Nigeria earned $741.5bn from oil and gas in 21 years, NEITI audit report reveals

The 2021 audit reports of the Nigeria Extractive Industries Transparency Initiative (NEITI) for the oil and gas industry has revealed that Nigeria earned a total of $741.48bn in 21 years, between 1999 and 2020.

The reports made public on Wednesday, also disclosed that the country earned N635.3bn from the solid minerals sectors between 2006 and 2020.

The Executive Secretary of NEITI, Ogbonnaya Orji, announced this at a stakeholders’ roundtable organised by the agency in Abuja for the review and approval of NEITI 2021 Audit Reports for the oil, gas and solid minerals sectors, which were submitted to the agency by the independent administrators – Messrs Taju Audu & Co, and Amedu Onekpe & Co

Speaking at the event, Orji said: “So far, NEITI has conducted a total of 13 cycles of reconciliatory reports in the oil and gas sector and 11 cycles of reports in the solid minerals sector. These reports have disclosed a total revenue earnings to the government of $741.48bn from the oil and gas sector and N635.3bn from the solid minerals sector.

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“These earnings were between the years 1999-2020 (oil and gas) and 2006-2020 (solid minerals sector earnings). In addition, NEITI reports have disclosed that Nigeria lost over 619.7 million barrels of crude oil valued at $46.16bn or N16.25tn from 2009 to 2020 from theft and sabotage.

“This amounts to losing over 140,000 barrels of crude valued at $10.7m daily. Furthermore, NEITI has reported on subsidy payments from the years 2005 to 2021 and its huge negative consequences to the nation.”

Speaking further, Orji said that in the reports, it was revealed that Nigeria had spent $74.39bn, “which translates to N13.7tn. By the above figures, Nigeria spent an average of N805.7bn annually, N67.1bn monthly or N2.2bn daily.

On the 2021 NEITI Industry Reports of the oil, gas and mining industries, Orji said they covered a total of 69 companies and 12 government agencies, with one state-owned enterprise for the oil and gas report.

According to him, a total of 1,214 companies with three government agencies were covered in the report of the solid minerals sector.

“The objectives of the reports were to establish the quantities of minerals produced and utilised in the country. The reports also sought to establish the revenue paid by oil, gas and mining companies and how much of such revenues were actually received 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” Orji added.

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