The Nigerian Extractive Industries Transparency Initiative, NEITI, on Friday, released its 2015 Oil and Gas Industry Audit Report.
One of the key recommendations of the Report, is a demand for the Federal Government to ask the Nigerian National Petroleum Corporation, NNPC, under the watch of President Muhammdu Buhari, as the Minister of Petroleum Resources, to fully account for over $16.8 billion (about N5.15 trillion at N306.3 to $1), collected as dividends.
The Report released on Friday, in Abuja, also revealed that Nigeria’s oil and gas revenues dropped from $54.5 billion in 2014, to $24.8 billion in 2015; adding that, Nigeria’s oil production capacity fell from a total 798 million barrels in 2014, to 776 million barrels in 2015.
The Report further showed that the total outstanding revenue from the sector as at 2015 stood at about $3.7 billion and N80 billion, with losses incurred at $2.2 billion and N60 billion, while unreconciled revenues amounted to about N317 billion.
NEITI Executive Secretary, Waziri Adio, said at the release of the Report, that beyond the snapshots of what transpired in 2015, the latest Report revealed monies to be recovered from different Agencies, apart from recommendations on leakages to be blocked, and urgent reforms to be undertaken.
“The most critical takeaway is the need to expedite, expand, and sustain reforms in this still critical sector of national life”, Adio said.
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