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The Nigerian Extractive Industries Transparency Initiative (NEITI) yesterday disclosed that four Federal Government agencies generated a total of N28.02 trillion between 2017 and 2019.
The agencies are: Nigerian National Petroleum Corporation (NNPC); Federal Inland Revenue Services (FIRS); Department of Petroleum Resources (DPR) now Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the Ministry of Mines and Steel Development (MMSD).
Analysis of IGR per states shows that Rivers State generated the highest of sum of N344.38 billion within the three years period, while Imo State recorded the lowest amount of IGR of N35.006 billion within the period.
This was contained in the press statement that NEITI’s Head, Communications & Advocacy, Mrs. Obiageli Onuorah issued in Abuja.
According to the statement, “Out of the amount, N22.68 trillion was remitted to the Federation Account.
“Breakdown of the figures show that minerals and non-minerals revenue contributed N12.84 trillion (56.61%) and N6.57 trillion (28.97%) respectively, while Value-Added Tax (VAT) accounted for N3.27 trillion (14.42%).
“The cost of collection and Joint-venture cash calls deductions by revenue generating agencies accounted for the differences between revenue generated and remittance.
“These information and data are contained in the latest Fiscal Allocation and Statutory Disbursement (FASD) report recently published by the Nigeria Extractive Industries Transparency Initiative (NEITI) which covered the period 2017-2019.”
The statement explained that the NEITI’s FASD audit examined total extractive industry revenue remitted into the Federation Account, tracked allocation and disbursement from the account to statutory recipients as well as utilisation and application of the funds by the beneficiaries between the years 2017-2019.
The audit covered four (4) federal revenue generating and eleven (11) beneficiary agencies that are involved in the management of extractive industries funds. It also covered nine selected states: Akwa-Ibom; Bayelsa; Delta; Gombe; Imo; Kano; Nasarawa; Ondo and Rivers states.
The beneficiary agencies include: Niger Delta Development Commission (NDDC); Tertiary Education Trust Fund (TETFund); Petroleum Trust Development Fund (PTDF); Petroleum Equalization Funds (PEF); Ecological Fund (EF) and Stabilization Fund (SFs).
Others are: Nigerian Sovereign Investment Authority (NSIA); Development of Natural Resources Fund (DNRF); Excess Crude Account (ECA); Nigeria Content Development and Monitoring Board (NCDMB) and Petroleum Products Pricing Regulatory Agency (PPPRA).