Nigeria Generated $831.14bn From Oil & Gas In 24 Years — NEITI 

Nigeria Generated $831.14bn From Oil & Gas In 24 Years — NEITI 

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According to the Nigeria Extractive Industries Transparency Initiative (NEITI), the oil and gas industry generated more than 831.14 billion dollars in revenue between 1999 and 2023.

NEITI’s Executive Secretary, &nbsp, Ogbonnaya Orji, stated this on Monday when he appeared before the Senate Committee on Public Accounts.

He added that developing its gas infrastructure will cost $20 billion annually over the next ten years.

The committee, chaired by Senator Ahmed Wadada, was receiving briefings on the findings of NEITI’s 16-cycle reports covering 78 firms in the extractive industries.

The oil and gas industry generated more than 831.14 billion dollars in revenue between 1999 and 2023, according to the NEITI boss.

He, however, noted that crude oil theft over the years has cost the country an estimated 701.48 million barrels since 2009, when NEITI began tracking losses.

In terms of the solid minerals sector, Orji disclosed that it generated 1.56 trillion naira in revenue between 2021 and 2023.

However, he said the sector still contributed less than one percent to the country’s GDP in spite of all the ongoing efforts by the government.

The top states in solid minerals activities in 2021, according to NEITI, are Ogun, Kogi, Cross Rivers and the Federal Capital Territory.

Similar to how the PIA was passed to address issues in the oil and gas sector, the agency demanded that the Solid Minerals Act be reviewed to ease operations there.

In this file photo taken on August 30, 2022 facilities to receive and distribute natural gas are pictured on the grounds of gas transport and pipeline network operator Gascade in Lubmin, northeastern Germany, close to the border with Poland - the industrial infrastructure includes a receiving and distribution station for the Nord Stream 1 pipeline and is also the place. (Photo by Odd ANDERSEN / AFP)
The industrial infrastructure includes a receiving and distribution station for the Nord Stream 1 pipeline, and it is also the location of the gas transport and distribution facility Gascade in Lubmin, northeastern Germany, close to the Polish border. (Photo by Odd ANDERSEN / AFP)

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service have not yet collected the sum of 6.1 billion dollars in royalties, according to him further revealing.

Orji once more raised questions about the Petroleum Industry Act’s (PIA) implementation, arguing that industry players can operate with little oversight because of the lack of a clear strategy.

He recalls that the former president’s administration had established a committee to create a framework for the PIA, but it was unsuccessful before the new administration’s administration became in power in May 2023.

He remarked, “We suggest that either a new committee be established or the work of the previous one be revisited because the PIA is now being implemented without a plan or strategy.”

In the interim, the Senate Committee on Public Accounts has announced its intention to hold a public hearing on revenue generation from organizations like the NNPCL, FIRS, and NUPRC.

Source: Channels TV

 

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