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FG Earns N28.02trn From Crude, VAT, Others, NEITI Confirms

Published

4 years ago

April 29, 2022

A Fiscal Allocation and Statutory Disbursement (FASD) report published by the Nigeria Extractive Industries Transparency Initiative (NEITI), covering 2017-2019 has revealed that four Federal Government agencies generated N28.02trillion within the period under review.
From the figure, minerals revenue contributed N12.84trillion (56.61percent) while non-minerals revenue contributed N6.57trillion (28.97percent).
Value-added tax (VAT) accounted for N3.27trillion (14.42percent), while ¦ 19.01trillion mineral revenue was disbursed to the tiers of government.
The report also highlighted that states’ over-dependent on Federation Account has peaked, as it currently accounts for 71percent of their earnings.
The report also noted that 81percent of states allocations is spent on recurrent expenditure.
The N28.02trillion was generated by the Nigerian National Petroleum Corporation (NNPC); Federal Inland Revenue Services (FIRS); Department of Petroleum Resources (DPR) now Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the Ministry of Mines and Steel Development (MMSD).
Out of the amount, N22.68trillion was remitted to the Federation Account.
The cost of collection and Joint-venture cash calls deductions by revenue generating agencies accounted for the differences between revenue generated and remittance.
The NEITI’s FASD audit examined total extractive industry revenue remitted into the Federation Account, tracked allocation and disbursement from the account to statutory recipients as well as utilization and application of the funds by the beneficiaries between the years 2017-2019.
It also covered nine selected states: Akwa-Ibom; Bayelsa; Delta; Gombe; Imo; Kano; Nasarawa; Ondo and Rivers states.
On the nine selected states covered by the exercise, the report revealed that their combined revenues inflows within the three years period were N5.104trillion.
Breakdown showed that statutory allocation accounted for N3.55trillion, while internally generated revenue (IGR) and loans accounted for N1.33trillion and N227billion, respectively.
Further breakdown shows that Delta State recorded the highest revenue of N1.083trillion while Nasarawa State recorded the lowest revenue of N214billion.
The beneficiary agencies include: Niger Delta Development Commission (NDDC); Tertiary Education Trust Fund (TETFund); Petroleum Trust Development Fund (PTDF); Petroleum Equalization Funds (PEF); Ecological Fund (EF) and Stabilization Fund (SFs).
Others are: Nigerian Sovereign Investment Authority (NSIA); Development of Natural Resources Fund (DNRF); Excess Crude Account (ECA); Nigeria Content Development and Monitoring Board (NCDMB) and Petroleum Products Pricing Regulatory Agency (PPPRA).
The NEITI FASD report revealed that FIRS generated ¦ 13.48trillion within the period under review with Petroleum Profit Tax (PPT) accounting for N5.80trillion (43.09percent), while Value-Added Tax (VAT) and other taxes accounted for 32percent and 24percent, respectively. The service recorded highest revenue collection of N5.02trillion in 2018.
The report disclosed that a total sum of ¦ 8.82trillion was generated by NNPC within the period. Breakdown shows that ¦ 4.55trillion came from domestic crude sales, while export receipts accounted for ¦ 4.27trillion.
It further disclosed that ¦ 5.33trillion was deducted at source for JV cash call and others, leaving the net amount of N3.49trillion as transferred to Federation Account.
“During the period under consideration, a total of ¦ 8.82trillion was generated. However, only ¦ 3.49trillion (39.5percent) was remitted to the Federation Account due to deductions at source by NNPC for JV cash calls. The Deductions at source by NNPC negate the principle of Federation Account”, NEITI’s report stated.
From the report, DPR (now NUPRC) generated ¦ 3.53trillion for the three years under review, with royalty payments accounting for N3.40trillion (96.41percent).
The agency, however, transferred ¦ 3.53trillion to the Federation Account.
The audit established that the surplus of ¦ 6.72billion was as a result of unremitted receipts from prior year.
Ministry of Mines and Steel Development (MMSD) generated ¦ 12.498billion within the three years period.
Breakdown show that Mining Inspectorate Department (MID) contributed N6.43billion while Mining Cadastral Office (MCO) accounted for N6.06billion.
From the total revenue generated by the Ministry, a sum of ¦ 7.56billion was shared to the three tiers of government in 2019.
On the NDDC, NEITI report revealed that ¦ 755.96billion was generated by the commission within the period under consideration.
Breakdown shows that N551.08billion (73percent) was contributed by oil and gas companies, while the balance of ¦ 203.90billion (27percent) was the Federal Government’s contribution to the commission.
The report further revealed that the total expenditure by the commission during the period under review was N882.3billion.
Analysis of the expenditure shows that N778.29billion (88.20percent) was expended on development projects, while operational cost accounted for N104.07billion (11.80percent) of the total.
Analysis of project execution in member states ranks Delta State highest in terms of development projects undertaken by the commission to member states with total expenditure of ¦ 40.46billion (26percent) of the actual expenditure within the period, while Edo received the lowest development projects of about 5percent.
NEITI audit established that there was a gap between actual development projects expenditure as per audited financial statements and project monitoring list provided by the commission in the sum of ¦ 522.60billion.
