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.

(NAN)


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  • True son of the soil

    So in essence we have been having budget suplus all these year. So now where are the saving ? Ugo baby.

    • Mubarak Ahmad

      Thank you my brother. Where is the surplus going to? The sum of Nigeria’s budget for the years 2010, 2011 and 2012 is approximately 13.1 trillion naira. If in 2012 alone we have generated 12.5 trillion naira and the budget for three years is 13.1 trillion naira it means that there is a very huge gap somewhere and those in charge need to account for it.

      • burning spear

        THE BOKO HARAM WAR U THE FULANIS IMPOSED ON Nigeria IS BEING FOUGHT WITH STONES–AND USED GRAVEL TO BUILD ALMAJIRI SCHOOLS–THE UN VIABLE STATES IN THE NORTH WERE SETTLED WITH WATER FRO RIVER NUN ABI_-SEPARATION IS WHAT WE YEARN FOR–ANIMALS

        • Ola Alani

          And where is the result of fighting them for six yrs with that amount of money. No wonder Arthur EZE was buying fighter jet refurbished from scrap Yugoslavian plane for $75m while new ones from US cost $12m. Can you see the rot and why Jonathan and PDP had to go.

        • tundemash

          Cl0wn …. did Dumbo not claim he was going to borrow $1bn to buy equipment for the military?

          Walahi, some people need to be executed to serve as deterent to other would-be looters !

    • burning spear

      THE PARASITES AT IT AGAIN–AWOOOOOOOOOF OIL REVENUE LOVING HUMANS

      • Ola Alani

        Me PDP e-rat no more freebies, go find work.

    • Ola Alani

      Ask Jonathan and PDP.

    • tundemash

      And yet they claim they had to borrow $1bn to buy equipment for the military. Walahi, some people need to be executed to serve as deterent to other would-be looters !

  • Ms. Thenjiwe Obong

    so what can we show for all those billions? it Is true that were it not for corruption, Nigeria has enough money to take care and provide for her citizens. corruption must be eradicated. but first we must change our mentality and stop worshipping those who steal our money and start getting mad at them instead.

    • burning spear

      SEPARATION IS THE ONLY ANSWER—WE DO NOT LOVE OURSELVES HAT BINDS US TOGETHER–ARE THE OIL WELLS IN THE SS

      • Ola Alani

        Can you drink crude oil?

  • Enemona

    And you folks were complaining when madam took a paltry 20b.

    • burning spear

      That 12 trillion came from the niger delta region of Nigeria–it did not come for the Yoruba enclaves or the fulani territories under boko haram—–it came from the SS————————SEE WHY JONAHTNA HAD TO GO–SO THAT THEY WOULD HAVE THEIR HANDS ON MY MONEY WHICH THEY NOW REFER TO HAS THEIR COMMONWEALTH? THIEVES

      • Ola Alani

        Is ur NIGER DELTA better off for it? You should be happy we helped u kick out PDP. You now wanna help same thieving ppl take Lagos. God forbid.

      • tundemash

        And yet that your Niger Delta cannot boast of a standard hospital in 6 years of Dumbo reign. Should you not be protesting the misuse of these resources by Dumbo and his rogues ?
        Even Dumbo’s drunkard Uncle had to be airlifted to Aso Rock clinic to die 2 years ago as Bayelsa has no standrd clnic….. shame on a lunatic like you !

  • burning spear

    BUHARI IS THE PRESIDENT WE CHALLAGE HIM TO LAUNCH AN INVESTIGATION INTO IT AND HIS THIEVERY OF 2.8B

    • tundemash

      You just confirmed Dumbo slept through his 6 years of Presidency or why did he not investigate your fanthom $2.8bn ?
      Ode ,Oponu !
      Walahi, some people need to be executed to serve as deterent to other would-be looters !

  • Guguru

    Amaziing numbers—–They budgeted N972 billion for oil marketers in the budget, processed N1.3 trillion, and then payed out only N690 billion. So, why did they process more than they budgeted for?

  • tundemash

    N12.5 trillion in one year! Add that to N4.6 trillion FIRs said they generated for FG just last year alone.
    Nigeria’s budget is N4.7trillion ….. what happened to the balance ? No wonder there was dollar rain all over the country pre-election.
    Dumbo and his 40 thieves must be investigated and prosecuted; Buhari must make a scape goat out this anmilas in human skin !