FG recovered N2.8trn oil revenue through NEITI’s reports – Orji

Through the actions of the Nigeria Extractive Industries Transparency Initiative (NEITI) in steering the anti-corruption process, the federal government has recovered about N2.84trillion from oil firms.

 The executive secretary of the NEITI, Dr Orji Ogbonnaya Orji, who said this yesterday while marking the 2022 United Nations’ International Anti-Corruption Day in Abuja, said it was the 14th of such event so far, adding that NEITI was committed to the fight against corruption as a facilitator of the anticorruption process.

Orji said that during the period, NEITI’s reports led to significant recoveries of unpaid revenues from oil and gas and solid minerals revenues.

He said, “In 2022, NEITI’s report uncovered over N2.6trillion unremitted by 77 oil and gas companies. Following an intervention by the National Assembly, the sum of $6.477billion was recovered and paid to the Federal Inland Revenue Service (FIRS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).”

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He said this figure consisted of unremitted Petroleum Profit Tax, Company Income Tax, Education Tax, Value Added Tax, Withholding Tax, Royalties, Penalties and Concession on rentals to the federal government.

Listing the scorecards, Orji said, “In 20 years, NEITI has conducted 13 cycles of oil and gas audit, producing 22 years of data; 11 cycles of solid minerals audit generating 14 years of data; and three cycles of Fiscal Allocation and Statutory Disbursement Audit (FASD) audit covering 13 years of data.”