You must ask yourself why I country like Nigeria which produces 2.6 million bb/day or crude oil, with a GDP of $270 billion only generates fiscal revenues of $23 billion? By comparison Angola which produces around 2 million bb/day, with a GDP of $115 billion generates fiscal revenues of $56 billion. How can one explain this huge gap? My suspicion is that what Lamido Sanusi is saying about lost revenues is not only true, but it is vastly understated. A country like Nigeria with this GDP level should be generating fiscal revenues of nothing less than $80 billion per year. There is obviously a huge sink hole in Nigeria where revenues that should be going into the Federation Account and being diverted.
Posted on: Wed, 26 Feb 2014 16:28:40 +0000