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Nairaland Forum / Nairaland / General / Politics / How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB (1509 Views)
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How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by senier007(m): 12:10pm On Aug 10, 2015 |
So how do we explain this? In June, Nigeria’s three tiers of government met and shared the sum of N409.3bn after the Federal Account Allocation Committee met in Abuja to disburse gross revenues for the month of May. A month later, when they met again to share that of June, the total amount was N518.54bn – an increase of 26.68 per cent. When they met to share the gross revenues for the month of July, the gross revenue had increased by almost 22 per cent to N630.98bn. The strange thing about the rise in revenue was that oil hit a four-month low of $53.33 per barrel during the period, and so the expectation was that revenue will drop. Yet it rose. The increase in revenue was such a shock that FBN Capital said in its August 5 daily note that, “we struggle to explain the marked increase in the allocation which is predominantly derived from the oil industry.” According to analysts, the factor responsible for the massive rise was the fact that gross revenues into the federation account are now being more transparently managed since new president Muhammadu Buhari took over. Yesterday’s directive by the president for all government agencies to start paying money into a Treasury Single Account (TSA) is expected to ensure an even stricter monitoring of accrued revenues. The Buhari administration has so far imposed a more transparent reporting method which ensured that revenues which used to be unaccounted for are now brought to the collective pool where they are shared. Gov. Oshiomhole recently confirmed the increase in revenue for his state. Speaking with Business day newspaper, the governor said, “I can tell you that my state got much more than it would normally get and this additional funds came because they (federal agencies) could no longer hide or cook their books.” He said, “we are already seeing the benefit of the attitude of the Buhari administration to our collective resources and this is welcome, especially because we have just started and their scope for getting better. We all can now see that the days of impunity are gone.” The increase is good news for the struggling state governments. For instance, one of the top states, Rivers, which received N8.9 billion in the month of May got an increased sum of N12.6 billion for June, while a state like Gombe got N4.37 billion which is an increase from the N2.98 billion it received in May. Source: http://www.thescoopng.com/how-come-oil-prices-fell-and-yet-nigerias-gross-revenues-rose-short-answer-buhari/ 2 Likes
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Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by Naijacitizen(m): 12:24pm On Aug 10, 2015 |
Protector seeker come here have some food for you. Barcanista 5 Likes |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by mogentle(m): 12:26pm On Aug 10, 2015 |
PMB, Baba is working quietly. Ride on sir. 4 Likes |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by Redoil: 12:27pm On Aug 10, 2015 |
How many federal project has booboohari undataken since he assume office? None but feasting on gej past glory has been the other of the day. Since booboohari has stop importation due to lack of forgien exchange to defend our naira any body with fufu and redoilsoup for brain will never know that such step will increase our forigne reserve to the detriment of the people who consume goods that we cant produce. Mumu people and mumu govt. 2 Likes |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by Redoil: 12:28pm On Aug 10, 2015 |
Naijacitizen:too many weedians with cow dung for brain How many federal project has booboohari undataken since he assume office? None but feasting on gej past glory has been the other of the day. Since booboohari has stop importation due to lack of forgien exchange to defend our naira any body with fufu and redoilsoup for brain will never know that such step will increase our forigne reserve to the detriment of the people who consume goods that we cant produce. Mumu people and mumu govt. |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by mogentle(m): 12:29pm On Aug 10, 2015 |
Naijacitizen:Yes oo..Barcanista, the Supremo Wailing Wailer, the knower of all things, come out and prove this wrong again. 1 Like |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by Redoil: 12:35pm On Aug 10, 2015 |
mogentle:maka why? How many federal project has booboohari undataken since he assume office? None but feasting on gej past glory has been the other of the day. Since booboohari has stop importation due to lack of forgien exchange to defend our naira any body with fufu and redoilsoup for brain will never know that such step will increase our forigne reserve to the detriment of the people who consume goods that we cant produce. Mumu people and mumu govt. |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by Nobody: 12:36pm On Aug 10, 2015 |
