Fact check: Did OPEC say Nigeria sold $206 billion in oil between 2015 and 2019?
Fact check: Did OPEC say Nigeria sold $206 billion worth of oil between 2015 and 2019?
To claim: A widely shared Whatsapp status screenshot claims that the Organization of the Petroleum Exporting Countries (OPEC) says Nigeria sold oil worth $206 billion between 2015 and 2019.
Full Text: Text widely circulated on Whatsapp and Facebook reads: ‘OPEC says Nigeria sold $206 billion worth of oil between 2015 and 2019. If true, why borrow $81? What in the name of God is happening in Nigeria?
Nigeria has become 11th member of OPEC on July 12, 1971, when the other members unanimously accepted the country’s candidacy at a conference.
There are six oil export terminals in the country. Shell has two, while Mobil, Chevron, Texaco and Agip have one each. Shell also owns the Forcados Terminal, which is capable of storing 13 million barrels (2,100,000 m3) of crude oil in conjunction with the nearby Bonny Terminal.
PRNigeria conducted keyword research and media reports here, here, hereand here among other credible sources, the Organization of the Petroleum Exporting Countries (OPEC) revealed that Nigeria generated $206 billion in revenue from crude oil exports between 2015 and 2019.
In its recently released OPEC Annual Statistical Bulletin 2020, the oil cartel said Nigeria’s oil imports from 2015 to 2019 were valued at $264.57 billion, while its exports during the same period were of $206.07 billion.
According reportsPresident Muhammadu has borrowed $2.02 billion from China since taking office, but the debt rose to $3.40 billion in March 2020.
According to Last update released by the Debt Management Office, Nigeria’s public debt is now N41 trillion as of March 2022. debt over the three-month period between December 2021 and March 2022.
Based on the facts collected by PRNigeriathe claim that OPEC said Nigeria sold $206 billion in oil between 2015 and 2019 is true.
However, Nigeria has not borrowed $81 billion recently as the Whatsapp status suggests, but has instead secured loans totaling $2.02 billion from China about a year ago, raising the country’s debt profile.
Kidnapped school children
Yauri FGC students, Kebbi
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Spent 88 days from May 30, 2021 to Aug 26, 2021
Report by: PRNigeria.com