The Federal Authorities realised $305billion as income inflows from the oil and fuel sector from 2014 to 2024, it was learnt on Tuesday.
The Nigeria Extractive Industries Transparency Initiatives (NEITI), disclosed this when its govt secretary/nationwide Coordinator of IRITI, Nigeria, Dr Orji Ogbonnaya Orji, appeared earlier than the Senate Public Accounts Committee (SPAC) in Abuja.
Orji in his presentation on the 2021 – 2023 experiences on Oil, Fuel and Strong Minerals within the nation, stated Nigeria earned $54.5 in 2014; $24.79 in 2015; $17.05 in 2016; $20.9 – 2017; $32.62 – 2018; $34.21 – 2019; $20.43 – 2020; $23.04 – 2021; $35.7 – 2022
and $30.86 in 2023.
Orji additional disclosed that the nation earned $831.14 from the oil and fuel sector from 1999 – 2023.
He stated the nation produced 800.49 barrels of crude oil in 2013; 798.60 barrels in 2014; 776.6 in 2015; 659.30 in 2016; 690.50 in 2017; 701.10 in 2018; 735.20 in 2019; 646.70 in 2020; 656.20 in 2021; 490.95 in 2022 and 537.00 in 2023.
He additionally put the quantity of crude oil losses from 2009 to 2023 at 701.48 million barrels.
Orji, who informed the lawmakers that Fuel Manufacturing within the nation between 2019 and 2023, stood at 13,817,622 Normal Cubic Toes (scf), nonetheless added that Nigeria requires injection of $200billion into fuel infrastructure for maximization of the pure sources because the ninth highest fuel producer within the World and primary in Africa.
Nonetheless, the SPAC chaired by Senator Aliyu Ahmed Wadada decried a state of affairs the place the strong minerals sector contributed lower than 1% to the nation’s Gross Home Product (GDP) on yearly foundation describing it as unacceptable.
Orji stated the $200bn is required to place in place the requisite infrastructure to extend the manufacturing of fuel sources within the nation.
He stated: “Based mostly on NEITI’s findings, Nigeria wants to take a position no less than $20billion per 12 months into fuel infrastructure for a interval of ten years.
“The one factor that Qatar Vitality does is fuel processing via requisite infrastructure.
“So, in Nigeria, what we want, is to put money into fuel infrastructure to evacuate fuel and our examine exhibits that we want an preliminary funding of $20 billion yearly for 10 years to have the ability to generate the type of fuel infrastructure required to offer fuel for the entire of Africa and past.
“This, in fact, would require the development of fuel pipelines alongside and throughout the West African sub-region and past which is a large expenditure.”
When requested on what NEITI is doing on alleged $8.5billion unremitted income into the Consolidated Income Fund by the Nigerian Nationwide Petroleum Firm Restricted, Federal Inland Income Service and Nigerian Upstream Petroleum Regulatory Fee in 2023, Orji stated the Financial and Monetary Crimes Fee (EFCC), has commenced investigations into the difficulty.
He nonetheless added that the strong minerals sector shouldn’t be giving the nation desired income as yearly proceeds from the sector is lower than 1% to GDP.
Apparently displeased by the revelation, the Chairman and members of the committee stated NEITI’s report on strong minerals was not reflective of what’s going on within the strong mineral sector.
They puzzled why solely States like Ogun, Osun, Kogi, Edo, Ebonyi, Rivers, Cross Rivers and FCT, have been talked about within the report leaving out Nasarawa, Zamfara, Kebbi, Plateau, Bauchi States, and so on.
Senator Wadada described the lower than one 1% contribution of strong minerals to GDP of the nation on an annual foundation as ridiculous and unacceptable.
“This undoubtedly should not proceed, there have to be full overhaul of the sector,” he stated.