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Crude oil production

1.    Per day                   -        2.5m barrels

2.    Current price -        $113 per barrel

3.    Daily sales              -        2.5mx $113 = $282.5million

4.    Monthly sales          -        282.5m x 30 days = 58.475 billion

5.    Yearly sales -        $8.475 billion x 12 =  $101.7 billion

6.    Naira equivalent      -        101.7 billion x N160 = 16.272 trillion naira, yearly.

7.    Nigeria’s budget for 2012         -        4.5 trillion naira

The question is: Where is the surplus going?

·        Analysis by Femi Falana, Lagos lawyer (SAN) and activist on Channels Television.