The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed Nigeria earned $34.22bn from the oil and gas sector in 2019.

The Initiative revealed this on Thursday, adding that the $34.22bn revenue represented an increase of 4.88 per cent over the $32.63bn garnered from the sector in 2018, Punch reports.

A breakdown of the earnings showed that payments by companies amounted to $18.90bn and flows from federation sales of crude oil and gas amounted to $15.32bn.

NEITI said the total crude oil production in 2019 was 735.24 million barrels, representing an increase of 4.87 per cent over the 701.101 million barrels recorded in 2018.


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