The termination of the controversial offshore dispensation and oil swap agreements by president Muhammadu Buhari, may save the country an average of 230,000 barrels a day. At a market price of an average of $60 per barrel, the country would be saving about $13.8 million of crude oil daily.

Nigerian National Petroleum Corporation (NNPC) data show that the corporation allocated just over 79 million barrels (or roughly 218,000 barrels a day) to swaps in 2011 alone. This accounted for nearly half of the Domestic Crude Allocation (DCA) and around a tenth of the country’s average daily production.

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