The Nigeria
oil and gas as well as the solid minerals sectors Nigerian Extractive
Industries Transparency Initiative NEITI audit report for 2013 has been
published.
The Minister
of Solid Minerals and Chairman of the NEITI Board, Kayode Fayemi, said the
audit, which focused on all aspects of the extractive industries, showed that
total revenue flows into the Federation Account from the oil and gas sector in
2013 was about $58.07 billion.
The figure
represented about eight per cent decline
when
compared to the $62.9 billion realised in 2012.
Mr. Fayemi
said the decline was attributed to the drop in oil and gas sales following
divestment of federation equity in some oil mining leases, OMLs, crude oil losses
as a result of destruction of production facilities, pipelines vandalism and
crude oil theft.
Details of
the report revealed that the Nigerian National Petroleum Corporation, NNPC and
its sub-units during the year either lost or refused to remit a total of N2.23
trillion, consisting
$9.75
billion and N378.67 billion, to the federation account as earnings from various
aspects its operations in 2013.
Credit: PremiumTimes NG
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