Acting Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, has revealed that Nigeria earned a whopping $355 billion from 42 oil and gas companies operating in Nigeria between 2006 and 2012.
The earnings where from taxes, royalties and dividends and paid to the Federal Government. Here is the breakdown;
2006 – $44.7 billion
2007 – $43.7 billion
2008 – $60.4 billion
2009 – $30 billion
2010 – $44.9 billion
2011 – $68.4 billion
2012 – $62.9 billion
The Nigerian economy is apparently not better off with Federal Reserves dropping to below $30 billion and states unable to fund their capital and recurrent expenditure. Nigerians have complained bitterly about the level of corruption in the country and believe a significant chunk of the revenue earned from oil was stolen.
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