NEITI moves to recover $6bn, N66bn from oil stakeholders

Plans are underway to recover $6 billion and an additional N66 billion owed to the Federal Government by stakeholders in the oil sector. NEITI’s executive secretary, Ogbonnaya Orji, stated this on Monday in Abuja during the 2025 budget defence session organised by the House of Representatives Committee on Petroleum Resources (Upstream).
Mr Orji revealed that NEITI was collaborating with the Economic and Financial Crimes Commission to recover the funds into government coffers. The executive secretary noted that in 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 and the mining sector.
Mr 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. Mr Orji outlined some of the critical activities to undertake this year. They include conducting industry reports on the oil, gas, and mining sectors and fiscal allocation and statutory disbursement audits. He added that research studies would be conducted on the actual volume of petrol consumed in Nigeria. He said it would also indicate the economic impact of the energy transition and provide a national perception survey of EITI implementation in Nigeria.
During the budget defence session, Kafilat Ogbara (APC-Lagos) emphasised the need for government agencies to ensure 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. Ademorin Kuye (APC-Lagos) also stressed the importance of considering the country’s economic situation when preparing the annual budget. He noted that the public perceives the National Assembly as a rubber stamp that approves anything presented by government agencies.
The chairman of the committee, Alhassan Doguwa, faulted the language used in the budget preparation. He also faulted including the National Assembly as a beneficiary of the agency’s welfare package. Mr Doguwa emphasised that the committee’s primary concern was the welfare of the Nigerian people. He said the agencies must be mindful of their expenditure of public resources. Mr Doguwa, however, assured the committee’s readiness to support the agency in actualising its mandate. NAN