NEITI audit: FG earns $143.5bn in 3yrs

The sum of $143.5 billion was the total financial flow to the federation and other government entities from 2009 to 2011, the Nigeria Extractive Industries Transparency Initiative, NEITI, report assessing and reconciling financial flows within Nigeria’s oil and gas industry stated.

The report released last week indicated that the amount showed a decrease of four percent as against the 2006-2008 audit record of $148.8 billion.

NEITI said the decrease was largely due to a 50 percent reduction (from $60 billion to $30 billion) in 2009, arising from a drop in the applicable average oil price (from $100 per barrel in 2008 to $63 in 2009) despite fairly consistent production volumes. The increase in average oil prices in 2010 and 2011 (from $80 to $112 –per barrel) led to increased financial flows observed in the subsequent years with a total flow of $68 billion in 2011.

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Integrity Organization is committed is an anti-corruption, research and advocacy organization. Its activities are centered on the aim to reduce the tolerance for corruption in Nigeria.

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