NEITI Audit Report on Oil and Gas

By Isaac Nkuma

The Nigeria Extractive Industries Transparency Initiative (NEITI) says Nigeria earned a total revenue of 143.5 billion dollars from equity crude sales and others between 2009 – 2011. This was made known at the Public Presentation of the Audit Report of the oil and gas sector held in Abuja.

The Audit reveals an increase in subsidy payments from N198 billion in 2009 to N786 billion in 2011 through the Nigeria National Petroleum Corporation, NNPC.