NEITI Report Shows NNPC, FIRS, 2 Others Generated N28 trillion Revenue for Nigeria in 3 years

NEITI Report Shows NNPC, FIRS, 2 Others Generated N28 trillion Revenue for Nigeria in 3 years

  • A new report has revealed that four government agencies of the federal government earned over N28 trillion
  • The revenue was earned between 2017 and 2019 with NNPC and FIRS raking the highest amount
  • It was also revealed that the amount earned by the agencies was paid to the federal government account

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

The Federal government of Nigeria between 2017 and 2019 received a credit alert of N28.02 trillion from four agencies.

The revenue earned is was disclosed by the Nigeria Extractive Industries Transparency Initiative (NEITI) in its Fiscal Allocation and Statutory Disbursement (FASD) report released on Thursday, Punch reports.

The four agencies are the Nigerian National Petroleum Company Ltd. (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).

Read also

Nigeria spends N1.33 trillion on domestic debt servicing in 6 months

Nigeria Mele Kyari Managing Director of the Nigerian National Petroleum Corporation Credit: NNPC
Source: Twitter

NEITI disclosed that of the amount earned, N22.68 trillion was remitted to the Federation Account, citing that FIRS generated the sum of N13.48 trillion within the period under review with Petroleum Profit Tax (PPT) accounting for N5.80 trillion (43.09 per cent), Nairametrics reports.

PAY ATTENTION: Join Telegram channel! Never miss important updates!

Part of the report reads:

“Value-Added Tax (VAT) and other taxes accounted for 32 per cent and 24 per cent respectively while it recorded highest revenue collection of N5.02 trillion in 2018.
“a total sum of N8.82 trillion was generated by the NNPC within the period,” stating that N4.55 trillion came from domestic crude sales, while export receipts accounted for N4.27 trillion.
“N5.33 trillion was deducted at source for Joint Venture (JV) cash call and others, leaving the net amount of N3.49 trillion, transferred to the Federation Account.

Deduction from the agencies

It also noted that during the period under consideration, a total of N8.82 trillion was generated. However, only N3.49 trillion (39.55 per cent) was remitted to the Federation Account due to deductions at source by NNPC for JV cash calls.

Read also

CBN reveals eNaira wallets downloaded nears 1m with users transacting over N3 billion since launch

The report said:

“The deductions at source by NNPC negate the principle of Federation Account."

Other agencies

The report added that DPR (now NUPRC) generated N3.53 trillion for the three years under review, with royalty payments accounting for N3.40 trillion (96.41 per cent) and transferred N3.53 trillion to the Federation Account, citing that audit also revealed a surplus of N6.72 billion was as a result of unremitted receipts from the prior year.

It added

“The Ministry of Mines and Steel Development (MMSD) generated N12.498 billion within the three years period. The Mining Inspectorate Department (MID) contributed N6.43 billion while Mining Cadastral Office (MCO) accounted for N6.06 billion.
“Minerals and non-minerals revenue contributed N12.84 trillion (56.61 per cent) and N6.57 trillion (28.97 per cent) respectively, while VAT accounted for N3.27 trillion (14.42 per cent)."

Nigeria loses 80% of oil production to theft - Pastor Adeboye

Similarly, Pastor Enoch Adeboye of the Redeemed Christian Church of God (RCCG), recently claimed that 80% of the country’s oil production is lost to theft.

Read also

Federal government repays China, India others over N536bn for matured debts, N16.6trn left

The revered cleric said this on Sunday, April 3, adding that 90% of oil revenue is used to service debt in Nigeria.

His words:

“More than 80 percent of all the oil we are producing is been stolen and nobody has denied it, it came from the government."


Online view pixel