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Nigeria Earned $418.5bn In 10Yrs From Petroleum, NEITI Reveals

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Nigeria earned $418.544billion in oil and gas revenue from 2010 to 2019, an audit report by the Nigeria Extractive Industries Transparency Initiative (NEITI), has revealed.
The 2019 Oil and Gas Industry report, which was released, yesterday, showed that Nigeria earned a total sum of $34.22billion from the oil and gas sector in 2019, representing a rise of 4.88 percent compared to the $32.63billion revenue netted from the sector in 2018.
A breakdown of the 2019 earnings showed that payments by companies accounted for $18.90billion, while flows from Federation sales of crude oil and gas accounted for $15.32billion.
The report also showed that N518.074billion was spent by the Federal Government through the Nigerian National Petroleum Corporation (NNPC), in 2019.
A statement by NEITI’s Head, Communication and Advocacy, Obiageli Onuorah, explained that the report also showed that ten years (2010-2019) aggregate financial flows from the oil and gas sector to government amounted to $418.544billion, with the highest revenue flow of $68.442 recorded in 2011, while the lowest revenue flow of $17.055 was recorded in 2016.
The report disclosed that total crude oil production in 2019 was 735.244million barrels, representing an increase of 4.87 percent over the 701.101mmbbls recorded in 2018.
“Production sharing contracts, PSCs, contributed the highest volumes of 312.042mmbbls followed by Joint Venture (JV), and Sole Risk (SR), which recorded 310,284mmbbls and 89.824mmbbls respectively. Others are Marginal Fields (MFs), and Service Contracts (SCs), which accounted for 21,762mmbbls and 1,330mmbbls, respectively”, the report added.
The report also showed that total crude oil lifted in 2019 was 735.661mmbbls, indicating a 4.93 percent increase to the 701.090mmbbls recorded in 2018, with companies lifting 469.010mmbbls, while 266.650mmbbls was lifted by the Nigeria National Petroleum Corporation (NNPC) on behalf of the federation.
A breakdown of the crude oil lifted by NNPC showed that 159.411mmbbls was for export, while 107.239mmbbls was for domestic refining.
Also, 97 percent of the volumes for domestic refining (104.475mmbbls) was utilised for the Direct Sale Direct Purchase (DSDP) programme while the remaining 3 percent (2.764mmbbls) was delivered to the refineries.
NEITI reported that the value of the 2019 domestic crude oil earnings was N2.722trillion. Of this figure, N518.074billion was deducted for Petroleum Motor Spirit (PMS) under-recovery by the NNPC.
“This figure was N213.074billon above the approved sum of N305billion for under recovery in 2019. Similarly, the sum of N126.664billion was incurred by the corporation as costs for pipeline repairs and maintenances which showed a difference of N96.378billion from the approved sum of N30.287billion for that purpose”.
The report also pointed out that N31.844billion was also deducted for crude and product losses due to theft and sabotage in 2019.
NEITI further reported that “Total Premium Motor Spirit (PMS), imported in 2019 was 20.603billion litres. 330,362,020 litres of the PMS valued at N44.03billion ($143.694million using N306.42/USD) was lost to vandalism and leaks of the product pipelines across the country”.
On gas production, the NEITI report showed that 3,047,507.32mmscf was produced in 2019.
This represents an increase of 4.8% when compared to the 2,909,143.56mmscf reported in 2018.
In addition, $247.794million was realized from gas sales for the year under review.
The 2019 oil and gas report also explained that the total cash call for 2019 was $5.512billion ($2.898 billion and N797.324billion).
There was an outstanding Cash-call legacy liability of $1.900billion as at 31st December, 2019.
NEITI also reported that the sum of $896.891million was recorded as social expenditure in 2019 made up of non-mandatory contributions of $81.297million (9.06%) and mandatory contributions of $815.594million (90.94%).
“The mandatory contributions consisted of the 3% levy to the Niger Delta Development Commission amounting to $721.275million and 1% levy to the Nigeria Content Development Monitoring Board totaling $94.319million. The non-mandatory contributions are various payments voluntarily made by the companies to their host communities for the provision of social amenities, scholarships etc”.
NEITI further disclosed that the total number of employees in the oil and gas sector in 2019 were 18,856 with 82 percent of these numbers male while 18 percent were female.
“The top management accounted for 10 percent, middle management, 47 percent and lower-level staffs, 43 percent”, the report added.

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Victory Over Insurgency Certain, Tinubu Assures

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President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.

The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.

He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.

Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.

“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.

“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.

The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.

Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.

He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.

“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”

The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.

The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.

Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.

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US Embassy, Lagos Consulate Close Today For President’s Day

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The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.

The mission made this known in a notice shared on its official X page, yesterday.

“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.

According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.

The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.

In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.

Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.

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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role

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United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.

Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.

The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.

Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.

“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.

The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.

Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.

The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.

In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.

“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.

Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.

He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.

Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.

 

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