“While N679billion was reported in NDDC’s financial statement, the project monitoring list reported expenditure of N157billion on physical projects among the nine member states”, NEITI audit report revealed.
The report, however, disclosed that 40 oil and gas companies defaulted in their payment obligation to the commission.
It also disclosed that the commission did not receive any monies from the Ecological Fund as stipulated by the law throughout the three years under review, this obviously negatively affected revenue inflow into the commission within the period.
On the Tertiary Education Trust Fund (TETFund), NEITI reported that the fund realised N644.19billion within the three years under review.
The NEITI report established that the actual funds available for disbursement by TETFund in the three years period was ¦ 624.32billion.
The report also disclosed that the sum of ¦ 102.14billion (46.55percent) was disbursed to the universities, while ¦ 46.12billion (21.35percent), ¦ 49.97billion (21.97percent) and ¦ 27.09billion (10.12percent) were disbursed to Polytechnics, Colleges of Education and other tertiary institutions programmes, respectively.
NEITI noted that the process of accessing the fund is cumbersome, and called on TETFund to simplify the process to enable more universities access the funds.
Petroleum Technology Development Fund (PTDF) revenue for the period under review was put at ¦ 155.34billion and 95percent came from signature bonus paid by oil and gas companies which is the main revenue source to the agency.
NEITI report reveals that out of ¦ 86.34billion utilised by the agency within the period under review, ¦ 59.84billion was spent on core operating expenses while ¦ 26.35billion and ¦ 143million was for personnel/administrative expenses and capital, respectively.
The report noted that the PTDF extended funding to 125 approved institutions, 43 locals and 82 foreign institutions.
According to the NEITI report there was low expenditure compared with the revenue released during the years under review as only 56percent of revenue was utilised.
The NEITI report put total receipts by Nigeria Content Development and Monitoring Board (NCDMB) for the three years under review at ¦ 126.73billion.
It noted that one percent Nigerian Content Development (NCD) payment accounted for N116.95billion (92percent) of the revenue.
The Federal Government stopped funding the agency from its budget in 2017.
According to the report, 48.07percent of the revenue was used for operating expenses while 51percent was used for capital expenditure.
The Nigerian Sovereign Investment Authority (NSIA), NEITI report disclosed that the total financial flows for the three year period were ¦ 1.33trillion.
Breakdown shows that the sum of ¦ 76.28billion was contributed by the government to the funds in 2017, while the sum of $250million was approved by National Economic Council (NEC) in 2019 but the money was remitted to the authority in August, 2020.
The report also revealed that NSIA’s investment fund witnessed phenomenal increase of 71percent within the three years under review to the sum of ¦ 946.36billion and noted that the return on capital employed for the Stabilization Fund (SF), Future Generations Fund (FGF) and Nigeria Infrastructural Fund (NIF) were 8.68percent, 7.21percent and 5.40percent, respectively.
NEITI report disclosed that Petroleum Product Pricing Regulatory Authority (PPPRA) received a total of N27.68billion as Federal Government subvention for the three years period.
It noted that the regime of subsidy payment on petroleum product was discontinued within the period under review.
The Ecological Fund (EF) recorded a total sum of ¦ 170.15billion during the period under review with statutory allocation accounting for the 93.43percent of the total revenues.
NEITI report reveals that North-Central received the highest projects in the sum of ¦ 36.08billion, while South-South received the lowest projects delivered amounting to N10.93billion.
The report also revealed that National Emergency Management Agency (NEMA) received ¦ 34.04billion from the fund.
From the report, total receipts accrued to the Stabilization Fund (SF) during the period under review were ¦ 85.10billion.
Breakdown shows that Statutory Allocation contributed 93.44percent, while other receipts accounted for 6.56percent.
NEITI reports disclosed that significant proportion of the fund during the period under review went into budget augmentation which was mainly disbursed to the states, noting that the 25percent transfers to NSIA fulfil the Fund’s statutory requirement to be set aside for investment purpose.
The report further noted that N17.4billion was transferred from the Fund in 2019 to African Union (AU) as Nigeria’s share of contribution to the body.
This transfer accounted for 19.74percent of the total disbursement from thefFund during the period under review.
The report also noted that expenses related to Federation Account Allocation Committee (FAAC) meetings and professional fees accounted for 8percent of the total fund outflows.
On Development of Natural Resources Fund (DNRF), the report revealed that the fund’s total receipts within the period under review were N284.92billion.
It noted 93.77percent of it came from statutory allocation.
The total disbursement from the fund was N312.01billion.
Disbursements to Federal Ministry of Water Resources and capital projects accounted for 44percent and 16percent, respectively.
Furthermore, the sum of N34.08billion was transferred to NEMA in 2019 which represented 11percent of total disbursement of the fund.
NEITI report revealed that not all receipts to the fund were utilised for the purpose for which the fund was established.

