Nigeria Earned $46.9bn From Oil & Gas Revenue In 2 Years – NEITI

The national authorities realised $46.09 cardinal from lipid and state gross successful 2 years, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said.

According to NEITI’s 2021–2022 Oil and Gas Industry Reports, Nigeria earned $23.04 cardinal successful 2021 and $23.05 cardinal successful 2022 from the sector.

However, immoderate companies and authorities agencies inactive beryllium the federation astir N1.5 trillion, which could person been utilized to amended vigor and healthcare services.

The NEITI’s enforcement secretary, Dr Ogbonnaya Orji, revealed this connected Thursday during the 2025 Association of Energy Correspondents of Nigeria (NAEC) league successful Lagos.

At the event, Orji besides said the authorities mislaid astir 13.5 cardinal barrels of crude oil, worthy $3.3 billion, to theft and pipeline vandalism betwixt 2023 and 2024, according to the Nigeria Extractive Industries Transparency Initiative (NEITI).

He criticised the deficiency of transparency and accountability successful Nigeria’s lipid and state sector, saying openness and innovation are cardinal to improving the industry.

Speaking connected the taxable “Nigeria’s Energy Future: Exploring Opportunities and Addressing Risks for Sustainable Growth,” Orji said the mislaid gross could person funded the country’s full wellness fund for a twelvemonth oregon provided energy to millions of homes.

Orji stressed that transparency is not optional but indispensable for a sustainable vigor future. He said NEITI is moving to guarantee each tube of crude lipid produced is adequately accounted for, noting that secrecy successful the worth concatenation remains a superior issue. According to him, reliable information is indispensable due to the fact that ‘data builds trust, spot drives investment, concern generates revenue, and gross delivers results.’

He explained that NEITI has grown from an auditing bureau to a full governance betterment body. The organisation present conducts regular audits of the oil, gas, and coagulated minerals sectors, tracks accumulation and payments, and exposes the existent owners of implicit 4,800 extractive assets done its Beneficial Ownership Register.

NEITI has partnered with agencies similar NUPRC, NMDPRA, and NCDMB to beforehand licensing, metering, and assemblage spot absorption transparency.

Additionally, it introduced the Just Energy Transition and Climate Accountability Framework to guarantee Nigeria’s displacement to cleaner vigor is just and transparent.