Nigeria’s earnings from crude oil sales between 1990 and 2017, was $997.1bn. This is contained in a recent annual report by the Organisation of Petroleum Exporting Countries (OPEC) spanning 27 years,
The revelation by the intergovernmental organisation of 13 oil-exporting countries in which Nigeria is an active member, included the later years of military governments in Nigeria, the report indicated that the country earned an average of $37bn yearly from oil sales.
Details show the military government of Gen Ibrahim Babangida, earned $50bn from oil sales between 1990 and 1993. Between 1993 and 1998, Gen Sani Abacha, Babangida military successor, earned $64bn, while Gen Abdulsalami Abubakar who succeeded Abacha, earned $5.8bn from oil sales within one-year. The total earnings of the military governments between 1990-1999 was $119.8bn.
The eight years of President Olusegun Obasanjo (1999-2007), oil sales was $261.8bn. Under Umaru Yar’ Adua’s government, crude oil revenue for the three year period was $139.6bn. Total sales of oil under the two presidents closed at $401.4bn.
With President Goodluck Jonathan in-charge, OPEC report said oil sales earned $381.9bn, his successor, President Muhammed Buhari earned $94bn from oil sales between 2015-2017.