Oshiomole accuses FG of misusing $30Bn excess crude funds

Oshiomole accuses FG of misusing $30Bn excess crude funds

Fola Akintomide

Edo State governor, Adams Oshiomhole, has accused the federal government of failing to account for nearly $30billion amassed Nigeria’s excess crude account in the past three years.

“Ideally, we ought to be saving $36 per barrel on the 2.3 million barrel a day over the past three years and if you look at these numbers, you will find that what we have in our excess crude oil account should be over $30billion but as we speak, we have barely $3 billon in our excess crude account,” he said.

The governor’s claims were made when he received members of the Association of Enegies from Edo South during a courtesy call at the Government House in Benin.

He explained that the country’s budgets for the past three years have been grounded on the average of $77 and $79, while the average price of the country’s crude has been $108 per barrel, which gives an average surplus of $30 per barrel.

He further added that the situation in the country has become tedious as a result of the federal government’s mismanagement of the country’s national resources, adding that the country has the capacity of producing about 2.4 million barrels per day but what accrues into the federal government account is less than 1.8 million barrel a day.


Happenings Media