Home Nigeria generated N28.02trn in three years – NEITI reveals

Nigeria generated N28.02trn in three years – NEITI reveals

The Nigeria Extractive Industries Transparency Initiative (NEITI) says four Federal Government agencies generated a total of N28.02 trillion between 2017 and 2019 and remitted N22.68 trillion to the federation account.

NEITI in a statement signed by its Head of Communications & Advocacy, Obiageli Onuorah, said the data is part of its recent Fiscal Allocation and Statutory Disbursement (FASD) report covering the 2017-2019 period.

It listed the contributing agencies as the Nigerian National Petroleum Corporation (NNPC), Federal Inland Revenue Services (FIRS), Department of Petroleum Resources (DPR) now Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the Ministry of Mines and Steel Development (MMSD).

It said the Fiscal Allocation and Statutory Disbursement audit examined total extractive industry revenue remitted into the Federation Account, tracked allocation and disbursement from the account to statutory recipients and examined utilization and application of the funds by the beneficiaries between the years 2017-2019.

A breakdown of the figures shows that minerals and non-minerals revenue contributed N12.84 trillion (56.61%) and N6.57 trillion (28.97%) respectively, while Value-Added Tax (VAT) accounted for N3.27 trillion (14.42%).

The cost of collection and joint-venture cash calls deductions by revenue-generating agencies accounted for the differences between the revenue generated and remittance.

The audit covered four (4) federal revenue-generating and eleven (11) beneficiary agencies that are involved in the management of extractive industries funds. It also covered nine selected states: Akwa-Ibom; Bayelsa; Delta; Gombe; Imo; Kano; Nasarawa; Ondo and Rivers States.

The NEITI FASD report revealed that ”FIRS generated the sum of ₦13.48 trillion within the period under review with Petroleum Profit Tax (PPT) accounting for N5.80 trillion (43.09%), while Value-Added Tax (VAT) and other taxes accounted for 32% and 24% respectively. The Service recorded the highest revenue collection of N5.02 trillion in 2018.

A total sum of ₦8.82 trillion was generated by NNPC within the period. A breakdown shows that ₦4.55 trillion came from domestic crude sales, while export receipts accounted for ₦4.27 trillion. It further disclosed that ₦5.33 trillion was deducted at the source for JV cash calls and others, leaving the net amount of N3.49 trillion as transferred to Federation Account.

During the period under consideration, a total of ₦8.82 trillion was generated. However, only ₦3.49 trillion (39.55%) was remitted to the Federation Account due to deductions at source by NNPC for JV cash calls. The Deductions at source by NNPC negate the principle of Federation Account”, NEITI’s report stated.

DPR (now NUPRC) generated ₦3.53 trillion for the three years under review, with royalty payments accounting for N3.40 trillion (96.41%). The agency however transferred ₦3.53 trillion to the Federation Account. The audit established that the surplus of ₦6.72 billion was a result of unremitted receipts from the prior year.

Ministry of Mines and Steel Development (MMSD) generated ₦12.498 billion within the three years period. The breakdown shows that Mining Inspectorate Department (MID) contributed N6.43 billion while Mining Cadastral Office (MCO) accounted for N6.06 billion. From the total revenue generated by the Ministry, a sum of ₦7.56 billion was shared among the three tiers of government in 2019.

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