The Nigeria Extractive Industries Transparency Initiative (NEITI), yesterday said that the Federal Government revenue generating agencies remitted about N14.38 trillion as revenue from the extractive sector to the Federation Account (FA) between January 1, 2020 and December 31, 2021.
The agencies include the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Upstream Regulatory Commission (NUPRC), the Federal Inland Revenue Service (FIRS), the Ministry of Mines and Steel Development (MMSD), and the Nigeria Customs Service (NCS).
A breakdown of the remittances showed that mineral revenue accounted for ?6.40 trillion, representing 44.5 percent of total remittances for the period, while other non-mineral revenue (excluding VAT) contributed ?4.80 trillion (about 33.37% of total remittances).
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These information and data are contained in the latest Fiscal Allocation and Statutory Disbursement (FASD) report published by the NEITI for the period 2020-2021.
ducing states after the deduction of excess petroleum profit tax (PPT) and Royalty.
The nine oil-producing states include Abia, Akwa-Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers.
A breakdown of the disbursements showed that while the Federal Government received about ?2.80 trillion, the 36 state governments got ?1.45 trillion, and the 774 Local Government Areas received a total of ?1.17 trillion.
The report noted 2021 as the year with the highest revenue distribution across board, with 2.0 percent increase between 2020 and 2021.