If anything, the extractive industries in Nigeria, have always donned the toga of being some of the least open in the world. Emmanuel Addeh writes that with the ongoing efforts of the Nigeria Extractive Industries Transparency Initiative, which appears to be pushing the frontiers of transparency in the sector, a lot appears to be changing.
It would be stating the obvious to say that Nigeria has a poor track record when it comes to operations in the oil and gas as well as the country’s mining industries.
Indeed, whether in the award of oil blocks, exploratory activities or even in basic matters like how many litres of petrol the country consumes daily, it is mostly discussed in hushed tones, with various agencies of government releasing conflicting figures.
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Published 18 June 2021
Nigeria earned $34.22bn from the oil and gas sector in 2019, the Nigeria Extractive Industries Transparency Initiative said on Thursday.
It said this in its 2019 Oil and Gas Industry Audit report released in Abuja, adding that the $34.22bn revenue represented an increase of 4.88 per cent over the $32.63bn garnered from the sector in 2018.
A breakdown of the earnings showed that payments by companies accounted for $18.90bn, while flows from federation sales of crude oil and gas accounted for $15.32bn.
The report showed that 10-year (2010-2019) aggregate financial flows from the oil and gas sector to government amounted to $418.54bn, with the highest revenue flow of $68.44bn recorded in 2011, while the lowest revenue flow of $17.06bn was recorded in 2016.
NEITI: Nigeria Generated $34.22bn from Oil Industry in 2019 thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
NEITI: Nigeria earned $418.54bn oil revenue in 10 years thecable.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thecable.ng Daily Mail and Mail on Sunday newspapers.