The Federal Government received $46.09 billion as revenue from the oil and gas sector in 2021 and 2022, according to the Nigeria Extractive Industries Transparency Initiative (NEITI).
In its latest 2021–2022 Oil and Gas Industry Reports, NEITI revealed that Nigeria earned $23.04 billion in 2021 and $23.05 billion in 2022. Despite these revenues, the report showed that some government agencies and firms still owe the federation an estimated N1.5 trillion revenue that could have been diverted to the development of the nation’s energy and healthcare sectors.
NEITI Executive Secretary, Dr. Ogbonnaya Orji, made this known at the 2025 Association of Energy Correspondents of Nigeria (NAEC) Conference in Lagos. He bemoaned the continued absence of transparency and accountability in the oil and gas industry and urged openness and innovation as catalysts for growth and sustainability.
Orji also revealed that Nigeria lost 13.5 million barrels of crude oil valued at $3.3 billion to pipeline vandalism and theft between 2023 and 2024. The revenue lost through such criminal activities, he said, could have provided the entire national health budget or provided electricity to millions of homes.
Transparency is not an option but a necessity for a sustainable energy future,” Orji said. “NEITI will make sure that any barrel of crude produced in Nigeria is properly accounted for. Secrecy along the value chain remains a major issue, but we are resolved to build trust through data integrity.”
He emphasized that reliable data is the foundation of trust, which draws investment and delivers tangible results to citizens.
According to Orji, one of the institutions, NEITI, has evolved from a mere auditing agency to a governance reform institution. It is now auditing the oil, gas, and solid minerals sectors and is monitoring production and payments on a regular basis, in addition to tracking ownership through its Beneficial Ownership Register which has unveiled the real owners of over 4,800 extractive assets in Nigeria.
The agency also intensified synergy with key regulators such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and Nigerian Content Development and Monitoring Board (NCDMB) for enhanced transparency in licensing, metering, and community trust management.
In addition, NEITI has launched the Just Energy Transition and Climate Accountability Framework to ensure Nigeria’s transition to cleaner energy sources is fair, inclusive, and transparent.
Orji concluded by reaffirming NEITI’s commitment to making the oil and gas sector more accountable and efficient, saying transparency remains the cornerstone of Nigeria’s sustainable energy future.
