Buhari repeats false statement about Nigeria’s oil revenues in recent years


President Muhammadu Buhari again cited erroneous figures on Nigeria’s average crude oil earnings between 1999 and 2014, while speaking of his administration’s efforts to build the economy with scarce resources.

The president, in the interview broadcast by Channels TV on Wednesday, said Nigeria’s crude oil production from 1999 to 2014 averaged 2.1 million barrels per day at an average price of $ 100 per barrel.

“I challenge so many of you to go check with the central bank or the NNPC; production from 1999 to 2014 was 2.1 million barrels per day, an average production at an average cost of $ 100 per barrel, ”the president said in response to Channel’s Seun Okinbaloye.

Mr Okinbaloye had asked the president: “Did you consider the enormity of the task when you promised to fight against insecurity as president and commander-in-chief of our country?”

The president’s claim, which he has repeated several times in the past, has been verified by PREMIUM TIMES and its sister organization, Dubawa, and found to be false.

In his interview with Arise TV in June 2021, the President made the same false claims, among many other repeated rhetorics and analogies that featured in his speeches.

In a previous interview in 2019, he said: “This country was receiving 2.1 million barrels per day and taking them out of Nigerian territory. With an average cost of US $ 100 per barrel. It went up to 143 but when we got there it collapsed…. “

In 2021, speaking to Arise TV journalists who had urged him on the poor performance of his government, Mr Buhari said: “I would like you to check how much we earn from 1999 to 2014. From 1999 to 2014, our production (if you check you will find that) each production was 2.1 million barrels per day. Priced at US $ 100 per barrel. So, from 1999 to 2014, we earn 2.1 million times $ 100 per day.

Our fact-checking at the time, using OPEC figures, showed the claim to be false. The price of crude oil during the period he referred to averaged $ 61.7 per barrel.

What the data says

The average annual price of crude oil in Nigeria in 1999 was around $ 17.4 per barrel. It rose to $ 27.6 in 2000, fell to $ 23.1 in 2001, and maintained a slight increase in 2002 ($ 24.3), 2003 ($ 28.1) and in 2004 (36.5 ) respectively, data from the Organization of the Petroleum Exporting Countries (OPEC) cited by Statista, showed a data analysis platform.

The data revealed that oil was selling for $ 50.5 a barrel in 2005, $ 61 in 2006, $ 69 in 2007, $ 94.1 in 2008, $ 60.8 in 2009 and in 2010 the price of oil was $ 77.3 2011, the average annual price of oil reached a record high of $ 107 per barrel, rising to $ 109 per barrel in 2012, $ 105.8 in 2013 and hit $ 96.2 in 2014.

“Words of Buhari”

Most of the casual speeches and remarks (interviews) made by the president since 2016 have followed a similar pattern.

For example, the president in his speech on the occasion of the celebration of Democracy Day in Nigeria in 2016 declared that the average price of oil was $ 100 per barrel from 2010 to 2014.

In a similar message on October 1, 2016, the nation’s independence day, President Buhari, while addressing the country, changed his statement that oil prices were “on average $ 100 per barrel. During the last decade.

During the Independence Day celebration in 2017, Mr. Buhari extended the deadline for 1999-2015.

According to Nigerian Extractive Industries Transparency Initiative (NEITI), Nigeria produced around 14 billion barrels of crude oil, an average of about 827.5 million barrels per year since 1999, or an average oil production of 2.2 million barrels per day during the period under review . This confirms the president’s assertion that Nigeria’s oil production figure averaged around 2.1 million barrels per day.

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