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Nigeria earned $741.4bn from oil and gas in 21 years – NEITI

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$41.9bn worth of oil stolen from Nigeria - NEITI

The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Ogbonnaya Orji, said on Tuesday the country earned $741.48 billion from oil and gas between 1999 and 2020

Orji, who disclosed this at a stakeholders’ engagement forum on the implementation of the Petroleum Industry Act (PIA) in Abuja, said NEITI had so far conducted and published 25 cycles of audit reports in the oil and gas sector, covering the period 1999 to 2020.

He said: “The 2021 oil and gas sector audit is currently ongoing and will soon be released.”

Orji said NEITI was embarking on an expansion of its operations to support the government’s revenue growth plan.

The NEITI chief added: “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 mobilization.”

Read also:Senate queries NEITI over N960m personnel expenditure to 43 staff

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

The agency’s recommendations, according to him, had 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 effectively implement the PIA.

“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 concluded.

Source: Ripples Nigeria

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