How Nigeria earned $742bn oil revenue 21 years – NEITI

Bisola David
Bisola David
How FG earned N4.3trn from oil in 2021 - Report

Nigeria gained $741.5 billion and N635.3 billion from the oil/gas and solid minerals sectors, respectively, over 21 years, according to the Nigeria Extractive Industries Transparency Initiative.

According to The Punch, the executive secretary of NEITI, Ogbonnaya Orji, made this announcement at a stakeholders roundtable the organization convened in Abuja for the evaluation and approval of NEITI 2021 Audit Reports for the oil, gas, and solid minerals sectors.

The agency received the most recent audit reports from the independent administrators – Messrs Taju Audu & Co. and Amedu Onekpe & Co. 

Orji stated in his speech at the ceremony that NEITI has so far completed 11 cycles of reports in the solid minerals sector and a total of 13 cycles of reconciliatory reports in the oil and gas sector.

According to these figures, the oil and gas industry contributed $741.48 billion in total revenue to the government, and the solid minerals industry contributed N635.3 billion.

“These earnings were from the oil and gas sector between 1999 and 2020 and from the solid minerals sector between 2006 and 2020. Additionally, according to NEITI statistics, sabotage and theft cost Nigeria around 619.7 million barrels of crude oil worth $46.16 billion or N16.25 trillion between 2009 and 2020.

“This equates to a daily loss of more than 140,000 barrels of crude oil worth $10.7 million. In addition, NEITI has reported on subsidy payments from the years 2005 to 2021 and its huge negative consequences to the nation.”

According to Orji, it was discovered in these papers that Nigeria had spent $74.39 billion, or “N13.7 trillion.”

According to the aforementioned numbers, Nigeria spends N805.7 billion annually, N67.1 billion monthly, or N2.2 billion daily.

69 companies and 12 government organizations, including one state-owned enterprise, were covered by the 2021 NEITI Industry Reports for the oil, gas, and mining sectors, according to Orji.

According to him, the solid minerals sector report covered a total of 1,214 businesses with the assistance of three governmental organizations.

Orjis stated, “The studies’ goals were to determine the country’s mineral production and consumption rates. The investigations also aimed to determine how much of the taxes that mining, oil, and gas businesses paid actually made it into government coffers.

“Other areas of focus by NEITI are to identify investments made by the Federation or the Federal Government in the oil, gas, and mining industries, track subsidy payments, company remittances, and liabilities,” he concluded.

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