An independent audit report of financial flows into the Federation Account from operations in the oil and gas sector has revealed that a total of N22.165 trillion ($143.5 billion) was earned as revenue from the sector from 2009 to 2011. The audit, among others, revealed that the total accrual was four per cent short of the $148.8 billion earned by the country from the sector from 2006 to 2008.
The oil and gas industry audit, which was commissioned by the Nigeria Extractive Industries Transparency Initiative (NEITI) in line with its mandate for the period 2009 to 2011, was Thursday presented to the public in Abuja.
The audit, which was for the first time undertaken by an indigenous accounting and auditing firm, Sada Idris & Co, showed that proceeds from the sale of equity crude, royalty, signature bonus, concession rentals, gas flaring penalties, Petroleum Profit Tax (PPT) and companies’ income tax contributed to Nigeria’s earnings from the sector. The audit was concluded in nine months.