A trend analysis of Nigeria’s Gross Domestic Product (GDP) measured in constant prices shows that the country’s domestic output has been declining since 2010, after the Musa Yar’adua administration, while inflation has been rising lately.
A recent forensic analysis on the claim by the National Petroleum Investment Management Services (NAPIMS) regarding $5billion savings on the cost of production, has proven bogus and unverifiable. The claim further calls for scrutiny accrued revenue to the Federation in the same period. In August 2017, NAPIMS raised the hope of stakeholders in the oil sector amidst the oil price volatility stating the agency had driven down the cost of oil production from $78 per barrel to $23 per barrel, representing a 70.5 per cent drop in production cost. It also reported that during this period, the organization saved the country $3 to $5 billion dollars in cost of production
In the last fifteen years, the Nigerian government has spent at least $107.4 billion (the equivalent of N15.46 trillion) from the Excess Crude Account (ECA) under the administrations of Olusegun Obasanjo, Umaru Musa Yar Adua, Goodluck Jonathan and incumbent President Muhammadu Buhari.
In the last 12 years, 15.5 trillion were duly transferred to states on behalf of the 774 local governments, yet there is no public information on what portion of that 15.5 trillion, each local government received
