The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that Nigeria generated over $831.14 billion in revenue from the oil and gas sector between 1999 and 2023.
NEITI’s Executive Secretary, Ogbonnaya Orji, shared this information during a briefing with the Senate Committee on Public Accounts.
Orji also mentioned that the country needs $20 billion annually for the next 10 years to develop its gas infrastructure.
He, however, noted that crude oil theft over the years has cost the country an estimated 701.48 million barrels since 2009, when NEITI began tracking losses.
Speaking about the solid minerals sector, Orji disclosed that it contributed 1.56trillion naira of revenue between 2021 and 2023.
However, he said the sector still contributed less than one percent to the country’s GDP in spite of all the ongoing efforts by the government.
The top states in solid minerals activities in 2021, according to NEITI, are Ogun, Kogi, Cross Rivers and the Federal Capital Territory.
The agency called for a review of the Solid Minerals Act to further ease up operations in the sector, just like the PIA was passed to address challenges in the oil and gas sector.
He further also disclosed that 6.1 billion dollars in outstanding revenue from royalties had yet to be collected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service.
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