The federal government has recovered about N2.6 trillion have been recovered from oil and gas after a public hearing by the House of Representatives on the Nigeria Extractive Industries Transparency Initiative (NEITI) 2020 oil and gas industry audit report.
NEITI Executive Secretary, Dr. Orji Ogbonnaya Orji, disclosed this yesterday in Abuja during a Civil Society engagement on Extractive Industries Transparency Initiative, EITI, validation coming up in January 2023.
Dr. Orji noted that the report published earlier in the year indicated that 55 companies operating in the petroleum sector owed the Federation $3.6 billion in unpaid royalties, taxes and licence fees.
He said, however, that the companies in the industry still owe the government some $2.6 billion.
He urged the affected companies to pay up their taxes and rates as the governments need the revenue to finance development projects in the country.
On the preparation for the EITI validation of the country’s implementation of the standards, he explained>
“The validation exercise is conducted every three years by the EITI for all its member countries.
“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 27th February 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”.
According to him, “the exercise is expected to formally commence in January 2023, beginning with the review of completed Validation templates that will be submitted to the global body by the NEITI board/management.
“The EITI Secretariat will also review other relevant documents (online/offline) on EITI implementation in Nigeria.
“Besides, the EITI Secretariat will issue a public call for stakeholders’ views on progress that have been recorded in implementing the EITI’s requirements and standards in Nigeria within the period under review (February 2019 to February 2022)”.
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.
He urged Nigerians to work to ensure that the country’s natural resources benefit the masses and bring development to the country. Read more.