Between 1999 and 2020, spanning approximately 21 years, the Nigeria Extractive Industries Transparency Initiative (NEITI) reported that Nigeria garnered a total of $741.5 billion from the oil and gas sector and N635.3 billion from solid minerals.

NEITI’s Executive Secretary, Ogbonnaya Orji, unveiled this information during a stakeholder roundtable held in Abuja to review and endorse NEITI’s 2021 Audit Reports for the oil, gas, and solid minerals domains.

The recent audit findings were furnished to NEITI by independent administrators, Taju Audu & Co, and Amedu Onekpe & Co.

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Orji highlighted, “NEITI has conducted 13 cycles of reconciliatory reports in the oil and gas sector and 11 cycles of reports in the solid minerals sector.”

These reports unveiled a cumulative revenue of $741.48 billion from oil and gas, and N635.3 billion from solid minerals during the stipulated periods.

NEITI reports disclosed a disheartening loss of 619.7 million barrels of crude oil, equivalent to $46.16 billion or N16.25 trillion, due to theft and sabotage between 2009 and 2020.

This loss represented an alarming daily depletion of 140,000 barrels, valued at $10.7 million.

Orji emphasized the adverse effects of subsidy payments during 2005-2021, which amounted to $74.39 billion or N13.7 trillion, averaging an annual expenditure of N805.7 billion, N67.1 billion monthly, or N2.2 billion daily.

NEITI’s 2021 Industry Reports for oil, gas, and mining encapsulated 69 companies and 12 government agencies, including a state-owned enterprise for oil and gas, while the solid minerals sector included 1,214 companies and three government agencies.