Following the damning report by the Nigeria Extractive Industries Transparency Initiative (NEITI) in July of this year, that revealed that Nigeria was only able to save about $3.9 billion from sales of crude oil worth $1.09 trillion since 1980, the National Bureau of Statistics (NBS) has provided an even more extended data of crude oil earnings, revealing that Nigeria realised more than N118tn from crude production and refining between 1961 and 2014.
Recall that NEITI’s Executive Secretary, Waziri Adio, had on Tuesday July 19 in Abuja, during a presentation of a paper, titled: “The case for a robust oil savings fund for Nigeria”, provided the data.
The NBS report, which had additional data from the Nigerian National Petroleum Corporation (NNPC), collated its statistics from 1961 to 2014.
“The petroleum statistics on crude oil production and oil refining reflects that a total 32.70 billion barrels of crude oil valued at N118.49tn has been produced between 1961 and 2014.
“The highest barrels of crude production was recorded in the year 2005 with 918.66 million barrels valued at N6.14bn.
“The lowest was, however, recorded in 1961 with 16.80 million barrels valued at N18.73m.
“The yearly domestic crude oil refining data from 1997 to 2014 also reflected that 844.19 million of crude oil has been received and 835.58 million processed within the period under review’’, the report stated.
These humungous figures will continue to be a source of shock and concern to many Nigerians especially against the backdrop of severe levels of underdevelopment.
Many will wonder how a country so richly endowed and lavishly rewarded for its endowments, could have been so profligate and downright reckless in many cases, to have condemned the fate of its people to ceaseless anguish born of deprivation.
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