A report has emerged of how Nigeria made about $293billion in royalties from oil and gas companies between 2006 and 2012. This much was disclosed by Dr Orji Ogbonnaya Orji, the acting executive secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), who informed that 42 oil and gas companies operating in the country paid the […]
The post Read Breakdown Of How Nigeria Made $293billion From Oil & Gas In 7 Years appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM.
A report has emerged of how Nigeria made about $293billion in royalties from oil and gas companies between 2006 and 2012.
This much was disclosed by Dr Orji Ogbonnaya Orji, the acting executive secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), who informed that 42 oil and gas companies operating in the country paid the said amount to the federal government during the period under review.
Oil and gas field
According to Vanguard reports, Orji made the revelation when he addressed an audience at the inauguration of NEITI-Companies’ Forum in Lagos, where he added that the money was paid as taxes, royalty, dividends, among others to government.
The breakdown of NEITI’s independent report for the period released recently, showed the payment thus: $44.7 billion paid in 2006; $43.7 billion in 2007; $60.4 billion in 2008; $30 billion in 2009 while in 2010, 2011 and 2012, the companies paid $44.9 billion, $68.4 billion and $62.9 billion respectively.
On how NEITI is striving to ensure sanity in the nation’s extraction industry, the executive secretary informed that the era when tax and royalty payments made by companies were a secret at the disposal of the exclusive few was over.
“Nigeria’s membership of the global Extractive Industries Transparency Initiative has enthroned a regime of openness and voluntary public disclosure in the industry,” he said.
The post Read Breakdown Of How Nigeria Made $293billion From Oil & Gas In 7 Years appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM.
