Nigeria earned $741.5bn and N635.3bn from the oil/gas and solid minerals sectors respectively, between 1999 and 2020, a period of about 21 years, the Nigeria Extractive Industries Transparency Initiative announced on Wednesday. THE PUNCH reports.Information Guide Nigeria
Ogbonnaya Orji, the NEITI’s Executive Secretary announced this at a stakeholders’ roundtable organised by the agency in Abuja for the review and approval of NEITI 2021 Audit Reports for the oil, gas and solid minerals sectors.
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In his address at the event, Orji said, “So far, NEIT! has conducted a total of 13 cycles of reconciliatory reports in the oil and gas sector and 11 cycles of reports in the solid minerals sector.JAMB Portal
These reports have disclosed a total revenue earnings to the government of $741.48bn from the oil and gas sector and N635.3bn from the solid minerals sector.NYSC Portal
“These earnings were between the years 1999-2020 (oil and gas) and 2006-2020 (solid minerals sector earnings). In addition, NEITI reports have disclosed that Nigeria lost over 619.7 million barrels of crude oil valued at $46.16bn or N16.25tn from 2009 to 2020 from theft and sabotage.JAMB Result
“This amounts to losing over 140,000 barrels of crude valued at $10.7m daily. Furthermore, NEITI has reported on subsidy payments from the years 2005 to 2021 and its huge negative consequences to the nation.”
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