23 March 2016, Sweetcrude, Abuja – The Federal Government exported 328, 897 million barrels of crude oil in the last four years, the Nigerian Extractive Industrial Transparency Initiative (NEITI) has said.
This was disclosed in a paper presented by former NEITI Acting Executive Secretary, Dr. Orji Ogbonaya Orji, obtained by our correspondent in Abuja, wherein he noted that the government allocated more crude oil for exports since it derives more than 70 per cent of its earnings from oil exports.
The paper entitled, “NNPC Offshore Processing and Swap Arrangements: Revenue Loss to the Nation” showed that the Federal Government allocated 655,235million barrels of crude during the period under review, of which it exported 328, 897 million barrels to generate revenues for the country.
Giving an account of the number of volumes of crude oil allocated per year, volumes delivered to the refineries for processing into petrol, kerosene, diesel and other finished products, volumes supplied for offshore processing, and those exchanged between Nigeria and her partners abroad, NEITI further revealed that the government supplied 134, 387 million barrels of crude oil to the refineries during the period.
Further giving a breakdown of crude oil dealings during the period under review, NEITI said the country allocated 161,914 million of crude oil in 2009; 166, 523millions in 2010; 164,455million in 2011; and 162,343millions in 2012.
It noted that the government exported 142, 500 million barrels of crude oil in 2009; 97, 792 million barrels in 2010; 39, 341 million barrels in 2011 and 49, 215 million barrels in 2012.
The paper said the government delivered 19, 363 million barrels to the refineries in 2009; 34, 703 million barrels in 2010; 48, 394 million barrels in 2011 and 34, 927 million barrels in 2012.
Others include crude oil offshore processing-27,556 million barrels of crude oil in 2010; 26, 688 million barrels of crude oil 2011; and 22, 755 million barrels of crude oil in 2012.
Also, the paper recalled that the idea of swapping crude oil for refined products began in the mid-80s, adding that the idea was introduced to enable NNPC access funds to meet its obligations in the Joint Venture Agreements (JVAs).