Home » NEITI Recovers $3bn, Identifies $20bn More in Unremitted Revenues

NEITI Recovers $3bn, Identifies $20bn More in Unremitted Revenues

The agency also audited 168 companies and produced 30 reports on the extractive sector.

by Motoni Olodun

The Nigerian Extractive Industry Transparency Initiative (NEITI) has announced that it has recovered over $3 billion from the oil and gas sector, and identified over $20 billion more in unremitted revenues that could be recovered.

The agency made this disclosure in a report submitted to the joint Senate and House of Representatives Committee on Public Accounts during the 2023 budget performance and 2024 budget defense held in Abuja.

According to the report, NEITI has audited the accounts of 168 companies in the extractive sector, and produced 30 reports, covering the oil, gas, and mining industries. The agency also initiated the sharing of 13% solid minerals derivation of N9.8 billion from the Solid Minerals sector.

NEITI said that through its information disclosure strategy, it provided accurate and verifiable data on the extractive sector, such as the total oil and gas revenue of $742 billion between 1999 and 2021, the total solid minerals revenue of N814 billion between 2007 and 2021, the total crude oil production of 16.17 billion barrels between 1999 and 2021, and the total minerals mined of 737.8 million tonnes between 2007 and 2021.

The report also revealed the budget performance of NEITI for 2023, showing that the agency received N3.058 billion as an appropriated fund, out of which N1.3 billion was for personnel cost, N1.3 billion was for capital expenditure, and N458 million was for overhead cost.

The Executive Secretary of NEITI, Dr. Ogbonnaya Orji, who presented the report to the joint committee, expressed concern over the non-release of funds for the last quarter of 2023, which affected the operations of the agency.

He also stated that for 2024, the agency proposed a total budget of N3.621 billion, comprising N1.1 billion for personnel cost, N1.3 billion for capital expenditure, and N1.2 billion for overhead cost.

He appealed to the lawmakers to approve the budget proposal and ensure the timely release of funds to enable NEITI to carry out its mandate effectively.

The joint committee, chaired by Senator Ahmed Wadada and Rep. Bamidele Salam, commended NEITI for its achievements and contributions to the transparency and accountability of the extractive sector.

They also asked NEITI to provide evidence-based spending on its budget and to ensure that its audit reports are widely disseminated and implemented by the relevant authorities.

The committee assured NEITI of its support and oversight to enable the agency to fulfill its objectives and obligations.

NEITI is the national chapter of the global Extractive Industries Transparency Initiative (EITI), which promotes good governance and accountability in the management of natural resources.

NEITI’s mandate is to ensure that the revenues from the extractive sector are accurately reported and remitted to the government and that the sector operates transparently and sustainably.

The agency also advocates for reforms and policy changes in the extractive sector, such as the passage of the Petroleum Industry Act, the elimination of fuel subsidies, and the diversification of the economy.

NEITI’s efforts have been recognized and applauded by various stakeholders, including the federal government, civil society, the private sector, and the international community.

NEITI hopes to continue to deliver on its mandate and to contribute to the development and prosperity of Nigeria.

Source: Tribune Online


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