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Nigeria Lost 23.6 Billion Oil Profit | Read why

Nigeria Lost 23.6 Billion Oil Profit | Read why


The Nigerian Senate, on Monday, February 20, was informed that Nigeria has no known record of oil and non-oil products being exported since 2015.

The lack of record has reportedly made the country lost over N23.6 billion expected to be repatriated proceeds of the export within the undocumented period.

The question should be who is in charge of keeping those records.

Vanguard reports that the Senate alleged discovery of over $850 billion supposedly earned by the country between 1996 and 2014 from its crude oil export proceeds which it alleged was yet to be repatriated to the country by the Joint Venture Oil Companies.

This discovery was made during an investigative public hearing organized by a Joint Committee of the Senate Committees on Finance, Trade and Investment, Gas, Petroleum Upstream, Banking, Insurance and Other Financial Institutions, Judiciary, Human Rights and Legal Matters, and Customs.
Meanwhile, Dr. Okechukwu Enelamah, the Minister of Industry, Trade and Investment has said the decline in US import of Nigeria crude oil is a good opportunity for Nigerians to learn to diversify the country's economy.

He said: “In the last five years, however, the sharp decline in U.S. imports of our crude, on account of rising domestic production of shale, has altered the trade balance between our two countries.

"This development presents Nigeria with a good opportunity for diversification, to explore and increase non-oil export, especially in agricultural products, services and the digital economy.’’

He stated this during a round-table discussion with the U.S. business executives in Washington D.C. area.

One thing i hate about Nigeria is the fact that the criminals themselves will make the revelation themselves to look innocent.

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THE 1960POST: Nigeria Lost 23.6 Billion Oil Profit | Read why
Nigeria Lost 23.6 Billion Oil Profit | Read why
Nigeria Lost 23.6 Billion Oil Profit | Read why
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