Nigeria Spends Over N13trn On Subsidy - NEITI   Nigeria expended over N13.69 trillion between 2005 to 2021 to finance subsidy payments, the Executive Secretary, Nigeria Extractive Industry Transparency Initiative (NEITI), Orji Ogbonnaya Orji, has said. “We have outlined what needs to be done in our policy...

We Will Investigate Daily Petrol Consumption Figure - NEITI   The Nigerian Extractives Industries Transparency Initiative (NEITI) says there is no credible data to ascertain the daily consumption of petrol in Nigeria. Orji Ogbonnaya, its executive secretary, said the agency will conduct a study to ascertain the...

FG Says Fuel Subsidy, Oil Theft Gulped N29trn   The Federal Government, disclosed that the amount spent on subsidising Premium Motor Spirit, popularly called petrol, between 2005 and 2021 was N13tn, adding that the country lost N16.3tn to oil theft from 2009 to 2020. It disclosed this...

Nigeria’s Oil And Revenue Now $742.48bn - NEITI   The Nigeria Extractive Industries Transparency Initiative (NEITI) has said the Federal Government has earned $741.48billion revenue from the oil and gas sector. The earnings, according to the Executive Secretary Dr. Orji Ogbonnaya Orji, do not include the ones...

NASS Queries NEITI On N960m Personnel Cost   The Senate Committee on Public Accounts has queried the Nigeria Extractive Industries Transparency Initiative over a N960m personnel cost in the 2022 budget allotted to 43 employees. While presenting the budget before the committee, Executive Secretary of NEITI, Dr....

Nigeria Loses N2.2trn Revenue To Crude Production Delays In One Year   Nigeria lost a whopping N2.1 trillion as a result of crude oil production deferment in one year. The 2021 statistics from the Nigeria Extractive Industries Transparency Initiative (NEITI), said the huge loss was recorded in...