Monday, November 28, 2022

Nigeria earned $741.48 billion from oil and gas in 21 years: NEITI

The estimate was from 25 cycles of audit reports in the oil and gas sector covering 1999-2020.

• November 22, 2022
NEITI
Nigeria Extractive Industries Transparency Initiative (NEITI) [Photo Credit: Vanguard News]

Nigeria earned $741.48 billion from oil and gas between 1999 and 2000, the Nigeria Extractive Industries Transparency Initiative (NEITI) declared on Tuesday in Abuja.

Its executive secretary, Orji Ogbonnaya Orji, made the declaration at a stakeholders’ engagement forum on the implementation of the Petroleum Industry Act (PIA).

He said NEITI had conducted and published 25 cycles of audit reports in the oil and gas sector, covering 1999-2020.

He said from the reports $741.48 billion had accrued to the Nigerian government from the oil and gas sector during the period.

“The 2021 oil and gas sector audit is currently ongoing and will soon be released,” he added.

Mr Orji said NEITI was expanding its operations to support the government’s revenue growth plan.

“This is guided by a five-year strategic plan (2022-2026) which will enable the agency to establish a presence and operate at sub-national levels to support the government’s revenue growth plan and resources mobilisation,” he said.

He expressed joy that NEITI’s reports had led to the recovery of several billions of dollars by the government from companies operating in the sector.

Mr Orji said recommendations by NEITI in its reports also triggered huge reforms in the sector.

He assured that NEITI would provide the information and data in the oil and gas sector that would help the Presidential Steering Committee to implement the PIA effectively.

“As an agency charged with promoting transparency and accountability in the extractive sector, NEITI has the responsibility to facilitate and strengthen participation by diverse stakeholders for a successful implementation of the PIA,” he said.

Mr Orji emphasised the need for effective implementation of the PIA, noting that the PIA provided broader roles for NEITI in Nigeria’s oil and gas sector, clearly spelling out the need for transparency and accountability.

Earlier, the chairman of NEITI’s governing board, Olusegun Adekunle, said it resolved to prepare an initiative to deliver on Nigeria’s international obligation and meet the country’s expectations on transparency and accountability.

Mr Adekunle said the resolution was expected to position Nigeria to attract the much-needed foreign direct investments in the oil and gas sector while supporting her revenue growth plan and resource mobilisation. 

(NAN)

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