Nigeria generated $34.22 billion in revenue from the oil and gas sector in 2019. The amount reflects a 4.88 percent rise over the sector’s revenue of $32.63 billion in 2018. Payments by corporations amounted for $18.90 billion of the earnings, while flows from Federation crude oil and gas sales accounted for $15.32 billion.
According to a report released on Thursday in Abuja by the Nigeria Extractive Industries Transparency Initiative (NEITI), aggregate financial flows from the oil and gas sector to government totaled $418.544 billion over ten years (2010-2019), with the highest revenue flow of $68.442 in 2011 and the lowest revenue flow of $17.055 in 2016.
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