By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: Nigeria Generated N28.02trn in Three Years – NEITI 
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | Nigeria Generated N28.02trn in Three Years – NEITI 

News

Nigeria Generated N28.02trn in Three Years – NEITI 

Daily Report Nigeria
Daily Report Nigeria
Published: June 15, 2025
Last updated: June 15, 2025
4 Min Read
Share
Nigeria Generated N28.02trn in Three Years – NEITI  | Daily Report Nigeria
SHARE

The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that four Federal Government agencies generated a total of N28.02 trillion between 2017 and 2019.

NEITI in a statement signed by its Head of Communications & Advocacy, Obiageli Onuorah, revealed that within the period under review, N22.68 trillion was transferred to the federation account.

Onuorah said the data is part of the agency’s recent Fiscal Allocation and Statutory Disbursement (FASD) report covering the 2017-2019 period.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

NEITI listed the contributing agencies as the Federal Inland Revenue Services (FIRS), Nigerian National Petroleum Corporation (NNPC), the Ministry of Mines and Steel Development (MMSD), and Department of Petroleum Resources (DPR) now Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

According to the breakdown of the figures, minerals and non-minerals revenue contributed N12.84 trillion (56.61%) and N6.57 trillion (28.97%) respectively, while Value-Added Tax (VAT) accounted for N3.27 trillion (14.42%).

”The cost of collection and joint-venture cash calls deductions by revenue-generating agencies accounted for the differences between the revenue generated and remittance.

”The audit covered four (4) federal revenue-generating and eleven (11) beneficiary agencies that are involved in the management of extractive industries funds. It also covered nine selected states: Akwa-Ibom; Bayelsa; Delta; Gombe; Imo; Kano; Nasarawa; Ondo and Rivers States.

The report revealed that ”FIRS generated the sum of ₦13.48 trillion within the period under review with Petroleum Profit Tax (PPT) accounting for N5.80 trillion (43.09%), while Value-Added Tax (VAT) and other taxes accounted for 32% and 24% respectively. The Service recorded the highest revenue collection of N5.02 trillion in 2018.

Also Read: Insecurity Threatens Nigeria’s Foundation of Nationhood – Gbajabiamila

”A total sum of ₦8.82 trillion was generated by NNPC within the period. A breakdown shows that ₦4.55 trillion came from domestic crude sales, while export receipts accounted for ₦4.27 trillion. It further disclosed that ₦5.33 trillion was deducted at the source for JV cash calls and others, leaving the net amount of N3.49 trillion as transferred to Federation Account.

“During the period under consideration, a total of ₦8.82 trillion was generated. However, only ₦3.49 trillion (39.55%) was remitted to the Federation Account due to deductions at source by NNPC for JV cash calls. The Deductions at source by NNPC negate the principle of Federation Account”, NEITI’s report stated.

” DPR (now NUPRC) generated ₦3.53 trillion for the three years under review, with royalty payments accounting for N3.40 trillion (96.41%). The agency however transferred ₦3.53 trillion to the Federation Account. The audit established that the surplus of ₦6.72 billion was a result of unremitted receipts from the prior year.

”Ministry of Mines and Steel Development (MMSD) generated ₦12.498 billion within the three years period. The breakdown shows that Mining Inspectorate Department (MID) contributed N6.43 billion while Mining Cadastral Office (MCO) accounted for N6.06 billion. From the total revenue generated by the Ministry, a sum of ₦7.56 billion was shared among the three tiers of government in 2019.

 

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:Daily Report NgTop Stories
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

Life and Legacy: 10 Defining Facts About Late Awujale of Ijebu, Oba Sikiru Adetona | Daily Report Nigeria
Life and Legacy: 10 Defining Facts About Late Awujale of Ijebu, Oba Sikiru Adetona
News
Why I Didn't Remove Fuel Subsidy - Buhari
15 Things To Know About The Life And Times Of Muhammadu Buhari
News
Club World Cup Final: Confirmed Chelsea vs PSG Lineups | Daily Report Nigeria
Club World Cup Final: Confirmed Chelsea vs PSG Lineups
Sports
Madueke Undergoes Medical Ahead of Arsenal Reveal After Club World Cup Final | Daily Report Nigeria
Madueke Undergoes Medical Ahead of Arsenal Reveal After Club World Cup Final
Sports
Ubi Franklin Devastated as He Loses Sister to Cancer, Pens Emotional Tribute | Daily Report Nigeria
Ubi Franklin Devastated as He Loses Sister to Cancer, Pens Emotional Tribute
Entertainment

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

Photos: Kuje Prison After Terrorists Attack | Daily Report Nigeria
News

Photos: Kuje Prison After Terrorists Attack

June 15, 2025
'We're Not Cutting Down Expenditure,' Senate Tells Nigerians | Daily Report Nigeria
Politics

‘We’re Not Cutting Down Expenditure,’ Senate Tells Nigerians

June 13, 2025
Edo 2020: Buhari Congratulates Obaseki on Victory | Daily Report Nigeria
News

Edo 2020: Buhari Congratulates Obaseki on Victory

June 14, 2025
BREAKING: Lokpobiri, Lalong, Atiku Make Tinubu's Ministerial List | Daily Report Nigeria
Politics

BREAKING: Lokpobiri, Lalong, Atiku Make Tinubu’s Ministerial List

June 14, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?