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Posted By Admin On September 18th, 2022

Labour Party’s presidential candidate, Mr Peter Obi has revealed how Nigeria’s crude oil is being stolen by Nigerian government officials.

Addressing his supporters at a recent event, he said that out of all the OPEC countries, only Nigeria was not meeting its supply quota while other countries were angling for more.

In July Nigeria did not supply 717,000 barrels per day out of its 1.8 million bpd quota.

He stated that this amounted to lost revenue of $22,227,000 daily at the rate of $110 per barrel which in a month totaled over $2.4Billion.

Using an average exchange rate of N550, this amounted to in excess of one trillion lost in the month of July alone.

Yet he revealed that N1.6 trillion was Nigeria’s Jan-Apr. income while it incurred N4 trillion expenditure resulting in over N3 trillion deficit.

Obi declared that this was not oil bunkering but “Official stealing” not just by “ship in territorial waters”.

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