We’re working with EFCC to recover $6bn, N66bn owed FG in oil sector – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that it is working with the Economic and Financial Crimes Commission (EFCC) to recover about $6 billion and another N66 billion being owed the federal government by industry players in the oil sector. The Executive Secretary of the agency, Orji Ogbonnaya Orji disclosed this while speaking […]

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that it is working with the Economic and Financial Crimes Commission (EFCC) to recover about $6 billion and another N66 billion being owed the federal government by industry players in the oil sector.

The Executive Secretary of the agency, Orji Ogbonnaya Orji disclosed this while speaking at the 2025 budget defence session before the House of Representatives Committee on Petroleum Resources, Upstream on Monday.

He said the effort was part of NEITI statutory mandate to enthrone transparency and accountability in the Nigeria oil and gas as well as the mining sector.

He said the agency has presented all its reports in the extractive industry to the parliament which contained all the needed details about the operations of the extractive industry in the country as regards revenue generation.

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According to him, from 2020 and 2021, over 3.7 billion dollars were recovered as outstanding liabilities from companies operating in the oil and gas sector in the country.

In his 2025 budget estimates presentation, he informed the committee that NEITI was handed an Envelope budget of N6.5 billion for the 2025 financial year.

According to him, the proposed budget is made up of N2.220 billion for personnel, N1.722 billion for overhead and N2.575 billion for capital projects.

Orji informed that, some of the critical activities lined up by the agency in the year 2025 include; conducting industry report of the oil gas and mining sector, fiscal allocation and statutory disbursement audit, research studies on the actual volume of PMS consumed in Nigeria, the economic impact of energy transition in Nigeria and a national perception survey EITI implementation in Nigeria.

However, members of the House Committee on Petroleum Resources, Upstream queried the agency as they discovered repeated items budgeted for in 2024 in its 2025 budget proposal as well as including items which the lawmakers said are not justifiable in the current economic situation in the country.

Speaking, Rep. Kafilat Ogbara (APC, Lagos) questioned why NEITI budgeted N32 million for meals in the 2025 budget when Nigerians were going through hard times.

In his contribution, Rep. Ademorin Kuye (APC, Lagos) said agencies of government should be mindful of the economic situation in the country while preparing their budgets.

In his remark, Chairman of the committee, Alhassan Ado Doguwa (APC, Kano) faulted the inclusion of the National Assembly as those benefiting from its welfare package.

The committee, however, assured of its readiness to support NEITI in carrying out its mandate as a critical agency of the federal government.