Nigeria earned N12.5 trillion as oil revenue in 2012 – NEITI

Oil rig
Oil rig used to illustrate the story.

The Nigeria Extractive Industries Transparency Initiative said that Nigeria earned $62.9 billion(about N12.5 trillion) as revenue from the oil and gas sector in 2012.

This is contained in an audit report released by NEITI in Abuja on Tuesday.

The report formed part of NEITI’s highlights on the Independent Audit Report in the Oil and Gas sector for 2012.
A breakdown of the revenue showed that $30.3 billion was realised from sales of crude oil and gas.
The report showed that $26.9 billion was earned from taxes, royalties and rents while $5.6 billion was revenue flow to states, local governments and other entities.

The report further stated that the total earnings for the period under review were against the $68.4 billion earned by the country in 2011.

He said the amount represented a revenue decline of eight per cent.

It noted that the aggregate unresolved difference with respect to all the financial flows in 2012 was $47.5 million.
The report further noted that the figure represented 0.075 per cent of the total financial flows from all sources, when compared to 0.14 per-cent recorded in 2011.

The report further disclosed that 1.3 trillion naira was processed for payment as subsidy to oil marketers, while 690 billion naira was actually paid during the period.

It further stated that 862.7 million barrels was also disclosed as fiscalised crude oil production at an average daily production of 2.36 million barrels per a day.

The report stated that the full report made incisive revelations on quantity of crude either stolen or lost due to vandalism.

The oil and gas audit for the year 2012 was inaugurated in May 2014 by NEITI as part of its national and global mandate in the implementation of the Extractive Industry Transparency Initiative in Nigeria (EITI).
The exercise covered financial, physical and process issues under the new EITI standards.


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