Nigeria State Oil Company Withholding Billions, Nigerian National Petroleum Corporation’s Sale Practices Worsen: Report


Nigeria natural gas An aerial view of Nigeria Liquefied Natural Gas (NLNG) plant at Bonny Island in Rivers State is shown March 22, 2013. Nigeria’s new president Muhammadu Buhari must overhaul the country’s state-owned oil company to save the West African nation from losing billions of dollars

Nigeria’s state oil company has been increasingly withholding massive sums of money from the Nigerian treasury as oil sale practices worsen. The Nigerian National Petroleum Corporation retained about $12.3 billion from the sale of 110 million barrels of oil over ten years, a new report published Tuesday by an international governance watchdog found.

The price of the global crude oil benchmark Brent Crude has fallen more than 50 percent since last summer and has continued in steep decline this week. With oil sales accounting for about 70 percent of government revenues, Nigeria’s new president must reform how the West African nation sells the corporation’s share of crude oil…

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