Nigeria realised N2.3 trillion from crude oil sales in 2018 -- NEITI

The report published on Monday in Abuja showed that about N722.3billion was deducted by the Nigerian National Petroleum Corporation for fuel subsidy on imported petroleum products.

Further analysis showed that out of 255.6 million barrels lifted by NNPC in 2018, actual sales were 255.3 million barrels valued at $18.2 billion. Ordinarily, 160.2 million barrels should have been allocated for domestic consumption, but only 107.63 million barrels, or 67 per cent of the customary allocation for domestic consumption was allocated in 2018.

Similarly, the report put total products losses in 2018, due to pipeline breakages at 204,397.07 cubic meters. The earnings further dropped by 31.2 per cent to $17.05billion in 2016, but increased by 23 per cent to $20.99 billion in 2017. The report further disclosed that “$2.10billion was transferred into third parties project financing accounts and $1.37billion were recorded as subnational transfers.

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