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Nigeria Earned $32.6bn From Oil, Gas In 2018 -NEITI
Nigeria Extractive Industries Transparency Initiative (NEITI), yesterday, disclosed that Nigeria earned a total of $32.63 billion from the oil and gas sector in 2018, a 55 per cent increase on the $20.99 billion recorded from the sector in 2017.
In a statement on the release of the 2018 oil and gas industry audit, NEITI also announced plans to release the 2019 audit report this year, effectively clearing the backlogs of the audits of the extractive sector and making the reports more timely and relevant.
Giving a breakdown of the $32.63 billion earned in 2018, NEITI stated that company-level financial flows into government coffers were $16.6 billion, while flows from sales of federation crude oil and gas accounted for $16.billion.
It said, “A five-year trend analysis of the earnings from the extractive sector showed a 54.6% drop from $54.6 billion in 2014 to $24.8 billion in 2015. The earnings further dropped by 31.2% to $17.05billion in 2016, but increased by 23% to $20.99 billion in 2017 and by 55% to $32.63 billion in 2018.
“Though the last two years bucked the trend of persisted decrease since 2014, the revenues from the sector in 2018 were still a staggering 40% below the $54.6 billion earned in 2014 when oil prices commenced a precipitous fall.
“The NEITI 2018 audit reconciled payments by seventy-one companies and the Nigeria Liquefied Natural Gas (NLNG) that met the materiality threshold set for the exercise. A total of eight government entities were also covered by the audit.
“Out of the $32.63 billion earned from the sector in 2018, the sum of $19.92 billion was transferred directly into the Federation Account, while $5.21 billion and $4.04 billion were transferred into the Joint Venture (JV) Cash Call Account and Nigerian National Petroleum Corporation (NNPC) designated accounts respectively.
“The NNPC designated accounts are the Naira and dollar accounts where domestic crude sales and the federation equity, royalty, petroleum profit tax and in-kind oil sales are paid into respectively before remittance to the Federation Account.
The report further disclosed that “$2.10billion was transferred into third parties project financing accounts and $1.37billion were recorded as subnational transfers.”
On production, NEITI stated that the total crude oil production in the country within the period under review was put at 701 million barrels, representing a slight increase of 1.5% when compared to 690 million barrels produced in 2017.
Giving a breakdown of crude oil production, NEITI disclosed that Joint Ventures (JVs) contributed highest production of 315 million barrels, followed by Production Sharing Contracts (PSCs) which recorded 270.610 million barrels.
In addition, it noted that other funding arrangements like Sole Risk (SR), Marginal Fields (MF) and Service Contracts (SC) accounted for 92.2 million barrels, 22 million barrels, and 1.3 million barrels respectively.
NEITI said, “JV companies’ production increased by 3.12% in 2018 compared to 2017, while PSC operators’ production decreased by 10.90%. Similarly, SR operators’ production increased by 58.72% in 2018 compared to 2017. Production from the SC decreased by 10.27% while production from MF operators increased marginally by 1.18%.”
NEITI further disclosed that total crude oil lifted for both export and domestic sales in 2018 was 701 million barrels, representing a 1.9% increase when compared with total liftings of 688.3 million barrels in 2017.
In its analysis of the total lifting in 2018, NEITI stated that 255.6 million barrels or 36% was lifted by NNPC on behalf of the Federation, while companies lifted 445.5 million barrels or 64% of total liftings.
It said, “The liftings by NNPC indicates an increase of 5.95% when compared to 241 million barrels lifted in 2017. Further analysis showed that out of 255.6 million barrels lifted by NNPC in 2018, actual sales were 255.3 million barrels valued at $18.2 billion.
“Out of the 255.6 million barrels lifted on behalf of the Federation by NNPC, a total of 107.63million barrels was recorded as Domestic Crude Allocation (DCA) in 2018. Out of this figure, 94 million barrels or 87% of the DCA were utilized for Direct Sale Direct Purchase (DSDP), while the balance of 13.58 million barrels or 13% was delivered to the refineries.
“Ordinarily, 160.2 million barrels (or 445, 000 barrels per day) should have been allocated for domestic consumption but only 107.63 million barrels or 67% of the customary allocation for domestic consumption was allocated in 2018.
“The sum of N2.295 trillion was realized as proceeds from sales of domestic crude oil allocation in 2018, out of which the following deductions were made: N722.3billion for under – recovery of imported petroleum products, N28.3 billion for crude and product losses and N138.95billion for pipeline repairs and maintenance cost.
