Tuesday 2 August 2016

NIGERIA LOSES N2.56 TRILLION TO EIGHT-YEAR OIL PRICING DISPUTE

Oil refineryNigeria may have lost an estimated N2.56 trillion ($8 billion) to the lingering price dispute between the International Oil Companies (IOCs) and Crude Oil Marketing Division (COMD) of the Nigerian National Petroleum Corporation (NNPC).

The sum which is more than a third of the 2016 budget of N6.1trillion, represents the estimated cumulative revenue losses from the under-assessment of the fiscal valuation on crude oil between 2006 and 2013, using the current exchange rate of N321 to $1, judging by the Nigerian Transparency International (NEITI) 2013 audit of the petroleum industry.

Read more @ The Guardian

No comments:

Post a Comment