The Nigeria Extractive Industries Transparency Initiative (NEITI) disclosed that federal government agencies in the extractive sector remitted ₦14.38 trillion to the federation account from January 2020 to December 2021. Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI, shared this information during the presentation of the latest Fiscal Allocation and Statutory Disbursement (FASD) report in Abuja.
The revenue-generating agencies, including NNPC Ltd, NUPRC, FIRS, MMSD, and NCS, were responsible for the substantial contributions. Orji highlighted that the NEITI’s FASD reports thoroughly examined transactions in the sector, revealing that mineral revenue accounted for ₦6.40 trillion, constituting 44.5% of the total remittances. Other non-mineral revenue (excluding VAT) played a significant role, contributing ₦4.80 trillion, approximately 33.37% of the total remittances.
The report covered four federal revenue-generating agencies and 11 beneficiary agencies, as well as nine selected states. It focused on areas such as revenue receipts, payments, deployment to capital projects, recurrent expenditure, and the alignment of these processes with agency responsibilities and citizen expectations.
Shaakaa Chira, the Auditor General of the Federation, emphasized the report’s value in supporting their office’s audit of federation revenue, including collection, remittance, and disbursement. The document will aid in periodic checks of deductions, transfers, and the assessment of FAAC allocations. Mr. Faruk Ahmed of NMDPRA commended NEITI for its transparency efforts in various sectors over the years.
