Monday, 3 October 2016

Shocking: $17 billion in undeclared oil, gas missing

President Buhari has claimed “mind-boggling” sums have been stolen from the country’s oil industry. Just how much is now becoming clear.
Lawmaker in the House of Representatives Johnson Agbonayinma alleged last month that $17 billion in oil and liquefied natural gas was exported from Nigeria without being properly declared between 2011 and 2014.
It was the latest allegation of multibillion-dollar graft directed at Nigeria’s oil industry. Nigeria has long been Africa’s top-oil producer, and oil proceeds make up 90% of the country’s exports and a large part of its budget.
The reliance on oil revenue dragged Nigeria’s economy into hard times when the price of crude on the global market started dropping in 2014.