Nigeria’s oil earnings over a 21-year period have been disclosed by the Nigeria Extractive Industries Transparency Initiative. During the years from 1999 to 2020, Nigeria accumulated a combined sum of $741.5 billion from the oil and gas industry, alongside N635.3 billion from the solid minerals sector.
During a stakeholders’ roundtable event held in Abuja, NEITI’s Executive Secretary, Ogbonnaya Orji, unveiled this information.
The occasion aimed to assess and endorse NEITI’s 2021 Audit Reports for the oil, gas, and solid minerals domains. The independent administrators, Messrs Taju Audu & Co, and Amedu Onekpe & Co, submitted the most recent audit reports to the agency.
Orji in his address 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.”
The earnings mentioned were generated during specific time frames. For the oil and gas sector, the earnings occurred over the period from 1999 to 2020. On the other hand, the solid minerals sector earnings were accumulated from 2006 to 2020.
“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.”
Orji indicated that the reports unveiled a significant detail – Nigeria had expended a total of $74.39 billion, as highlighted in the findings, “which translates to N13.7tn. By the above figures, Nigeria spent an average of N805.7bn annually, N67.1bn monthly or N2.2bn daily.”
Discussing the 2021 NEITI Industry Reports for the oil, gas, and mining sectors, Orji mentioned that these reports encompassed a combined count of 69 companies and 12 government agencies. Notably, the oil and gas report also encompassed a state-owned enterprise.
For the solid minerals sector, the report included an extensive coverage of 1,214 companies and three government agencies.
According to Orji “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.