Nigeria lost $966 million to crude oil swap deal between 2009 and 2012, the Nigeria Extractive Industries Transparency Initiative said Friday. NEITI’s Communications Director, Orji Ogbonnaya-Orji, made the disclosure in Lagos at a forum on fuel subsidy, organised by Media for Oil Reform in collaboration with the School of Media Communication, Pan Atlantic University. Crude swap deals allowed the Nigeria National Petroleum Corporation, NNPC, to trade crude oil for refined products. Mr. Ogbonnaya-Orji said in 2012 alone, the cost of crude oil swapped was $6.4 billion, while value of refined products returned to Nigeria was $6.3 billion. This left the sum of $100 million as revenue loss incurred by government. He said similar concerns were raised with subsidy payment, noting that NEITI’s audit reports disclosed that N4 trillion was oil subsidy payments between 2006 and 2012. Mr. Ogbonnaya-Orji said in 2006, N219.72 billion was spent on subsidy, in […]