Nigeria Generates $23bn Revenue From Oil, Gas In 2021 – NEITI

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By Lucy Ogalue

The Nigeria Extractive Industries Transparency Initiative (NEITI) said on Monday that the oil and gas industry generated over $23billion in 2021.

The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji said this while presenting highlights on the 2021 Oil and Gas report unveiled in Abuja.

According to Orji, the revenue sources included sales of federation crude oil and gas, taxes, royalties, concession rental, gas flare penalty, bonus and license fees, as well as transportation fees.

He said that the total revenue was also generated through dividends from NLNG, NDDC levy, NCDMB levy, Ness fee, and miscellaneous income.

The NEITI boss said that a total of $13.2 billion dollars was remitted from the sum to the federation account.

He said that the Nigerian National Petroleum Company, before its transition, failed to remit about $2 billion to the federation account and a total of $6.9 billion was deducted at FAAC.

Orji said that while oil production for the year under…



Source: News Agency of Nigeria