The Nigeria Extractive Industries Transparency Initiative (NEITI) National Assembly intervention has reclaimed 2.6 trillion in revenue from oil firms. While a total of 2.6 billion dollars remained outstanding in the hands of companies in March 2022.
The Executive Secretary of NEITI, Dr. Orji Orji, made this statement at the Civil Society Organisations (CSO) and media engagement on Extractive Industries Transparency Initiative (EITI) validation.
The EITI validation, which is held every three years, is a quality confirmation mechanism to establish the level of submission and growth in implementing its standards among member countries, including Nigeria.
Orji said NEITI’s financial report led to the recovery of the debt.
“By the time we release the 2021 report, any company owning Nigeria we have no choice than to invite EFCC to take over and handle it as an economic crime,” he said.
He noted that the retrieval was a result of NEITI’s appearance at the National Assembly to defend its position based on data it provided.
Lately, NEITI released 2019 reports which included a list of 77 oil and gas companies that owed the government up to 6.8 billion dollars.
The National Assembly had convened the organizations to come and defend it by showing how it arrived at that.
According to Orji, immediately, the 2020 report was released, and the companies that wanted their names protected were rushing to the relevant agencies to pay up.
He divulged that from 77 companies, the number decreased to 51 companies and the amount came down to 3.6 billion dollars.
“Which shows that from the point we released that information a lot of money came in. None of them disputed our report rather they were giving excuses for why they did not pay.
“The money includes all taxes and VAT being collected by the Federal Inland Revenue Service (FIRS) and all royalties being collected by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).
“NEITI collects nothing, all we are asking is for us to recognised and offered to thank you,” he said.
He also stated that through NEITI, there had been improved demand, easy entry, and availability of verified information and data in the public domain.
Adding that President Muhammadu Buhari’s administration should take credit for doing well on extractive sector reforms.
“The content of our up-to-date reports is very incisive and is shaping public debates,”
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