The
Nigeria oil and gas, and solid minerals sectors Nigerian Extractive Industries
Transparency Initiative (NEITI) audit report for 2013 has been released and
published officially.
Minister of Solid
Minerals and Chairman of the NEITI Board, Kayode Fayemi, said the audit, which
focused on all aspects of the extractive industries, showed that total revenue
flows into the Federation Account from the oil and gas sector in 2013 was about
$58.07 billion.
The figure represented about eight percent decline when compared to the $62.9bn realised in 2012.
The figure represented about eight percent decline when compared to the $62.9bn realised in 2012.
Fayemi said the decline was attributed to the drop in oil and gas sales following divestment of federation equity in some oil mining leases, OMLs, crude oil losses as a result of destruction of production facilities, pipelines vandalism and crude oil theft.
Details of the report revealed that the Nigerian National Petroleum Corporation, NNPC and its sub-units during the year refused to remit a total of N2.23 trillion, consisting of:
$9.75 billion and
N378.67 billion, to the federation account as earnings from aspects its
operations.
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