@OP: Money shared in June (earned in May under GEJ) was N409 billion. This includes N6.33 billion NNPC tax for the month. In fact, it was an increase from the May revenue of N388billion without the N6.33 billion NnPC tax. Money shared in July was N506 billion and not the amount you quoted. Once again, this include the N6.33B NNPC tax for the month of June. Can you please provide us some answers to this question: How much was oil per barrel in the months of April, May, June and July? How many barrels were sold? These questions will give us a lead 4 Likes |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by Redoil: 12:38pm On Aug 10, 2015 |
barcanista:dont even bother replying them for most of them are having cow dung as brain matter. |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by 4Play(m): 12:39pm On Aug 10, 2015 |
If this is accurate it is a highly welcome development and is what I have been querying for months now. I have to say I don't know where those July figures came from as I have seen nothing to substantiate it. Further, we did see a major rally in crude oil prices, which was retraced in July so it will be interesting to see revenue figures derived from July oil sales. |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by ITbomb(m): 12:42pm On Aug 10, 2015 |
Let me help you out, it is no magic if you had paid more attention to your economies in sec school. Nigeria gross revenue is calculated in naira Oil price in dollars Oil prices dropped and naira value also dropped This means that Nigeria is collecting about twice the amount for the same barrel of oil it sold last year. 1 Like |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by Mamaflex(f): 12:44pm On Aug 10, 2015 |
barcanista:Hahahaahha... abeg.. |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by gists: 12:45pm On Aug 10, 2015 |
ITbomb:You see your life? Was the naira devalued between the time-period in question? Are you saying the government use black market rate to convert USD to naira because I don't recollect the official value of the naira by CBN rate was 32% lower in value in the month of July compared to that of June. 1 Like |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by Nobody: 12:45pm On Aug 10, 2015 |
good to hear |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by senier007(m): 12:46pm On Aug 10, 2015 |
Wailers can wail as they like, but the fact remain, Change is everywhere, if not how can one explain the sudden increase in states allocations compare to the former regime? Forex is increasing every month, we were able to keep the naira strong in the face of dollar aggression, doomsday pundits were quick to portrait a bleak day for importers, yet nobody is complaining about that anymore, refinery that suppose to be functional in 2016 is now functioning just few months after the inauguration of PMB, this are all sign that good things are yet to come, imagine what would happen after PMB appointed all his aides and ministers? PMB is a ONE Man Army Nigeria shall be great again Metuh for quite sometimes now is in hibernation mode 49 senators are scared of the truth and resort to orubebe style of tantrum 2 Likes |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by SLIDEwaxie(m): 12:49pm On Aug 10, 2015 |
When the oil price fell some few months ago, our eastern president decided to use the opportunity to loot us dry, together with his cohorts. Salaries were owed and states allocations suffered. Just a dew months again, when a man of integrity mounted the throne...so funny, oil price still steeping, but states got increased allocation, and payment of workers salary was prompt. Now, this is even a situation where we have no ministers. Someone is really very good at what he does... His name? Baba go slow, but keep steady! 4 Likes |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by BIGERBOY1: 12:53pm On Aug 10, 2015 |
Ok |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by mogentle(m): 1:03pm On Aug 10, 2015 |
Redoil:Bad people dont see good thing. I hereby sentence you to 8 years of wailing with hard labour. 2 Likes |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by chudionu58(f): 1:50pm On Aug 10, 2015 |
barcanista:Are the propagandists telling us that there is no impact of pipeline sabotage on oil earnings? Have there been shut ins by the IOCs since May 29th?? At a point due to sabotage, Transforcados and the Nembe trunkline were down due to willful blowups using dynamites... of course there is no motivation blowing the pipes as the common enemy is gone..Here we are being told to clap because of "fear factor" |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by Demdem(m): 1:57pm On Aug 10, 2015 |
