The Nigeria Extractive Industries Transparency Initiative on Friday said the Federal Government lost $966m in revenue from the crude oil swap deal between 2009 and 2012.

NEITI’s Communications Director Orji Ogbonnaya-Orji, made the disclosure in Lagos at a forum on subsidy organised by Media for Oil Reform in collaboration with School of Media Communication, Pan Atlantic University.

Crude Oil Swap is an arrangement by the Federal Government whereby the Nigeria National Petroleum Corporation supervises the trading of the nation’s crude oil for refined products.

Ogbonnaya-Orji said there had been public concern about the objective of this arrangement was being compromised.

He explained that in 2012 alone, the cost of crude oil swapped was $6.4bn, while value of refined products returned to Nigeria was $6.3 bn.

This, he said, left the sum of $100m as revenue loss incurred by government. He maintained that similar concerns were raised with subsidy payment, noting that NEITI’s audit reports disclosed that N4tn was oil subsidy payments between 2006 and 2012.

Ogbonnaya-Orji said that in 2006, N219.72bn was spent on subsidy, in 2007 N236.64bn; 2008 N360.18bn; 2009 N198.110bn; 2010 N416.45bn, 2011 N1.9tn and in 2012 N690bn.

“The subsidy payments in 2012 amounting to N690bn when compared with N1.9tn paid in 2011 showed a 29 per cent reduction.

“This reduction may be due to the January 2012 national protest against oil subsidy,” Orji said. The NEITI media director said the transparency initiative audit also revealed that NNPC had claimed that a total sum of N1.7 tn was paid as subsidy between 2006 and 2012.

Orji said, “NNPC deducted this sum directly from domestic crude oil proceeds before remitting the balance to the federation account.

“Subsidy deductions by NNPC increased by 110 per cent from 198bn in 2009 to N416bn in 2010, and 89 per cent in 2011 from N416bn to N786bn.

“The increase between 2009 and 2011 alone was 186 per cent from N198bn to N786bn.” He said that government needed to conduct an indepth investigation into the management of subsidy payments and ensure that NNPC followed due process in the PSF scheme.

Orji urged the government to deregulate the downstream sector and ensure that refineries worked to their full capacity.

http://www.punchng.com/news/nigeria-loses-966m-to-crude-oil-swap-deal-neiti/

I just looked @ the amount of money mentioned in this news...... And I'm like.........

E don Waka just like that abi Anyway, we have a new Petroleum minister..... Let's watch his style

We are tired of these news. We keep learning how much we lose, yet no one tells us how weak our judiciary is n how corrupt they are to serve Justice to real criminals. Old men fooling posterity

When GEJ and company wanted to scrap the subsidy you people march in Lagos. Please stop distracting us and placing blames when you people have not even put in place one policy. Now an elemantary 6th grader will become the Minister of oil and you think he can do good?

jascon1:
We are tired of these news. We keep learning how much we lose, yet no one tells us how weak our judiciary is n how corrupt they are to serve Justice to real criminals. Old men fooling posterity

I think it's high time the youths stand up to these old men, they've got nothing to offer, just embezzling our funds and turning several tribes against one another.

Naira keeps depreciating.

Our economy is nothing to write home about.

We end up losing several millions, is this nation cursed or something?

Sveen:
I think it's high time the youths stand up to these old men, they've got nothing to offer, just embezzling our funds and turning several tribes against one another.

Naira keeps depreciating.

Our economy is nothing to write home about.

We end up losing several millions, is this nation cursed or something?

do u think a revolution will ever work?

jascon1:
do u think a revolution will ever work?

Although the elders cannot be totally written outta the equation, but it is obvious and peculiar that the youths are the backbone of every nation.

Sveen:
Although the elders cannot be totally written outta the equation, but it is obvious and peculiar that the youths are the backbone of every nation.

I feel ashamed for the elders. They have deeply bled us

*in 2face's voice* you never see anything. You never know wetin won hit them

Our money

okk

That's big o!

hmmm

Hurrrr...
Diezani go cough am out.
She will win her battle against breast cancer and face justice. We need her alive.
I trust Baba on that one. He won't mind paying for her medical bill just so that she face the wrath of the law.

This has aided the stealing activities of Deziani and some of her Oga and cronies. The more the UK police sees this, the more they want to do her many things.

Oil is a curse to this country...

This oil industry is truly a bottomless pit!

Na bubu cause this, abi

https://www.youtube.com/watch?v=nKXPjk909sw

i no even understand wetin them dey talk!..wtf.

Look at the predicament the baba DD has put us into.
Go school, he no agree!


President Field marshall Admiral Prime minister Buhari

An average nigerian doesn't care about dis cos even if d money was not lost we wouldn't hv felt d impact in any way


What have dey been doing with d ones dat were not lost

Haaaaaaaaaaaaa..Ouch

chicken change....


Check my signature Call or whatsapp

GEJ's government sha!!

2008. Yar'Adua Presidency. Oil Subsidy N360.18bn
2009. Yar'Adua Presidency. Oil Subsidy N198.110bn
2010 GEJ Presidency. Oil Subsidy N416.45bn
2011 GEJ Presidency. Oil Subsidy N1.9tn

and they blamed it on the 'cabal'. This must be the first recorded case of a cabal springing up in one year to jack up prices x5.


Everyday, we must thank God for saving us from chaos.

Nigeria is cursed. just when we thought we were getting it right with gej we reverted back to 1980

Another loss


When are we going to hear news of gains and profits?