Nigeria earns $62.9bn as oil revenue in 2012 – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) said that Nigerian earned 62.9 billion dollars as revenue from the oil and gas sector in 2012.
This is contained in an audit report released by NEITI and obtained by the News Agency of Nigeria (NAN) in Abuja yesterday.
It stated that 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 dollars was realised from sales of crude oil and gas.
It stated that 26.9 billion dollars was earned from taxes, royalties and rents while 5.6 billion dollars 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 dollars 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 dollars.
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.
NAN recalled that 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.

Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to as the source.