×

Nigeria Earned N30 Trillion From Oil And Non Oil Revenues Between 2007 And 2011 – NEITI

The Chairman of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mr Ledum Metee on Wednesday said Nigeria from 2007 to 2001 has realised N30.09 trillion … Continue reading Nigeria Earned N30 Trillion From Oil And Non Oil Revenues Between 2007 And 2011 – NEITI


ledum_miteeThe Chairman of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mr Ledum Metee on Wednesday said Nigeria from 2007 to 2001 has realised N30.09 trillion as revenue from oil and non-oil sectors between 2007 and 2011.

Mr Metee announced the figure at the public presentation of fiscal allocation and statutory disbursement and solid minerals audit reports in Abuja.

According to Mr Mittee, N23.7 trillion was realised from the mineral sector while N4.014 trillion was generated from non-mineral revenues

Mr Metee also used the occasion to clarify reports of under-remittance of funds to the federal account in 2011.

Meanwhile, the Executive Secretary of NEITI, Mrs. Zainab Ahmed expressed disappointment over lack of synergy between government agencies and the Central Bank of Nigeria, which has led to disagreements over what is actually earned and remitted by some agencies.

She said a review of the Central Bank of Nigeria and Nigeria Customs Service records on exported mineral showed that there were discrepancies in the value of exported minerals and the associated companies.

She said, “From the report, total revenue received by the Federal Government increased significantly in 2011 as compared to previous years.

“This was attributed to the awareness created from the last audit cycle by NEITI and increasing attention paid by government to solid minerals industry.”

According to her, the report recommends urgent need to check the incessant smuggling of solid minerals products out of the country.

She decried the deliberate creation of border markets at strategic border points across the country for the smuggling of solid minerals.

Ahmed said that the report also called for the establishment of International Standards Organisation certification in each of the six geo-political zones of the country for the purpose of analysing minerals extracted or discovered.

She said that the report was to establish and make public the revenue flows through investment among the major players in the solid mineral sector.

The organisation urged government to create markets at strategic boarders across the country,  in order to check smuggling of solid minerals out of the country.