By Ayodele Quadri, Lagos Times Correspondent
ABUJA, NIGERIA — Revenue collection from Nigeria’s energy sector reached significant milestones as major oil and gas companies remitted $6.7 billion and ₦1.5 trillion into the Federation Account over a four-year period spanning 2021 to 2024.
The figures were disclosed by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) during a investigative hearing organized by the Senate Committee on Gas in Abuja.
Appearing before the Senate panel on Thursday, August 6, 2026, RMAFC Chairman Mohammed Bello Shehu presented a detailed audit report tracking statutory revenues, royalties, and Signature Bonuses collected across upstream, midstream, and downstream petroleum operations.
Key Operational Highlights
-
Total Revenue Audited: $6.7 billion in foreign currency and ₦1.5 trillion in local currency were remitted by operating companies into the Federation Account between January 2021 and December 2024.
-
Core Sources: The bulk of the remittances comprised PPT (Petroleum Profit Tax), Hydrocarbon Tax, gas flare penalties, equipment import duties, and signature bonuses administered via the NUPRC and NNPCL.
-
Under-Recovery Audit: RMAFC revealed that while total remittances were substantial, ongoing post-clearance audits identified unremitted balances and revenue shortfalls exceeding $800 million currently being pursued for recovery.
-
Call for Legislative Oversight: The commission urged the Senate to support real-time digital integration between RMAFC, NUPRC, NMDPRA, and the Federal Inland Revenue Service (FIRS) to curb revenue leakage and eliminate reporting discrepancies.
┌────────────────────────────────────────────────────────────────────────┐
│ RMAFC FOUR-YEAR ENERGY REMITTANCE AUDIT MATRIX │
├────────────────────────────────────────────────────────────────────────┤
│ • Reporting Authority: Revenue Mobilisation Allocation & Fiscal Comm. │
│ │
│ • Audit Period : 2021 – 2024 (4-Year Assessment Cycle) │
│ │
│ • USD Remittances : $6.7 Billion │
│ • NGN Remittances : ₦1.5 Trillion │
│ │
│ • Key Components : Petroleum Profit Tax (PPT), Hydrocarbon Tax, │
│ Gas Flare Fines & Royalty Payments │
│ │
│ • Target Objective : Full digital automation and tracking of │
│ Federation Account oil & gas revenues │
└────────────────────────────────────────────────────────────────────────┘
“Real-Time Tracking Is Critical to Maximizing Federation Revenue”
Presenting the findings before the Senate Committee on Gas, RMAFC Chairman Mohammed Bello Shehu stated:
“Our physical and financial verification of oil and gas receipts over the four-year cycle from 2021 to 2024 confirms that operating companies remitted a total of $6.7 billion and ₦1.5 trillion into the Federation Account… While these numbers demonstrate steady recovery, our ongoing post-audit exercises show that significant balances remain uncollected due to reconciliation delays.” — Mohammed Bello Shehu, Chairman, RMAFC
Emphasizing the need for seamless data integration across revenue-generating agencies, the RMAFC boss added:
“To ensure every dollar and naira due to the Federation Account is properly accounted for and promptly remitted, we require full digital integration among all regulatory and revenue agencies. Transparency in gas monetization and petroleum royalties remains non-negotiable for national growth.” — Mohammed Bello Shehu
