Oshiomole “Unmask” the truth about Nigeria’s Crude Oil Account

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Governor Adams Oshiomole of Edo State who played host receiving traditional rulers from Edo South reveals that no money has been shared from the Excess Crude Account in the past 18 months as it had been empty. He said “no state had received any money from the Excess Crude Account in that period, leading to a distortion of development plans in the states”

The governor alleged that funds were being stolen from the national coffers and that the federal government had mismanaged nation’s resources as monies said to be deducted for subsidies for products like kerosene do not reflect in the market their price.

“Over the past 18 months, we have not shared the excess crude account and yet, the account is empty. Sometimes we are told they have taken money from it to fund subsidies including subsidy on kerosene but your royal highnesses, there is nowhere in your various domains where kerosene is sold for N50. So in the name of subsidy, large sums of money are being stolen,” Oshiomole lamented.

“Things are tough now around the country because the federal government mismanaged our national resources and what is being stolen, nobody agrees it is being stolen. What is arguable is who is responsible for this stealing. When the Federal Government and the President talk about oil theft and the amount that is allegedly stolen is huge such that whereas we have the capacity to produce about 2.4 million barrels a day, what accrues into the federal government account is less than 1.8 million barrel a day,” he added.

The governor, who revealed that large sums of money are being stolen in the name of subsidy, said things were tough now in the country because the federal government mismanaged the national resources and because nobody agrees what is being stolen from the account.

He also wondered what happened to the excess revenue from oil over the last three years, observing that while the federal budget had been based on a benchmark of between $77 and $ 79, the international price had been about $108.

“Whereas the budgets have been based on an average of between $77 to $78 and $79 a barrel, the average price of Nigeria’s sweet crude has been around $108 per barrel. That gives a surplus of over $30. Ideally, we ought to be saving $36 per barrel and 2.4 million barrel a day over the past three years and if you look at these numbers you will find that hat 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.


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