The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the country earned over $831.14 billion in revenue from the oil and gas sector between 1999 and 2023.

NEITI’s Executive Secretary, Ogbonnaya Orji, made this disclosure on Monday while appearing before the Senate Committee on Public Accounts, chaired by Senator Ahmed Wadada.

The committee was receiving updates on NEITI’s 16-cycle reports, which cover 78 firms in the extractive industries.

Massive Losses from Oil Theft

Despite the huge earnings, Orji lamented that crude oil theft had severely impacted revenue generation, with an estimated 701.48 million barrels stolen since 2009, when NEITI began tracking losses.

Gas Infrastructure Needs $20 Billion Annually

The NEITI boss further highlighted the country’s need for $20 billion annually over the next decade to develop its gas infrastructure, stressing the importance of investment in the sector.

Solid Minerals Revenue and Call for Reforms

On the solid minerals sector, Orji revealed that it contributed ₦1.56 trillion between 2021 and 2023 but still accounts for less than 1% of Nigeria’s GDP. The top states in solid minerals activities in 2021 were Ogun, Kogi, Cross River, and the Federal Capital Territory (FCT).

To enhance performance in the sector, NEITI recommended a review of the Solid Minerals Act, similar to how the Petroleum Industry Act (PIA) was enacted to address challenges in the oil and gas sector.

Uncollected Revenue and PIA Implementation Concerns

Orji also disclosed that $6.1 billion in outstanding royalties had yet to be collected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service (FIRS).

Expressing concerns over the implementation of the PIA, Orji noted that the lack of a clear strategy had created regulatory gaps, allowing industry players to operate with minimal oversight. He recalled that the Buhari administration had set up a committee to develop an implementation framework, but the committee failed to conclude its work before the Tinubu administration took over in May 2023.

“The PIA is now being implemented without a plan or strategy. We recommend that either a new committee be set up or the work of the previous one be revisited,” Orji stated.

Senate to Probe Revenue Operations

Meanwhile, the Senate Committee on Public Accounts has announced plans to conduct a public hearing on revenue generation by key government agencies, including the Nigerian National Petroleum Company Limited (NNPCL), FIRS, and NUPRC.

Senator Aliyu Wadada confirmed that the agencies would be summoned to explain their revenue operations.

“We are going to invite all of them; we will conduct a public hearing on their revenue operations,” Wadada declared.

The post Nigeria Generated $831.14bn from Oil, Gas in 24 Years – NEITI first appeared on MegaIcon Magazine.

The post Nigeria Generated $831.14bn from Oil, Gas in 24 Years – NEITI appeared first on MegaIcon Magazine.