“In 2018, total crude oil losses due to theft and sabotage was 53.28million barrels, an increase of 46.15% when compared to 16.824million barrels recorded in 2017”.
Similarly, the report put total products losses in 2018, due to pipeline breakages at 204,397.07 cubic meters.
“On gas production, the NEITI 2018 oil and gas report revealed that the total gas production for the year under review was 2,909,143.69mmscf, while total gas utilization was 2,909,143.55 mmscf.
“From the report, $307.20 million was realized from the sales of Federation gas of 633.55thousand metric tons in 2018. This represents increase of 7.10% when compared to 721.80thousand metric ton valued at $286, 85 million realized in 2017.
“The national gas reserve stood at 200.79tcf as at end of 2018. This is made up of 101.98 tcf of Associated Gas (AG) and 98.81 tcf of Non-Associated Gas (NAG). With the 2018 annual gas production quantity, the gas Reserves Life Index (RLI) was estimated at 92 years”, the report disclosed.”
On management of Joint Venture Cash Call, the report disclosed that aggregate cash call funding for 2018 amounted to $5.98billion.
In addition, the report noted that: “outstanding Cash Call Liabilities amounted to $3.66billion, comprising $3.41billion (93%) legacy liabilities and US$260million (7%) performance balance payable to JV operators”. Another feature of the oil and gas report is on social expenditure.
“Total social expenditure (mandatory and voluntary expenditures) was $902.67million. This consists of voluntary contribution of $59.27million (6.57%) while mandatory contribution stood at $843.39million (93.40%)”.
The mandatory contribution was made up of NDDC’s 3% levy of $683.38million and NCDMB’s 1% levy of $160.01million. Oil and gas industry contribution to the Gross Domestic Product (GDP) in 2018 was put at 7.8%.
“The flows in the industry accounted for $32.64billion in absolute terms. This represents 7.8% of the total GDP Current Basic Price of ($ 418.12billion)”.
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Fubara Pledges Cleaner Gateway To PH City …Visits New Dumpsite At Igwuruta
Rivers State Governor, Sir Siminalayi Fubara, has unveiled plans to permanently relocate the dumpsite along the busy Port Harcourt Airport–Obiri-Ikwerre Road, describing the current location as both a public health threat and a damaging first impression for visitors arriving in Port Harcourt, the State capital.
The Governor made this known on Tuesday during an inspection of a proposed replacement site, which is a disused burrow pit near Bambo Estate, off Eneka Road in Igwuruta, Ikwerre Local Government Area.
The location is being assessed as a potential permanent dumpsite for the State.
Governor Fubara, who was conducted by the Board Chairman, Rivers State Waste Management Agency (RIWAMA), Dr Samuel Nwanosike, and its Managing Director, Dr Ibimina Wokoma, expressed concern about the environmental and health challenges posed by the existing site, which sits along a major entry point into the State.
“The kind of environmental hazards that we are facing there along the Airport–Obiri- Ikwerre Road; the smell on that road being the entrance into the State, we felt it’s not proper,” he said. “So, we are making alternative arrangements so we can have a permanent refuse dumpsite that meets acceptable standards.
“He added that the government would move swiftly to formalise ownership of the land and complete construction work on the access road to make the new site functional.“We have not concluded the issue of the burrow pit, but the access road, I think the government is doing something about it.
So, I will make sure that everything that needs to be done to ensure government owns this burrow pit is done,” he stated.
Governor Fubara also commended the Rivers State Waste Management Agency (RIWAMA) for what he described as a more assertive and improved approach to managing refuse across the State.In addition to the dumpsite inspection, the Governor also visited the Permanent Secretaries’ Quarters located in Elimgbu Town, Obio/Akpor Local Government Area, to assess the extent of ongoing construction work on the facility.
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Fubara Tasks New SSG On Honour, Service, Protection Of Rivers Interest
Rivers State Governor, Sir Siminalayi Fubara, has charged the newly appointed Secretary to the State Government (SSG), Barrister Benibo Anabraba, to uphold the dignity of his office, protect the interest of the State, and discharge his duties with honour, respect, and responsibility.
Governor Fubara gave the charge during the swearing-in ceremony of the new SSG, held on Monday at the Executive Council Chambers of Government House, Port Harcourt.
Describing Anabraba’s appointment as an act of divine favour, the Governor said positions of leadership are not attained by our own human effort but by God’s grace in our lives.
“Let me first congratulate you. I’m using the word ‘congratulations’ because a few of us, not by our power but by the special favour of God, find ourselves in exalted positions. It’s not because we are the best, but only by His grace.”
