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Nigeria earned N28.02trn from 4 agencies in 3 years – NEITI

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 Four Federal Government agencies have generated a total of N28 02 trillion between 2017 and 2019 the Nigeria Extractive Industries Transparency Initiative NEITI report has said The agencies are the Nigerian National Petroleum Company Ltd NNPC Federal Inland Revenue Services FIRS Department of Petroleum Resources DPR now Nigeria Upstream Petroleum Regulatory Commission NUPRC and Ministry of Mines and Steel Development MMSD NEITI said on Thursday that the information and data were contained in the latest Fiscal Allocation and Statutory Disbursement FASD report it recently published covering 2017 to 2019 The report stated that out of the amount N22 68 trillion was remitted to the Federation Account The NEITI FASD report revealed that FIRS generated the sum of N13 48 trillion within the period under review with Petroleum Profit Tax PPT accounting for N5 80 trillion 43 09 per cent It added that Value Added Tax VAT and other taxes accounted for 32 per cent and 24 per cent respectively while it recorded highest revenue collection of N5 02 trillion in 2018 The report said that a total sum of N8 82 trillion was generated by the NNPC within the period It said the breakdown showed that N4 55 trillion came from domestic crude sales while export receipts accounted for N4 27 trillion It further disclosed that N5 33 trillion was deducted at source for Joint Venture JV cash call and others leaving the net amount of N3 49 trillion transferred to the Federation Account During the period under consideration a total of N8 82 trillion was generated However only N3 49 trillion 39 55 per cent was remitted to the Federation Account due to deductions at source by NNPC for JV cash calls The deductions at source by NNPC negate the principle of Federation Account the report said From the report DPR now NUPRC generated N3 53 trillion for the three years under review with royalty payments accounting for N3 40 trillion 96 41 per cent It said the agency however transferred N3 53 trillion to the Federation Account It said the audit established that the surplus of N6 72 billion was as a result of unremitted receipts from prior year The report further revealed that the Ministry of Mines and Steel Development MMSD generated N12 498 billion within the three years period The breakdown showed that Mining Inspectorate Department MID contributed N6 43 billion while Mining Cadastral Office MCO accounted for N6 06 billion The breakdown of the figures also showed that minerals and non minerals revenue contributed N12 84 trillion 56 61 per cent and N6 57 trillion 28 97 per cent respectively while VAT accounted for N3 27 trillion 14 42 per cent According to the report the audit covers four federal revenue generating and 11 beneficiary agencies that are involved in the management of extractive industries funds It said it also covered nine selected states Akwa Ibom Bayelsa Delta Gombe Imo Kano Nasarawa Ondo and Rivers It listed the beneficiary agencies as the Niger Delta Development Commission Tertiary Education Trust Fund Petroleum Trust Development Fund Petroleum Equalisation Funds Ecological Fund and Stabilisation Funds Others are the Nigerian Sovereign Investment Authority NSIA Development of Natural Resources Fund DNRF Excess Crude Account ECA Nigeria Content Development and Monitoring Board NCDMB and Petroleum Products Pricing Regulatory Agency PPPRA On the NDDC NEITI report revealed that 755 96 billion Naira was generated by the commission within the period under consideration The breakdown showed that N551 08 billion 73 per cent was contributed by oil and gas companies while the balance of 203 90 billion Naira 27 per cent was Federal Government s contribution to the commission The report further revealed that the total expenditure by the commission during the period under review was N882 3 billion Analysis of the expenditure showed that N778 29 billion 88 20 per cent expended on development projects while operational cost accounted for N104 07 billion 11 80 per cent of the total According to the report NEITI audit established that there was a gap between actual development projects expenditure as per audited financial statements and project monitoring list provided by the commission in the sum of N522 60 billion While N679 billion was reported in NDDC s financial statement the project monitoring list reported expenditure of N157 billion on physical projects among the nine member states it said The report however disclosed that 40 oil and gas companies defaulted in their payment obligation to the commission It said that the PTDF revenue for the period under review was put at N155 34 billion and 95 per cent came from signature bonus paid by oil and gas companies which was the main revenue source to the agency NEITI report revealed that out of N86 34 billion utilised by the agency within the period under review N59 84 billion was spent on core operating expenses while N26 35 billion and N143 million was for administrative expenses and capital respectively The report noted that the PTDF extended funding to 125 approved institutions 43 locals and 82 foreign institutions According to the NEITI report there was low expenditure compared with the revenue released during the years under review as only 56 per cent of revenue was utilised NEITI report put total receipts by Nigeria Content Development and Monitoring Board NCDMB for the three years under review at N126 73 billion It noted that one per cent of the NCDMB payment accounted for N116 95 billion 92 per cent of the revenue The Federal Government stopped funding the agency from its budget in 2017 According to the report 48 07 per cent of the revenue was used for operating expenses while 51 per cent was used for capital expenditure NEITI report disclosed that PPPRA received a total of N27 68 billion as subventions for the three years period It noted that the regime of subsidy payment on petroleum product was discontinued within the period under review The publication of FASD report is in fulfilment of the Nigeria s obligation to the global Extractive Industries Transparency Initiative EITI and in compliance with the provisions of the NEITI Act 2007 NAN
Nigeria earned N28.02trn from 4 agencies in 3 years – NEITI

Federal Government

Four Federal Government agencies have generated a total of N28.02 trillion between 2017 and 2019, the Nigeria Extractive Industries Transparency Initiative (NEITI) report has said.

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Nigerian National Petroleum Company Ltd

The agencies are: the Nigerian National Petroleum Company Ltd. (NNPC); Federal Inland Revenue Services (FIRS); Department of Petroleum Resources (DPR) now Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and Ministry of Mines and Steel Development (MMSD).

