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Nigeria Government and Borrowing: HELP NEEDED!

By Nsisong Ekong


Please I need an education on this. Kindly help if you have an insight regarding this. And before you make some erroneous conclusions, I hereby  state here clearly that I'm not a member of the People's Democratic Party, PDP. At least for now, lol.  This post has nothing to do with political party affiliation, it stems from a careful observation, an unbiased reasoning, and then drums a call for accountability.

I read the other day that the Federal Government wants to borrow, or, maybe, has now borrowed Ñ1.92Trillion to augment the 2020 budget which clinched at Ñ10.33Trillion, this made me weep profusely.

Earnestly speaking, we're so reckless and irresponsible, especially when we find our way to governance. We lack accountability and transparency in our leadership. We don't have any justification to go for borrow, methinks.
This simple analysis below is a backup to my above assertion.

ANALYSIS
According to Nigerian National Petroleum Cooperation NNPC, Nigeria produces and exports a total of about 2.3 million barrels of crude oil per day. At least, this is the figure they want us to know. We believe them. Currently, a barrel of crude oil costs about $60. If you multiply 2.3 million barrels by $60, we'll see that we realize a sum of $138,000,000 per day. This translates to Ñ48,300,000,000 (Ñ48.3B) everyday.
If we multiply that by 30days which make up a month, we realize a whooping sum of Ñ1,449,000,000,000 (Ñ1.45T) in 1 month.
By this calculation, it means that in seven months, we should be able to raise Ñ10T which can fund the 2020 budget, maybe with a deficit of just Ñ33B.

If we want to extend this calculation to a period of 1 year, as a country we should be able to raise about Ñ17.3T.  This is only from NNPC.
According to Punch Newspaper, in 2018, Nigeria Customs remitted Ñ1.1T, FIRS generated Ñ5.3T, the list continues. If we conduct a more detailed auditing, we could realize about Ñ30T or more.

So, please, someone should tell me, why do we have to go borrow? Who eats our money, even now that Mr President is the Minister of Petroleum?

Candid enlightenment will be much appreciated.

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