Executive Secretary, NEITI, Waziri AdioNigeria’s oil and gas revenues plunged from $54.5 billion in 2014 to $24.8 billion in 2015, while the country’s oil production fell from 798 million barrels in 2014 to 776 million barrels in 2015, a new oil and gas audit report of the Nigeria Extractive Industries Transparency Initiative (NEITI) has said.
The report, tagged, ‘NEITI 2015 oil and gas industry audit report’, noted that the total outstanding revenue from the sector as at 2015 was $3.7 billion and N80 billion, while losses incurred stood at $2.2 billion and N60 billion, and un-reconciled revenues amounted to N317 billion.
In his response to the findings of the report, the Executive Secretary of NEITI, Waziri Adio explained that the 54.6% decline in oil revenues resulted into a slight 2.7% fall in oil production, adding, “this was due to drastic reduction in the unit price of crude oil in the global market.”
Oil and gas revenues have been declining since 2011 when total revenues peaked at $68.4b.
Nigeria’s Oil Earnings dipped by 55% to $24.8b in 2015, says NEITI
