• Report highlights steady decline in revenues: 2016 revenue 31% lower than 2015’s and 75% lower than 2011’s
  • PSCs overtook JVs in 2016 as Nigeria’s leading production arrangement

Abuja, 21st December, 2018 - The latest report of the Nigeria Extractive Industries Transparency Initiative (NEITI) reveals that the total financial flows from Nigeria’s oil and gas sector slumped to $17.05 billion in 2016, a 31% decline on the $24.79 billion generated in 2015, and a 75% plunge on the sector’s peak earnings of $68.44 billion generated in 2011. In addition, the 2016 figure is the lowest in ten years and the fifth lowest in the 18 years covered by NEITI’s audit reports so far (1999 to 2016).

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Abuja, October 30, 2018. The Nigeria Extractive Industries Transparency Initiative (NEITI) hereby states, for record purposes, that the $22.06b and N481.75b that are yet to be remitted by NNPC, NPDC and others to the Federation Account, reported in the media yesterday, are legacy issues arising from its audit reports for the period 1999 to 2015.

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