Festus Akanbi As chroniclers of events that shaped the tenure of the outgoing administration of President Muhammadu Buhari round up their jobs ahead of the May 29 handover to the
As chroniclers of events that shaped the tenure of the outgoing administration of President Muhammadu Buhari round up their jobs ahead of the May 29 handover to the next administration, the list of issues that will continue to cast shadows on the report includes the monumental waste of approximately N8trillion on the corrupt-ridden fuel subsidy programme in the space of eight years, corruption in the oil sector, untamed oil theft and the attendant threat to the nation’s revenue.
The campaign to de-market the Jonathan administration was fierce and consistent. It was a campaign that falsely raised the hope of many Nigerians, especially those making the case for the cancellation of the subsidy regime. The report also showed that subsidy payments for 2011 stood at N1.9 trillion , N690 billion in 2012, N495 billion in 2013, N482 billion in 2014, N316.70 billion in 2015, N99 billion in 2016, N141.63 billion in 2017, N722.30 billion in 2018, N578.07 billion in 2019 and 134 billion in 2020, respectively.However, in another breathe, NEITI has disclosed that Nigeria lost 619.7 million barrels of crude oil valued at N16.25 trillion to crude oil theft between 2009 and 2020.
Data from the upstream regulatory body shows that the country’s oil production decreased by 2.9 per cent from 1.3 million bpd in February. On a year-on-year basis, it increased by 2.5 per cent from 1.23 million bpd. A review of data from the NUPRC for the two months showed that while in January, Nigeria drilled 39 million of the 55 million barrels allocated to it, in February this year, it only managed to produce 36.5 million of the total projected output of 50.4 million barrels.
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