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Nigeria earned $741.48 billion from oil and gas between 1999 and 2020 – NEITI

Nigeria made $1.4 billion from solid minerals in 13 years – NEITI

Dr. Ogbonnaya Orji, the Executive Secretary of NEITI

The Nigerian Extractives Industries Transparency Initiative (NEITI) has said that the country earned $741.48 billion from the oil and gas sector between 1999 and 2020.

During the Multi-stakeholders’ Roundtable on the approval of the NEITI 2021 Oil, Gas, and Mining Industry Reports held at NEITI House in Abuja on August 16, the Executive Secretary, Dr. Ogbonnaya Orji said the country earned $741.48 billion from oil and gas between 1999 and 2020.  

He said: 

During the event, Dr. Orji also said that the stakeholders’ roundtable was organized to carry all stakeholders along and get the report approved.

He stated further that following extensive consultation with the international secretariat, NEITI got a waiver for Companies, Civil Society, Media, and Government representatives to review and approve the reports to be released. 

He said: 

Fuel subsidy context 

According to Dr. Orji, NEITI reported subsidy payments on petroleum products from the years 2005 to 2021 and their huge negative consequences to the nation. He highlighted the fact that Nigeria has spent $74.39 billion which translates to 13.7 trillion in Naira.  

By the above figures, Nigeria expended an average of N805.7 billion annually, 67.1 billion monthly, or N2.2 billion daily. 

What you should know: In April 2023, under the leadership of former president, Muhammadu Buhari, NEITI announced that Nigeria lost 619.7 million barrels of crude between 2009 and 2020.  

At the time, Dr. Orji said: 

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