FG lost $198.7m to oil swap, OPA in 2014 – NEITI

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The Nigeria Extractive Industries Transparency Initiative (NEITI) said the country lost $198.7 million in 2014 to the crude oil-for-product swap and the Offshore Processing Arrangements (OPA), The Sun reports.

NEITI disclosed this  in its Audit Report for 2014 released in Abuja on Friday. It  said the release of the reports was in accordance with the global Extractive Industries Transparency Initiative (EITI) standards which encouraged implementing countries to release their independent industry audit reports, at most, two years in arrears.

The report also revealed that 22 billion litres of petroleum products were imported as against the 20 billion litres imported in 2013, with 950 million litres of the products locally produced in 2014 as against the 2.6 billion litres locally produced in 2013.