Nigeria’s Nigeria Extractive Industries Transparency Initiatives (NEITI) has said that Nigeria realized over $21 billion from the oil and gas sector in 2017.
NEITI said in its 2017 oil and gas industry report released in Abuja on Thursday that the trend shows a 23 percent increase over that of 2016, which was 17.05 percent and 15 percent lower than $24.79 billion inflows recorded in 2015.
According to the report, crude oil and gas sales topped with about $10.19 billion, while other financial flows fetched $10.13 billion.
The Niger Delta Development Commission (NDDC) and Nigeria Content Development Monitoring Board (NCDMB) recorded $669.05 million.
“In a five-year comparison of revenue flows from the oil and gas sector, the report revealed that there was a steady decline in year-on-year revenues from 2013 to 2016, with the sharpest drop of 55 percent in 2015 compared to the preceding year.
“The year under review experienced a 23 percent increase in revenues, 23 percent from 17.055 billion dollars in 2016 to 20.988 billion dollars in 2017,’’ it said
It said that in 2017, there was no steady revenue decline like it was in 2013.
The dividends and loan repayment by the Nigeria Liquefied Natural Gas (NLNG) hit $834 million
“Out of the 690,465 mbbls of crude oil produced in 2017, a total of 688,291 mmbls was lifted, representing an increase from the 668,147 mmbls lifted in 2016,’’ it added
The NNPC lifted 241 million barrels (mbbls) of crude oil on behalf of Nigeria.
MM/GIK/APA