NEITI: Nigeria made $400bn from petroleum sector in 10 years

Nigeria, between the years 2010-2019, made a total of $418 billion from the oil and gas sector, the Nigerian Extractive Industries Transparency Initiative (NEITI) in a report, revealed.

A review of the 10 years aggregated financial flow of the sector showed that the accrued sum was collected by the government within the period.

The 2019 Oil and Gas report, states that for the ten years under review, the highest receipts $68.442billion was recorded in 2011 from the about $45 billion recorded in 2010.

The revenue, however, saw a steady declined to $62billion,$58billion, $54.5billion and $24.7 billion respectively between 2012 to 2015.

In 2016, revenue flow also witnessed a sharp decline to $17.055billion but between 2017 to 2019, it increased to approximated $21billion, $33billion and $34.2billion respectively.

The report stated that revenue collected from the sector comprised income from the twenty-three (23) revenue streams.

For 2019, it said the total collection from the sector 2019 was $ 34.218billion, stating that from the total collection, 98.03% $33.543billion was reconciled, while 1.97% $675.549million was unilaterally disclosed.

Also, $18.14billion (53.02%) was transferred into the Federation Account, $6.55billion (19.14%) into the Cash-call account and $5.52billion (16.13%) into NNPC designated accounts.

“Furthermore, $2.82billion(8.25%) was transferred into third parties’ project financing accounts while $1.18billion(3.46%) were subnational payment.

“Subnational payments are made to State IRS, NDDC, Nigerian Content Development and Monitoring Board (NCDMB) and FMFBNP.

“In addition to US$5.52billion in NNPC designated accounts, $229.49million (N70.21billion) was downstream deductions on prior-year domestic sales,” the report stated.

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Over $400 billion made from Nigeria’s petroleum sector in 10 years ― NEITI