Nigeria generated $46.9bn from oil, gas in two years, loses $3.3bn to theft — NEITI

The Federal Government generated $46.09 billion in oil and gas revenue between 2021 and 2022, according to the latest report by the Nigeria Extractive Industries Transparency Initiative (NEITI).

The report showed that the country earned $23.04 billion in 2021 and $23.05 billion in 2022 from the sector. However, NEITI revealed that some companies and government agencies still owe the federation about ₦1.5 trillion — funds that could have been used to boost the nation’s energy and healthcare sectors.

NEITI’s Executive Secretary, Dr. Ogbonnaya Orji, disclosed that Nigeria also lost about 13.5 million barrels of crude oil, valued at $3.3 billion, to theft and pipeline vandalism between 2023 and 2024.

Speaking on the theme “Nigeria’s Energy Future: Exploring Opportunities and Addressing Risks for Sustainable Growth,” Orji decried the persistent lack of transparency and accountability in the oil and gas industry.

He noted that the stolen crude could have funded the nation’s entire health budget for a year or provided electricity to millions of households. “Transparency is not optional; it’s essential for a sustainable energy future,” he said.

Orji emphasized that reliable data remains critical to restoring confidence in the extractive sector. “Data builds trust, trust drives investment, investment generates revenue, and revenue delivers results,” he added.

He explained that NEITI has evolved from a mere auditing agency into a governance reform institution, conducting regular audits, tracking production and payments, and exposing the real owners of more than 4,800 extractive assets through its Beneficial Ownership Register.

The agency, he said, has strengthened partnerships with the NUPRC, NMDPRA, and NCDMB to improve transparency in licensing, metering, and community trust management.

Additionally, NEITI has introduced a Just Energy Transition and Climate Accountability Framework to ensure Nigeria’s move toward cleaner energy is fair, inclusive, and transparent.