Report: Nigeria gained $34.22b from oil and gas in 2019

Nigeria derived a total sum of $34.22 billion revenue from the oil and gas sector in 2019, the Nigerian Extractive Industries Transparency Initiatives (NEITI) has disclosed.

The figure represented an increase of 4.88 per cent over the $32.63 billion revenue earned in 2018.

A breakdown of the earnings showed that payments by companies accounted for $18.90 billion, while flows from Federation sales of crude oil and gas accounted for $15.32 billion.

These information and data were contained in the 2019 oil and gas industry audit report conducted by the NEITI, which was released yesterday in Abuja.

Head, Communications and Advocacy, Mrs Obiageli Onuorah, in a statement, said the report showed that 10 years -2010-2019, aggregate financial flows from the oil and gas sector to government amounted to $418.544 billion, with the highest revenue flow of $68.442 billion recorded in 2011, while the lowest revenue flow of $17.055 billion was recorded in 2016.

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