Nigeria is missing $ 17bn in oil, reportedly because it was exported from the country without being properly declared. This marks the latest allegation of 12.7bn graft directed at the oil industry in Nigeria . Oil proceeds make up 90% of Nigeria 's exports and a huge part of its budget; reliance on oil has dragged its economy into difficult times recently due to falling oil prices, and with the situation being exacerbated by militants sabotaging pipelines in Africa . The reliance on oil revenue dragged Nigeria’s economy into hard times when the price of crude on the global market started dropping in 2014. Nigeria says the international oil companies are partly to blame for the missing money; a number of lawsuits have been made against several oil majors between 2011 and 2014 , such as the national assembly and Nigeria , over non-declaration of $ 12.7bn of crude and natural gas exports.
Nigeria is missing $ 17bn in oil, reportedly because it was exported from the country without being properly declared. This marks the latest allegation of 12.7bn graft directed at the oil industry in Nigeria . Oil proceeds make up 90% of Nigeria 's exports and a huge part of its budget; reliance on oil has dragged its economy into difficult times recently due to falling oil prices, and with the situation being exacerbated by militants sabotaging pipelines in Africa . Nigeria says the international oil companies are partly to blame for the missing money; a number of lawsuits have been made against several oil majors between 2011 and 2014 , such as the national assembly and Nigeria , over non-declaration of $ 12.7bn of crude and natural gas exports.