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    AllAfrica: Nigeria: Oil Revenue Disclosure From Nigeria, Others Hits U.S.$1.3 Trillion

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Summary

The Nigerian government and its counterparts in EITI compliance countries have disclosed over $1.3 trillion worth of revenue from oil

by: Sruthi

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Press Notes, Africa

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AllAfrica: Nigeria: Oil Revenue Disclosure From Nigeria, Others Hits U.S.$1.3 Trillion

The Nigerian government and its counterparts in Extractive Industries Transparency Initiative (EITI) compliance countries have disclosed over $1.3 trillion worth of revenue from oil, gas and mineral resources as at October 2014.

Besides, EITI has won the support of over 90 global investment institutions that collectively manage over $19 trillion, while the total financial flows from the extractive oil and gas industry in Nigeria from 2009 to 2011 amounted to $143.5 billion.

EITI, which made this disclosure in its latest fact sheet released, recently said that Nigeria and other 47 countries were already implementing EITI.

According to the international watchdog, countries implementing the EITI disclose information on tax payments, licences, contracts, production and other key elements around resource extraction.
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