Nigeria generated $21bn from oil and gas in 2017 —NEITI

Nigeria Extractive Industries Transparency Initiative (NEITI) said on Thursday the country realised about $21 billion from the oil and gas sector in 2017.

The agency disclosed this in its latest audit report released, saying the figure was 23 percent higher than the $17.05 billion realised in 2016.

However, it was lower by about 15 percent than the 2015 inflow of $24.79 billion.

Details of the report on the various revenue streams showed that crude oil and gas sales raked in about $10.19 billion, against other earnings of about $10.13 billion.

The 2017 report covered 63 entities, including seven government agencies, 12 joint venture companies, 13 production sharing contract companies and 16 marginal field operators.

Other entities covered were 13 sole risk operators, one service contract and Nigeria Liquefied Natural Gas (NLNG) Company.

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The NEITI Audit report independently reconciled financial and physical flows from activities and transactions that took place in the nation’s oil and gas sector for the 2017 fiscal year.

“Between 2013 and 2016, the yearly inflows from the oil and gas sector declined steadily, with the sharpest drop of 55 percent recorded in 2015 compared to the preceding year,” NEITI stated.

The report also showed that inflows from Nigeria NLNG as dividend, interest and loan repayment were $834million, an increase of over 114 percent from about $390 million in 2016

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