WATCH THE VIDEO HERE The Nigeria Extractive Industries Transparency Initiative (NEITI) has recovered $4.85 billion from unpaid liabilities owed by oil and gas companies in the country. NEITI’s Executive Secretary, Dr. Orji Orji, at a press conference in Abuja, disclosed that the recovery is part of the total $8.26 billion identified in its 2021 oil and gas audit report. He stated that the development demonstrates the agency’s commitment to transparency and accountability in Nigeria’s extractive sector. According to him, while significant progress has been made in recovering funds, unresolved financial liabilities remain a major concern. “So far, over $4.85Billion was recovered from the disclosures of $8.26 Billion (made by NEITI in its 2021 oil and gas report. In the 2023 industry reports released in September 2024, NEITI disclosed liabilities of $6.175Billion and N66.378Billion, showing a significant decline from the liabilities of 2021 reports, yet worrisome because of the need for government to find resources to fund its 2025 budget,” Orji added.
NEITI recovers $4.58b oil, gas debts
