Wednesday, 19 July 2017

Nigeria was Only Able to Save $3.9billion from Its Oil Proceeds in 37 Years

According to the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI) , Waziri Adio, Nigeria was only able to save $3.9billion from its oil proceeds between 1980 and June 2017. The report was given in Abuja.

“Nigeria currently has three oil savings funds. They are the
Sovereign Wealth Fund with $1.5billion, the Excess Crude Account $2.3billion, and the Stabilisation Funds with N29.02 billion ($95million).

“In the last 40 years of oil production, Nigeria has extracted about 31billion barrel of its oil reserves. However, from 1980 to 2015, the country exported crude oil worth about $1.09 trillion but has a current balance of $3.9billion as at June 2017 in the three funds.”

“when people are talking about how we ended in this trouble and how we will get out of it, little attention is paid to savings – that we didn’t have enough savings, when the prices were high, we thought it would be high forever living in Fools’ paradise and when the prices fell, we didn’t have enough to fall back on.”

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