Inside Nigeria
Total Of Nigeria’s Oil Savings Can’t Fund 20% Of 2017 Budget – NEITI
Nigeria Extractive Industry Transparency Initiative (NEITI) says all of the country’s oil savings since the inception of its savings history cannot fund 20 percent of 2017 budget.
In its second occasional paper series, NEITI said “Nigeria has about three decades of experience in implementing different oil revenue funds. However, attempts at oil revenue savings have been plagued by contested legal frameworks, governance issues and inadequate political will”.
“Nigeria has one of lowest natural resource revenue savings in the world. The balance in the three funds (0.5% stabilization fund, ECA and NSIA) is less than $3.9 billion, not enough to fund 20% of 2017’s federal budget.
“Nigeria’s $1.5 billion sovereign wealth fund is one of the lowest in the world, has one of the worst ratio to annual budget (10%), and one of the lowest SWF per capital ($8), better only than war-torn Iraq and crisis-hit Venezuela, but not by much.”
In simpler terms, if Nigeria’s oil savings were shared across the country, each citizen will have access to only $8, after over 60 years of oil exploration.
Ibeawuchi Ndubuisi Paul
July 18, 2017 at 6:01 pm
THEN LETS CLOSE DOWN THE NIGERIA
McChuqs Kings
July 18, 2017 at 4:26 pm
Ndi Oshi in govt…but our own personal money would be half of the so called budget money. Criminal in govt, stealing with impunity.
Chika Isräel
July 18, 2017 at 4:08 pm
The zoo has fallen
Kenneth Emeaso
July 18, 2017 at 2:50 pm
Nigeria is all about fraud, bunch of criminals,we must get out of this evil and contraption called nigeria, BIAFRA is the only solution, BIAFRA or dead
Nwabueze Biafra
July 18, 2017 at 2:34 pm
BIAFRA IS MY IDENTITY. THE ZOO MUST FALL .
Isu O Isu Emmanuel
July 18, 2017 at 2:08 pm
The zoo is finished
Benson Chuka Ameke
July 18, 2017 at 1:34 pm
The country isnt viable
Felix Okechukwu
July 18, 2017 at 1:32 pm
Tory don wowo
Arinze Chris
July 18, 2017 at 1:26 pm
ZOO MUST FALL
Saviour Iwu
July 18, 2017 at 1:24 pm
Nsogbu di
Austin Ovie
July 18, 2017 at 1:19 pm
And how would the borrowed money be paid back
Titus Okpala
July 18, 2017 at 1:16 pm
So nothing to show…..
Okezie Collins
July 18, 2017 at 1:10 pm
Zoo is gone aboki must go back to farm