Over $23bn revenue generated by oil and gas in 2021- NEITI

The head of NEITI claimed that a total of $13.2 billion had been transferred from the sum to the federation account.The oil and gas sector will earn more than $23 billion in revenue in 2021, according to the Nigeria Extractive Industries Transparency Initiative (NEITI).This was said by Dr. Orji Ogbonnaya-Orji, the NEITI's Executive Secretary, as he provided highlights of the 2021 Oil and Gas report, which was launched on Monday in Abuja. The sale of federation crude oil and gas, taxes, royalties, concession rental, fines for gas flares, bonus and license fees, and transportation fees were among the sources of income, according to Ogbonnaya-Orji. He said that NLNG dividends, NDDC levies, NCDMB levies, Ness fees, and other money contributed to the overall revenue.The NEITI director said that a total of $13.2 billion was transferred from the sum to the federation account.