NEITI’s 2022/2023 Independent Report Highlights
The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that the oil and gas sector owes the Federal Government over $6 billion and ₦66 billion in unpaid revenues. These unpaid dues stem from royalties and gas flare penalties, and the amounts were confirmed as of June 2023.
NEITI’s recently released 2022/2023 Independent Oil and Gas Industry Report provided detailed insights into the outstanding revenues. According to the report, the Nigerian Upstream Petroleum Regulatory Commission should collect these unpaid funds by August 31, 2024. This information is crucial in understanding the financial state of the oil and gas sector in Nigeria.
The release of this report brought together major stakeholders in the oil and gas industry. Representatives from regulatory bodies, industry players, civil society organizations, and the media attended the event. NEITI aims to enhance transparency and accountability within the sector through these reports. It hopes the Federal Government will take swift action based on the findings.
George Akume, Secretary to the Government of the Federation, reinforced the government’s commitment to maintaining transparency in the extractive industry. In addition, NEITI’s Executive Secretary, Ogbonaya Orji, and the EFCC Chairman, Ola Olukoyede, highlighted the success of previous NEITI reports in promoting accountability and preventing corruption.
Despite the positive steps, lawmakers expressed concern over the large sum of unremitted revenues. Jafaru Leko, Deputy Chairman of the House Committee on Petroleum Upstream, and Ikenga Ugochinyere, Chairman of the House Committee on Petroleum Downstream, urged the government to take immediate action. NEITI hopes this report will drive the Federal Government to implement the Petroleum Industry Act (PIA) effectively, ensuring better revenue management in the sector.
