The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that Nigeria imported a total volume of 20.6 billion litres of petrol in 2019, just as the country earned $34.28 billion from the oil and gas sector in the same year.
In its report audit report on the Oil and Gas Sector 2019, NEITI said the country imported about 3 percent of Premium Motor Spirit (PMS) more than the previous year.
“Total PMS imports were 20.60 billion litres with the Nigerian National Petroleum Corporation (NNPC), accounting for 100 percent of the total imports.
“Of these imports, NNPC distributed 27 percent (5.57 billion litres), while other marketers distributed 73 percent (15.04 billion litres).”
According to the report, a total volume of 148.13 million litres of Dual Purpose Kerosene was imported by the country in 2019.
It said this was 55 percent lower than the 329.396 million litres of DPK imported in 2018.
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NEITI Executive Secretary, Orji Ogbonnaya Orji, noted that crude oil sale alone accounted for $7.011 billion while receipts in gas sale amounted to $1.476 billion.
He added that $8.487 billion of the total receipt came from the sale of oil and gas.
He explained that of the 88 companies and the NLNG, 82 companies made payments in 2019. The remaining seven companies did not make payments because they were not in operations as at that time.
“Furthermore, a total of nine government entities that directly collect revenue and participate in the industry are covered in the report.
“In the report, government receipts were $34.28 billion in total revenue from the oil and gas sector – out of which company level financial flows by revenues streams was $18.96 billion and flows from Federation sales of crude oil and gas was $15.32 billion.
