The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that Nigeria generated over $831 billion in revenue from the oil and gas sector between 1999 and 2023. This was disclosed by NEITI’s Executive Secretary, Ogbonnaya Orji, during a briefing before the Senate Committee on Public Accounts.
Mr. Orji also highlighted the country’s urgent need for $20 billion annually over the next decade to develop its gas infrastructure. He further noted that crude oil theft had cost the nation an estimated 701.48 million barrels since 2009, when NEITI began tracking losses.
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On solid minerals, Orji reported that the sector generated 1.56 trillion naira in revenue from 2021 to 2023. Despite government efforts, however, the sector contributes less than one percent to Nigeria’s GDP. NEITI has called for a review of the Solid Minerals Act to boost operations in the sector.
The Senate Committee on Public Accounts has announced plans for a public hearing on revenue generation by agencies such as NNPCL, FIRS, and NUPRC, to investigate their operations further.
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