The Oil and Gas Sector raked in revenue amounting to $62.9 billion for the Nigerian economy in 2012, according to an Independent Audit Report for the sector released by the Nigerian Extractive Industries Transparency Initiative (NEITI) obtained on Tuesday in Abuja.
Out of the said amount, the report said, 30.3 billion dollars was realized from crude oil and gas sales alone, while 26.9 billion dollars was earned from taxes, royalties and rents, while 5.6 billion dollars was revenue flow to states, local governments and other entities.
It said that the earning amounted to a revenue decline of eight per cent, compared to the 68.4 billion dollars earned by the country in 2011, adding that the aggregate unresolved difference with respect to all the financial flows in 2012 was 47.5 million dollars.
1.3 trillion naira, it said, was processed for payment to oil marketers as subsidies, while 690 billion naira was actually paid to them.
Also, the report said that 862.7 million barrels of crude oil were produced at an average daily production of 2.36 million barrels, which clearly revealed the quantity of crude either stolen or lost due to vandalism during the period.
The audit which covers financial, physical and process issues under the new EITI standards was inaugurated by the agency in 2014.
This was done in line with its national and global mandate in the implementation of the Extractive Industry Transparency Initiative in Nigeria.