Nigeria is the 13th largest oil producer in the world. OPEC allocated a daily production of 2.5 million barrels of oil to Nigeria. At an average price of $100 dollars a barrel, Nigeria could be raking in $250 million dollars a day. In a year, it will be about $90 billion. In Naira, that will be about N40 billion a day and N14.6 trillion a year.
In the 2013 budget, Nigeria set the benchmark price for crude oil at $79 a barrel. At that rate, 2.5 million barrel of oil a day will give Nigeria $229.1 million dollars a day. In a year, it will be about $80 billion. In Naira, that will be about N25 billion a day and N13.1 trillion a year.
Nigeria also produces gas. According to the Department of Petroleum Resources (DPR), Nigeria produces 8.0 billion cubic feet per day of gas per day(BCFD). 5.2 BCFD is for Associated Gas (AG), that is gas produced along with crude oil while 2.8 BCFD is for Non-Associated Gas(NAG), that is gas produced independent of oil production.
Revenues from oil and gas give Nigeria 80% of its income. Another 20 % comes from sources as diverse as mineral exploration and agriculture. In all, Nigeria makes over $100 billion each year from exports.
Many of us do not know but Nigeria makes an average of $90 billion dollars in oil and gas revenue a year and another $10 billion from exports of other natural resources. Nigeria also makes N5 trillion from Federal taxes. From Customs duties, Nigeria makes another one trillion. That is a total of N22 trillion a year.
In the last 50 years, Nigeria has made over $500 billion from crude oil. Some of that money showed up in fraud cases that gave us headlines like these: Iyabo, Bello, Obasanjo in N300 Million Scandal, Igbinedion Embezzled Edo’s N19bn — EFCC, Money Laundering: Group Sues EFCC Over First Lady Patience Jonathan’s $13 Million Fraud; EFCC Arrests Bode George, Dabo, Accuses Them of N100 Billion Dirty Contracts; Former Governor of Taraba State, Reverend Jolly Nyame, Must Face Criminal Trial Over Alleged Stealing Of N2.4 billion while In Office; EFCC Files N700m Fraud Charges Against Dariye, Others; N100 Million Scam – Court Grants Boni Haruna’s Aide Bail; EFCC Declares Ibori Wanted Over N44bn Fresh Corruption Charges; Jigawa State’s Ex-Gov Turaki’s N30b Used To Finance Third Term Project; $16B Power Scam: IBB’s Allies Call For OBJ’s Arrest; N5.6bn Pension Scam: Court Denies Former Oyo State Head of Service, Others Bail; N19.2bn Scam: EFCC Re-arraigns Timipre Sylva; N1.8bn Subsidy Scam: EFCC RE-ARRAIGNS ABDULLAHI ALAO, THREE OTHERS.
A Google search of fraud and EFCC and any of the former governors of Nigeria’s 36 states in the last 15 years will show you indictments in billions – from Bola Tinubu to Orji Uzo Kalu to Ahmed Yerima to Donald Duke to Peter Odili. Add members of the National Assembly and ministers from Deji Bankole to Patricia Etteh to Farouk Lawal to Chuba Okadigbo to Sunday Afolabi. Do not forget the portion of our commonwealth that went to bankers like Mrs. Cecelia Ibru, Erastus Akingbola, Bartholomew Ebong, Okey Nwosu, Sebastine Adigwe etc. If you add up the billions, you will be able to account for the money Nigeria has made over the years.
According to the NNPC, Nigeria’s crude oil reserve is at 28.2 billion barrels. At today’s price that is $2.8 trillion. If no new oil is discovered in Nigeria and we continue to produce at 2.5 million barrels a day, our oil reserve will last for another 11,280 days. That is 30 years more.
Let me stop here and leave you to find the remaining stolen cash, who knows, it might be with your neighbors.
If there is an international stealing contest, some of Nigerian leaders will win.
Nigerians wake up!!!