Nigeria earned $34.22bn from the oil and gas sector in 2019, the Nigeria Extractive Industries Transparency Initiative said on Thursday.

Nigeria earned $34.22bn from the oil and gas sector in 2019, the Nigeria Extractive Industries Transparency Initiative said on Thursday.

It said this in its 2019 Oil and Gas Industry Audit report released in Abuja, adding that the $34.22bn revenue represented an increase of 4.88 per cent over the $32.63bn garnered from the sector in 2018.

A breakdown of the earnings showed that payments by companies accounted for $18.90bn, while flows from federation sales of crude oil and gas accounted for $15.32bn.

The report showed that 10-year (2010-2019) aggregate financial flows from the oil and gas sector to the government amounted to $418.54bn, with the highest revenue flow of $68.44bn recorded in 2011, while the lowest revenue flow of $17.06bn was recorded in 2016.

According to NEITI, 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.