NEITI Audit: Nigeria Made $58bn from Oil Sector in 2013, Lost $5.9bn, N20.4bn

Chineme Okafor in Abuja

Details from the 2013 audit and financial report of activities in Nigeria’s oil and gas industry which was conducted by the Nigeria Extractive Industries Transparency Initiative (NEITI) have shown that Nigeria made $58.07 billion from her hydrocarbons industry in that year.

The report also showed that the country lost $5.966 billion and N20.4 billion in the sector from the operation of Offshore Processing Agreements (OPA) by state oil firm, the Nigerian National Petroleum Corporation (NNPC); crude oil swap and theft.

The NEITI report which was presented to the public on Monday in Abuja by the Minister of Solid Minerals Development,  Dr. Kayode Fayemi, also showed that the sums of $3.8 billion and N358.3 billion are still outstanding payments which the NNPC and all of its subsidiaries owed the federation.

Also, the sum of $599.98 million was reported in the audit as underpayments to the federation from petroleum profit taxes and royalties by oil and gas companies as a result of the use of different pricing methodology by the government and the companies because of absence of a new fiscal regime.

More to follow.