NNPC, FIRS others remitted N14.3tr to federation account in two years – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) said on Thursday Federal Government’s revenue-generating agencies remitted ₦14.3 trillion as revenue from the extractive sector to the federation account in two years.

The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, disclosed this during the unveiling of the latest Fiscal Allocation and Statutory Disbursement (FASD) report for 2020-2021.

The Auditor-General of the Federation, Mr. Shaakaa Chira, unveiled the report.

The revenue-generating agencies include the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Upstream Regulatory Commission (NUPRC), the Federal Inland Revenue Service (FIRS), the Ministry of Mines and Steel Development (MMSD), and the Nigeria Customs Service (NCS).

Orji said the breakdown revealed that mineral revenue accounted for N6.40 trillion about 44.5 percent of total remittances for the period, while other non-mineral revenue (excluding Value Added Tax) contributed N4.80 trillion about 33.37 percent of total remittances.

READ ALSO: NEITI recommends revocation of oil block licenses of Agip, Sahara, Shell, others

He said: “It looked at an independent assessment of financial transactions in the areas of revenue receipts, payments, how the processes weighed on the scale of transparency and accountability in the oil and gas sector during the period under review.

“Other areas that NEITI focused on, in this report, were projects executed deployment to capital projects and recurrent expenditure and how these aligned with the core responsibilities of the agencies, the government, and citizens’ expectations.

“NEITI’s FASD Report examined total extractive industries revenue remitted to the federation account, tracked allocation and disbursement from the account to statutory recipients, utilisation and application of the funds by beneficiaries between 2020 and 2021,.”

The NEITI chief said the audit covered four revenue-generating and 11 beneficiary agencies that were involved in the management of extractive industries funds.

The report, according to him, also covered nine states namely Akwa-Ibom; Bayelsa, Delta, Gombe, Imo, Kano, Nasarawa, Ondo, and Rivers.

“The beneficiary agencies include Petroleum Technology Development Fund (PTDF); Niger Delta Development Commission (NDDC), Nigerian Content Development and Monitoring Board (NCDMB), Nigeria Midstream and Downstream Petroleum Resources Agency (NMDPRA) – PEF– PPPRA.

“Others are the Tertiary Education Trust Fund (TETFund); Nigeria Sovereign Investment Authority (NSIA), Development of Natural Resources Fund (DNRF), Stabilisation Fund, Ecological Fund, Excess Crude Account (ECA).”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now