Hot SourcePeter Uzoho
The Nigeria Extractive Industries Transparency Initiative (NEITI) said that over $4.85 billion has been recovered from the disclosures of $8.26 billion made in its 2021 oil and gas report.
The agency revealed this in a statement issued yesterday by its Deputy Director of Communications and Advocacy, Mrs. Obiageli Onuorah.
In the 2023 industry reports released in September 2024, NEITI had disclosed liabilities of $6.175 million and N66.378 billion, showing a significant decline from the liabilities of 2021 reports.
NEITI said the liabilities were yet worrisome because of the need for government to find resources to fund its 2025 budget.
It said analyses of how these liabilities when paid could support the federal government’s domestic revenue mobilization revealed that the liabilities, when converted at N1,500 to one dollar, would amount to N9.33 trillion.
It noted that the sum was more than the federal government’s total budget for health, education, agriculture and food security which totaled N8.73 trillion.
“Further analyses show that the sum is also more than the total budget for national security at N6.11Trillion, health at N2.48 Trillion and social welfare of N724Billion all put together.
“The liabilities can also knock off about 72 per cent of the federal government’s budget deficit of N13 trillion for 2025.
“NEITI is therefore calling on relevant agencies responsible for collecting these revenues to do the needful and support our governments at all levels to provide the much-needed infrastructure for our citizens,” NEITI stated in the statement.
