The agency said in its latest oil and gas industry audit that the earnings were 55 per cent higher than the $20.99 billion posted for 2017.
The report hinted that the $32.63 billion figure indicated that the company-level financial flows into government coffers were $16.6 billion, while returns from crude oil and gas accounted for $16 billion.
Presenting a five-year trend analysis of the earnings from the extractive sector, NEITI revealed a 54.6 per cent drop from $54.6 billion in 2014 to $24.8 billion in 2015 as the income further dipped by 31.2 per cent to $17.05billion in 2016, but increased by 23 per cent to $20.99 billion in 2017 and by 55 per cent to $32.63 billion in 2018.
The document observed: “Out of the $32.63 billion earned from the sector in 2018, the sum of $19.92 billion was transferred (directly) into the Federation Account, while $5.21 billion and $4.04billion were transferred into the JV Cash Call Account and the Nigerian National Petroleum Corporation (NNPC)- designated accounts.
“The NNPC-designated accounts are the naira and dollar accounts where domestic crude sales and the federation equity, royalty, petroleum profit tax and in-kind oil sales are paid into before remittances to the Federation Account.
“$2.10 billion was transferred into third parties’ project financing accounts and $1.37 billion was recorded as subnational transfers.”
On production, the audit revealed that the total crude oil production in the country within the period under review was 701 million barrels, representing a slight increase of 1.5 per cent when compared to the 690 million barrels produced in 2017.
A further breakdown shows that joint ventures (JVs) contributed the highest production of 315 million barrels, followed by production sharing contracts (PSCs) which recorded 270.610 million barrels.
