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NEITI vows to recover N69.51b, $5.31b from oil firms

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The Nigerian Extractive Industry Transparency Initiative (NEITI) has vowed to recover N69.51 billion and $5.31 billion belonging to government from oil companies.

The sums, captured in the 2018 NEITI audit reports, consist of oil and gas royalties as well as gas flare penalties, petroleum profit tax, company income tax, education tax, withholding tax, value added tax and levy for the Niger Delta Development Commission (NDDC).

The Executive Secretary, Ogbonnaya Orji, who is aiming to drive the agency through renewed collaboration with stakeholders, told journalists yesterday at a press conference in Abuja that there was need to strengthen the 2007 NEITI Act to reflect the needed reform in the extractive sector.

While the organisation usually raises the red flag on issues in the sector, especially financial imbalances, it, however, lacks the power to enforce the gaps.

But Orji said the agency was “no longer comfortable just releasing reports.”

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