Nigeria: NEITI Audit – FG Earns U.S.$143.5 Billion in Three Years

The sum of $143.5 billion was the total financial flow to the federation and other government entities from 2009 to 2011, the Nigeria Extractive Industries Transparency Initiative, NEITI, report assessing and reconciling financial flows within Nigeria’s oil and gas industry stated.
The report released last week indicated that the amount showed a decrease of four percent as against the 2006-2008 audit record of $148.8 billion.
NEITI said the decrease was largely due to a 50 percent reduction (from $60 billion to $30 billion) in 2009, arising from a drop in the applicable average oil price (from $100 per barrel in 2008 to $63 in 2009) despite fairly consistent production volumes. The increase in average oil prices in 2010 and 2011 (from $80 to $112 -per barrel) led to increased financial flows observed in the subsequent years with a total flow of $68 billion in 2011.
According to NEITI, flows to the Federation Account are $131.7billion or 91.8 percent of total flows compared to $143.8 billion 96.6 percent of 2006-2008 audit, while flows to states are $1. billion (1.1 percent of total flows) as compared to $552 million (0.4 percent) of the previous audit.
The flows to other Federal Government entities including Niger Delta Development Commission, NDDC and the Tertiary Education Tax (TETFUND) are $3.2 billion as against $2.5billion in 2006-2008.
The NEITI report also stated that flows to NDDC are directly made to the agency and outside the purview of the National Assembly through the Appropriation Act whilst that of the TETFUND is paid to a designated account in the Office of the Accountant General of the Federation (OAGF) as stipulated by the enabling act.
Furthermore, financial flows from the sale of crude oil and gas amounted to $81.9 billion which constitutes 57 percent of the total flows against $97.6 billion or 66 percent of the total flows in the previous audit. The proportion of export crude oil and gas sales to total sales of crude oil and gas reduced to 53 percent ($52.8 billion) in the period 2009-2011, when compared to 62 percent ($65.7billion) from 2006-2008. On the other hand, the proportion of the domestic crude oil and gas sales increased from 35 percent ($37.2billion) to 42 percent ($41.5billion).

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175 comments on “Nigeria: NEITI Audit – FG Earns U.S.$143.5 Billion in Three Years
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