Ogbonnaya Orji, NEITI’s Executive Secretary, made this announcement during a stakeholders’ roundtable organized by the agency in Abuja to review and approve NEITI's 2021 Audit Reports for the oil, gas, and solid minerals sectors. The most recent audit reports were submitted to the agency by independent administrators, Messrs Taju Audu & Co, and Amedu Onekpe & Co.
Orji addressed the audience, stating, “Up to now, NEITI has conducted a total of 13 cycles of reconciliatory reports in the oil and gas sector and 11 cycles of reports in the solid minerals sector. These reports have revealed a total revenue earnings of $741.48 billion from the oil and gas sector and N635.3 billion from the solid minerals sector."
“These earnings were between the years 1999-2020 (oil and gas) and 2006-2020 (solid minerals sector earnings). Additionally, NEITI reports have disclosed that Nigeria lost over 619.7 million barrels of crude oil valued at $46.16 billion or N16.25 trillion from 2009 to 2020 due to theft and sabotage."
Orji further mentioned, “This equates to losing over 140,000 barrels of crude valued at $10.7 million daily. Moreover, NEITI has reported on subsidy payments from 2005 to 2021 and their significant negative consequences for the nation.”
He revealed that these reports indicated that Nigeria had expended $74.39 billion, equivalent to N13.7 trillion. Using these figures, it was deduced that Nigeria spent an average of N805.7 billion annually, N67.1 billion monthly, or N2.2 billion daily.
Regarding the 2021 NEITI Industry Reports for the oil, gas, and mining sectors, Orji noted that they encompassed 69 companies and 12 government agencies, with a single state-owned enterprise included in the oil and gas report. Furthermore, the solid minerals sector report covered a total of 1,214 companies and three government agencies.
