NEITI Vows To Recover All Unremitted Revenue From NNPC, Oil Companies

Nigeria Extractive Industries Transparency Initiative (NEITI) has reiterated its resolve to recover all outstanding amounts owed the country by oil, gas and mining companies.

Speaking during the visit of the Extractive Industries Transparency Initiative, EITI, Implementation Committee, led by its Chairman, Ms Clare Short, in Abuja, Chairman of NEITI, Mr. Ledum Mitee promised to partner with the President Muhammadu Buhari-led administration to reform the country’s oil and gas sector and also tackle the issue of corruption in the extractive industry.

According to a report by NEITI, oil and gas companies operating in Nigeria, including Nigerian National Petroleum Corporation (NNPC) has defrauded the country to the tune of $19.1 billion (about N3.82 trillion). The body had tasked President Buhari on the recovery of the money from the companies.

Mitee said NEITI was working closely with all the relevant government agencies to ensure that all outstanding revenues reported as underpayment and underassessment are recovered into the federation account.

He added that the country was committed to continuously improving on its modest achievements and would strive to fully embrace the new EITI standards.

“To this extent, NEITI has commenced implementation of the comprehensive framework on remediation and enforcement developed by the current board through the machinery of the Inter-Ministerial Task Team, IMTT.

“Under this arrangement, NEITI is expanding its frontier of inter-agencies collaboration and broadening the scope of engagements with the government, companies, media and civil society as well as strengthening its internal capacity,” Mitee said.