Nigeria earned N34tn in 10 years — Report

Nigeria earned N31tn from the oil sector and N3tn from the non-oil sector between 1999 and 2009, a report by Economic Confidential said on Monday.


The report said while N7tn was realised in 2008 alone, former President Olusegun Obasanjo’s administration generated over N26bn from oil and non-oil revenue.


It added that the oil sector accounted for 89.28 per cent of the total revenue while the non-oil sector, including solid minerals, generated 10.72 per cent of the total sum.


According to the report, “In the 10 years of elected government in Nigeria, the sum of N31tn was generated from the oil sector while N3tn was from the non-oil sector of the economy.


“The table of the revenue which Economic Confidential provides shows that oil sector accounted for 89.28 per cent, while the non-oil sector, including solid minerals, generated 10.72 per cent of the gross revenue.”


Analysing annual crude production, the online journal said Nigeria produced 8.1 billion barrels of crude oil in the 10 years under review, with over 900 million barrels generated between 2004 and 2005 respectively.


But the report noted that the figures indicated that there was a shortfall between the estimated annual crude oil production and the actual production in eight years.


It also said that production was largely hampered by the activities of Niger Delta militants and oil thieves.


It added that the country only exceeded the budget estimates in 2003 and 2004 by producing 846 million and 910 million barrels as against the budgeted 766 million and 817 million respectively.


It attributed improved revenues over the years to increased production quota and high prices of crude oil in the international market.


The Federal Government had through the Minister of Finance, Mr. Olusegun Aganga, allayed fears that the non-release of funds to implement certain projects in the country was an indication of the nation’s poor financial standing.


Aganga, who made the clarification at an interactive session organised by the House of Representatives Committee on Millennium Development Goals, also said Nigerians should not interpret the non-release of funds to ministries, departments and agencies as and when due as an indication of financial difficulty.


According to him, Nigeria’s revenue profile went up by 76 per cent recently.


The committee chairman, Mrs. Saudatu Sani, had lamented that most of the MDGs projects across the 36 states could not commence because of non-release of funds by relevant ministries and agencies.


She also decried the non-implementation of the “Quick Win” projects of the MDGs geared towards improving the lives of Nigerians at the grass roots due to zero cash backing.