2016, the country generated N66.412 trillion.



Between 1958 and 1966, Nigeria earned N140 million from crude oil; 1967 to 1975, the General Yakubu Gowon got about N11.03 billion; while the late General Murtala Mohammed/ Olusegun Obasanjo military regime scooped about N25 billion from 1975-1979.

In like manner, the civilian administration of President Shehu Shagari earned N36 billion oil money; Buhari, in his first coming as military head of state (1984-85), earned about N25 billion; General Ibrahim Badamasi Babangida, 1985 to 1993, N420 billion; the Ernest Shonekan/Abacha regime (1993-1998), N1.6 trillion; and General Abdulsalami Abubakar regime (1998-1999), N350 billion.

With the return to civil rule, Nigeria, under President Obasanjo realised about N27 trillion from crude oil between May 1999 and May 2007. His successor, Umaru Yar’ Adua, reaped about N9 trillion in his almost three-year rule before he passed on.

The luckiest of the leaders is former President Goodluck Jonathan, whose administration in five years, between 2010 and 2015, earned about N51 trillion from petroleum resources. Since he came to power on May 29, 2015, the President Buhari administration has been able to earn just about N6 trillion from crude.

However, the huge earnings, since 1958, arguably, have translated to little or no improvement on the welfare of the citizenry, especially the people of the oil-producing areas, whose environment – land, water and air, has been adversely contaminated and, in many cases, devastated and polluted.

DETAILS OF EARNINGS AND IMPACT OF EXPLORATION NEXT WEEK

Source: http://www.vanguardngr.com/2016/08/jonathan-nigeria-earned-n51trillion-crude-oil/

Yet they expect Buhari to change Nigeria already with #6tr when Jonathan couldn't do anything with #50trn. He couldn't even save for a better president to come and spend wisely...well, you no fit follow blind man dey argue color of sky

Can we all see that GEJ's administration remains the biggest curse Nigeria has ever witnessed.

With all the money he earned, look at the crumbs he was able to deliver as his achievements compared to how much he earned.

And his praise singers will say "The northerners and southwesterners have finished Nigeria".

See money.

Anything about Jonathan will always attract sugar ants from their mud holes. At least there is something to keep the sugar ants busy and deluded for another 7 days.

K

Thank God vanguard is a wailer and Niger Delta Newspaper so this report is certified 100% true, accurate and without any form of ambiguity!

mars123:
Where the money enter?

You no hear say people dey buy $50 million private jets anyhow under GEJ wey some people no go see where to park their jets?

Na just jet be that ooo.

when one single president got 51trillion from 96trillion and we have noting to show for it. if only the last administration spent 10trillion genuinely on infrastructure and stole the rest , We wont be in the mess we are, but who I'm to complain? some people still claim they miss gej's administration (imagine)

That's hard to stomach. Punishment and get back will come in due time.

That GEJ na curse.

Na during his time division start to dey stronger both ethnically and religiously.

Worst, money wey disappear during his time fit be out budget for three yrs!

cc: lalasticala

mastermaestro:
Anything about Jonathan will always attract sugar ants from their mud holes. At least there is something to keep the sugar ants busy and deluded for another 7 days.

Funny enough, you're the zombie in the bottle.

The bottle is open but you refuse to climb out.

KINGwax007:
That GEJ na curse.

Na during his time division start to dey stronger both ethnically and religiously.

Worst, money wey disappear during his time fit be out budget for three yrs!

3years ? 51trillion will conveniently fund the budget for 8years

And how much was GEJ using to subsidize the fuel you ingrates were buying for N87 or the Kerosene you were buying for N100? Now you are paying N145 with possible increase any time from now. With endless tax even right down to your bank transactions all going into this govt pocket with no accountability

God punish looters and their supporters wailing zombies

vedaxcool:
God punish looters and their supporters wailing zombies

..Amen in the nation's name!

ba7man:
Funny enough, you're the zombie in the bottle.

