The Nigeria Extractive Industries Transparency Initiative, (NEITI) has disclosed that after a public hearing by the House of Representatives on its 2020 Oil and Gas Industry Audit Report, the Federal Government (FG) recovered N2.6 trillion from companies.
The agency had in its 2020 audit report published in March 2022 disclosed that 55 companies operating in the petroleum sector owed the Federation $3.6 billion in unpaid royalties, taxes and license fees.
Dr Orji Ogbonnaya NEITI’s Executive Secretary who made the disclosure in Abuja during a Civil made the disclosure at a Civil Society engagement on Extractive Industries Transparency Initiative, EITI, validation coming up in January 2023 EITI, held in Abuja.
He said though, the industry still owed the government $2.6 billion it was important that companies pay their taxes and rates as they do in other jurisdictions.
According to him, payment of these revenues would help the government finance development projects in the country.
While also speaking on the EITI validation of the country’s implementation of the standards, he explained that the validation exercise is conducted every three years by the EITI for all its member countries.
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“The exercise is a quality assurance mechanism to ascertain the level of compliance and progress in implementing its standards among member countries, including Nigeria.
“You will recall that on February 27, 2019, EITI board proclaimed that Nigeria have made “satisfactory progress” over its implementation of the EITI Standard after undergoing a very rigorous validation exercise at the time under the 2016 EITI standard,” he said.
He explained that the meeting was to help the country prepare for the validation exercise.
Earlier, the global President of Publish What You Pay, PWYP, Mr Monday Osasah, urged civil society organisations and other stakeholders to support Nigeria’s effort at validation.
“We must all work to ensure that our natural resources benefit the masses and bring development to the country,” he added.
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