NEITI AUDIT REPORT LEADS TO RECOVERY OF $4.85BN FROM OIL GAS MINING COMPANIES – WATCH VIDEO
The headwinds of undisclosed revenues due to the federal government by companies in the oil, gas and mining industry may be frustrating efforts by the government to fund budgets without much borrowing.
The figures of undisclosed revenues announced by the Nigerian Extractive Industries Transparency Initiative NEITI on Friday show much revenue loss from the sector.
The last words of the Executive Secretary of NEITTI, Dr. Orji Ogbonnaya Orji as he briefed the press at the first quarterly interaction, showed the need for collective action to encourage NEITI to work harder.
Dr. Orji said in the NEITI report of 2023 released in September 2024, companies in the Nigerian Extractive Industry, especially oil and gas companies, owed the federal government $6.17 billion and #66.38billion.
This amount, which is #9.33 trillion,is more than the budget for health, education and agriculture put together in the 2025 budget.
As much as the 2023 figures are a cause for concern, they are less than the figures for 2021, an indication that some progress is being made.
To achieve the improvement, the NEITI leadership had to address a number of challenges which it met on assumption of office.
The challenges included operational, institutional and governance weaknesses.
It was by addressing the initial challenges that NEITI has achieved the progress which it made available to the public on Friday.
By accepting Dr. Ogbonnaya Orji’s plea for more stakeholder commitment and the challenge to the media to demand for accountability, the next NEITI report may show an Extractive Industry with less liability to the Nigerian government.
