Nigeria earned $997.1bn from oil sales in 27 years –OPEC
The Organisation of Petroleum Exporting Countries (OPEC), has disclosed that Nigeria earned $997.1 billion in 27 years (1990-2017) from the sale of crude oil. Prorated over the 27-year period, which included the later years of military governments in Nigeria, the report indicated that the country earned an average of about $37 billion yearly from oil sales. According to the OPEC report, the military government of General Ibrahim Babangida, earned $50 billion from oil sales between 1990 and 1993 before the government ended. Between 1993 and 1998, General Sani Abacha’s government which succeeded Babangida’s government, earned $64 billion while, while General Abdulsalami Abubakar who succeeded Abacha, earned $5.8 billion from oil sales within the one-year period that he was in charge of the country’s affairs. At the turn of democracy in 1999, President Olusegun Obasanjo who governed until 2007, received $261.8 billion as oil revenue.Obasanjo’s successor, Mr. Umaru Yar’Adua’s government earned $139.6 billion from oil sales within the three-year period he served. Between 2010 and 2015, when Dr. Goodluck Jonathan, was Nigerian president, the government raked in $381.9 billion in oil revenue, while his successor, President Muhammadu Buhari, earned $94 billion from oil sales between 2015 and 2017.