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Nigeria’s Oil and Gas Earnings Hit $590bn in 15 Years

The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the country raked in over $590 billion from the export of crude oil and gas as well as N143.52 billion from solid minerals  during a period of 15 years.

The Executive Secretary of Agency, Waziri Adio, who made this disclosure at a workshop presentation  at in  Abuja ,tagged,  “Publish What You Pay”, organised by a Civil society organisation working in the extractive sector in Nigeria,said that the country earned a total of $592.34 billion from the oil and gas sector from 1999 to 2014.

Adio, represented at the workshop by the agency’s Director of Communications, Dr. Orji Ogbonnaya Orji explained that while it is the responsibility of NEITI to provide the information and data, it is the duty of the civil society to use the same information and data to hold government and companies accountable.

He  gave the breakdown of the country’s earnings as follows: 1999 -$ 8.07 billion, 2000 -$15.80 billion, 2001 -$ 15.90 billion, 2002 -$ 11.86 billion, 2003 -$ 17.08 billion, 2004 -$26.62 billion, 2005 -$ 28.06 billion, 2006 -$ 44.68 billion, 2007 -$43.78 billion, 2008 -$ 60. 36 billion, 2009- $ 30.12 billion, 2010 -$ 44.94 billion, 2011 -$ 68.44 billion, 2012 -$ 62.99 billion, 2013 -$ 58.07 billion, and 2014 -$55.5 billion amounting to about $592.27 billion.

He, also, disclosed that about N143.5 billion was earned from the Solid Minerals sector between 2007 and 2014 a break down of 2007  -N8.19 billion , 2008 -N9.58 billion, 2009- N19.42 billion, 2010 -N17.38 billion, 2011- N23.67 billion, 2012- N31.44 billion, 2013              N33.86 billion and 2014 -N55.82 billion with a grand  total of N143.52 billion.

The Executive Secretary expressed concerns over what he described as  huge revenues earned by government over the years, with a little change in the living standards of majority of Nigerians and in the development of infrastructure.

He urged civil society groups to be more vigilant and ensure that future earnings from the sector translate to national development and support poverty reduction.

Identifying the slow pace of implementing NEITI’s industry audit findings and recommendations as one of the weakest links in EITI implementation in Nigeria, he tasked Publish What You Pay to lead a robust civil society activism and engagements with relevant government agencies to implement NEITI reports.

Adio who called for closer partnership with the civil society to enable it implement remedial issues contained in its reports of the oil and gas industry further described Publish What You Pay as an important global civil society organization in a vantage position to lead advocacy for translating NEITI reports into results which is capable of bringing about the desired reforms in Nigeria’s oil, gas and mining sectors.

In her presentation, Faith Nwadishi, a member of the international EITI Board, underlined the importance of the civil society protocol in advancing civil society freedom and engagement to ensure that EITI process leads to reforms that will bring about the required impact.

Nwadishi welcomed the improved enabling environment and space for civil society activism in Nigeria and urged civil society organizations to take up the space by utilizing information and data in NEITI reports for stronger advocacy.

Asmara Klein from PWYP international presented the 2016 EITI Standard and the key areas that Nigeria needs to pay attention in order to meet the global EITI standard. These include, contracts and beneficial ownership disclosure; sub-national transfers; data quality and timelines; mandatory social expenditures etc.

The National Coordinator of Publish What You Pay in Nigeria, Emeka Ononamadu gave assurance that the exposure gained from the workshop will help CSOs to push the boundaries of transparency and accountability in the management of revenue from extractive industries in Nigeria.

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