Nigeria rakes in N29trn from oil, non-oil in 5 years-NEITI

Nigeria’s three tiers collected N3.88trn in first half 2020 from FAAC

A whooping N28.58 trillion was remitted to the Federation Account between 2012 and 2016, from mineral revenues, non-mineral revenues and Value Added Tax (VAT).

The Nigeria Extractive Industries Transparency Initiative (NEITI) made this known on its latest Fiscal Allocation and Statutory Disbursement (FASD) Audit report for the period 2012-2016, released in Abuja, on Sunday.

NEITI disclosed that apart from remittances to the Federation Account, the audit tracked statutory allocations and their applications with specific focus on nine states, four interventionist agencies, and five special funds.

The nine states covered were Rivers, Bayelsa, Akwa Ibom, Nasarawa, Delta, Ondo, Imo, Kano and Gombe.

NEITI Director of Communications and Advocacy, Dr. Orji Ogbonnaya Orji signed the statement.

The report also listed the Federal agencies as Niger Delta Development Commission,( NDDC), Petroleum Technology Development Fund,( PTDF), Tertiary Education Trust Fund, (TETFUND); and Petroleum Products Pricing Regulatory Agency, (PPPRA).

It further identified the special funds as Natural Resources Development Fund (NRDF); Petroleum Equalisation Fund PEF); Excess Crude Account, ECA; Ecological Fund, EF, and Stabilisation Fund, (SF).

A breakdown of the N28.58 trillion remitted to the Federation Account, showed that mineral source contributed highest sum of N18.15 trillion, after deductions for joint venture cash calls and subsidy claims.

This represented 64 per cent of the total earnings, followed by non-mineral source N6.68 trillion, representing 23 per cent, while value-added tax, VAT, was put at N3.73 trillion, representing 13 per cent.

“A year – by – year breakdown of the total remittances showed that N4.19 trillion was remitted in 2012, while N4.73 trillion was recorded in 2013. Furthermore, N4.69 trillion was recorded in 2014 while N2.89 trillion and N1.65 trillion were remitted in 2015 and 2016 respectively.

“Analysis of the N18.16 trillion mineral revenues shared among the three tiers of government showed that Federal Government received N8.32 trillion from 2012 – 2016, the 36 state governments shared N4.22 trillion.

“The 774 local governments got N3.25 trillion. This is exclusive of N2.36 trillion 13 per cent derivation to the oil, gas and mining producing states,” it said.

The report also disclosed that from the share of non-mineral revenues of N6.68 trillion, the federal government received N3.52 trillion, while the 36 states got N1.79 trillion and 774 local governments took N1.38trillion.

“The total VAT revenue of N3.73 trillion was shared as follows: FGN – N560 billion, 36 States – N1.88 trillion and 774 LGAs – N1.31 trillion.

“Out of the N18.15 trillion recorded from mineral revenue within the period, highest receipt of N4.73 trillion representing about 26.07 per cent was recorded in 2013.

It however noted that the plunge in global oil revenue from 2015 negatively affected mineral revenue remittances within the period.

“There was a decrease in global oil revenue from 2015 which accounted for the decrease in mineral revenue from N4.69 trillion in 2014 to N2.89 trillion in 2015 and to N1.65trillion in 2016,” it added

NEITI further stated that out of total mineral revenue, the Nigerian National Petroleum Corporation (NNPC) remitted N8.62 trillion, the Department of Petroleum Resources (DPR), remitted N3.80 trillion, while Federal Inland Revenue Service, FIRS, remitted N10.46 trillion

It noted that NNPC remittances were highest in 2012 while its Joint Venture (JV) cash calls were highest in 2014.

“NNPC’s net remittances to the Federation Account reduced from N2.38trillion in 2012 to N789billion in 2016.

“Out of the N18.16 trillion mineral revenues remitted in the period 2012 to 2016, the year 2013 accounted for the highest receipt of N4.73 trillion.

“There was a decrease in global oil revenues from 2015, which accounted for the decrease in mineral revenues from N4.68 trillion in 2014 to N2.89 trillion in 2015 and N1.65 trillion in 2016,” it said.

