Media and Politics News

How Nigeria Lost 1.492bn Barrels Of Crude Oil In Four Years

…Allegations of $17billion undeclared oil and gas sales
…House committee discovers theft in high places.
It has been a swath of revelations, since the House of Representatives’ adhoc committee on the alleged $17billion undeclared crude oil and gas revenue started the second phase of its investigative hearing to unravel how Nigeria’s crude oil was stolen along with revenues that were supposed to have accrued therefrom, between 2011 and 2014 – how the funds can be tracked and possibly returned.
The whole episode started last year when the Nigerian economy nose dived into recession and the country went aborrowing. Hon Ehiozuwa Johnson Agbonayinma, PDP, Egor/Ikpoba Okha, Federal Constituency from the blues came up with a motion, “Alleged stolen crude oil and gas from the Nigerian shores”. The motion came up on September 23, 2016.
LOSSES
2011 – 385Million Barrels
2012 – 402Million Barrels
2013 – 363Million Barrels
2014 – 342Million Barrels
Total- 1492Million Barrels.
While making his presentation, he argued that Nigeria has no reason to borrow one dime as “we’ve so much undeclared crude scatterd all over the world that can be redeemed to regrow our economy. We can’t have such huge amount of money trapped all over the world and still be a beggarly nation”. Agbonayinma told his colleagues that former President Goodluck Jonathan contracted an auditing firm to probe what went wrong and he gave a brief synopsis of the report. He gave the breakdown that the Nigeria National Petroleum Corporation, NNPC, and the Nigerian Maritime Administration and Safety Agency, NIMASA, and other agencies were indicted in the report.Click to read more

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