The Nigeria Extractive Industries Transparency Initiative (NEITI), says over $4.85Billion has so far been recovered by the Federal Government from the tax liabilities of $8.26 billion of oil and gas firms uncovered in its 2021 audit report.
Executive Secretary of NEITI, Dr. Orji Ogbonnya Orji, disclosed this at the weekend while briefing journalists on some of the developmental strides achieved since assumption of office as the Executive Secretary, held at the NEITI House, Abuja.
He stated that 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.
“Analyses of how these liabilities when paid could support the federal government’s domestic revenue mobilization reveals that the liabilities when converted at N1,500 to one dollar, would amount to N9.33 trillion.
“The sum is 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% 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,” Dr. Orij said.
Speaking on the first multi-million Naira extractive industries Data Centre, Dr. said although the centre missed the unveiling deadline of October last year, efforts are on to launch it this year.
Apart from serving as a one-stop shop for information and data on Nigeria’s extractive sector (consisting oil, gas and solid minerals), the Centre will also serve as a reservoir for all information and data published in the various NEITI Annual Industry Reports since the first edition in 2004 till date.
Also, the Centre will serve as a warehouse for all extractive industry data in aggregated and disaggregated formats for easy public access by multi-stakeholders, especially the civil society, the media, extractive industry companies, government agencies and the legislature.
The Centre will also provide data information analysis, training and manpower development in data science education deployment and utilisation required to sustain a robust public knowledge and understanding of Nigeria’s extractive industry.
The NEITI boss said the agency is working with the relevant Non-Governmental Organisations (NGOs) in the extractive industries to push for the setting up of Environmental Remediation Fund (ERF) that would take care of environmental pollution resulting from the decommissioning of oil wells in the oil producing regions of the country.
