NEITI Reveals Revenue Figures
The Federal Government generated $305 billion in revenue from the oil and gas sector between 2014 and 2024, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). This disclosure was made by the Executive Secretary/National Coordinator, Dr. Orji Ogbonnaya Orji, during his appearance before the Senate Public Accounts Committee (SPAC) in Abuja.
Annual Revenue Breakdown
Providing a breakdown of the revenue inflows, Dr. Orji reported the following earnings from the sector:
- 2014 – $54.5 billion
- 2015 – $24.79 billion
- 2016 – $17.05 billion
- 2017 – $20.9 billion
- 2018 – $32.62 billion
- 2019 – $34.21 billion
- 2020 – $20.43 billion
- 2021 – $23.04 billion
- 2022 – $35.7 billion
- 2023 – $30.86 billion
Dr. Orji further disclosed that from 1999 to 2023, Nigeria earned a total of $831.14 billion from the oil and gas sector.
Crude Oil Production Trends
The report also highlighted crude oil production levels over the years:
- 2013 – 800.49 million barrels
- 2014 – 798.60 million barrels
- 2015 – 776.6 million barrels
- 2016 – 659.30 million barrels
- 2017 – 690.50 million barrels
- 2018 – 701.10 million barrels
- 2019 – 735.20 million barrels
- 2020 – 646.70 million barrels
- 2021 – 656.20 million barrels
- 2022 – 490.95 million barrels
- 2023 – 537.00 million barrels
Gas Production and Investment Needs
According to NEITI’s findings, gas production in Nigeria between 2019 and 2023 reached 13,817,622 Standard Cubic Feet (scf). However, the country requires a significant $200 billion investment in gas infrastructure to maximize its potential as Africa’s leading gas producer and the ninth-largest globally.
Dr. Orji emphasized the need for an annual $20 billion investment over the next 10 years to develop the necessary infrastructure for gas evacuation and processing. He compared Nigeria’s situation to Qatar Energy, which focuses primarily on gas processing through well-developed infrastructure.
“If we invest $20 billion annually for 10 years, we can build the gas infrastructure required to provide gas for the entire African continent and beyond. This includes the construction of gas pipelines across West Africa and other regions, which will require significant expenditure.”
Concerns Over Solid Minerals Sector Contribution
Despite the vast natural resources in Nigeria, the Senate Public Accounts Committee (SPAC), led by Senator Aliyu Ahmed Wadada, expressed disappointment over the poor revenue contribution of the solid minerals sector, which accounts for less than one percent of the nation’s Gross Domestic Product (GDP) annually.
Unremitted Revenue Investigations
When questioned about the $8.5 billion unremitted revenue by the Nigerian National Petroleum Company Limited (NNPCL), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission, Dr. Orji confirmed that the Economic and Financial Crimes Commission (EFCC) has begun an investigation into the matter.
He further reiterated that the solid minerals sector has failed to generate the expected revenue, contributing less than one percent to GDP annually, which remains a major concern for economic development.
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