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Nigeria, between the years 2010-2019, made a total of $418 billion from the oil and gas sector, the Nigerian Extractive Industries Transparency Initiative (NEITI) in a report, revealed.
A review of the 10 years aggregated financial flow of the sector showed that the accrued sum was collected by the government within the period.
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The 2019 Oil and Gas report, states that for the ten years under review, the highest receipts $68.442billion was recorded in 2011 from the about $45 billion recorded in 2010.
The revenue, however, saw a steady declined to $62billion,$58billion, $54.5billion and $24.7 billion respectively between 2012 to 2015.
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In 2016, revenue flow also witnessed a sharp decline to $17.055billion but between 2017 to 2019, it increased to approximated $21billion, $33billion and $34.2billion respectively.
The report stated that revenue collected from the sector comprised income from the twenty-three (23) revenue streams.
For 2019, it said the total collection from the sector 2019 was $ 34.218billion, stating that from the total collection, 98.03% $33.543billion was reconciled, while 1.97% $675.549million was unilaterally disclosed.
Also, $18.14billion (53.02%) was transferred into the Federation Account, $6.55billion (19.14%) into the Cash-call account and $5.52billion (16.13%) into NNPC designated accounts.
“Furthermore, $2.82billion(8.25%) was transferred into third parties’ project financing accounts while $1.18billion(3.46%) were subnational payment.
“Subnational payments are made to State IRS, NDDC, Nigerian Content Development and Monitoring Board (NCDMB) and FMFBNP.
“In addition to US$5.52billion in NNPC designated accounts, $229.49million (N70.21billion) was downstream deductions on prior-year domestic sales,” the report stated.
Credit: Nigeria Tribune