Nigeria’s oil and gas sector total financial flows slumped to $17.05 billion in 2016, which represents 31 per cent decline from the $24.79 billion generated in 2015, and a 75 per cent plunge on the sector’s peak earnings of $68.44bn in 2011.
That is according to data from the recent report from the Nigeria Extractive Industries Transparency Initiative. The drop in oil earnings showed that Nigeria lost $51.39 billion within the period under review.
NEITI 2016 Oil and Gas Industry Audit Report showed that the plunge in revenue in 2016 resulted from the low oil prices in the global market and reduced oil production in Nigeria, which in turn was caused by disruption and vandalism of oil assets and a spike in crude theft, among others.
