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Oil revenue down to $24.7b

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There was steep decline in oil revenue between 2011 and 2015, Nigerian Extractive Transparency Initiative (NEITI) Executive Secretary Waziri Adio said yesterday.

Nigeria, he said, earned about $68.4billion from oil in 2011, and a paltry $24.7billion in 2015.

He said the Nigerian National Petroleum Corporation (NNPC) was yet to remit into the Federation Account the $16, 898,725, 000 dividends which accrued to the government from its share in the Nigerian Liquefied Natural Gas (NLNG) between 2000 and 2015.

The NNPC, he said, claimed that it received instruction from former President Goodluck Jonathan to warehouse the fund and spend as directed.

NEITI has demanded for a copy of the directive from the ex-President.

But Adio noted that the level of malfeasance in the oil and gas industry has reduced under President Muhammadu Buhari.

The nation, he said, was now experiencing more accountability and transparency in the sector than before.

Adio made these known at a session tagged “Anti-Corruption Situation Room in Abuja” during a training workshop organised by the Human Environmental Agenda (HEDA) Resource Centre in conjunction with MacArthur Foundation.

His presentation focused on the highlights of the NEITI 2015 Oil and Gas Audit Report which covered 75 entities including 54 oil and gas companies; three refineries; 10 agencies; seven generating companies (GENCOs), Nigerian Gas Company and NLNG.

Nigeria, he said, had been experiencing a “steady decline in oil revenue since 2011 but all the decline had been in single digit between 0 and 9.

“But it is only in 2015 that we had a major decline that not only went into double digit but more than 50 per cent. And this was as a result of a sharp drop in oil price but also the constraints in our oil production.

A breakdown of the revenue decline is as follows:

2011—$68.4b; 2012—$62.9b; 2013—$58.01b; 2014—$54.55b; and 2015—$24.7b.

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