The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya-Orji, said on Monday the oil and gas industry generated over $23 billion in 2021.
Ogbonnaya-Orji, who disclosed this during the presentation of highlights of the 2021 Oil and Gas report unveiled in Abuja, said the Nigeria National Petroleum Corporation (NNPC) failed to remit about $2 billion to the federation account before its transition.
The NEITI said the revenue sources included sales of crude oil and gas, taxes, royalties, concession rental, gas flare penalty, bonus and license fees, and transportation fees.
