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Business News of Tuesday, 22 November 2022


Nigeria’s oil and gas revenue hits $741.4b

Oil company (file image) Oil company (file image)

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that the revenue that Nigeria earned from oil and gas revenue as of 2020 was $ 741.4 billion.

The Executive Secretary, Dr. Orji Ogbonnaya Orji, dropped this hint in Abuja during the stakeholders’ engagement forum on the Petroleum Industry Act (PIA).

He said the watchdog organisation has so far conducted and published 25 cycles of reports from the period 1999 to 2022.

He revealed that the 2021 audit report is ongoing and will be published before the end of the year.

On revenue, Orji said: “From the reports, we have so far released, the oil and gas industry has generated for the government $741.4 billion as of 2020.”

He added that NEITI reports have led to the recovery of billions of dollars by the government from companies operating in the country and has also had to track government spending and digitization of those revenues, as well as company payments.

Speaking, the Nigerian National Petroleum Company Limited (NNPCL), Group Chief Executive Officer, Malam Mele Kyari, said the PIA was built in the principles of competitiveness, fair and equitable sharing of risks and rewards are split into government, investors, simplicity of administration and transparency that our stakeholders remain here.

The Chief Financing Officer, Umar Ajiya, who represented him said these principles are guided and they have economic growth through increased monetization of crude oil and increased production of gas.