Nigeria Extractive Industries Transparency Initiative (NEITI) has embarked on the campaign to recover $6 billion and an additional N66 billion owed to the Federal Government by stakeholders in the oil sector.
Mr Ogbonnaya Orji, the Executive Secretary of NEITI stated on Monday in Abuja at the 2025 budget defence session organised by the House of Representatives Committee on Petroleum Resources (Upstream).
Orji revealed that NEITI was collaborating with the Economic and Financial Crimes Commission (EFCC) to recover the funds into government coffers.
The executive secretary noted that, according to the 2020 and 2021 reports, over $3.7 billion was recovered into government coffers as outstanding liabilities from companies operating in the sector.
He explained that NEITI was established to promote transparency and accountability in the Nigerian oil and gas, as well as the mining sector.
Orji said the agency had been allocated a budget of N6.5 billion for the 2025 financial year, comprising N2.220 billion for personnel, N1.722 billion for overhead, and N2.575 billion for capital projects.
Orji outlined some of the critical activities to be undertaken in the year.
They include conducting industry reports on the oil, gas, and mining sector, as well as fiscal allocation and statutory disbursement audits.
He added that research studies would be conducted on the actual volume of PMS consumed in Nigeria.
According to him, it will also indicate the economic impact of energy transition, and a national perception survey of EITI implementation in Nigeria.
During the budget defence session, Rep. Kafilat Ogbara (APC-Lagos) emphasised the need for government agencies to ensure that their budget proposals comply with the specified line items.
She expressed concern over the N32 million allocated for meals in the 2025 budget, stating that it was excessive, especially during a time of economic hardship.
