31.2 C
Friday, February 23, 2024

Revenue Agencies Remitted N14.38 trn to Federation Account in Two Years – NEITI FASD Report

Revenue Agencies Remitted N14.38 trn to Federation Account in Two Years – NEITI FASD Report

The Nigeria Extractive Industries Transparency Initiative (NEITI) says the Federal government revenue generating agencies remitted a total of about ₦14.38 trillion as revenue from the extractive sector to the Federation Account (FA) between January 1, 2020 and December 31, 2021. 

The revenue generating agencies include the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Upstream Regulatory Commission (NUPRC), the Federal Inland Revenue Service (FIRS), the Ministry of Mines and Steel Development (MMSD), and the Nigeria Customs Service (NCS).

A breakdown of the remittances showed that mineral revenue accounted for ₦6.40 trillion (about 44.5% of total remittances) for the period, while other non-mineral revenue (excluding VAT) contributed ₦4.80 trillion (about 33.37% of total remittances).

The information and data are contained in the latest Fiscal Allocation and Statutory Disbursement (FASD) report published by the Nigeria Extractive Industries Transparency Initiative (NEITI) which covered the period 2020-2021.

Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji while presenting the highlights of the report stated that the information and data contained in the NEITI latest FASD reports reviewed processes that characterized all transactions within the sector. It looked at independent assessment of financial transactions in the areas of revenue receipts and payments and how the processes weighed on the scale of transparency and accountability in the oil and gas sector during the period under review. 

Other areas that NEITI focused on, in this report, were projects executed, deployment to capital projects and recurrent expenditure and how these aligned with the core responsibilities of the agencies, the government and citizens expectations.

NEITI’s FASD Report examined total extractive industries revenue remitted to the Federation Account, tracked allocation and disbursement from the account to statutory recipients as well as utilization and application of the funds by beneficiaries between the years 2020 to 2021.  

The audit covered four federal revenue generating and 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.

Related Articles

Stay Connected

- Advertisement -spot_img
- Advertisement -spot_img
- Advertisement -spot_img
- Advertisement -spot_img
- Advertisement -spot_img

Latest Articles