The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya-Orji, said on Monday the oil and gas industry generated over $23 billion in 2021.
Ogbonnaya-Orji, who disclosed this during the presentation of highlights of the 2021 Oil and Gas report unveiled in Abuja, said the Nigeria National Petroleum Corporation (NNPC) failed to remit about $2 billion to the federation account before its transition.
The NEITI said the revenue sources included sales of crude oil and gas, taxes, royalties, concession rental, gas flare penalty, bonus and license fees, and transportation fees.
According to him, the total revenue also included funds generated through dividends from the Nigeria Liquefied Natural Gas (NLNG), Niger Delta Development Commission (NDDC) levy, the Nigerian Content Development Monitoring Board (NCDMB) levy, and miscellaneous income.
Ogbonnaya-Orji revealed that a total of $13.2 billion was remitted from the sum to the federation account during the period.
“The Nigeria National Petroleum Corporation before its transition failed to remit about $2 billion to the federation account and a total of $6.9 billion was deducted at FAAC.
“Oil production for the year under review stood at about 566,129 million barrels per day while gas production came at over 2,743,700 million standard cubic feet per day.
“The sector contributed 7.2 percent to the nation’s Gross Domestic Product (GDP) in 2021 with the export contribution of 76.2 percent.
“The Federal Government paid about $3.087 billion in cash calls as equity contributions while the outstanding cash-call liabilities payable by the federation stood at about N330.007 billion.”
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