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WASSCE: RSG Distributes Science Materials To Secondary Schools

Published

6 days ago

May 13, 2026

The Tide

The Rivers State Government has distributed science equipment and materials to all senior secondary schools across the state to support students during the ongoing West African Examinations Council exams and to strengthen practical learning.

Flagging off the distribution at the Rivers State Senior Secondary Schools Board premises in Port Harcourt, on Monday, the State Commissioner for Education, Dr. Peters Nwagor, said the move demonstrates Governor Siminalayi Fubara’s commitment to improving education standards in the State.

Nwagor said the materials were approved and provided by the state government specifically to boost the teaching and learning of science subjects, describing science education as the foundation for technological advancement, innovation, and national development.

“No society can compete globally without deliberate investment in science and technology,” the Commissioner stated.

He commended the governor for consistently prioritising the education sector by providing tools needed for effective teaching and hands-on learning.

The Commissioner directed principals to ensure that the equipment are used strictly for practical lessons in their schools, warning that any principal or administrator found diverting, hoarding, or selling the materials wil face disciplinary action under public service regulations.

Nwagor also warned against examination malpractice, saying any principal found aiding or encouraging malpractices will be decisively sanctioned.

“We must collectively restore the dignity and credibility of our educational system,” he said.

Also speaking, Chairman, Rivers State Senior Secondary Schools Board, Tony Egwurugwu, urged school heads to make judicious use of the materials for students’ benefit.

He thanked the State Government for providing the resources, and assured that monitoring mechanisms would be put in place to ensure the materials serve their intended purpose.

In his own remarks, a Board Member for Technical Education, Nwisabari Bani Samuel, expressed appreciation to the governor for prioritising education and acknowledged the Commissioner’s role in advancing education development in the State.

He said the distribution covers all senior secondary schools in the State and is intended to improve students’ performance in both internal and external science examinations.

Akujobi Amadi

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Fubara Hails Workers’ Resilience, Dedication In Rivers …Hails Tinubu’s Economic Reform

Published

2 weeks ago

May 6, 2026

The Tide

Rivers State Governor, Sir Siminalayi Fubara, has commended workers in the State for their resilience, dedication, and invaluable contributions to development in the State.

Fubara gave the commendation during the 2026 Workers’ Day celebration at Isaac Boro Park in Port Harcourt, last Friday.

Represented by his deputy, Prof. Ngozi Nma Odu, the governor noted that Workers’ Day, which originated from the struggle for an eight-hour workday in the United States, has evolved into a global event recognising the contributions of workers to national growth and development.

He described workers as the backbone of sustainable development, saying no society can thrive without their efforts.

Fubara commended Rivers workers for their loyalty and commitment to service, noting that workers play vital roles across key sectors, including education, healthcare, infrastructure and industry.

He noted that their contributions have enhanced access to quality education and healthcare, supported job creation, and stimulated economic activities across the State.

While acknowledging the economic challenges faced by many workers, including the rising cost of living, Fubara assured that the the State Government remains committed to implementing policies that will enhance workers’ welfare and overall well-being.

The governor also hailed the bold and daring economic reforms of President Bola Tinubu which, he said, have stabilized the economy, enhanced foreign exchange liquidity, lowered inflation, and achieved significant growth in the nation’s gross domestic product.

He noted that, in addition to raising the minimum wage, the President recently approved new welfare incentives for federal civil servants.

“Our economy is on an unstoppable positive path under our President, and it can only improve further for the nation and everyone. Let us continue supporting the policies and programmes of Mr President,” he said.

Fubara highlighted the importance of workers in revenue generation and governance, noting that taxes paid by workers enable government to provide security and essential social services.

He reaffirmed the State Government’s recognition of labour as a critical partner in achieving its development blueprint, appreciating workers’ daily contributions to building a peaceful, secure, and prosperous Rivers State.

The governor urged the organised labour to use the occasion to reaffirm its commitment to the progress of the State, while continuing to advocate for democracy, social justice, and improved welfare for workers.

He also expressed gratitude to workers for their service to the State and the nation, encouraging them to remain steadfast in their contributions to development.

In his address, the State Chairman of the Nigeria Labour Congress, Comrade Alex Agwanwor, commended Fubara for his steadfastness, genuine commitment, and passion for workers in the State.