On revenues allocation and utilisation by the states, NEITI disclosed that Akwa Ibom received the highest total mineral revenue of N873.59 billion among the nine states covered by the exercise.

It noted Akwa Ibom was closely followed by Delta state that received N713.15 billion, while Nasarawa state got the lowest mineral revenue of N145.88 billion, closely followed by Gombe state with N155.22 billion. Imo and Ondo states received N190.42 billion and N247.87 billion respectively.

“Another important disclosure by the report was the trend of lingering heavy dependence on mineral resources among the states for their revenue inflows within the period under review.

“The states reliance on mineral revenue showed that between 40 per cent and 73 per cent of the states revenue is from mineral resources.

“Among the nine states covered by the exercise, Rivers and Bayelsa states were the most heavily dependent on mineral resources.

“Rivers State had an aggregate mineral revenue percentage of about 73 per cent of its total revenue for the five years reviewed.

“Rivers State was followed by Bayelsa State with the second highest mineral revenue of 59 per cent, with 32per cent, Imo State became least overall dependent on Mineral revenues,” the report noted. 

Comment With Facebook

Comments (22)

  1. Hi there! I could have sworn I’ve been to this web site before but after looking at some of the posts I realized it’s new to
    me. Anyways, I’m definitely happy I stumbled upon it and I’ll be bookmarking it and checking back regularly!

  2. Very good article! We are linking to this particularly great content on our
    site. Keep up the great writing.

  3. Hi! Someone in my Facebook group shared this site with us so I
    came to give it a look. I’m definitely loving the information. I’m bookmarking and will be tweeting this
    to my followers! Fantastic blog and excellent design and style.

  4. Awesome issues here. I am very happy to see your article.
    Thanks a lot and I am looking forward to touch you.

    Will you please drop me a mail?

  5. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get three e-mails with the same
    comment. Is there any way you can remove people from that service?
    Thanks a lot!

  6. Informative article, just what I was looking for.

  7. Excellent website. Lots of useful info here. I am sending
    it to several friends ans also sharing in delicious.
    And of course, thanks for your sweat!

  8. Tremendous things here. I am very happy to look your post.
    Thank you a lot and I am taking a look ahead
    to touch you. Will you please drop me a mail?

  9. Whoa! This blog looks exactly like my old one! It’s on a totally different subject but it
    has pretty much the same layout and design. Wonderful choice of colors!

  10. Hi there would you mind sharing which blog platform you’re working with?

    I’m going to start my own blog in the near future
    but I’m having a tough time deciding between BlogEngine/Wordpress/B2evolution and Drupal.

    The reason I ask is because your layout seems different then most
    blogs and I’m looking for something completely unique.
    P.S My apologies for being off-topic but I had to ask!

  11. This is a great tip especially to those new to the blogosphere.
    Simple but very accurate info… Appreciate your sharing this one.
    A must read post!

  12. No matter if some one searches for his vital thing, thus he/she wants to be available that in detail, thus that thing is maintained over here.

  13. What a data of un-ambiguity and preserveness of valuable knowledge regarding unpredicted feelings.

  14. Good day! I know this is kinda off topic but I was wondering which blog platform are you using for
    this website? I’m getting tired of WordPress because I’ve had issues with hackers and I’m looking at options for another platform.
    I would be great if you could point me in the direction of
    a good platform.

  15. Diflucan No Prescription Canada Propecia Generic India Cialis Levitra Farmaco Kamagra Cialis Female Pink Viagra Online

  16. Hi there to all, how is everything, I think every
    one is getting more from this site, and your views are good
    in support of new people.

  17. Levitra Without Rx In The United States Levitra Savings Card buy cialis online Online Viagra Ohne Rezept

  18. Tire o tempo necessário para explorar suas opções, uma vez que você tenha conseguido o programa de afiliados certo para você e seu negócio. Você pode construir ótimas relações com os clientes e avançar para atrair mais tráfego para o seu website.

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.