Transparency Initiative (NEITI) has recovered $4.85 billion from oil and gas companies that failed to pay their dues. This recovery is part of a total of $8.26 billion (about N9.33 trillion) in unpaid liabilities identified in NEITI’s 2021 oil and gas audit report.

NEITI’s Executive Secretary, Dr. Orji Orji, shared this update during a press conference, emphasizing the agency’s dedication to transparency and accountability in Nigeria’s extractive sector. He pointed out that while progress has been made, many companies still owe large amounts, making financial accountability a serious concern.

In NEITI’s 2023 industry report, released in September 2024, new unpaid liabilities were recorded at $6.175 billion and N66.378 billion. This is lower than the 2021 figures but still poses a major financial challenge for the government, which is seeking funds for its 2025 budget.

Dr. Orji called on the Federal Inland Revenue Service (FIRS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to take strict actions against companies that default on payments.

He stressed that these unpaid liabilities could help reduce Nigeria’s budget deficit. In fact, if fully recovered, the N9.33 trillion could cover 72% of the government’s N13 trillion budget deficit for 2025.

Furthermore, this amount is higher than the federal budget allocations for health, education, agriculture, and food security combined. NEITI is urging relevant agencies to enforce payment collection, ensuring the government has the necessary funds to improve infrastructure and services for citizens.

By pushing for accountability in the oil and gas sector, NEITI aims to secure much-needed revenue and support Nigeria’s economic growth.