Oil and gas companies operating in Nigeria remitted a total of $6.755 billion and ₦1.529 trillion to the Niger Delta Development Commission (NDDC) between 2021 and 2025 as statutory contributions.
The figures were disclosed during an ongoing investigative hearing by the Senate Public Accounts Committee examining the audit reports of the Nigerian Extractive Industries Transparency Initiative (NEITI) for the 2021–2023 period.
Although the hearing focused on the NEITI audit reports, the NDDC presented an updated report covering statutory contributions received from oil and gas companies up to 2025. The remittances represent the mandatory three per cent contribution paid by oil and gas companies to support development projects and environmental interventions in the Niger Delta.
NDDC Managing Director, Samuel Ogbuku, was represented at the hearing by the Commission’s Executive Director of Corporate Services, Ifedayo Abegunde, who led the agency’s delegation.
Presenting the report, the commission disclosed that despite the substantial remittances, oil and gas companies still owe the NDDC $290 million and ₦163 billion in outstanding statutory contributions for the period under review.
The Senate Public Accounts Committee, chaired by Senator Ibrahim Dankwambo, is investigating audit queries raised by the Office of the Auditor-General of the Federation regarding the operations of Nigeria’s extractive industries between 2021 and 2023.
Also speaking at the hearing, Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Shehu, revealed that Nigeria spent ₦1.16 trillion on fuel subsidy in 2021, while an additional ₦1.20 trillionwas deducted from crude oil sales proceeds during the same period.
According to Shehu, fuel subsidy payments placed a significant burden on the country’s public finances. He added that other deductions from crude oil revenue included ₦16.20 billion for crude and petroleum product losses, ₦22.05 billionfor pipeline repairs, and ₦6.75 billion for strategic stock holdings.
Shehu also expressed concern over the current method of calculating the 13 per cent derivation fund, arguing that it falls short of the constitutional objective of ensuring equitable revenue allocation to oil-producing states.