Nigeria’s crude oil revenue hits N118trn in 53 years

crude-oil

The National Bureau of Statistics (NBS) says Nigeria realised more than N118 trillion from crude production and refining from 1961.

The NBS report, which had inputs from the Nigerian National Petroleum Corporation (NNPC), collated its statistics from 1961 till 2014.

“The petroleum statistics on crude oil production and oil refining reflects that a total 32.70 billion barrels of crude oil valued at N118.49 trillion has been produced between 1961 and 2014,” the report said.

“The highest barrels of crude production was recorded in the year 2005 with 918.66 million barrels valued at N6.14 billion.

“The lowest was, however, recorded in 1961 with 16.80 million barrels valued at N18.73 million.

“The yearly domestic crude oil refining data from 1997 to 2014 also reflected that 844.19 million of crude oil has been received and 835.58 million processed within the period under review.” 

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