-By Victoria Mieadonye Jumbo
Now take a look at the N7.2 Trillion Naira, 2017 Budget:
2.2 million barrels of oil per day, by $42.5 @ N305 per Dollar.
= N28.5 billion Naira; is what the FG and the oil companies earn in a day from Niger Delta oil.
In a month; N28.5 billion Naira by 30 days.
= N855 billion Naira; is what the FG and the oil companies earn in a month from Niger Delta oil.
In a year; N855 billion Naira by 12 months.
= N10.2 Trillion Naira; is what the FG and oil companies earn in a year from Niger Delta oil.
The Niger Delta will contribute N10.2 TRILLION NAIRA to fund the N7.2 Trillion Naira Nigeria's 2017 Budget.
By the way, this calculation was done with $42.5 oil price as against the present price of $52. And at an exchange rate of N305/dollar as against the present rate of N485/dollar.
Note, at the present rates, the Niger Delta will be contributing
N20 TRILLION NAIRA to fund the 2017, N7.2 trillion Naira budget, out of which only N61 BILLION NAIRA (NDDC) and N33 BILLION NAIRA (NDM) were budgeted for the Niger Delta.
A paltry N94 BILLION NAIRA was allocated to a region that would contribute N20 TRILLION NAIRA in 2017. This is grossly unfair, the height of injustice and it's unacceptable.
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