Nigeria earned a total of $62.9 billion from oil and gas in the year 2012. This is made up of $30.3 billion from crude oil and gas sales, $26.9 Billion from taxes, royalties, rents and $5.6 billion as revenue flows to states, local governments and other entities.
The total earnings for the period is against $68.4 Billion earned by the country in 2011, representing a revenue decline of 8%. The aggregate unresolved difference with respect to all the financial flows in 2012 is USD47.5 million representing 0.075% of total financial flows from all sources when compared to 0.14% recorded in 2011.
The disclosure is part of the highlights of the Independent Audit Report of the Oil and Gas sector for the year 2012 released (March 30th, 2015) by the Nigeria Extractive Industries Transparency Initiative (NEITI).
The Report further disclosed that about N1.3 trillion was processed for payment as subsidy to oil marketers while the sum of N690 Billion was actually paid during the period. The total of 862.7 million barrels was also disclosed as fiscalised crude oil production at an average daily production of 2.36 million barrels per a day. The Report made incisive revelations on quantity of crude either stolen or lost due to vandalism.
The Oil and Gas Audit for the year 2012 was commissioned in May 2014 by NEITI as part of its national and global mandate in the implementation of EITI in Nigeria. The Exercise covered financial, physical and process issues under the new EITI Standards.