The 2013 audit report of the Nigeria oil and gas as well as the solid minerals sectors Nigerian Extractive Industries Transparency Initiative (NEITI) has been published with the non-remittance of N2.23 trillion raising eyebrows. Premium times reports that Kayode Fayemi who is the minister of solid minerals and also the chairman of the NEITI board said the audit focused on all aspects of the extractive industries. Share on Facebook Share on Twitter Gov-Kayode-Fayemi-of-Ekiti-state Kayode Fayemi The audit showed that total revenue flows into the federation account from the oil and gas sector in 2013 was about $58.07 billion. This was eight per cent decline when compared to the $62.9 billion realised in 2012.
Fayemi said the drop in oil and gas sales following divestment of federation equity in some oil mining leases and OMLs were some of the factors responsible for the decline. He also noted that crude oil losses as a result of destruction of production facilities, pipelines vandalism and crude oil theft by vandals were also contributing factors. The report revealed that the Nigerian National Petroleum Corporation and its sub-units during the year either lost or refused to remit a total of N2.23 trillion, The consisted of $9.75 billion and N378.67 billion earnings from various aspects its operations in 2013 which were supposed to be remitted to the federation account. More details later
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