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Tuesday, September 27, 2022

Nigeria earned $34.28 billion in earnings from oil and gas in 2019 -NEITI

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A total of $34.28 billion was raised from the oil and gas business in Nigeria in 2019.

A substantial chunk of Nigeria’s estimated $8.487 billion in extractive revenues originates from the sale of oil and gas, according to the Energy Frontier.

With regard to the data collected, executive secretary of the NEITI, Orji Ogbonnaya Orji, who presented the data, pointed out that the total proceeds from crude oil sales were $7.011 billion, while proceeds from the sale of gas amounted to $1.476 billion.

The report includes 82 different companies, including NLNG, and the total payments made by the companies was 88. he stated that the seven remaining companies failed to pay, as they were not in operation

Additionally, nine government agencies that operate directly in the industry receive revenue and are reported in the report.”

Receipts from the oil and gas sector amounted to $34.28 billion in total revenue. Of that, there were $18.96 billion of revenues earned by individual corporations and $15.32 billion of sales from the Federation’s crude oil and gas.

Total government revenue in the sector amounted to $34.281 billion. This money was transferred to the Federation account ($18.14 billion, or 52.92% of the total), to the Cash-call account ($6.55 billion, or 19.11% of the total), and to designated NNPC accounts ($5.58 billion, or 16.28% of the total).

Furthermore, project financing accounts received $2.82 billion in which $1.18 billion was in subnational transfers.

There were $5.58 billion in NNPC designated accounts, $229.449 million (N70.21 billion) was downstream deductions on preceding year domestic sales, in addition to transfers to states and federal government totaling $5.36 billion (N51.86 billion).

The Federation increased its revenue by 5.07% throughout the course of 2018 from $32.63 billion to $34.28 billion.

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