A recent annual report from the Organisation of Petroleum Exporting Countries (OPEC) has disclosed that Nigeria earned $997.1 billion from its sale of crude oil between 1990 and 2017, a period of 27 years.

This is approximately N408tn using the current exchange rate.

Prorated over the 27-year period, which included the later years of military governments in Nigeria, the report indicated that the country earned an average of about $37 billion yearly from its oil sales.

According to it, the military government of General Ibrahim Babangida, earned $50billion from oil sales between 1990 and 1993 when before it left the stage. Between 1993 and 1998, General Sani Abacha’s government which succeeded Babangida’s government, earned $64 billion, while General Abdulsalami Abubakar who succeeded Abacha, earned $5.8 billion from oil sales within the one-year period that he was in charge of the country’s affairs.

Collectively, the military governments of Babangida, Abacha and Abubakar earned $119.8 billion from oil sales between 1990 and 1999.

At the turn of democracy in 1999, Chief Olusegun Obasanjo became President and governed until 2007, a period of eight years, and within which he received $261.8 billion as oil revenue. Obasanjo’s successor, Mr Umaru Yar’Adua’s government earned $139.6 billion from oil sales within the three-year period he served.

Between 2010 and 2015, when Dr Goodluck Jonathan was president of the country, his government raked in $381.9 billion in oil revenue; his successor, President Muhammadu Buhari earned $94 billion from oil sales between 2015 and 2017.

Records for oil revenue in the last three years of 2018, 2019 and 2020 were not factored in the OPEC analysis.