He highlighted key achievements of the administration, including the implementation of the National Minimum Wage Act, the renovation of the State Secretariat, the reopening of the Rivers State Transport Company (RTC), and the consistent payment of end-of-year bonuses to public workers.

Comrade Agwanwor noted that workers, as drivers of productivity, understand the challenges involved in building a prosperous Rivers State, stressing that they are well-equipped to contribute meaningfully to the growth and development of the State.

“We have resolved not to continue complaining and lamenting while challenges persist. Instead, we must take the initiative, step out of relative obscurity, and rediscover the mission and destiny of our dear state,” he said.

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Fubara Pledges Support For Corporate Organisations In Rivers …Says PPP Business Model Responsible For NLNG’s Success

Published

1 month ago

April 10, 2026

The Tide

Rivers State Governor, Sir Siminalayi Fubara, has pledged the continued support of his administration for the Nigeria Liquified Natural Gas (NLNG) Limited.

Fubara gave the assurance while receiving the new Managing Director and Chief Executive Officer of the NLNG, Mr Adeleye Falade, who paid him a courtesy visit at Government House, Port Harcourt.

He assured that his administration would continue to contribute its own quota in support of the NLNG.

According to him, the success of the organisation is equally the success of the government of Rivers State and the success of the Federal Government.

“Our duty is to make sure that we support whoever is operating in our state. We are the ones here. If we don’t support you and you don’t succeed, we also will not succeed and Mr President will also not succeed.

“So, the success of your establishment is the success of our state, and overall success of Nigeria. So you can count on our support. Wherever you think we need to come in to support you, please do not hesitate to call upon us.

“You just mentioned here that your predecessor left a handover note showcasing the level of support that he got from the state. It is not going to be different in your own case. I can assure you that. I will also ensure that other units of the government will liaise with you when necessary. So even if you can’t get to me, you can always get to them and if there is anything we can do to help your establishment succeed, we will do it for you,” he said.

The governor attributed the success of the NLNG to the Public Private Partnership ( PPP) business model adopted by the Federal Government and the multinational oil companies.

The NLNG is jointly owned by Nigerian National Petroleum Corporation (NNPC) with 49%, Shell Gas B.V. with 25.6%, Total LNG Nigeria Ltd with 15%, and Eni International with 10.4%.

The partnership model allows for shared risks, costs, and expertise in the LNG sector.

The governor noted that the NLNG has not only survived the difficult business environment but has made sustained progress in the nearly three decades of its existence.

According to him, the decision of the Federal Government to allow the multinational oil companies who have the needed expertise to run the establishment while government plays a supervisory role over it has largely been responsible for its success.

“I’m very proud to say that if there is one establishment that has shown resilience, that has survived in the face of all the political issues prevalent in this country, it is the NLNG. And what is the reason? The reason is very simple. Government has no business in business. That is the truth. Leave the business for those people who can operate it. Let the government play its supervisory role to ensure that there is compliance with the laws; ensure that standards are maintained and also ensure that the right people with the needed expertise are at the helm of affairs. That’s all. I think that is the reason why we still record a lot of successes in NLNG,” he said.

In his opening remark, the new NLNG boss, Mr Adeleye Falade, who led other top officials of the company on the visit, expressed appreciation to the governor for granting them audience, and appealed to the State Government to continue to support the organisation.

“We appreciate the opportunity to meet with you and deepen this important relationship.We deeply value the support the Rivers State Government continues to extend in fostering an enabling operating environment for businesses. NLNG remains deliberate in its contribution to Nigeria’s development, and Rivers State, our primary host, continues to be central to that commitment,” he said.

Falade said the company has continued to work with its host communities to strengthen their capacity to identify, prioritise, and deliver sustainable development initiatives that create lasting impact.

According to him, communities including Amadi-ama, Abua, Ekpeye, Okrika, Kalabari, and Emohua have continued to benefit from this model.

He said that beyond community infrastructure, the NLNG has sustained investments in economic empowerment through initiatives such as Vocational Innovation and Business Empowerment Scheme (VIBES) and Micro Small and Medium Enterprise (MSME) schemes.

These, he said, were designed to support small businesses, build capacity, and stimulate local enterprise across the state.

Among officials of the company who accompanied the Managing Director were General Manager, External Relations and Sustainable Development, Dr Sophia Horsfall; Manager, Government Relations, Mr Abdul Umar; Manager, Community Relations, Dr. Yemi Adeyemi; Head of Government Relations, Mr Mike Igoni; Head of Community Liaison and Engagement, Chief Ifeanyi Umeh.

Others are Technical Assistant to Executive Leadership, Mr Hassan Saleh; Senior Media and Publicity Advisor, Mr Emma Nwatu; Government Relations Advisor, Miss Homa Nmegbu; Senior Government Relations Advisor, Mrs Kate Allison, and Audio -Visual Advisor, Mr Dawood Ahmed.