The reports covered 69 companies and 12 government agencies, and one state-owned enterprise for the oil and gas reports.
Nigeria plans to deepen the use of gas and make it a preferred form of energy for personal and industrial use.
NEITI is auditing 66 oil and gas companies and 14 government agencies.
The estimate was from 25 cycles of audit reports in the oil and gas sector covering 1999-2020.
NEITI called for more accountability and greater women’s involvement in the sector.
“By the time we released the 2021 report, any company owing Nigeria will have no choice than to invite EFCC to take over and handle it as an economic crime.”
The federal cabinet gave approval to NDLEA and other federal agencies for contracts to acquire required purchases.
According to NEITI’s audit reports, the mining sector currently contributes less than one per cent to the country’s GDP.
DPR says it expects the first crude oil production from some of the recently awarded 57 marginal oilfields in January 2022.
