May 27, 2024
We still need to recover N69.51bn, $5.31bn from oil industry operators- NEITI
– By Alison_Godswill

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We still need to recover N69.51bn, $5.31bn from oil industry operators- NEITI

By Eyo Nsima

The Nigeria Extractive Industries Transparency Initiative, NEITI, has expressed its determination to recover revenues amounting to N69.51 billion and $5.31 billion from oil and gas operators in Nigeria.

 

The Executive Secretary, Nigeria Extractive Industries Transparency Initiative, NEITI, Dr. Orji Ogbonnaya Orji, who disclosed this during his maiden session with journalists in Abuja said: “These recoverable revenues consist of payments on oil royalty, gas royalty, gas flare penalties, petroleum profit tax, company income tax, education tax, withholding tax, value-added tax, and NDDC levy.

 

“We are no longer comfortable just releasing reports. Our emphasis will be on these and other recoverable revenues due to the government while ensuring that companies are treated fairly and given the opportunity to grow.

 

“NEITI will unveil a framework that will involve stakeholders in this process. Joint committees between NEITI and respective covered entities will be established to look at the issues as it affects individual agencies. The committee committees will be similar to the one established between NEITI and NNPC and are without prejudice to the revitalization of the Inter-Ministerial Taskforce Team on remediation as a multi-sectoral approach.”

 

He added: “The approach will create opportunities for NEITI to appreciate their locations, peculiar nature of their operations and workflow. The essence is to build trust, knowledge sharing, and technical capability.”

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