The Nigerian National Petroleum Corporation (NNPC); Federal Inland Revenue Services (FIRS); Department of Petroleum Resources (DPR) now Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the Ministry of Mines and Steel Development (MMSD) generated the sum of N28.02 trillion between 2017 and 2019,a report by Nigerian Extractive Industries Transparency Initiative (NEITI)said.
Of the figure,the sum of N22.68 trillion was remitted to the Federation Account,according to the report.
According to the breakdown of the figures,minerals and non-minerals revenue contributed N12.84 trillion (56.61%) and N6.57 trillion (28.97%) respectively, while Value-Added Tax (VAT) accounted for N3.27 trillion (14.42%).
The cost of collection and Joint-venture cash call deductions by revenue-generating agencies accounted for the differences between the revenue generated and remittance,the report said.
The information was contained in the latest Fiscal Allocation and Statutory Disbursement (FASD) report recently published by the Nigeria Extractive Industries Transparency Initiative (NEITI) which covered the period 2017-2019.
NEITI’s FASD audit examined total extractive industry revenue remitted into the Federation Account, tracked allocation and disbursement from the account to statutory recipients as well as utilization and application of the funds by the beneficiaries between the years 2017-2019.
The audit covered four (4) federal revenue-generating and eleven (11) beneficiary agencies that are involved in the management of extractive industries funds. It also covered nine selected states: Akwa-Ibom; Bayelsa; Delta; Gombe; Imo; Kano; Nasarawa; Ondo and Rivers states.
The beneficiary agencies include Niger Delta Development Commission (NDDC); Tertiary Education Trust Fund (TETFund); Petroleum Trust Development Fund (PTDF); Petroleum Equalization Funds (PEF); Ecological Fund (EF) and Stabilization Fund (SFs).
Others are the Nigerian Sovereign Investment Authority (NSIA); Development of Natural Resources Fund (DNRF); Excess Crude Account (ECA); Nigeria Content Development and Monitoring Board (NCDMB) and Petroleum Products Pricing Regulatory Agency (PPPRA).
