Nigeria's new president should overhaul how Africa's biggest oil producer sells its state oil company's share of crude oil output to save billions of dollars in wasted and lost revenues, a report by an international governance watchdog said on Tuesday.
About half of Nigeria's 2 million barrel per day (bpd) crude output goes to NNPC, the state-owned oil company. NNPC sells half that oil to its subsidiary Pipelines and Product Marketing Co for the country's refineries.
The poorly maintained plants are however unable to process the bulk of the oil and over the years this allocation has devolved into a "nexus of waste and revenue loss," according to the report by Natural Resource Governance Institutes (NRGI), a non-profit.
