Mr. Peter Obi, the presidential candidate for the Labour Party, has exposed how Nigerian government officials steal crude oil.
At a recent rally, he spoke to his followers and said that only Nigeria was failing to reach its production limit, but all other OPEC members were vying for more.
Out of its 1.8 million bpd limit, Nigeria failed to supply 717,000 barrels per day in July.
At a price of $110 per barrel, he claimed that this amounted to lost revenue of $22,227,000 every day, which in a month would total more than $2.4 billion.
This equated to more than one trillion dollars lost in only the month of July using an average exchange rate of N550.
However, he disclosed that Nigeria’s income from January through April was N1.6 trillion, while its expenses were N4 trillion, leaving a N3 trillion shortfall.
In contrast to “ship in territorial waters,” Obi claimed that this was “official stealing” rather than oil bunkering.