Nigeria made N118 trillion from oil since 1961 - NBS reveals

Nigeria made N118 trillion from oil since 1961 - NBS reveals

- The National Bureau of Statistics, a government agency reveals Nigeria has made N118 trillion from crude oil

- The report takes into consideration oil exploration between 1961 and 2014

- The NBS collaborated with the National Population Commission to arrive at the figure

The National Bureau of Statistics (NBS) has revealed that Nigeria made at least N118 trillion from crude production and refining since 1961.

The News Agency of Nigeria (NAN) reports that the NBS collated its report between 1961 and 2014 with the assistance of the Nigerian National Petroleum Corporation (NNPC).

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Oil was discovered in Oloibiri in Bayelsa state in 1956.

The NBS said: “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 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.

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“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.”

NAIJ.com reported earlier that the Nigeria National Petroleum Cooperation (NNPC) has announced that it has started the process that will eventually lead to the exploration of oil in Sokoto.

This was revealed by Maikanti Kachalla Baro who is the group managing director of the NNPC when he received the governor of Sokoto, Aminu Waziri Tambuwal, who paid a working visit to the NNPC Towers in Abuja.

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Source: Naij.com

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