Nigeria Earned N28.6trn From Oil, Non-Oil Sources in 5 Years

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Oil field
22 September 2019

The Nigeria Extractive Industries Transparency Initiative (NEITI) said that N28.58 trillion was remitted to the Federation Account between 2012 and 2016, from mineral revenues, non-mineral revenues and Value Added Tax (VAT).

NEITI disclosed this on its latest Fiscal Allocation and Statutory Disbursement (FASD) Audit report for the period 2012-2016, released in Abuja, on Sunday.

NEITI noted that apart from remittances to the Federation Account, the audit tracked statutory allocations and their applications with specific focus on nine states, four interventionist agencies, and five special funds.

The statement was signed by its Director of Communications and Advocacy, Dr. Orji Ogbonnaya Orji.

The nine states covered were Rivers, Bayelsa, Akwa Ibom, Nasarawa, Delta, Ondo, Imo, Kano and Gombe.

It also listed the Federal agencies as Niger Delta Development Commission,( NDDC), Petroleum Technology Development Fund,( PTDF), Tertiary Education Trust Fund, (TETFUND); and Petroleum Products Pricing Regulatory Agency, (PPPRA).

It further identified the special funds as Natural Resources Development Fund (NRDF); Petroleum Equalisation Fund PEF); Excess Crude Account, ECA; Ecological Fund, EF, and Stabilisation Fund, (SF).

Giving a breakdown of the N28.58 trillion remitted to the Federation Account, NEITI noted that mineral source contributed highest sum of N18.15 trillion, after deductions for joint venture cash calls and subsidy claims.

This represented 64 per cent of the total earnings, followed by non-mineral source N6.68 trillion, representing 23 per cent, while value-added tax, VAT, was put at N3.73 trillion, representing 13 per cent. (NAN)

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