Governor Fubara noted that the Office of the Secretary to the State Government is one of great honour, occupied by only a few since the creation of Rivers State, and urged the new appointee to serve with humility and dedication.
He, however, expressed confidence in Anabraba’s capacity to deliver, citing his past record as a principal officer of the Rivers State House of Assembly.
“This position is a rare privilege. Guard that office with honour. Discharge your duties with respect. Protect the interest of Rivers State. When you leave office, let it be with honour, and that only comes through responsible service.
“I know you’re a dedicated person. This opportunity is not for show or display of power. It’s a call to duty,” he cautioned.
The Governor emphasised that the current administration is focused on restoring confidence of the people because peace has been achieved in the State.
He enjoined the new SSG to align with the vision of the administration and contribute meaningfully to the collective progress of Rivers people.
“We are emerging from a very difficult period and must reassure our people that we mean well for them, especially now that peace has returned to Rivers State. By the grace of God, do your work well. Help us succeed in this assignment that God has given to us,” the Governor added.
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Nigeria’s First Lady Flags Off Renewed Hope Health Initiative In Rivers …Targets Measles, Rubella, HPV Vaccination For Children, Women
The First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu, has reiterated her commitment to expanding vaccine coverage nationwide, declaring that the ongoing Measles and Rubella vaccination campaign in Rivers State will surpass all previous records in scope and success.
Speaking through the wife of the Rivers State Governor, Lady Valerie Siminalayi Fubara, Senator Tinubu made this statement during the flag-off ceremony of the Measles, Rubella, and HPV Vaccine Sensitisation Campaign, organised under the Renewed Hope Initiative (RHI) at the Banquet Hall, Government House, Port Harcourt on Monday.
The campaign, implemented by the RHI in collaboration with the Rivers State Primary Healthcare Management Board, C-WINS, and international partners including WHO, UNICEF, Gavi, and Vaccine Alliance, aims to protect millions of children and women from preventable diseases.
“We will leave no stone unturned to ensure that the measles vaccine coverage achieved through this campaign exceeds that of the past,” Senator Tinubu affirmed. “Through technical and financial support, this partnership will ensure that by February, 2026, well-trained staff are deployed across communities to vaccinate all eligible children.”
Rivers State is among the Fourth Stream of Phase One states participating in Africa’s largest-ever health initiative, targeting over 106 million Nigerian children for vaccination against Measles, Rubella, Polio, and HPV. The local rollout is expected to commence in February, 2026, reaching children aged 9 months to 14 years across all 23 local government areas.
Senator Tinubu highlighted the risks of the targeted diseases, describing Measles and Rubella as “highly contagious and potentially deadly,” noting that Rubella can cause severe complications for unborn babies, if contracted by pregnant women.
“The best way to prevent both diseases remains vaccination,” she emphasised.
Narrowing down to efforts by the Rivers State Ministry of Health, the State Primary Healthcare Development Agency, and the State Task Force on Primary Healthcare, led by Deputy Governor, Prof. Ngozi Nma Odu, she noted how instrumental it has been in ensuring comprehensive outreach through an inter-sectoral approach involving education, women affairs, information ministries, traditional and religious leaders, and the security sector.
Senator Tinubu urged parents and caregivers to cooperate fully with health workers.
“The Measles-Rubella vaccine is safe, effective, and free in all our health centres. Please, ensure your children are vaccinated at the right time to protect them from these deadly infections.
“Let us all play our part in spreading awareness. Together, we can safeguard the health and future of our children,” she said, before formally declaring the sensitisation programme open.
In her goodwill message, Deputy Governor, Prof. Ngozi Nma Odu, commended the Renewed Hope Initiative for its sustained impact in Rivers State, noting that the Measles, Rubella, and HPV Sensitisation Programme marks “a significant step in promoting public health awareness, particularly among women and children.”
She highlighted the particular benefit to the girl-child through HPV vaccination, calling it “an investment in their future health and empowerment.”
The Rivers State Coordinator of WHO, Prof. Giwa Abdulganiyu, praised the collaboration between RHI and the State Government, describing the campaign as “a worthy step in the right direction,” and reaffirmed WHO’s continued partnership in achieving health for all.
Earlier, the RHI Rivers State Coordinator, Mrs. Tonye Briggs-Oniyide, welcomed guests, and reaffirmed the initiative’s goal of reducing the incidence of Measles and Rubella in the state.
“These diseases have the potential to cause emergencies and great distress in families. Today’s flag-off represents our collective determination to raise awareness and prevent such tragedies,” she added.
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