According to 21 years of NEITI 2021 Audit Reports for the oil, gas and solid minerals sectors which was a subject to review and approval, Nigeria has earned $741.5bn and N635.3bn from the oil/gas and solid minerals sectors respectively, between 1999 and 2020. This sterling information was revealed on Wednesday October 16, 2023 by the Executive Secretary Ogbonnaya Orji of Nigeria Extractive Industries Transparency Initiative   in an event organized by the body in Abuja Nigeria.

Disclosing NEITI 2021 Audit Reports for the oil, gas and solid minerals sectors at a stakeholders’ roundtable with reference to Messrs Taju Audu & Co, and Amedu Onekpe & Co. as an independent auditor to report, Mr. Orji stated that So far, NEITI has conducted a total of 13 cycles of reconciliatory reports in the oil and gas sector and 11 cycles of reports in the solid minerals sector and these reports have disclosed a total revenue earnings to the government of $741.48bn from the oil and gas sector and N635.3bn from the solid minerals sector.

“These earnings were between the years 1999-2020 (oil and gas) and 2006-2020 (solid minerals sector earnings). In addition, NEITI reports have disclosed that Nigeria lost over 619.7 million barrels of crude oil valued at $46.16bn or N16.25tn from 2009 to 2020 from theft and sabotage. “This amounts to losing over 140,000 barrels of crude valued at $10.7m daily. Furthermore, NEITI has reported on subsidy payments from the years 2005 to 2021 and its huge negative consequence to the nation which translates to N13.7tn. By the above figures, Nigeria spent an average of N805.7bn annually, N67.1bn monthly or N2.2bn daily,” Mr. Orji Ogbonnaya NEITI Secretary, Asserted.