NEITI Says FG earns N14.4tn from extractive sector


The Nigeria Extractive Industries Transparency Initiative has said that the Federal government revenue-generating agencies remitted a total of about N14.4tn as revenue from the extractive sector to the Federation Account between January 1, 2020, and December 31, 2021.

Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, while presenting the latest Fiscal Allocation and Statutory Disbursement report released by the organisation on Thursday, said the revenue-generating agencies include the Nigerian National Petroleum Company Limited, the Nigerian Upstream Regulatory Commission, the Federal Inland Revenue Service, the Ministry of Mines and Steel Development, and the Nigeria Customs Service.

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A breakdown of the remittances showed that mineral revenue accounted for N6.40tn (about 44.5 percent of total remittances) for the period, while other non-mineral revenue (excluding Value Added Tax) contributed N4.80tn (about 33.37 percent of total remittances).

The report, which is the fourth in the audit cycle, revealed that overall remittances to the Federation Account for the period increased by about 14 percent. The report revealed that the contribution by the NNPC declined significantly by 56 percent, along with the federal Inland Revenue Service, whose contribution also dropped by 10 percent.


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