DAYO OKETOLA reports that, poor accountability of oil revenues and continued crude theft have constituted major threats to the Nigerian economy. Nigeria’s economic survival is closely tied to its oil revenue and the demonstration of accountability and probity in the management of the oil proceeds.
But there are indications that not all oil revenues ever get to the government coffers and as such the issue of non-remittance or missing petrol dollars has become the cause of regular public outcry and government concern over the years.
Analysts are of the opinion the lion’s share of Nigeria’s oil earnings has found its way into private pockets over the past decades of oil exploration and production.
“Over $400bn was generated from the oil and gas sector in the country between 1999 and 2011.
But will you say this fund was adequately used?” a board member, Extractive Industries Transparency Initiative, Ms. Faith Nwadishi, asked. The initiative is a global body for the improvement of openness and accountability in the management of revenues from natural resources.
According to analysts, there is more than meet the eye in oil revenue remittances in Nigeria. For the instance, the Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, recently accused the Nigerian National Petroleum Corporation of not remitting $49.8bn (about N8tn) to the Federation Account between 2012 and July, 2013.
He said, in a letter to President Goodluck Jonathan dated September 25, 2013, that the amount represented 76 per cent of the value of crude oil lifting during the period. Sanusi stated, “Our analysis of the value of crude oil export proceeds based on the documentation received from pre-shipment inspectors shows that between January 2012 and July 2013, the NNPC lifted 594,024,107 barrels of crude valued at $65,332,350,514.57.
“Out of this amount, the NNPC repatriated only $15,528,410,098.77, representing 24 per cent of the value. This means the NNPC has yet to account for, and repatriate to the Federation Account, an amount in excess of $49.804bn of the value of oil lifted in the same period.”
The CBN governor asked the government to investigate the NNPC, vis-à-vis the crude oil lifting and swap contracts. Crude oil theft is a menace to the nation. All hands should be on desk to fight this caterpillar that is eating up our economy.
It is a painful thing, and at the same time a shameful thing that Nigeria endowed with many natural resources still slack behind due to bribery and corruption. I stumbled upon this on the punch website. You can read the full story on Punch website. There are comments about oil theft in Nigeria. You can read what others are saying about oil theft in Nigeria.
What people are saying about crude oil theft in Nigeria.
What Do you Think?
What is your opium about all these events that is going on in the nation. Nigeria is our country, if we don't share ideas on how to rescue her from bribery and corruption, who will do it for us? We have no other place in the world to call our country except Nigeria.
Nice write up. thanks.
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