Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that four Federal Government agencies earned N28.02 trillion between 2017 and 2019.
NEITO made this known in its Fiscal Allocation and Statutory Disbursement (FASD) report on Thursday, for the years between 2017 and 2019, according to the News Agency of Nigeria.
The four agencies are the Nigerian National Petroleum Company Ltd. (NNPC); Federal Inland Revenue Services (FIRS); Department of Petroleum Resources (DPR) now Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the Ministry of Mines and Steel Development (MMSD).
NEITI disclosed that of the amount earned, N22.68 trillion was remitted to the Federation Account, citing that FIRS generated the sum of N13.48 trillion within the period under review with Petroleum Profit Tax (PPT) accounting for N5.80 trillion (43.09 per cent).
It added: “Value-Added Tax (VAT) and other taxes accounted for 32 per cent and 24 per cent respectively while it recorded highest revenue collection of N5.02 trillion in 2018.
“A total sum of N8.82 trillion was generated by the NNPC within the period,” stating that N4.55 trillion came from domestic crude sales, while export receipts accounted for N4.27 trillion.
“N5.33 trillion was deducted at source for Joint Venture (JV) cash call and others, leaving the net amount of N3.49 trillion, transferred to the Federation Account.
“During the period under consideration, a total of N8.82 trillion was generated. However, only N3.49 trillion (39.55 per cent) was remitted to the Federation Account due to deductions at source by NNPC for JV cash calls.”