Here is an executive summary of the latest audit report by NEITI + how NNPC, IOCs, NDDC, NCDMB, and Federal ministry of Finance (FMF) were mentioned in the report
The Nigerian government raked in $34.28 billion from oil and gas sector in 2019.
Platforms Africa reportsi that the Nigeria Extractive Industry Transparency (NEITI), which showed this in its 2019 audit report presented to the media and civil Society organisations (CSO) in Lagos on Tuesday, declared that a whopping $8.487 billion of the total receipt came from the sales of oil and gas.
Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, who made the presentation, noted that crude oil sale alone accounted for $7.011 billion while receipts in gas sale amounted to $1.476 billion.
READ ALSO: House, DPR on Collision Course Over Oil Block’s Revocation, Awards
EXCLUSIVE: Major Shake up rocks DPR, 6 Deputy Directors Removed + FULL LIST
DPR confirms Platforms Africa Exclusive Story on Shakeup, Deputy Directors
The report covers a total of eighty eight (88) companies and the NLNG, of which eighty two (82) comoanies made payments in 2019. The remaining seven (7) companies did not make payments because they were not in operations, he said.
“Furthermore, a total of nine (9) government entities that directly collect revenue and participate in the industry are covered in the teport.
“In the report, government receipts were $34.28 billion in total revenue from the oil and gas sector – out of which company level financial flows by revenues streams was $18.96 billion and flows from Federation sales of crude oil and gas was $15.32 billion.
“Out of the 34. 281 billion total government revenue from the sector; $18.14 billion (52.92%) was transferred into the Federation account, $6.55 bilion (19.11%) into the Cash-cal account and $5.58 billion (16.28%) into NNPC designated accounts.
“Furthermore, $2.82 billion (8.24%) was transferred into third parties’ project financing accounts wwhile $1.18 billion (3.45%) were subnational transfers.
Subnational trasfers are payments made to state IRS, NDDC, Nigerian Content Development and Minister Biard (NCDMB), and Federal ministry of Finance (FMF), in addition to $5.58 billion in NNPC designated accounts, $229.449 million (N70.21 billion) was downstream deductions on orior year domestic sales.
“The Federation achieved a 5.07 % revenue increase from $32.63 billion in 2018 to $34.28 billion in 2019.
