NEITI’s report reveals Nigeria earned $21bn from oil, gas sector in 2017

Nigeria Extractive Industries Transparency Initiatives (NEITI) has said that Nigeria realized over USD 21 billion from the oil and gas sector in 2017.

The report recently released by Nigeria Extractive Industries Transparency Initiatives (NEITI) in Abuja talked on a trend that shows an augmentation of 23 percent compared to 2016, which was 17.05 percent and 15 percent lower than USD 24.79 billion inflows recorded in 2015. The crude oil and gas sales topped with about USD 10.19 billion, while other financial flows fetched USD 10.13 billion.

The report by NEITI revealed that the Niger Delta Development Commission (NDDC) and Nigeria Content Development Monitoring Board (NCDMB) recorded USD 669.05 million. "In a five-year comparison of revenue flows from the oil and gas sector, the report revealed that there was a steady decline in year-on-year revenues from 2013 to 2016, with the sharpest drop of 55 percent in 2015 compared to the preceding year," the report revealed.

"The year under review experienced a 23 percent increase in revenues, 23 percent from 17.055 billion dollars in 2016 to 20.988 billion dollars in 2017," the report claimed.

It said that in 2017, there was no steady revenue decline like it was in 2013. The dividends and loan repayment by the Nigeria Liquefied Natural Gas (NLNG) hit $834 million. "Out of the 690,465 mbbls of crude oil produced in 2017, a total of 688,291 mmbls was lifted, representing an increase from the 668,147 mmbls lifted in 2016,'' it added The NNPC lifted 241 million barrels of crude oil on behalf of Nigeria.