Nigeria 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.
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