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The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the nation’s federation account received N14.38 trillion between 2020 and 2021
The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the nation’s federation account received N14.38 trillion between 2020 and 2021. The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, made this announcement during the unveiling of the 2020-2021 NEITI Fiscal Allocation and Statutory Disbursement (FASD) Industry report.
He said that the Nigerian National Petroleum Company Limited (NNPCL) remitted a total of N1.55 trillion, representing 10%of the total remitted to the federation account during the period under review. The report further showed that the now-defunct Department of Petroleum Resources (DPR), which has been unbundled into the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), remitted a total of N2.7 billion, representing 18.83% the total revenue remitted to FAAC during the period.
The Federal Inland Revenue Service (FIRS) remitted a total of N2.13 trillion, solid minerals remitted N13.3 billion, non-minerals N4.8 trillion, VAT remitted N3.17 trillion, while CIT, NCS, and other taxes remitted N2.6 trillion, N2.02 trillion, and N85.2 billion respectively. During the assessed period, the expenditure of N2.41 trillion by the Niger Delta Development Commission (NDDC) on projects raised serious concerns about transparency, accountability, excessive costs, project planning, and execution processes.
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The report stated that 97.71% t of the expenditure was on capital projects and 2.29% on recurrent expenses. Completed projects include roads (N5.15 billion) and electricity (N1.42 billion), while ongoing projects include roads (N5.27 billion) and buildings (N5.27 billion).
