$400BN OIL REVENUE STOLEN SINCE INDEPENDENCE, SAYS UK FIRM

A global crude industry security watchdog, IRN Security, has put the amount of oil revenue Nigeria has lost to either mismanagement or theft since independence at $400 billion.

The United Kingdom-based company, in a report released at the weekend, however, said Nigeria had raked in over $600 billion from oil within the same period. Nigeria, Africa’s biggest crude exporter and seventh in the Organisation of Petroleum Exporting Countries (OPEC), produces 2.2 million barrels per day.

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