Nigeria Earned $143.5 Billion Oil Revenue In Two years – NEITI

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The Financial Audit Report of the Oil and Gas sector by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that a total of $143.5 billion (about N21,450,000,000,000) was earned by Nigeria as revenue from the sector between 2009 and 2011.

The monies were earned from sales of equity crude, royalty, signature bonus, concession rentals, gas flaring penalties, Petroleum Profit Tax and companies’ income tax.

Other areas that contributed include earnings from Pay As You Earn (PAYE), Value Added Tax (VAT), dividends and repayment of loan by the Nigeria Liquefied Natural Gas (NLNG), contributions to the Niger Delta Development Commission (NDDC) and the Education Tax Fund (ETF).

The report also disclosed that the Nigerian National Petroleum Corporation (NNPC) had claimed a total of N1.40 trillion as subsidy payments directly from proceeds of domestic crude sales before remittance between 2009 and 2011.

At the formal presentation of the independent audit report, the Chairman of the National Stakeholders Working Group of NEITI, Mr. Ledum Mitee said the report was commissioned in line with section 16 of the NEITI Act.

The report further stated that the subsidy payments claimed by the NNPC increased by 110 percent. It rose from N198 billion in 2009 to N416 billion in 2010.

In 2011 alone, it rose to N786 billion.

The Audit report also revealed that the NNPC owes the federation account N1.305 trillion as at December 2011.