[b]The surprise thirty-two per cent jump in Federal Account Allocation Committee (FAAC) disbursements to the three tiers of government in June was a result of a more transparent reporting of the federation’s gross revenues BusinessDay can report. The unexplained rise at a time of a continued fall in international crude oil prices left many analysts wondering but investigation by BusinessDay has showed that the transparent reporting method imposed by the two-month old Buhari administration meant that revenues that were hitherto unaccounted for, had to be brought into the collective pool for sharing. The total disbursable fund for June amounted to N539bn or $2.71bn, up by 32 per cent from the level for May. The statutory allocation, the largest element of the payment, brought an increase of N162b or the equivalent of $810m on May revenues. A state like Edo, for instance saw its June allocation rise significantly, by more than N500m and governor Adams Oshiomhole who confirmed the development was unequivocal that the additional funds would not have come in if government agencies were left to account for their revenues in their old ways. “I can tell you that my state got much more than it would normally get and this additional funds came because they (federal agencies) could no longer hide or cook their books”, the governor told BusinessDay in Ndola, Zambia, on the sideline of the commissioning of the 1.5MT cement plant build by Dangote Cement. The governor, who is one of those selected by the National Economic council to beam a searchlight on the irregularities in flows into FAAC, added, “we are already seeing the benefit of the attitude of the Buhari administration to our collective resources and this is welcome, especially because we have just started and their scope for getting better. We all can now see that the days of impunity are gone.” Governor Oshiomhole’s explanation has helped to shed light on the jump in the federal allocation disbursement. In its August 5 daily note, FBN Capital had said, “we struggle to explain the marked increase in the allocation which is predominantly derived from the oil industry.” On Friday, FBN Capital welcomed the recovery in foreign reserves, which rose $2.5bn in July to $31.5bn on a 30-day moving average basis. FBN Capital said the increase in reserve couldn’t be explained by just the savings from the ban on 41 items, which hitherto accounted for about $900m in FX utilisation per month, on the basis of figures for Q1. Analysts at FBN Capital said, “we have to look elsewhere for additional explanations for the pick up in reserves in July.”[/b] http://businessdayonline.com/2015/08/cash-going-to-states-from-faac-rising-on-fear-of-buhari |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by Demdem(m): 2:00pm On Aug 10, 2015 |
Demdem: |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by Demdem(m): 2:08pm On Aug 10, 2015 |
The increase is good news for the struggling state governments. For instance, one of the top states, Rivers, which received N8.9 billion in the month of May got an increased sum of N12.6 billion for June, while a state like Gombe got N4.37 billion which is an increase from the N2.98 billion it received in May. Wike, we are watching u with keen interest. So u had so much funds and yet borrowed so much to do what? Nothing is currently on ground. Day of reckoning is fast approaching 2 Likes |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by Nobody: 2:09pm On Aug 10, 2015 |
chudionu58:APC won't give a breakdown. They keep giving round figure |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by 7lives: 2:26pm On Aug 10, 2015 |
barcanista: Shior. I know that this is a sad news to a wailer, and to think that PMB is just warming up, una go wail plenty o. 2 Likes |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by bayocanny: 2:34pm On Aug 10, 2015 |
Redoil:You need rehabilitation asap |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by major466(m): 2:36pm On Aug 10, 2015 |
The increase in revenue is an indication that APC government has no excuse not to fulfill its campaign promises. |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by senier007(m): 2:39pm On Aug 10, 2015 |
barcanista: It obvious your objectivity has left you, instead of asking me of the records which is obviously in public dormant, I expect you to present any evidence that the previous government have achieved or even surpass the said feat, cuz for the past 6years the previous government has never, I repeat NEVER gave any states such amount. I think the main factor is the leader, despite some vandalism here and there, the government is not relenting in it primary responsibility to be accountable to the masses in a transparent manner. Not only in revenue, fuel scarcity is also disappearing, power is gradually improving more than the last 16years of miserable PDP sham called government. Barcanista sit down and relax cuz more of good news is on the way, very soon GEJ will come out and denied some of you that enjoy negative attack not criticism. 1 Like |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by chudionu58(f): 3:28pm On Aug 10, 2015 |
senier007:Don't forget to tell us the power plants that would provide the light! |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by sammyj: 3:47pm On Aug 10, 2015 |
This can only happen when a leader is not corrupt!! |
Re: How Come Oil Prices Fell And Yet Naija's Gross Revenues Rose? Short Answer – PMB by Nobody: 4:19pm On Aug 10, 2015 |
senier007: D writer is a standard dullard. |
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