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Fiscal Allocation and Statutory Disbursement

NEITI said on Thursday that the information and data were contained in the latest Fiscal Allocation and Statutory Disbursement (FASD) report, it recently published  covering 2017 to 2019.

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Federation Account

The report stated that out of the amount, N22.68 trillion was remitted to the Federation Account.

Petroleum Profit Tax

The NEITI FASD report revealed that FIRS generated the sum of N13.48 trillion within the period under review with Petroleum Profit Tax (PPT) accounting for N5.80 trillion (43.09 per cent).

Value-Added Tax

It added that Value-Added Tax (VAT) and other taxes accounted for 32 per cent and 24 per cent respectively while it recorded highest revenue collection of N5.02 trillion in 2018.

The report said that a total sum of N8.82 trillion was generated by the NNPC within the period.

It said the breakdown showed that N4.55 trillion came from domestic crude sales, while export receipts accounted for N4.27 trillion.

Joint Venture

It further disclosed that N5.33 trillion was deducted at source for Joint Venture (JV) cash call and others, leaving the net amount of N3.49 trillion, transferred to the Federation Account.

Federation Account

“During the period under consideration, a total of N8.82 trillion was generated. However, only N3.49 trillion (39.55 per cent) was remitted to the Federation Account due to deductions at source by NNPC for JV cash calls.

Federation Account

“The deductions at source by NNPC negate the principle of Federation Account,” the report said.

From the report, DPR (now NUPRC) generated N3.53 trillion for the three years under review, with royalty payments accounting for N3.40 trillion (96.41 per cent).

Federation Account

It said the agency, however, transferred N3.53 trillion to the Federation Account.

It said the audit established that the surplus of N6.72 billion was as a result of unremitted receipts from prior year.

Ministry of Mines and Steel Development

The report further revealed that the Ministry of Mines and Steel Development (MMSD) generated N12.498 billion within the three years period.

Mining Inspectorate Department

The breakdown showed that Mining Inspectorate Department (MID) contributed N6.43 billion while Mining Cadastral Office (MCO) accounted for N6.06 billion.

The breakdown of the figures also showed that minerals and non-minerals revenue contributed N12.84 trillion (56.61 per cent) and N6.57 trillion (28.97 per cent) respectively, while VAT accounted for N3.27 trillion (14.42 per cent).

According to the report, the audit covers four federal revenue generating and 11 beneficiary agencies that are involved in the management of extractive industries funds.

It said it also covered nine selected states: Akwa-Ibom; Bayelsa; Delta; Gombe; Imo; Kano; Nasarawa; Ondo and Rivers.

Niger Delta Development Commission

It listed the beneficiary agencies as: the Niger Delta Development Commission; Tertiary Education Trust Fund; Petroleum Trust Development Fund; Petroleum Equalisation Funds; Ecological Fund and Stabilisation Funds.

Nigerian Sovereign Investment Authority

Others are: the Nigerian Sovereign Investment Authority (NSIA); Development of Natural Resources Fund (DNRF); Excess Crude Account (ECA); Nigeria Content Development and Monitoring Board (NCDMB) and Petroleum Products Pricing Regulatory Agency (PPPRA).

On the NDDC, NEITI report revealed that 755.96 billion Naira was generated by the commission within the period under consideration.

Federal Government

The breakdown showed that N551.08 billion (73 per cent) was contributed by oil and gas companies, while the balance of 203.90 billion Naira (27 per cent) was Federal Government’s contribution to the commission.

The report further revealed that the total expenditure by the commission during the period under review was N882.3 billion.

Analysis of the expenditure showed that N778.29 billion (88.20 per cent) expended on development projects, while operational cost accounted for N104.07 billion (11.80 per cent) of the total.

According to the report, NEITI audit established that there was a gap between actual development projects expenditure as per audited financial statements and project monitoring list provided by the commission in the sum of N522.60 billion.

While N679

“While N679 billion was reported in NDDC’s financial statement, the project monitoring list reported expenditure of N157 billion on physical projects among the nine member states,” it said.

The report however, disclosed that 40 oil and gas companies defaulted in their payment obligation to the commission.

It said that the PTDF revenue for the period under review was put at N155.34 billion and 95 per cent came from signature bonus paid by oil and gas companies which was the main revenue source to the agency.

NEITI report revealed that out of N86.34 billion utilised by the agency within the period under review, N59.84 billion was spent on core operating expenses while N26.35 billion and N143 million was for administrative expenses and capital respectively.

The report noted that the PTDF extended funding to 125 approved institutions, 43 locals and 82 foreign institutions.

According to the NEITI report there was low expenditure compared with the revenue released during the years under review as only 56 per cent of revenue was utilised.

Nigeria Content Development and Monitoring Board

NEITI report put total receipts by Nigeria Content Development and Monitoring Board (NCDMB) for the three years under review at N126.73 billion.

It noted that one per cent of the NCDMB payment accounted for N116.95 billion (92 per cent) of the revenue.

Federal Government

The Federal Government stopped funding the agency from its budget in 2017.

According to the report, 48.07 per cent of the revenue was used for operating expenses while 51 per cent was used for capital expenditure.

NEITI report disclosed that PPPRA received a total of N27.68 billion as subventions for the three years period.

It noted that the regime of subsidy payment on petroleum product was discontinued within the period under review.

Extractive Industries Transparency Initiative

The publication of FASD report is in fulfilment of the Nigeria’s obligation to the global Extractive Industries Transparency Initiative (EITI) and in compliance with the provisions of the NEITI Act 2007.

(NAN)

https://nnn.ng/naira-black-market-exchange-rate-today/

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