- NEITI aims to recover $6 billion and N66 billion from oil sector operators through collaboration with EFCC
- Agency received N6.5 billion budget for 2025, focusing on transparency and accountability in extractive industries
The Nigeria Extractive Industries Transparency Initiative (NEITI) is collaborating with the Economic and Financial Crimes Commission (EFCC) to recover $6 billion and N66 billion owed to the federal government by oil sector operators.
This announcement came from NEITI’s Executive Secretary, Orji Ogbonnaya Orji, during the 2025 budget defense before the House of Representatives Committee on Petroleum Resources, Upstream.
Orji emphasized that this initiative aligns with NEITI’s mission to ensure transparency and accountability in Nigeria’s oil, gas, and mining sectors.
Orji revealed that NEITI had submitted detailed industry reports to the parliament. These reports cover operations and revenue activities within the extractive industries.
He further noted that between 2020 and 2021, over $3.7 billion in outstanding liabilities was recovered from oil and gas companies.
In his budget presentation for 2025, Orji disclosed that NEITI received an envelope budget of N6.5 billion. This includes N2.22 billion for personnel, N1.72 billion for overhead, and N2.57 billion for capital projects.
Key activities planned for 2025 include industry reports on oil, gas, and mining, fiscal audits, and research on PMS consumption and the energy transition’s economic impact. NEITI also plans to conduct a national perception survey on EITI implementation.
However, lawmakers raised concerns about some aspects of the proposed budget. Regarding the country’s economic challenges, Rep. Kafilat Ogbara questioned why N32 million was allocated for meals.
Rep. Ademorin Kuye urged government agencies to be more mindful of economic realities during budget preparation. Committee Chairman, Alhassan Ado Doguwa, criticized the inclusion of the National Assembly as welfare beneficiaries.
Despite these issues, the committee pledged to support NEITI in fulfilling its mandate as a vital federal agency.