LAGOS, Nigeria (VOICE OF NAIJA)-The Nigeria Extractive Industries Transparency Initiative (NEITI) has uncovered a significant debt of $6.071 billion and N66.4 billion owed to the Federal Government by oil and gas companies.
According to NEITI’s 2022/2023 Independent Oil and Gas Industry Report, this debt includes $6.049 billion and N65.9 billion in unpaid royalties and gas flare penalties, alongside $21.926 million and N492.8 million in outstanding taxes and VAT.
During the public presentation of the reports in Abuja on Thursday, NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, stated that the report offers important insights to inform policy, stimulate public discussion, and enhance governance in the management of Nigeria’s natural resources.
“The report remains a vital tool for identifying leakages, improving revenue collection, and promoting resource management reforms,” Dr. Orji stated.
The report’s key findings highlight a notable decrease in fuel importation, dropping from 23.54 billion liters in 2022 to 20.28 billion liters in 2023.
Crude oil production saw an increase, rising from 490.945 million barrels in 2022 to 537.571 million barrels in 2023.
The report also disclosed a 79% reduction in oil theft and crude losses, which fell from 36.69 million barrels in 2022 to 7.68 million barrels in 2023.
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Secretary to the Government of the Federation, Sen. George Akume, reiterated the Federal Government’s commitment to NEITI’s principles, commending the Agency’s efforts in promoting transparency and accountability.
“The Federal Government considers NEITI’s role as a beacon of transparency and accountability in the extractive industries,”
He assured that the government will thoroughly study the report to ensure effective implementation.
“The lessons learned from the report will help strengthen transparency and accountability in government, which is a significant step towards good governance”
The Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has pledged to investigate and recover debts owed to the government, emphasizing the importance of NEITI’s reports in the ongoing fight against corruption.
“Where NEITI’s work stops, EFCC’s begins,” Mr. Olukoyede stated, announcing plans to probe companies identified in the report.
He further revealed that over N1 billion has been approved for remittance to the Federation Account following investigations prompted by NEITI’s previous report, with additional investigations still underway.
“This demonstrates the effectiveness of NEITI’s reports in recovering public funds and promoting accountability,”