NEITI targets $6bn, N66bn recovery from Oil giants in transparency push
Dr Ogbonnaya Orji of NEITI
Published By: Kazeem Ugbodaga
By EricJames Ochigbo
NEITI has announced plans to recover $6 billion and an additional N66 billion owed to the Federal Government by stakeholders in the oil sector.
This was disclosed by Mr Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), during the 2025 budget defence session organised by the House of Representatives Committee on Petroleum Resources (Upstream) in Abuja.
Orji stated that NEITI is collaborating with the Economic and Financial Crimes Commission (EFCC) to recover the funds.
According to the executive secretary, the agency had previously facilitated the recovery of over $3.7 billion into government coffers from outstanding liabilities reported in the 2020 and 2021 audits.
NEITI, established to promote transparency and accountability in Nigeria’s oil, gas, and mining sectors, has been allocated a budget of N6.5 billion for the 2025 financial year.
The budget comprises N2.220 billion for personnel, N1.722 billion for overhead, and N2.575 billion for capital projects. Orji outlined critical activities planned for the year, including the preparation of industry reports on the oil, gas, and mining sectors, fiscal allocation audits, and research on the actual volume of PMS consumption in Nigeria.
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The agency also intends to assess the economic impact of energy transition and conduct a national perception survey of EITI implementation in the country.
During the session, Rep. Kafilat Ogbara (APC-Lagos) expressed concern over the N32 million allocated for meals in the 2025 budget, describing it as excessive amidst the current economic challenges.
She urged government agencies to ensure that their budget proposals align with specific line items and purposes.
Rep. Ademorin Kuye (APC-Lagos) highlighted the importance of reflecting the country’s economic situation in budget preparations, adding that the public often perceives the National Assembly as a rubber stamp for agency proposals.
Rep. Alhassan Doguwa, Chairman of the Committee, criticised the language and some allocations in the budget, including the inclusion of the National Assembly in the agency’s welfare package.
He emphasised that the focus should remain on the welfare of Nigerians and cautioned against frivolous expenditures.
Doguwa assured NEITI of the committee’s readiness to support its mandate, acknowledging the agency’s critical role and the legislature’s appreciation for its efforts.
