Plans are underway to recover $6 billion and an additional N66 billion owed to the federal government by oil stakeholders.
This was disclosed by the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mr Ogbonnaya Orji, in Abuja at the 2025 budget defence session organised by the House of Representatives Committee on Petroleum Resources (Upstream).
According to the group, over $3.7 billion was recovered into the government’s coffers as outstanding liabilities from companies operating in the oil sector.
NEITI is also collaborating with the Economic and Financial Crimes Commission (EFCC) to recover the funds into government coffers, according to Mr Orji.
He explained that NEITI was established to promote transparency and accountability in the Nigerian oil and gas, as well as the mining sector.
Mr Orji also said the agency had been allocated a budget of N6.5 billion for the 2025 financial year, comprising N2.220 billion for personnel, N1.722 billion for overhead, and N2.575 billion for capital projects.
He outlined some of the critical activities to be undertaken in the year, including conducting industry reports on the oil, gas, and mining sectors, as well as fiscal allocation and statutory disbursement audits.
He added that research studies would be conducted on the actual volume of PMS consumed in Nigeria.
According to him, it will also indicate the economic impact of energy transition and a national perception survey of EITI implementation in Nigeria.
During the budget defence session, Mrs Kafilat Ogbara emphasised the need for government agencies to ensure that their budget proposals comply with the specified line items.
She expressed concern over the N32 million allocated for meals in the 2025 budget, stating that it was excessive, especially during a time of economic hardship.
“Most of our agencies should ensure that what they are bringing as budget proposal must tally with the line item and the purpose why you want to use such funds.
“Let us not just see budget defence as ‘the money is there and we should share it. So, let us see how to get our own share’,” she said.
On his part, Mr Ademorin Kuye also stressed the importance of considering the economic situation in the country when preparing the annual budget.
He noted that the public perceives the National Assembly as a rubber stamp that approves anything presented by government agencies.
The Chairman of the Committee, Mr Alhassan Doguwa, faulted the language used in the budget preparation.
He also faulted the inclusion of the National Assembly as a beneficiary of the agency’s welfare package, assuring the committee’s readiness to support the agency in actualising its mandate.