The Nigeria Extractive Industries Transparency Initiative (NEITI) says outstanding revenues due to the Federal Government in the oil and gas industry have risen to $6.071 billion and N66.4 billion respectively as of June 2024.

NEITI disclosed this at the public presentation of its 2022 and 2023 Independent Oil and Gas Industry Reports in Abuja on Thursday, September 26, 2024.

The report was unveiled by the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, alongside the Secretary to the Government of the Federation, George Akume, and the Chairman of NEITI, among other dignitaries.

The breakdown of the report showed that outstanding liabilities were $6.049 billion and N65.9 billion in unpaid royalties and gas flare penalties, due to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as collectable revenues by August 31, 2024.

It also provided a detailed analysis of the information and data regarding who owes what in outstanding revenues due to the government.

The report showed outstanding petroleum profit taxes, company income taxes, withholding taxes, and Value Added Tax (VAT) due to the Federal Inland Revenue Service (FIRS), amounting to $21.926 million and N492.8 million as of June 2024.

On fuel importation, NEITI disclosed that a total of 23.54 billion litres of Premium Motor Spirit (PMS), otherwise known as petrol, were imported into the country in 2022, while 20.28 billion litres were imported in 2023.

This represented a reduction of 3.25 billion litres or a 14 per cent decline, following the removal of the fuel subsidy.

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A detailed 10-year trend analysis (2014–2023) in the NEITI report showed that the highest annual petrol importation into Nigeria, 23.54 billion litres, was recorded in 2022, while the lowest, 16.88 billion litres, was recorded in 2017.

The NEITI report also disclosed that N15.87 trillion was claimed as under-recovery/price differentials between 2006 and 2023, with the highest amount, N4.714 trillion, recorded in 2022.

On crude production, fiscalised crude production in 2022 stood at 490.945 million barrels, compared to 556.130 million barrels produced in 2021, representing an 11 per cent decline.

However, in 2023, the NEITI’s report revealed total fiscalised production of 537.571 million barrels, and 46.626 million barrel or 9.5 per cent increase from total production recorded in 2022.

A 10-year trend (2014–2023) of fiscalised crude oil production in Nigeria showed the highest production volume, 798.542 million barrels, was recorded in 2014, while the lowest, 490.945 million barrels, was recorded in 2022.

NEITI further provided detailed information and data on crude lifting, disclosing that in 2022, total crude lifting was 482.074 million barrels compared to 551.006 million barrels lifted in 2021.

“In 2023, total crude lifting stood at 534.159 million barrels, representing an 11 per cent increase of 58.08 million barrels,” it stated.

On oil theft and crude losses, NEITI disclosed that 7.68 million barrels of crude were either stolen or lost in 2023, representing a significant drop of 79 per cent (29.02 million barrels) compared to 36.69 million barrels either stolen or lost in 2022.

NEITI, in its report, said it carefully reviewed all aspects of the regulatory framework for the oil and gas industry.

This included the legal framework, fiscal regime, roles of government entities and reforms, as well as laws, the Petroleum Industry Act (PIA 2021), and regulations relating to addressing corruption risks in the oil and gas sector.

The Star