Nigeria Generates $1.1trn From Crude Oil in 28 Years

• Nigeria Generates $1.1trn From Crude Oil in 28 Years

The Vice President, Yemi Osinbajo, during the weekend said Nigeria generated $1.1 trillion from crude oil in 28 years.

According to him, lack of diversification and widespread corruption over the years made it impossible to feel the impact of oil receipts on growth.

The Vice President, who delivered the ninth public lecture of Sigma Club at the International Conference Centre of the University of Ibadan in Oyo State, said the current administration received the lowest oil receipt during the period, while the highest revenue was generated during the Jonathan Administration.

Breaking down the receipts, Osinbajo said: “The nation earned $119.8 billion from 1990 to 1998, $481 billion from 1999 to 2009 and $381 billion from 2010 to 2014. The present administration has only earned $112 billion since June 2015.”

“The earnings from oil from 2010 to 2014 were the highest recorded in the history of the country. This is a period when the price of oil per barrel sold from $100 to $114.”

The VP, during his lecture, ‘Developing the nation through youth empowerment’, said corruption drain most of the public purse, saying that the country would earn more revenue if corruption is addressed.

“In a 2015 transaction met by this administration, a sum of $67 million was made without a purpose for it. So also is another $292 million,” he said.

Osinbajo further stated that past administration left a total debt of $63 billion while Buhari administration had borrowed $10 billion, bringing the nation’s total debt to $73 billion.