Nigeria Earned $355 billion From Oil Between 2006 and 2012 With Nothing To Show For It

Acting Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, has revealed that Nigeria earned a whopping $355 billion from 42 oil and gas companies operating in Nigeria between 2006 and 2012.

The earnings where from taxes, royalties and dividends and paid to the Federal Government. Here is the breakdown;

2006 – $44.7 billion

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2007 – $43.7 billion

2008 – $60.4 billion

2009 – $30 billion

2010 – $44.9 billion

2011 – $68.4 billion

2012 – $62.9 billion

The Nigerian economy is apparently not better off with Federal Reserves dropping to below $30 billion and states unable to fund their  capital and recurrent expenditure. Nigerians have complained bitterly about the level of corruption in the country and believe a significant chunk of the revenue earned from oil was stolen.