Nigeria earned $741.5bn and N635.3bn from the oil/gas and solid minerals sectors respectively, between 1999 and 2020, a period of about 21 years, the Nigeria Extractive Industries Transparency Initiative announced on Wednesday. These reports have disclosed a total revenue earnings to the government of $741.48bn from the oil and gas sector and N635.3bn from the solid minerals sector. “These earnings were between the years 1999-2020 (oil and gas) and 2006-2020 (solid minerals sector earnings). He said a total of 1,214 companies with three government agencies were covered in the report of the solid minerals sector. The reports also sought to establish the revenue paid by oil, gas and mining companies and how much of such revenues were actually received into government coffers.

Source: Punch August 17, 2023 14:52 UTC