…New Report Indicates Nigeria Looses $10.7M Daily
By Chidiebere Ugwu
Barring any unforeseen circumstances, the 2021 oil, gas, mining and solid minerals sector is set for release first week of September 2023, the Executive Secretary, Nigerian Extractive Industries Transparency Initiative (NEITI) Dr Orji Ogbonnaya Orji has disclosed.
Dr Ogbonnaya Orji, who made the disclosure at two day Stakeholders’ Roundtable for the review and approval of NEITI Audit reports in Abuja on Tuesday, stated that the industry reports covered a total of 69 companies and 12 government agencies, one state owned enterprise for the oil and gas reports while a total of 1214 companies with three government agencies were covered in the report of the solid minerals sector.
“The 2021 NEITI Industry Reports of the oil gas and mining industries covered a total of 69 companies and 12 government agencies and one state owned enterprise for the oil and gas reports while a total of 1214 companies with three government agencies were covered in the report of the solid minerals sector.
“The objectives of the reports were to establish the quantities of minerals produced, utilized in the country.
“The Reports also sought to establish the revenue paid by oil, gas and mining companies and how much of such revenues were actually received into government coffers.
“Other areas of focus by NEITI are to identify investments made by the Federation or the Federal Government in the oil, gas and mining industries, track subsidy payments, company remittances and liabilities.
“The processes followed especially an the basis for computation ang remittances of ali revenues payable to governrgent such as taxes, royalties and rents are equally of interest to NEITI.
“We hope that after this review and approval process, the independent Auditors who are part of this meeting wilt in collaboration with the NEITI staff reflect your Comments, observations and remarks in the reports before they are finalized and released.
“So far, NEITI has conducted a total of thirteen cycles of reconciliatory reports in the oil and gas sector and eleven cycles of reports in the solid minerals sector. These reports have disclosed a total revenue earnings to government of $741.48 Billion from the oil and gas sector and N635.3 Billion 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 $46.16 Billion or N16.25 trillion from 2009 to 2020 from theft and sabotage” he said.
According to the NEITI boss, this amounts to losing over 140,000 barrels of crude values at $10.7 million daily.
