NEITI recovers $9bn for Nigeria

The Nigeria Extractive Industries Transparency Initiative (NEITI) has recovered $9 billion from unpaid liabilities owed by oil, gas, and mining companies in the country, boosting public finances. The Director of the Energy and Mining Department of NEITI, Mallam Sa’ad Balarabe, disclosed this during a two-day stakeholders’ engagement on the 2024 Solid Minerals Industry Audit Tripartite […]

The Nigeria Extractive Industries Transparency Initiative (NEITI) has recovered $9 billion from unpaid liabilities owed by oil, gas, and mining companies in the country, boosting public finances.

The Director of the Energy and Mining Department of NEITI, Mallam Sa’ad Balarabe, disclosed this during a two-day stakeholders’ engagement on the 2024 Solid Minerals Industry Audit Tripartite Reconciliation Meeting held in Damaturu, the capital of Yobe State.

The event, which took place at the WAWA Hall, Government House, Damaturu, was organized by NEITI with the theme: “Unlocking Nigeria’s Solid Minerals Potential for Economic Diversification.”

He stated that since the inception of the agency in 2003 up to 2026, Nigeria has recovered $9 billion through NEITI. According to him, the agency has continued to shine a light on how Nigeria’s natural resource wealth is managed, helping to reduce corruption and improve governance.

According to Balarabe, this development demonstrates the agency’s commitment to exposing discrepancies and hidden funds, thereby promoting transparency and accountability in Nigeria’s oil, gas, mining, and other extractive sectors.

“Let me reiterate that since the inception of NEITI from 2003 to 2026, the agency has facilitated the recovery of $9 billion for the Nigerian government. This has influenced reforms in Nigeria’s extractive industries, including improvements in licensing, revenue collection, and governance systems.

“Transparency and accountability are not only national requirements but also critical pillars for building investor confidence, strengthening citizens’ trust, and aligning Nigeria’s extractive practices with global standards,” he said.

He further noted that despite significant progress in fund recovery, unresolved financial liabilities remain a major concern for the agency and relevant authorities.

In his remarks, the Deputy Governor of Yobe State, Hon. Idi Barde Gubana, said the engagement comes at a time when the nation is intensifying efforts to diversify its economy.

He noted that the solid minerals sector offers a credible pathway to industrial growth, employment generation, subnational revenue expansion, and sustainable prosperity.

He also emphasized the need to discourage informal and unsafe mining practices, promote value addition, and create a governance environment that inspires confidence among reputable local and international investors.