The bottle is open but you refuse to climb out.

[s]

Pidggin:
And how much was GEJ using to subsidize the fuel you ingrates were buying for N87 or the Kerosene you were buying for N100? Now you are paying N145 with possible increase any time from now. With endless tax even right down to your bank transactions all going into this govt pocket with no accountability

[/s]

Shattap lying in the service of thieves. You for kukuma talk say gej used the hole 51trillion to subsidize fuel..nonesense speaking as if he was using his own money

that fund includes states and local government and Gej increase minimum wage, several gas turbine, road construction, funding of schools, war on boko haram, fund injection to nolly wood and many more GOD bless Gej

Pidggin:
And how much was GEJ using to subsidize the fuel you ingrates were buying for N87 or the Kerosene you were buying for N100? Now you are paying N145 with possible increase any time from now. With endless tax even right down to your bank transactions all going into this govt pocket with no accountability

Why are you beating yourself over nothing? Gej ran a welfarist government without blowing his trumpet but many couldn't discern. Just let them consume themselves with hate for the best Nigerian president many of them will probably witness in their lifetime.

vedaxcool:
[s][/s]

Shattap lying in the service of thieves. You for kukuma talk say gej used the hole 51trillion to subsidize fuel..nonesense speaking as if he was using his own money

[s][/s]

Was fuel subsidized during GEJ's era or not?

dondo83:
when one single president got 51trillion from 96trillion and we have noting to show for it. if only the last administration spent 10trillion genuinely on infrastructure and stole the rest , We wont be in the mess we are, but who I'm to complain? some people still claim they miss gej's administration (imagine)

They are called wailing zombies. ..brainless fools who would happily celebrate gej shiitting on their heads just to spite PMB.

eejo:
that fund includes states and local government and Gej increase minimum wage, several gas turbine, road construction, funding of schools, war on boko haram, fund injection to nolly wood and many more GOD bless Gej

They won't see all that you outlined. Leave them alone. Gej did his best for a people so used to dictatorial democracy, hence they couldn't appreciate.

Pidggin:
[s][/s]

Was fuel subsidized during GEJ's era or not?

How much did he use to subsidize it.? Biko tell us.

Pidggin:
[s]
Was fuel subsidized during GEJ's era or not?

[/s]

with 51trillion? please save your lies for the next ipoop gathering.

GEJ received the most and saved the least. God would surely judge him and those who joined in the misgovernace of Nigeria.

GEJ remains a fool and a hero to the wailers, thank God he was pushed out

NgeneUkwenu:
May God Punish Jonathan Wherever He Is!

Keep calm God punishment is small small

And the biggest crook President Nigeria ever had is G..........Just! !!!

Pidggin:
And how much was GEJ using to subsidize the fuel you ingrates were buying for N87 or the Kerosene you were buying for N100? Now you are paying N145 with possible increase any time from now. With endless tax even right down to your bank transactions all going into this govt pocket with no accountability

Budget during GEJs tenure was an average of about 4 trillion, including provision for subsidy. It follows that about 20 trillion naira was budgeted and spent during that period. How can we account for the difference between earnings and spendings.

We shouldn't forget to add the monies borrowed to finance budgets as well.
As much as it may be difficult to accept, perhaps sanusi was right about the missing money

vedaxcool:
[s][/s]

with 51trillion? please save your lies for the next ipoop gathering.

GEJ received the most and saved the least. God would surely judge him and those who joined in the misgovernace of Nigeria.

Please try and think a bit your brain cannot be for fancy na. Was there ever a time when our budget in a year during Jonathan's time exceed 5 trillion? If you check the total budget during the five years he spent in office it is no where near 51trillion na haba?

Even America is not this rich na, think. Till today we are still recovering Abacha loot, has any amount been traced to any foreign account linking GEJ? Why hasn't Sahara Reporters exposed the number of mansions he acquired while in office or the exotic cars he acquired? Think Think Think!