The latest audit report by the Nigerian Extractive Industries Transparency Initiative (NEITI) has revealed that the Nigerian government expended the sum of N722.3 billion on subsidising petroleum products importation in 2018.
The subsidy spending came from the N2.3 trillion proceeds of domestic crude oil sales in the year under review.
Crude oil lifted for export and local sales came up to 701 million barrels, a 1.9% increase over the 2017 figure, which stood at 688.3 million barrels.
Out of the total volume of crude lifted in 2018, the Nigerian National Petroleum Corporation (NNPC) accounted for 255.6 million barrels or 36%. Oil companies in the country lifted the rest 445.5 million barrels, translating to 64%.
The quantity lifted by the NNPC was a 5.95% improvement over the figure it achieved the year before, which was 241 million barrels.
The NEITI report says “total crude oil loss due to theft and sabotage was 53.28million barrels, an increase of 46.15 per cent, when compared to 16.824million barrels recorded in 2017.”
Total product loss in 2018 resulting from pipeline vandalisation was 204,397.07 cubic meters.
Total earnings from the oil and gas sector in 2018 grew by 55% from $20.99 billion in 2017 to $32.63 billion.
The NEITI said the 2019 audit report would be released later this year.
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