How Nigeria generated N28.6trn from oil, non-oil sources in 5 years

The Nigeria Extractive Industries Transparency Initiative (NEITI) said that a total of N28.58 trillion was remitted to the Federation Account between 2012 and 2016, from mineral revenues, non-mineral revenues and Value Added Tax (VAT).

This was revealed in NEITI’s latest Fiscal Allocation and Statutory Disbursement (FASD) Audit report for the period 2012-2016, released in Abuja, on Sunday.

Asides remittances to the federation account, the audit tracked statutory allocations and their applications with specific focus on nine states, four interventionist agencies, and five special funds.

The nine states covered were Rivers, Bayelsa, Akwa Ibom, Nasarawa, Delta, Ondo, Imo, Kano and Gombe.

It also listed the Federal agencies as Niger Delta Development Commission (NDDC), Petroleum Technology Development Fund (PTDF), Tertiary Education Trust Fund (TETFUND) and Petroleum Products Pricing Regulatory Agency (PPPRA).

Special funds were named as Natural Resources Development Fund (NRDF), Petroleum Equalisation Fund (PEF), Excess Crude Account (ECA), Ecological Fund (EF), and Stabilisation Fund (SF).

Giving a breakdown of the N28.58 trillion remitted to the Federation Account, NEITI noted that mineral source contributed highest sum of N18.15 trillion, after deductions for joint venture cash calls and subsidy claims.

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This represented 64 per cent of the total earnings, followed by non-mineral source N6.68 trillion, representing 23 per cent, while value-added tax, VAT, was put at N3.73 trillion, representing 13 per cent.

“A year – by – year breakdown of the total remittances showed that N4.19 trillion was remitted in 2012, while N4.73 trillion was recorded in 2013. Furthermore, N4.69 trillion was recorded in 2014 while N2.89 trillion and N1.65 trillion were remitted in 2015 and 2016 respectively,” the report read.

“Analysis of the N18.16 trillion mineral revenues shared among the three tiers of government showed that Federal Government received N8.32 trillion from 2012 – 2016, the 36 state governments shared N4.22 trillion.

“The 774 local governments got N3.25 trillion. This is exclusive of N2.36 trillion 13 per cent derivation to the oil, gas and mining producing states,” it said.

The report also disclosed that from the share of non-mineral revenues of N6.68 trillion, the federal government received N3.52 trillion, while the 36 states got N1.79 trillion and 774 local governments took N1.38trillion.

“The total VAT revenue of N3.73 trillion was shared as follows: FGN – N560 billion, 36 States – N1.88 trillion and 774 LGAs – N1.31 trillion.

“Out of the N18.15 trillion recorded from mineral revenue within the period, the highest receipt of N4.73 trillion representing about 26.07 per cent was recorded in 2013”.

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