Nigeria lost over $2bn to crude oil theft and vandalism in 2020, prompting the federal government’s revenue from the oil and gas industry to plunge by 40 per cent, the Nigeria Extractive Industries Transparency Initiative has said.
NEITI disclosed this in its latest oil and gas industry report made public by its executive secretary, Orji Ogbonnaya Orji, in Abuja on Monday.
The report revealed that Nigeria earned $20.43 billion from the oil and gas sector in 2020, representing a decline of 40 percent compared to the 34.22 billion realised from the sector in 2019.
On remittances to the federation account from the sector, NEITI disclosed that $14.65 billion, representing 71.17 percent of the total earnings in 2020, was remitted to the account, while total aggregate financial flows from the sector to government in 10 years (2011-2020) was $394.029 billion.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
