Cost of Lost $9 Billion Oil Money: 205,000 Schools or 144,000 PHCs.

By David Ndukwe

According to 2013 Report recently released by Nigeria Extractive Industries Transparency Initiative (NEITI), Nigeria lost at least $9 billion in 2013 to dodgy financial practices in the oil and gas sector.

NEITI $9million

“In 2013 the country produced 800.3 million barrels and out of that, the country made 58.07 billion dollars. That represents an eight-per cent reduction from the 62.9 billion dollars the country made in 2012. Because of some monies that were withheld, lost or underpaid for different reasons.

Nigeria lost 5.9 billion dollars and N20 billion to inefficient practices and theft, among other things, and that 1.7 billion dollars was still owed to the federation from oil mining leases (OML). And non-remitted monies amounted to 3.8 billion dollars and N358 million. While under the category of the under-assessed, the country lost 599.8 million dollars.

NEITI $9million SD

The 9 million dollars would have amounted to 1.44 trillion Naira using the conservative exchange rate of NGN160 to $1. The 1.44 trillion Naira would have been 28.9% of the 2013 national budget of 4.98 trillion. It also could have allowed the federal government spend N6,400 per day on the 613,000 internally displaced persons of 2013.

Some of the many social development the money could have catered for include buidling 205 thousand schools for the country and 144 thousand additional primary healthcare centres.

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