The Nigerian Extractives Industries Transparency Initiative (NEITI) has said Nigeria earned $741.48 billion from the oil and gas sector between 1999 and 2020.
The Executive Secretary, Dr. Ogbonnaya Orji made this known during the Multi-stakeholders’ Roundtable on the approval of the NEITI 2021 Oil, Gas, and Mining Industry Reports held at NEITI House held in Abuja.
“NEITI has conducted a total of 13 cycles of reconciliatory reports in the oil and gas sector and eleven cycles of reports in the solid minerals sector.
“These reports have disclosed total revenue earnings to the government of $741.48 billion from the oil and gas sector and N635.3 billion from the solid mineral sector. These earnings were between the years 1999-2020 (Oil and gas) and 2006-2020 (Solid minerals sector earnings),” he said.
He stated that following extensive consultation with the international secretariat, NEITI got a waiver for Companies, Civil Society, Media, and Government representatives to review and approve the reports to be released.
According to him, the stakeholders’ roundtable was organised to carry all stakeholders along and get the report approved.
“This is not the first time we are adopting this approach. Recall that a similar decision was made on the 2019 Industry Reports immediately after I assumed office. The global EITI gave Nigeria a waiver and approved that NEITI should convene a multi-stakeholder roundtable to review and approve the 2019 industry reports,” Orji added.
The executive secretary further stated that NEITI reported subsidy payments on petroleum products from the years 2005 to 2021 and their huge negative consequences to the nation, highlighting the fact that Nigeria has spent $74.39 billion.