A report released on Thursday by the Nigeria Extractive Industries Transparency Initiative (NEITI) showed that the Nigerian government earned N28.02 trillion from four agencies between 2017 and 2019.
Driving the news
The report revealed that for the three years period the four agencies that cumulatively generated N28.02 trillion includes the Nigerian National Petroleum Company (NNPC), the Federal Inland Revenue Services (FIRS), Nigeria Upstream Petroleum Regulatory Commission (NUPRC) formerly known as the Department of Petroleum Resources (DPR) and the Ministry of Mines and Steel Development (MMSD).
Current situation
Report projects Nigeria’s borrowing plans to reach a debt stock of N50.2 trillion by the end of President Buhari’s 8-year tenure in 2023. The debt currently stands at N39.56 trillion (December, 2021) but is set to rise following the approval of the N4 trillion fuel subsidy loan by the Nigerian Senate.
- While there are more revenue sources the federal government could exploit, the NEITI report shows the possibilities of four top sectors in Nigeria.
What it says
- The report also showed that there was a N5.34 trillion deduction by the agencies in the amount remitted to the government bringing the total money received by the government to N22.68 trillion. The deduction is the cost spent collection and Joint Venture (JV) cash calls.
- The Nigerian government distributed the revenue from the four agencies between state and local councils.
- For the period of three years, the Federal Inland Revenue Services (FIRS) generated N13.48 trillion, Nigerian National Petroleum Company (NNPC) generated N8.82 trillion, Nigeria Upstream Petroleum Regulatory Commission (NUPRC) generated 3.53 trillion and the Ministry of Mines and Steel Development (MMSD) generated N12.498 billion.