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Four FG Agencies Generate N28.02tn In Three Years
The Nigeria Extractive Industries Transparency Initiative has said that four revenue-generating agencies of the Federal Government have generated a total of N28.02tn between 2017 and 2019. These agencies include the Nigerian National Petroleum Company Limited; Federal Inland Revenue Service; Department of Petroleum Resources, now Nigeria Upstream Petroleum Regulatory Commission; and the Ministry of Mines and…
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Solid Minerals Revenue Rises By 54%
The Nigerian Extractive Industries Transparency Initiative has said That revenue from the solid minerals sector to the Federation Account rose by 54 percent in 2020 to N128 billion compared to N75 billion recorded in 2019. This was disclosed in an audit report of the mining sector. NEITI in a statement by its Head, Communications &…
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2,119 Mining Companies Owe N2.76bn Service Fees
According to the Nigeria Extractive Industries Transparency Initiative, 2,119 companies operating in the country’s solid minerals industry were indebted to the federation to the tune of over N2.76billion. NEITI disclosed this in its latest report of the mining sector for the year 2020, noting that Nigeria earned N624.45bn from the industry in 13 years. The…
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‘Nigeria Lost $2.77bn To Crude Oil Theft In 2019’
The Nigeria Extractive Industries Transparency Initiative has said in its latest audit report that Nigeria lost 42.25 million barrels of crude oil valued at 2.77 billion dollars to oil theft in 2019. The report on Oil and Gas was presented to the Media and Civil Society Organisations by Mr George Abiye, Assistant Director, Oil and…
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Nigeria Made $34.22bn From Oil In 2019
The Nigeria Extractive Industries Transparency Initiative has said Nigeria earned $34.22bn from the oil and gas sector in 2019. It said this in its 2019 Oil and Gas Industry Audit report noting that the $34.22bn revenue represented an increase of 4.88 percent over the $32.63bn garnered from the sector in 2018. A breakdown of the…
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Nigeria Lost N851bn To Oil Theft
The Nigerian Extractive Industry Transparency Initiative has said Nigeria lost N851.84 billion ($2.78bn) to oil theft and pipeline sabotage in 2019. NEITI said this in its latest oil and gas industry audit report stating that it arrived at the estimate after using an average price of $65.61 per barrel and an average exchange rate of…