Efforts are underway to recover $6 billion, alongside an additional N66 billion, owed to the Federal Government by stakeholders within the oil sector.
Mr Ogbonnaya Orji, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), disclosed this on Monday in Abuja.
He made this statement during the 2025 budget defence session held by the House of Representatives Committee on Petroleum Resources (Upstream).
Orji revealed that NEITI is collaborating with the Economic and Financial Crimes Commission (EFCC) in efforts to recover the funds into government coffers.
According to Orji, the 2020 and 2021 reports showed that over $3.7 billion had already been recovered as outstanding liabilities from companies operating in the sector.
He explained that NEITI’s establishment aims to foster transparency and accountability within Nigeria’s oil and gas as well as mining sectors.
Orji also provided details of the agency’s budget for the 2025 financial year, amounting to N6.5 billion. This includes N2.220 billion for personnel costs, N1.722 billion for overheads, and N2.575 billion for capital projects.
He outlined key activities for the year, which include conducting industry reports on the oil, gas, and mining sectors, along with fiscal allocation and statutory disbursement audits. Research will also be conducted to assess the actual volume of Premium Motor Spirit (PMS) consumed in Nigeria, the economic impact of energy transition, and a national perception survey regarding the implementation of the Extractive Industries Transparency Initiative (EITI) in Nigeria.
During the session, Rep. Kafilat Ogbara (APC-Lagos) emphasised the need for government agencies to ensure that their budget proposals align with specified line items. She expressed concerns about the N32 million allocated for meals in the 2025 budget, describing it as excessive, particularly in the context of current economic challenges.
“Agencies should ensure their budget proposals match the line items and the purpose for which funds are intended,” Ogbara stated. “Let’s not treat the budget defence as an opportunity to simply divide the money.”
Rep. Ademorin Kuye (APC-Lagos) further highlighted the importance of considering the nation’s economic situation when preparing the annual budget. He pointed out that the public perceives the National Assembly as a body that routinely approves whatever is presented by government agencies.
The Chairman of the Committee, Rep. Alhassan Doguwa, critiqued the language used in the budget preparation and expressed concerns over the inclusion of the National Assembly as beneficiaries of the agency’s welfare package.
Doguwa stressed that the committee’s primary focus should be the welfare of Nigerian citizens. He expressed concern over public spending, stating, “While I understand that the budget is just a proposal, it is crucial to remember that the economy is in a bad state. The people we represent are suffering, and we must be mindful of how public funds are used.”
Despite his concerns, Doguwa assured the committee of its readiness to support NEITI in fulfilling its mandate. “Your agency is vital, and the legislature appreciates the work you do,” he said.