- ₦5.42 trillion disbursed to the Federal, State and Local Governments
- Mineral Revenue contributed N6.40 trillion
- Non-mineral revenue contributed N4.80 trillion
The Nigeria Extractive Industries Transparency Initiative (NEITI) reported that federal government revenue-generating agencies contributed ₦14.3 trillion to the federation account over a two-year period. Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI,disclosed this while presenting the Fiscal Allocation and Statutory Disbursement (FASD) report for 2020-2021, unveiled by Mr. Shaakaa Chira, the Auditor-General of the Federation.
The revenue generating agencies are the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Upstream Regulatory Commission (NUPRC), the Federal Inland Revenue Service (FIRS), the Ministry of Mines and Steel Development (MMSD), and the Nigeria Customs Service (NCS).
Mineral revenue constituted approximately ₦6.40 trillion, accounting for 44.5% of the total remittances during the period reported. Additionally, other non-mineral revenue (excluding Value Added Tax) contributed ₦4.80 trillion, representing about 33.37% of total remittances.
NEITI’s FASD Report assessed financial transactions in revenue receipts and payments, emphasizing transparency and accountability in the oil and gas sector between 2020 and 2021.
The report also scrutinized how funds were allocated and disbursed to statutory recipients, examining their utilization in line with government and citizens’ expectations, particularly with regard to capital projects and recurrent expenditure.
This audit encompassed four revenue-generating agencies and 11 beneficiary agencies responsible for managing extractive industry funds. Furthermore, the report covered nine states, including Akwa-Ibom, Bayelsa, Delta, Gombe, Imo, Kano, Nasarawa, Ondo, and Rivers. The beneficiary agencies, including the Petroleum Technology Development Fund (PTDF), Niger Delta Development Commission (NDDC), and others, played a crucial role in this financial landscape, ensuring that funds were channeled to various development initiatives, stabilization funds, and the Excess Crude Account (ECA).
